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250730.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, July 30, 2025, Vol. 29, No. 210 Headlines 100 PERCENT CHIROPRACTIC: Seeks Subchapter V Bankruptcy in Georgia 1400 SG ASSOCIATES: Secured Party Sets Sept. 4 Auction ADVENT TECHNOLOGIES: Registers 339K Shares Under 2021 Equity Plan ALTICE USA: BlackRock Holds 6.4% of Class A Shares ALTICE USA: Subsidiary Secures $1B Loan Backed by NYC Assets AMERICA'S GARDENING: Hires Tower Partners as Investment Banker AMERICA'S GARDENING: Taps Aurora Management and David Baker as CRO AQUA METALS: Shareholders Approve All Proposals at Annual Meeting ARTIFICIAL INTELLIGENCE: CEO Signs Term Sheet for $5M Credit Line AVALON GLOBOCARE: Closes $475K Sale of Securities to Brown Stone BARROW SHAVER: Plan Exclusivity Period Extended to September 29 BC2 BEAUMONT: Former Marriott Courtyard Slated for Auction BEARSVILLE LLC: Secured Party to Sell 100% Interest on Aug. 1 BECKHAM JEWELRY: Seeks to Extend Plan Exclusivity to September 26 BESTWALL LLC: Lawyers, Advisers Reap $490MM from Bankruptcy BIG LOTS: Plan Exclusivity Period Extended to October 4 BOOKS INC: Seeks to Extend Plan Exclusivity to September 26 BYJU'S ALPHA: Mediation Not Appropriate in Camshaft, et al. Case CADUCEUS PHYSICIANS: Seeks to Extend Plan Exclusivity to Sept. 24 CAREERBUILDER + MONSTER: Court OKs Voluntary Chap. 11 Sale Process CARVANA CO: BlackRock Holds 5.5% of Class A Shares as of June 30 CBRM REALTY: Hilco Puts Pittsburgh Property Up for Sale CBRM REALTY: Housing Portfolio in Bankruptcy Sale, Bids Due Aug 14 CENTENNIAL HOUSING: Seeks to Extend Plan Exclusivity to Sept. 24 CHABAD OF GRAMERCY: Plan Exclusivity Period Extended to September 5 CHARTER SCHOOL: Funder Has Court OK to Sell Biz for $80MM in Ch. 11 CIMG INC: Bid Price Rule Noncompliance Triggers New Nasdaq Warning CIMG INC: Names Ambassadors for Huomao Expansion CONCORDE METRO: Seeks to Extend Plan Exclusivity to October 20 CORONET CERAMICS: To Sell Apex Property to Nelson Family for $2.2MM CORVIAS CAMPUS: Eversheds & Potter Anderson Advise Noteholder Group CYTODYN INC: Reports FY2025 $3.75M Net Income as Expenses Drop DATAVAULT AI: Acquires Inaudible Audio IP From Turner Global Media DATAVAULT AI: Signs Definitive Agreement to Acquire API Media DEQSER LLC: Seeks to Extend Plan Exclusivity to November 6 DESKTOP METAL: Files Bankruptcy Protection Under Chapter 11 DESKTOP METAL: Files for Chapter 11 to Pursue Sale DESKTOP METAL: Seeks Chapter 11 Bankruptcy in Texas DESKTOP METAL: Seeks Sale via Court-Supervised Bankruptcy DESKTOP METAL: To Sell Equity Interest to Anzu Special Acquisition DIOCESE OF ROCHESTER: CNA Loses Bid to File Objections Under Seal DOUBLE T STEEL: Seeks Subchapter V Bankruptcy in Texas DOUBLESHOT HOLDINGS: Gets Interim OK to Use Cash Collateral ESSENZA EDGEWATER: Case Summary & One Unsecured Creditor FAIRFIELD SENTRY: Rothschild Loses Bid to Dismiss Adversary Case FELTRIM BALMORAL: Gets Extension to Access Cash Collateral FTX TRADING: Judge to Consider if Prosecutors Breached Plea Promise GENESIS HEALTHCARE: Section 341(a) Meeting of Creditors on Aug. 18 GLOBAL CLEAN ENERGY: Court Confirms Reorganization Plan GYLMAR DEVELOPMENTS: Case Summary & Nine Unsecured Creditors HALL LABS: Wrongful Death Claims Transferred to Utah Court HERTZ CORP: Allspring Multi-Sector Marks $748,000 Loan at 23% Off HUBBARD RADIO: Allspring MultiSector Marks $940,000 Loan at 35% Off HYPERION DEFI: Securityholders May Offer Up to 50.8M Common Shares HYPERSCALE DATA: Plans $125M Offering via Shelf Registration ICORECONNECT INC: To Sell Software Biz to Colortech Holdings ILUSTRATO PICTURES: Faces OTC Downgrade Amid Delayed Filings INDIAN CREEK: Case Summary & 12 Unsecured Creditors INNOVATE CORP: Launches Debt Refinancing to Extend 2026 Maturities IQSTEL INC: Reports $128.8M H1 Revenue, Eyes $400M Run Rate in Q3 IROBOT CORP: BlackRock Holds 2.0% Stake as of June 30 J.C. PENNEY: Plan Trust Selling 119 Stores for $947,000,000 JOSEPH G. BABA DDS: Case Summary & 20 Largest Unsecured Creditors KDZ REALTY: Seeks Subchapter V Bankruptcy in Virginia KS MATTSON: Taps Stapleton Group as Operations and Asset Manager LAUREL CREEK: Seeks Chapter 11 Bankruptcy in California LIVEONE INC: BlackRock Holds 1.3% Stake as of June 30 LIVEONE INC: Closes $9.5 Million Public Offering With Lucid Capital LIVEONE INC: Registers 7.99M Common Shares for Resale M DESIGN: Wins Bid to Dismiss Dual, 7even Counterclaims M.L.B. DESIGNS: Case Summary & 20 Largest Unsecured Creditors MAIBACH ENERGY: Locomotive Sale to Rail Engineering for $50K OK'd MALLORY MADISON: Seeks Chapter 11 Bankruptcy in Florida MCA NAPLES: To Sell Naples Property to Sunrise Fund for $7.6MM MEDICAL PROPERTIES: BlackRock Holds 13.1% Stake as of June 30 MMRE MANAGEMENT: Seeks Chapter 11 Bankruptcy in New York MODIVCARE INC: BlackRock Holds 2.2% Stake as of June 30 NABORS INDUSTRIES: BlackRock Holds 6.6% Stake as of June 30 NANOVIBRONIX INC: Shareholders OK Reverse Split Up to 1-for-50 NEW FORTRESS: BlackRock Holds 6.7% of Class A Shares as of June 30 NEW YORK CONCOURSE: Seeks Chapter 11 Bankruptcy in New Jersey NORTHVOLT AB: Lyten Raises to Finance to Purchase Co.'s Assets OAKTREE OCALA: Case Summary & 17 Unsecured Creditors OAKTREE OCALA: Files for Chapter 11 Due to Dispute With Lender OCUGEN INC: BlackRock Holds 1.9% Stake as of June 30 ORYX OILFIELD: Court Confirms Second Amended Reorganization Plan PEARL RESOURCES: May Appeal $40M Judgment Against Texas to 5th Cir PEGGY NESTOR: Appeal in Berger Case Dismissed with Prejudice POWER REIT: Annual Shareholder Meeting Scheduled for Aug. 27 PREDICTIVE ONCOLOGY: Granted Nasdaq Extension to Meet Listing Rules PREDICTIVE ONCOLOGY: Recasts 10-K Following Eagan Biz Sale PREDICTIVE ONCOLOGY: Registers 1.92M Shares for Resale via SEPA PROSPECT MEDICAL: Seeks Additional $55MM to Fund Bankruptcy PROSPECT MEDICAL: Yale New