/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220223.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, February 23, 2022, Vol. 26, No. 53 Headlines 6200 NE 2ND AVENUE: Taps Aaronson Schantz Beiley as Legal Counsel ADVANTAGE LIMOUSINE: Taps Special Counsel in Keith Simmons Appeal ALL SAINTS EPISCOPAL: Unsecured Creditors to Recover 100% in Plan AMERICAN SLEEP MEDICINE: U.S. Trustee Unable to Appoint Committee AMERICAN SLEEP PRODUCTS: U.S. Trustee Unable to Appoint Committee B&H VENTURES: Case Summary & Seven Unsecured Creditors BFCD PROPERTIES: Unsecured Creditors to Split $5,000 in Plan BOY SCOUTS: Court Pushes Back Abuse Settlement Final Hearing BOY SCOUTS: Reaches $2-Mil. Deal With Pachulski in Email Row BRONX MIRACLE GOSPEL: Second Circuit Upholds Church Sale by Trustee BSVH LLC: Case Summary & Six Unsecured Creditors CAMBER ENERGY: Granted Until April 1 to File Delayed Reports CE ELECTRICAL: Court Approves Disclosure Statement CITIUS PHARMACEUTICALS: Armistice, Steven Boyd Own 1.6% Stake CITIUS PHARMACEUTICALS: FDA Accepts Halo-Lido Study IND Application CLEARPOINT NEURO: CFO Peter Piferi Quits COEPTIS EQUITY: Trustee Gets OK to Hire Kokjer as Accountant COMPENDIUM INTERNATIONAL: Taps M. Jones and Associates as Counsel CORP GROUP: April 11 Plan Confirmation Hearing Set CORP GROUP: Updates Liquidating Plan Disclosures COX BROTHERS: Voluntary Chapter 11 Case Summary CRED INC: Liquidating Trust Sued to Reclaim $21M Crypto Payout CRITERIA EQUIPMENT: Voluntary Chapter 11 Case Summary DIOCESE OF CAMDEN: Tort Committee Balks at Plan Disclosures ES1 LLC: Unsecured Creditors Will Get 100% of Claims in Plan FANNIE MAE: Reports $22.2 Billion Net Income for 2021 FINANCIAL GRAVITY: Incurs $75K Net Loss in First Quarter FLOOR-TEX: Continued Operations to Fund Plan Payments FLORIDA HOMESITE: To Seek Plan Confirmation on March 28 GAMESTOP CORP: G1 Execution, et al. Own 4% of Class A Shares GAMESTOP CORP: Maverick Capital Entities Own 0% of Class A Shares GIGA-TRONICS INC: Cornelis F. Wit Reports 9.8% Equity Stake GIGA-TRONICS INC: Laurence Lytton Reports 9.99% Equity Stake GPMI CO: Creditors' Committee Taps Stinson as Bankruptcy Counsel HERTZ CORP: Judge Lets Sanctioned Attorney to Practice in Delaware HOOT THE DOG: Unsecureds to Get 100 Cents on Dollar in Plan HYDROCARBON FLOW: Unsecureds Have No Recovery in Plan INNOVATIVE DESIGNS: Incurs $323K Net Loss in FY Ended Oct. 31 INPIXON: Armistice Capital, Steven Boyd Report 9.99% Equity Stake INTERNATIONAL EXPEDITED: Unsecureds to Recover 20% in 60 Months INTERSTATE UNDERGROUND: U.S. Trustee Unable to Appoint Committee ION GEOPHYSICAL: Gets Continued Forbearance From PNC, Noteholders ION GEOPHYSICAL: Implements Executive Retention Program IONIX TECHNOLOGY: Incurs $98K Net Loss in Second Quarter JAGUAR DISTRIBUTION: Unsecureds to Recover 10.5% in Sale Plan JAMUNA TAXI: Gets OK to Hire Thomas A. Farinella as Counsel JOHNSON & JOHNSON: Cancer Victims Ask Judge to Dismiss Bankruptcy JPP HOLDING: Voluntary Chapter 11 Case Summary KAMCARE LLC: Gets OK to Hire Gabriel Liberman as Bankruptcy Counsel KNOW LABS: Incurs $5.4 Million Net Loss in First Quarter KNOX CLINIC: Seeks to Hire Robert Bassel as Bankruptcy Counsel LEAFBUYER TECHNOLOGIES: Incurs $1.4M Net Loss in Second Quarter LOCAL MOTION: Unsecureds' Recovery Hiked to 11.24% in Plan LTL MANAGEMENT: Court Hears Injunction, Automatic Stay Arguments LTL MANAGEMENT: J&J Says Law Firms' Profits Motivate Opposition LTL MANAGEMENT: Urges Examiner If It Stays in Bankruptcy MEDICAL ACQUISITION: Taps Joshi Law Group as Bankruptcy Counsel MESSIAH'S GLASS: Taps Kutner as Bankruptcy Counsel MST CONSULTING: Seeks to Employ E.P. Bud Kirk as Bankruptcy Counsel NATIONAL CARGO: Unsecured Creditors to Split $24K in 5 Years NATURALSHRIMP INC: Delays 10-Q Filing for Period Ended Dec. 31 NORDIC AVIATION: Taps William Fry as Special Irish Counsel OMAGINE INC: Business Claims to Get Up to 100% in Plan PADDOCK ENTERPRISES: May 16 Plan Confirmation Hearing Set PANBELA THERAPEUTICS: Michael Cullen Has 6.3% Stake as of Dec. 31 PEOPLE SPEAK: Disclosures Hearing Continued to March 6 PINECREST PIGEON: U.S. Trustee Unable to Appoint Committee POWHATAN ENERGY: Seeks Chapter 7 Bankruptcy, Lugging FERC Claims PROSPECT-WOODWARD: Unsecureds to Get 0% Payout in Plan PULMATRIX INC: Has Until Aug. 15 to Regain Nasdaq Compliance QUANTUM CORP: 180 Degree Has 3.9% Equity Stake as of Dec. 31 QUANTUM CORP: Neuberger Berman Entities Report 11.95% Equity Stake RCH AUTOPLEX: Seeks to Employ KC Cohen as Bankruptcy Counsel REAGOR-DYKES MOTORS: Lone Star Loses Summary Judgment Bid REWALK ROBOTICS: Jeff Easton Reports 11.4% of Ordinary Shares REWALK ROBOTICS: Mitchell Kopin, et al. Report 3.7% Equity Stake ROCKY ASPEN: McGrath Urges 2nd Circuit to Revive Bad-Faith Claim RUM RUNNERS: Files Amendment to Disclosure Statement SAVI TECHNOLOGY: Taps alliantgroup to Prepare ERC Study SCIENTIFIC GAMES: Caledonia Has 9.6% Equity Stake as of Dec. 31 SENIOR CARE LIVING: Taps SC&H Group as Financial Advisor STATERA BIOPHARMA: James Harpel Has 3.5% Stake as of Dec. 31 STEM HOLDINGS: Delays Form 10-Q Filing for Period Ended Dec. 31 STORTZ FARM: Seeks to Employ Ag & Business as Bankruptcy Counsel SUGARLOAF HOLDINGS: Sale Did Not Extinguish Forfeiture Suit SUSSEX RANDOLPH: Case Summary & 16 Unsecured Creditors TELIGENT INC: Seeks to Extend Exclusivity Period to May 12 TILDEN MARCELLUS: U.S. Trustee Appoints Creditors' Committee VETERAN HOLDINGS: $59M Equity from Veterans Center to Fund Plan WEARABLE HEALTH: Issues Going Concern Doubt Warning WESTERN URANIUM: Grants 900K Stock Options to D&Os, Employees ZOHAR FUNDS: Urges Del. Vice Chancellor to End Tilton Hold on Stila ********* 6200 NE 2ND AVENUE: Taps Aaronson Schantz Beiley as Legal Counsel ----------------------------------------------------------------- 6200 NE 2nd Avenue, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the law firm of Aaronson Schantz Beiley P.A. to serve as legal counsel in their Chapter 11 cases. The firm's services include: (a) advising the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) attending meetings and negotiating with representatives of creditors and other parties-in-interest, and advising and consulting on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advising the Debtors in connection with any contemplated sales of assets or business combinations; (d) advising the Debtors in connection with post-petition financing and cash collateral arrangements, pre-bankruptcy financing arrangements and emergency financing, and negotiating and drafting documents relating thereto; (e) advising the Debtors on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (f) providing advice to the Debtors with respect to legal issues arising in or relating to the Debtors' ordinary course of business; (g) taking all necessary action to protect and preserve the Debtors estates, including the prosecution of actions on their behalf, the defense of any actions commenced against the estates, negotiations concerning all litigation in which the Debtors may be involved, and objections to claims filed against the estates; (h. preparing legal papers; (i) negotiating and preparing a plan of reorganization, disclosure statement and all related documents, and taking any necessary action to obtain confirmation of such plan; (j) attending meetings with third parties and participating in negotiations; (k) advising the Debtors with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (l) appearing before the bankruptcy court, any appellate courts and the Office of the U.S. Trustee; and (m) performing all other necessary legal services for the Debtors. The firm's hourly rates are as follows: Geoffrey S. Aaronson, Esq. $595 Steven L. Beiley, Esq. $495 Tamara D. McKeown, Esq. $495 Paraprofessionals $100 Aaronson received a retainer fee in the amount of $70,000. Geoffrey Aaronson, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Geoffrey S. Aaronson, Esq. Aaronson Schantz Beiley P.A. One Biscayne Tower, Suite 3450 Miami, FL 33131 Tel: 786-600-6940 / (786) 594-3000 Email: sbeiley@aspalaw.com About 6200 NE 2nd Avenue 6200 NE 2nd Avenue, LLC and its affiliates are Florida limited liability companies, which, together, own 14 parcels of real property in the Little Haiti/Upper East Side neighborhood largely on the Northeast 2nd Avenue corridor of Miami. Several of these properties are not generating income largely as a result of the COVID-19 pandemic, and after certain properties were gutted in anticipation of renovation and the failure of an investor to raise and invest sufficient funds to complete the renovations. 6200 NE 2nd Avenue and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-10385) on Jan. 18, 2022. In the petition signed by Mallory Kauderer, manager, 6200 NE 2nd Avenue disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Robert A. Mark oversees the cases. Steven Beiley, Esq., at Aaronson Schantz Beiley P.A. is the Debtor's legal counsel. ADVANTAGE LIMOUSINE: Taps Special Counsel in Keith Simmons Appeal ----------------------------------------------------------------- Advantage Limousine, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Carey, O'Malley, Whitaker, Mueller, Roberts & Smith, P.A. as its special counsel. The Debtor requires legal assistance in connection with the appeal pending in the Second District Court of Appeal styled as Advantage Limousine, LLC v. Keith Simmons, Jr., et al., Case No.: 2D22-0257. The firm will be compensated as follows: (i) $300 per hour for senior attorney work; (ii) two-thirds of the hourly rate for associate attorneys and paralegals; and 20 percent of the gross amount of any recovery. Michael Carey, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael R. Carey, Esq. Carey, O'Malley, Whitaker, Mueller, Roberts & Smith, P.A 712 S. Oregon Avenue, Tampa, FL 33606 Tel: 813-250-0577 Email: mcarey@careyomalley.com About Advantage Limousine Advantage Limousine, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 22-00278) on Jan. 24, 2022, listing as much as $1 million in both assets and liabilities. The Debtor tapped Buddy D. Ford, P.A. as bankruptcy counsel and Carey, O’Malley, Whitaker, Mueller, Roberts & Smith, P.A. as special counsel. ALL SAINTS EPISCOPAL: Unsecured Creditors to Recover 100% in Plan ----------------------------------------------------------------- All Saints Episcopal Church filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization and a Disclosure Statement on Feb. 17, 2022. The Debtor has continuously operated as All Saints Episcopal Church in Fort Worth, Texas, a parish within The Episcopal Church in the United States of America, since the early 1950s. ACNA All Saints' continued attempts to wrongfully seize the Debtor's charitable assets ultimately became an existential threat to the Debtor and could have resulted in the misappropriation and dissipation of charitable trust funds in violation of donors' wishes and intent. The Debtor filed this bankruptcy to protect its charitable assets while pursuing a complete and final adjudication of the parties' property disputes. If confirmed, the Plan will effectuate the settlement and discharge of all Claims asserted by ACNA All Saints and EDFW, and revest church property in the Reorganized Debtor free and clear of all such Claims, and ensure the Debtor's ability to continue its religious and charitable mission for years to come, all while protecting and preserving the Debtor's charitable assets and its donors' wishes. The Plan will also result in full payment of Allowed General Unsecured Claims within 180 days of the Effective Date of the Plan. The Plan provides for the liquidation of the Debtor's Unrestricted Assets, which includes Unrestricted Cash and the Debtor's Real Properties. Proceeds of the Unrestricted Assets will be used to pay Allowed Administrative Claims, Professional Fee Claims, the NBT Secured Claim, and Miscellaneous Secured Claims, to the extent such Claims are secured by Liens on Unrestricted Assets. The remaining proceeds of the Debtor's Unrestricted Assets, if any, will be distributed to ACNA All Saints and EDFW in full satisfaction of the ACNA All Saints Claim, but only to the extent such Claim becomes an Allowed Claim. The Plan also provides for the payment of monthly interest payments on the NBT Secured Claim while the Real Property securing such Claim is liquidated, at which time the proceeds of such Real Property will be used to pay the NBT Secured Claim in full. Allowed General Unsecured Claims will be paid in full within 180 days of the Effective Date of the Plan from current revenue generated after the Petition Date, to the extent such revenue does not constitute a Restricted Asset. Class 4 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim will receive Cash equaling of (i) 50% of the Allowed amount of its Claim paid on the 90th day following the Effective Date and 50% of the Allowed amount of its Claim paid on the 180th day following the Effective Date or (ii) such other, less favorable treatment to which such Holder and the Debtor or the Reorganized Debtor, as applicable, agree to in writing. The allowed unsecured claims total $330,000. This Class will receive a distribution of 100% of their allowed claims. Class 5 consists of ACNA All Saints Claim. Holders of the ACNA All Saints Claim shall not be entitled to, and shall not receive, any distribution under the Plan unless and until such time as the ACNA All Saints Claim becomes an Allowed Claim. In the event the ACNA All Saints Claim becomes an Allowed Claim, in full satisfaction of the Allowed ACNA All Saints Claim, the Holders of the ACNA All Saints Claim shall receive the proceeds of the Net Unrestricted Asset Pool, which shall be paid to ACNA All Saints and EDFW on the later of (i) 30 days after the date on which the ACNA All Saints Claim becomes and Allowed Claim or (ii) 30 days after the date on which the Net Unrestricted Asset Pool has been fully liquidated and reduced to Cash. The Debtor and Reorganized Debtor shall fund Distributions under the Plan with (i) current revenue generated by the Debtor after the Petition Date; (ii) the proceeds of the Unrestricted Asset Pool; (iii) the proceeds of the Net Unrestricted Asset Pool; (iv) the Professional Fee Escrow; and (v) the Disputed Claims Reserve, if any. Restricted Assets will not be available for distribution to Holders of Allowed Claims. A full-text copy of the Disclosure Statement dated Feb. 17, 2022, is available at https://bit.ly/3sPRV4s from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick J. Neligan, Jr., Esq. State Bar. No. 14866000 Douglas J. Buncher State Bar No. 03342700 John D. Gaither State Bar No. 24055516 Neligan LLP 325 N. St. Paul, Suite 3600 Dallas, TX 75201 Tel: 214-840-5300 Email: pneligan@neliganlaw.com dbuncher@neliganlaw.com jgaither@neliganlaw.com About All Saints Episcopal Church All Saints Episcopal Church, a parish in The Episcopal Church in North Texas, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-42461) on Oct. 20, 2021, listing as much as $10 million in both assets and liabilities. Christopher N. Jambor, rector, chairman and president, signed the petition. Patrick J. Neligan, Jr., Esq., at Neligan LLP represents the Debtor as legal counsel. AMERICAN SLEEP MEDICINE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of American Sleep Medicine, LLC. About American Sleep Medicine American Sleep Medicine, LLC filed a petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 21-02741) on Sept. 8, 2021, listing up to $50,000 in assets and up to $500,000 in liabilities. Jerry Lauch, president of American Sleep Medicine, signed the petition. Judge Charles M. Walker oversees the case. Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz is the Debtor's legal counsel. ServisFirst Bank, as lender, is represented by Austin L. McMullen, Esq. at Bradley Arant Boult Cummings LLP. AMERICAN SLEEP PRODUCTS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of American Sleep Products, LLC. About American Sleep Products Jacksonville, Fla.-based American Sleep Products, LLC filed a petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 21-02850) on Sept. 17, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Charles M. Walker oversees the case. Lefkovitz & Lefkovitz, PLLC is the Debtor's legal counsel. B&H VENTURES: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: B&H Ventures, LLC 5 Hayes Court Stony Point, NY 10980 Business Description: The Debtor is engaged in activities related to real estate. Chapter 11 Petition Date: February 22, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-22084 Judge: Hon. Sean H. Lane Debtor's Counsel: Michael A. Koplen, Esq. LAW OFFICES OF MICHAEL A. KOPLEN 14 South Main Street Suites 4 and 5 New City, NY 10956 Tel: 845-623-7070 Fax: 845-215-0144 Email: Atty@KoplenLawFirm.com Total Assets: $0 Total Liabilities: $6,528,500 The petition was signed by Benjamin Sherr a/k/a Bruce Sherr as sole member of LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XU2E6NY/BH_Ventures_LLC__nysbke-22-22084__0001.0.pdf?mcid=tGE4TAMA BFCD PROPERTIES: Unsecured Creditors to Split $5,000 in Plan ------------------------------------------------------------ BFCD Properties, LLC, submitted a Second Amended Disclosure Statement. The Plan provides for payment of administrative expenses, priority claims, and secured creditors in full, either in cash or in deferred cash payments, and provides for payments to unsecured creditors in an amount greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's business income. As of the Petition Date, the Debtor's assets consisted of fully encumbered real estate located at 2100 Bellevue Road, Harrisburg, Pennsylvania 17104, two fully and one partially encumbered motor vehicles (a 2016 VW Jetta, a 2017 Ford Escape, and a 2017 Ford Mustang), and three bank accounts with a small amount of cash on deposit. In the event of a Chapter 7 liquidation, it is estimated that there would be a distribution to general unsecured creditors of $4,412.54, should the Chapter 7 Trustee even administer these funds. Under the Plan, holders of Class C General Unsecured Claims against the Debtor, including the unsecured portion of Class B-2 will be paid, pro rata, a total of $5,000, to be paid on the Effective Date. When Final Orders are entered disallowing or allowing and liquidating all Class C claims, the remaining funds in the bank account shall be distributed to the holders of all Class C claims pro rata. Any claim by or through the U.S. Small Business Administration shall be filed within 60 days after confirmation of the Plan, or it shall be barred. Class C is impaired. Attorneys for the Debtor: Brett Weiss, Esq. THE WEISS LAW GROUP, LLC 8843 Greenbelt Road, Suite 299 Greenbelt, Maryland 20770 Tel: (301) 924-4400 Fax: (240) 627-4186 E-mail: lawyer@brettweiss.com - and - Kara Katherine Gendron, Esq. MOTT & GENDRON LAW 125 State Street Harrisburg, Pennsylvania 17101 Tel: (717) 232-6650 Fax: (717) 232-0477 E-mail: karagendron@gmail.com A copy of the Disclosure Statement dated Feb. 16, 2022, is available at https://bit.ly/3t8zwQH from PacerMonitor.com. About BFCD Properties BFCD Properties, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 21-01127) on May 18, 2021, listing $100,001 to $500,000 in both assets and liabilities. Judge Henry W. Van Eck oversees the case. The Weiss Law Group, LLC and Mott & Gendron Law serve as the Debtor's legal counsel. BOY SCOUTS: Court Pushes Back Abuse Settlement Final Hearing ------------------------------------------------------------ Maria Chutchian of Reuters reports that the final hearing on the Boy Scouts of America's proposed reorganization plan and underlying sex abuse settlement has been pushed back to allow survivors who may want to change their votes on the pact more time to understand recently revised terms of the deal. On Friday, U.S. Bankruptcy Judge Laurie Selber Silverstein in Wilmington, who is overseeing the youth organization's bankruptcy and will ultimately decide whether to approve the abuse deal, pushed the start of the hearing, which had already been postponed, to March 14. David Buchbinder, an attorney for the U.S. Department of Justice's bankruptcy watchdog, the U.S. Trustee, along with other lawyers, told Silverstein that the recent changes were significant and would likely be confusing to some survivors. The Boy Scouts announced an amended deal on Feb. 10 that brought in key support for the settlement from the official committee representing survivors in the youth organization's bankruptcy. Survivors have long been split on the deal, but with the committee now on board, the organization is reaching out to survivors who opposed the settlement in an attempt to persuade them to change their votes. The Irving, Texas-based youth group filed for bankruptcy in February 2020 to resolve decades of sex abuse allegations. The settlement still includes a $2.7 billion trust to compensate men who say they were sexually abused as children by troop leaders. But it also provides for an “independent review” option for survivors who say they were subject to especially severe abuse, allowing for a more in-depth evaluation of their claims than the originally envisioned plan. That option comes with a fee of up to $20,000. The revised terms also provide for, among other changes, enhanced child-protection measures. Buchbinder said during Friday's hearing that the amended deal took him several hours to read and process. If attorneys have trouble understanding the settlement's "substantial" changes, he said, survivors will as well. A Boy Scouts representative did not immediately respond to a request for comment. Representing the official committee, Richard Pachulski said the "independent review" fee is necessary because the process will be "like a trial," and the Boy Scouts and committee didn’t want to place extra costs on the trust. More than 82,000 abuse claims have been filed against the Boy Scouts. The plan is currently supported by 73.57% of the survivors who voted, just shy of the 75% it was aiming for. Survivors who want to change their votes have until March 7 to do so. For the Boy Scouts: Jessica Lauria, Mike Andolina, Matt Linder and Laura Baccash of White & Case; and Derek Abbott and Andrew Remming of Morris, Nichols, Arsht & Tunnell For the U.S. Trustee: David Buchbinder and Hannah McCollum 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: Reaches $2-Mil. Deal With Pachulski in Email Row ------------------------------------------------------------ Rick Archer of Law360 reports that the Boy Scouts of America told a Delaware bankruptcy judge Friday, Feb. 18, 2022, that the organization had reached a $2 million deal with Pachulski Stang Ziehl & Jones LLP to settle accusations a member of the law firm was involved in an inflammatory email to sexual abuse victims. At a hearing conducted virtually, counsel for the Boy Scouts told U. S. Bankruptcy Judge Laurie Selber Silverstein that the organization and the law firm had reached the deal while collaborating on a revised Chapter 11 plan filed by the scouts Tuesday, a filing that prompted Judge Silverstein to delay the plan confirmation hearing. 