/raid1/www/Hosts/bankrupt/TCR_Public/220105.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, January 5, 2022, Vol. 26, No. 4
Headlines
11500 SPACE: Unsecureds to Recover 0% to 100% in Plan
37 VENTURES: Seeks Court Approval to Hire Expert Witness
424 GROUP: Seeks to Hire Weintraub & Selth as Legal Counsel
AHERN ENERGY: Taps Gold Standard CPA as Tax Preparer
BAYRIDGE LOK: Seeks to Hire Robinson Brog as Bankruptcy Counsel
BIONIK LABORATORIES: All Proposals Passed at Annual Meeting
BOY SCOUTS: Barket Epstein Represents Unsecured Claimant
BOY SCOUTS: Cooper Elliott Represents Direct Abuse Claimants
BOY SCOUTS: Gomez Trial Represents Unsecured Claimants
BOY SCOUTS: Paul Mankin Represents Unsecured Claimants
BOY SCOUTS: RLS Firm Represents Abuse Survivor
BT MCCARTHY: Seeks to Hire Pack Law as Special Counsel
CALLON PETROLEUM: Appoints Mary Shafer-Malicki as Director
CITY WIDE COMMUNITY: Seeks Approval to Hire Public Adjuster
CLAIRMONT PLACE: Seeks to Hire Adams Capital as Valuation Expert
COGECO COMMUNICATIONS: DBRS Confirms BB(high) Issuer Rating
COLON VENTURE: Case Summary & One Unsecured Creditor
CONSORTIUM B INC: Case Summary & One Unsecured Creditor
COSMOS HOLDINGS: Provides Update on Nasdaq Listing Efforts
DARBY CABINETRY: Taps Pack Law as Special Counsel
DEA BROTHERS: To Seek Plan Confirmation on March 31
DLJJ & ASSOCIATES: Taps Chekian Law Office as Bankruptcy Counsel
ECN CAPITAL: DBRS Lowers LongTerm Issuer Rating to BB(high)
FAMILY FRIENDLY: Unsecureds to Get Proceeds from Litigation
FULLERTON PACIFIC: Unsecureds to Get $354K via Quarterly Payments
FUSE MEDICAL: Enters Into Secured Credit Facility With CNH Finance
GATEWAY KENSINGTON: Examiner Taps Mintzer Mauch as Special Counsel
GLOBAL WINDCREST: Case Summary & 11 Unsecured Creditors
GOLDEN TITLE: Taps Libby & Nahmias, Lewis Thomason as Counsel
GREEN VALLEY: ML Country Unsecureds to Recover 47% to 100% in Plan
GROVEHAUS LLC: Voluntary Chapter 11 Case Summary
GULF COAST HEALTH: Jan. 7, 2022 Claims Filing Deadline Set
HARI 108: Unsecured Creditors Will Get 5% of Claims in 5 Years
HARRIS PHARMACEUTICAL: Trustee Taps Westerman as Litigation Counsel
JEWEL SUNSET: Seeks to Hire Brown Law Firm as Legal Counsel
LATAM AIRLINES: Arnold & Porter Represents Unsecured Claimants
LATAM AIRLINES: Gets OK to Expand Scope of Deloitte's Services
LEHMAN BROTHERS: Admin. Claims vs. LBI Due Jan. 31, 2022
LIVEONE INC: Names Aaron Sullivan as Interim CFO
LJ FIREWOOD: Seeks to Hire Penachio Malara as Bankruptcy Counsel
MAGNOLIA STORAGE: Seeks to Hire FactorLaw as Legal Counsel
OCEAN POWER: All Four Proposals Passed at Annual Meeting
OZOP ENERGY: To Introduce EV Protection Products
PARK SUPPLY: Case Summary & 20 Largest Unsecured Creditors
POWER SOLUTIONS: Co-Founder Ken Winemaster Retires
QHC FACILITIES: Seeks to Hire Bradshaw as Legal Counsel
QUEST SOFTWARE: S&P Assigns 'B-' ICR on Acquisition by Clearlake
REGIONAL HEALTH: CRM Can No Longer Operate Assisted Living Facility
RENNOVA HEALTH: Two Proposals Approved by Written Consent
SHAWCOR LIMITED: DBRS Finalizes B(high) Sr. Unsecured Notes Rating
STEM HOLDINGS: Signs Share Exchange Agreement With Shareholders
STRIKE LLC: Feb. 4, 2022 Claims Filing Deadline Set
TELIGENT INC: Jan. 31 Claims Filing Deadline Set
TUKHI BUSINESS: UST Questions $100K Funding, Rental Income
VAMCO SHEET: Class II Unsecured Claims to Get $475K in 60 Months
VAUGHN ENVIRONMENTAL: Feb. 24 Hearing on Disclosure Statement
VIVAKOR INC: Awarded 1st Major Commercial Deal for Remediating Oil
WILLCO X DEVELOPMENT: Court Confirms Sixth Amended Plan
WILLIAM R PERRY: Seeks to Hire Bruner Wright as Legal Counsel
[*] AW Properties to Auction Multiple Residential Porftfolios
*********
11500 SPACE: Unsecureds to Recover 0% to 100% in Plan
-----------------------------------------------------
11500 Space Center, LLC, submitted a First Amended Disclosure
Statement explaining its Chapter 11 Plan.
The Debtor seeks to confirm the Plan of Reorganization which seeks
to restructure the assets and liabilities of the Debtor through
either (i) refinancing of existing debt or (ii) sale of the
Property and distribution of Net Sale Proceeds as provided herein
and in the Plan. As described in this Disclosure Statement, the
Debtor believes that the procedures set forth in the Plan will
provide the highest and best recovery for the Debtor's estate and
creditors.
Generally, if the Plan is confirmed by the Bankruptcy Court and
consummated:
A. Administrative Claims of Professionals, Priority Claims and
the United States Trustee will be paid in full in cash, from Net
Loan Proceeds or Net Sale Proceeds;
B. Allowed Secured Class 1, Class 2, Class 3, Class 4 and Class
5 Claims shall be paid in full with interest from Net Loan Proceeds
or Net Sale Proceeds;
C. thereafter Allowed Class 6 Unsecured Litigation Claims will
be paid on a pro rata basis from the remaining Net Loan Proceeds or
Net Loan Proceeds until the earlier of the proceeds are exhausted
or the Allowed Claim paid in full, with interest;
D. Allowed Class 7 Claims of General Unsecured Creditors will be
paid on a pro rata basis from the remaining Net Loan Proceeds or
Net Loan Proceeds until the earlier of the proceeds are exhausted
or the Allowed Claim paid in full, without interest;
E. thereafter, the Allowed Class 8 Unsecured Post-Petition
Affiliate and Insider Claims will be paid on a pro rata basis from
the remaining Net Loan Proceeds or Net Sale Proceeds until the
earlier of the proceeds are exhausted or the Allowed Claim paid in
full;
F. thereafter, the Allowed Class 9 Unsecured Pre-Petition
Affiliate and Insider Claims will be paid on a pro rata basis from
the remaining Net Loan Proceeds or Net Sale Proceeds until the
earlier of the proceeds are exhausted or the Allowed Claim paid in
full.
Class 5 Other Allowed Secured Claims totaling $144,000-$250,000
will recover 100% of their claims and are unimpaired.
Class 6 Allowed Unsecured Litigation Claims totaling $1,550,000
will recover 0% to 100% of their claims.
Class 7 Allowed Claims of General Unsecured Creditors totaling
$54,000; Class 8 Allowed Post-Petition Claims of Affiliates and
Insiders totaling $250,000; and Class 9 Allowed Pre-Petition Claims
of Affiliates and Insiders totaling $15,600,000 will recover 0% to
100% of their claims.
The source of funds to achieve consummation of and carry out the
Plan will be (i) the Net Sale Proceeds or Net Loan Proceeds; and
ii) VH Lease Prepayment, if any, which will be used to satisfy
Claims in the manner and order of priority in Articles 3, 4 and 6
in the Plan.
A copy of the Disclosure Statement dated Dec. 31, 2021, is
available at https://bit.ly/3pJDfU4 from PacerMonitor.com.
About 11500 Space Center
11500 Space Center, LLC, a company based in Houston, filed a
Chapter 11 petition (Bankr. S.D. Texas Case No. 21-32299) on July
6, 2021. At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities. John Kevin
Munz, president, signed the petition. Judge David R. Jones
oversees the case. Haselden Farrow, PLLC serves as the Debtor's
legal counsel.
37 VENTURES: Seeks Court Approval to Hire Expert Witness
--------------------------------------------------------
37 Ventures, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Dave Berkus, an angel
investor and venture capitalist from California, as an expert
witness.
The Debtor requires an expert witness to provide evidence (in the
form of declaration, oral testimony, or otherwise) in connection
with its Chapter 11 plan confirmation proceedings.
Mr. Berkus will be paid at an hourly rate of $400 and will be
reimbursed for his out-of-pocket expenses.
In court papers, Mr. Berkus disclosed that he is a "disinterested
person" as that term is defined by Section 101(14) of the
Bankruptcy Code.
Mr. Berkus can be reached at:
Dave Berkus
1430 Glencoe Drive
Arcadia, CA 91006
Phone: 626‐437‐7318
Email: dberkus@berkus.com
About 37 Ventures
37 Ventures, LLC, a company based in Thousand Oaks, Calif., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 21-10261) on March 18, 2021. Its affiliate, Larada
Sciences, Inc., a Utah-based company that owns and operates clinics
dedicated to head lice prevention and treatment, filed a Chapter 11
petition (Bankr. C.D. Calif. Case No. 21-10269) on March 19, 2021.
The cases are jointly administered under Case No. 21-10261. Judge
Deborah J. Saltzman oversees the cases.
In their petitions, 37 Ventures and Larada Sciences disclosed
assets of between $1 million and $10 million and liabilities of
between $10 million and $50 million.
Levene Neale Bender Yoo & Brill, LLP serves as 37 Ventures' legal
counsel. Larada Sciences tapped Cohne Kinghorn, PC as bankruptcy
counsel, Zolkin Talerico LLP as local counsel, and Rocky Mountain
Advisory, LLC as financial advisor.
424 GROUP: Seeks to Hire Weintraub & Selth as Legal Counsel
-----------------------------------------------------------
424 Group, Inc., seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Weintraub & Selth, APC
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. Legal advice concerning the Debtor's rights, powers and
duties under the Bankruptcy Code;
b. Legal advice concerning all general administrative matters
in the bankruptcy case and dealings with the Office of the U.S.
Trustee;
c. Representation of the Debtor at all hearings before the
court unless the Debtor is represented in that proceeding or
hearing by a special counsel;
d. Preparation of legal papers;
e. Advice regarding matters of bankruptcy law, including the
Debtor's rights and remedies with respect to assets of the estate
and creditor claims;
f. Representation of the Debtor in all contested matters;
g. Representation of the Debtor in any litigation commenced
by, or against, the Debtor;
h. Representation of the Debtor in the negotiation,
preparation and implementation of a plan of reorganization;
i. Analysis of claims;
j. Negotiation with creditors regarding the amount and payment
of claims;
k. Objection to claims as may be appropriate; and
l. Performance of all other legal services for the Debtor.
The hourly rates charged by the firm for its services are as
follows:
Daniel Weintraub $675 per hour
James Selth $585 per hour
Paraprofessionals $250 per hour
Legal Assistants $150 - $175 per hour
In addition, the firm will seek reimbursement for work-related
expenses.
Prior to the petition date, the Debtor paid the firm a retainer in
the amount of $42,500.
Daniel Weintraub, Esq., at Weintraub & Selth, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
Weintraub & Selth can be reached at:
Daniel J. Weintraub, Esq.
James R. Selth, Esq.
Weintraub & Selth, APC
11766 Wilshire Boulevard, Suite 1170
Los Angeles, CA 90025
Tel: (310) 207-1494
Fax: (310) 442-0660
Email: jim@wsrlaw.net
About 424 Group Inc.
424 Group, Inc., a Los Angeles-based company that owns and operates
a clothing store, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-19407) on Dec. 23,
2021, listing as much as $10 million in both assets and
liabilities. Katrina Sirdofsky, president of 424 Group, signed the
petition.
Judge Sandra R. Klein oversees the case.
Daniel J. Weintraub, Esq., and James R. Selth, Esq., at Weintraub &
Selth, APC are the Debtor's bankruptcy attorneys.
AHERN ENERGY: Taps Gold Standard CPA as Tax Preparer
----------------------------------------------------
Ahern Energy, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Gold Standard
CPA, LLC to prepare tax returns and provide accounting and
bookkeeping services necessary to prepare the tax returns.
The fee schedule for Gold Standard to prepare tax returns is a base
fee of $200 for individuals and $300 for businesses and increases
per line item and page; and a rate of $140 per hour for additional
time if needed. The firm anticipates that services for the
preparation of the 2020 taxes will be less than $4,500.
As disclosed in court filings, Gold Standard and its employees are
disinterested persons within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Howard Fuller, CPA
Gold Standard CPA, LLC
2410 N Decatur, Suite 105
Las Vegas, NV 89108
Phone: (702) 877 1185
Fax: (702) 877 9440
About Ahern Energy
Las Vegas-based Ahern Energy, LLC owns 201.5 membership interests
of Wyo Tech Investment Group, LLC (valued at $2.15 million);
814,400 corporate shares of Inductance Energy Corporation (valued
at $2.03 million); and interest in Quantum Energy Inc. (valued at
$2.08 million).
Ahern Energy sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 21-13053) on June 16, 2021,
disclosing total assets of $6,270,396 and total liabilities of
$2,439,206. Evan Ahern, manager and member, signed the petition.
Judge Natalie M. Cox oversees the case.
Mark M. Weisenmiller, Esq., and William M. Noall, Esq., at Garman
Turner Gordon, LLP are the Debtor's bankruptcy attorneys. Gold
Standard CPA, LLC is the Debtor's tax preparer and tax advisor.
BAYRIDGE LOK: Seeks to Hire Robinson Brog as Bankruptcy Counsel
---------------------------------------------------------------
Bayridge Lok Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Robinson Brog
Leinwand Greene Genovese & Gluck P.C. to serve as legal counsel in
its Chapter 11 case.
The firm's services include:
(a) providing advice to the Debtor with respect to its powers
and duties under the Bankruptcy Code in the continued operation of
its business and the management of its property;
(b) negotiating with creditors, preparing a plan of
reorganization and taking the necessary legal steps to consummate a
plan, including, if necessary, negotiations with respect to
financing a plan;
(c) negotiating with taxing authorities to work out a plan to
pay tax claims in installments;
(d) preparing legal documents and appearing before the court;
and
(e) performing all other necessary legal services for the
Debtor.
The Debtor paid $29,945 to the law firm as a retainer fee.
Fred Ringer, Esq., a shareholder of Robinson, 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:
Fred B. Ringel
Robinson Brog Leinwand Greene Genovese & Gluck P.C.
875 Third Avenue
New York, NY 10022
Tel: (212) 603-6301
Fax: (212) 956-2164
Email: fbr@robinsonbrog.com
About Bayridge Lok Holdings LLC
Bayridge Lok Holdings, LLC is a Brooklyn, N.Y.-based company
engaged in activities related to real estate.
Bayridge Lok Holdings filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-43128) on Dec. 21, 2021, listing as much as $500 million in both
assets and liabilities. Judge Jil Mazer-Marino oversees the case.
Fred B. Ringel, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck P.C. serves as the Debtor's legal counsel.
BIONIK LABORATORIES: All Proposals Passed at Annual Meeting
-----------------------------------------------------------
At the 2021 annual meeting of stockholders of Bionik Laboratories
Corp., the stockholders:
(1) elected Andre Auberton-Herve, Remi Gaston-Dreyfus, Gerald P.
Malone, Joseph Martin, Charles Matine, Audrey Thevenon, and Michal
Prywata to serve on the board of directors of the company until the
next annual meeting of stockholders and until their respective
successors have been duly elected and qualified;
(2) approved, on an advisory (non-binding) basis, the
compensation of the company's named executive officers;
(3) recommended, on an advisory (non-binding) basis, the
triennial frequency with which shareholders will be entitled to
vote on the compensation of named executive officers; and
(4) ratified MNP, LLP as the company's independent public
accountants for the year ending March 31, 2022.
Accordingly, Bionik's board of directors determined that the
company will hold a say-on-pay advisory vote every three years.
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 Sept. 30, 2021, the Company had $12.46
million in total assets, $10.12 million in total liabilities, and
$2.34 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: Barket Epstein Represents Unsecured Claimant
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Barket Epstein Kearon Aldea & LoTurco, LLP
submitted a verified statement to disclose that it is representing
an unsecured claimant in the Chapter 11 cases of Boy Scouts of
America and Delaware BSA, LLC.
The Client holds general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Client was a Scout with the
BSA and the applicable Local Councils and Chartered Organizations.
The name and contact details of the Client were redacted from
publicly available filings.
The Firm can be reached at:
BARKET EPSTEIN KEARON ALDEA & LOTURCO, LLP
Alexander Klein, Esq.
666 Old Country Road, Suite 700
Garden City, NY 11530
Tel: (516) 745-1500
Fax: (516) 745-1245
E-mail: aklein@barketepstein.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3HrSG9I at no extra charge.
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.
BOY SCOUTS: Cooper Elliott Represents Direct Abuse Claimants
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Cooper & Elliott, LLC submitted a verified
statement to disclose that it is representing the Class 8 Direct
Abuse Claimants in the Chapter 11 cases of Boy Scouts of America
and Delaware BSA, LLC.
The names and contact details of the Client were redacted from
publicly available filings.
Claim No: SA-84932
SA-44927
SA-45213
SA-56978
SA-58983
SA-90377
SA-55118
SA-70772
SA-90341
SA-92072
SA-68826
SA-91606
SA-45209
SA-91188
SA-68795
SA-52964
SA-50526
Counsel to the Cooper Elliott Claimants can be reached at:
Barton R. Keyes, Esq.