Haven's Lawsuit Remanded to State Court QSH/SANDERS GLEN: S&P Raises 2018A-B Revenue Bond Rating to 'BB-' RAND PARENT: S&P Affirms 'BB-' Rating on Fungible Term Loan Add-On RED RIVER:J&J Bid to Inspect Beasley Talc Litigation Funding Tossed ROCK N CONCEPTS: Plan Exclusivity Period Extended to September 16 S&W SEED: Mountain Ridge to Sell Collateral After $19M Loan Default SADIE ROSE: Oceanside Bakery, Equipment in Chapter 11 Sale SAFE & GREEN: Swaps Warrants for 60,000 Series B Preferred Shares SALT LAKE CITY DISTILLERY: Cash Collateral Hearing Set for July 31 SAMSARA LUGGAGE: Targets Q4 for Filings, Eyes Uplist Post-Audit SD BACKYARD: Seeks Court Approval to Hire NGS LLP as Accountants SENMIAO TECHNOLOGY: To Implement 1-for-10 Reverse Split SHARPLINK GAMING: Expands ATM Offering to $6B With Forward Sales SIBUNA GROUP: Seeks Chapter 11 Bankruptcy in Georgia SMITH MICRO: Closes $1.5M Shelf Takedown, Warrant Placement SOLUNA HOLDINGS: Intracoastal Capital, 2 Others Hold 9.99% Stake SOUTHWEST FIRE: Case Summary & 15 Unsecured Creditors SPIRIT AIRLINES: To Layoff 200 Pilots, To Demote 100+ Others STONE DELUXE: Court OKs Deal to Use Cash Collateral Until Sept. 16 TERRAFORM LABS: Dentons US Stalls Discovery in Ch. 11, Court Told TONIX PHARMACEUTICALS: BlackRock Holds 5.7% Stake as of June 30 TRINSEO PLC: BlackRock Holds 6.3% Stake as of June 30 UNIVERSAL BIOCARBON: Seeks to Extend Plan Exclusivity to Sept. 26 VALVES AND CONTROLS: Seeks Chapter 11 Bankruptcy in Delaware VESTTOO LTD: STL Namos Can Intervene in Goldeneye v. Hanaco Case WASH BIDCO: S&P Assigns 'B+' ICR on Acquisition by Northleaf WELLPATH HOLDINGS: Court Nixes Creditors' Ch. 11 Plan Releases Bid WELLPATH HOLDINGS: Dr. Angela Joseph Dismissed from Labadie Case WHITEEAGLE PROPERTIES: Case Summary & Six Unsecured Creditors WHITEHALL PHARMACY: Gets Interim OK to Use Cash Collateral WINDTREE THERAPEUTICS: Inks $60M Private Placement X4 PHARMACEUTICALS: BlackRock Holds 3% Stake as of June 30 [] Jackson Walker Settles w/ Seadrill on Judge Romance Case [] Newsbury Storage Facility Up for Sale on Aug. 19 [] Portage Point Adds Albergotti as Turnaround & Restructuring MD [] Three Florida Dolphin Aquariums Up For Sale [^] 2025 Distressed Investing Conference: Registration Now Open! ********* 100 PERCENT CHIROPRACTIC: Seeks Subchapter V Bankruptcy in Georgia ------------------------------------------------------------------ On July 24, 2025, 100 Percent Chiropractic Foster LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 100 Percent Chiropractic Foster LLC 100 Percent Chiropractic Foster LLC, operating as 100% Chiropractic West Cobb, is a healthcare provider specializing in chiropractic services at their Marietta, Georgia location. 100 Percent Chiropractic Foster LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58291) on July 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million . The Debtor is represented by Will B. Geer, Esq. at Rountree Leitman Klein & Geer LLC. 1400 SG ASSOCIATES: Secured Party Sets Sept. 4 Auction ------------------------------------------------------ Tower Place Holdco LLC ("secured party") will offer for sale at public auction 100% of the partnership interests held by 460 North Road Broad GP LLC and 1400 SG Genpar Inc. ("mezzanine borrower") in 1400 SG Associates LP ("pledged entity"). The sale will tale place on Sept. 4, 2025, at 3:00 p.m. Eastern Time in person in front of the New York Supreme Court located at 60 Centre St., New York, New York, and virtually via online video conference. The URL address and password for the online video conference will be provided to registered participants. The sale is being made in connection with the foreclosure on a pledge of the collateral to the secured party by mezzanine borrower under the pledge agreement, pursuant to which mezzanine borrower has granted to secured party a first priority lien on the collateral as collateral for the loan in the original principal amount of $7.75 million ("mezzanine loan") from secured party to mezzanine borrower. The mezzanine borrower loan was made pursuant to that certain loan agreement dated June 29, 2022, by and between mezzanine borrower and secured party. The online datasite for the sale is available at https://rimarketplace.com/listing/98885/philadelphia-multifamily-ucc-foreclosure-sale Further information regarding the sale contact: John Daniel at (312) 224-3260 or email at john.daniels@nmrk.com ADVENT TECHNOLOGIES: Registers 339K Shares Under 2021 Equity Plan ----------------------------------------------------------------- Advent Technologies Holdings, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 338,776 shares of the Company's common stock, $0.0001 par value per share, issuable pursuant to the Advent Technologies Holdings, Inc. 2021 Equity Incentive Plan (as amended). The shares being registered pursuant to this Registration Statement are the same class as other securities for which registration statements relating to the 2021 Plan were filed with the SEC on June 10, 2021. Advent Technologies may be reached through: Gary Herman Chief Executive Officer Advent Technologies Holdings, Inc. 5637 La Ribera St., Suite A Livermore, CA 94550 Tel: (925) 455-9400 A full-text copy of the Registration Statement is available at https://tinyurl.com/4pkmsmry About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $8 million in total assets, $29.3 million in total liabilities, and $21.3 million in total stockholders' deficit. ALTICE USA: BlackRock Holds 6.4% of Class A Shares -------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 18,135,603 shares of Altice USA, Inc.'s Class A Stock, representing approximately 6.4% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/44pz79hs About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." ALTICE USA: Subsidiary Secures $1B Loan Backed by NYC Assets ------------------------------------------------------------ Altice USA, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Cablevision Funding LLC, an indirect wholly owned subsidiary of the Company, entered into a Receivables Facility Loan and Security Agreement, by and among the Borrower, certain guarantors party thereto, Goldman Sachs Bank USA and certain funds managed by TPG Angelo Gordon as initial lenders, Goldman Sachs Bank USA and TPG Angelo Gordon as structuring agents, Alter Domus (US) LLC as administrative agent, and Citibank, N.A. as collateral agent and account bank. The obligations under the Loan and Security Agreement are secured by substantially all of the assets of the Borrower and the Guarantors, consisting of, among other things, certain receivables generated by the Company's Bronx and Brooklyn service area and network assets located in that area. The Loan and Security Agreement provides for, among other things, initial term loan commitments in an aggregate principal amount of $1,000 million, issued with an original issue discount of 400 basis points. The loans made pursuant to the initial term loan commitments will: (i) mature on January 16, 2031; (ii) accrue interest at a fixed rate per annum equal to 8.875%; and (iii) amortize monthly at a rate of 2.000% per annum. The proceeds from the Initial Term Loans are expected to be used to: (i) finance working capital, to prepay indebtedness and for other general corporate purposes, (ii) fund the Borrower's interest reserve account with the minimum interest reserve amount in accordance with the terms of the Loan and Security Agreement, and (iii) pay certain costs associated with the transactions. The foregoing summary of the terms of the Loan and Security Agreement is qualified in its entirety by reference to full text of the Loan and Security Agreement, which is available at https://tinyurl.com/2avbtb8n About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICA'S GARDENING: Hires Tower Partners as Investment Banker -------------------------------------------------------------- America's Gardening Resource, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Tower Partners, LLC to serve as investment banker in its Chapter 11 case. Tower Partners will provide these services: (a) work with the Debtors to devise the best course of action to effectuate the desired outcome for the Debtors; (b) conduct due diligence on the Debtors' businesses; (c) create a marketing plan; (d) create financial modeling to aid in the Transaction; (e) work with third party professionals and creditors; (f) prepare marketing materials, including a confidential information presentation and secure due diligence data room; (g) endeavor to locate parties who may have an interest in a Transaction with the Debtors; (h) circulate materials, as approved by the Debtors, to facilitate a Transaction; (i) respond to, communicate with, and negotiate with interested parties and make recommendations on offers; (j) communicate regularly with the Debtors on marketing efforts; (k) advise on handling specific issues in marketing the business; and (l) perform related services necessary to maximize sale proceeds. Tower Partners will be compensated under these structure: (a) Monthly fee of $10,000 for six months (total of $30,000 paid prepetition); (b) Transaction Fee of the greater of $500,000; 5% of total transaction value in a debt financing; or 6% in a merger/acquisition; (c) Reimbursement of reasonable expenses, with pre-approval required for amounts over $2,500. Tower Partners is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: TOWER PARTNERS 5950 Symphony Woods Rd. Suite 302 Columbia, MD 21044 Telephone: (443) 325-5290 Email: info@towerpartners.com About America's Gardening Resource, Inc. America's Gardening Resource, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11180) on June 20, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $10,000,001 to $50 million. Judge Brendan Linehan Shannon oversees the case. Cole Schotz P.C. is Debtor's legal counsel. AMERICA'S GARDENING: Taps Aurora Management and David Baker as CRO ------------------------------------------------------------------ America's Gardening Resource, Inc., and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the District of Delaware to retain Aurora Management Partners Inc. to provide restructuring advisory services and designate David M. Baker as Chief Restructuring Officer in their Chapter 11 proceedings. As CRO, Mr. Baker will: (a) communicate directly with the Debtors' lenders, customers, suppliers, and stakeholders regarding business operations and finances; (b) manage the Debtors' liquidity, including cash flow projections, cost-saving opportunities, and vendor payables; (c) oversee the marketing and sale of the Debtors' plant locations and related assets; (d) enter into or modify lease agreements and vendor contracts as necessary; (e) hire or terminate employees or professionals needed for the restructuring; and (f) execute a restructuring plan in consultation with the Board, which may include strategic alternatives such as asset sales or reorganization. AMP will bill the Debtors based on hourly rates ranging from $250 to $820 depending on the assigned professional's level. The Debtors paid AMP a prepetition retainer of $150,000, with a remaining balance of $75,273 as of the petition date. AMP will also seek reimbursement for reasonable out-of-pocket expenses such as travel, lodging, and communication. According to the Debtors and the accompanying declaration, AMP is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and holds no interest materially adverse to the Debtors' estates. The firm can be contacted at: Aurora Management Partners Inc. 128 Intervale Road Burlington, Vermont 05401 About America's Gardening Resource, Inc. America's Gardening Resource, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11180) on June 20, 2025. At the time of