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. BRONX MIRACLE GOSPEL: Second Circuit Upholds Church Sale by Trustee ------------------------------------------------------------------- Rick Archer of Law360 reports that the Second Circuit on Thursday, February 17, 2022, upheld a district court decision denying a Bronx church's attempt to overturn the appointment of its Chapter 11 trustee and the sale of its property, saying the church had failed to take the appropriate steps to contest the rulings. In a two-page summary order, the panel found Bronx Miracle Gospel Tabernacle Word of Faith Ministries' attempt to stay the sale of its building was mooted by the closure of the sale and that it had failed to take timely action to contest the appointment of the trustee. About Bronx Miracle Gospel Tabernacle Word of Faith Ministries, Inc. Bronx Miracle Gospel Tabernacle Inc. -- http://www.bronxmiracle.org/-- is a not-for-profit religious corporation in Bronx, New York. The Debtor previously sought bankruptcy protection (Bankr. S.D.N.Y. Case No. 17-11395) on May 22, 2017. The Debtor again sought bankruptcy protection (Bankr. S.D.N.Y. Case No. 19-12447) on July 28, 2019. In the petition signed by Rev. Dr. Keith Elijah Thompson, pastor, the Debtor estimated $1 million to $10 million in both assets and liabilities. Barak P. Cardenas, Esq. at CARDENAS ISLAM & ASSOCIATES, PLLC, serves as the Debtor's counsel. On Jan. 27, 2020, the Court confirmed the appointment of Deborah J. Piazza as the Chapter 11 Trustee. On April 2, 2020, the Court appointed Tamerlain Realty Corp. as the Trustee's real estate broker. BSVH LLC: Case Summary & Six Unsecured Creditors ------------------------------------------------ Debtor: BSVH, LLC 750 N. Saint Paul St. Suite 250 #86752 Dallas, TX 75201 Business Description: BSVH, LLC is part of the traveler accommodation industry. Chapter 11 Petition Date: February 21, 2022 Court: United States Bankruptcy Court Western District of Arkansas Case No.: 22-70171 Judge: Hon. Bianca M. Rucker Debtor's Counsel: Travis W. Story, Esq. STORY LAW FIRM, PLLC 2603 Main Drive, Suite 6 Fayetteville, AR 72704 Tel: 479-443-3700 Email: travis@storylawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Valentine as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 six creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/TCEY77A/BSVH_LLC__arwbke-22-70171__0001.0.pdf?mcid=tGE4TAMA CAMBER ENERGY: Granted Until April 1 to File Delayed Reports ------------------------------------------------------------ Camber Energy, Inc. received a letter from the NYSE American in response to the Company's request for an extension of the date by which the Company is to file outstanding financial reports. The Company is not in compliance with the Exchange's continued listing standards as set forth in Section 1007 of the NYSE American Company Guide given the Company failed to timely file the following reports: (i) Form 10-K for the 9-month transition period ended Dec. 31, 2020; (ii) Form 10-Q for the period ended March 31, 2021; (iii) Form 10-Q for the period ended June 30, 2021; and (iv) Form 10-Q for the period ended Sept. 30, 2021. The Filing Delinquency will be cured via the filing of the Delayed Reports. The Company intended to remedy the Filing Delinquency on or before Feb. 15, 2022, however due to certain circumstances requested the Exchange grant the Company a brief extension of time by which to file the Delayed Reports. The Exchange accepted the Company's request and has allowed the Company until April 1, 2022 to file the Delayed Reports. If the Company is unable to cure the delinquency by April 1, 2022, the Company may request an additional extension up to the maximum cure period of May 20, 2022. NYSE Regulation staff will review the Company periodically for compliance with adherence to the milestones in the plan. In addition, if the Company does not make progress consistent with the plan during the plan period or if the Company does not complete its Delayed Filings and any subsequently delayed filings with the SEC by the end of the maximum 12-month cure period on May 20, 2022, Exchange staff will initiate delisting proceedings as appropriate. The Company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide. Receipt of the letter does not have any immediate effect on the listing of the Company's shares on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a "BC" indicator will be affixed to the Company’s trading symbol. The Company's business operations and SEC reporting requirements are unaffected by the notification, provided that if the Filing Delinquency is not cured then the Company will be subject to the Exchange's delisting procedures. The Company is committed to filing the Delayed Reports to achieve compliance with the Exchange's requirements, and, although there are no guarantees it will do so, the Company expects to file the Delayed Reports on or before April 1, 2022. About Camber Energy Based in Houston, Texas, Camber Energy -- http://www.camber.energy -- is primarily engaged in the acquisition, development and sale of crude oil, natural gas and natural gas liquids from various known productive geological formations, including from the Hunton formation in Lincoln, Logan, Payne and Okfuskee Counties, in central Oklahoma; the Cline shale and upper Wolfberry shale in Glasscock County, Texas; and Hutchinson County, Texas, in connection with its Panhandle acquisition which closed in March 2018. Camber Energy reported a net loss of $3.86 million for the year ended March 31, 2020, compared to net income of $16.64 million for the year ended March 31, 2019. As of Sept. 30, 2020, the Company had $11.79 million in total assets, $32.48 million in total liabilities, $38 million in temporary equity, and a total stockholders' deficit of $58.68 million. Marcum LLP, in Houston, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 29, 2020, citing that the Company has incurred significant losses from operations and had an accumulated deficit as of March 31, 2020 and 2019. These factors raise substantial doubt about its ability to continue as a going concern. CE ELECTRICAL: Court Approves Disclosure Statement -------------------------------------------------- Judge James J. Tancredi has entered an order approving the Disclosure Statement of CE Electrical Contractors, LLC. That the Debtor shall make the changes to the Disclosure Statement and to the proposed plan revised Jan. 19, 2022, as directed by the Court at the hearing, prior to soliciting creditors. An evidentiary hearing will be held on March 28, 2022, at 10:00 a.m., to consider the factual basis for the request for injunctive relief found in Article X (C) of the Plan. A hearing on confirmation of the Debtor's operative Plan will be held on March 30, 2022, at 1:00 p.m. Eastern, in-person in the Courtroom, in the U.S. Bankruptcy Court located at Abraham Ribicoff Federal Building, 450 Main Street, 7th Floor Courtroom, Hartford, CT 06103, Room 715. The last day for creditors and parties-in-interest to object to confirmation and/or the proposed temporary injunction will be March 15, 2022. The deadline for creditors to timely cast ballots to accept or reject the Plan will be March 11, 2022. The Debtor must file a ballot summary with the Court not later than March 16, 2022. The Debtor must file a memorandum establishing that the grounds to confirm a plan have been met and also responding to any objections to confirmation of the Plan, if any, and must do so on or before March 21, 2022. If objections to confirmation and objections the post-confirmation injunction are filed and not resolved prior to the March 24, 2022, the Debtor and all objecting parties must exchange witness lists and all exhibits intended to be used at the hearing on March 28, 2022 and the hearing on confirmation on March 30, 2022 must file the same with the Court not later than March 25, 2022 at 5 p.m. Eastern. About CE Electrical Contractors CE Electrical Contractors LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 21-20211) on March 5, 2021. Paul Calafiore, the managing member, signed the petition. In the petition, the Debtor disclosed total assets of $1,625,485 and total liabilities of $8,648,831. Judge James J. Tancredi oversees the case. The Debtor tapped The Fox Law Corporation, Inc., as lead bankruptcy counsel, and Boatman Law LLC as local bankruptcy counsel. CITIUS PHARMACEUTICALS: Armistice, Steven Boyd Own 1.6% Stake ------------------------------------------------------------- Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,425,000 shares of common stock of Citius Pharmaceuticals, Inc., representing 1.6 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1506251/000119312522042443/d311456dsc13ga.htm About Citius Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. -- http://www.citiuspharma.com-- is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products targeting unmet needs with a focus on anti-infectives, cancer care and unique prescription products. Citius reported a net loss of $23.05 million for the year ended Sept. 30, 2021, a net loss of $17.55 million for the year ended Sept. 30, 2020, a net loss of $15.56 million for the year ended Sept. 30, 2019, a net loss of $12.54 million for the year ended Sept. 30, 2018, and a net loss of $10.38 million for the year ended Sept. 30, 2017. As of Sept. 30, 2021, the Company had $142.43 million in total assets, $9.65 million in total liabilities, and $132.78 million total equity. CITIUS PHARMACEUTICALS: FDA Accepts Halo-Lido Study IND Application ------------------------------------------------------------------- Citius Pharmaceuticals, Inc. announced that the U.S. Food and Drug Administration (FDA) has issued a Study May Proceed letter for Halo-Lido for the treatment of hemorrhoids. The Company is addressing recommendations made by the FDA and anticipates initiating a Phase 2b clinical study in the first half of 2022. Halo-Lido is a proprietary topical formulation of halobetasol and lidocaine that is intended to provide symptomatic relief to individuals suffering from hemorrhoids. Hemorrhoids are a gastrointestinal disorder characterized by pain, swelling, itching, tenderness, and bleeding. Although hemorrhoids are not life-threatening, individual patients often suffer painful symptoms that can limit social activities and have a negative impact on the quality of life. More than half of the U.S. population will experience hemorrhoidal disease at least once in their life. Each year, nearly 10 million patients in the U.S. report symptoms. "This is an important next step in the clinical development of our Halo-Lido program. We have worked closely with the FDA to design our Phase 2b study protocol and look forward to beginning the study in the coming months," stated Myron Holubiak, chief executive officer of Citius. "We appreciate the agency's guidance in developing our proprietary electronic smartphone-enabled Patient Reported Outcome (ePRO) instrument, which we believe will encourage more immediate capture of important safety and efficacy data, and bring us closer to offering relief to millions of individuals suffering from the discomfort of hemorrhoids," added Holubiak. About Citius Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. -- http://www.citiuspharma.com-- is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products targeting unmet needs with a focus on anti-infectives, cancer care and unique prescription products. Citius reported a net loss of $23.05 million for the year ended Sept. 30, 2021, a net loss of $17.55 million for the year ended Sept. 30, 2020, a net loss of $15.56 million for the year ended Sept. 30, 2019, a net loss of $12.54 million for the year ended Sept. 30, 2018, and a net loss of $10.38 million for the year ended Sept. 30, 2017. As of Sept. 30, 2021, the Company had $142.43 million in total assets, $9.65 million in total liabilities, and $132.78 million total equity. CLEARPOINT NEURO: CFO Peter Piferi Quits ---------------------------------------- Peter G. Piferi voluntarily resigned from his position as the chief operating officer of ClearPoint Neuro, Inc. effective as of Feb. 18, 2022. The Company said Mr. Piferi's resignation is not the result of any disagreement with management, the Company or its operations, policies or practices. On Feb. 14, 2022, Mr. Piferi entered into a Confidential Resignation Agreement and Independent Contractor Consulting Agreement with the Company. Transition Agreements with Mr. Piferi Mr. Piferi's employment and his employment agreement with the Company will terminate effective as of Feb. 18, 2022. Mr. Piferi will continue to be subject to the surviving provisions and restrictive covenants that Mr. Piferi entered into with the Company in connection with his employment agreement. Pursuant to the Contractor Agreement to be effective as of Feb. 21, 2022, Mr. Piferi will provide consulting services for the two months following his separation from the Company, which can be extended on a month-to-month basis for up to two years, which will include, without limitation, providing assistance to transition his job functions and responsibilities at the Company. Mr. Piferi will receive the following payment and other benefits, subject to certain conditions, pursuant to the Transition Agreements: (i) $5,000, payable in cash, (ii) all stock options previously granted to Mr. Piferi will continue to vest in accordance with the time based vesting schedule of such stock option award agreements, and (iii) any unvested restricted stock previously awarded to Mr. Piferi will continue to vest in accordance with the time based vesting schedule of such restricted stock award agreements. In addition, for the consulting services requested by and provided to the Company during the Transition Period, the Company will pay Mr. Piferi at the rate of $10,000 per month, in arrears. Release In exchange for and as a condition to Mr. Piferi's receipt of the payments and other benefits provided under the Transition Agreements, Mr. Piferi will execute a general release of all claims upon the effectiveness of his separation from the Company. About ClearPoint Neuro ClearPoint Neuro formerly MRI Interventions, Inc. -- http://www.clearpointneuro.com-- is a medical device company that develops and commercializes innovative platforms for performing minimally invasive surgical procedures in the brain under direct, intra-procedural magnetic resonance imaging, or MRI, guidance. Applications of the Company's current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. Clearpoint Neuro reported a net loss of $6.78 million for the year ended Dec. 31, 2020, a net loss of $5.54 million for the year ended Dec. 31, 2019, and a net loss of $6.16 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $68.70 million in total assets, $24.58 million in total liabilities, and $44.12 million in total stockholders' equity. COEPTIS EQUITY: Trustee Gets OK to Hire Kokjer as Accountant ------------------------------------------------------------ Gina Klump, the Subchapter V trustee appointed in Coeptis Equity Fund, LLC's bankruptcy case, received approval from the U.S. Bankruptcy Court for the Northern District of California to hire Kokjer, Pierotti, Maiocco & Duck, LLP as accountant. The firm's services include: (a) preparing and filing tax returns; (b) preparing tax projections and tax analysis, if necessary; (c) analyzing tax claims filed in the Debtor's case; (d) analyzing the tax impact of potential transactions; (e) analyzing avoidance issues, if necessary; (f) testifying avoidance issues, if necessary; (g) preparing a solvency analysis, if necessary; (h) preparing a wage claim withholding computations and payroll tax returns, if necessary; and (i) serving as the trustee's general accountant and consulting with the trustee and her legal counsel as to those matters. The firm's hourly rates are as follows: Richard Pierotti $495 Senior Manager $370 Senior Accountant $315 Senior Staff Accountant $305 Staff Accountant $270 Richard Pierotti, the firm's accountant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard Pierotti, CPA Kokjer, Pierotti, Maiocco & Duck LLP 333 Pine Street - 5th Floor San Francisco, CA 94104 Tel: (415) 981-4224 Fax: (415) 981-2749 About Coeptis Equity Coeptis Equity Fund, LLC filed a petition for Chapter 11 protection (Bankr. N.D. Calif. Case No. 21-30726) on Oct. 27, 2021, listing as much as $10 million in both assets and liabilities. The case is assigned to Judge Dennis Montali. Gina R. Klump is the Subchapter V trustee appointed in the Debtor's bankruptcy case. The Subchapter V trustee tapped Kokjer, Pierotti, Maiocco & Duck, LLP as accountant. COMPENDIUM INTERNATIONAL: Taps M. Jones and Associates as Counsel ----------------------------------------------------------------- Compendium International, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire M. Jones and Associates, PC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting and advising the Debtor relative to the administration of its bankruptcy case; (b) representing the Debtor before the bankruptcy court and advising the Debtor on all pending litigations, hearings, motions, and the decisions of the bankruptcy court; (c) reviewing and analyzing all legal documents filed with the bankruptcy court by third parties; (d) attending all meetings conducted pursuant to Section 341(a) of the Bankruptcy Code and representing the Debtor at all examinations; (e) communicating with creditors and all other parties in interest; (f) assisting the Debtor in preparing all necessary applications, motions, and orders supporting positions taken by the Debtor, and preparing witnesses and reviewing documents in this regard; (g) conferring with all other professionals retained by the Debtor and by any other party in interest; (h) assisting the Debtor in the negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; (i) preparing, drafting and prosecuting a plan of reorganization and disclosure statement; and (j) performing all other legal services for the Debtor. The firm's hourly rates are as follows: Michael Jones, Esq. $550 Sara Tidd, Esq. $450 Michael David, Esq. $350 Paralegal $100 Law Clerk $100 The Debtor paid the firm a retainer fee in the amount of $10,000. Michael Jones, Esq., at M. Jones and Associates, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Jones, Esq. M. Jones and Associates, PC 505 N Tustin Ave, Ste 105 Santa Ana, CA 92705 Tel: 714-795-2346 Fax: 888-341-5213 Email: www.MJonesOC.com About Compendium International Compendium International, Inc. filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 22-10142) on Jan. 28, 2022, listing $5,999,007 in assets and $11,267,142 in liabilities. Mohamood Enteza, president, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor tapped M. Jones and Associates, PC as legal counsel. CORP GROUP: April 11 Plan Confirmation Hearing Set -------------------------------------------------- Corp Group Banking S.A. and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the District of Delaware a motion for entry of an order approving the Disclosure Statement. On Feb. 17, 2022, Judge J. Kate Stickles granted the motion and ordered that: * The Third Amended Disclosure Statement for the Joint Plan of Liquidation is approved and the Debtors are authorized to distribute the Disclosure Statement and the Solicitation Packages (including, with respect to Class 7B CGB Unsecured Notes Claims). * April 11, 2022, at 11:00 a.m. in Courtroom No. 7 of the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 3rd Floor, Wilmington, Delaware 19801, or remotely via Zoom is the Confirmation Hearing. * March 30, 2022 is fixed as the last day to file any responses or objections to confirmation of the Plan. * April 7, 2022 is fixed as the last day for the Debtors and any other parties supporting confirmation of the Plan to file reply briefs in response to any responses or objections to the confirmation of the Plan. * The ATOP Notice attached hereto as Exhibit 5B is approved. Each Holder of Class 7B CGB Unsecured Notes Claims that wishes to receive its entitlement under the Plan in the form of Itaú Corpbanca Shares must, through its Nominee, (a) tender its CGB Unsecured Notes into ATOP and (b) submit its Noteholder Questionnaire into the Solicitation Agent's E-Election portal, in each case, on or prior to May 6, 2022 at 5:00 p.m. (the "ATOP Deadline"). * The amount of each Itaú Chile Secured Claim (Class 4), Itaú Colombia Secured Claim (Class 5), Saga Itaú Unsecured Claim (Class 6), CGB Itaú Deficiency Claim (Class 7A), and CGB Interhold Intercompany Payable Claim (Class 7C), for voting purposes, shall be established in the full amount allowed under the Plan. Counsel to the Debtors: Michael H. Torkin, Esq. Kathrine A. McLendon, Esq. Nicholas E. Baker, Esq. Edward R. Linden, Esq. Jamie J. Fell, Esq. Simpson Thacher & Bartlett, LLP 425 Lexington Avenue New York, NY 10017 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 Email: michael.torkin@stblaw.com kmclendon@stblaw.com nbaker@stblaw.com edward.linden@stblaw.com jamie.fell@stblaw.com -and- Pauline K. Morgan, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: pmorgan@ycst.com About Corp Group Banking S.A. Corp Group Banking SA, a Chilean financial holding company controlled by billionaire Alvaro Saieh, and Inversiones CG Financial Chile Dos SpA filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-10969) on June 25, 2021. At the time of the filing, Corp Group Banking disclosed $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Simpson Thacher & Bartlett, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on July 20, 2021. The committee tapped Morgan, Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole LLP as Delaware counsel, and NLD Abogados as special Chilean counsel. FTI Consulting, Inc., serves as the committee's financial advisor. CORP GROUP: Updates Liquidating Plan Disclosures ------------------------------------------------ Corp Group Banking S.A. and its Affiliated Debtors submitted a Third Amended Joint Plan of Liquidation and Third Amended Disclosure Statement dated Feb. 17, 2022. On February 14, 2021, the Debtors and Itaú entered into the plan support letter (as may be amended, supplemented, or otherwise modified from time to time in accordance with its terms, the "Plan Support Letter") that requires Itaú to support the Plan, subject to certain conditions and limitations. Furthermore, on February 14, 2022, the Debtors, the Committee and Itaú entered into the Stipulation Among the Debtors, the Committee and Itaú Regarding Exclusivity, the Solicitation Procedures, the Disclosure Statement and the Plan (the "Stipulation") pursuant to which the Committee does not object to the Debtors' proposed order approving this Disclosure Statement. Class 6 consists of the Saga Itau Unsecured Claims. The Saga Itau Unsecured Claims are Allowed in an aggregate amount equal to the Second Petition Date Itau Chile Claim Amount. In full and final satisfaction, settlement and release of, and in exchange for the Saga Itaú Unsecured Claims, in lieu of Itau's receipt of a distribution on the Effective Date, the CG Interhold Restructuring will be consummated of the Plan. The allowed unsecured claims total $845,597,253.12. This Class will receive a distribution of 44.84% of their allowed claims. Class 6 is Impaired by the Plan. Class 7B consists of the CGB Unsecured Notes Claims. The CGB Unsecured Notes Claims are Allowed in an aggregate principal amount equal to $543,687,500. This Class will receive a distribution of 4.12% of their allowed claims. On the Effective Date, except to the extent that a Holder of CGB Unsecured Notes Claims agrees to less favorable treatment, in full and final satisfaction, settlement, and release of, and in exchange for the CGB Unsecured Notes Claims, each Holder thereof shall receive the following: * if such Holder is a Qualified Institutional Buyer, its pro rata share of (x) (based on the Unsecured Claims Pool) (1) the CGB Unencumbered Shares (less any such shares sold or to be sold to fund the Estate Cash Expenses, the CGBUNT Fees and Expenses and the Litigation Trust Funding Amount), and (2) the Residual Wind Down Cash, (y) (based on the Settlement Pool) the Settlement Consideration and (z) distributions from the Litigation Trust in accordance with the Litigation Trust Agreement; and * if such Holder is a Non-QIB, its pro rata share of (w) (based on the Unsecured Claims Pool) the Residual Wind Down Cash, (x) (based on the CGB Unsecured Notes Claims held by Non-QIBs) the Non-QIB Cash Distribution; (y) (based on the Settlement Pool) the Settlement Consideration and (z) distributions from the Litigation Trust in accordance with the Litigation Trust Agreement; provided, further, that the CGB Unsecured Notes Trustee shall be entitled to deduct consideration from the distributions to such Holders on a pro rata basis in order to pay itself the full amount of the CGBUNT Fees and Expenses. The Litigation Trustee shall be a fiduciary with duties solely to the applicable Holders of Allowed CGB Unsecured Notes Claims and Itaú (to the extent Itaú holds an Allowed or Disputed CGB Itaú Deficiency Claim) and shall be vested with all powers and authorities set forth in the Plan and the Litigation Trust Agreement. The Committee, the Debtors, Itaú (to the extent Itaú holds an Allowed or Disputed CGB Itaú Deficiency Claim) and the Litigation Trustee shall execute the Litigation Trust Agreement and take all necessary steps to establish the Litigation Trust. The Litigation Trust shall be established for the purpose of receiving the Litigation Trust Assets vested in the Litigation Trust, pursuing and receiving the proceeds of such Litigation Trust Claims for the benefit of Holders of Allowed CGB Unsecured Notes Claims and Itaú (to the extent it holds an Allowed or Disputed CGB Itaú Deficiency Claim), and distributing the Litigation Trust Distributable Cash, with no objective to continue or engage in the conduct of a trade or business; provided, however, that only CGB Unsecured Notes Claims shall receive the proceeds or recoveries in connection with any Litigation Trust Claims against Itaú. An amount to be reasonably agreed among the Debtors, the Committee and Itaú (to the extent Itaú holds an Allowed or Disputed CGB Itaú Deficiency Claim) of Litigation Trust Net Recoveries from Litigation Trust Claims shall be used to fund a reserve (the "Litigation Trust Reimbursement Reserve"). The Litigation Trustee may apply funds in the Litigation Trust Reimbursement Reserve to reimburse any actual and documented costs and expenses of the Litigation Trustee (the "Litigation Trust Reimbursement Amount"). Any such funds so applied shall constitute Litigation Trust Distributable Cash. April 4, 2022 at 5:00 p.m. is fixed as the last day to file Ballots to be counted as votes to accept or reject the Plan. "Releasing Party" means, each of, and in each case in its capacity as such: (a) the Debtors; (b) the Wind Down Estates; (c) the Settling Parties; (d) each Holder of a Claim or Equity Interest entitled to vote to accept or reject the Plan other than a Holder that opts out of the releases set forth in Article XI.E of the Plan (which opt out may be made regardless of whether such Holder votes to accept or reject the Plan or abstains from voting on the Plan); (e) each Holder of a Claim or Equity Interest that is Unimpaired and presumed to accept the Plan (other than a Holder that files an objection to the releases set forth in Article XI.E of the Plan with the Bankruptcy Court prior to the Plan Objection Deadline); (f) each current and former Affiliate of each Entity in clause (a) through (e); and (g) each Related Party of each Entity in clause (a) through (f). Counsel to the Debtors and Debtors in Possession: Michael H. Torkin, Esq. Kathrine A. McLendon, Esq. Nicholas E. Baker, Esq. Edward R. Linden, Esq. Jamie J. Fell, Esq. Simpson Thacher & Bartlett, LLP 425 Lexington Avenue New York, NY 10017 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 Email: michael.torkin@stblaw.com kmclendon@stblaw.com nbaker@stblaw.com edward.linden@stblaw.com jamie.fell@stblaw.com - and - Pauline K. Morgan, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: pmorgan@ycst.com About Corp Group Banking S.A. Corp Group Banking SA, a Chilean financial holding company controlled by billionaire Alvaro Saieh, and Inversiones CG Financial Chile Dos SpA filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-10969) on June 25, 2021. At the time of the filing, Corp Group Banking disclosed $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Simpson Thacher & Bartlett, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on July 20, 2021. The committee tapped Morgan, Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole LLP as Delaware counsel, and NLD Abogados as special Chilean counsel. FTI Consulting, Inc. serves as the committee's financial advisor. COX BROTHERS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Cox Brothers Machining, Inc. 2300 E. Ganson Jackson, MI 49202 Chapter 11 Petition Date: February 22, 2022 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 22-41255 Debtor's Counsel: Donald Darnell, Esq. DARNELL LAW OFFICE 8080 Grand St. Dexter, MI 48130 Email: dondarnell@darnell-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Russell Cox as president. 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/WKXI27I/Cox_Brothers_Machininging_Inc__miebke-22-41255__0001.0.pdf?mcid=tGE4TAMA CRED INC: Liquidating Trust Sued to Reclaim $21M Crypto Payout -------------------------------------------------------------- Gina Kim of Law360 reports that the liquidating trust for bankrupt cryptocurrency venture Cred Inc. sued in Delaware bankruptcy court Thursday, February 17, 2022, to clawback an allegedly fraudulent transfer of more than $21 million worth of Bitcoin to a so-called whale investor in exchange for a purportedly worthless bond. In an adversary proceeding, attorneys representing Cred Inc. Liquidation Trust asked U. S. Bankruptcy Judge John T. Dorsey to let it recover more than 516. 