Cooper & Elliott, LLC
305 West Nationwide Boulevard
Columbus, Ohio 43215
Tel: (614) 481-6000
Fax: (614) 481-6001
E-mail: bartk@cooperelliott.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3pG9Ie5 at no extra charge.
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.
BOY SCOUTS: Gomez Trial Represents Unsecured Claimants
------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Gomez Trial Attorneys submitted a verified
statement to disclose that it is representing the unsecured
claimants in the Chapter 11 cases of Boy Scouts of America and
Delaware BSA, LLC.
The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.
The names and contact details of the Client were redacted from
publicly available filings.
* Claim No: 71542
Claimant's address: c/o Gomez Trial Attorneys
655 W. Broadway, Ste. 1700
San Diego, CA 92101
Economic Interest: Unliquidated Abuse Claim
* Claim No: 71584
Claimant's address: c/o Gomez Trial Attorneys
655 W. Broadway, Ste. 1700
San Diego, CA 92101
Economic Interest: Unliquidated Abuse Claim
* Claim No: 94134
Claimant's address: c/o Gomez Trial Attorneys
655 W. Broadway, Ste. 1700
San Diego, CA 92101
Economic Interest: Unliquidated Abuse Claim
The Firm can be reached at:
GOMEZ TRIAL ATTORNEYS
Allison C. Worden, Esq.
Maz E. Halperm, Esq.
655 W Broadway, Suite 1700
San Diego, CA 92101
Tel: (619) 237-390
E-mail: aworden@thegomezfirm.com
mhalperm@thegomezfirm.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3Jyhi24 at no extra charge.
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.
BOY SCOUTS: Paul Mankin Represents Unsecured Claimants
------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the Law Office of Paul Mankin, APC, submitted a verified statement
to disclose that it is representing the unsecured claimants in the
Chapter 11 cases of Boy Scouts of America and Delaware BSA, LLC.
The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.
The names and contact details of the Client were redacted from
publicly available filings.
Claim No: 42027
40210
32371
37359
46666
55648
55035
47158
66389
48014
70507
45393
Counsel for Plaintiff can be reached at:
Paul Mankin, Esq.
The Law Office of Paul Mankin, APC
4655 Cass Street, Suite 410
San Diego, CA 92109
Tel: 800-219-3577
Fax: 323-207-3885
E-mail: pmankin@paulmankin.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3EGzMtM at no extra charge.
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.
BOY SCOUTS: RLS Firm Represents Abuse Survivor
----------------------------------------------
In the Chapter 11 cases of Boy Scouts of America and Delaware BSA,
LLC., the law firm of RLS Firm, PLLC submitted a verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose that it is representing an abuse survivor.
The name and contact details of the Client were redacted from
publicly available filings. The proof of claim number is 74149.
Counsel to Claimant 74149 can be reached at:
RLS FIRM, PLLC
Robinn L. Singles, Esq.
720 Saint Johns Bluff Road N, Suite 2
Jacksonville, FL 32225
Tel: 904-944-7272
E-mail: bsaabuse@rlsfirm.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3sTDGgq at no extra charge.
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.
BT MCCARTHY: Seeks to Hire Pack Law as Special Counsel
------------------------------------------------------
BT McCarthy 1, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Pack Law as its
special counsel to assist in the formulation and confirmation of a
Chapter 11 plan of reorganization.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Joseph Pack, Esq. $550 per hour
Jessey Krehl, Esq. $300 per hour
Paralegal $200 per hour
As disclosed in court filings, Pack Law is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph A. Pack, Esq.
Pack Law, P.A.
51 NE 24th St., Suite 108
Miami, FL 33137
Tel: +1 305-916-4500
Email: joe@packlaw.com
About BT McCarthy 1
BT McCarthy 1, Inc., a company in Naples, Fla., filed its voluntary
petition for Chapter 11 protection (Bankr. M.D. Fla. Case No.
21-01354) on Oct. 8, 2021, listing as much as $10 million in both
assets and liabilities. Marc Darby, president of BT McCarthy,
signed the petition.
Judge Caryl E. Delano oversees the case.
Jeffrey Lampley, Esq., at Lampley Law Office represents the Debtor
as legal counsel.
CALLON PETROLEUM: Appoints Mary Shafer-Malicki as Director
----------------------------------------------------------
Callon Petroleum Company has appointed Mary Shafer-Malicki to its
Board of Directors.
Ms. Shafer-Malicki brings valuable experience in energy,
governance, and strategy to the Callon Board. Over a career
spanning more than 25 years at BP, she held domestic and
international leadership roles across the energy value chain,
including as CEO of BP Angola. Her significant board experience
includes service as Chairman of the Board for QEP Resources and as
a board member for Wood plc, McDermott International Inc., and
Ausenco Limited over the past ten years. Ms. Shafer-Malicki holds
a Bachelor of Science in Chemical Engineering from Oklahoma State
University.
Richard Flury, Chairman of the Board, commented, "We are excited to
welcome Mary as an independent director to our Board. Her breadth
of experience as an energy executive and corporate director will
provide invaluable perspectives and complement the existing
strengths of the Callon board. With three board members retiring
over the next three years starting in May 2022, Mary solidifies our
energy industry skill sets for the coming years. Importantly, this
appointment is another example of our continuous process of
thoughtful board refreshment and leading corporate governance
practices that will ensure diversity of thought in the pursuit of
sustainable value for all stakeholders."
As compensation for her initial partial year of service on the
Board, Ms. Shafer-Malicki will receive a cash retainer of $47,500
and restricted stock units valued at $60,000 that will vest as of
the date of the Company's 2022 annual meeting. This compensation
package reflects a reduced version of the Company's standard
compensation for non-employee directors as disclosed in the
Company's 2021 proxy statement filed by the Company with the U.S.
Securities and Exchange Commission on April 9, 2021.
About Callon Petroleum
Callon Petroleum -- http://www.callon.com-- is an independent oil
and natural gas company focused on the acquisition, exploration and
development of high-quality assets in the leading oil plays of
South and West Texas.
Callon Petroleum reported a net loss of $2.53 billion for the year
ended Dec. 31, 2020, compared to net income of $67.93 million for
the year ended Dec. 31, 2019. For the six months ended June 30,
2021, the Company reported a net loss of $92.10 million.
CITY WIDE COMMUNITY: Seeks Approval to Hire Public Adjuster
-----------------------------------------------------------
City Wide Community Development Corp. and its affiliates seek
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to hire Chris Lackey, a public adjuster based in Bandera,
Texas.
The Debtors require the services of a public adjuster to help
litigate their insurance claim for damage to properties in the
mixed-used commercial project known as Lancaster Urban Village.
Mr. Lackey will receive a contingent fee in the amount of 10
percent of the total insurance claim settlement.
In court papers, Mr. Lackey disclosed that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Mr. Lackey holds office at:
Chris Lackey
390 Galveston Street
Bandera, TX 78003
Phone: 512-585-4179
Fax: 855-255-4642
Email: pa.chrislackey@hotmail.com
About City Wide Community Development Corp.
City-Wide Community Development Corp. and its affiliates, Lancaster
Urban Village Residential, LLC and Lancaster Urban Village
Commercial, LLC, are primarily engaged in renting and leasing real
estate properties. The companies are based in Dallas, Texas.
City-Wide Community Development Corp. and affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Texas Lead Case No. 21-30847) on April 30, 2021. In the petitions
signed by Sherman Roberts, president and chief executive officer,
the Debtors disclosed $12,026,657 in assets and $10,332,946 in
liabilities.
Judge Michelle V. Larson oversees the cases.
The Debtors tapped Kevin S. Wiley, Sr., Esq., at Wiley Law Group,
PLLC as bankruptcy counsel; Crowell & Kucera as special counsel;
Neal A. Walker, CPA, P.C. as accountant; and Capstone Real Estate
Services, Inc. as property manager.
CLAIRMONT PLACE: Seeks to Hire Adams Capital as Valuation Expert
----------------------------------------------------------------
Clairmont Place Condominium Association, Inc. seeks approval from
the U.S. Bankruptcy Court for the Northern District of Georgia to
hire Adams Capital Valuation Services, a valuation expert based in
Atlanta.
The firm will assist the Debtor with valuation issues, facilitate
the settlement of these issues, and assist with other necessary
actions as to financial matters for which a valuation expert may be
appropriate (such as in a witness capacity in litigation or in the
Chapter 11 plan process).
Adams Capital's hourly rates range from $150 to $595. The firm
requested a retainer in the amount of $5,000.
As disclosed in court filings, Adams Capital neither holds nor
represents an interest materially adverse to the Debtor's estate.
The firm can be reached at:
David Adams
Adams Capital Valuation Services
976 Brady Ave. NW, Suite 100
Atlanta, GA 30318
Phone: +1 770-432-0308
Email: info@adamscapital.com
About Clairmont Place Condominium
Association Inc.
Clairmont Place Condominium Association, Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
21-58123) on Oct. 29, 2021, listing up to $1 million in assets and
up to $10 million in liabilities. Judge Lisa Ritchey Craig
oversees the case.
Shayna Steinfeld, Esq., at Steinfeld & Steinfeld, PC is the
Debtor's legal counsel.
Clairmont Place Condominium Association, Inc. seeks approval from
the U.S. Bankruptcy Court for the Northern District of Georgia to
hire Adams Capital Valuation Services, a valuation expert based in
Atlanta.
The firm will assist the Debtor with valuation issues, facilitate
the settlement of these issues, and assist with other necessary
actions as to financial matters for which a valuation expert may be
appropriate (such as in a witness capacity in litigation or in the
Chapter 11 plan process).
Adams Capital's hourly rates range from $150 to $595. The firm
requested a retainer in the amount of $5,000.
As disclosed in court filings, Adams Capital neither holds nor
represents an interest materially adverse to the Debtor's estate.
The firm can be reached at:
David Adams
Adams Capital Valuation Services
976 Brady Ave. NW, Suite 100
Atlanta, GA 30318
Phone: +1 770-432-0308
Email: info@adamscapital.com
About Clairmont Place Condominium
Association Inc.
Clairmont Place Condominium Association, Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
21-58123) on Oct. 29, 2021, listing up to $1 million in assets and
up to $10 million in liabilities. Judge Lisa Ritchey Craig
oversees the case.
Shayna Steinfeld, Esq., at Steinfeld & Steinfeld, PC is the
Debtor's legal counsel.
COGECO COMMUNICATIONS: DBRS Confirms BB(high) Issuer Rating
-----------------------------------------------------------
DBRS Limited confirmed Cogeco Communications Inc.'s Issuer Rating
at BB (high) and its Senior Secured Notes & Debentures rating at
BBB (low) with a recovery rating of RR1. All trends are Stable. The
confirmations acknowledge Cogeco's currently higher leverage post
the Ohio broadband systems acquisition (which closed on September
1, 2021) and stronger-than-expected F2021 earning results. The
Stable trends consider Cogeco's opportunity to launch a wireless
service in the Canadian marketplace, while still delivering modest
deleveraging through our forecast horizon. The ratings consider the
Company's established footprint in existing markets, the growth
potential of the U.S. broadband segment (Atlantic Broadband or
ABB), and Cogeco's potential entry into the Canadian mobile market,
while reflecting intensifying competition, risks associated with
technological and regulatory changes, and the resources required to
develop a successful wireless offering.
Cogeco's earnings profile through F2021 remained stable as
consolidated revenue and earnings performed slightly better than
expected, reflecting solid constant currency revenue and EBITDA
growth at ABB, and high-single-digit acquisition driven revenue and
EBITDA growth at Cogeco Connexion. In terms of the financial
profile, Cogeco's credit metrics were also modestly better than
forecast and were roughly in line with the prior year and
supportive of the current ratings.
While an official decision to launch a wireless offering in Canada
remains subject to network access and rate negotiations with
incumbents, as a key beneficiary of the CRTC's limited MVNO
wireless industry ruling and having committed to investing ~$337
million in spectrum licenses, Cogeco is highly motivated to launch
a wireless offering. DBRS Morningstar believes Cogeco's earnings
profile has the potential to benefit from the Company's opportunity
to enter the Canadian mobile market in the long term; however
short- to medium-term execution risks exist.
In F2022, acquisition activity is expected to drive material
revenue growth at ABB and be a major contributor to consolidated
growth of ~16% year over year (YOY). In F2023-F2025, revenue is
forecast to increase in the mid-single digit range driven by a
continued increase in high speed broadband access footprint, higher
Internet speed availability and a potential wireless offering
launch in the Canadian market in F2023. EBITDA margins are expected
to compress modestly YOY in F2022 related to acquisition
integration and then increase slowly as the Company expands its
service offering including a potential wireless offering in
Canada.
DBRS Morningstar expects Cogeco's financial profile to remain
supportive of the current ratings despite an increase in gross
leverage related to ABB's acquisition of the Ohio broadband system
acquisition (which closed on September 1, 2021) and the
anticipation of a "capital light" mobile investment strategy in
Canada.
Should wireline operating metrics deteriorate materially, wireless
not gain sufficient traction in the marketplace, and/or leverage
move structurally higher toward 3.5 times (x) to 4.0x, DBRS
Morningstar may take a negative rating action on Cogeco's Issuer
Rating. Conversely, if operating performance reflects the
successful expansion of Cogeco's service offering and the Company
is able to deleverage in a manner that sustains "core" or
non-acquisition-driven leverage at 3.0x or below, DBRS Morningstar
may take a positive rating action on Cogeco's Issuer Rating.
Notes: All figures are in Canadian dollars unless otherwise noted.
COLON VENTURE: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Colon Venture Group, LLC
253 Elizabeth Street
South Bound Brook, NJ 08880
Business Description: Colon Venture Group, LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: January 3, 2022
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 22-10023
Debtor's Counsel: David L. Stevens, Esq.
SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP
1599 Hamburg Turnpike
Wayne, NJ 07470
Tel: 973-696-8391
Email: ecfbkfilings@scuramealey.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Walter Cubero, member.
The Debtor listed Anchor Loans LP as its sole unsecured creditor
holding an unknown amount of claim.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/7JTWCTY/Colon_Venture_Group_LLC__njbke-22-10023__0001.0.pdf?mcid=tGE4TAMA
CONSORTIUM B INC: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: Consortium B. Inc.
1075 Griffin Street West
Dallas, TX 75215
Business Description: Consortium B. Inc. is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: January 4, 2022
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 22-30020
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road
Suite 850
Dallas, TX 75251
Tel: 972-991-5591
Fax: 972-991-5788
Email: eric@ealpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brian Williams, president.
The Debtor listed Biniam Teffera as its sole unsecured creditor
holding a claim of $25,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ERA7OKI/Consortium_B_Inc__txnbke-22-30020__0001.0.pdf?mcid=tGE4TAMA
COSMOS HOLDINGS: Provides Update on Nasdaq Listing Efforts
----------------------------------------------------------
Cosmos Holdings, Inc. provided a business update with respect to
its progress towards its direct listing efforts on the Nasdaq
Capital Markets.
On Sept. 15, 2021 the Company's Board of Directors approved a
private offering whereby it would sell 5,000,000 shares of a newly
created class of Series A Preferred Stock and warrants to a private
investor in exchange for $5,000,000. As a condition to closing of
the sale, the Company's Common Stock must be approved for listing
and trading on the Nasdaq Stock Exchange.
On Dec. 17, 2021 shareholders holding 51% of the voting power of
the Company approved the Offering by written consent. The Written
Consent will take effect 20 days following the date the Company's
Schedule 14C is filed with the Securities and Exchange Commission
and mailed to the beneficial owners of the Company's common stock.
The issuance of the Series A Preferred Stock was previously
approved by the Company's directors and shareholders on Aug. 31,
2021. The Company's Definitive Schedule 14C for that shareholder
action was filed with the Securities and Exchange Commission on
Sept. 13, 2021. The Certificate of Designation of the Series A
Preferred Stock was filed with the Nevada Secretary of State on
Oct. 4, 2021.
The Series A Preferred Stock is convertible into shares of the
Company's common stock at a price of The lower of (i) $4.00 or (ii)
80% of the average VWAP for the Company's common stock for the five
days prior to the date of uplisting, subject to a floor of $3.00.
The Warrant is exercisable at 110% of the Series A Preferred Stock
conversion price and expires five years following the closing of
the Sale.
About Cosmos Holdings
Cosmos Holdings Inc. is a multinational pharmaceutical wholesaler.
The Company imports, exports and distributes pharmaceutical
products of brand-name and generic pharmaceuticals,
over-the-counter (OTC) medicines, and a variety of dietary and
vitamin supplements. Currently, the Company distributes products
mainly in the EU countries via its two wholly owned subsidiaries
SkyPharm SA, Decahedron Ltd. and (iii) Cosmofarm.
Cosmos Holdings reported net income of $820,786 for the year ended
Dec. 31, 2020, compared to a net loss of $3.30 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $47.68
million in total assets, $43.03 million in total liabilities, and
$4.65 million in total stockholders' equity.
San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net accumulated deficit
that raises substantial doubt about its ability to continue as a
going concern.
DARBY CABINETRY: Taps Pack Law as Special Counsel
-------------------------------------------------
Darby Cabinetry seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Pack Law as its special
counsel to assist in the formulation and confirmation of a Chapter
11 plan of reorganization.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Joseph Pack, Esq. $550 per hour
Jessey Krehl, Esq. $300 per hour
Paralegal $200 per hour
As disclosed in court filings, Pack Law is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph Pack, Esq.
Pack Law
51 NE 24th St., Suite 108
Miami, FL 33137
Phone: +1 305-916-4500
Email: joe@packlaw.com
About Darby Cabinetry
Darby Cabinetry filed a petition for Chapter 11 protection (Bankr.
M.D. Fla. Case No. 21-01355) on Oct. 8, 2021, listing up to $50,000
in assets and up to $500,000 in inabilities. Judge Caryl E. Delano
oversees the case.
Jeffrey Lampley, Esq., at the Lampley Law Office and Joseph Pack,
Esq., at Pack Law serve as the Debtor's bankruptcy counsel and
special counsel, respectively.
DEA BROTHERS: To Seek Plan Confirmation on March 31
---------------------------------------------------
DEA Brothers Sisters LLC submitted a Third Amended Disclosure
Statement.