the filing, the Debtors estimated assets of between $10 million and $50 million and liabilities of the same range. Judge Brendan Linehan Shannon oversees the case. Cole Schotz P.C. is Debtor's legal counsel. AQUA METALS: Shareholders Approve All Proposals at Annual Meeting ----------------------------------------------------------------- Aqua Metals Inc. said in a Form 8-K filing with the Securities and Exchange Commission that shareholders approved all six proposals at its July 22, 2025, annual meeting: * Elected Vincent DiVito, Stephen Cotton, Steve Henderson, and Eric Gangloff as directors to serve until the 2026 annual meeting * Approved the potential sale of up to $10 million in common stock under agreement with Lincoln Park Capital for Nasdaq compliance * Aporoved an amendment to First Amended and Restated Certificate of Incorporation to allow a reverse split at a ratio between 1-for-2 and 1-for-10, at the Board's discretion * Approved Share increase under the 2019 Stock Incentive Plan * Ratified Forvis Mazars LLP as independent auditor for fiscal 2025 * Approved, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the Company's 2025 Proxy Statement Aqua Metals Headquartered in Reno, Nevada, Aqua Metals, Inc. develops recycling solutions for lead and lithium-ion batteries using a proprietary water-based technology called AquaRefining. The Company's electrochemical process enables low-emissions, closed-loop recovery of high-purity metals without the use of furnaces or hazardous chemicals. It operates modular systems known as "Aqualyzers" to support sustainable energy storage applications. In an audit report dated March 31, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has incurred substantial operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. For the years ended Dec. 31, 2024 and 2023, the Company reported a net loss of $24,555,000 and $23,938,000, respectively, and cash used in operations of $13,632,000 and $3,193,000 (inclusive of $12,278,000 of non-recurring proceeds from the sale of real estate), respectively. As of Dec. 31, 2024, the Company had cash and cash equivalents of approximately $4,079,000, a working capital deficit of approximately $(3,538,000) and an accumulated deficit of $247,770,000. In addition to cash required to fund operating activities, within the next 12 months, the Company will be required to pay cash to settle notes payable of $3,000,000 on April 27, 2025 and $1,500,000 on Dec. 31, 2025. The Company has not generated revenues from commercial operations over the two years ended Dec. 31, 2024 and 2023, except for nominal sales of lead finished goods, and expects to continue incurring losses for the foreseeable future. Management believes that the Company does not have sufficient capital resources to sustain operations through at least the next twelve months from March 31, 2025. Additionally, in view of the Company's expectation to incur significant losses for the foreseeable future it will be required to raise additional capital resources in order to fund its operations, although the availability of, and the Company's access to such resources, is not assured. ARTIFICIAL INTELLIGENCE: CEO Signs Term Sheet for $5M Credit Line ----------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. announced that CEO and Steve Reinharz has signed a term sheet, subject to a definitive executed agreement, outlining a revolving credit facility of up to $5 million. The facility, once finalized, will be provided by a well-established lender with more than 20 years of operating history. The term sheet was executed following extensive due diligence completed by both parties as well as several term sheet adjustments prior to mutual acceptance. The proposed facility is structured with an interest rate of approximately 14% plus related fees, featuring interest-only payments plus fees for the first year. This arrangement, once completed, is expected to offer AITX flexible access to growth capital without the immediate burden of principal repayment. "Careful selection and negotiation lead us to this point with this lender. The credit facility, when closed, will allow us to build inventory and finished goods without the need to fund inventory from stock sales to our institutional investor commonly understood as dilution," commented Reinharz. "I appreciate the diligence both parties demonstrated throughout this process, and we hope to announce completion of this deal in the next few weeks." Investors and stakeholders interested in learning more about AITX, its subsidiaries, and its strategic growth plans are encouraged to download the Company's latest Corporate Profile, available at www.aitx.ai/request-aitx-company-profile. AITX, through its primary subsidiary, Robotic Assistance Devices, Inc. (RAD-I), is redefining the nearly $50 billion (US) security and guarding services industry1 through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD-I solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry's existing and costly manned security guarding and monitoring model. RAD-I delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD-I technologies, AI-based analytics and software platforms are developed in-house. The Company's operations and internal controls have been validated through successful completion of its SOC 2 Type 2 audit, reinforcing the Company's credibility with enterprise and government clients who require strict data protection and security compliance. RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. AVALON GLOBOCARE: Closes $475K Sale of Securities to Brown Stone ---------------------------------------------------------------- Avalon GloboCare Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into that certain securities purchase agreement with an accredited investor, Brown Stone Capital Ltd., pursuant to which the Company agreed to issue and sell to the Investor, upon