39 in Bitcoin that was transferred two years ago to Winslow Carter Strong, a prominent crypto angel investor based in Puerto Rico. About Cred Inc. Cred Inc. is a cryptocurrency platform that accepts loans of cryptocurrency from non-U.S. persons and pays interest on those loans. Cred -- https://mycred.io/ -- is a global financial services platform serving customers in over 100 countries. Cred is a licensed lender and allows some borrowers to earn a yield on cryptocurrency pledged as collateral. Cred Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated to have assets of $50 million to $100 million and liabilities of $100 million to $500 million as of the bankruptcy filing. Judge John T. Dorsey oversees the cases. The Debtors tapped Paul Hastings LLP as their bankruptcy counsel, Cousins Law LLC as local counsel, and MACCO Restructuring Group, LLC as financial advisor. Donlin, Recano & Company, Inc. is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3, 2020. The committee tapped McDermott Will & Emery LLLP as counsel, and Dundon Advisers LLC as financial advisor. Robert Stark is the examiner appointed in the Debtors' cases. Ashby & Geddes, P.A., and Ankura Consulting Group, LLC, serve as the examiner's legal counsel and financial advisor, respectively. CRITERIA EQUIPMENT: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Criteria Equipment Co., LLC 11118 U.S. Hwy 31 Spanish Fort, AL 36527-5647 Chapter 11 Petition Date: February 22, 2022 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 22-10326 Debtor's Counsel: Edward J. Peterson, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: epeterson@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by J. Marion Uter as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VS7UC5Q/Criteria_Equipment_Co_LLC__alsbke-22-10326__0001.0.pdf?mcid=tGE4TAMA DIOCESE OF CAMDEN: Tort Committee Balks at Plan Disclosures ----------------------------------------------------------- The Official Committee of Tort Claimant Creditors of The Diocese of Camden, New Jersey objects to the adequacy of the proposed Second Amended Disclosure Statement Pursuant to Section 1125 of the Bankruptcy Code Describing Second Amended Chapter 11 Plan Proposed by The Diocese of Camden, New Jersey describing the Debtor's Second Amended Plan of Reorganization. Even with the benefit of the Initial Objection having been filed over two and a half months ago, the Debtor has failed to remedy most of the inadequacies identified by the Committee. The arguments made in this Objection therefore supplement the objections in the Initial Objection. In support of this Objection, the Committee states: 1. Meaningful and accurate disclosure lies at the heart of the plan solicitation process. Effective disclosure requires the dissemination of "adequate information," which includes informing creditors what they will receive under a plan of reorganization, the impediments to receiving it and other information allowing creditors to make an informed decision whether to support a debtor's plan. Despite the length of the Debtor's Disclosure Statement—and the formal and informal comments provided by the Committee to cure previous iterations of the Disclosure Statement's inadequacies—the Disclosure Statement still leaves creditors with insufficient information on which to cast their Plan vote. Indeed, the Debtor fails to answer the most basic of questions. 2. What will Survivors receive under the Plan? The Debtor charted a procedural course for this case that asks this Court to hear the Insurance Settlement Motion before Plan confirmation. Yet, the Debtor's Disclosure Statement fails to address the ramifications of a denial of the Insurance Settlement Motion. Creditors are thus left to guess at whether the Debtor will seek to confirm the Plan if the Insurance Settlement Motion is denied or abort its attempt to cram down the Plan on Survivors. Moreover, without approval of the Insurance Settlement Motion, the Trust will no longer receive $30 million in funding from the Debtor's insurers (the "Insurers"), thereby impacting the distribution to Survivors.4 The Disclosure Statement must discuss the Debtor's intentions for Plan confirmation if the Insurance Settlement Motion is denied and explain the concomitant effect on distributions to Survivors before the Disclosure Statement can be found adequate. 3. If the Debtor intends to forge ahead with its Plan even if the Insurance Settlement Motion is denied, the Disclosure Statement must meaningfully discuss the risks and rewards associated with any proposed assignment of insurance rights of the Debtor and its affiliates. To have any utility, the Disclosure Statement must inform Survivors of any perceived risk that this Court may not approve the assignment and in that case, discuss how the Debtor's failure to convey the assignment will impact Survivors' recoveries. Likewise, the Disclosure Statement should discuss the rewards inherent with any assignment, where the face value of the insurance policies covering the period 1969‒1986 alone is $177 million. Beyond a discussion of the benefits and burdens of assignment, the Disclosure Statement must discuss the merits of the Insurers' coverage defenses. While the Disclosure Statement asserts that the Debtor believes the Insurers' "defenses have no merit," the Insurance Settlement Motion takes pains to establish otherwise. Until that discussion is included (and contradiction corrected), Survivors cannot make an informed decision on whether to support the Plan. 4. Will Survivors receive the promised distribution? (i) The Debtor proposes to initially fund the Trust with $20 million and then transfer $10 million a year to the Trust for the next three years. In connection with its exit from bankruptcy, the Debtor is restructuring the terms of its prepetition loan with PNC which now requires that the Debtor and certain so-called "Other Catholic Entities" maintain assets under management of $250 million or more.5 But the Disclosure Statement is silent about how this recent modification to the PNC loan came about, whether the Debtor can satisfy this condition and if not, the ramifications thereof. Moreover, there is no discussion in the Disclosure Statement about whether the proposed modifications to the PNC loan represent market pricing and terms or whether the Debtor even attempted to obtain more favorable pricing and terms on its prepetition loans than those currently contemplated. This disclosure is vital to creditors' understanding of Plan feasibility and must be disclosed before the Disclosure Statement can be approved. 5. How can Survivors determine if the proposed Plan is fair and equitable? (i) An accurate description of the assets of each of the Debtor's affiliates, including, but not limited to, its parishes, schools, missions and DOCT (collectively, the "Debtor Affiliated Entities"), which the Plan proposes to release, is essential to Survivors' understanding of whether the Plan satisfies Bankruptcy Code Section 1129(a)(7) (the "Best Interests Test"). Many Survivors have asserted claims against the Debtor Affiliated Entities. The Best Interests Test requires that this Court compare the projected Plan distributions to "the amount that such [creditor] would so receive or retain if the debtor were liquidated under chapter 7 of the [Bankruptcy Code] on such date." In a hypothetical chapter 7 liquidation, the Debtor Affiliated Entities would not get releases. Thus, when the Plan proposes the release of the Debtor Affiliated Entities, the Best Interests Test requires consideration of potential recoveries against such non-debtor third parties in determining what creditors would receive in the hypothetical, alternative liquidation recovery scenario. It is thus axiomatic that the Disclosure Statement contain information on the financial means of the Debtor Affiliated Entities. (ii) On a related note, the Debtor provides creditors with no meaningful information from which to determine whether the approximately $10 million being contributed by the Debtor Affiliated Entities in exchange for third-party releases is fair and equitable. For example, the Disclosure Statement omits any discussion of the hundreds of millions of dollars of assets of the Debtor Affiliated Entities or why those non-debtor parties should be receiving broad third-party releases for such a paltry contribution to the Debtor's reorganization. Thus, it is impossible for creditors to determine whether these third parties are providing a substantial contribution to this case. 6. Even if the inadequacies in the Disclosure Statement were cured, the Plan it describes is unconfirmable. When a plan so violates 11 U.S.C. Sec. 1129 and applicable law that its unconfirmability is clear, courts will address confirmation issues at the disclosure statement stage. Indeed, this Court has already done so here and should do so again because the Plan: * improperly provides for nonconsensual third-party releases and a channeling injunction; * improperly values Survivor Claims; * is not fair and equitable; * unfairly discriminates against Survivors; * artificially impairs the claims of Trade Creditors and the holders of pension claims (the "Underfunded Pension Claims"); * mischaracterizes and mistreats the claim asserted by PNC; * is not in the best interests of Survivors or any of the Debtor's creditors; * violates the absolute priority rule; and * is proposed in bad faith. The Committee has consistently raised the fallacy of proceeding with the Plan before it can lawfully bind future creditors. And while the Insurance Settlement Motion now requires the appointment of a future claims representative (a "FCR"), the Debtor has not yet consulted with the Committee or sought the appointment of a FCR. The Debtor is thus poised to violate the due process rights of unknown and unknowable Survivors who will manifest injury after the Bar Date—classified in Class 6 of the Plan—by seeking to bind them to the Plan without providing any mechanism through which their rights to notice or an opportunity to be heard can be protected. 8. The Debtor's failure to seek the appointment of a FCR until after it has reached a settlement with its Insurers and after its Plan and Disclosure Statement are on file renders the appointment of a FCR a nullity at this point because the FCR will be asked to merely rubberstamp what has already been done and will not be afforded adequate opportunity to evaluate the scope of the Debtor's Estate, the expected number and value of future claims and negotiate the treatment thereof. The Debtor's failure to seek the appointment of a FCR to negotiate the terms of the Insurance Settlement and the Plan renders the Plan patently unconfirmable. Counsel to the Official Committee of Tort Claimant Creditors: Jeffrey D. Prol, Esq. Michael A. Kaplan, Esq. Brent Weisenberg, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, NJ 07068 Telephone: (973) 597-2500 Email: jprol@lowenstein.com mkaplan@lowenstein.com bweisenberg@lowenstein.com About The Diocese of Camden The Diocese of Camden, New Jersey is a non-profit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. It is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. Reverend Robert E. Hughes, vicar general and vice president, signed the petition. In the petition, the Debtor disclosed total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. The Debtor tapped McManimon, Scotland & Baumann, LLC, as its bankruptcy counsel, Eisneramper, LLP, as financial advisor, Cooper Levenson P.A. and Duane Morris LLP as special counsel. Prime Clerk LLC is the Debtor's claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured trade creditors in the Debtor's Chapter 11 case. The committee is represented by Porzio, Bromberg & Newman, P.C. ES1 LLC: Unsecured Creditors Will Get 100% of Claims in Plan ------------------------------------------------------------ ES1, LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization for Small Business dated Feb. 17, 2022. The Debtor is a Washington Limited Liability Corporation, whose sole member is Dr. Eric R. Shibley, MD. Dr. Shibley formed this LLC in October 2012 to develop, renovate, and/or lease real estate. The three houses owed at the time of the filing were rented by the room. Due to various restrictions enacted to address public health and safety concerns during the pandemic, the Debtor has had significant difficulties in removing them from the properties. This bankruptcy petition was filed on the eve of foreclosure when the mortgage holder refused to continue the sale despite a pending offer for all three properties. In order to better effectively manage the properties and the company, Cheri Westphal was appointed its manager during this Subchapter V proceeding. Ms. Westphal is a real estate broker with ample experience in marketing and selling depressed properties such as those owned by the Debtor. As described in this Plan, the goal will be to liquidate these three houses, with the equity used to pay 100% of the estate's creditors. This Plan of Reorganization proposes to pay creditors of ES1, LLC from the liquidation of rental properties owned by the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of the Unsecured Claim of the US Small Business Administration - COVID-19 Economic Injury Disaster Loan (EIDL). The allowed unsecured claims total $30,000.00. Following the sale of the third property and full satisfaction of the claims in Classes 1, 2, and 3, Creditor shall receive a distribution of up to 100% of the allowed claim, within 30 days of the closing of the third property, no more than 395 days following confirmation of this Plan. Class 5 consists of the Unsecured Claim of the US Small Business Administration – Paycheck Protection Program. The allowed unsecured claims total $100,000.00. Class 5 is subject to offset by the $100,000 in a Wells Fargo Account seized on May 29, 2020 by the United States of America. The Civil Forfeiture Order was entered January 21, 2022. Case 2:20-cr-00174-JCC, ECF #144. See, e.g., In re Chapman, 264 B.R. 565, 572 (B.A.P. 9th Cir. 2001); In re Thena, Inc., 190 B.R. 407, 411–13 (Bankr. D. Or. 1995). This Class will receive a distribution of 100% of their allowed claims. Class 6 consists of all other unsecured claims against ES1, LLC. The Claims Bar Date in this case was established as January 7, 2022. Upon information and belief, Debtor asserts that there are no other unsecured claims against the Debtor. However, should any claims become known after January 7, 2022 and confirmation of this Plan, the Debtor will make a distribution to the unsecured creditors of up to 100% of their claims in a pro rata distribution of the remaining funds brought into the estate from the liquidation of its assets. Claims submitted after confirmation of this Plan will be disallowed and no distribution will be made Class 7 consists of Equity security holders of the Debtor. The sole member of ES1, LLC is Eric R. Shibley, MD. Dr. Shibley will receive a distribution of any funds that come into the estate following liquation of its three rental properties and after payment of all creditors provided for under this Plan, plus the funds generated from the second position Deeds of Trust placed on them for the Seller Financed Down Payment Assistance, if necessary to effectuate the sales. Based upon the estimated revenue upon closing of the third sale, Dr. Shibley will receive $165,417.03 after all of the distributions have been made. He will also receive any and all the payments made to ES1, LLC, pursuant to the possible second position Deeds of Trust for the Seller Financed Down Payment Assistance, of $172,500.00 plus 4% interest, payable over 24 months. From Dr. Shibley's distribution, the Debtor shall be authorized to make the following estimated distributions: * Cheri Westphal: $14,704.66 will be distributed to Cheri Westphal for pre- and post-filing compensation and reimbursement of expenses as Manager of ES1, LLC, and * Paul Barrera: $37,582.56 will be distributed to Attorney Paul Barrera for pre- and post-filing compensation and reimbursement of expenses for legal services for the benefit of Eric R. Shibley. This Plan provides for a comprehensive treatment of all creditors of ES1, LLC through a sale of their three current rental properties. A full-text copy of the Plan of Reorganization dated Feb. 17, 2022, is available at https://bit.ly/3s3S0SR from PacerMonitor.com at no charge. Attorney for the Debtor: Kathryn Scordato, Esq. Vortman & Feinstein 2033 Sixth Avenue, Suite 251 Seattle, WA 98121 Tel: (206) 223-9595 Fax: (206) 386-5355 About ES1 LLC ES1, LLC filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 21-12109) on Nov. 19, 2021, listing up to $10 million in assets and liabilities. Eric Shibley, manager, signed the petition. Judge Christopher M. Alston oversees the case. The Debtor tapped Kathryn Scordato, Esq., at Vortman & Feinstein, as its legal counsel. FANNIE MAE: Reports $22.2 Billion Net Income for 2021 ----------------------------------------------------- Fannie Mae filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $22.18 billion on $99.68 billion of total interest income for the year ended Dec. 31, 2021, compared to net income of $11.81 billion on $107.57 billion of total interest income for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $4.23 trillion in total assets, $4.18 trillion in total liabilities, and $47.36 billion in total stockholders' equity. "Fannie Mae continued to be a crucial source of mortgage financing in 2021. Our performance was strong and many parts of the housing economy performed well in 2021, but not for everyone. Our housing mission to advance equitable and sustainable access to homeownership and quality, affordable rental housing has never been more important. Much work remains to ensure that America's housing finance system serves all people fairly and is safe, sound, and properly capitalized," said Hugh R. Frater, chief executive officer. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/310522/000031052222000174/fnm-20211231.htm About Fannie Mae and Freddie Mac Federal National Mortgage Association (OTCQB: FNMA), commonly known as Fannie Mae, is a government-sponsored enterprise (GSE) that was chartered by U.S. Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. The Company partners with lenders to create housing opportunities for families across the country. Visit -- http://www.FannieMae.comFannie Mae has been under conservatorship, with the Federal Housing Finance Agency ("FHFA") acting as conservator, since Sept. 6, 2008. As conservator, FHFA succeeded to all rights, titles, powers and privileges of the company, and of any shareholder, officer or director of the company with respect to the company and its assets. The conservator has since provided for the exercise of certain authorities by the Company's Board of Directors. The Company's directors do not have any fiduciary duties to any person or entity except to the conservator and, accordingly, are not obligated to consider the interests of the company, the holders of the Company's equity or debt securities, or the holders of Fannie Mae MBS unless specifically directed to do so by the conservator. A brother organization of Fannie Mae is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. FINANCIAL GRAVITY: Incurs $75K Net Loss in First Quarter -------------------------------------------------------- Financial Gravity Companies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $74,740 on $1.60 million of total revenue for the three months ended Dec. 31, 2021, compared to a net loss of $194,360 on $1.71 million of total revenue for the three months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $4.35 million in total assets, $2.19 million in total liabilities, and $2.16 million in total stockholders' equity. As of Dec. 31, 2021, the Company had cash and cash equivalents of $353,183. The increase in cash and cash equivalents from Sept. 30, 2021 was due to net cash provided by operating activities of $49,897 and net cash used in investing activities of $0, and net cash used in financing activities of $2,584. The Company said these operating results raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Company's plans for expansion include attracting additional clients through marketing efforts with its current and future brokerage, investment management and insurance agent representatives, as well as increasing the TMN membership and the investment advisory activity of the members to increase assets under management and Company's revenue. Future growth plans will include efforts to increase advisory activity through TMN members. The Company gives no guaranty that it will achieve these objectives. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1377167/000168316822000986/fingravity_i10q-123121.htm About Financial Gravity Headquartered in Austin Texas, Financial Gravity Companies, Inc. is a parent company of stock brokerage, investment advisory, asset management, tax planning for business and personal, and financial advisor services companies. Financial Gravity reported a net loss of $7.42 million for the year ended Sept. 30, 2021, compared to a net loss of $791,675 for the year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $4.35 million in total assets, $2.20 million in total liabilities, and $2.15 million in total stockholders' equity. Fort Worth, Texas-based Weaver and Tidwell, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company incurred a net loss and a net use of operating cash in the current year and currently has a retained deficit that raises substantial doubt about its ability to continue as a going concern. FLOOR-TEX: Continued Operations to Fund Plan Payments ----------------------------------------------------- Floor-Tex Commercial Flooring, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization for Small Business dated Feb. 17, 2022. Floor-Tex is a Texas limited liability company that was established in 2017 and is wholly owned by Doris Springer. Floor Tex is a commercial flooring business that has contracts with schools and other governmental entities. This Plan of Reorganization proposes to pay Floor-Tex's creditors primarily from future income generated by the operation of Floor-Tex's commercial flooring business. Non-priority unsecured creditors holding allowed claims will receive distributions valued at the full amount of their allowed claim. This Plan also provides for the payment of administrative and priority claims. Claims and interests will be treated as follows under this Plan: * Class 1 consists of Vox Funding, LLC Claim. Vox has not filed a proof of claim. Vox initially advanced $500,000 to Floor-Tex and was re paid $347,500 by Floor-Tex prior to the filing. The remaining amount owed to Vox of $151,300 with interest at 4.5% annually will be paid by Floor-Tex to Vox over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. * Class 2 consists of Westwood Funding Solutions, LLC Claim. Westwood has not filed a proof of claim. Westwood initially advanced $630,991.73 to Floor-Tex and was repaid $418,371.46 by Floor-Tex prior to the filing. The remaining amount owed to Westwood of $212.531.73 with interest at 4.5% annually will be paid by Floor-Tex to Westwood over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. * Class 3 consists of Fresh Funding Solutions Inc. Claim. Fresh Funding has not filed a proof of claim. Fresh Funding initially advanced $242,010 to Floor-Tex and was re-paid $178,227 by Floor-Tex prior to the filing. The remaining amount owed to Fresh Funding of $63,783 with interest at 4.5% annually will be paid by Floor-Tex to Fresh Funding over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. * Class 4 consists of Blue Bridge Capital, LLC Claim. Blue Bridge has not filed a proof of claim. Blue Bridge initially advanced $60,450 to Floor-Tex and was re-paid $49,140 by Floor-Tex prior to the filing. The remaining amount owed to Blue Bridge of $11,310 with interest at 4.5% annually will be paid by Floor-Tex to Blue Bridge over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. * Class 5 consists of Lien Vendors or Suppliers Claim. Class 5 creditors will receive joint checks from owners or general contractors for supplies, materials, labor or other items provided for construction jobs for which such class 5 creditors may file liens or claims against the projects or bonds. To the extent not paid with joint checks, Floor-Tex will pay amounts to the creditors in this class over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. Payments in this class will be made to each creditor on a pro rata basis as to the amount owed at the time and the total amount owed to the creditors in the class at such time. Floor-Tex will pay 100% of the claims in this class. * Class 6 consists of Non-Priority Unsecured Claims. Floor-Tex will pay 50% of the claims in Class 6 over the 60 months of the plan in quarterly calendar payments with the first payment to be made at the end of the first full calendar quarter after the Effective Date of this plan. Any funds in the emergency reserve fund in excess of $100,000 will be paid on allowed claims in this class up to 100% of the claims. * Class 7 will retain the equity interests subject to the terms of this plan. The Debtor will establish and maintain an emergency reserve fund at such bank as designated by the Debtor. The fund will be for (1) contingencies and possible future covid type issues, and (2) payment of the Subchapter V Trustee. Upon approval of the subchapter V Trustee fees by the court, the Debtor may pay the subchapter V Trustee fees from the Emergency Reserve Fund. If funds in the emergency reserve exceed $100,000, the Debtor will use funds in excess of $100,000 to pay additional amounts to the creditors in class 6. Excess funds will be distributed in the calendar quarter following amounts over $100,000 being in the emergency reserve fund. At the conclusion of this plan, (1) the Debtor shall receive and may continue to hold $100,000 as an emergency reserve fund. A full-text copy of the Plan of Reorganization dated Feb. 17, 2022, is available at https://bit.ly/3JKTRSI from PacerMonitor.com at no charge. Attorney for the Debtor: Reese W. Baker, Esq. Baker and Associates 950 Echo Lane, Suite 300 Houston, TX 77024-2824 Phone: (713) 869-9200 Fax: (713) 869-9100 About Floor-Tex Commercial Flooring Floor-Tex Commercial Flooring, LLC, specializes in residential and commercial flooring contracting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-33751) on Nov. 19, 2021. In the petition signed by Doris Springer, chief executive officer, the Debtor disclosed up to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker and Associates, is the Debtor's counsel. FLORIDA HOMESITE: To Seek Plan Confirmation on March 28 ------------------------------------------------------- Judge Mindy A. Mora has entered an order approving the Second Amended Disclosure Statement explaining the Plan of Florida Homesite Developers, LLC. The Court will convene a hearing to consider confirmation of the Plan on March 28, 2022 at 2:30 p.m. in United States Bankruptcy Court, Flagler Waterview Building, 1515 North Flagler Drive, 8th Floor, Courtroom A, West Palm Beach, FL 33401. The last day for filing and serving objections to confirmation of the Plan will be on March 14, 2022 (14 days before Confirmation Hearing). The last day for filing a ballot accepting or rejecting the plan will be on March 14, 2022 (14 days before Confirmation Hearing). About Florida Homesite Developers Florida Homesite Developers, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-14081) on April 28, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Susan D. Lasky, Esq., at Sue Lasky, PA, is the Debtor's legal counsel. GAMESTOP CORP: G1 Execution, et al. Own 4% of Class A Shares ------------------------------------------------------------ G1 Execution Services, LLC, Susquehanna Fundamental Investments, LLC, Susquehanna Investment Group, and Susquehanna Securities, LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 3,056,239 shares of Class A common stock of GameStop Corp., representing 4 percent of the shares outstanding. G1 Execution Services, LLC, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC, may be deemed a group. The number of shares reported as beneficially owned by Susquehanna Investment Group includes options to buy 7,300 shares. The number of shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 2,957,000 shares. GameStop's Quarterly Report on Form 10-Q, filed on Dec. 8, 2021, indicates that there were 76,350,781 shares outstanding as of Dec. 1, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1326380/000110465922022357/tm225754d8_sc13ga.htm About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores. GameStop reported a net loss of $215.3 million for fiscal year 2020, a net loss of $470.9 million for fiscal year 2019, and a net loss of $673 million for fiscal year 2018. As of Oct. 30, 2021, the Company had $3.76 billion in total assets, $2.01 billion in total liabilities, and $1.75 billion in total stockholders' equity. GAMESTOP CORP: Maverick Capital Entities Own 0% of Class A Shares ----------------------------------------------------------------- Maverick Capital, Ltd., Maverick Capital Management, LLC, and Lee S. Ainslie III disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they have ceased to beneficially own shares of Class A common stock of GameStop Corp. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/934639/000119312522042029/d254393dsc13ga.htm About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce properties and thousands of stores. GameStop reported a net loss of $215.3 million for fiscal year 2020, a net loss of $470.9 million for fiscal year 2019, and a net loss of $673 million for fiscal year 2018. As of Oct. 30, 2021, the Company had $3.76 billion in total assets, $2.01 billion in total liabilities, and $1.75 billion in total stockholders' equity. GIGA-TRONICS INC: Cornelis F. Wit Reports 9.8% Equity Stake ----------------------------------------------------------- Cornelis F. Wit TTEE Cornelis F. Wit Revocable Living Trust disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, it beneficially owns 267,561 shares of common stock of Giga-tronics Incorporated, representing 9.8 percent of the shares outstanding. The percentage is based upon 2,725,010 issued and outstanding shares of the issuer's common stock and 23,482 issued and outstanding and outstanding shares of the issuer's convertible voting perpetual preferred stock, at Feb. 7, 2022, as reported in the issuer's Form 10-Q filed with the SEC. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/719274/000143774922003491/witc20220215b_sc13ga.htm About Giga-tronics Inc. Headquartered in Dublin, California, Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics -- http://www.gigatronics.com-- produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications. Giga-Tronics reported a net loss of $393,000 for the year ended March 27, 2021, a net loss of $687,000 for the year ended March 28, 2020, a net loss of $1.04 million for the year ended March 30, 2019, and a net loss of $3.10 million for the year ended March 31, 2018. As of Dec. 25, 2021, the Company had $8.13 million in total assets, $3.47 million in total liabilities, and $4.66 million in total shareholders' equity. GIGA-TRONICS INC: Laurence Lytton Reports 9.99% Equity Stake ------------------------------------------------------------ Laurence W. Lytton disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, he beneficially owns 274,951 shares of common stock of Giga-tronics Incorporated, representing 9.99 percent of the shares outstanding. The stock reported comprises 247,700 shares of common stock and pre-funded warrants to acquire 461,538 shares of common stock, subject to a 9.99% beneficial ownership limitation. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/719274/000093583622000183/giga-tronics13ga.htm About Giga-tronics Inc. Headquartered in Dublin, California, Giga-tronics Inc. is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics -- http://www.gigatronics.com-- produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications. Giga-Tronics reported a net loss of $393,000 for the year ended March 27, 2021, a net loss of $687,000 for the year ended March 28, 2020, a net loss of $1.04 million for the year ended March 30, 2019, and a net loss of $3.10 million for the year ended March 31, 2018. As of Dec. 25, 2021, the Company had $8.13 million in total assets, $3.47 million in total liabilities, and $4.66 million in total shareholders' equity. GPMI CO: Creditors' Committee Taps Stinson as Bankruptcy Counsel ---------------------------------------------------------------- The official unsecured creditors' committee of GPMI Co. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Stinson, LLP to serve as its legal counsel. The firm's services include: (a) analyzing the Debtor's financial situations and rendering advice to the committee in determining courses of action necessary for an effective reorganization; (b) preparing and filing pleadings and other documents; (c) representing the committee at meetings and hearings; (d) representing the committee in adversary or contested matters and other court proceedings; (e) negotiating with the Debtor and other parties-in-interest; (f) investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's related entities and business interests, and any matter relevant to the Debtor's case; (g) participating in the Debtor's bankruptcy to the extent it affects the rights and interests of creditors including, without limitation, the formulation of a Chapter 11 plan of reorganization and confirmation of that plan; (h) performing other legal services for the committee. The firm's hourly rates are as follows: Attorneys $315 - $850 Paralegals $95 - $240 Legal assistants $95 - $240 Alisa Lacey, Esq., a partner at Stinson, 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: Alisa C. Lacey, Esq. Thomas J. Salerno, Esq. Anthony P. Cali, Esq. Clarissa C. Brady, Esq. Stinson LLP 1850 N. Central Avenue, Suite 2100 Phoenix, AZ 85004-4584 Tel: (602) 279-1600 Fax: (602) 240-6925 Email: Alisa.Lacey@stinson.com Thomas.Salerno@stinson.com Anthony.Cali@stinson.com Clarissa.Brady@stinson.com About GPMI Co. GPMI Company is an Arizona based company engaged in developing new concepts, innovating products, program development, and marketing. It was established in 1989, with production facilities across the United States. GPMI filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-00150) on Jan. 10, 2022, listing as much as $50 million in both assets and liabilities. Yarron Bendor, president, signed the petition. Judge Eddward P. Ballinger Jr. oversees the case. Engelman Berger, PC, led by Steven N. Berger, Esq., serves as the Debtor's legal counsel while MCA Financial Group, Ltd. serves as its financial consultant. The U.S. Trustee for Region 14 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on Feb. 4, 2022. The committee is represented by Stinson, LLP. HERTZ CORP: Judge Lets Sanctioned Attorney to Practice in Delaware ------------------------------------------------------------------ Leslie A. Pappas of Law360 reports that an attorney sanctioned for ethical lapses may temporarily practice in Delaware over the objections of the Hertz Corp. bankruptcy estate, a judge ruled Friday, Feb. 18, 2022, warning against "hair-splitting" or courtroom "antics" that would quickly get his pro hac vice status revoked. Francis Malofiy of Francis Alexander LLC followed the District of Delaware's local rules when he asked for permission to represent a group of rental car customers who allege that Hertz filed false police reports against them, U.S. Bankruptcy Judge Mary F. Walrath said at a virtual hearing Friday. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HOOT THE DOG: Unsecureds to Get 100 Cents on Dollar in Plan ----------------------------------------------------------- Hoot the Dog, LLC, and Hoot the Dog Five, LLC, submitted a Plan of Reorganization. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the period described in section 1191(c)(2) of $4,762,424.67 ($3,628,363.17 for Hoot the Dog, LLC and $1,134,061.50 - Hoot the Dog Five, LLC). The final Plan payment is expected to be paid on April 1, 2027. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors from cash flow from operations and future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. Under the Plan, holders of Class 5 Non-priority unsecured creditors, Unsecured Claims of IRS, Florida Department of Revenue, and Capital One will be paid in full within 5 years from the effective date of confirmation, with equal quarterly payments commencing the fifteenth day after the beginning of the first quarter after the effective date. Class 5 is impaired. Class 6 Non-priority unsecured creditors, Unsecured Claims of JP Morgan Chase. The claims of JP Morgan Chase are for forgivable loans pursuant to the CARES Act and Debtors will seek loan forgiveness in accordance with procedures promulgated by the Small Business Administration. Class 6 is impaired. Attorney for the Plan Proponent: Jake C. Blanchard, Esq. A copy of the Plan dated Feb. 11, 2022, is available at https://bit.ly/3gKigv0 from PacerMonitor.com. About Hoot The Dog Hoot the Dog, LLC, operates the restaurant The Brown Boxer Pub and Grille at 483 Mandalay Ave #118, Clearwater Beach, Florida. Affiliate Hoot the Dog Five, LLC owns and operates a smaller location in a leased premises under the same fictitious name located at 741 Bayway Blvd., Clearwater Beach, Florida. Hoot The Dog LLC and Hoot the Dog Five LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-04799 and 21-04803) on Sept. 20, 2021. In the petition signed by Jay Thomas, managing member, HTD disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Caryl E. Delano oversees the cases. Jake C. Blanchard, Esq., at Blanchard Law, P.A., is the Debtors' counsel. HYDROCARBON FLOW: Unsecureds Have No Recovery in Plan ----------------------------------------------------- Hydrocarbon Flow Specialist, Inc., HY "C", Inc., and Hydrocarbon HY-VAC Systems, Inc., submitted a Joint Plan of Reorganization. HFS owns real property, with its estimated interest in such to be $1,000,000, and estimates its personal property (or its interest in such) to be valued at $1,536,893.77. The majority of the HFS personal property is equipment (vehicles) subject to finance arrangements. HY "C", Inc. and Hydrocarbon HY-VAC Systems, Inc. estimate their property to be valued at $110,309 and $79,852, respectively, consisting of unused net operating losses (federal). The value of their interest in numerous pieces of equipment is undetermined. Under the plan, class 5 consists of General Unsecured Claims, as follows: - As addressed in Class 1, the balance of MC Bank's claims referred to this class (valued at $2,676,435), - PPP loan balance in the total estimated amount of $386,727, $240,752 has been forgiven, with a remaining balance of $145,975, - general unsecured claims not otherwise referenced herein, in the total amount of $336,593 As previously noted, the SBA claim against the Debtor in connection with its Economic Injury Disaster Loan with a valuation of $155,964.04 is also referred to this Class. Class 5 is impaired under the Plan and shall be deemed to reject the Plan. Class 5 will have no recovery under the Plan. Class 6 consists of Unsecured Insider Reimbursable Business Expenses incurred by Owen Risher and Mark Risher, who funded business expenses for the Debtors, with a total valuation of $98,878. Class 6 is impaired under the Plan and shall be deemed to reject the Plan. Class 6 will have no recovery under the Plan. Class 7 consists of claims arising from pre-petition payments by insiders Owen Risher (totaling approximately $2.4 million) and Mark Risher (totaling approximately $225,000) to help fund the Debtors. Class 7 is impaired under the Plan and shall be deemed to reject the Plan. Class 7 will have no recovery under the Plan. The Plan will be funded from the Debtors' continued operations. Attorneys for the Debtors-in-Possession: Bradley L. Drell, Esq. Heather M. Mathews, Esq. P. O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 E-mail: bdrell@goldweems.com A copy of the Plan dated Feb. 11, 2022, is available at https://bit.ly/3oJCZUa from PacerMonitor.com. About The HydroCarbon Flow Specialist Patterson, La.-based The HydroCarbon Flow Specialist, Inc., and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Lead Case No. 21-50420) on July 7, 2021. Owen T. Risher, registered agent and director, signed the petition. At the time of the filing, HydroCarbon Flow Specialist listed up to $500,000 in assets and up to $50 million in liabilities. Judge John W. Kolwe oversees the cases. Bradley L. Drell, Esq., and Heather M. Mathews, Esq., at Gold, Weems, Bruser, Sues & Rundell are the Debtors' bankruptcy attorneys. Wright, Moore, DeHart, Dupuis & Hutchinson, LLC and Postlethwaite & Netterville, APAC serve as the Debtors' accountant and financial advisor, respectively. INNOVATIVE DESIGNS: Incurs $323K Net Loss in FY Ended Oct. 31 ------------------------------------------------------------- Innovative Designs, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $322,732 on $225,601 of net revenues for the year ended Oct. 31, 2021, compared to a net loss of $280,743 on $202,253 of net revenues for the year ended Oct. 31, 2020. As of Oct. 31, 2021, the Company had $1.68 million in total assets, $750,116 in total liabilities, and $932,361 in total stockholders' equity. Kennett Square, PA-based RW Group, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Feb. 14, 2022, citing that the Company had net losses and negative cash flows from operations for the year ended Oct. 31, 2021 and an accumulated deficit at Oct. 31, 2021. These factors raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance date of these financial statements. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1190370/000173112222000252/e3506_10-k.htm About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc. operates in two separate business segments: cold weather clothing and a house wrap for the building construction industry. Both of its segment lines use products made from INSULTEX, which is a low-density foamed polyethylene with buoyancy, scent block, and thermal resistant properties. The Company has a license agreement directly with the owner of the INSULTEX Technology. INPIXON: Armistice Capital, Steven Boyd Report 9.99% Equity Stake ----------------------------------------------------------------- Armistice Capital, LLC and Steven Boyd disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 13,076,541 shares of common stock of Inpixon, representing 9.99 percent of the shares outstanding. The percentage of Shares reported to be beneficially owned by the Reporting Persons are based on 124,593,719 Shares outstanding as of Nov. 9, 2021, as reported in the Issuer's Form S-3 filed with the SEC on Nov. 19, 2021. Armistice Capital, LLC is the investment manager of Armistice Capital Master Fund Ltd., the direct holder of the Shares, and pursuant to an Investment Management Agreement, Armistice Capital exercises voting and investment power over the securities of the Issuer held by the Master Fund and thus may be deemed to beneficially own the securities of the Issuer held by the Master Fund. Mr. Boyd, as the managing member of Armistice Capital, may be deemed to beneficially own the securities of the Issuer held by the Master Fund. The Master Fund specifically disclaims beneficial ownership of the securities of the Issuer directly held by it by virtue of its inability to vote or dispose of such securities as a result of its Investment Management Agreement with Armistice Capital. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1529113/000119312522042451/d272368dsc13g.htm About Inpixon Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an indoor data company and specializes in indoor intelligence. The Company's indoor location data platform and patented technologies ingest and integrate data with indoor maps enabling users to harness the power of indoor data to create actionable intelligence. Inpixon reported a net loss of $29.21 million for the year ended Dec. 31, 2020, a net loss of $33.98 million for the year ended Dec. 31, 2019, and a net loss of $24.56 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $191.04 million in total assets, $26.66 million in total liabilities, $39.50 million in mezzanine equity, and a total stockholders' equity of $124.89 million. INTERNATIONAL EXPEDITED: Unsecureds to Recover 20% in 60 Months --------------------------------------------------------------- International Expedited Services, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Subchapter V Plan of Reorganization dated Feb. 17, 2022. This Plan of Reorganization under Subchapter V proposes to pay unsecured creditors of the Debtor all disposable income during months 1-60 from future income of the Debtor derived from income generated from the freight logistics business that the Debtor owns in order to obtain a discharge pursuant to 11 U.S.C. Sec. 1192. This Plan provides for 1 class of secured claims, 1 Class of Priority Claims and 1 class of unsecured claims. Unsecured creditors holding allowed claims will receive distributions which the proponent of this Plan has valued at approximately 20 cents on the dollar based upon current projections of disposable income. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan or as allowed under the Bankruptcy Code. Class 3 consists of All General Unsecured Claims, including any wholly unsecured second mortgage claims and any unsecured portion of claims valued pursuant to 11 U.S.C. Sec. 506. To the extent that unsecured claims are filed and allowed, the Debtor shall pay the total amount of unsecured claims at the rate of $734.00 during months 1-60 of the plan of reorganization for 20% repayment of all unsecured claims. Payments to the various Classes under this Plan of Reorganization shall commence 20 days after the date that the Plan of Reorganization becomes final and non-appealable unless otherwise specifically stated with respect to treatment of each particular class. This Plan contemplates payments to mortgage holders and/or servicers from property of the estate. Such payments may differ from the original contractual obligation of the debtor(s) pursuant to the mortgage contracts. To the extent that such plan payments are not applied to any modified mortgage account as contemplated by the Plan, the Bankruptcy Court shall retain jurisdiction to enforce the terms of this Plan after confirmation. A full-text copy of the Amended Subchapter V Plan dated Feb. 17, 2022, is available at https://bit.ly/3h5fRvc from PacerMonitor.com at no charge. Attorney for the Debtor: Brian K. Mickler, Esq. Law Offices of Mickler & Mickler 5452 Arlington Expressway Jacksonville, FL 32211 Office: 904-725-0822 Cell: 904-725-0822 Fax: 904-725-0855 Email: bkmickler@planlaw.com About International Expedited Services International Expedited Services, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02854) on Dec. 9, 2021, listing up to $100,000 in assets and up to $50,000 in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler, is th Debtor's legal counsel. INTERSTATE UNDERGROUND: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Trustee for Region 13 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Interstate Underground Warehouse and Industrial Park, Inc. About Interstate Underground Warehouse Interstate Underground Warehouse and Industrial Park, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 21-40834) on July 1, 2021. In the petition signed by Leslie Reeder, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Dennis R. Dow is assigned to the case. Pamela Putnam, Esq., at Armstrong Teasdale LLP is the Debtor's legal counsel. ION GEOPHYSICAL: Gets Continued Forbearance From PNC, Noteholders ----------------------------------------------------------------- ION Geophysical Corporation has entered into a Second Forbearance and Sixth Amendment extension with PNC Bank, National Association, under its Revolving Credit and Security Agreement dated Aug. 22, 2014, pursuant to which PNC has agreed to waive, through and including March 8, 2022, a cross default that would have occurred under the Credit Agreement by virtue of ION's missing and still not having paid, the interest payment on the 2025 Notes that was due on Dec. 15, 2021. In addition, ION also announced that it had entered into Amendment No. 1 to the Forbearance Agreement with holders of more than 79% of its 2025 Notes to continue to forbear until March 8, 2022 from enforcing their rights and remedies arising as a result of ION's failure to make the Dec. 15, 2021 interest payment due on the 2025 Notes. The forbearances are subject to the terms and conditions of the relevant agreements with PNC and the note holders, which are described in more detail in the Company's current report on Form 8-K filed with the SEC. ION remains in continuing discussions with PNC and the holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value. These strategic alternatives include, among others, a sale or business combination transaction or sales of assets, any of which may be executed as part of an in-court or out-of-court restructuring process. About ION Geophysical Corp. Headquartered in Houston, Texas, ION (NYSE: IO) -- http://www.iongeo.com/-- is an innovative, asset light global technology company that delivers powerful data-driven decision-making offerings to offshore energy, ports and defense industries. The Company is entering a fourth industrial revolution where technology is fundamentally changing how decisions are made. The Company provides its services and products through two business segments -- E&P Technology & Services and Operations Optimization. ION Geophysical reported a net loss of $37.11 million for the year ended Dec. 31, 2020, compared to a net loss of $47.21 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $190.91 million in total assets, $256.07 million in total liabilities, and a total deficit of $65.17 million. Houston, Texas-based Grant Thornton LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company had outstanding $120.6 million aggregate principal amount of its 9.125% Senior Secured Second Priority Notes, which mature on Dec. 15, 2021. The Notes, classified as current liabilities, caused the Company's current liabilities to exceed its current assets by $150.9 million and its total liabilities exceed its total assets by $71.1 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on Jan. 6, 2022, S&P Global Ratings lowered its issuer credit rating on U.S.-based marine seismic data company ION Geophysical Corp. to 'D' from CCC'. S&P said the downgrade reflects ION Geophysical's missed interest and principal payments on its 8% senior secured notes due 2025 and its 9.125% unsecured notes due 2021. ION GEOPHYSICAL: Implements Executive Retention Program ------------------------------------------------------- Ion Geophysical Corporation entered into an Executive Retention Program designed to retain certain key executives of the Company in their current roles while the Company continues its strategic alternatives process. Pursuant to the ERP, the executives must continue their employment with the Company generally through the conclusion of the strategic alternatives process or they will forfeit the full amount of the retention payment. If an executive is terminated for cause or voluntarily terminates his or her employment with the Company without good reason (other than as a result of death or disability) such executive must repay his or her retention payment in full. The ERP was formulated with the input and based upon the recommendations of the Board's advisors. The Company's named executive officers received the following amounts under the ERP: Named Executive Officer Retention Award Amount ----------------------- ---------------------- Christopher T. Usher $262,500 President and Chief Executive Officer Michael L. Morrison $200,000 Executive Vice President and CFO Dale J. Lambert $175,000 EVP, E&P Technology & Services Kenneth G. Williamson $125,000 EVP, Innovation & Strategic Marketing Matthew R. Powers $175,000 EVP, General Counsel and Corporate Secretary About ION Geophysical Corp. Headquartered in Houston, Texas, ION (NYSE: IO) -- http://www.iongeo.com/-- is an innovative, asset light global technology company that delivers powerful data-driven decision-making offerings to offshore energy, ports and defense industries. The Company is entering a fourth industrial revolution where technology is fundamentally changing how decisions are made. The Company provides its services and products through two business segments -- E&P Technology & Services and Operations Optimization. ION Geophysical reported a net loss of $37.11 million for the year ended Dec. 31, 2020, compared to a net loss of $47.21 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $190.91 million in total assets, $256.07 million in total liabilities, and a total deficit of $65.17 million. Houston, Texas-based Grant Thornton LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company had outstanding $120.6 million aggregate principal amount of its 9.125% Senior Secured Second Priority Notes, which mature on Dec. 15, 2021. The Notes, classified as current liabilities, caused the Company's current liabilities to exceed its current assets by $150.9 million and its total liabilities exceed its total assets by $71.1 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on Jan. 6, 2022, S&P Global Ratings lowered its issuer credit rating on U.S.