The Debtor is a "single asset real estate case." As such, the
valuation in issue in this case pertains to Debtor's multi-tenant
retail strip center located at 16502 S. Main St., Carson, CA 90248
("the subject"). The Debtor formally employed, with Court
permission, the appraisal services of Mr. Roger Douglass who issued
a formal appraisal of value for the subject in the amount of
$1,445,000.
On August 25, 2021, the Court held an Evidentiary Hearing to
determine the fair market value of the subject property. Debtor
provided 3 appraisals from its two appraisers, one for $1,445,000
from its designated appraiser, Mr. Roger Douglass, and two for
$1,500,000 from the joint parties' agreed 3rd party expert
appraiser, Mr. Rod Hefington. In strong contrast, the creditor,
A&G, submitted multiple appraisals from its designated appraiser,
Mr. Mike Young, with his final appraisal being $2,570,000., 71%
higher than his own expert's appraised value. The purpose of the
evidentiary hearing was therefore to determine a current fair
market property value. After receiving substantial evidence and
hearing the testimony of 2 appraisers, including the parties'
designated 3rd party expert, Mr. Hefington, the Court issued its
Order of Valuation in the amount of $1,700,000. This value may
hereafter decrease or increase based upon economic conditions and
conditions at the subject property.
Class 2: Debtor will be filing a 506(b) lien strip motion shortly
with the Court requesting that it order that the two governmental
tax liens remaining on the property at this time shall be stripped
from the property and repaid as general unsecured claims as there
is no equity to support either of these liens as secured claims.
Debtor expects this motion to be successful as the Court has
previously determined the property value to be $1,700,000. while
there is already a stipulated secured claim in the amount of
$1,700,000 in favor of the 1st Lien Holder, Mr. Alejandro
Hernandez.
(a) IRS 2017 Tax Lien: $288,982 Recorded in LA County
Records
9/22/2017
(b) FTB 2017 Tax Lien: $10,883 Recorded in LA County
Records
10/31/2018
---------
$299,865
Based upon a Court finding in favor of the lien strip of these two
governmental tax liens, each lien will be repaid on the basis of a
5% return, 0% interest, on a quarterly basis for 4 years to be
fully consistent with 11 U.S.C. Section 1129(a)(9)(D). The IRS lien
will therefore be paid $301.02 per month for 48 months. The FTB
lien will be paid $11.34 per month for 48 months. The 95% remaining
balance of these liens shall remain the sole responsibility for
payment by A&G and Ignacio Gonzalez as their unpaid balance will be
general unsecured debts which are no longer the responsibility of
the Debtor to pay.
Class 3: This Class relates directly to the amount of A&G's 4th
Lien which was previously secured on the subject property as a
purchase money lien. The original balance of this loan was
$453,000. In its lien strip motion, Debtor will file a motion to
strip this lien from the subject property as there is no equity in
the subject property to support it.
In contrast, A&G filed its Claim 2-1 with an original stated
balance of $497,000. The moment that Debtor filed an Objection to
A&G's Claim, A&G lowered its Claim by $96,000. to $400,845.38.
Further, A&G's Managing Member has admitted in writing,
acknowledged before a California Escrow, that it received a minimum
of $178,217. in payments from Debtor alone during 2019 towards
payment of its Claim. Although the Court ruled that the respective
parties should "meet and confer" to determine the final amount of
this lien, this Court ruled that A&G's denial of this written
acknowledgement of receipt of $178,217. from Debtor "lacked
credibility." A copy of A&G's admission to receipt of $178,217.
from Debtor is attached as Exhibit I. A copy of the 2017 LA County
Tax Default which Debtor repaid on behalf of A&G is attached hereto
as Exhibit J. Debtor's Objection to A&G's Claim was filed per Doc
203. A&G ultimately agreed to a claim reduced from its original
$497,000. down to a final balance of $360,000. Again, since these
liens fall outside the boundaries of the Court Ordered Valuation of
$1.7 million, Debtor will move that these Claims shall be deemed
general unsecured debt within this Plan and be paid as such/
The Class 3 Claim shall be repaid on the basis of a 5% return with
a balance of $18,000, 0% interest, payable at $300 per month, to be
paid on a quarterly basis for 5 years until paid in full. The
first payments shall begin on the 1st day of the month following
the Effective Date of the Chapter 11 Plan. The Final Payments may
occur as late as the 60th month of the Plan.
A&G's Section 1111(b) Election
A&G has made a Section 1111(b) election with respect to its
$360,000. claim. This election is provided for creditors whose
claim is typically split between a "secured" claim on the property
and an "unsecured" claim on the property. In other words, the total
claim may be bifurcated under Section 506(a) of the bankruptcy code
between a secured and unsecured claim. In this instance, a creditor
may make this election so that the entire debt is treated as a
single claim and the Debtor's payment to that claim must equal or
surpass the full amount of the claim.
In this instance, it appears that this election will have no impact
upon Debtor's Plan payments in this case. This is due to the fact
that A&G's claim of $360,000 has no secured interest in the
property. The first loan has a secured interest of $1.7 million
which covers the entire value of the subject property. The tax
liens with an approximate balance of $299,000 in 2nd and 3rd
position are theoretically both unsecured because there is no
equity to support them. Finally, A&G's claim is in 4th position
and is a minimum of $300,000 away from having any secured interest
in the property whatsoever. As a result, it appears that A&G's
election will be inconsequential in this action. In fact, Debtor
may file a formal objection to this election based upon the simple
fact that A&G has no secured interest in the property which is
subject to a split ("bifurcation") between a secured interest and
an unsecured interest.
The funding of the Plan will be accomplished through "available
cash" on the Effective Date of the Plan, the scheduled "future
monthly disposable income", and up-front capitalization and monthly
contributions on an as needed basis.
The hearing where the Court will determine whether or not to
confirm the Plan will take place before the Honorable Judge Erithe
Smith in Courtroom 5A of the U.S. Bankruptcy Court located at 411
W. 4th St., Santa Ana, CA 92701. The hearing is presently scheduled
to occur on March 31, 2022 at 2:00 pm. via Zoom Transmission.
If you are entitled to vote, it is in your best interest to timely
vote on the enclosed ballot (Exhibit G) and return the ballot to
John H. Bauer; Fin. Relief Legal Advocates, Inc.; email:
johnbhud@aol.com. You may also submit your ballot by fax to
623-600-8818. Your ballot must be received by no later than
February 1, 2022 in order to be counted. Mr. Bauer's direct tel.
number is 714-319-3446.
Any objections to the confirmation of the Plan must be filed with
the Court and served upon Debtor's counsel and all other parties
required by local Court rule by February 8, 2022.
Attorney for DEA Brothers Sisters LLC:
John H. Bauer, Esq.
Financial Relief Legal Advocates, Inc.
56925 Yucca Trail, #512
Yucca Valley, CA 92284
Telephone (714) 319-3446
E-mail: Johnbhud@aol.com
A copy of the Disclosure Statement dated Dec. 31, 2021, is
available at https://bit.ly/3mR4hap from PacerMonitor.com.
About DEA Brothers Sisters
DEA Brothers Sisters, LLC, is a Laguna Hills, Calif.-based company
that owns a strip shopping center located at 16502 S. Main St.,
Carson, Calif.
DEA Brothers Sisters sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Cal. Case No. 21-10608) on March 10,
2021, listing as much as $10 million in both assets and
liabilities. Enayat Ali Jiwani, the sole managing member of DEA
Brothers Sisters, signed the petition.
Judge Erithe A. Smith oversees the case.
Financial Relief Legal Advocates, Inc. and Osborn Plasse serve as
the Debtor's bankruptcy counsel while Khang & Khang, LLP is the
special litigation counsel.
DLJJ & ASSOCIATES: Taps Chekian Law Office as Bankruptcy Counsel
----------------------------------------------------------------
DLJJ & Associates, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Chekian Law
Office, Inc. to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising the Debtor regarding matters of bankruptcy law,
the requirements of the Bankruptcy Code and Bankruptcy Rules
relating to the administration of the case, and the operation of
the Debtor's estate;
(b) representing the Debtor in court proceedings and hearings
involving matters of bankruptcy law;
(c) assisting in compliance with the requirements of the
Office of the United States Trustee;
(d) providing legal advice regarding the Debtor's powers and
duties in the continued operation of its business and management of
property of the estate;
(e) assisting the Debtor in the administration of the estate's
assets and liabilities;
(f) preparing legal documents;
(g) assisting in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
the estate;
(h) providing advice concerning the claims of creditors and
the prosecution or defense of all actions; and
(i) negotiating, preparing and seeking confirmation of a plan
of reorganization.
The hourly rates charged by the firm for its services are as
follows:
Michael Chekian, Esq. $425 per hour
Associate attorneys $300 per hour
Kathya Ortega $145 per hour
Ivana Damjanovic $145 per hour
Chekian Law Office received a retainer in the amount of $26,717.
Michael Chekian, Esq., at Chekian Law Office, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Chekian, Esq.
Chekian Law Office, Inc.
445 South Figueroa Street, 31st Floor
Los Angeles, CA 90071
Voice: (310) 390-5529
Facsimile: (310) 451-0739
Email: mike@cheklaw.com
About DLJJ & Associates
Los Angeles-based DLJJ & Associates, LLC filed a voluntary petition
for Chapter 11 protection (Bankr. C.D. Calif. Case No. 21-19229) on
Dec. 14, 2021, listing up to $50 million in assets and up to $10
million in liabilities. Annette Rubin, manager of DLJJ &
Associates, signed the petition.
Judge Sandra R. Klein oversees the case.
Michael Chekian, Esq., at Chekian Law Office, Inc. serves as the
Debtor's legal counsel.
ECN CAPITAL: DBRS Lowers LongTerm Issuer Rating to BB(high)
-----------------------------------------------------------
DBRS, Inc. downgraded the ratings of ECN Capital Corp. (ECN or the
Company), including the Company's Long-Term Issuer Rating to BB
(high) and Preferred Shares Rating to Pfd-4 (high). The trend for
the ratings is Stable. The rating actions follow the Company's sale
of its Service Finance Company, LLC (Service Finance) business to
Truist Bank. The Intrinsic Assessment (IA) for ECN is BB (high) and
the Support Assessment is SA3, resulting in the Company's Long-Term
Issuer Rating being equalized with the IA. With these rating
actions, ECN's ratings are removed from Under Review with Negative
Implications, where they were placed on August 11, 2021.
KEY RATING CONSIDERATIONS
The rating downgrade considers the impact of the sale of Service
Finance on ECN's credit fundamentals, including its franchise
strength, and earnings generation. With the sale of Service
Finance, the Company's scope of operations and product/services
diversity has moderated, increasing ECN's susceptibility to
business and economic downturns. Additionally, the loss of Service
Finance's earning contributions reduces ECN's earnings capacity,
organic capital generation, and to a degree, the Company's ability
to absorb unexpected future losses. The ratings also consider the
Company's ongoing solidly run, asset-light businesses, Triad
Financial Services, Inc. (Triad) and Kessler Financial Services LLC
(Kessler), which are both leaders in their respective niche sectors
and contribute to ECN's satisfactory earnings generation. The
Company's ratings also reflect ECN's sound credit position, as well
as its solid funding and acceptable capital profiles.
The Stable trend reflects our view that the Company's credit
fundamentals will remain satisfactory, despite the potential for
Coronavirus Disease (COVID-19) pandemic-related flareups. We expect
some moderation in housing demand in 2022, but expect Triad to
generate good operating performance as demand for manufactured
housing will continue to be supported by affordability issues in
the U.S. housing market as well as Triad's top tier market
position. The Stable trend also considers our expectations that
Kessler will continue to generate solid results in 2022, especially
as marketing services and transaction services benefit from
increasing client activity and new partner programs are brought on
board, including improving traction with the Company's Credit Card
Investment Management platform.
RATING DRIVERS
A more diverse product mix along with sustained improvements in
adjusted profitability and statutory earnings, while maintaining
disciplined capital management and risk aversion, would result in
an upgrade of the ratings.
Should capital levels not match the Company's risk position, credit
risk on the balance sheet become more pronounced, or if there were
partner funding disruptions, the ratings would be downgraded.
RATING RATIONALE
With the sale of Service Finance, ECN's franchise fundamentals have
somewhat weakened, as the transaction reduces the Company's scope
of business, product/services diversity, and to a degree its growth
potential. As such, we view ECN as being more prone to negative
macroeconomic conditions. Nonetheless, the Company's ongoing
franchise reflects two businesses that are leaders in their
respective sectors, including Triad, which provides manufactured
home loans and home - land loans, and Kessler, a manager, adviser,
and structuring partner to credit card issuers, banks, credit
unions, and payment networks. The Company's ratings also consider
ECN's solid management team, which has considerable experience and
deep industry knowledge.
Although, the sale of Service Finance will reduce ECN's earnings
generation capacity and revenue diversification, we expect the
Company's future earnings generation to remain acceptable, with
solid growth potential. Triad's adjusted operating income before
taxes totaled $36 million in 9M21, up from $22 million in 9M20,
reflecting a robust 49% increase in originations year-on-year which
drove higher origination and servicing related revenues. Overall,
the improved originations reflected the strong U.S. housing market,
and the sustained low interest rate environment. Meanwhile,
Kessler's adjusted operating income before taxes totaled $37
million in 9M21, up from $31 million in 9M20, reflecting higher
levels of partnership services revenue and marketing services
revenues, partially offset by lower transaction services revenue.
Finally, the Company's bottom line should benefit from lower
corporate expenses going forward.
The ratings consider ECN's sound risk profile. Credit risk is
limited, primarily reflecting Triad's moderately sized dealer
floorplan loan business, and Kessler's reasonably sized levels of
support to customer marketing campaigns. Asset risk related to its
legacy asset portfolio, has been materially reduced, due to
substantial valuation reserves taken over the last few years.
Meanwhile, operational risk remains a key risk, given that ECN's
consumer business has considerable compliance and regulatory
oversight, with FDIC-insured institutions accounting for the
majority of Triad's Funding Partners. Overall, the Company's
operational risk has been well managed.
ECN's ratings reflect its sound funding profile. Triad's
originations are funded on a flow basis with its Funding Partners,
which consist of more than 50 banks and credit unions, including 12
new partners since YE20. Overall, Triad is fully funded for 2021
and 2022, reflecting the attractiveness of its high quality
originations. Meanwhile, Kessler funds its marketing campaign from
cash flows. Finally, ECN's liquidity profile remains solid, given
its asset light business model. Liquidity is primarily comprised of
available capacity under its renegotiated and appropriately sized
$700 million credit line.
Capital is acceptable for its rating level, and we anticipate that
ECN will continue to maintain appropriate capital levels to match
its risk position. That said, capital generation has somewhat
moderated with the sale of Service Finance. Finally, we note that
the gains from the sale of Service Finance will be distributed to
common shareholders.
Notes: All figures are in U.S. dollars unless otherwise noted.
FAMILY FRIENDLY: Unsecureds to Get Proceeds from Litigation
-----------------------------------------------------------
Family Friendly Contracting LLC, filed with the U.S. Bankruptcy
Court for the District of Maryland a Subchapter V Plan of
Reorganization dated Dec. 27, 2021.
The Debtor is a local home improvement, restoration and contract
management company that provided services to homeowners and
commercial properties in Maryland, D.C. and West Virginia.
In November 2020, FFC Holdings, LLC entered into a Membership
Interest Purchase Agreement to purchase the Debtor (and its
associated real property) from Stephen Lyons who was its sole
owner. FFC Holdings, LLC purchased the Debtor for $4,650,000, a
value based upon, among other things, incoming revenue and
financial documentation. Unfortunately, various misrepresentations
were given by Mr. Lyons. These omissions and misrepresentations
detrimentally and severely impacted the value of the business and
Debtor's ability to properly operate and satisfy its financial
obligations.
Class 2 consists of the Allowed Secured Claim of Ford Motor Credit,
and its successors or assigns (the Holder of the Class 2 Claim).
The Class 2 Claim was satisfied, in part, by the Debtor pursuant to
the Consent Order Granting in Part Debtor's Motion to (I) Liquidate
Assets at Public Auction Free and Clear of Liens and (II) Employ
Sports and Imports, Inc. To the extent that the Class 2 Claim was
not satisfied in full, the remainder of the Class 2 Claim will be
treated as an Unsecured Claim and will be paid as provided for in
Class 6. Class 2 is unimpaired.
Class 3 consists of Allowed Secured Claims of Live Oak Banking
Company. The Debtor shall pay to Live Oak Banking Company, its
successors or assigns, after payment of any administrative priority
claims the proceeds from the liquidation of Debtor's property and
from recoveries from the Lyons Litigation. The Holder of the Class
3 Claims shall retain its prepetition lien on the personal property
that secures the payments provided under the Plan until such time
as its Allowed Claims are paid in full. Class 3 is unimpaired.
Class 6 consists of Allowed General Unsecured Claims. After payment
of Classes 1 through 5, and of any Administrative Expense Claims
and Priority Tax Claims, and in full and complete satisfaction,
discharge and release of the Class 6 Claims, the Debtor shall pay
the Holders of Allowed Class 6 Claims without interest their
pro-rata share of all proceeds from the Lyons Litigation.
Distributions to Holders of Allowed Class 6 Claims, less reserves
for anticipated administrative expenses, are projected to occur
upon completion of the Lyons Litigation.
It is unknown at this juncture whether Debtor will be in a position
to make lump sum payments or periodic regular payments as funds
come into the Estate. To the extent that Administrative Expense
Claims are Allowed, ultimately, in amounts greater than projected
herein, the total amount available to Class 6 will be reduced in
proportional amount. Class 6 is Impaired and therefore the Holders
of a Class 6 Claim are entitled to vote to accept or reject the
Plan.
Class 7 consists of Allowed Interests. On the Effective Date, the
legal, equitable and contractual rights of the Holders of the
Interests in the Debtor shall be retained unaltered. Class 7 is
Unimpaired. As a result, each Holder of an Interest is conclusively
deemed to have accepted the Plan and, therefore, is not entitled to
vote to accept or reject the Plan.