the terms and conditions set forth in the Securities Purchase Agreement, 121,200 shares of the Company's common stock, par value $0.0001 per share, and pre-funded warrants to purchase 354,300 shares of Common Stock, subject to appropriate adjustments for any stock dividend, stock split, stock combination, rights offerings, reclassification or similar transaction that proportionately decreases or increases the Common Stock, in exchange for $475,500. The total number of shares of Common Stock issuable pursuant to the Warrants is 354,300 shares. The closing of the transaction occurred on July 17, 2025, which is when the Company received net proceeds of $450,500 after deducting offering expenses. In connection with the transaction, the Company and the Investor entered into a registration rights agreement, pursuant to which the Company agreed to register the Shares and the shares of Common Stock underlying the Warrants pursuant to a registration statement on Form S-1 (or other appropriate form) under the Securities Act of 1933, as amended. The Company agreed to file the registration statement on or before the earlier of: (i) fifteen (15) calendar days from the date that the SEC first declares the Company's Form S-4 (File No. 333-286738) effective or (ii) September 26, 2025, and to use its reasonable best efforts to have the registration statement declared effective by the SEC within thirty (30) calendar days from the date that the registration statement is first filed (which will increase to seventy-five (75) calendar days in the event of a SEC review). The Company also granted piggy-back registration rights with respect to the Shares and Warrant Shares to the Investor in the Securities Purchase Agreement. On July 15, 2025, the Company issued an aggregate of 515,109 shares of Common Stock to a certain noteholder upon conversions of its note. Following the issuance of the Conversion Shares, as of July 15, 2025, the Company's issued and outstanding Common Stock share count was 2,954,193 (excluding the Shares and Warrant Shares). About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. Avalon Globocare incurred net losses amounting to approximately $7.9 million and $16.7 million for the years ended Dec. 31, 2024 and 2023, respectively. As of Dec. 31, 2024, the Company had an accumulated deficit of approximately $87.7 million. BARROW SHAVER: Plan Exclusivity Period Extended to September 29 --------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Barrow Shaver Resources Company LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 29 and October 28, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of this Bankruptcy Case alone warrants the requested extensions of the exclusivity periods. This Bankruptcy Case involves a Debtor with $72,358,968.30 in scheduled liabilities. Further compounding the complexity of issues faced by the Debtor, many of the creditors purport to hold liens related to the Debtor's oil and gas operations and those liens must be carefully reviewed. Critically, Debtor has made monumental strides in developing a robust sale process. After the Debtor retained Chaffe & Associates, Inc. as its investment banker, Chaffe contacted 152 parties regarding the Debtor's assets. Forty parties executed confidentiality agreements and received the confidential information memorandum and access to the virtual data room. This interest generated eight bid proposals, and six parties expressing an interest in serving as a stalking horse. However, it is obvious that the current exclusive period for filing a chapter 11 plan will expire before the Debtor has had a meaningful opportunity to begin, much less complete, that sale process. The Debtor certainly cannot file a chapter 11 plan to consummate the sale process before that exclusive period expires. The sale process will be severely hindered if the Debtor must run an auction process while at the same time addressing one or more potential competing chapter 11 plans, with the resulting increase in administrative expenses. The Debtor claims that it is not seeking an extension of the statutory exclusivity periods to pressure or prejudice creditors. Instead, the Debtor seeks an extension of time to further engage with its creditors, focus on maximizing the value of its assets through the means approved by the Bidding Procedures Order, and propose a chapter 11 plan in short order that will best serve the interests of the Debtor and its stakeholders. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 E-mail: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BC2 BEAUMONT: Former Marriott Courtyard Slated for Auction ---------------------------------------------------------- Daniel P. McLaughlin & Co. Auctioneers LLC scheduled a sale at public auction on July 24, 2025, at 11:00 (Eastern Time) at Riemer & Braunstein LLP, Time Square Tower, Suite 2506, Seven Times Square, New York, New York 10036, all right, title and interest of BC2 Beaumont LLC, in and to a certain loan arrangement between BC2 Beaumont LLC, as lender, and Dave Raj Brother LLP, as borrower, in the original amount of $7,250,000 including a deed of trust, security agreement and financing statement with respect to real property located at 2275 Interstate 10 South, Beaumont, Texas. The sale of loan secured by former Marriott Courtyard Hotel. Terms of sale: $250,000 deposit in certified or bank cashier's check will be required at the time and place of the sale in order to qualify as a bidder. If you wish to bid remotely then the deposit must be wired to the auctioneer prior to the bidding. The balance will be due with 39 days at the offices of the Attorney for the Mortgagee: Phillip J. Block Riemer & Braunstein LLP 71 South Wacker Drive Suite 3515 Chicago, Illinois 60606 The auctioneer can be reached at: Daniel P. McLaughlin & Co. LLC Attn: Dan McLaughlin 77 Fourth Avenue, 3rd Floor Waltan, MA 02451 