-based marine seismic data company ION Geophysical Corp. to 'D' from CCC'. S&P said the downgrade reflects ION Geophysical's missed interest and principal payments on its 8% senior secured notes due 2025 and its 9.125% unsecured notes due 2021. IONIX TECHNOLOGY: Incurs $98K Net Loss in Second Quarter -------------------------------------------------------- Ionix Technology, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $97,745 on $3.94 million of revenues for the three months ended Dec. 31, 2021, compared to a net loss of $356,118 on $2.98 million of revenues for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported a net loss of $637,944 on $8.49 million of revenues compared to a net loss of $888,424 on $5.94 million of revenues for the six months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $21.99 million in total assets, $9.17 million in total liabilities, and $12.82 million in total stockholders' equity. The Group had an accumulated deficit of $782,353 as of Dec. 31, 2021. The Group incurred loss from operation and did not generate sufficient cash flow from its operating activities for the six months ended Dec. 31, 2021. Ionix said these factors, among others, raise substantial doubt about the Group's ability to continue as a going concern. According to Ionix, "The Group plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of the business plan and operations. The Group is also pursuing other revenue streams which could include strategic acquisitions or possible joint ventures of other business segments. However, no assurance can be given that the Group will be successful in raising additional capital." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1528308/000121465922002683/i21122210q.htm About Ionix Technology Ionix Technology, Inc. (formerly known as Cambridge Projects Inc.), a Nevada corporation, was formed on March 11, 2011. The Company was originally formed to pursue a business combination through the acquisition of, or merger with, an operating business. Since January 2016, the Company has shifted its focus to becoming an aggregator of energy cooperatives to achieve optimum price and efficiency in creating and producing technology and products that emphasize long life, high output, high energy density, and high reliability. By and through its wholly owned subsidiary, Well Best and the indirect subsidiaries, Baileqi Electronics, Lisite Science, Welly Surplus, Fangguan Photoelectric, Fangguan Electronics and Shizhe New Energy, the Company has commenced its main operations of high-end intelligent electronic equipment and photoelectric display products, became the New energy service provider and IT solution provider, which are in the new-type rising industries. Ionix Technology reported a net loss of $406,607 for the year ended June 30, 2021, compared to a net loss of $277,668 for the year ended June 30, 2020. As of June 30, 2021, the Company had $21.74 million in total assets, $9.89 million in total liabilities, and $11.85 million in total stockholders' equity. JAGUAR DISTRIBUTION: Unsecureds to Recover 10.5% in Sale Plan ------------------------------------------------------------- Jaguar Distribution Corp. submitted a Chapter 11 Plan of Reorganization and a Disclosure Statement. Prior to the Petition Date, the Debtor continued its efforts to prepare for a sale of substantially all of the Debtor's assets used in connection with its business. In that regard, shortly before the case was filed, the Debtor entered into an asset purchase agreement with Ricochet Digital Media, LLC, for the sale of substantially all of its intellectual property assets and film distribution assets. On Aug. 3, 2020, as part of its first day motions, the Debtor filed an emergency motion for an order to approve sale procedures in connection with the sale of substantially all of its intellectual property assets and film distribution assets to Ricochet, subject to overbid (the "Sales Procedures Motion"). As part of the Court-approved sale procedures, the Debtor received a qualified overbid from The Forest Road Company. On Oct. 9, 2020, the Debtor conducted an auction with respect to its intellectual property assets and film distribution assets. The winning bid at the conclusion of the auction was Ricochet. The terms were set forth in a third amended asset purchase agreement, with Forest Road as the backup bidder. The third amended asset purchase agreement provided, among other things, for the sale of the Debtor's intellectual property assets and film distribution assets (with some exclusions) to Ricochet for a $30,000 cash payment to be paid on or before the closing date, 80% of the collected accounts receivables, and 25% of the net proceeds of new accounts receivables actually collected by Ricochet, to be paid on a quarterly basis within 30 days after the end of each quarter. The sale order was entered on Oct. 15, 2020, and the sale closed on or about Nov. 2, 2020. The assets of the Estate include the Debtor's Cash on hand as of the Effective Date, which will be transferred to the Liquidating Trust as of the Effective Date, proceeds from the investment of such Cash, and any Causes of Action and Avoidance Actions. The Debtor believes that there are no Secured Claims in this Case. All remaining assets are unencumbered and available for distribution to Holders of Allowed Administrative Expense Claims and Claims in the order of their priority. Pursuant to the Plan, the Debtor proposes an orderly liquidation of its remaining assets. The Plan provides for the transfer all assets of the Debtor's Estate into a Liquidating Trust that will be administered by the Liquidating Trustee. The Liquidating Trustee will be responsible for administering and liquidating the assets, including the pursuit and resolution of any Causes of Action, and making distributions to creditors in accordance with the terms of the Plan and in accordance with the distributive priorities of the Bankruptcy Code and the Plan. The Debtor's assets will be transferred to the Liquidating Trust on the Effective Date of the Plan. Under the Plan, Class 1 consists of Convenience Claims (i.e., General Unsecured Claims equal to or less than $500) totaling $2,075. Each Holder of a General Unsecured Claim that is not a Convenience Claim (that is, a General Unsecured Claim for more than $500) may elect to reduce its Claim to $500, waive the balance of its Claim against the Debtor and the Estate, and receive treatment under the Plan as a Class 1 Claim. This election must be made on a Ballot received by the Debtor on or before the deadline for the submission of Ballots accepting or rejecting the Plan. All Convenience Claims shall be deemed Allowed in the full amount of the Claim, up to $500. Allowed Class 1 Claims will be transferred to the Liquidating Trust. Unless otherwise agreed by the Holder of a Class 1 Claim, the Liquidating Trustee will pay to each Holder of an Allowed Class 1 Claim, in one installment and in full satisfaction of such Claim, cash in the full amount of the Allowed Class 1 Claim, without interest, on or shortly after the Effective Date. Creditors will recover 100% of their claims. Class 1 is unimpaired. Class 2 consists of General Unsecured Claims that are not Convenience Claims totaling $5,729,772. Allowed Class 2 Claims will be transferred to the Liquidating Trust. Unless otherwise agreed by the Holder of a Class 2 Claim, each Holder of a Class 2 Claim will be paid pro rata from funds received by the Liquidating Trust after payment of U.S. Trustee Fees, Professional Fee Claims, Licensor Administrative Expense Claims, Other Administrative Expense Claims, Priority Tax Claims, Class 1 Claims, and the expense of administration of the Liquidating Trust. Creditors will recover 10.5% of their claims. The Debtor projects that at least approximately $600,011 will be available to satisfy the Allowed Claims in Class 2. Class 2 is impaired. The Disclosure Statement hearing will be on March 30, 2022 at 1:30 p.m. in Courtroom 303, 21041 Burbank Boulevard, Woodland Hills, California 91367. Attorneys for the Debtor: John N. Tedford, IV, Esq. Zev Shechtman, Esq. Aaron E. De Leest, Esq. DANNING, GILL, ISRAEL & KRASNOFF, LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, California 90067-6006 Telephone: (310) 277-0077 Facsimile: (310) 277-5735 E-mail: jtedford@DanningGill.com zs@DanningGill.com adeleest@DanningGill.com A copy of the Disclosure Statement dated Feb. 16, 2022, is available at https://bit.ly/3rUJx4q from PacerMonitor.com. About Jaguar Distribution Corp. Established in 1982, Jaguar Distribution Corp. -- http://www.jaguardc.com/-- is a distributor of independent films to the worldwide in-flight marketplace. Jaguar Distribution sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11358) on July 31, 2020. In its petition, the Debtor disclosed total assets of $1,768,195 and total liabilities of $9,018,419. James Wong, chief restructuring officer, signed the petition. Judge Martin R. Barash oversees the case. Danning, Gill, Israel & Krasnoff, LLP and Greg Seigel, CPA serve as the Debtor's legal counsel and accountant, respectively. The U.S. Trustee for Region 16 appointed an official committee of unsecured creditors on Aug. 21, 2020. The committee is represented by SulmeyerKupetz, A Professional Corporation. JAMUNA TAXI: Gets OK to Hire Thomas A. Farinella as Counsel ----------------------------------------------------------- Jamuna Taxi Corp. received approval from the U.S. Bankruptcy Court for the Southern District of New York to hire the Law Office of Thomas A. Farinella, P.C to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting the Debtor in administering its bankruptcy case; (b) preparing motions or taking actions appropriate or necessary under the Bankruptcy Code; (c) representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; (d) taking necessary steps to marshal and protect the estate's assets; (e) negotiating with creditors in formulating a plan of reorganization. (f) drafting and prosecuting the confirmation of the Debtor's plan of reorganization; (g) rendering such additional services as the Debtor may require in the case. The firm's hourly rates are as follows: Attorney $400 per hour Clerks and paraprofessionals $200 per hour The Debtor paid the firm a retainer fee in the amount of $5,000. Thomas Farinella, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas A. Farinella, Esq., Law Office of Thomas A. Farinella, PC 260 Madison Avenue, 8th Floor New York, NY 10016 Tel: (917) 319-8579 Email: tf@lawtaf.com About Jamuna Taxi Corp. Jamuna Taxi Corp. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 19-13304) on Oct. 17, 2019, disclosing as much as $1 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Thomas A. Farinella, Esq., at the Law Office of Thomas A. Farinella, P.C. JOHNSON & JOHNSON: Cancer Victims Ask Judge to Dismiss Bankruptcy ----------------------------------------------------------------- Steven Church of Bloomberg News reports that cancer victims urge judge to dismiss Johnson & Johnson's bankruptcy ploy must be dismissed. Johnson & Johnson should be blocked from using bankruptcy to force an end to 38,000 lawsuits by people who claim the company's iconic baby powder gave them cancer because the consumer giant has a "perverse incentive" to avoid a deal, lawyers for victims said Thursday at the close of a trial on the company's legal strategy. Lawyers for J&J and cancer victims wrapped up four days of testimony about whether the company abused federal Chapter 11 rules by shunting all the claims into a new unit and putting it into bankruptcy in order to halt the suits. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. JPP HOLDING: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: JPP Holding LLC 801 East 6th Street Ste. C Plainfield, NJ 07062 Chapter 11 Petition Date: February 22, 2022 Court: United States Bankruptcy Court District of New Jersey Case No.: 22-11400 Debtor's Counsel: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Tel: 732-238-8777 Fax: 732-238-8758 Email: rnisenson@aol.com Total Assets: $1,405,000 Total Liabilities: $681,022 The petition was signed by Wellington F. Pena as authorized representative. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SL6IA7Y/JPP_Holding_LLC__njbke-22-11400__0001.0.pdf?mcid=tGE4TAMA KAMCARE LLC: Gets OK to Hire Gabriel Liberman as Bankruptcy Counsel ------------------------------------------------------------------- Kamcare, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Gabriel Liberman, APC to serve as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: Gabriel E. Liberman, Esq. $315 per hour Paraprofessionals $150 per hour The firm received a retainer fee in the amount of $6,738. Gabriel Liberman, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gabriel E. Liberman, Esq. Law Offices of Gabriel Liberman, APC 1545 River Park Drive, Suite 530 Sacramento, California 95815 Tel.: (916) 485-1111 Fax: (916) 485-1111 Email: Gabe@4851111.com About Kamcare LLC Kamcare, LLC filed a petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 22-20108) on Jan. 18, 2022, listing up to $1 million in assets and up to $500,000 in liabilities. Kathy Jones, managing member, signed the petition. Judge Ronald H. Sargis oversees the case. The Debtor tapped the Law Offices of Gabriel Liberman, APC as legal counsel. KNOW LABS: Incurs $5.4 Million Net Loss in First Quarter -------------------------------------------------------- Know Labs, Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $5.36 million on $4.35 million of revenue for the three months ended Dec. 31, 2021, compared to a net loss of $5.30 million on zero revenue for the same period during the prior year. As of Dec. 31, 2021, the Company had $14.88 million in total assets, $17.42 million in total current liabilities, $603,385 in total non-current liabilities, and a total stockholders' deficit of $3.14 million. The Company had cash of approximately $10,734,000 and net working capital of approximately $9,980,000 (net of convertible notes payable and right of use asset and liabilities) as of Dec. 31, 2021. The Company has experienced net losses since inception and it expects losses to continue as it commercializes its ChromaID technology. As of Dec. 31, 2021, the Company had an accumulated deficit of $86,683,000. The Company incurred non-cash expenses of $4,429,000 and $17,701,000 and $9,366,000 during the three months ended Dec. 31, 2021 and the years ended Sept. 30, 2021 and 2020, respectively. The Company believes that its cash on hand will be sufficient to fund its operations through Dec. 31, 2023. The Company has financed its corporate operations and its technology development through the issuance of convertible debentures, the issuance of preferred stock, the sale of common stock and the exercise of warrants. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1074828/000165495422001704/knwn_10q.htm About Know Labs Know Labs, Inc., was incorporated under the laws of the State of Nevada in 1998. Since 2007, the Company has been focused primarily on research and development of proprietary technologies which can be used to authenticate and diagnose a wide variety of organic and non-organic substances and materials. The Company's Common Stock trades on the OTCQB Exchange under the symbol "KNWN." Know Labs reported a net loss of $25.36 million for the year ended Sept. 30, 2021, a net loss of $13.56 million for the year ended Sept. 30, 2020, and a net loss of $7.61 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $12.89 million in total assets, $11.47 million in total current liabilities, $178,170 in total non-current liabilities, and $1.24 million in total stockholders' equity. KNOX CLINIC: Seeks to Hire Robert Bassel as Bankruptcy Counsel -------------------------------------------------------------- Knox Clinic Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Robert Bassel, Esq., an attorney practicing in Clinton, Mich., to handle its Chapter 11 case. Mr. Basel will be paid $350 per hour and a retainer fee in the amount of $11,738. In a court filing, Mr. Basel disclosed that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Basel can be reached at: Robert Bassel, Esq. P.O. Box T Clinton, MI 49236 Tel: (248) 835-7683 Email: bbassel@gmail.com About Knox Clinic Corporation Knox Clinic Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-40018) on Jan. 3, 2022, listing as much as $1 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Robert Bassel, Esq., a practicing attorney in Clinton, Mich., represents the Debtor in its Chapter 11 case. LEAFBUYER TECHNOLOGIES: Incurs $1.4M Net Loss in Second Quarter --------------------------------------------------------------- Leafbuyer Technologies Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.37 million on $923,829 of sales revenue for the three months ended Dec. 31, 2021, compared to a net loss of $4.26 million on $602,787 of sales revenue for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported net income of $1.59 million on $1.78 million of sales revenue compared to a net loss of $4.20 million on $1.26 million of sales revenue for the same period during the prior year. As of Dec. 31, 2021, the Company had $2.84 million in total assets, $3.64 million in total liabilities, and a total stockholders' deficit of $805,195. Leafbuyer stated, "The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements with existing cash on hand and/or the private placement of common stock or obtaining debt financing. There is, however, no assurance that the Company will be able to raise any additional capital through any type of offering on terms acceptable to the Company, as existing cash on hand will be insufficient to finance operations over the next twelve months." At Dec. 31, 2021 the Company had $452,251 in cash and cash equivalents. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1643721/000147793222000781/lbuy_10q.htm About Leafbuyer Leafbuyer Technologies, Inc. is a marketing technology company for the cannabis industry and is an online cannabis resource. Leafbuyer reported a net loss of $5.03 million for the year ended June 30, 2021 compared to net income of $1.30 million for the year ended June 30, 2020. As of June 30, 2021, the Company had $3.40 million in total assets, $10.63 million in total liabilities, and a total deficit of $7.22 million. Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Oct. 13, 2021, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. LOCAL MOTION: Unsecureds' Recovery Hiked to 11.24% in Plan ---------------------------------------------------------- Local Motion MN, LLC, submitted a First Modified Plan of Reorganization under Subchapter V dated Feb. 17, 2022. This first modified chapter 11 plan of reorganization proposes to pay creditors of the Debtor with all of the projected disposable income of the Debtor for a sixty (60) month period. Class 1 consists of the claim of Richard H. Nicholson, as collateral agent. The Class 1 Claim, with a balance of $265,798.68, less any adequate protection payments prior to the Effective Date, will be paid in full, in cash, starting on the Effective Date, and continuing thereafter on a monthly basis, until said Class 1 Claim is paid in full, as follows: (a) for a period of 60 months from the Effective Date at the annual interest rate of 5.0%, with a principal and interest payment of $5,015.95 per month, on an amortizing basis of principal and interest, on a five year amortization schedule. However, so long as Netsirv is paying this Class 1 Claim, the Debtor does not have to make this payment. Instead, the $5,015.95 payment will be paid to the Class 2 Claim, and an additional payment. The Debtor may assume payments are being made by Netsirv unless this Class 1 Claim's attorney notifies the Debtor otherwise. Any payments received by Netsirv (who is also obligated on this claim) will reduce the amount the Debtor has to pay. The holder of the Class 1 Claim shall retain its lien secured by the assets of the Debtor. Class 2 consists of the claim of 8625 Monticello, LLC. The Class 2 Claim, with a total balance of $914,853.82, will be paid its secured claim of $164,343.69, less any adequate protection payments, in full, in cash, starting on the Effective Date, or the date on which the Class 2 Claim becomes Allowed, if not Allowed by the Effective Date, and continuing thereafter on a monthly basis, until said Class 2 Claim is paid in full, as follows: (a) for a period of 60 months from the Effective Date at the annual interest rate of 5.0%, with a principal and interest payment of $3,101.37 per month, on an amortizing basis of principal and interest, on a five year amortization schedule. To fully resolve the Hennepin County pending receivership motion, the Debtor agrees to make additional payments to this Class 2 Claim pursuant to the terms set for in the Class 1. The holder of the Class 2 Claim shall retain its lien partially secured by the assets of the Debtor. The unsecured portion of this claim will be treated in Class 3. Class 3 consists of Allowed General Unsecured Claims. As of the date hereof, the Debtor estimates the total pool of allowed general unsecured claims to be approximately $2,130,608. In full satisfaction of such claims, each Holder of a Class 3 claim shall receive its pro rata share of $267,629.00 over the length of this Plan. The percentage payment to each Class 3 creditor is approximately 11.24%, and will increase if the Retained Actions bring in net recoveries. In accordance with section 1123(b)(3) of the Bankruptcy Code and except as otherwise provided in this Plan, the reorganized Debtor shall retain all causes of action, including without limitation causes of action that may exist under sections 542, 544 through 550 and 558 of the Bankruptcy Code or under similar state laws (collectively, the "Retained Actions"). In order to resolve pursuing Mitchel Rittenhouse for preferential payments in the year prior to the Petition Date, the Debtor and Mr. Rittenhouse have agreed that Mr. Rittenhouse will waive his unsecured claim of $249,985.00 against the bankruptcy estate. Given the amounts involved, the Debtor believes this is a fair resolution. Finally, the Debtor has determined that any actions against Providence Group for payments in the year prior to the Petition Date would not be fruitful due to the ordinary course and reasonably equivalent value defenses Providence Group would raise as it is a moving contractor that provided and provides services to the Debtor. A full-text copy of the First Modified Plan of Reorganization dated Feb. 17, 2022, is available at https://bit.ly/36wpUHG from PacerMonitor.com at no charge. Attorney for the Debtor: John D. Lamey III, Esq. 980 Inwood Ave N Oakdale, MN 55128 651-209-3550 Fax 651-789-2179 About Local Motion MN Local Motion MN, LLC, is a full-service moving & storage company based in Roseville, MN. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 21-31539) on Sept. 10, 2021. In the petition signed by Mitchel Rittenhouse, chief financial officer, the Debtor disclosed $415,142 in assets and $3,591,884 in liabilities. Judge Katherine A. Constantine oversees the case. John D. Lamey III, Esq., at Lamey Law Firm, P.A., is the Debtor's counsel. LTL MANAGEMENT: Court Hears Injunction, Automatic Stay Arguments ---------------------------------------------------------------- HarrisMartin reports that the bankruptcy judge overseeing LTL Management's Chapter 11 bankruptcy proceedings has heard arguments relating to the automatic stay and temporary restraining order in the case, with the Debtor maintaining that a "stay of all litigation is warranted." The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey entertained arguments on Feb. 18, 2022 relating to possibly lifting the stay shortly after closing the record of evidence on a motion to dismiss the proceedings, for which he held a week-long hearing. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. LTL MANAGEMENT: J&J Says Law Firms' Profits Motivate Opposition --------------------------------------------------------------- Steven Church of Bloomberg News reports that Johnson & Johnson accused law firms of rejecting the company's bankruptcy strategy for paying tens of thousands of cancer claims so plaintiffs’ attorneys can make more money filing lawsuits than negotiating a deal. The health-care giant asked a federal judge in Trenton, New Jersey to allow it to use the Chapter 11 case of a small J&J unit to set up a trust fund that would take responsibility for claims filed by more than 40,000 people who say tainted talc in baby powder causes cancer. Attorneys for people suing J&J have asked the judge to dismiss the bankruptcy. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. LTL MANAGEMENT: Urges Examiner If It Stays in Bankruptcy -------------------------------------------------------- Dietrich Knauth, Tom Hals and Mike Spector of Reuters report that a Johnson & Johnson (JNJ.N) subsidiary proposed on Friday that it would submit to an independent examination of the corporate restructuring the healthcare giant undertook in an attempt to settle in U.S. bankruptcy court thousands of lawsuits alleging that J&J baby powder and other talc products cause cancer. Greg Gordon, a lawyer for J&J subsidiary LTL Management LLC, raised during a hearing before U.S. Bankruptcy Judge Michael Kaplan the idea of a court-appointed examiner that could "come in and do whatever investigation it wants" to determine whether the restructuring short-changed cancer victims. Bankruptcy judges have wide discretion over the scope and budget for an appointed examiner. Any such examination would be contingent on LTL remaining in bankruptcy, an arrangement that cancer plaintiffs oppose. Cancer plaintiffs have asked Kaplan to dismiss LTL's bankruptcy case and allow them to resume the lawsuits against J&J. Kaplan, who presided over a week-long hearing on the matter in Trenton, New Jersey, has said he will decide by the end of the month whether to dismiss the case. J&J is attempting to use LTL's bankruptcy case to resolve about 38,000 lawsuits alleging the company's talc products caused ovarian cancer and mesothelioma, an illness linked to asbestos exposure. J&J maintains that its talc products are safe and asbestos-free, but attorneys for LTL argued that bankruptcy is the only practical way to resolve the sheer volume of lawsuits. During closing arguments in the hearing, Gordon floated the option of an independent examiner to clear the air after lawyers for cancer victims argued the bankruptcy was improper. J&J, which has a stock market value of more than $400 billion, created LTL to take on the responsibility for the cancer lawsuits in October 2021. LTL filed for bankruptcy just days later. Cancer plaintiffs have called the corporate restructuring and bankruptcy "rotten to the core." Legal experts have dubbed this type of maneuver a "Texas two-step" because it exploited a Texas law that allows a company to split into two via a so-called divisive merger, saddling one company with liabilities while the other takes valuable assets. Gordon said if a court-ordered investigation finds evidence of improper corporate maneuvering, the talc plaintiffs would be able to sue for fraud related to the restructuring while the bankruptcy case proceeds. In the bankruptcy of media company Tribune Co, an examiner found evidence of dishonesty in the media company's disastrous 2007 leveraged buyout, ultimately leading to a $200 million settlement of related fraud claims in 2019. Before Gordon raised the possibility of an examiner, the U.S. Justice Department's bankruptcy watchdog suggested another alternative path, saying on Thursday that the court should consider appointing a Chapter 11 trustee to take over LTL's operations from the J&J-appointment management team. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. MEDICAL ACQUISITION: Taps Joshi Law Group as Bankruptcy Counsel --------------------------------------------------------------- Medical Acquisition Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Joshi Law Group to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding matters of bankruptcy law; (b) representing the Debtor in proceedings or hearings in the bankruptcy court involving matters of bankruptcy law; (c) preparing reports, accounts and legal documents; (d) advising the Debtor concerning the requirements of the Bankruptcy Code and rules relating to the administration of the bankruptcy case; (e) assisting the Debtor in the negotiation, formulation, confirmation and implementation of a plan of reorganization; and (f) assisting the Debtor in the prosecution of any adversary proceedings. The firm's hourly rates are as follows: Deepalie Milie Joshi, Esq. $300 per hour Geoffrey E. Marr, Esq. $300 per hour Deepalie Milie Joshi, 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: Deepalie Milie Joshi, Esq. Joshi Law Group 8555 Aero Drive, Suite 303 San Diego, CA 92123 Tel: (619) 822-7566 Email: milie@joshilawgroup.com About Medical Acquisition Medical Acquisition Company, Inc. is a provider of lien-based medical financial services in Carlsbad, Calif. Medical Acquisition Company filed a petition for Chapter 11 protection (Bankr. S.D. Calif. Case No. 22-00058) on Jan. 13, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. Charles Perez, chief executive officer and chief operations officer, signed the petition. Judge Christopher B. Latham oversees the case. The Debtor tapped Joshi Law Group as bankruptcy counsel. MESSIAH'S GLASS: Taps Kutner as Bankruptcy Counsel -------------------------------------------------- Messiah's Glass, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) providing the Debtor with legal advice with respect to its powers and duties; (b) aiding the Debtor in the development of a plan of reorganization under Chapter 11; (c) filing the necessary pleadings, reports and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) taking necessary actions to enjoin and stay until a final decree the continuation of pending proceedings and enjoining and staying until a final decree in the case the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) performing all other legal services for the Debtor that may be necessary in the case. The Debtor paid the firm a retainer fee in the amount of $20,000. The firm's hourly rates are as follows: Jeffrey S. Brinen $500 Jenny M. Fujii $410 Keri L. Riley $350 Jonathan M. Dickey $350 Contract Attorney $350 Law Clerk $100 Keri Riley, Esq., a partner at Kutner, 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: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2910 Email: KLR@KutnerLaw.com About Messiah's Glass Messiah's Glass, Inc. filed a petition for Chapter 11 protection (Bankr. D. Colo. Case No. 22-10399) on Feb. 8, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. John Groenhof, president, signed the petition. Judge Michael E Romero oversees the case. The Debtor tapped Kutner Brinen Dickey Riley, P.C. as legal counsel. MST CONSULTING: Seeks to Employ E.P. Bud Kirk as Bankruptcy Counsel ------------------------------------------------------------------- MST Consulting, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the law firm of E.P. Bud Kirk to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) giving the Debtor legal advice with respect to its powers and duties and the continued operation of its business and management of its properties; (b) reviewing the various contracts entered by the Debtor and determining which contracts should be rejected and assumed; (c) representing the Debtor in the collection of its accounts receivable, if needed; (d) preparing bankruptcy schedules, statements of financial affairs, reports and legal documents; (e) assisting the Debtor in the formulation and negotiation of a Chapter 11 plan with its creditors; (f) reviewing all presently pending litigation in which the Debtor is a participant, recommending settlement of such litigation which the attorney deems to be in the best interest of the estate, and making an appearance as lead trial counsel in all litigation which the attorney believes should be continued if needed; (g) reviewing the transactions of the Debtor prior to its bankruptcy filing to determine what further litigation should be filed on behalf of the estate; (h) examining all tax clams filed against the Debtor, contesting any excessive amounts claimed, and structuring a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and (i) performing other necessary legal services. The firm's hourly rates are as follows: E.P. Bud Kirk, Esq. $300 per hour Maura Casas $100 per hour Alexandra Escobedo $90 per hour E.P. Bud Kirk, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: E.P. Bud Kirk, Esq. Law Firm of E.P. Bud Kirk 600 Sunland Park Drive, Bldg. Four, Ste. 400 El Paso, TX 79912 Tel: (915) 584-3773 Fax: (915) 581-3452 Email: budkirk@aol.com About MST Consulting MST Consulting Inc. filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 22-30103) on Feb. 9, 2022, listing up to $500,000 in both assets and liabilities. Amada S. Flores, president, signed the petition. The Debtor tapped the law firm of E.P. Bud Kirk as legal counsel. NATIONAL CARGO: Unsecured Creditors to Split $24K in 5 Years ------------------------------------------------------------ National Cargo, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Plan of Reorganization for Small Business dated Feb. 17, 2022. The Debtor is a corporation. The company provides freight forwarding services. Parmdeep Singh is a 100% shareholder in the company. Debtor owes from a judgment entered against it by Siemens Financial Services. The amount of that claim is $100,359.70. Additionally, Debtor was named as a defendant in a lawsuit filed by National Continental Insurance. That amount claimed is $47,464.00. This bankruptcy was filed to address the pending litigation and to save the business. This Plan proposes to pay $24,000 over 5 years to unsecured creditors. The Plan proponent expects to be able to make the Plan payments, pay administrative expenses and operate the Debtor's business over the next 5 years. The final Plan payment is expected to be paid on November 1, 2026. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar. The Plan also provides for the payment of administrative and priority claims. This Plan of Reorganization proposes to pay creditors of National Cargo from cash flow of operations. Class 2 consists of the Secured Claim of Great Plains Transport Services, Inc. This Class shall be paid in full in accordance with the terms of the financing agreement. Class 4 consists of Equity security holders of the Debtor. The Debtor shall remain in possession of the estate upon confirmation. The Plan will be funded by the future income of the Debtor. A full-text copy of the Plan of Reorganization dated Feb. 17, 2022, is available at https://bit.ly/3v7e3tG from PacerMonitor.com at no charge. Attorney for Debtor: Preeti Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Tel: (317) 900-9737 Fax: (888) 261-6090 Email: nita07@att.net About National Cargo Inc. National Cargo Inc., filed a petition for Chapter 11 protection (Bankr. S.D. Ind. Case No. 21-05256) on Nov. 19, 2021, disclosing under $1 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. The Debtor is represented by Preeti Gupta, Esq., a practicing attorney in Plainfield, Ind. NATURALSHRIMP INC: Delays 10-Q Filing for Period Ended Dec. 31 -------------------------------------------------------------- NaturalShrimp Incorporated filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the period ended Dec. 31, 2021. The Company said it is unable to file its Quarterly Report by the prescribed date of Feb. 14, 2022, without unreasonable effort or expense, because it needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Company intends to file the Report on or prior to the fifth calendar day following the prescribed due date. A shareholder of NaturalShrimp, Gary Shover, filed suit against the Company on Aug. 11, 2020 in the Northern District of Texas, Dallas Division, alleging breach of contract for the Company's failure to exchange common shares of the Company for shares Mr. Shover owns in NSH. On Nov. 15, 2021, a hearing was held before the US District Court for the Northern District of Texas, Dallas Division at which time Mr. Shover and the Company presented arguments as to why the Court should approve a joint motion for settlement. After considering the argument of counsel and taking questions from those NSH Shareholders who were present through video conferencing link, the Court approved the motion of the parties to allow Mr. Shover and all like and similarly situated NSH Shareholders to exchange each share of NSH held by a NSH Shareholder for a share of NaturalShrimp Incorporated. A final Order was signed on Dec. 6, 2021 and the case was closed by an Order of the Court of the same date. The Company is to issue approximately 93 million shares in settlement, which will be recognized in stock payable on the Company's financial statements, and its fair value of approximately $29 million, based on the market value of the Company's common shares of approximately $0.32 on the date the case was closed, will be recognized in the Company's statement of operations as legal settlement. As of Feb. 14, 2022, the NSH Shareholders have not yet received any shares of the Company. About Natural Shrimp NaturalShrimp, Inc. is a publicly traded aqua-tech Company, headquartered in Dallas, with production facilities located near San Antonio, Texas. The Company has developed a commercially viable system for growing shrimp in enclosed, salt-water systems, using patented technology to produce fresh, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp. Naturalshrimp reported a net loss of $3.59 million for the year ended March 31, 2021, compared to a net loss of $4.81 million for the year ended March 31, 2020. As of Sept. 30, 2021, the Company had $34.49 million in total assets, $11.90 million in total liabilities, $3.38 million in series E redeemable convertible preferred stock, and $19.21 million in total stockholders' equity. Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 29, 2021, citing that the Company has suffered significant losses from inception and has a significant working capital deficit. These conditions raise substantial doubt about its ability to continue as a going concern. NORDIC AVIATION: Taps William Fry as Special Irish Counsel ---------------------------------------------------------- Nordic Aviation Capital Designated Activity Company and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire William Fry, LLP as special Irish counsel. The Debtors require legal advice on certain Irish law matters in connection with their restructuring transactions. The firm's hourly rates are as follows: Partners EUR660 Consultants EUR580 Senior Associates EUR490 Associates EUR420 Trainees/Paralegals EUR250 Fergus Doorly, the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Doorly also disclosed the following in response to the request for additional information set forth in Paragraph D.1 of the Revised U.S. Trustee Guidelines: a. Question: Did William Fry agree to any variations from, or alternatives to, William Fry's standard billing arrangements for this engagement? Answer: No. William Fry and the Debtors have not agreed to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement. The rate structure provided by the firm is appropriate and is not significantly different from (a) the rates that the firm charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. b. Question: Do any of the William Fry professionals in this engagement vary their rate based on the geographic location of the Debtors' Chapter 11 cases? Answer: No. The hourly rates used by William Fry in representing the Debtors are consistent with the rates that the firm charges other comparable Chapter 11 clients, regardless of the location of the Chapter 11 case. c. Question: If William Fry has represented the Debtors in the 12 months prepetition, disclose William Fry's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If William Fry's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: William Fry followed the fee arrangement as stated in the engagement letter dated March 8, 2021. d. Question: Have the Debtors approved William Fry's budget and staffing plan, and, if so, for what budget period? Answer: Yes, William Fry has discussed the anticipated scope of the firm's work and the requisite staffing for the duration of the Chapter 11 cases with the Debtors. The firm can be reached at: Fergus Doorly William Fry LLP 2 Grand Canal Square, Dublin 2, D02 A342, Ireland Tel.: +353 1 639 5000 Fax: +353 1 639 5333 Email: fergus.doorly@williamfry.com About Nordic Aviation Capital Nordic Aviation Capital is the leading regional aircraft lessor serving almost 70 airlines in approximately 45 countries. Its fleet of 475 aircraft includes ATR 42, ATR 72, De Havilland Dash 8, Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft. On Dec. 17, 2021, Nordic Aviation Capital Pte. Ltd., NAC Aviation 17 Limited, NAC Aviation 20 Limited, and Nordic Aviation Capital A/S each filed petitions seeking relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va.). On Dec. 19, 2021, Nordic Aviation Capital Designated Activity Company and 112 affiliated companies also filed petitions seeking Chapter 11 relief. The lead case is In re Nordic Aviation Capital Designated Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693). Judge Kevin R. Huennekens oversees the cases. The Debtors tapped Kirkland & Ellis and Kutak Rock, LLP as bankruptcy counsels and the law firms of Clifford Chance, LLP, William Fry, LLP and Gorrissen Federspiel as corporate counsels. N.M. Rothschild & Sons Limited, Ernst & Young, LLP and PricewaterhouseCoopers, LLP serve as the Debtors' financial advisor, restructuring advisor and tax advisor, respectively. Epiq Corporate Restructuring, LLC is the claims and noticing agent. OMAGINE INC: Business Claims to Get Up to 100% in Plan ------------------------------------------------------ Omagine, Inc., et al., submitted a Proposed Second Amended Disclosure Statement for their Plan of Reorganization. There are no Secured Claims against either Debtor. Class 1 consists of the Omagine Note Claims with Contingent Payment Agreements, including two such Claims held by Insiders. Class 2 consists of the Omagine Pre-Petition Insider Claims. Class 3 consists of the Omagine Trade Vendor Claims. Class 4 consists of the JOL Trade Vendor Claims. Class 5 consists of the 28,650,190 Common Shares issued and outstanding as of the Filing Date. Classes 1, 2 and 3 are Impaired Classes which classify all Unsecured Pre-Petition Claims against Omagine as of the Filing Date for all purposes of this Plan. Class 4 is an Impaired Class which classifies all Unsecured Pre-Petition Claims against JOL as of the Filing Date. Class 5 is an Impaired Class which classifies the Redeemable Common Shares, with the 28,650,190 Common Shares held by the Omagine Shareholders. Subject only to a sufficient Recovery occurring, this Plan provides for: 1) The payment of the full or a Pro-Rata Amount of all Allowed Administrative Claims, and 2) the payment to Creditors of the full or a Pro-Rata Amount of the Class 1, 2 and 3 Allowed Omagine Business Claims and the concurrent extinguishment of all Contingent Payment Agreements associated with any Class 1 Note, and 3) no payment to the JOL Creditors of the Class 4 JOL Trade Vendor Claims, and 4) the Redemption of all 28,650,190 Redeemable Common Shares. If however Pool 7 is an Insufficient Funds Pool, then the Redemption will not occur and the Share Cancellation will occur. The Plan further anticipates (i) the execution and delivery by Drohan of the Drohan Subscription Agreement attached hereto as Exhibit L and (ii) the merger of JOL with and into Omagine at the Merger Effective Time. As of the date hereof, each of the BSA Engagement Agreement, the RBL Engagement Agreement, the Grossman Promissory Note and the Al-Sada Promissory Note have been executed by Omagine and the relevant counterparty and have been approved by the Bankruptcy Court. The Post-Petition Funders have funded their promissory notes and Omagine has paid BSA the $50,000 initial legal fee required by the BSA Engagement Agreement. BSA has initiated the Oman Contract Case and contingent upon a Recovery therefrom, this Plan will be funded. Distributions under the Plan will be made through a hierarchy of 7 sequentially numbered Distribution Pools which are utilized to establish the payment priority for all Distributions. The sole source of funds for the payment Pools is a Recovery, if any, from the Oman Contract Case. In the event of an Adverse Conclusion and no Recovery the Plan will not be funded and no Claims or Redemption Payments will be paid. Debtors believe that any alternative to confirmation of the Plan, such as conversion to a Chapter 7 case would likely result in increased unpaid administrative expenses and no Distribution to any Creditor or Omagine Shareholder. The sole source of cash that may become available to fund Distributions and Redemption Payments under the Plan is a Recovery. The occurrence of Recovery depends entirely on the outcome of the Oman Contract Case and there can be no assurance given that a Recovery will occur. Attorneys for the Debtors: Mitchell J. Rotbert, Esq. ROTBERT BUSINESS LAW P.C. 9059 Shady Grove Court Gaithersburg, Maryland 20877 Tel: (240) 477-4778 Fax: (888) 913-2307 E-mail: mitch@rotbertlaw.com A copy of the Disclosure Statement dated Feb. 11, 2022, is available at https://bit.ly/3sBYkAf from PacerMonitor.com. About Omagine and Journey of Light Omagine, Inc., and Journey of Light, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10742) on March 10, 2020. At the time of filing, Omagine listed up to $50,000 in assets and up to $10 million in liabilities while Journey of Light listed as much as $50,000 in both assets and liabilities. Other than Omagine's claims to be brought in Oman, the Debtors have virtually no assets as of the bankruptcy filing date. Omagine, Inc., and Journey of Light were previously in the entertainment, hospitality and real estate development opportunities in the Middle East, including a mixed-use entertainment, hospitality, and real estate development project in Muscat, Oman. Judge Michael E. Wiles oversees the cases. The Debtors tapped Rotbert Business Law PC as bankruptcy counsel and BSA Al Rashdi & Al Barwani Advocates as litigation counsel. PADDOCK ENTERPRISES: May 16 Plan Confirmation Hearing Set --------------------------------------------------------- Paddock Enterprises, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a motion approving the Disclosure Statement for the Plan. On Feb. 17, 2022, Judge Laurie Selber Silverstein granted the motion and ordered that: * The Disclosure Statement is approved as containing adequate information within the meaning of section 1125 of the Bankruptcy Code. * March 25, 2022, at 4:00 p.m. is the deadline for Holders of Asbestos Claims to file any Rule 3018 Motions ("Rule 3018 Motion Deadline") solely for purposes of temporary allowance of Asbestos Claims for voting purposes in amounts greater than those provided in the Solicitation Procedures; * April 1, 2022, as the deadline for filing the Plan Supplement; * April 4, 2022, as the deadline for parties to object to any Rule 3018 Motions; * April 8, 2022, at 4:00 p.m. as the Voting Deadline (as may be extended pursuant to the terms of the Solicitation Procedures). * May 5, 2022, at 4:00 p.m. as the deadline (the "Confirmation Objection Deadline") to file and serve any objections to confirmation of the Plan * May 16, 2022, at 10:00 a.m. or the nearest date thereafter that is convenient for the Court, as the Confirmation Hearing Date. Counsel to the Debtor: Jeffrey E. Bjork Kimberly A. Posin Christina M. Craige Helena G. Tseregounis LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071 Telephone: (213) 485-1234 Facsimile: (213) 891-8763 - and - George A. Davis Christopher J. Kochman Brian S. Rosen Jonathan J. Weichselbaum 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 John H. Knight Michael J. Merchant Brendan J. Schlauch Sarah Silveira RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 N. King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Counsel to the Official Committee of Asbestos Personal Injury Claimants: Kevin C. Maclay, Esq. Todd E. Phillips, Esq. Kevin M. Davis, Esq. CAPLIN & DRYSDALE, CHARTERED One Thomas Circle, NW, Suite 1100 Washington, D.C. 20005 Tel: (202) 862-5000 Fax: (202) 429-3301 Marla R. Eskin Mark T. Hurford CAMPBELL & LEVINE, LLP 222 Delaware Avenue, Suite 1620 Wilmington, DE 19801 Telephone: (302) 426-1900 Fax: (302) 426-9947 Counsel to the Future Claimants' Representative: Robert S. Brady Edwin J. Harron Sharon M. Zieg Sara Beth A.R. Kohut YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000, North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Counsel to O-I Glass, Inc.: Derek C. Abbott Brett S. Turlington MORRIS NICHOLS ARSHT & TUNNELL LLP 1201 North Market Street, Suite 1600 Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 About Paddock Enterprises Paddock Enterprises, LLC's business operations are exclusively focused on (i) owning and managing certain real property and (ii) owning interests in, and managing the operations of, its non debtor subsidiary, Meigs, which is developing an active real estate business. It is the successor-by-merger to Owens-Illinois, Inc., which previously served as the ultimate parent of the company. Paddock Enterprises is a direct, wholly-owned subsidiary of O-I Glass. Paddock Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-10028) on Jan. 6, 2020. At the time of the filing, the Debtor disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Richards, Layton & Finger P.A. and Latham & Watkins LLP as legal counsel, Alvarez & Marsal North America LLC as a financial advisor, Riley Safer Holmes & Cancila, LLP as special counsel, and David J. Gordon of DJG Services, LLC as a chief restructuring officer. Prime Clerk, LLC is the claims, noticing, and solicitation agent and administrative advisor. PANBELA THERAPEUTICS: Michael Cullen Has 6.3% Stake as of Dec. 31 ----------------------------------------------------------------- Michael T. Cullen disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2021, he beneficially owns 873,318 shares of common stock of Panbela Therapeutics, Inc., representing 6.3 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1029125/000089710122000114/cullen220184_13ga.htm About Panbela Headquartered in Waconia, Minnesota, Panbela Therapeutics, Inc. -- www.Panbela.com -- is a clinical stage biopharmaceutical company developing disruptive therapeutics for the treatment of patients with cancer. Its product candidate, SBP-101, is a proprietary polyamine analogue designed to induce polyamine metabolic inhibition, a metabolic pathway of critical importance in multiple tumor types. Panbela Therapeutics reported a net loss of $4.77 million for the year ended Dec. 31, 2020, compared to a net loss of $6.20 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $14.80 million in total assets, $1.34 million in total current liabilities, and $13.46 million in total stockholders' equity. Tampa, Florida-based Cherry Bekaert, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 25, 2021, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. PEOPLE SPEAK: Disclosures Hearing Continued to March 6 ------------------------------------------------------ Judge Meredith S. Grabill has entered an order that the hearing on the Amended Disclosure Statement of People Speak, LLC is continued to March 16, 2022, at 3:30 p.m. Any objections to the Amended Disclosure Statement must be filed with the Court and properly served on parties in interest on or before Wednesday, March 9, 2022. About People Speak People Speak, LLC, a privately held company that operates in the traveler accommodation industry, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-10315) on March 11, 2021. Rachele Riley, owner, and member signed the petition. The Debtor disclosed $1 million to $10 million in both assets and liabilities in the petition. Judge Meredith S. Grabill oversees the case. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, led by Stewart F. Peck, Esq., serves as the Debtor's counsel. PINECREST PIGEON: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pinecrest Pigeon Forge HOA, Inc. About Pinecrest Pigeon Forge HOA Tennessee-based Pinecrest Pigeon Forge HOA, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03759) on Dec. 10, 2021, listing up to $10 million in assets and up to $100,000 in liabilities. Jerry Bailey, president, signed the petition. Judge Randal S. Mashburn oversees the case. Waller Lansden Dortch & Davis, LLP serves as the Debtor's legal counsel. POWHATAN ENERGY: Seeks Chapter 7 Bankruptcy, Lugging FERC Claims ---------------------------------------------------------------- Jeff Montgomery of Law360 reports that energy-focused hedge fund Powhatan Energy has retreated into a Chapter 7 bankruptcy liquidation in Delaware, lugging along more than $26 million in Federal Energy Regulatory Commission market manipulation sanction liabilities but less than $53,000 in cash. The bankruptcy hit late Wednesday, February 16, 2022, while Powhatan and FERC were battling over a proposed second amendment to a complaint in the U. S. District Court for the Eastern District of Virginia. FERC's complaint, filed originally in July 2015, accused the fund of conduct dating to 2010 involving alleged illegal trading on both sides of hedging investments in the electricity market. About Powhatan Energy Fund LLC Powhatan Energy Fund LLC is an energy-focused hedge fund. Powhatan Energy Fund LLC sought Chapter 7 bankruptcy protection (Bankr. D. Del. Case No. 22-10142) on Feb. 16, 2022. In its filing Powhatan Energy listed estimated assets of about $53,000 in assets, nearly all cash, and estimated liabilities of $26.3 million, mostly civil penalties and interest owed to the Federal Energy Regulatory Commission in a dispute dating back to 2015. The case is handled by Honorable Judge Mary Walrath. Chipman Brown Cicero & Cole LLP is the Debtor's counsel. PROSPECT-WOODWARD: Unsecureds to Get 0% Payout in Plan ------------------------------------------------------ The Prospect-Woodward Home d/b/a Hillside Village, submitted a Plan and a Disclosure Statement. The Plan is a liquidating chapter 11 plan that provides for the proceeds from the Debtor's assets to be distributed to holders of allowed claims in accordance with the terms of this document and the Bankruptcy Code. The Debtor believes that the Plan is in the best interest of the Debtor's creditors, residents, employees, and other parties in interest. In short, the Plan contemplates the following: * Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, and U.S. Trustee Fees will be paid in full. The Debtor anticipates that ordinary course Administrative Expense Claims will be paid in the ordinary course prior to the Effective Date of any plan. Professional Fee Claims may vary depending on the length of the confirmation process, but are estimated to be approximately $700,000 related to holdbacks and success fees. The total amount of U.S. Trustee Fees are estimated to be approximately $300,000. The Debtor will update these obligations in the Wind-down Budget included in the Plan Supplement. * Following the Sale Closing, the Debtor will hold approximately $33 million in Cash, including the proceeds from the Sale and cash on hand. The Debtor will establish the Contested Claim Reserve in the amount of $10,118,514.15 for the benefit of SBW and the Mechanics Lienholders and a Wind Down Reserve. * Holders of Claims in Class 1 (Priority Unsecured Claims) and Class 5 (Other Secured Claims) are unimpaired and will be paid in full. * Holders of Claims in Class 2 (Bondholder Secured Claims) will receive the Net Sale Proceeds and, subject to further order of the Bankruptcy Court, the remaining balance of the Contested Claim Reserve and the Wind Down Reserve. * Holders of Claims in Class 3 (SBW Secured Claims) are impaired and following further order of the Bankruptcy Court, will either receive payment from the Contested Claim Reserve or will be treated as a General Unsecured Claim. * Holders of Claims in Class 4 (Mechanics Lien Claims) are impaired and following further order of the Bankruptcy Court, will either receive payment from the Contested Claim Reserve or will be treated as a General Unsecured Claim. * Holders of Claims in Class 6 (General Unsecured Claims) are impaired and will receive no distribution under the Plan. * Holders of Claims in Class 7 (Trade Claims) will receive their Pro Rata Share of the Trade Claim Distribution of $63,181.31. Under the Plan, holders of Class 1 Priority Unsecured Claims will receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Priority Unsecured Claim: a. payment in full, in Cash, on the later of (1) the Effective Date; or (2) the date such Priority Unsecured Claim is Allowed; b. payment in the ordinary course of business between the Debtor and the Holder of such Allowed Priority Unsecured Claim; or c. payment at such time and upon other terms as the Debtor and the Holder of such Allowed Priority Unsecured Claim may agree. Creditors will recover 100% of their claims. Class 1 is unimpaired. Holders of Class 6 General Unsecured Claims will not receive any distribution on account of such General Unsecured Claims, and such General Unsecured Claims will be discharged, cancelled, released, and extinguished as of the Effective Date, and shall be of no further force or effect. Class 6 is impaired. Counsel to the Debtor and Debtor in Possession: Daniel M. Deschenes, Esq. Owen R. Graham, Esq. HINCKLEY, ALLEN & SNYDER LLP 650 Elm Street Manchester, New Hampshire 03101 Telephone: (603) 225-4334 Facsimile: (603) 224-8350 E-mail: ddeschenes@hinckleyallen.com - and - Jennifer V. Doran, Esq. 28 State Street Boston, Massachusetts 02109 Telephone: (617) 345-9000 Facsimile: (617) 345-9020 E-mail: jdoran@hinckleyallen.com - and - Jeremy R. Johnson, Esq. Stephen J. Astringer, Esq. POLSINELLI PC 600 Third Avenue, 42nd Floor New York, New York 10016 Telephone: (212) 684-0199 Facsimile: (212) 684-0197 E-mail: jeremy.johnson@polsinelli.com sastringer@polsinelli.com A copy of the Disclosure Statement dated Feb. 16, 2022, is available at https://bit.ly/3oXc1Zz from Donlinrecano, the claims agent. About Prospect-Woodward Homes The Prospect-Woodward Home, doing business as Hillside Village Keene, owns and operates a licensed continuing care retirement facility with 222 units, comprised of 141 independent living units, 43 assisted living units, 18 memory care units, and 20 licensed but not yet opened long-term nursing care units located at 95 Wyman Road, Keene, N.H., comprising approximately 66 acres. On Aug. 30, 2021, Prospect-Woodward Home sought Chapter 11 protection (Bankr. D.N.H. Case No. 21-10523), listing up to $50 million in assets and up to $100 million in liabilities. Judge Bruce A. Harwood oversees the case. The Debtor tapped Polsinelli, PC, as bankruptcy counsel; Hinckley, Allen & Snyder, LLP as special counsel; Silverbloom Consulting, LLC as financial consultant; and OnePoint Partners, LLC as restructuring advisor. Toby B. Shea of OnePoint Partners serves as the Debtor's chief restructuring officer. Donlin, Recano & Company, Inc. is the claims and noticing agent and administrative agent. The U.S. Trustee for Region 1 appointed an official committee of unsecured creditors on Sept. 9, 2021. Perkins Coie, LLP and McLane Middleton, Professional Association serve as the committee's lead bankruptcy counsel and local counsel, respectively. PULMATRIX INC: Has Until Aug. 15 to Regain Nasdaq Compliance ------------------------------------------------------------ Pulmatrix, Inc. received on Feb. 15, 2022, a letter from from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that the Company has been granted an additional 180-day period, or until Aug. 15, 2022, to regain compliance with the Minimum Bid Price Requirement. On Aug. 17, 2021, Pulmatrix received a letter from Nasdaq indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business day period between July 6, 2021 through Aug. 16, 2021, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until Feb. 14, 2022, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). The new compliance period is an extension of the initial Compliance Period provided for in Nasdaq's deficiency notice to the Company, dated Aug. 17, 2021. Nasdaq's determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by Aug. 15, 2022, Nasdaq will provide written notification that the Company's common stock could be delisted. In such event, Nasdaq rules permit the Company to appeal any delisting determination to a Nasdaq Hearings Panel. Accordingly, there can be no assurance that the Company will be able to regain compliance with the Nasdaq listing rules or maintain its listing on the Nasdaq Stock Market. About Pulmatrix Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for serious lung diseases such as allergic ronchopulmonary aspergillosis and lung cancer, as well as neurologic disorders such as acute migraine. Pulmatrix's product candidates are based on iSPERSE, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes. Pulmatrix reported a net loss of $19.31 million for the year ended Dec. 31, 2020, a net loss of $20.59 million for the year ended Dec. 31, 2019, and a net loss of $20.56 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $55.75 million in total assets, $10.56 million in total liabilities, and $45.19 million in total stockholders' equity. QUANTUM CORP: 180 Degree Has 3.9% Equity Stake as of Dec. 31 ------------------------------------------------------------ 180 Degree Capital Corp. disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2021, it beneficially owns 2,323,973 shares of common stock of Quantum Corp., representing 3.9 percent of the shares outstanding. The percent of class is calculated based on 59,420,023 shares of common stock of Quantum Corp outstanding as of Nov. 30, 2021 as reported in the company's prospectus filed on Form S-3 filed with the SEC on Dec. 30, 2021. 180 has shared dispositive and voting power over 791,920 of these shares that are beneficially owned by a separately managed account (SMA) through its position as investment manager of the SMA. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/709283/000089373922000010/qmco-13gax2x14x22.htm About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE:QTM) -- http://www.quantum.com-- provides technology and services that stores and manages video and video-like data delivering streaming for video and rich media applications, along with low cost, high density massive-scale data protection and archive systems. The Company helps customers capture, create and share digital data and preserve and protect it for decades. For the nine months ended Dec. 31, 2021, the Company reported a net loss of $24.47 million. Quantum reported a net loss of $35.46 million for the year ended March 31, 2021, compared to a net loss of $5.21 million for the year ended March 31, 2020. As of Dec. 31, 2021, the Company had $187.64 million in total assets, $310.42 million in total liabilities, and a total stockholders' deficit of $122.78 million. QUANTUM CORP: Neuberger Berman Entities Report 11.95% Equity Stake ------------------------------------------------------------------ Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 7,101,332 shares of common stock of Quantum Corp, representing 11.95 percent of the shares outstanding. Neuberger Berman Group LLC and its affiliates may be deemed to be beneficial owners of securities for purposes of Exchange Act Rule 13d-3 because they or certain affiliated persons have shared power to retain, dispose of or vote the securities of unrelated clients. Neuberger Berman Group LLC or its affiliated persons do not, however, have any economic interest in the securities of those clients. The clients have the sole right to receive and the power to direct the receipt of dividends from or proceeds from the sale of such securities. Other than named in this filing, no one client has an interest of more than 5% of the issuer. With regard to the shares set forth under item 4(c)(ii), Neuberger Berman Group LLC may be deemed to be the beneficial owner for purposes of Rule 13d-3 because certain affiliated persons have shared power to retain, dispose of and vote the securities. In addition to the holdings of individual advisory clients, Neuberger Berman Investment Advisers LLC serves as investment manager of Neuberger Berman Group LLC's various registered mutual funds which hold such shares. The holdings belonging to clients of Neuberger Berman Trust Co N.A., Neuberger Berman Trust Co of Delaware N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC and Neuberger Berman Investment Advisers LLC are also aggregated to comprise the holdings. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/709283/000156761922004019/doc1.htm About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE:QTM) -- http://www.quantum.com-- provides technology and services that stores and manages video and video-like data delivering streaming for video and rich media applications, along with low cost, high density massive-scale data protection and archive systems. The Company helps customers capture, create and share digital data and preserve and protect it for decades. For the nine months ended Dec. 31, 2021, the Company reported a net loss of $24.47 million. Quantum reported a net loss of $35.46 million for the year ended March 31, 2021, compared to a net loss of $5.21 million for the year ended March 31, 2020. As of Dec. 31, 2021, the Company had $187.64 million in total assets, $310.42 million in total liabilities, and a total stockholders' deficit of $122.78 million. RCH AUTOPLEX: Seeks to Employ KC Cohen as Bankruptcy Counsel ------------------------------------------------------------ RCH Autoplex, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire KC Cohen, Lawyer, PC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) providing the Debtor with legal advice with respect to its duties, powers and responsibilities in this case; (b) investigating and pursuing any actions on behalf of the Debtor's estate in order to recover assets for or best enable the estate to reorganize fairly. (c) representing the Debtor in the proceedings in an effort to maximize the value of its assets available in the case, and to pursue confirmation of a plan of reorganization; and (d) performing other necessary legal services for the Debtor. KC Cohen, Esq., the firm's attorney who will be providing the services, will be paid at his hourly rate of $375. Mr. Cohen 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: KC Cohen, Esq. KC Cohen, Lawyer, PC 151 N Delaware St., Ste. 1106 Indianapolis, IN 46204 Tel: (317)715-1845 Fax: 317.636.8686 Email: kc@esoft-legal.com About RCH Autoplex RCH Autoplex, LLC filed a petition for Chapter 11 protection (Bankr. N.D. Ind. Case No. 22-30097) on Feb. 7, 2022, listing up to $10 million in both assets and liabilities. Christopher Adkins, authorized representative, signed the petition. Judge Paul E. Singleton oversees the case. The Debtor tapped KC Cohen, Lawyer, PC as legal counsel. REAGOR-DYKES MOTORS: Lone Star Loses Summary Judgment Bid --------------------------------------------------------- Dennis Faulkner, the trustee of the creditors' liquidating trust in Reagor-Dykes Motors, LP, et al.'s bankruptcy cases, filed his complaint seeking to recover transfers made to Lone Star Car Brokering, LLC, under 11 U.S.C. Sections 547, 548, 549, and 550. Lone Star moves for summary judgment on the Trustee's Section 547 preferential transfer claim. Judge Robert L. Jones of the United States Bankruptcy Court for the Northern District of Texas, Lubbock Division, denies Lone Star's summary judgment motion, finding that the Trustee's evidence establishes the basic elements of a preference -- a transfer within 90 days on account of an antecedent debt -- but there is no evidence by either the Trustee or Lone Star of which Debtor received the services or made the payments. The Court, through judicial notice, has determined that the Debtor Reagor-Dykes Motors, LP is the likely obligor (on the antecedent debts) and the transferor of the payments. The Court therefore denies summary judgment on the substantive preference claims. Judge Jones further finds that, because the evidence submitted by Lone Star to support its "new value" defense either raises issues of credibility or was submitted too late to allow for a meaningful response by the Trustee, genuine issues of material fact exist on this defense. Because the Trustee successfully brought the accuracy of Lone Star's evidence supporting its "ordinary course of business" defense into question, genuine issues of material fact exist for such defense as well, the judge adds. And because Lone Star has not been given adequate opportunity to address the Trustee's "postpetition transfer" claim, summary judgment for the Trustee on that issue likewise fails, the Court concludes. A full-text copy of the Memorandum Opinion dated February 15, 2022, is available at https://tinyurl.com/2b93pzpz from Leagle.com. About Reagor-Dykes Motors Dykes Auto Group -- https://www.reagordykesautogroup.com/ -- is a dealer of automobiles headquartered in Lubbock, Texas. The Company offers new and used vehicles, automobile parts, and other related accessories, as well as car financing, leasing, repair, and maintenance services. Some of its new vehicles include brands like Ford, Toyota, GMC, Cadillac, Chevrolet and Buick. Reagor-Dykes Motors, LP, and its debtor-affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 18-50214) on Aug. 1, 2018. In its petition, the Debtors estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Bart Reagor, managing member of Reagor Auto Mall I, LLC, general manager and Rick Dykes, managing member of Reagor Auto Mall I, LLC, general partner. The Hon. Robert L. Jones presided over the case. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., served as bankruptcy counsel. BlackBriar Advisors LLC served as CRO for the Debtor. A Chapter 11 plan was confirmed in the case on July 10, 2020. REWALK ROBOTICS: Jeff Easton Reports 11.4% of Ordinary Shares ------------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, these entities and individuals reported beneficial ownership of ordinary shares of ReWalk Robotics Ltd. as of Jan. 27, 2022: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ --------- Lind Global Fund II LP 3,387,487 5.4% Lind Global Partners II LLC 3,387,487 5.4% Lind Global Macro Fund, LP 3,850,647 6.1% Lind Global Partners LLC 3,850,647 6.1% Jeff Easton 7,238,134 11.4% Jeff Easton, the managing member of Lind Global Partners II LLC and Lind Global Partners LLC, may be deemed to have sole voting and dispositive power with respect to the shares held by Lind Global Macro Fund, LP and Lind Global Fund II LP. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/0001607962/000092963822000418/sc13g.htm About ReWalk Robotics ReWalk Robotics Ltd. -- http://www.rewalk.com/-- develops, manufactures, and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. ReWalk Robotics reported a net loss of $12.98 million for the year ended Dec. 31, 2020, a net loss of $15.55 million for the year ended Dec. 31, 2019, a net loss of $21.67 million for the year ended Dec. 31, 2018, and a net loss of $24.72 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.72 million in total assets, $5.72 million in total liabilities, and $92.99 million in total shareholders' equity. REWALK ROBOTICS: Mitchell Kopin, et al. Report 3.7% Equity Stake ---------------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,385,280 ordinary shares of ReWalk Robotics Ltd., representing 3.7% of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1607962/000121390022006719/ea155282-13ga2intra_rewalk.htm About ReWalk Robotics ReWalk Robotics Ltd. -- http://www.rewalk.com/-- develops, manufactures, and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. ReWalk Robotics reported a net loss of $12.98 million for the year ended Dec. 31, 2020, a net loss of $15.55 million for the year ended Dec. 31, 2019, a net loss of $21.67 million for the year ended Dec. 31, 2018, and a net loss of $24.72 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.72 million in total assets, $5.72 million in total liabilities, and $92.99 million in total shareholders' equity. ROCKY ASPEN: McGrath Urges 2nd Circuit to Revive Bad-Faith Claim ---------------------------------------------------------------- Ganesh Setty of Law360 reports that the former co-manager of an insolvent Colorado restaurant venture urged the Second Circuit to allow him to pursue damages and a bad-faith claim against a Nationwide unit, arguing to the appellate court that he is covered under a directors and officers policy the unit issued to one of the venture's controlling entities. The co-manager, Patrick M. McGrath, said in a brief Thursday, Feb. 17, 2022, that Scottsdale Insurance Co. can't now argue that membership units of the restaurant venture, Rocky Aspen LLC, do not constitute securities under the policy when the insurer already considered them so. About Rocky Aspen LLC Rocky Aspen, LLC, sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Colorado (Denver) (Case No. 16-12194) on March 11, 2016. The petition was signed by Stephen Goglia, co-manager of Rocky Aspen, LLC. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. The case is assigned to Judge Elizabeth E. Brown. The Debtor is represented by David M. Miller, Esq., at Berenbaum Weinshienk. RUM RUNNERS: Files Amendment to Disclosure Statement ---------------------------------------------------- Rum Runners PA, LLC, submitted an Amended Disclosure Statement to accompany Chapter 11 Plan. Funding for the Plan will be derived from the sale of the Debtor's real estate. Sale proceeds will be used to pay creditors to the greatest extent possible in accordance with their priority under the Bankruptcy Code. The Debtor entered into a Contract for the Purchase and Sale of Property with Dive Property Holdings, LLC, dated Nov. 29, 2021. Within five days of the filing of this Disclosure Statement and accompanying Plan, the Debtor will file a Motion to Approve the Agreement Pursuant to 11 U.S.C. Sec. 363. The Plan proposes to pay all creditors up to 100% of their allowed claim in accordance with the priority structure set forth in the bankruptcy code from the sale of the Debtor’s building. The property has been extensively marketed by a court approved real estate broker. The total sale price is $1,000,000. $700,000 of the sale price has been allocated to the Debtor’s building and is being directed to the bankruptcy estate. $300,000 of the sale price has been allocated to Rum Runners Saloon, Inc., an affiliate of the Debtor, which holds title to the personal property in the Debtor's building. Like in the prior iteration of the Plan, Class 4 General Unsecured Non-Tax Claims total $9,608 – comprised of Dusquesne Light Company's claim of $8,776 and Internal Revenue Service's $832.14 claim. Class 4 claims shall receive up to 100% of allowed claim upon sale of real property. A full-text copy of the Amended Disclosure Statement dated Feb. 17, 2022, is available at https://bit.ly/3hb8Ybz from PacerMonitor.com at no charge. Counsel for the Debtor: RYAN J. COONEY PA I.D. #319213 SY O. LAMPL PA I.D. #324741 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 Tel: (412) 392-0330 Fax: (412) 392-0335 E-mail: rcooney@lampllaw.com About Rum Runners PA Gibsonia, Pa.-based Rum Runners PA, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 21-20369) on Feb. 23, 2021. Mark E. Baranowski, member, signed the petition. In the petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Gregory L. Taddonio oversees the case. Robert O Lampl Law Office is the Debtor's legal counsel. SAVI TECHNOLOGY: Taps alliantgroup to Prepare ERC Study ------------------------------------------------------- Savi Technology, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire alliantgroup, LP to prepare an Employee Retention Credit Study. The ERC will give the Debtor the opportunity to recoup a significant amount of costs associated with employee retention. The fee arrangement for the work will be 20 percent of the net credits identified by the firm. Johnathon Johnson, senior associate at alliantgroup, 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: Johnathon Johnson alliantgroup, LP Post Oak Blvd., Suite 2000 Houston, TX 3009 Tel.: 832-306-3625 Fax: 713-350-3625 Email: johnathon.johnson@alliantgroup.com About Savi Technology Inc. Savi Technology, Inc. -- https://www.savi.com/ -- is an innovator in supply chain visibility and sensor technology, providing real-time information about the location, condition and security of in-transit goods and assets. Savi Technology sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 21-11369) on Aug. 4, 2021, listing up to $10 million in assets and up to $50 million in liabilities. Rosemary Johnston, acting president and CEO, signed the petition. The Debtor tapped Shulman, Rogers, Gandal, Pordy & Ecker, P.A. as legal counsel. Eastward Fund Management, LLC, as lender, is represented by Richard E. Hagerty, Esq. at Troutman Pepper Hamilton Sanders LLP. SCIENTIFIC GAMES: Caledonia Has 9.6% Equity Stake as of Dec. 31 --------------------------------------------------------------- Caledonia (Private) Investments Pty Limited disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, it beneficially owns 9,282,787 shares of common stock of Scientific Games Corporation, representing 9.62 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/750004/000117266122000938/caledonia-sgms123121a1.htm About Scientific Games Based in Las Vegas, Nevada, Scientific Games Corporation (NASDAQ:SGMS) -- http://www.scientificgames.com-- is a developer of technology-based products and services and associated content for the worldwide gaming, lottery, social and digital gaming industries. Its portfolio of revenue-generating activities primarily includes supplying gaming machines and game content, casino-management systems and table game products and services to licensed gaming entities; providing instant and draw-based lottery products, lottery systems and lottery content and services to lottery operators; providing social casino solutions to retail consumers and regulated gaming entities, as applicable; and providing a comprehensive suite of digital RMG and sports wagering solutions, distribution platforms, content, products and services. Scientific Games reported a net loss of $548 million for the year ended Dec. 31, 2020, a net loss of $118 million for the year ended Dec. 31, 2019, and a net loss of $352 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $7.85 billion in total assets, $10.04 billion in total liabilities, and a total stockholders' deficit of $2.19 billion. SENIOR CARE LIVING: Taps SC&H Group as Financial Advisor -------------------------------------------------------- Senior Care Living VII, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire SC&H Group, Inc. to assist with potential debtor-in-possession or takeout financing and a possible financial restructuring in its Chapter 11 case. The firm will be paid as follows: (i) an initial fee of $20,000, and (ii) 1 percent of the total consideration related to first lien debt with a minimum transaction fee of $300,000. Kenneth Mann, managing director at SC&H Group, 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: Kenneth W. Mann SC&H Group, Inc. 7900 Westpark Drive, Suite A150 Tysons Corner, VA 22102 Tel: 703-287-5959 About Senior Care Living VII Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing up to $50 million in both assets and liabilities. Judge Caryl E. Delano oversees the case. Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP is the Debtor's legal counsel while SC&H Group, Inc. serves as the Debtor's financial advisor. STATERA BIOPHARMA: James Harpel Has 3.5% Stake as of Dec. 31 ------------------------------------------------------------ James W. Harpel disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, he beneficially owns 1,126,956 shares of common stock of Statera Biopharma, Inc., representing 3.51 percent of the shares outstanding. The percentage is based upon 32,095,520 shares outstanding of the company's common stock as of Nov. 11, 2021, as reported by the company in its Quarterly Report on Form 10-Q filed on Nov. 15, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/940780/000094078022000002/harpel13ga2stab.txt About Statera Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and Cleveland Biolabs) is a clinical-stage biopharmaceutical company developing novel immunotherapies targeting autoimmune, neutropenia/anemia, emerging viruses and cancers based on a proprietary platform designed to rebalance the body's immune system and restore homeostasis. Cleveland Biolabs reported a net loss of $2.44 million for the year ended Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec. 31, 2019, a net loss of $3.71 million for the year ended Dec. 31, 2018, and a net loss of $9.84 million for the year ended Dec. 31, 2017. As of Sept. 30, 2021, the Company had $98.04 million in total assets, $23.84 million in total liabilities, and $74.19 million in total stockholders' equity. STEM HOLDINGS: Delays Form 10-Q Filing for Period Ended Dec. 31 --------------------------------------------------------------- Stem Holdings, Inc. disclosed in a Form 12b-25 filed with the Securities and Exchange Commission that it is unable to file its Form 10-Q for the period ended Dec. 31, 2021, within the prescribed time period without unreasonable effort or expense. The Company anticipates that it will file its Form 10-Q within the grace period provided by Exchange Act Rule 12b-25. As previously reported in the Company's Form 8-K filed with the SEC on Dec. 17, 2021, effective on Dec. 15, 2021, the Company entered into a Share Exchange Agreement (together with a Settlement and Release Agreement) to divest its ownership of Driven Deliveries, Inc. and its related subsidiaries. In connection with the transaction, the Company cancelled and retired approximately 11,500,000 shares of Company Common Stock and recorded debt cancellation in the amount of approximately $7.1 million and an increase in working capital of approximately $4.1 million. As a result of the Transaction, the Company will record a significant loss from discontinued operations (which cannot be estimated at this time) in the fiscal quarter ended Dec. 31, 2021. This loss will be reflected in the Company's financial statements included in the Form 10-Q for the quarter ended Dec. 31, 2021, which is the subject of this Notification of Late Filing. As of Feb. 14, 2022, the Company is not able to report with particularity a reasonable estimate of the results for the fiscal quarter ended Dec. 31, 2021. 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 $64 million for the year ended Sept. 30, 2021, compared to a net loss of $11.5 million for the year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $57.19 million in total assets, $22.95 million in total liabilities, and $34.23 million in total shareholders' equity. Deer Park, IL-based LJ Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Jan. 13, 2022, citing that the Company, and its affiliates, had net losses of $64.4 million and $11.5 million, negative working capital of $2.954 million and $9.235 million and accumulated deficits of $115.750 million and $51.386 million as of and for the year ended Sept. 30, 2021 and 2020, 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 raise substantial doubt as to the Company's ability to continue as a going concern. STORTZ FARM: Seeks to Employ Ag & Business as Bankruptcy Counsel ---------------------------------------------------------------- Stortz Farm Partnership seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to hire Ag & Business Legal Strategies to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of the case; (b) developing the relationship of the status of the Debtor to the claims of creditors; (c) advising the Debtor of its rights, duties and obligations; (d) filing a fraudulent transfer adversary case against Farmers Savings Bank; (e) taking any other necessary action incident to the proper preservation and administration of the bankruptcy case; and (f) assisting the Debtor in the preparation of a Chapter 11 plan and all matters related to the case. The firm's hourly rates are as follows: Attorney Joseph Peiffer $535 per hour Of Counsel $375 per hour Senior Associate Attorneys $375 per hour Junior Associate Attorneys $325 per hour Support Staff $160 per hour Joseph Peiffer, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph Peiffer, Esq. Ag & Business Legal Strategies 1350 Boyson Road, Ste. B. Hiawatha, IA 52233-2211 Tel: 844 363-1641 About Stortz Farm Stortz Farm Partnership filed a petition for Chapter 11 protection (Bankr. N.D. Iowa Case No. 22-00069) on Feb. 10, 2022, listing up to $10 million in both assets and liabilities. Brian J. Stortz, principal at Stortz Farm Partnership, signed the petition. The Debtor tapped Ag & Business Legal Strategies as legal counsel. SUGARLOAF HOLDINGS: Sale Did Not Extinguish Forfeiture Suit ----------------------------------------------------------- David L. Miller, as Chapter 11 trustee for Sugarloaf Holdings, LLC, sold the Debtor's farm assets under Section 363(f) of the Bankruptcy Code. The sale included a water right subject to a pre-petition, state court forfeiture action for non-use. The purchaser, Idaho Farms, asserts that the free and clear sale vitiated the forfeiture action. The plaintiffs to the forfeiture action countered, asserting that: (1) the sale motion did not provide adequate notice regarding the water right or the forfeiture action; (2) the sale motion neither asserted nor established a basis to sell the water right free and clear under Section 363(f); and (3) the forfeiture action is not a property interest that can be affected by Section 363(f). The purchaser filed a motion to amend the sale order to state that the water right was sold free and clear of the forfeiture action. Judge Kevin R. Anderson of the United States Bankruptcy Court for the District of Utah finds that the water right remains subject to the forfeiture action. Specifically, Judge Anderson finds that the sale of the Water Right under Section 363 did not extinguish the Forfeiture Action. As a result, Idaho Farms acquired the Water Right subject to the Forfeiture Action. According to Judge Anderson, the Sale Motion does not mention the Water Right except to list it on Exhibit 3 along with 30 other water rights to be included in the sale. The Sale Motion does not identify the Pahvant Parties or disclose the pending Forfeiture Action. It does not state how the sale will affect the Forfeiture Action or the Pahvant Parties. "And most problematic, it does not state a specific basis under Section 363(f) to sell the Water Right free and clear of the Forfeiture Action," the judge holds. The failure of the Sale Motion to address the Forfeiture Action cannot be because it was unknown, as its existence is obvious to anyone looking at the bankruptcy case docket, Judge Anderson holds. Specifically, the Forfeiture Action was listed in the Debtor's Statement of Financial Affairs. The Pahvant Parties appeared in the bankruptcy case seeking relief from stay to pursue the Forfeiture Action. The Court granted the motion for relief from stay so the Pahvant Parties could obtain the Preliminary Injunction in the Forfeiture Action. In addition, Idaho Farms asserted in the Asset Purchase Agreement that it conducted its own independent inspection and investigation of the Purchased Assets. Based on these facts, the Court cannot find that the Forfeiture Action was omitted from the Sale Motion because it was unknown, Judge Anderson says. Further, Idaho Farms asserts that the acquisition of the Water Right free and clear of the Forfeiture Action was essential to its purchase. It is then curious, Judge Anderson notes, that Idaho Farms was not more engaged in ensuring that the Sale Motion addressed the Water Right, the Pahvant Parties, and the Forfeiture Action. In addition, Idaho Farms purchased the Farm assets "as, where is, if is, and with all faults." This same paragraph in the Sale Agreement also states that the Trustee is not making any representations or warranties to Idaho Farms as to the "quality, or right to use any . . . water right, point of diversion, flow rate, or any other aspect or characteristics of the Purchased Assets," the Court notes. While it was the Trustee's burden to establish cause to sell the Water Right free and clear under Section 363, it was the burden of Idaho Farms to ensure that the terms of the sale, as set forth in the Asset Purchase Agreement and the Sale Motion, accurately reflected its understanding of what it was buying, Judge Anderson points out. The Court, according to the judge, must assume that Idaho Farms knew about the Forfeiture Action before the entry of the Sale Order. The Court has not heard a satisfactory explanation from Idaho Farms as to why it failed to seek clarification of this "essential" Water Right in the Trustee's Sale Motion. For these reasons, the Court finds that the Sale Motion does not contain adequate notice as to the Pahvant Parties to make the Sale Order effective as to them. Further, the Court finds that the Sale Motion neither states nor establishes a basis under Section 363(f) to sell the Water Right free and clear of the Forfeiture Action. Therefore, the Court will deny the motion of Idaho Farms to amend the Sale Order and clarify that the Water Right was sold subject to the Forfeiture Action. A full-text copy of the Memorandum Decision dated February 16, 2022, is available at https://tinyurl.com/5n6hy83f from Leagle.com. About Sugarloaf Holdings Sugarloaf Holdings, LLC -- http://sugarloafholdings.com/-- is a privately held company in Lehi, Utah, whose business consists of farming and ranching operations. Sugarloaf Holdings filed a Chapter 11 petition (Bankr. D. Utah Case No. 18-27705) on Oct. 15, 2018. In the petition signed by David J. Gray, manager, the Debtor disclosed $21,067,619 in total assets and $15,666,618 in total debt. The case is assigned to Judge Kevin R. Anderson. The Debtor retained Parsons Behle & Latimer as Chapter 11 counsel. The Debtor tapped Berkeley Research Group as its financial advisor; Dwayne Asay and Squire & Company, PC, as accountants; and J. Philip Cook and J. Philip Cook, LLC, as forensic real estate professionals. On Aug. 7, 2020, the Court appointed David L. Miller as Trustee of the Debtor's Chapter 11 bankruptcy estate. SUSSEX RANDOLPH: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: Sussex Randolph Building, L.P. 237 South Street Morristown, NJ 07962 Business Description: Sussex Randolph Building is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns a commercial retail building of approximately 8,000 square feet located at 1204 Sussex Turnpike, Randolph, New Jersey. Chapter 11 Petition Date: February 22, 2022 Court: United States Bankruptcy Court District of New Jersey Case No.: 22-11369 Judge: Hon. Vincent F. Papalia Debtor's Counsel: Jay L. Lubetkin, Esq. RABINOWITZ, LUBETKIN & TULLY, LLC 293 Eisenhower Parkway Suite 100 Livingston, NJ 07039 Tel: 973-597-9100 Fax: 973-597-9119 Estimated Assets: Unknown Estimated Liabilities: $2,315,648 The petition was signed by Lawrence S. Berger, Esq., president of Sussex Randolph Realty Holdings, Inc., the general partner of the Debtor. A full-text copy of the petition containing, among other items, a list of the Debtor's 16 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6IJTP2A/Sussex_Randolph_Building_LP__njbke-22-11369__0001.0.pdf?mcid=tGE4TAMA TELIGENT INC: Seeks to Extend Exclusivity Period to May 12 ---------------------------------------------------------- Teligent, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend the exclusivity period to file a Chapter 11 plan to May 12, and the period to solicit acceptances for the plan to July 11. Section 1121 of the Bankruptcy Code provides a 120-day period during which only the company can file a plan of reorganization after a bankruptcy petition. A debtor has 180 days following the petition date to solicit acceptances for that plan. A bankruptcy court may grant an extension for cause. Teligent said an extension, if granted by the court, will give the company and affiliates sufficient time to prepare a viable plan and related disclosure statement. Since their Chapter 11 filing, Teligent and its affiliates have focused on accomplishing other important tasks, which include obtaining court approval to get bankruptcy loan and conducting an auction for their Canadian assets and new drug applications. Accomplishing these tasks has been a labor-intensive process, fully occupying the companies' professionals for the approximately four months that the Chapter 11 cases have been pending, according to a motion filed by the companies in court. The exclusivity motion is on the court's calendar for March 23. 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, N.J. 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. As of Aug. 31, 2021, Teligent had total assets of $85 million and total debt of $135.8 million. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; K&L Gates, LLP as special corporate counsel; Raymond James & Associates, Inc. as investment banker; PharmaBioSource Realty, LLC as real estate consultant; and Portage Point Partners, LLC as restructuring advisor. Vladimir Kasparov of Portage Point Partners serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' cases on Oct. 27, 2021. Jenner & Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the committee's bankruptcy counsel. Province, LLC is the committee's financial advisor. 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. TILDEN MARCELLUS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Tilden Marcellus, LLC. The committee members are: 1. UGI Texas Creek, LLC Attn: Richard Ferrence c/o Timothy Palmer, Esq. Buchanan Ingersoll & Rooney P.C. 501 Grant Street, Suite 200 Pittsburgh, PA 15219 Tel: 412-562-8413 Email: timothy.palmer@bipc.com 2. Patterson-UTI Drilling Company LLC Attn: Jeff McNabb c/o Vianey Garza, Esq. Dore Rothberg McKay, P.C. 17171 Park Row, Suite 160 Houston, TX 77084 Tel: 281-200-0751 Email: vgarza@dorelaw.com 3. J.L. Watts Excavating, Inc. Attn: Jeffrey L. Watts c/o John Kettering, Esq. Pietragallo Gordon Alfano Bosick Raspanti, LLP 7 West State Street, Suite 100 Sharon, PA 16149 Tel: 724-981-1398 Email: jk@pietragallo.com 4. Moore Trucking, LLC Attn: Christopher Moore 238 Sunset Rd. Canton, PA 17724 Tel: 570-916-8870 Email: mooretrucking08@yahoo.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Tilden Marcellus Tilden Marcellus, LLC is a Texas limited liability oil and gas production company, which owns and previously operated certain working interests in more than 27,000 net leasehold acres within Potter County and Tioga County, Pa., with over 50 wells previously in production. Tilden Marcellus sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No. 22-20212) on Feb. 4, 2022. In the petition signed by Jeffrey T. Varsalone, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. Morris, Nichols, Arsht and Tunnel, LLP and Tucker Arensberg, PC serves as the Debtor's lead bankrupcy counsel and local counsel, respectively. Epiq Corporate Restructuring, LLC is the notice, claims and balloting agent and administrative advisor. White Oak Global Advisors, LLC, as the DIP agent and the prepetition agent, is represented by: Daren S. Klein, Esq. David Schiff, Esq. Jarett Erickson, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Email: darren.klein@davispolk.com david.schiff@davispolk.com jarret.erickson@davispolk.com - and - Mike Proctor, Esq. Bowles Rice LLP 1800 Main Street, Suite 200 Canonsburg, PA 15317 Email: mproctor@bowlesrice.com VETERAN HOLDINGS: $59M Equity from Veterans Center to Fund Plan --------------------------------------------------------------- Veteran Holdings NY LLC, submitted a Third Amended Disclosure Statement for its Second Amended Plan of Reorganization dated Feb. 17, 2022. Since the filing of the chapter 11 case, the Debtor and the holder of its Existing Equity Interests have quickly finalized an agreement with Veterans Center whereby the Debtor will sell to Veterans Center 100% of the membership interests in the Debtor for $59,000,000 pursuant to the Veterans Center Purchase and Sale Agreement. The proceeds from the sale of the membership interests by the Debtor will be used to pay the Plan Funding Obligations which include (i) paying the Seller the sums necessary to cure all defaults and close under the Veterans Holdings Contract of Sale and thereby acquire the Property for approximately $45,600,000, (ii) paying approximately $2,195,000 in loan fees and closing adjustments, (iii) paying $1,682,014 to the Debtor's secured and unsecured creditors to satisfy their claims in full with interest, (iv) reserving $250,000 for the payment of US Trustee Fees, and (v) reserving $250,000 for payment of administrative costs and professional fees. After all Plan Funding Obligations are satisfied, the remaining cash balance of approximately $9,272,985 will be paid to the holders of the Existing Equity Interests and their Membership Interests will be cancelled leaving the Purchaser, Veterans Road Center LLC as the owner of 100% of the Debtor's Membership Interests. Like in the prior iteration of the Plan, each holder of an Allowed General Unsecured Claim in Class 2 shall receive on the Effective Date, in full and final satisfaction of such Claim, Cash from the Sale Proceeds in an amount equal to the Allowed amount of such Claim, plus interest at the federal judgment rate payable from the Sales Proceeds. The allowed unsecured claims total $46,361,778.00. This Class will receive a distribution of 100% of their allowed claims. On the Effective Date, pursuant to the Veterans Center Purchase and Sale Agreement, the holder of the Class 3 Existing Equity Interests shall receive the remaining Cash after payment of all Plan Funding Obligations, which after such payment, their Existing Equity Interests shall be cancelled. Class 3 is Unimpaired. The Debtor shall take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of the Plan including but not limited to: (a) assuming the Veterans Holdings Contract of Sale and contemporaneously closing the issuance of new membership interests by the Debtor under the Veterans Center Purchase and Sale Agreement and (b) distributing the Plan Funding Obligations to pay Claims under the Plan. Once all Plan Funding Obligations have been fully paid pursuant to the terms of the Plan, Existing Equity Interests will be cancelled, and Veterans Center will hold 100% of the Membership Interests in the Debtor. At the Veterans Holdings Closing, at the request of the lender to Veterans Center, the deed for the Property may be issued in the name of Veterans Center. The funds necessary to pay all of the Plan Funding Obligations, which includes assuming the Veterans Holdings Contract of Sale and closing in accordance with its terms, paying the closing costs of that sale, paying the claims of the Debtor's Creditors in full with interest and the statutory claims owed to the United States Trustee will come from the payment Veterans Center is making to the Debtor's estate of $59,000,000 in exchange for 100% of the equity in the Debtor pursuant to the Veterans Center Purchase and Sale Agreement. Veterans Center is funding its acquisition of the Debtor with a loan of $43,300,000 from Emerald Creek Capital, the contract deposit of $1,500,000 being held by Veterans Road Holdings LLC (the seller of the Property), the $500,000 escrow deposit held by RBL, the additional $1,000,000 escrow deposit due on February 21, 2022 plus $12,700,000 in cash that Veterans Center will provide at closing. Emerald Creek has no relationship to any party in interest in this case and is represented by the law firm of Herrick Feinstein LLP. A full-text copy of the Third Amended Disclosure Statement dated Feb. 17, 2022, is available at https://bit.ly/3s7gbjl from PacerMonitor.com at no charge. Attorneys for the Debtor: Fred B. Ringel, Esq. Robinson Brog Leinwand Greene Genovese & Gluck PC 875 Third Avenue New York, NY 10022 Telephone: (212) 603-6300 Email: fbr@robinsonbrog.com About Veteran Holdings NY Veteran Holdings NY LLC, a real estate business in Brooklyn, New York, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40052) on Jan. 12, 2022. Pearl Schwartz, managing member, signed the petition. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Robinson Brog Leinwand Greene Genovese & Gluck PC serves as the Debtor's counsel. WEARABLE HEALTH: Issues Going Concern Doubt Warning --------------------------------------------------- Wearable Health Solutions, Inc., warned a recent regulatory filing with the Securities and Exchange Commission that there is substantial doubt about its ability to continue as a going concern. In its quarterly report on Form 10-Q for the quarterly period ended September 30, 2021, Wearable Health said that, as at September 30, 2021 and June 30, 2021, the Company has shown losses for the last two years and has an accumulated deficit of ($30,728,961) and ($26,374,227), respectively. Management believes the Company's capital requirements will depend on many factors including the success of the Company's development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working capital purposes. There can be no assurance that the Company will be able to obtain the additional capital resources necessary to implement its business plan or that any assumptions relating to its business plan will prove accurate. "These factors raise substantial doubt about our ability to continue as a going concern for a period of 12 months from the issue date of this report," the Company said in the Form 10-Q Report filed February 18. As of September 30, 2021, the Company had $1.86 million in total assets and $3.95 million in total liabilities. Wearable Healthcare Solutions Inc. is primarily engaged in utilizing new technology in the medical alarm industry to provide 24-hour personal response monitoring services and related products to subscribers with medical or age-related conditions. WESTERN URANIUM: Grants 900K Stock Options to D&Os, Employees ------------------------------------------------------------- Western Uranium & Vanadium Corp. provided the following Company updates: Sunday Mine Complex - GMG Ore Body: Production Update The first phase of the ongoing Sunday Mine Complex project was to define and develop the GMG Ore Body; however after 30 feet of waste rock removal high-grade uranium ore has been intersected continuously. Thus the team began mining the ore in front of them, from the main drift (tunnel), without targeting the highest grade ore zones. Because of the project's success, the mining contractor began probing and logging the 10-ton load hauls. On 25 individual days from December to early February, the mining contractor probed and logged each of the 200 load hauls five times; the 2,000 tons of new production was moved into four separate underground stockpiles. The mining contractor has reported a uranium grade of 1% (0.9962) and a vanadium grade, by the 1:6 historic ratio, of about 6%. This translates into uranium/vanadium stockpile quantities of 39,800 lbs of uranium and 239,000 lbs of vanadium. At current market prices, the post-processing recovery value is over $3.5 million. Ore production is continuing and an additional mining operations update is expected in about 2 weeks. Work at the GMG Ore Body has been highlighted in a slide show added to Western's website (www.western-uranium.com). 2021 Incentive Stock Option Grant Western announces that it has granted an aggregate of 900,000 options to purchase common shares to a number of officers, directors, and employees of Western under the Company's Incentive Stock Option Plan. The Options were granted on Feb. 9, 2022 after market close, and the exercise price set at C$1.76 based upon the closing prices on both the day of the grant and the prior trading day. Each option is exercisable to acquire one common share for a five-year term starting with the vesting date. The Options vest equally in three installments beginning on the date of grant and thereafter on April 1, 2022, and July 1, 2022. (1) The Sunday Mine Complex is without known reserves, as defined in United States SEC Regulation S-K Subpart 1300, and Western has started extraction without determining mineral reserves in a current Technical Report that would meet the requirements of Subpart 1300. (2) The last actual conventional milling recoveries of Sunday Mine Complex uranium/vanadium ore were 95% uranium and 80% vanadium and the current market prices utilized were uranium U3O8: $43.20 per lbs and vanadium V2O5: $10.30 per lbs. About Western Uranium Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation. Western Uranium reported a net loss of $2.39 million for the year ended Dec. 31, 2020, compared to a net loss of $2.11 million for the year ended Dec. 31, 2019. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has incurred continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ZOHAR FUNDS: Urges Del. Vice Chancellor to End Tilton Hold on Stila ------------------------------------------------------------------- Jeff Montgomery of Law360 reports that attorneys for noteholders battling distressed debt entrepreneur Lynn Tilton urged a Delaware vice chancellor on Friday, February 18, 2022, to rule invalid Tilton's claim to control of cosmetics venture Stila Styles LLC, potentially reheating a wider bankruptcy court battle over investor claims against Tilton. Hanging in the balance is an effort to appoint retired U. S. Bankruptcy Court Judge Kevin Carey as manager of the cosmetics business, now the focus of a Zohar III Ltd. effort to complete a Chapter 11-supervised sale of companies that were part of Tilton's Patriarch Partners turnaround empire. About the Zohar Funds New York-based Patriarch Partners, LLC, is a private equity firm specializing in acquisition, buyouts, and turnaround investment in distressed American companies and brands. Patriarch Partners was founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held substantial equity stakes in portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. The Zohar funds were created to raise money through selling a form of notes called collateralized loan obligations to investors that was then used to extend loans to dozens of distressed mid-size companies, often in connection with the acquisition of those companies out of bankruptcy. Patriarch bought "distressed" companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the funds into bankruptcy in 2018 in an attempt to keep Patriarch's portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion. Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the "Zohar Funds"), sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11, 2018. In the petition signed by Lynn Tilton, director, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. 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