Except as provided in the Plan or the Confirmation Order, all the
property of the estate, pursuant to 11 U.S.C. Secs. 1141(b) and
1141(c), vests in the Debtor as of the Effective Date free and
clear of any Claim of any Creditor provided for by this Plan.
Upon the Effective Date, the Debtor shall continue to be controlled
and managed by its sole member consistent with the Debtor's
Articles of Organization. As disclosed in the Statement Pursuant to
Local Bankruptcy Rule 2015-1 filed on July 8, 2021, the Debtor's
chief executive officer, Coleman Ruiz, received gross compensation
of $5,296.15 per two-week pay period pre-petition. Since the filing
date Mr. Ruiz has not received any compensation.
During the term of this Plan, the Debtor shall use its Cash on Hand
and the recovery from any litigation, to include the Lyons
Litigation.
A full-text copy of the Subchapter V Plan dated Dec. 27, 2021, is
available at https://bit.ly/3pS9d0r from PacerMonitor.com at no
charge.
Counsel for Debtor:
Paul Sweeney, 07072
Yumkas, Vidmar, Sweeney & Mulrenin, LLC
10211 Wincopin Circle, Suite 500
Columbia, Maryland 21044
Tel: (443) 569-5972
E-mail: psweeney@yvslaw.com
About Family Friendly Contracting
Family Friendly Contracting LLC is a local home improvement,
restoration and contract management company that provides reliable
services to homeowners and commercial properties in Maryland, D.C.
and West Virginia. Its commercial and residential services include
fire and smoke restoration, water and flood damage restoration,
storm and wind damage restoration, remodeling, additions, basement
finishing, and service support for property management companies.
It has operated from its headquarters at 9001 Baltimore Road,
Frederick, Maryland, since around 2017.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 21-14213) on June 27, 2021.
In the petition signed by Adam Borcz, chief financial officer, the
Debtor disclosed up to $10 million in both assets and liabilities.
Paul Sweeney, Esq. at Yumkas, Vidmar, Sweeney & Mulrenin, LLC is
the Debtor's counsel.
Live Oak Banking Company, as lender, is represented by Whiteford
Taylor Preston LLP.
FULLERTON PACIFIC: Unsecureds to Get $354K via Quarterly Payments
-----------------------------------------------------------------
Fullerton Pacific Interiors, Inc., filed with the U.S. Bankruptcy
Court for the Central District of California a Plan of
Reorganization for Small Business dated Dec. 27, 2021.
The construction defect litigation involves the Debtor (i) as a
defendant to the property developer (LSG Las Tunas, LP) on
construction defect claims, and (ii) as a cross-complainant against
the general contractor (A&R Corporation) for breach of contract.
This action remains pending and Debtor has elected not to fund
further legal representation in the matter and instead contribute
its income to the payment of creditors under the Plan.
The Debtor is currently operating on a large apartment complex
being developed by Sinanian Development, which has timely paid all
invoices to the Debtor. The Debtor believes that its current
project with Sinanian Development will last another 7 to 10 months.
The Debtor has also started several small projects that it believes
will last approximately 12 to 18 months.
The claims asserted against the Debtor's bankruptcy estate total
$7,590,293.87. This Plan has a 60-month term which ends on December
31, 2026. Over this term, the Debtor will have $656,522.84 in
projected disposable income. The Plan proposes to pay $656,522.84
to creditors.
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of Fullerton Pacific Interiors, Inc. from
disposable operating income from normal business operations.
Overall, the Plan will pay an 8.4% distribution on all claims
asserted against the Debtor's bankruptcy estate ($7,590,293.87).
The Plan provides for the payment of administrative expense claims
and priority claims in full. The Plan provides for the payment of
$354,275.00 to non-priority unsecured claims on a pro rata basis.
Class 3 consists of Non-priority unsecured claims. The Disbursing
Agent will make pro rata quarterly payments without interest on
account of claims in Class 3 as follows:
* From January 1, 2025 to December 31, 2026, the Disbursing
Agent will make nine quarterly pro rata payments, which shall total
not less than $30,000 per quarter. And by not later than December
31, 2026, the Disbursing Agent shall make additional pro rata
payment(s) necessary to pay $354,275.00 to Class 3 claims under
this Plan.
* Treatment of LSG Claim: Payments payable on behalf of the
LSG Claim (Claim 7) will be held in escrow by the Disbursing Agent
unless and until the LSG Claim is liquidated in the construction
defect litigation. If the LSG Claim is allowed against Disbursing
Agent's bankruptcy estate in an amount equal or greater than
$890,342.05, then all escrowed payments will be paid to LSG on
behalf of the LSG Claim. If the LSG Claim is allowed in an amount
less than $890,342.05, then the escrowed payments will be
distributed on a pro rata basis whereby LSG receives its pro rata
share of all payments previously made under the Plan.
* Treatment of A&R Claim: No payments shall be made on behalf
of the A&R Claim.
Class 4 consists of Equity security interests of the Debtor. Class
4 is unimpaired by this Plan, and each holder of a Class 4 Interest
will be conclusively presumed to have voted to accept the Plan. The
holders of each Class 4 Interest will retain their rights and
interests without impairment and will not receive any payments on
account for their Class 4 Interests during the life of the Plan.
The Plan will be funded with the following: (i) cash on hand, (ii)
Debtor's protected disposable income over a period of sixty (60)
months, and (iii) pursuit of other estate claims and causes of
action, if any.
A full-text copy of the Plan of Reorganization dated Dec. 27, 2021,
is available at https://bit.ly/3Hxpfmu from PacerMonitor.com at no
charge.
General Counsel for the Debtor:
Donald Reid, Esq.
Law Office of Donald W. Reid
PO Box 2227
Fallbrook, CA 92088
Tel.: 951-777-2460
Email: don@donreidlaw.com
About Fullerton Pacific
Founded in 2013, Fullerton Pacific Interiors, Inc., is a California
S corporation. It is a drywall contractor located in Fullerton,
California, and works on large residential and commercial
projects.
Fullerton Pacific Interiors filed a petition for Chapter 11
protection (Bankr. C.D. Cal. Case No. 21-11775) on July 19, 2021,
disclosing up to $1 million in assets and up to $10 million in
liabilities. Fullerton President Jacqueline Mordoki signed the
petition. The Debtor tapped the Law Office of Donald W. Reid as
legal counsel.
FUSE MEDICAL: Enters Into Secured Credit Facility With CNH Finance
------------------------------------------------------------------
Fuse Medical, Inc. and its wholly-owned subsidiary, CPM Medical
Consultants, LLC, entered into a Credit and Security Agreement with
CNH Finance Fund I, L.P. The Credit Agreement provides for a
secured revolving credit facility maturing on Jan. 1, 2025 with an
initial maximum principal in the amount of $5,000,000. Borrowings
under the Facility are subject to a borrowing base as set forth in
the Credit Agreement.
The Company used borrowings under the Facility to repay in full (i)
the Amended and Restated Business Loan Agreement, dated Dec. 31,
2017, among ZB, N.A. (d/b/a Amegy Bank) and the Borrowers as
amended, and (ii) the U.S. Small Business Administration Loan
Authorization and Agreement, dated May 12, 2020, between the
Company and the U.S. Small Business Association, as amended.
Borrowings under the Credit Agreement may be used for payment of
fees, costs and expenses incurred in connection with the Credit
Agreement and working capital for the Borrowers and their
subsidiaries.
Borrowings under the Facility bear interest at a floating rate,
which will be at the Prime Rate plus 1.75%. Under the Facility,
certain fees are payable by the Borrowers as set forth in the
Credit Agreement.
The obligations of the Borrowers with respect to the Credit
Agreement are secured by a pledge of substantially all of the
personal property assets of the Borrowers, including accounts
receivables, deposit accounts, intellectual property, investment
property, inventory, equipment and equity interests in their
respective subsidiaries.
The Credit Agreement contains customary affirmative and negative
covenants, including limitations on the Company's and its
subsidiaries' ability to incur additional debt, grant or permit
additional liens, make investments and acquisitions, merge or
consolidate with others, dispose of assets, pay dividends and
distributions, pay subordinated indebtedness and enter into
affiliate transactions. In addition, the Credit Agreement contains
financial covenants requiring the Company on a consolidated basis
to maintain, as of the last day of each calendar month (i) a
current ratio of not less than 1.0 to 1.0, (ii) a fixed charge
coverage ratio of not less than 1.0 to 1.0, (iii) a loan turnover
rate of not greater than 60, and (iv) minimum liquidity of not less
than $175,000, provided that if the Borrowers comply with the fixed
charge coverage ratio for twelve consecutive months, the minimum
liquidity covenant will cease to be effective. The Credit
Agreement also includes events of default customary for facilities
of this type and upon the occurrence of any such event of default,
all outstanding loans under the Facility may be accelerated and/or
the lenders' commitments terminated.
The Credit Agreement contains customary representations and
warranties of the Borrowers. These representations and warranties
have been made solely for the benefit of the lender and such
representations and warranties should not be relied on by any other
person, including investors. In addition, such representations and
warranties (i) have been qualified by disclosures made to the
lenders in connection with the agreement, (ii) are subject to the
materiality standards contained in the agreement which may differ
from what may be viewed as material by investors and (iii) were
made only as of the date of the agreement or such other date as is
specified in the Credit Agreement.
About Fuse Medical
Headquartered in Richardson, Texas, Fuse Medical, Inc. --
www.fusemedical.com -- is a manufacturer and distributor of
innovative medical devices for the orthopedic and spine
marketplace. The Company provides a comprehensive portfolio of
products in the orthopedic total joints, sports medicine, trauma,
foot and ankle space, as well as, degenerative and deformity spine,
osteobiologics, wound care, and regenerative medicine products.
Fuse Medical reported a net loss of $1.43 million for the year
ended Dec. 31, 2020, compared to a net loss of $3.32 million for
the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company
had $18.02 million in total assets, $21.14 million in total
liabilities, and a total stockholders' deficit of $3.13 million.
GATEWAY KENSINGTON: Examiner Taps Mintzer Mauch as Special Counsel
------------------------------------------------------------------
Fred Stevens, the examiner appointed in Gateway Kensington, LLC's
Chapter 11 case, seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Mintzer Mauch, PLLC as
his special counsel.
The examiner requires the services of a special counsel in
connection with certain tax and environmental matters under the New
York State Brownfield Cleanup Program.
The hourly rates charged by the firm's attorneys and
paraprofessionals are:
Karen Mintzer $650 per hour
Helen Collier Mauch $650 per hour
Monica Hafif $550 per hour
Anthony Palumbo $400 per hour
In addition, the firm will seek reimbursement for work-related
expenses.
Helen Mauch, Esq., at Mintzer Mauch, disclosed in a court filing
that her firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
Mintzer Mauch can be reached at:
Helen C. Mauch, Esq.
Mintzer Mauch, PLLC
290 Madison Ave., 4th Floor
New York, NY 10017
Phone: (212) 380 6170
Email: Helen@mintzermauch.com
About Gateway Kensington
Gateway Kensington, LLC filed its voluntary petition for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 21-22274) on May 14, 2021,
listing up to $10 million in assets and up to $50 million in
liabilities. Judge Robert D. Drain presides over the case.
Erica R. Aisner, Esq., at Kirby Aisner & Curley, LLP and Priolet &
Associates, P.C. serve as the Debtor's bankruptcy counsel and
special real estate counsel, respectively.
Fred Stevens, the examiner appointed in the Debtor's Chapter 11
case, tapped Klestadt Winters Jureller Southard & Stevens, LLP and
Mintzer Mauch, PLLC as his bankruptcy counsel and special counsel,
respectively.
GLOBAL WINDCREST: Case Summary & 11 Unsecured Creditors
-------------------------------------------------------
Debtor: Global Windcrest I, LLC
1947 Camino Vida Roble, Ste. 280
Carlsbad, CA 92008
Business Description: Global Windcrest I, LLC is a Single Asset
Real Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: January 4, 2022
Court: United Stated Bankruptcy Court
Western District of Texas
Case No.: 22-50020
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: William B. Kingman, Esq.
LAW OFFICES OF WILLIAM B. KINGMAN, PC
3511 Broadway
San Antonio, TX 78209
Tel: (210) 829-1199
Fax: (210) 821-1114
E-mail: bkingman@kingmanlaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by C.W. Tucker Lewis, CEO of Global
Building, LLC, manager of Debtor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/3YRVBTY/Global_Windcrest_I_LLC__txwbke-22-50020__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 11 Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Arthur P. Veltman & Professional $0
Associates, Inc. Services
1017 N. Main Ave.,
Ste. 201
San Antonio, TX 78212
2. BDR Plumbing Trade Debt $0
Services LLC
2610 Tillie Dr.
San Antonio, TX 78222
3. Bexar County WCID #10 Utilities $0
8601 Midcrown Dr.
San Antonio, TX 78239
4. City of Windcrest Trash Disposal $0
8601 Midcrown Dr.
Windcrest, TX 78239
5. CPS Energy - Utilities $0
Bankruptcy Section
500 McCullough
Mail Drop 110910
San Antonio, TX 78215
6. EMR Elevator Trade Debt $1,075
PO Box 850001
Dept #9901
Orlando, FL 32885
7. Essensys Inc Internet and $9,857
PO Box 787435 Software
Philadelphia, PA Services
19178-7435
8. Jackson Walker LLP Professional $254,074
2323 Ross Ave., Ste. 600 Services
Dallas, TX 75201
9. Rapid Response Air Trade Debt $17,902
Conditioning & Heating
20333 State Hwy.
249, Ste. 200
Houston, TX 77070
10. Time Warner Utilities $0
Cable/Spectrum
PO Box 60074
City of Industry, CA
91716-0074
11. Vaughn & Vaughn Professional $50,870
501 West Broadway, Services
Suite 1025
San Diego, CA 92101
GOLDEN TITLE: Taps Libby & Nahmias, Lewis Thomason as Counsel
-------------------------------------------------------------
Golden Title Loan, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ Lewis
Thomason, P.C. and The Law Offices of Libby & Nahmias as its
special counsel.
The Debtor requires the services of a special counsel in connection
with the case styled Danita Higgs v. Golden Title Loan, LLC pending
in The Sixth Circuit Court of Appeals.
Libby & Nahmias has agreed to an hourly fee of $195, plus the
expenses of litigation while the other firm has agreed to an hourly
fee of $375, plus the expenses of litigation.
As disclosed in court filings, both law firms do not hold any
interest adverse to the Debtor and its bankruptcy estate.
The firms can be reached through:
Adam M. Nahmias, Esq.
The Law Offices of Libby & Nahmias
5384 Poplar Ave, Suite 410
Memphis, TN 38119
Phone: 901-343-0777
Fax: 901-544-1667
Email: adam@Inlawmemphis.com
-- and --
Brian S. Faughnan, Esq.
Lewis Thomason, P.C.
40 South Main Street, Suite 2900
Memphis, TN 38103
Phone: (901) 525-8721
Fax: (901) 525-6722
Email: bfaughnan@lewisthomason.com
About Golden Title Loan LLC
Golden Title Loan, LLC, a company engaged in the title loan
business, filed a petition for Chapter 11 protection (Bankr. W.D.
Tenn. Case No. 21-24148) on Dec. 16, 2021, listing as much as $1
million in both assets and liabilities. Judge Denise E. Barnett
oversees the case.
The Debtor is represented by its bankruptcy counsel, John L. Ryder,
Esq., at Harris Shelton Hanover Walsh, PLLC. Lewis Thomason, P.C.
and The Law Offices of Libby & Nahmias serve as the Debtor's
special counsel.
GREEN VALLEY: ML Country Unsecureds to Recover 47% to 100% in Plan
------------------------------------------------------------------
Green Valley at ML Country Club, LLC, and ML Country Club, LLC
submitted a Second Modified Disclosure Statement describing Chapter
11 Liquidating Plan dated Dec. 27, 2021.
Class 7 consists of General Unsecured claims of ML Country Club.
This Class has $58,478.69 total amount of filed claims (total
excludes Forward Financing claim (Lendini), Ocean City Married
couple and American Legion all of which should have been filed in
Green Valley. In addition, Edgewood asserts a disputed rejection
claim of $550,000.00.
Class 7 shall receive pro rata distribution from proceeds of sale
of ML Country Club assets. Total payout depends on sale of assets
and resolution of objection to rejection claim of Edgewood.
Anticipated distribution of 47% to 100% depending on outcome.
Like in the prior iteration of the Plan, Class 6 General Unsecured
claims of Green Valley in the amount of $402,221.94 shall receive a
distribution of 6% from proceeds of unencumbered assets.
Class 8 Green Valley Equity Security Holders shall receive any
proceeds from sale of Green Valley assets only after all Green
Valley creditors are paid in full.
Class 9 ML Country Club Equity Security Holders shall receive any
proceeds from sale of ML Country Club assets only after all ML
Country Club creditors are paid in full.
The Plan will be funded by the sale of all assets. Debtors have
received from DR Horton a contract to sell all of Debtors assets
for $3,900,000.00 subject to a commission. The anticipated sale
date is March 5, 2023. Purchaser will perform due diligence and the
contract has contingencies until the due diligence is completed.
In addition, because builder is one of the largest home builders in
the country Debtors will refinance to pay WSFS, the secured
creditor, a discounted sum of 2.6 million on the first mortgage in
approximately 5 months (after 4 month due diligence period passes).
The second mortgage would be reduced to $250,000.00 and paid at
sale. In addition, at the time of the refinance Debtors would
borrow $325,000.00 as a reserve to pay interest only payments, real
estate taxes and other carrying costs. To reduce costs, the Golf
Club will close December 2021 through March 15, 2022.
The Plan provides that debtor will assume the Executory contract
with Golf Cart Services. The Plan further provides that all
Executory Contracts and Unexpired Leases, except for those
specifically assumed by the Debtor in writing or previously assumed
by Court Order, shall be deemed rejected. Debtors specifically
reject the Executory contract with Edgewood Properties, Inc.
In that regard, prior to the filing of the bankruptcy, the
principals of the debtors determined that a sale of the golf course
to a buyer that will build homes on the golf course or on a portion
of the golf course would result in the greatest return. There was a
Property Restriction that required the property be used for an 18
hole golf that needed to be changed to requiring a 9 hole golf
course to maximize the sale price for the property. In the
bankruptcy, an Adversary Proceeding was filed against the
Homeowners Association to address the property restriction.
Prior to the bankruptcy being filed, an agreement of sale had been
entered into with Edgewood Properties. Consequently, it made sense
to seek the input of Buyer Edgewood Properties and their Engineer,
for a design for the 9 hole golf course. Using the Edgewood design,
an Agreement was reached between debtors and the homeowners and a
Consent Order Resolving Adversary Action resolving the property
restriction issue with the homeowners was entered on May 25, 2021.
At that time, various studies requested by Edgewood Properties were
conducted at the property and it appeared Edgewood Properties was
proceeding with their due diligence.
A full-text copy of the Second Modified Disclosure Statement dated
Dec. 27, 2021, is available at https://bit.ly/3zwfqm8 from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Robert N. Braverman, Esq.
McDowell Law, PC
46 W. Main Street
Maple Shade, NJ 08052
Telephone: (856) 482-5544
Email: rbraverman@mcdowelllegal.com
About Green Valley at ML Country Club, LLC
Green Valley at ML Country Club, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.
21-11747) on March 3, 2021. In the petition signed by Louis Sacco,
managing member, the Debtor disclosed up to $50,000 in assets and
$1 million in liabilities.
Affiliate ML Country Club, LLC also sought Chapter 11 protection
(Bankr. D. N.J. Case No. 21-11745) on March 3, 2021. ML Country
Club listed $1 million to $10 million in both assets and
liabilities on the Petition Date. The cases are jointly
administered under Green Valley LLC at ML Country Club LLC
Judge Jerrold N. Poslusny, Jr. oversees the case.
Robert N. Braverman, Esq., at McDowell Law P.C., is the Debtor's
counsel.
Wilmington Savings Fund Society, FSB, as Lender, is represented by
Ballard Sphar, LLP.
GROVEHAUS LLC: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Grovehaus, LLC
3265 Bird Ave #102
Miami, FL 33133
Chapter 11 Petition Date: January 3, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 22-10036
Judge: Hon. Laurel M. Isicoff
Debtor's Counsel: Christina Vilaboa-Abel, Esq.
CAVA LAW, LLC
Ste 1107
Coral Gables, FL 33146-2936
Tel: (786) 675-6830
Email: christina@cavalegal.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kelly Beam as owner.
The Debtor filed an empty list of its 20 largest unsecured
creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ESBUNLA/Grovehaus_LLC__flsbke-22-10036__0001.0.pdf?mcid=tGE4TAMA
GULF COAST HEALTH: Jan. 7, 2022 Claims Filing Deadline Set
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware established
Jan. 7, 2022, at 5:00 p.m. (Eastern Time) as the last date and time
for persons and entities to file proofs of claim against Gulf Coast
Health Care LLC and its debtor-affiliates.
The Court also set April 12, 2022, at 5:00 p.m. (Eastern Time) as
the deadline for governmental units to file their claims against
the Debtors.
Proof of claim forms must be sent to:
a) If by regular mail:
Gulf Coast Health Care, LLC
Claims Processing Center
c/o Epiq Corporate Restructuring, LLC
P.O. Box 4419
Beaverton, OR 97076-4419
b) If by overnight mail, courier service, or hand delivery:
Gulf Coast Health Care, LLC
Claims Processing Center
c/o Epiq Corporate Restructuring, LLC
10300 SW Allen Blvd.
Beaverton, OR 97005
Alternatively, claimants may submit a Proof of Claim electronically
by completing the Proof of Claim Form that can be accessed at
Epiq's website, https://dm.epiq11.com/GulfCoastHealthCare
If you have any questions relating to this Notice, contact Epiq at
(855) 675-2840 (toll free in the U.S.) or (503) 924-5427
(International callers), or GCHCInfo@epiqglobal.com.
About Gulf Coast Health Care
Gulf Coast Health Care, LLC, is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi. It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.
Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021. In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC is the
claims, noticing and administrative agent.
On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Greenberg Traurig, LLP and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.
Daniel T. McMurray is the patient case ombudsman appointed in the
Debtors' cases. Neubert, Pepe & Monteith, P.C. and Klehr Harrison
Harvey Branzburg, LLP serve as the PCO's bankruptcy counsel and
Delaware counsel, respectively.
HARI 108: Unsecured Creditors Will Get 5% of Claims in 5 Years
--------------------------------------------------------------
Hari 108, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Illinois a Plan of Reorganization and a
Disclosure Statement on Dec. 27, 2021.
The Debtor operates HARI 108, LLC, doing business as Illinois
Valley Food & Deli ("IVFD"), is a grocery and delicatessen
operating in LaSalle, Ill. Hari was formed on February 17, 2011.
The Debtor acquired IVFD a business that had been operating in
LaSalle for over sixty years.
The Plan provides for payments on the Effective Date, which is the
first business day 30 days after the confirmation date. The Plan
provides for unsecured creditors to be paid 5% of their allowed
claim in semiannual payments over 5 years from the Effective Date
without accruing interest, priority wage claims will be paid in
full on the Effective Date and Secured claim will be paid in full.
Class 10 consists of Convenience Class Claims. The Debtor has
claims that in aggregate are less than $1,000 and are minimal, and
because the paperwork involved with claims will be costly to
administer over the life of the Plan, the Debtor proposes to pay
the entire amount of these claims on the Effective Date. The Class
is unimpaired and is not entitled to vote.
Class 11 consists of General Unsecured Claims. This Class will be
paid according to the Unsecured Dividend defined as 5% of its
Allowed Claim as a pro-rata share of the Unsecured Dividend paid in
equal semi-annual installment without accrued interest over a
period of 5 years from the Effective Date for a total of 10
payments. The total of class 11 claims is estimated at $63,619.
The Class is impaired and is entitled to vote.
Class 12 consists of Equity Security Holder. The 100% of the
ownership of Sanjay Amin and Soniya Amin will be canceled on the
Effective Date of the Plan. The Equity Interest holder shall pay to
the Reorganized Debtor the sum of $10,000, which amount will be the
new value contribution.
Administrative Claims will be paid from the Debtor's future
operations; secured Classes will be paid from future earnings;
priority Classes will be paid from the funds on hand on the
Effective Date; and unsecured Classes from the Debtor's future
operations. In addition, the New Value Contribution may be used to
fund Plan payments.
A full-text copy of the Disclosure Statement dated Dec. 27, 2021,
is available at https://bit.ly/3HuGB3m from PacerMonitor.com at no
charge.
The Debtor is represented by:
O. Allan Fridman
555 Skokie Blvd. Suite 500
Northbrook, Illinois 60062
Tel: 847-412-0788
Fax: 847-412-0898
E-mail: allan@fridlg.com
About HARI 108, LLC
HARI 108, LLC, doing business as Illinois Valley Food & Deli, is a
grocery and delicatessen operating in LaSalle, Ill. Hari was formed
in February 17, 2011. It acquired IVFD, a business that had been
operating in LaSalle for over 60 years.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-08044) on June 30,
2021. In the petition signed by Sanjay Amin, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Timothy A. Barnes oversees the case.
O. Allan Fridman, Esq., at the Law Office of Allan Fridman, is the
Debtor's counsel.
HARRIS PHARMACEUTICAL: Trustee Taps Westerman as Litigation Counsel
-------------------------------------------------------------------
Amy Denton Harris, the Subchapter V trustee for Harris
Pharmaceutical, Inc., seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to retain Westerman Ball Ederer
Miller Zucker & Sharfstein, LLP as her special litigation counsel.
The trustee requires the services of a litigation counsel to pursue
causes of action, including causes of action against Harris
Pharmaceutical CEO Brian Harris and any other recipients of
avoidable transfers.
Annie Kubic, Esq., at Westerman will be the primary attorney
assigned to this matter and her hourly rate is $544.
Ms. Kubic disclosed in a court filing that Westerman neither
represents nor holds any interest adverse to the trustee or to the
estate with respect to the matters upon which the firm is to be
engaged.
Westerman can be reached through:
Annie P. Kubic, Esq.
Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
1201 RXR Plaza
Uniondale, NY 11556
Phone: +1 516-622-9200
Email: akubic@westermanllp.com
About Harris Pharmaceutical
Harris Pharmaceutical, Inc., a Fort Myers, Fla.-based manufacturer
of pharmaceutical and medicine products, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-08071) on Oct. 29, 2020, disclosing $4,229,666 in total assets
and $2,207,513 in total liabilities as of Sept. 30, 2021. Judge
Caryl E. Delano oversees the case.
The Debtor tapped the Law Office of Leon A. Williamson, Jr., PA as
bankruptcy counsel.
Amy Denton Harris is the Subchapter V trustee appointed in the
Debtor's Chapter 11 case. Stichter, Riedel, Blain & Postler, PA
and Westerman Ball Ederer Miller Zucker & Sharfstein, LLP serve as
the trustee's special counsel.
JEWEL SUNSET: Seeks to Hire Brown Law Firm as Legal Counsel
-----------------------------------------------------------
Jewel Sunset Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire The Brown Law Firm
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. Preparing and filing bankruptcy schedules, statements of
financial affairs and other documents required by the Bankruptcy
Code and rules of the court;
b. Advising the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with respect to its
assets and with respect to the claims of creditors;
c. Representing the Debtor in bankruptcy court proceedings or
hearings and in any action in other courts where its rights may be
litigated or affected;
d. Conducting examination of witnesses, claimants or adverse
parties and preparing reports, accounts and pleadings; and
e. Assisting the Debtor in the negotiation, formulation,
confirmation and implementation of a plan of reorganization.
The hourly rates charged by the firm for its services are as
follows:
Attorneys $350 per hour
Legal Assistants $100 per hour
Paralegals $150 per hour
In addition, the firm will seek reimbursement for work-related
expenses.
The Debtor paid the firm a retainer in the amount of $11,738.
Jerome Brown, Esq., at The Brown Law Firm, disclosed in a court
filing that he and his firm do not have any connection with the
Debtor, creditors or any other party in interest.
The Brown Law Firm can be reached at:
Jerome A. Brown, Esq.
The Brown Law Firm
13900 Sawyer Ranch Road
Dripping Springs, TX 78620
Phone: (512) 306-0092
Fax: (512) 521-0711
Email: jerome@brownbankruptcy.com
About Jewel Sunset Holdings
Jewel Sunset Holdings, LLC is a family-owned and operated company
that sells, installs and services a variety of boat lifts and
marine products on the Highland Lakes and surrounding areas. The
company is based in Llano, Texas.
Jewel Sunset Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10914) on Nov. 29,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities. Penny Steele, president of Jewel Sunset Holdings,
signed the petition.
Judge Tony M. Davis oversees the case.
Jerome A. Brown, Esq., at The Brown Law Firm serves as the Debtor's
legal counsel.
LATAM AIRLINES: Arnold & Porter Represents Unsecured Claimants
--------------------------------------------------------------
In the Chapter 11 cases of LATAM Airlines Group S.A., et al., the
law firm of Arnold & Porter Kaye Scholer LLP submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the Ad Hoc Group of
Unsecured Claimants.
The Ad Hoc Group is comprised of the following institutions or
funds, accounts and entities managed by the following institutions:
Avenue Capital Management II, L.P.; Corre Partners Management, LLC;
CQS (US), LLC; Hain Capital Group, LLC; HSBC Bank Plc; Invictus
Global Management LLC; J.H. Lane Partners, LP; Livello Capital
Management LP; and Pentwater Capital Management LP.
In or around November and December 2021, members of the Ad Hoc
Group retained A&P to represent them in their capacities as holders
of general unsecured claims against LATAM Airlines Group S.A. and
certain of its affiliate entities; holders of LATAM 2024 Bonds; and
holders of LATAM 2026 Bonds. Each member of the Ad Hoc Group
separately requested that A&P represent it in connection with these
chapter 11 cases as a holder of claims against the Debtors.
As of December 29, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:
Avenue Capital Management II, L.P.
11 West 42nd Street 9th Floor
New York, NY 10036
* LATAM Parent: $68,797,074.00
* Other LATAM Entities: $26,712,400.55
* LATAM 2024 Bonds: $7,550,000.00
* LATAM 2026 Bonds: $500,000.00
Corre Partners Management, LLC
12 East 49th Street 40th Floor
New York, NY 10017
* LATAM Parent: $22,817,000.00
* Other LATAM Entities: $21,091,000.00
CQS (US), LLC
152 West 57th Street 40th Floor
New York, NY 10019
* LATAM Parent: $20,000,000.00
Hain Capital Group, LLC
Meadows Office Complex
301 Route 17 North
Rutherford, NJ 07070
* LATAM Parent: $23,780,346.31
* Other LATAM Entities: $1,710,232.76
HSBC Bank Plc
452 Fifth Avenue
New York, NY 10018
* LATAM Parent: $12,098,217.00
* LATAM 2024 Bonds: $2,720,500.00
* LATAM 2026 Bonds: $7,383,000.00
Invictus Global Management LLC
310 Comal Street
Building A, Suite 229
Austin, TX 78702
* LATAM Parent: $27,370,684.66
* Other LATAM Entities: $15,771,672.75
J.H. Lane Partners, LP
126 East 56th Street Suite 1620
New York, NY 10022
* LATAM Parent: $2,000,000.00
Livello Capital Management LP
1 World Trade Center 85th Floor
New York, NY 10007
* LATAM Parent: $5,000,000.00
* Other LATAM Entities: $2,550,000.00
Pentwater Capital Management LP
614 Davis Street
Evanston, IL 60201
* LATAM Parent: $126,240,000.00
* LATAM 2024 Bonds: $18,089,000.00
* LATAM 2026 Bonds: $53,771,000.00
* Common Stock: 95,000 shares
Each member of the Ad Hoc Group separately requested that A&P
represent it in connection with these chapter 11 cases in its
capacity as a holder of general unsecured claims.
A&P represents only the interests of the members of the Ad Hoc
Group listed on Exhibit A hereto and does not represent or purport
to represent any other entities or interests in connection with
these chapter 11 cases. A&P does not represent the Ad Hoc Group as
a "committee" and does not undertake to represent the interests of
any creditor, party in interest, or entities other than the members
of the Ad Hoc Group. In addition, each member of the Ad Hoc Group
does not purport to act, represent or speak on behalf of any entity
in connection with the Debtors’ chapter 11 cases other than
itself.
Counsel to the Ad Hoc Group of Unsecured Claimants can be reached
at:
ARNOLD & PORTER KAYE SCHOLER LLP
Michael D. Messersmith, Esq.
Sarah Gryll, Esq.
70 West Madison Street, Suite 4200
Chicago, IL 60602
Telephone: (312) 583-2300
Facsimile: (312) 583-2360
E-mail: michael.messersmith@arnoldporter.com
sarah.gryll@arnoldporter.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3eAX5dQ
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 are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker. 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 for
the ad hoc committee of shareholders.
LATAM AIRLINES: Gets OK to Expand Scope of Deloitte's Services
--------------------------------------------------------------
LATAM Airlines Group S.A. and its affiliates obtained an order from
the U.S. Bankruptcy Court for the Southern District of New York
authorizing Deloitte Advisory SpA to provide additional tax
services.
The firm will render these services:
(a) Under the Global Reporting Initial (GRI) Engagement
Agreement, Deloitte will advise the Debtors on the GRI Standard
indicators contained in their 2020 integrated report. The firm will
review and verify the Debtors' process and at the end of its review
will provide a verification letter in accordance with the
International Standard on Assurance Engagements (ISAE) 3000.
(b) Under the Data Governance Engagement Agreement, Deloitte
will assist the Debtors in implementing improvements to the
Collibra Data Catalogue.
(c) Under the Master Tax Services Agreement, Deloitte and
other Deloitte member firms will provide tax compliance and tax
consulting services to the Debtors.
The firm will be paid as follows:
-- Pursuant to the terms of the GRI Engagement Agreement, the
fees (excluding expenses) for services performed will be UF $380.
-- Pursuant to the Data Governance Engagement Agreement, Deloitte
estimates that its fees will be US$62,500. The actual fees will
not exceed US$62,500 unless an increase is agreed to in writing by
the Debtors.
-- The Country-Specific Annual Fees as well as the total annual
fee for Deloitte's services under the Master Tax Services
Agreements are as follows:
Chile Peru Ecuador Colombia Total
US$330,000 US$198,000 US$180,000 US$174,000
US$882,000
Deloitte can be reached through:
Ricardo Briggs Luque
Deloitte Advisory SpA
Rosario Norte 407 piso 6 SANTIAGO
Santiago, Chile
Phone: +56-227297056
About LATAM Airlines Group
LATAM Airlines Group S.A. 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 Airlines Group 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 general
bankruptcy counsel; FTI Consulting as restructuring advisor; Togut,
Segal & Segal LLP and Claro & Cia in Chile as special counsel;
PricewaterhouseCoopers Consultores Auditores SpA as independent
auditors; and Larrain Vial Servicios Profesionales Limitada as
Latin America investment banker. Prime Clerk LLC is the claims
agent.
The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors on June 5, 2020. The committee is represented in the
Debtors' bankruptcy cases by Dechert, LLP. The committee also
tapped Morales & Besa LTDA to provide advice on matters related to
the Chilean and cross-border insolvency law.
LEHMAN BROTHERS: Admin. Claims vs. LBI Due Jan. 31, 2022
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order establishing the deadline for each person or
entity to file a proof of claim for certain administrative expenses
against the Lehman Brothers Inc. estate as on or before Jan. 31,
2022, at 5:00 p.m. (Prevailing Pacific Time) with respect to
administrative expenses arising from June 1, 2020, to and including
Dec. 31, 2021.
To obtain a fourth supplemental administrative proof of claim form
and for more information as to who needs to file and the procedures
to fill out a fourth supplemental administrative proof of claim,
visit https://www.lehmantrustee.com/ If you do not have internet
access, the form may be obtained by calling 1-866-841-7868
(domestic) or 1-503-597-7690 (international).
All fourth supplemental administrative proofs of claim must be
filed so as to be actually received on or before the bar date at:
a) if by overnight courier or hand delivery:
Epiq Corporate Restructuring LLC
Attn: Lehman Brothers Inc. Claims Processing
10300 SW Allen Blvd.
Beaverton, OR 97005
b) if by first-class mail:
Lehman Brothers Inc. Claims Processing
c/o Epiq Corporate Restructuring LLC
PO Box 4421
Beaverton, OR 97076-4421
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more than
150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers Holdings filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008. Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the largest
in U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases were assigned to Judge James M. Peck.
Judge Shelley Chapman took over the case after Judge Peck retired
from the bench to join Morrison & Foerster.
A team of Weil, Gotshal & Manges, LLP, lawyers led by the late
Harvey R. Miller, Esq., serve as counsel to Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, served
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., served as the
Committee's investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)). James W. Giddens was appointed as trustee for
the SIPA liquidation of the business of LBI. He is represented by
Hughes Hubbard & Reed LLP.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
The Debtors' chapter 11 plan was confirmed by the Bankruptcy Court
on Dec. 6, 2011 and became effective on March 6, 2012. The Debtors
have commenced making distributions to holders of allowed claims
and will continue to make distributions in accordance with the Plan
until the liquidation of their assets is complete.
* * *
James W. Giddens, the trustee for the liquidation of LBI, announced
in April 2021 that having already achieved a 100 percent
distribution of customer property, the Trustee has now distributed
approximately $9.096 billion to LBI's general unsecured creditors
with allowed claims -- representing a distribution of 40.0605% --
and approximately $261 million to LBI's allowed secured,
administrative, and priority creditors -- substantially completing
all seventh interim distributions to these claimants. The LB
Trustee has distributed more than $115 billion to over 110,000 of
LBI's former customers and creditors. This includes: (i) $92.301
billion distributed to LBI's former customers through the account
transfer process; (ii) $13.472 billion distributed through the
customer claim process in full satisfaction of all allowed customer
claims; (iii) $9.096 billion distributed to LBI's general unsecured
creditors with allowed claims -- representing a distribution of
40.0605%; and (iv) $261 million distributed to LBI's allowed
secured, administrative, and priority creditors -- representing a
100% distribution on these claims.
In October 2021, the team winding down LBHI paid $122.5 million to
creditors, the 23rd distribution since Lehman's collapse. This
brought the total payout to unsecured creditors to $128.9 billion.
Bondholders were projected to receive about 21 cents on the dollar
when Lehman's bankruptcy plan went into effect in early 2012. The
23rd distribution raised the bondholders' recovery to more than
46.5 cents on the dollar and recoveries for general unsecured
creditors of Lehman's commodities to 82.5 cents on the dollar.
LIVEONE INC: Names Aaron Sullivan as Interim CFO
------------------------------------------------
LiveOne, Inc. said it will name Aaron Sullivan, vice president,
corporate controller, as the company's interim chief financial
officer to replace Michael Quartieri who is leaving the company
effective Dec. 31, 2021 to become chief financial officer of Dave &
Buster's Entertainment, Inc. Mr. Sullivan will serve in such
interim position while LiveOne proceeds with its search for a
full-time successor.
LiveOne's CEO and Chairman, Robert Ellin, commented, "We would like
to thank Mike for his time and contributions to LiveOne and we wish
him well with his new professional opportunity." Mr. Ellin
continued, "Aaron has been a crucial member of our accounting and
finance team and I believe he will provide continuity in his new
role."
Michael Quartieri commented, "I would like to recognize the team at
LiveOne for their hard work and dedication over the past year. I
have the utmost confidence in Aaron Sullivan's abilities to assume
the responsibility of the role and continue our path of enhancing
LiveOne's overall finance function."
About LiveOne
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ:
LVO) (formerly known as LiveXLive Media, Inc.) is a global
talent-first, interactive music, sports, and entertainment
subscription platform delivering premium content and livestreams
from the world's top artists. LiveOne's other major wholly-owned
subsidiaries are LiveXLive, PPVOne, Slacker Radio, React Presents,
Gramophone Media, Custom Personalization Solutions, and
PodcastOne.
LiveXLive Media reported a net loss of $41.82 million for the year
ended March 31, 2021, compared to a net loss of $38.93 million for
the year ended March 31, 2020. As of June 30, 2021, the Company had
$92.39 million in total assets, $85.87 million in total
liabilities, and $6.51 million in total stockholders' equity.
Los Angeles, California-based BDO USA, LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated July 14, 2021, citing that the Company has suffered recurring
losses from operations, negative cash flows from operating
activities and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
LJ FIREWOOD: Seeks to Hire Penachio Malara as Bankruptcy Counsel
----------------------------------------------------------------
LJ Firewood, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ Penachio Malara, LLP as
its bankruptcy counsel.
The firm's services include:
(i) assisting in the administration of the Debtors Chapter 11
proceeding, the preparation of operating reports and
complying with applicable law and rules;
(ii) proposing a bar date, reviewing claims and resolving
claims, which should be disallowed;
(iii) assisting the Debtor in determining whether to assume or
reject leases; and
(iv) assisting in preparing and confirming a Chapter 11 plan or
implementing an alternative exit strategy.
The firm's hourly rates are as follows:
Anne Penachio, Esq. $495 per hour
Francis Malara, Esq. $450 per hour
Paralegal $225 per hour
Penachio Malara received a retainer fee of $12,000 from the
Debtor's principal, Kevin Conklin.
Anne Penachio, Esq., the firm's attorney who will be providing the
services, 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:
Anne Penachio, Esq.
Francis J. Malara, Esq.
Penachio Malara, LLP
245 Main Street-Suite 450
White Plains, NY 10601
Tel: (914) 946-2889
Email: frank@pmlawllp.com
anne@pmlawllp.com
About LJ Firewood
LJ Firewood, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-35852) on Nov. 24,
2021, listing as much as 1 million in both assets and liabilities.
Anne Penachio, Esq., at Penachio Malara, LLP serves as the Debtor's
legal counsel.
MAGNOLIA STORAGE: Seeks to Hire FactorLaw as Legal Counsel
----------------------------------------------------------
Magnolia Storage and Logistics, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
FactorLaw to serve as legal counsel in its Chapter 11 case.
The firm's services include:
-- Advising the Debtor with respect to its powers, rights and
duties under the Bankruptcy Code;
-- Attending meetings and negotiating with creditors and other
parties in interest and their respective representatives;
-- Advising the Debtor on the conduct of the case, including all
the legal and administrative requirements of operating under
Chapter 11 of the Bankruptcy Code;
-- Taking all necessary actions to protect and preserve the
Debtor's estate, including but not limited to, prosecuting or
defending all motions and proceedings on behalf of the Debtor;
-- Preparing and filing, or defending, adversary proceedings or
other litigation involving the Debtor and its interests in
property;
-- Preparing legal papers;
-- Preparing and negotiating a Chapter 11 plan, disclosure
statement and related documents, and taking any necessary action to
obtain confirmation of the plan; and
-- Performing other necessary legal services required by the
Debtor.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
William Factor Partner $400 per hour
Jeffrey Paulsen Partner $400 per hour
Samuel Rodgers Paralegal $125 per hour
FactorLaw received $15,000 from JWF Investments, a management
company owned by the Debtor's sole member and manager, Jason
Fowler.
William Factor, Esq., at FactorLaw, disclosed in court filings that
his firm is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
William J. Factor, Esq.
FactorLaw
105 W. Madison Street, Suite 1500
Chicago, IL 60602
Tel: (312) 878-6976
Fax: (847) 574-8233
Email: wfactor@wfactorlaw.com
About Magnolia Storage and Logistics
Magnolia Storage and Logistics, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101 (51B)). The company is
based in Magnolia, Texas.
Magnolia Storage and Logistics filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 21-12475) on Oct. 31, 2021, listing as much as $10 million
in both assets and liabilities. Jason Fowler, manager of Magnolia
Storage and Logistics, signed the petition.
Judge Deborah L. Thorne oversees the case.
William J. Factor, Esq., at FactorLaw serves as the Debtor's legal
counsel.
OCEAN POWER: All Four Proposals Passed at Annual Meeting
--------------------------------------------------------
At the annual meeting of stockholders of Ocean Power Technologies,
Inc., the stockholders:
1) elected Terence J. Cryan, Philipp Stratmann, Clyde W.
Hewlett, Diana G. Purcell, Peter E. Slaiby, and Natalie
Lorenz-Anderson as directors for terms expiring on the date of the
annual meeting for the year ended April 30, 2022;
2) approved an amendment to the 2015 Omnibus Incentive Plan to
increase the number of shares of the company's common stock
available for grant under the 2015 Plan from 1,332,036 to 3,132,036
in order to ensure that adequate shares will be available under the
2015 Plan for future grants and to make certain other amendments to
the 2015 Plan regarding award threshold limits;
3) ratified the selection of EisnerAmper LLP as the company's
independent registered public accounting firm for fiscal year 2022;
and
4) approved, on an advisory basis, the company's executive
officer compensation.
About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com-- is
a marine power equipment, data solutions and service provider. The
Company controls the design, manufacture, sales, installation,
operations and maintenance of its solutions and services while
working closely with commercial, technical, and other development
partners that provide software, controls, mechatronics, sensors,
integration services, and marine installation services.
Ocean Power reported a net loss of $14.76 million for the 12 months
ended April 30, 2021, compared to a net loss of $10.35 million for
the 12 months ended April 30, 2020. As of Oct. 31, 2021, the
Company had $75.82 million in total assets, $3.05 million in total
liabilities, and $72.77 million in total shareholders' equity.
OZOP ENERGY: To Introduce EV Protection Products
------------------------------------------------
Ozop Energy Solutions revealed its plans for producing extended
warranty products for electrical vehicles (EV's). Ozop Capital
Partners Inc., a majority owned subsidiary of the Company
previously entered into an advisory agreement with Risk Management
Advisors, Inc. RMA has assisted Ozop Capital in analyzing,
structuring, and coordinating Ozop Capital's participation in a
captive insurance company. On Oct. 29. 2021, they filed in the
State of Delaware Articles of Incorporation for EV Insurance
Company, Inc. Ozop Capital owns 100% of EVIC. EVIC will be DBA
Ozop Plus. Additionally, RMA assisted EVIC in the filing of its
application with the State of Delaware's Department of Insurance,
seeking regulatory approval from the DOI.
Ozop Plus is working to respond to not only fill the gap of
manufacturer's warranty but to bring added value to EV owners
through an extended warranty product as well as utilizing its
partnerships and strengths in the renewable energy market to offer
unique and innovative services.
Among EV owners' concerns are the EV battery repair and replacement
costs, range anxiety, environmental responsibilities, roadside
assistance, and the accelerated wear on additional components that
EV vehicles experience.
Ozop Plus has nearly completed the process of creating a warranty
that provides electrical vehicle owners "peace of mind", by
assembling a team including but not limited to traditional carrier
that carries an A.M. best financial strength rating of "A"
(Excellent), Financial Size Category XV, and an issuer credit
rating of "a", RMA, and an industry leading third-party
administrator ("TPA"). "We look forward to working with this team
of consummate professionals, as Ozop Energy Solutions is committed
to providing products to make a positive impact in our country's
evolving energy challenges" said Brian Conway, CEO. "Ozop Plus
will allow customers of our auto dealership partners to provide
additional protection for new EV buyers, as well as existing, who
are committed to investing in vehicles with lower emissions"
About Ozop Energy Solutions
Ozop Energy Solutions (http://ozopenergy.com)invents, designs,
develops, manufactures, and distributes ultra-high-power chargers,
inverters, and power supplies for a wide variety of applications in
the defense, heavy industrial, aircraft ground support, maritime
and other sectors. The Company's strategy focuses on capturing a
significant share of the rapidly growing renewable energy market as
a provider of assets and infrastructure needed to store energy.
OZOP Energy reported a net loss of $20.48 million for the year
ended Dec. 31, 2020, compared to a net loss of $571,595 for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$9.42 million in total assets, $54.07 million in total liabilities,
and a total stockholders' deficit of $44.65 million.
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 as of Dec. 31, 2020, the
Company had an accumulated deficit of $21,793,375 and a working
capital deficit of $4,604,189. In addition, the Company has
generated losses since inception. These factors, among others,
raise substantial doubt regarding the Company's ability to continue
as a going concern.
PARK SUPPLY: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Park Supply of America, Inc.
2501 26th Avenue S.
Minneapolis, MN 55406
Business Description: Park Supply of America, Inc. is a merchant
wholesaler of hardware, and plumbing and
heating equipment and supplies.
Chapter 11 Petition Date: January 3, 2022
Court: United States Bankruptcy Court
District of Minnesota
Case No.: 22-40003
Debtor's Counsel: Cameron A. Lallier, Esq.
FOLEY & MANSFIELD PLLP
250 Marquette Avenue, Suite 1200
Minneapolis, MN 55401
Tel: 612-338-8788
Fax: 612-338-8690
Email: jlavaque@foleymansfield.com
Total Assets: $1,706,019
Total Liabilities: $2,593,406
The petition was signed by James Dada, COO/CFO.
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/K7RJENA/Park_Supply_of_America_Inc__mnbke-22-40003__0001.0.pdf?mcid=tGE4TAMA
POWER SOLUTIONS: Co-Founder Ken Winemaster Retires
--------------------------------------------------
Power Solutions International, Inc.'s Executive Vice President and
Company co-founder, Ken Winemaster has retired from the company
effective Dec. 31, 2021. His operational duties will be assumed
internally.
In his role as Executive Vice President, Mr. Winemaster played a
critical role in setting and executing the Company's strategy by
supporting operations, supply chain, IT and customer service
functions. He also played a pivotal role in implementing PSI's
enterprise resource planning systems.
"Ken's contributions to PSI since its founding are numerous. On
behalf of everyone at PSI, we wish him well in his retirement,"
said CEO Lance Arnett.
Ken co-founded PSI in 1985 along with his father William and
brother Gary. Under the Winemasters' leadership, PSI expanded from
a Perkins Engines Co. distributorship serving four states from a
single 15,000-square-foot facility to a full-service engine
manufacturer with multiple facilities and a global presence. Prior
to becoming PSI's Executive Vice President in 2017, Mr. Winemaster
served as the Company's senior vice president from 2001 to 2017.
Winemaster also served as a member and secretary of PSI's Board of
Directors from 2001 to 2013.
In addition to his service to PSI, Mr. Winemaster has served on the
board of directors of Avon Old Farms School, an independent
boarding school in Connecticut, since 2014. He also served on the
Caterpillar Industrial Strategy Council from 2001 to 2015, a
council that developed market strategy for Perkins Distributors and
CAT Dealers in North America.
"As I planned my retirement this past year, I had time to reflect
on my 36 years with PSI, and I feel very fortunate to have had the
opportunity to work together with my father, who served as a
professional mentor and provided such a wonderful opportunity for
all of us," said Mr. Winemaster. He continued, "I will also truly
miss working with the people, who over the years, worked tirelessly
to help the Company accomplish so many positive things. I look
forward to seeing them continue that legacy of quality and service
well into the future."
In connection with Mr. Winemaster's retirement from the Company,
Mr. Winemaster and the Company entered into a Retirement Agreement
and Release, effective the Effective Date. Pursuant to the
Retirement Agreement and the retirement of Mr. Winemaster, he is
entitled to receive (a) cash severance payments of (i) $337,000,
payable in twelve monthly installments of $28,083.33 payable by the
first day of each month from January 2022 through December 2022;
and (ii) $16,737 representing the payback of the 10% reduction in
salary for Mr. Winemaster from July 2021 through December 2021
(this payment will occur as Company executives are reimbursed for
the 10% reduction in salary instituted July 1, 2021, but will occur
no later than July 1, 2022), (b) cash payment of $32,500 payable on
Jan. 1, 2023, under the 2019 Long Term Incentive plan as full and
complete payment under the LTI plan at the same time other LTI
participants are paid for the 2021 LTI plan year, (c) the
maintenance of his preferred airline status throughout the current
term and for one additional term, to the extent the Company
continues to participate in such program, (d) subject to his
election to receive COBRA health insurance, the Company payment of
a proportional share of the premiums owed by Mr. Winemaster as if
he were still employed by the Company for a period of 13 months.
About Power Solutions
Headquartered in Wood Dale, IL, Power Solutions International, Inc.
(http://www.psiengines.com)designs, engineers, manufactures,
markets and sells a broad range of advanced, emission-certified
engines and power systems that are powered by a wide variety of
clean, alternative fuels, including natural gas, propane, and
biofuels, as well as gasoline and diesel options, within the
energy, industrial and transportation end markets. The Company
manages the business as a single segment.
Power Solutions reported a net loss of $22.98 million for the year
ended Dec. 31, 2020, compared to net income of $8.25 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$284.43 million in total assets, $311.82 million in total
liabilities, and a total stockholders' deficit of $27.40 million.
Chicago, Illinois-based BDO USA, LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 30, 2021, citing that significant uncertainties exist about
the Company's ability to refinance, extend, or repay its
outstanding indebtedness and maintain sufficient liquidity to fund
its business activities. These factors raise substantial doubt
about the Company's ability to continue as a going concern.
QHC FACILITIES: Seeks to Hire Bradshaw as Legal Counsel
-------------------------------------------------------
QHC Facilities, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Iowa to hire Bradshaw, Fowler, Proctor
& Fairgrave, P.C. to serve as legal counsel in its Chapter 11
case.
The firm's services include:
a. Assisting the Debtor with respect to compliance with the
requirements of the Office of the U.S. Trustee;
b. Advising the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with respect to its
assets and with respect to the claims of creditors;
c. Representing the Debtor in bankruptcy court proceedings or
hearings and in any action in other courts where its rights may be
litigated or affected;
d. Conducting examination of witnesses, claimants or adverse
parties and preparing reports, accounts and pleadings; and
e. Advising the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules;
f. Assisting the Debtor in the negotiation, formulation,
confirmation, and implementation of a Chapter 11 plan;
g. Making court appearances on behalf of the Debtor; and
h. Performing other necessary legal services.
The normal rates charged by the firm's associates range from $125
to $300 per hour while the rates for paralegal services range from
$90 to $125 per hour.
Jeffrey Goetz, Esq., and Krystal Mikkilineni, Esq., the firm's
attorneys who will be providing the services, will charge $400 per
hour and $300 per hour, respectively. In addition, the attorneys
will seek reimbursement for work-related expenses.
Bradshaw received the sum of $72,500, of which $66,681.29 was used
to pay the firm's pre-bankruptcy legal services and expenses.
As disclosed in court filings, Bradshaw is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jeffrey D. Goetz, Esq.
Krystal R. Mikkilineni, Esq.
Bradshaw Fowler Proctor & Fairgrave P.C.
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Phone: 515-246-5817
Fax: 515-246-5808
Email: goetz.jeffrey@bradshawlaw.com
mikkilineni.krystal@bradshawlaw.com
About QHC Facilities
QHC Facilities, LLC operates skilled nursing facilities. The
company is based in Clive, Iowa.
QHC Facilities filed a petition for Chapter 11 protection (Bankr.
S.D. Iowa Case No. 21-01643) on Dec. 29, 2021, listing up to $10
million in assets and up to $50 million in liabilities. Nancy A.
Voyna, managing member, signed the petition.
Judge Anita L. Shodeen oversees the case.
Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at
Bradshaw Fowler Proctor & Fairgrave, PC are the Debtor's bankruptcy
attorneys. Gibbins Advisors, LLC serves as the Debtor's financial
advisor.
QUEST SOFTWARE: S&P Assigns 'B-' ICR on Acquisition by Clearlake
----------------------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to Quest
Software US Holdings Inc., reflecting the firm's high leverage,
which it expects to remain over 9x for 12 months after the
transaction closes.
S&P also assigned its 'B-' and 'CCC+' issue-level ratings to the
firm's first- and second-lien debt, respectively. The recovery
ratings on the debt are '3' and '5', respectively.
Clearlake Capital has entered into a definitive agreement to
acquire Quest Software, a provider of information technology
operations management, data intelligence, and identity management
solutions, for $5.36 billion.
This transaction will considerably increase Quest's debt burden but
free cash flow should remain positive. This transaction will raise
the debt balance at Quest Software--previously rated under the
holding entity Seahawk Holdings Ltd.--to approximately $3.6
billion, up from about $2.1 billion under the old capital
structure. This new debt increases our forecast for fiscal 2023
leverage to about 9x and is the primary driver of the lower rating
under the new ownership and capital structure. S&P said, "In spite
of higher leverage and our expectation that interest expense will
increase to about $200 million per year going forward, we note that
Quest has reliably generated and increased free cash flow
throughout varied macroeconomic conditions and expect the company
to continue to be able to service its more highly leveraged balance
sheet and maintain adequate liquidity, albeit with less margin for
error than before."
An increasing appetite for acquisitions will bolster top-line
growth at the expense of margins in the near term. Quest has shown
itself to be increasingly acquisitive over the past two years,
acquiring businesses to support both its cyber security (OneLogin)
and platform management (Binary Tree and Quadrotech) platforms. S&P
said, "We view this shift in strategic focus as positive from a
top-line growth and business diversity standpoint. We also see this
as evidence that the firm has found its footing on a refreshed go
to market and subscription revenue model, after a period of
restructuring following its separation from Dell. We do expect that
ongoing progress in improving EBTIDA margins will slow, however,
since the acquired businesses have generally been dilutive to
profitability and expect Quest will have to undertake material
restructuring costs to bring the new assets up to the firm's
current margin levels."
Diverse product offerings and an increasing share of subscription
revenue provide operating stability. Quest boasts an unusually
diverse product set for a firm of its scale, ranging from rapidly
growing identity and access management products to more mature
Microsoft platform management and information management offerings.
An increasing share of recurring revenue from subscription-based
licenses has also helped the company improve the predictability of
future performance, and S&P views this shift supporting the firm's
ability to service the new capital structure and itsr stable
outlook.
S&P said, "The stable rating outlook on Quest reflects our view
that the company's leverage will decline modestly to below 10x over
the next 12-18 months, based on a full year of revenue and
synergies gained from recent acquisitions. While we expect credit
ratios to improve over time because of revenue growth and operating
leverage, we believe the financial sponsor will continue to pursue
acquisitions and possibly dividends if leverage declines
significantly."
S&P could lower its rating on Quest if:
-- It did not sustain the recent increase in bookings, leading to
persistent revenue declines;
-- It failed to achieve targeted synergies and ongoing cost
restructuring plans, leading to lower-than-expected EBITDA margins
and higher leverage; or
-- Its free operating cash flow to debt turned negative.
S&P views an upgrade as unlikely over the next 12 months. However,
it would consider raising its rating over the longer term on Quest
if:
-- Its EBITDA margins continued to expand; or
-- It reduced leverage to under 7.5x on a sustained basis and
committed to maintaining leverage at these levels.
REGIONAL HEALTH: CRM Can No Longer Operate Assisted Living Facility
-------------------------------------------------------------------
CRM of Meadowood, LLC and the Alabama Department of Public Health
entered into two Consent Agreements (one for an assisted living
facility ("ALF") and one for a specialty care, or memory care, ALF
("SCALF") pursuant to which CRM will no longer be permitted to
operate or manage the Facility. On Dec. 14, 2021, the State Board
of Health for the State of Alabama issued final administrative
Consent Orders with respect to the Consent Agreements.
As previously disclosed, Regional Health Properties, Inc., through
one of its subsidiaries, owns the ALF and the SCALF, each located
at 509 Pineview Avenue, Glencoe, Alabama, which Facility the
Company leases to CRM of Meadowood, LLC.
The Consent Agreements provide, among other things, that: (i) on or
before March 1, 2022, a new entity or individual responsible for
the operation and management of the Facility will be identified;
(ii) on or before April 1, 2022, the operation and management of
the Facility will be relinquished to an entity or individual
approved and licensed by the Department to operate the Facility,
effective April 1, 2022 or on such earlier date as may be agreed
upon with the Department; and (iii) by April 15, 2022, if a
proposed entity or individual has not received a license to operate
the Facility, or if for other reasons the operation and management
of the Facility is not or cannot be relinquished to an entity or
individual licensed by the Department to operate the Facility, then
the Facility shall (a) on April 15, 2022, send a written notice of
discharge to each resident or resident sponsor, and (b) provide for
the safe and appropriate discharge of each resident, and close and
cease all operation of the Facility, on or before June 1, 2022.
The Company leases the Facility to CRM pursuant to a long-term,
triple net operating lease, executed May 1, 2017, which provides
for: (i) a 13-year initial term with one five-year renewal option;
(ii) base rent of $37,500 per month; (iii) a rental escalator of
2.0% per annum in the initial term and 2.5% per annum in the
renewal term; and (v) a security deposit equal to one month of base
rent. The Consent Orders constitute an event of default by CRM
under the lease, and the Company intends to exercise all of its
rights and remedies under the lease and applicable law, including
the termination of the lease.
CRM is an affiliate of C. Ross Management, LLC. In addition to the
Facility, the Company leases to affiliates of CR Management five of
the Company's facilities pursuant to triple net operating leases.
Additionally, pursuant to the $3.5 million mortgage loan dated Oct.
1, 2022 between the Company and the lender, the Exchange Bank of
Alabama, the Company must obtain written consent from the Exchange
Bank of Alabama to lease the Facility to the proposed entity or
individual approved by the Department. The Meadowood Credit
Facility is cross collateralized with a $5.1 million mortgage loan
dated Sept. 30, 2021, owed to the Exchange Bank of Alabama. The
Coosa Credit Facility is secured by the assets of the Company's
subsidiary Coosa Nursing ADK, LLC which owns the 124-bed skilled
nursing facility located in Glencoe, Alabama and the assets of the
Company's subsidiary Meadowood Property Holdings, LLC which owns
the Facility.
About Regional Health Properties
Regional Health Properties, Inc. (NYSE American: RHE) (NYSE
American: RHEpA) -- http://www.regionalhealthproperties.com/-- is
a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions.
Regional Health reported a net loss attributable to common
stockholders of $9.68 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to common stockholders of $3.49
million for the year ended Dec. 31, 2019. As of Sept. 30, 2021,
the Company had $107.02 million in total assets, $96.15 million in
total liabilities, and $10.88 million in total stockholders'
equity.
RENNOVA HEALTH: Two Proposals Approved by Written Consent
---------------------------------------------------------
Seamus Lagan, chief executive officer, president and interim chief
financial officer of Rennova Health, Inc., and Alcimede LLC, of
which Mr. Lagan is the sole manager, collectively the holders of
250,000 shares of Series L Convertible Preferred Stock and an
irrevocable proxy to vote all of the outstanding shares of Series M
Redeemable Convertible Preferred Stock, all of which votes with the
common stock, par value $0.0001 per share, and the Series F
Convertible Preferred Stock, representing approximately 53.8% of
the total voting power of the Company's voting securities, approved
by written consent in lieu of a special meeting of stockholders two
proposals, each of which had been previously approved and
recommended to be approved by the stockholders by the Board of
Directors of the Company.
Proposal 1: To increase the authorized shares of Common Stock of
the Company from 50 billion shares to 250 billion shares.
Proposal 2: To approve an amendment to our Certificate of
Incorporation, as amended, to effect a reverse stock split of all
of the outstanding shares of the Company's Common Stock, at a
specific ratio from 1-for-2,000 to 1-for-10,000, and grant
authorization to its Board of Directors to determine, in its
discretion, the specific ratio and timing of the reverse split any
time before Dec. 31, 2022, subject to the Board of Directors'
discretion to abandon such amendment.
The stockholder approval of the above proposals will not be
effective until 20 days after an information statement that has
been filed with the Securities and Exchange Commission is mailed to
the holders of the Common Stock and Series F Preferred Stock.
As a result of conversions of shares of the Company's preferred
stock, the Company had 41,316,999,999 shares of Common Stock issued
and outstanding as of Dec. 15, 2021.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates
three rural hospitals and a physician's office in Tennessee and a
physician's office in Kentucky and provides diagnostics and
supportive software solutions to healthcare providers.
Rennova Health reported a net loss of $18.34 million for the year
ended Dec. 31, 2020, compared to a net loss of $48.03 million for
the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company
had $20.50 million in total assets, $58.01 million in total
liabilities, and a total stockholders' deficit of $37.51 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has recognized
recurring losses and negative cash flows from operations, and
currently has minimal revenue producing activities. This raises
substantial doubt about the Company's ability to continue as a
going concern.
SHAWCOR LIMITED: DBRS Finalizes B(high) Sr. Unsecured Notes Rating
------------------------------------------------------------------
DBRS Limited finalized its provisional rating of B (high), Stable,
with a recovery rating of RR5 on Shawcor Ltd.'s (Shawcor) Senior
Unsecured Notes. Shawcor announced the issuance of the Senior
Unsecured Notes on December 2, 2021, on terms and conditions
consistent with the documentation previously provided to DBRS
Morningstar.
STEM HOLDINGS: Signs Share Exchange Agreement With Shareholders
---------------------------------------------------------------
Stem Holdings, Inc. entered into a share exchange agreement with
shareholders Driven Deliveries, Inc., a Delaware corporation,
Salvador Villanueva III, Jeanette Villanueva and Lisa Chow.
Under the deal, the parties agreed to enter into an exchange of
shares, whereby Mr. Villanueva, Ms. Villanueva and Ms. Chow will
transfer and relinquish to the Company all of the shares of the
company's common stock held by the shareholders, cancel the
remaining balance of a debenture owing by the company to the
shareholders and all company warrants held by the shareholders, in
exchange for which the company will issue to the shareholders all
of the issued and outstanding shares of Driven Deliveries shares,
to be distributed as designated by the shareholders.
In connection with the execution and delivery of the share
exchange, the parties entered into a settlement and release
agreement, pursuant to which (among other things) they agreed to
mutually release certain rights, remedies and claims against each
other as set forth therein.
As a result of the transaction, Stem Holdings relinquished its
ownership of Driven Deliveries and its related subsidiaries. In
connection therewith, the company cancelled and retired an
aggregate of approximately 11,500,000 shares of its common stock
and recorded debt cancellation in the amount of approximately $7.1
million and an increase of working capital by $4.1 million. The
effective date of the transaction was Dec. 15, 2021.
Directors, Officers Resign
On Dec. 15, 2021, consistent with the terms of the transaction, Mr.
Villanueva submitted his resignation as an officer and director of
the company with immediate effect. The company does not intend to
replace him.
On Dec. 16, 2021, Adam Berk submitted his resignation as an officer
and director of the company with immediate effect. Mr. Berk
submitted his resignation to pursue other interests. The company's
board of directors accepted Mr. Berk's resignation with regret and
expressed its appreciation for the many years of service provided
to the company. Mr. Berk agreed to serve as an advisor to the
company to effect an orderly transition and for so long as his
services are beneficial to the company.
Interim President, CEO Appointed
Concurrent with Mr. Berk's resignation, the board appointed Steven
Hubbard as interim president and interim chief executive officer of
the company, all with immediate effect. Mr. Hubbard will also
continue to serve as the company's chief financial officer. Mr.
Hubbard has been a senior executive and member of the board of
directors since the founding of the company in 2016. The following
is Mr. Hubbard's biography:
Mr. Hubbard (age 72) has served as chief financial officer,
secretary and a member of the board of directors of Stem Holdings
since its inception in June 2016. He previously served as chief
financial officer and secretary of Diego Pellicer, Inc., a
cannabis-related real estate company from April 2013 through
September 2013 and chief financial officer and secretary of Diego
Pellicer Worldwide, Inc. (a publicly reporting company) from
September 2013 through December 2014. He has also served as chief
financial officer of Kind Care LLC DBA TJ's Organic Garden from
December 2014 through August 2015 and has been chief financial
officer of Consolidated Ventures of Oregon, Inc. since August 2015.
Commencing several years prior to April 2013, Mr. Hubbard served as
an outside management consultant to several early-stage companies,
primarily providing financial services. Mr. Hubbard's experience
as a founder and principal executive of several start-up companies,
his experience as an auditor with Arthur Andersen & Co and his
experience as the CEO of Bit, Inc. a semiconductor company and as
CEO of Intelledex, Inc. an industrial robotics company, all prior
to 2012 and the skills associated therewith led to the conclusion
that he was well-qualified to serve as interim president and
interim chief executive officer of Stem Holdings.
At the same time, the board appointed Robert L.B. Diener to serve
as secretary of Stem Holdings to replace Mr. Hubbard in that
capacity, with immediate effect. Mr. Diener previously served as
general counsel to the company and is a member of the company's
board of directors.
Mr. Diener, age 73, has served as general counsel to Stem Holdings
since its founding in 2016 and has been the principal of the Law
Offices of Robert Diener for over twenty years. He has nearly 50
years of experience as an attorney, senior corporate executive and
director, counsel and advisor. The focus of his legal practice is
corporate and securities law, mergers and acquisitions, finance and
real estate. He has an extensive background and experience in
corporate governance, public accounting and finance and strategic
planning.
Mr. Diener currently serves as counsel to public and private
companies, investors and companies which are focused on formation
or acquisition of public companies in the United States. His
principal focus is on "going public" transactions and as "virtual
general counsel" to smaller publicly-reporting companies. His
experience runs the full gamut from corporate finance, mergers and
acquisitions, investment activities, corporate governance, state
and federal securities law compliance and major contract
negotiations.
During his career, Mr. Diener has served as president, CEO and a
member of the board of American Health Properties, Inc. (NYSE),
then one of the largest real estate investment trusts in the
country (now part of Healthpeak Properties Inc. with $15 billion in
assets); a senior executive of American Medical International, Inc.
(NYSE), one of the country's largest health care services
providers; chairman of the board and CEO of a publicly traded
(NASDAQ) telecommunications company and a partner in a boutique
investment banking group. He also has extensive experience in
international business, having had direct responsibility for
transactions and development projects in the United Kingdom, Spain,
Germany, Switzerland, Greece, Egypt, Singapore, Australia, Israel,
Hong Kong, Japan, Korea, Malaysia, Mexico, Brazil, Venezuela,
Bolivia and Ecuador
Mr. Diener has served as a member or advisor to the boards of many
public and private companies, including over 20 individual
for-profit and not-for-profit hospitals and health care facilities.
He has previously served as a director of the Federation of
American Hospital Systems and the National Association of Real
Estate Investment Trusts. He is currently a director of Prime
Healthcare Services, Inc.
Mr. Diener has been an active member of the State Bar of California
since 1973. He received a Bachelor of Arts degree in Social
Sciences and Communications from the University of Southern
California in 1969 and a Juris Doctor degree (Magna Cum Laude) from
the University of Santa Clara School of Law in 1973, where he was
the Business Editor of the Law Review. He has a strong working
knowledge of U.S. Generally Accepted Accounting Principles (GAAP).
Mr. Diener served in the United States Marine Corps Reserve from
1969 through 1975.
About Stem Holdings
Headquartered in Boca Raton, Florida, Stem Holdings, Inc. --
http://www.stemholdings.com-- is a multi-state, vertically
integrated, cannabis company that, through its subsidiaries and its
investments, is engaged in the manufacture, possession, use, sale,
distribution or branding of cannabis, and holds licenses in the
adult use and medical cannabis marketplace in the states of Oregon,
Nevada, California, Oklahoma and Massachusetts.
Stem Holdings reported a net loss of $11.49 million for the year
ended Sept. 30, 2020, compared to a net loss of $28.98 million for
the year ended Sept. 30, 2019. As of June 30, 2021, the Company
had $118.31 million in total assets, $28.05 million in total
liabilities, and $90.26 million in total shareholders' equity.
LJ Soldinger Associates, LLC, in Deer Park, IL, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Dec. 24, 2020, citing that the Company and its
affiliates, had net losses of $11.5 million and $28.985 million,
negative working capital of $9.235 million and $2.635 million and
accumulated deficits of $51.386 million and $40.384 million as of
and for the year ended Sept. 30, 2020 and 2019, respectively. In
addition, the Company has commenced operations in the production
and sale of cannabis and related products, an activity that is
illegal under United States Federal law for any purpose, by way of
Title II of the Comprehensive Drug Abuse Prevention and Control Act
of 1970, otherwise known as the Controlled Substances Act of 1970.
These facts raises substantial doubt as to the Company's ability to
continue as a going concern.
STRIKE LLC: Feb. 4, 2022 Claims Filing Deadline Set
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas set
Feb. 4, 2022, as the last date for any person and entity to file
proofs of claims against Strike LLC and its debtor-affiliates. The
Court also set June 4, 2022, as the deadline for governmental units
to file their claims against the Debtors.
Each proof of claim must be filed, including supporting
documentation, so as to be actually received by Epiq on or before
the applicable bar date: (i) electronically via interface through
PACER (Public Access to Court Electronic Records at
http://ecf.txsb.uscourts.gov)or with Epiq at
https://dm.epiq11.com/StrikeLLC; or (ii) by first class U.S. mail,
overnight U.S. mail, or other hand delivery method at:
a) if by first-class mail:
Strike LLC Claims Processing Center
c/o Epiq Corporate Restructuring LLC
PO Box 4420
Beaverton, OR 97076-4420
b) if by hand delivery or overnight mail:
Strike LLC Claims Processing Center
c/o Epiq Corporate Restructuring LLC
10300 SW Allen Blvd.
Beaverton, OR 97005
c) Electronic Filing: By accessing the E-Filing claims link at:
https://epiqworkflow.com/cases/SIK
For further information regarding the claims process or if you wish
to obtain a copy of the bar date notice, a proof of claim form or
related documents may do so by: (i) calling Epiq (855) 675-2860 or
(503) 520-4488 (International); or (ii) visit
https://dm.epiq11.com/StrikeLLC.
About Strike LLC
Strike, LLC -- http://www.strikeusa.com/-- is a full-service
pipeline, facilities, and energy infrastructure solutions provider.
Headquartered in The Woodlands, Texas, Strike partners closely
with clients all across North America, safely and successfully
delivering a full range of integrated engineering, construction,
maintenance, integrity, and specialty services that span the entire
oil and gas life cycle.
Strike and its affiliates sought Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 21-90054) on Dec. 6, 2021. In the petitions
signed by CFO Sean Gore, Strike listed as much as $500 million in
both assets and liabilities.
The cases are handled by Judge David R. Jones.
The Debtors tapped Jackson Walker LLP and White & Case LLP as legal
counsel; Opportune, LLP as financial advisor; and Opportune
Partners, LLC as investment banker. Epiq Corporate Restructuring,
LLC is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Dec. 15, 2021. The committee is represented
by Marty Brimmage, Esq.
TELIGENT INC: Jan. 31 Claims Filing Deadline Set
------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered an
order establishing Jan. 31, 2022, at 5:00 p.m. (Prevailing Eastern
Time) as the last date and time for persons and entities to file
their claims against Teligent Inc. and its debtor-affiliates.
The Court also set April 12, 2022, at 5:00 p.m. (Prevailing Eastern
Time) as the deadline for all governmental units to file their
claims against the Debtors.
All claimants must submit (by overnight mail, courier service, hand
delivery, U.S. first class mail, or in person) an original, written
Proof of Claim that substantially conforms to the Proof of Claim
Form so as to be actually received by Epiq, the Debtors’ claims
and notice agent, by no later than 5:00 p.m. (prevailing Eastern
Time) on or before the applicable Bar Date at these addresses:
a) If by First-Class Mail:
Teligent, Inc., Claims Processing Center
c/o Epiq Corporate Restructuring, LLC
P.O. Box 4419
Beaverton, OR 97076-4419
b) If by Hand Delivery or Overnight Mail:
Teligent, Inc. Claims Processing Center
c/o Epiq Corporate Restructuring, LLC
10300 SW Allen Blvd.
Beaverton, OR 97005
Alternatively, Claimants may submit a Proof of Claim electronically
by completing the Proof of Claim Form that can be accessed at
Epiq's website, https://dm.epiq11.com/case/teligent.
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.
Latham & Watkins LLP, serves as co-counsel to the Prepetition First
Lien Parties and the Senior DIP Parties. Morgan Lewis & Bockius
LLP serves as co-counsel to the DIP Junior Term Loan Parties and
Prepetition Second Lien Parties. Morris, Nichols, Arsht & Tunnell
LLP serves as co-counsel to the DIP Parties and Prepetition Secured
Parties. Jenner & Block LLP serves as co-counsel to the Creditors'
Committee. Osler, Hoskin & Harcourt LLP, serves as Canadian
counsel to both the DIP Junior Term Loan Parties and the Senior DIP
Parties. NautaDutilh Avocats Luxembourg S.a r.l., as Luxembourg
serves as counsel to both the DIP Junior Term Loan Parties and the
Senior DIP Parties. TGS Baltric is the Estonian counsel to both the
DIP Junior Term Loan Parties and the Senior DIP Parties.
The U.S. Trustee for Region 3 on Oct. 27 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Teligent, Inc. and its affiliates.
The Committee selected Jenner & Block, LLP as its legal counsel,
and Saul Ewing Arnstein & Lehr, LLP, as co-counsel.
TUKHI BUSINESS: UST Questions $100K Funding, Rental Income
----------------------------------------------------------
Peter C. Anderson, the United States Trustee for the Central
District of California, filed an objection to the Disclosure
Statement describing Tukhi Business Group, LLC's Plan of
Reorganization.
* $100,000 New Value Contribution
The U.S. Trustee points out that in the Disclosure Statement,
the Debtor states that its principal, Jay Tukhi, will provide a
one-time new value contribution of $100,000 to the Debtor on the
Effective Date. In support of the Disclosure Statement, the Debtor
submitted a Declaration (the "Declaration") of Ahmed J. Tukhi.
However, the Declaration is not signed by Mr. Tukhi. In any event,
it is unclear whether the $100,000.00 is currently in Mr. Tukhi's
possession. The Debtor should provide evidence of Mr. Tukhi's
ability to provide the $100,000 to the Debtor on the Effective
Date.
* Debtor's Projected Rental Income
The U.S. Trustee further points out that the Debtor's Projected
Rental Income In the Disclosure Statement, the Debtor projects
monthly rental income from real property located at 11332 N. Hewes
Street, Orange, CA 92869 (the "Hewes Property") in the amount of
$5,500.00 as a source to fund the plan. The Debtor should confirm
whether its tenants have the ability to pay the $5,500.00 rental
income per month going forward, and whether they still owe any
arrearages to the Debtor for unpaid rent.
* Treatment of Claim filed by Joseph S. Cerni
According to the U.S. Trustee, on December 21, 2021, Joseph
Cerni ("Cerni") filed a Secured Claim 3-1 in the amount of
$650,091.80. However, the Debtor's Disclosure Statement, at Class
1(a), merely provides for a claim owed to Cerni in the amount of
$639,822.57.
* The Alleged Undisclosed Assets of the Debtor
The U.S. Trustee asserts that on December 22, 2021, Cerni filed
a Motion to Dismiss or Convert the Debtor's Case, alleging that
Debtor owns at least three undisclosed real properties located at:
(i) 825 S. Claudina St., Anaheim, CA 92805; (ii) 7642 Knollwood
Dr., Orange, CA 92869; and (iii) 11812 Earlham St., Orange, CA
928690 (collectively, the "Orange County Properties"). The Debtor
did not disclose the Orange County Properties in its Schedule A.
The Debtor also did not disclose the Orange County Properties to
the United States Trustee during the § 341(a) meeting held on
September 28, 2021. The Debtor should clarify whether it has any
interest in the Orange County Properties. To the extent the Debtor
has any interest in the Orange County Properties, the Debtor should
disclose them in the Disclosure Statement, and whether the said
properties generate any income for purpose of funding the Plan.
About Tukhi Business Group
Tukhi Business Group, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-12090) on
Aug. 27, 2021. In the petition filed by Ahmad J. Tukhi,
manager/agent for service of process, the Debtor disclosed up to $1
million in both assets and liabilities.
Judge Scott C. Clarkson oversees the case.
Onyinye N. Anyama, Esq., at Anyama Law Firm, A Professional
Corporation, represents the Debtor.
VAMCO SHEET: Class II Unsecured Claims to Get $475K in 60 Months
----------------------------------------------------------------
Vamco Sheet Metals, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Chapter 11 Plan of
Reorganization and a Disclosure Statement on Dec. 27, 2021.
The Debtor was a Defendant in a commercial litigation commenced by
WDF Inc., which resulted in a judgment against the Debtor that is
currently pending appeal. In order to reorganized their debt, and
seek a reasonable resolution with the creditor, Vamco Sheet Metals,
Inc. sought Chapter 11 Bankruptcy protection.
The Debtor will continue its operation as a mechanical contractor
and manufacturer of sheet metal products and ductwork.
Class I shall consist of general unsecured claim of Bank of
America, N.A. in the amount of $103,368. The Creditor will not
receive any treatment as the debt will be forgiven.
Class II shall consist of the unsecured claim of WDF Inc., in the
amount of $4,307,806. The Creditor will receive a payment of
$474,621 to be paid by 60 monthly equal installment payments in the
amount of $7,910 commencing on the effective date of the Plan.
The claim of NYS Department of Labor (Claim #2) is a placeholder
claim with no monetary amount assigned, thus no monetary
distribution shall be made to such claimant. As a result, Classes
I and II Claims are impaired and are entitled to votes.
The Plan will be financed from continuing operating income,
reorganized business operations of the Debtor, from the timely
collections of outstanding receivables, as well as from funds
accumulated in the Debtor's DIP account.
A full-text copy of the Disclosure Statement dated Dec. 27, 2021,
is available at https://bit.ly/3Hwqmmr from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Alla Kachan, Esq.
The Law Offices of Alla Kachan, PC
415 Brighton Beach Ave
Brooklyn, NY 11235
Phone: (718) 513-3145
Fax: 347-342-3156
Email: alla@kachanlaw.com
About Vamco Sheet Metals
Vamco Sheet Metals, Inc., is a corporation located at 3990 Rt. 9,
Cold Spring, New York 10516. It is a mechanical contractor and a
manufacturer of sheet metal products and ductwork.
Vamco Sheet Metals filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-40385) on Feb. 18, 2021. Joyce Vettorino, president, signed the
petition. At the time of the filing, the Debtor disclosed
$1,099,467 in total assets and $3,103,368 in total liabilities.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC, as legal
counsel and Terrence O'Connor, PC and Edmond R. Shinn, Esq. LTD. as
special counsel.
VAUGHN ENVIRONMENTAL: Feb. 24 Hearing on Disclosure Statement
-------------------------------------------------------------
Judge Mark J. Conway will convene a hearing to consider approval of
the Disclosure Statement of Mark J. Conway, which hearing will be
conducted remotely (Web site http://www.pamb.uscourts.gov/)on Feb.
24, 2022 at 10:00 a.m.
Feb. 2, 2022 is fixed as the last day for filing and serving
written objections to the disclosure statement.
About Vaughn Environmental Services
Vaughn Environmental Services, Inc., filed a petition for Chapter
11 protection (Bankr. M.D. Pa. Case No. 21-00656) on March 29,
2021, listing as much as $500,000 in both assets and liabilities.
Judge Mark J. Conway oversees the case. Spence, Custer, Saylor,
Wolfe & Rose, LLC and Walter Hopkins & Company, LLP serve as the
Debtor's legal counsel and accountant, respectively.
VIVAKOR INC: Awarded 1st Major Commercial Deal for Remediating Oil
------------------------------------------------------------------
Vivakor, Inc. has signed a contract with Al Dali International Co.,
to remediate 500,000 tons of contaminated soil in Kuwait. The soil
is part of a United Nations sponsored clean-up that is still
ongoing from the Gulf Wars.
Al Dali International Co., a Kuwait-based engineering and
construction firm, will act as the general contractor and provide
operational support for the project. Vivakor will provide its
patented equipment and a support team to provide regular
maintenance and any repair. Vivakor will deliver two on-site
Remediation Processing Centers (RPCs) that will process
approximately 40 tons of soil per hour. Vivakor will receive $20
per ton of contaminated materials processed, plus share in certain
profits associated with the clean-up.
"We are very excited about this initial contract with Al Dali
International Co., and the potential for expansion this partnership
offers," said Matt Nicosia, CEO of Vivakor. "Within this
innovative framework, Vivakor will provide equipment and expertise
to local operating partners, a model that may be easily duplicated
and implemented for clean-up around the globe."
"Vivakor's unique technology will allow us to fully remediate this
oil-laden soil and recover all of the oil for recycling or reuse,
without any emissions nor use of water," said Dr. Ashraf Hassan,
president of Al Dali International Co., "We anticipate that with
the Vivakor technology, we will be able to significantly expand the
important remediation work of this project, ramping up the volume
of soil processed from 500 thousand tons to several million tons
over the next few years."
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc., is a transdisciplinary
research company that develops products in the fields of molecular
medicine, electro-optics, biological handling and natural and
formulary compounds.
The Company's balance sheet at September 30, 2010, showed $2.65
million in total assets, $2.66 million in total liabilities,
and a stockholders' deficit of $11,602.
McGladrey & Pullen, LLP, in Cedar Rapids, Iowa, expressed
substantial doubt about Vivakor, Inc.'s ability to continue as a
going concern, following the Company's 2009 results. The
independent auditors noted that the Company's ability to become a
profitable operating company is dependent upon obtaining financing
adequate to fulfill its research and market introduction
activities, and achieving a level of revenues adequate to support
the Company's cost structure.
WILLCO X DEVELOPMENT: Court Confirms Sixth Amended Plan
-------------------------------------------------------
Judge Thomas B. McNarama has entered an order confirming the Sixth
Amended Plan of Reorganization of Willco X Development, LLLP.
The Court scheduled a Plan Confirmation Hearing on Oct. 5, 2021.
The Debtor filed its Sixth Amended Plan of Reorganization on Nov.
29, 2021. A copy of the Sixth Amended Plan is available at:
https://www.pacermonitor.com/view/VJHMKKI/Willco_X_Development_LLLP__cobke-20-16438__0249.0.pdf?mcid=tGE4TAMA
The October 5 hearing was continued to Dec. 3, 2021, at which
hearing the Court permitted the filing of a motion to approve
changed votes and late filed votes.
Accordingly, on Dec. 17, 2021, the Unsecured Creditors' Committee
filed its Motion to Allow Changed and Late Votes on Debtor's Plan
of Reorganization. The date by which Objections are due is Dec.
27,
2021. To date, no Objections have been filed.
Class 20 consists of the Allowed Unsecured Claims of the Debtor’s
general unsecured creditors. Class 20 is impaired under the Plan.
The Debtor received 11 ballots, including 3 changed ballots and 1
late filed ballot, from members of Class 20. Class 20 has voted to
accept the Plan.
Assuming the changed votes and late filed vote are authorized to be
counted, more than two-thirds in amount (69%) and more than
one-half in number (10 out of 11) of Class 20 has voted to accept
the Plan.
About Willco X Development LLP
Willco X Development, LLLP, operator of the Hilton Garden Inn of
Thornton in Colo., filed a Chapter 11 petition (Bankr. D. Colo.
Case No. 20-16438) on Sept. 29, 2020. The Debtor was estimated to
have $10 million to $50 million in assets and liabilities as of the
bankruptcy filing.
Judge Thomas B. McNamara oversees the case.
Weinman & Associates, P.C., led by Jeffrey A. Weinman, is the
Debtor's legal counsel.
Independent Bank, as lender, is represented by John F. Young, Esq.,
at Markus Williams Young & Hunsicker LLC.
WILLIAM R PERRY: Seeks to Hire Bruner Wright as Legal Counsel
-------------------------------------------------------------
William R Perry & Associates, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire
Bruner Wright, P.A. to serve as legal counsel in its Chapter 11
case.
The firm's hourly rates are as follows:
Robert Bruner, Esq. $400 per hour
Byron Wright III, Esq. $300 per hour
Paralegal $150 per hour
Bruner Wright was paid a retainer of $12,500, of which $1,700 was
used to pay the firm's pre-bankruptcy services while $1,738 was
used to pay the filing fee.
Byron Wright III, Esq., the firm's attorney who will be providing
the services, disclosed in a court filing that he does not
represent any interests directly adverse to the Debtor.
The firm can be reached through:
Byron Wright III, Esq.
Bruner Wright, P.A.
2810 Remington Green Circle
Tallahassee, FL 32308
Office: (850) 385-0342
Email: twright@brunerwright.com
About William R Perry & Associates
William R Perry & Associates, LLC sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
21-50126) on Dec. 17, 2021, listing as much as $50,000 in both
assets and liabilities. Robert C. Bruner, Esq., and Byron Wright,
III, Esq., at Bruner Wright, P.A. serve as the Debtor's legal
counsel.
[*] AW Properties to Auction Multiple Residential Porftfolios
-------------------------------------------------------------
AW Properties Global said it has been exclusively engaged to market
multiple residential portfolios including 86 properties located in
West Lafayette and Lafayette, Indiana on the campus of Purdue
University.
Bidding procedures and date of the 11 U.S.C. Sec. 363 sale will be
announced soon. Currently included in the sale are:
-- 79 condominium units located in a prime waterfront location at
320 Brown Street, West Lafayette, Indiana
-- 7 single family rental properties on the campus of Purdue
University and adjacent to the University
-- Excellent opportunity for redevelopment for use as student or
professional housing
-- Additional condominium units located at 320 Brown Street, West
Lafayette, Indiana are being added to the sale. For a current and
full offering package and for updates on the timing of the sale and
bid procedures, please contact:
Diana Peterson
President & CEO
Tel: 312-218-6102
E-mail: diana@awproperties.com
-- or --
Emily Gottlieb
SVP & Managing Director of
Bankruptcy and Restructuring
Tel: 773-294-1155
Email: emilyg@awproperties.
*********
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