Tel: 781-208-0377 Email: dan@mclaughlinco.com For further information regarding the sale visit: https://www.re-auctions.com/ BEARSVILLE LLC: Secured Party to Sell 100% Interest on Aug. 1 ------------------------------------------------------------- NuBridge Commercial Lending LLC ("secured party") will sell the 100% membership interest in Bearsville LLC owned by Richard Renehan and pledged to NuBridge Commercial pursuant to the equity pledge agreement dated Sept. 26, 2022, between Richard Renehan and NuBridge Commercial to the highest qualified bidder via public auction sale on Aug. 1, 2025, at 1:00 p.m. The auction will take place at 815 Elm Street, Suite 5B, Manchester, New Hampshire. Your are entitled to an accounting of the unpaid indebtedness secured by the property that NuBridge Commercial intends to sell. You may request an account by calling Ron McMahan at Foundation Speciality Finance at 603-316-2040. BECKHAM JEWELRY: Seeks to Extend Plan Exclusivity to September 26 ----------------------------------------------------------------- Beckham Jewelry, LLC, asked the U.S. Bankruptcy Court for the Southern District of Mississippi to extend its exclusivity periods to file a plan of reorganization to September 26, 2025. Pursuant to Section 1121(b) of the Bankruptcy Code the debtor is required to file a plan not later than 90 days after the order for relief unless extended by the Court. The current deadline for filing the plan is August 12, 2025. The Debtor explains that this motion is not intended to cause undue delay in this proceeding, and granting the Debtor additional time to file a Plan will not prejudice any party in interest. About Beckham Jewelry LLC Beckham Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-01234) on May 14, 2025. In the petition signed by Brian Lee Beckham, member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson oversees the case. The Debtor is represented by: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC Tel: 601-500-5533 Email: trollins@therollinsfirm.com BESTWALL LLC: Lawyers, Advisers Reap $490MM from Bankruptcy ----------------------------------------------------------- Randi Love of Bloomberg Law reports that the attorneys and financial advisers working on the bankruptcy of Georgia-Pacific's affiliate, Bestwall LLC, have racked up nearly $490 million in fees over the past eight years. While the amount is significant, bankruptcy professionals say it's typical for a complex case involving tens of thousands of asbestos-related claims, the report said. Bestwall's Chapter 11 case, filed in November 2017, is the longest-running asbestos bankruptcy in the last decade, according to the report. It highlights how professionals can collect substantial compensation even as claimants with personal injury or wrongful death suits remain uncertain about when or if they'll be paid. In bankruptcy, professionals are generally paid ahead of other creditors. the report noted. Georgia-Pacific spun off Bestwall and placed it into bankruptcy to address widespread litigation alleging its products contained cancer-causing asbestos. The current restructuring proposal would establish a $1 billion trust to resolve claims from approximately 64,000 individuals, according to court filings. Legal experts, according to the report, say the high fees aren't unusual given the scope and complexity of the case. If the plan is approved and delivers compensation, the benefits to claimants could outweigh the administrative costs. "Unless Congress changes the bankruptcy laws, professional fees in these cases will remain high and will continue to be prioritized over most other claims," said Greg Jones, a bankruptcy attorney at Stradling Yocca Carlson & Rauth LLP. The case could conclude in December 2024, when a judge is expected to review the proposed plan. Meanwhile, a claimants' committee is appealing the court's earlier decision not to dismiss the case, alleging it was filed in bad faith, the report states. Georgia-Pacific and Bestwall's legal teams declined to comment. According to Bloomberg Law, some large bankruptcy cases appoint fee examiners to monitor billing, but Bestwall has not. Even when used, fee examiners typically reduce bills by only 5% to 7%, said Robert Keach of Verrill Dana LLP, who served as the fee examiner in Johnson & Johnson's LTL Management bankruptcy. Under Chapter 11 rules, debtors are responsible not only for their own legal expenses but also those of official creditor committees, including groups representing asbestos victims. Fee challenges are rare, partly because creditor attorneys worry that debtor lawyers may retaliate by disputing their own fees. Many also rely on the U.S. Trustee, the Department of Justice's bankruptcy watchdog, to flag any excessive charges. "Challenging fees usually doesn't go far—and it might create more problems than it solves," Keach noted. Bestwall is also notable for being the first asbestos bankruptcy to attempt the controversial "Texas Two-Step," a legal tactic involving a divisional merger to shift liabilities. The strategy has triggered extensive litigation and often results in high legal bills for claimant attorneys, who must investigate the debtor's assets. Since the bankruptcy began, Bestwall's professionals have billed roughly $203 million. Lawyers and consultants for current and future claimants have submitted nearly $287 million in total fee requests, according to report. Among them, Ankura Consulting Group LLC—adviser to future claimants—has the highest billing at nearly $75.5 million. Robinson & Cole LLP, representing the claimants' committee, follows with about $74.5 million. Bestwall's asbestos consultants, Bates White LLC, billed around $66.3 million. Rounding out the top five are law firms Jones Day and Young Conaway Stargatt & Taylor LLP, the report states. Court records also show that Georgia-Pacific has spent roughly $2.9 billion to resolve more than 430,000 asbestos lawsuits over the past four decades. During a hearing before the U.S. Court of Appeals for the Fourth Circuit in May 2025, Bestwall attorney Noel Francisco of Jones Day noted that tens of thousands of claimants have died while waiting for their cases to be resolved. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BIG LOTS: Plan Exclusivity Period Extended to October 4 ------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware extended Big Lots, Inc., and certain of its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 4 and December 6, 2025, respectively. As shared by Troubled Company Reporter, based on a weighing of the relevant factors, there is more than sufficient cause to approve the requested extension of the Exclusive Periods: * These Chapter 11 Cases Are Large and Complex. These Chapter 11 Cases involve 19 debtor-affiliate entities. At the outset of these Chapter 11 Cases, the Debtors operated approximately 1,300 stores and employed over 27,000 employees. Moreover, the Debtors have a wide variety of parties in interest, including various vendors, customers, and landlords many of whom have been active in these Chapter 11 Cases. * Additional Time is Necessary. The Debtors seek to protect their exclusive ability to propose a chapter 11 plan to avoid the costs and distraction associated with addressing any plans filed by third parties and to advance the goal of achieving a speedy and fully consensual conclusion to these Chapter 11 Cases. * The Chapter 11 Cases Have Been Pending for Approximately Ten Months. The requested extension of the Exclusive Periods is the third such request made in these Chapter 11 Cases and comes approximately ten months after the Petition Date. During this time, the Debtors have made significant progress towards determining, in conjunction with the Committee, the most value-maximizing path forward in these Chapter 11 Cases, whether that be through a Plan, dismissal, or conversion. An extension of the Exclusive Periods would allow the Debtors to continue to build on the significant progress made thus far and facilitate an efficient wind-down of the Debtors' estates. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or otherwise prejudice any of their creditors. Rather, the Debtors the Debtors assert that avoiding the expense of a party proposing a Plan will inure to the benefit of creditors by saving estate resources. Counsel to the Debtors: Robert J. Dehney, Sr., Esq. Sophie Rogers Churchill, Esq. Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com aremming@morrisnichols.com tmann@morrisnichols.com srchurchill@morrisnichols.com csawyer@morrisnichols.com - and - Brian M. Resnick, Esq. Adam L. Shpeen, Esq. Stephen D. Piraino, Esq. Ethan Stern, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Email: brian.resnick@davispolk.com adam.shpeen@davispolk.com stephen.piraino@davispolk.com ethan.stern@davispolk.com About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BOOKS INC: Seeks to Extend Plan Exclusivity to September 26 ----------------------------------------------------------- Books Inc. asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 26 and November 21, 2025, respectively. This is the Debtor's second request in a complicated case that has been pending for approximately six months. The prior request for an extension was to provide the Debtor with time to negotiate with its landlords. The Debtor explains that despite significant progress being made on that front, the Debtor's current request is made to accommodate negotiations with a possible partner, and to formulate a related plan. This Motion represents the Debtor's best efforts to estimate the time needed, however, as this is only an estimate, the Debtor seeks relief without prejudice to further extensions if needed. The Debtor claims that it has been making steady progress in its case by analyzing and negotiating its extensive lease holdings, determining the need for new investment from and/or sale to an outside party, engaging in discussions with multiple possible partners, and entering into a Letter of Intent with one interested entity. The Debtor believes the anticipated transaction is the best path forward to pay secured and priority creditors in full while making a contribution to unsecured creditors. Lastly, the Debtor submits that it is proceeding entirely in good faith. Throughout this bankruptcy proceeding the Debtor has filed all required documents, complied fully with reporting obligations, openly provided information when requested, and consistently engaged in constructive negotiations with interested parties. The Debtor has established and continues to maintain open lines of communication with creditors and key stakeholders, demonstrating a commitment to transparency and a collaborative approach. The Debtor asserts that there is no indication that the Debtor seeks leverage to pressure creditors into unfavorable outcomes. Rather, the requested extensions serve solely to facilitate the anticipated transaction and the formulation of a related plan, which the Debtor believes is in the best interests of the estate and all creditors. Books Inc. is represented by: Stephen D. Finestone, Esq. Ryan A. Witthans, Esq. Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Tel: (415) 481-5481 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com Email: rwitthans@fhlawllp.com About Books Inc. Books Inc. is the oldest independently owned bookstore in the western U.S. and operates eleven brick-and-mortar stores in the Bay Area. In addition to its physical locations, the Company runs an online store, offering a mix of direct shipping and in-store pickup for customers. The Company also fosters strong community engagement, hosting hundreds of author events, book clubs, and other activities each year. Books Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40087 on January 20, 2025, with $3,283,300 in assets and $5,161,574 in liabilities. Andrew Perham, chief executive officer of Books Inc., signed the petition. Judge William J. Lafferty oversees the case. The Debtor is represented by Stephen D. Finestone, Esq. at Finestone Hayes LLP. BYJU'S ALPHA: Mediation Not Appropriate in Camshaft, et al. Case ---------------------------------------------------------------- Magistrate Judge Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled as CAMSHAFT CAPITAL FUND, L.P., CAMSHAFT CAPITAL ADVISORS, LLC, CAMSHAFT CAPITAL MANAGEMENT, LLC and RIJU RAVINDRAN, Appellants, v. BJYU'S ALPHA, INC., Appellee, (D. Del.) pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023. The Court conducted an initial review of this matter, including having gathered information from the parties and their counsel, in order to determine the appropriateness of mediation for the case. The parties jointly agree that their disputes in this appeal cannot be resolved through mediation and the Court agrees. The Court recommends that the assigned District Judge issue an order withdrawing the matter from mediation and setting the following appellate briefing schedule (agreed to by the parties): 1. Appellants' Opening Brief shall be filed on Aug. 29, 2025. 2. Appellee's Answering Brief shall be filed Sept. 29, 2025. 3. Appellants' Reply Brief shall be filed Oct. 14, 2025. A copy of the Court's Order dated July 24, 2025, is available at https://urlcurt.com/u?l=qlDZAi from PacerMonitor.com. The parties' dispute centers on the alleged fraudulent transfer of $533 million in loan proceeds from a $1.2 billion Term Loan B that Byju's Alpha, a U.S. subsidiary of the Indian edtech company Byju's, secured in November 2021. In February 2025, the U.S. Bankruptcy Court for the District of Delaware granted summary judgment in favor of Byju's Alpha, ruling that Riju Ravindran, Camshaft, and Byju's parent company, Think & Learn Pvt Ltd, engaged in fraudulent transfers and that Riju Ravindran breached his fiduciary duties. The court issued a preliminary injunction prohibiting the defendants from further transferring or using the $533 million and ordered Camshaft's founder, William Morton, to provide information on the funds' location, with a $10,000 daily fine for non-compliance and a prior contempt order. Byju's Alpha filed a subsequent lawsuit in April 2025 against Byju Raveendran, his wife Divya Gokulnath, and advisor Anita Kishore, alleging they orchestrated the scheme to misappropriate the $533 million. The lenders claim the defendants deliberately hid the funds to obstruct creditors. Byju's founders have dismissed these allegations as "baseless," accusing the lenders of predatory tactics and collusion to take control of Byju's. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft Capital Management, LLC, and Riju Ravindran are represented by: Julia B. Klein, Esq. KLEIN LLC 225 West 14th Street, Suite 100 Wilmington, DE 19801 Tel: (302) 438-0456 E-mail: klein@kleinllc.com - and - Pieter Van Tol, Esq. VAN TOL LAW PLLC 199 8th Avenue, B3 Brooklyn, NY Tel: (917) 514-9464 E-mail: pvantol@vantol-law.com CADUCEUS PHYSICIANS: Seeks to Extend Plan Exclusivity to Sept. 24 ----------------------------------------------------------------- Caduceus Physicians Medical Group, a Professional Medical Corporation d/b/a Caduceus Medical Group, and Caduceus Medical Services, LLC, asked the U.S. Bankruptcy Court for the Central District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 24 and November 24, 2025, respectively. The Debtors explain that their request for an extension of the exclusivity periods for the filing of a plan and the solicitation of acceptances to such plan satisfies the general principles established by courts as guideposts for demonstrating "cause" within the meaning of Section 1121(d). First, Debtors have made good faith progress in moving toward reorganization. The Debtors have been actively negotiating with creditors, such as BMO regarding the Cash Collateral Motion and ADP Totalsource, Inc., regarding adequate protection and modification to the automatic stay. Although Debtors cannot yet claim that it will propose a consensual plan, Debtors will continue to negotiate with creditors in the hopes of reaching an accord. Moreover, Debtors have made significant progress towards reorganization since the Petition Date. The Debtors have obtained this Court's approval the Bid Procedure and Sale Orders. On May 6, 2025, the Debtors filed a "notice of submission of back up bidder fully executed asset purchase agreement," ("Notice of Backup Bid") whereby Anchor Medical Group P.C., and Anchor Medical Management, Inc., submitted a fully executed asset purchase agreement. On May 7, 2025, the Court entered a supplemental sale order approving the Notice of the Backup Bid and the sale to Anchor ("Supplemental Sale Order"). The Debtors claim that they are pleased to report that the sale contemplated in the Notice of Backup Bid and Amended Sale Order successfully closed on or about May 9, 2025. Since the close of the sale to Anchor, the Debtors have drafted and internally circulated a proposed Plan and Disclosure Statement. The Debtors anticipate that they will be receive approval and will be able to file the proposed Plan and Disclosure Statement by the August 6, 2025, status conference, or shortly thereafter. Fourth, this is Debtors' fourth request for an extension. Debtors have made significant progress towards reorganization by filing and obtaining orders granting the first-day motions, entering into the AP Stipulation, rejecting the Lease, setting the Claims Bar Date and successfully prosecuting the Bid Procedure and Sale Orders. The Debtors anticipate that they will be receive approval and will be able to file the proposed Plan and Disclosure Statement by the August 6, 2025, status conference, or shortly thereafter. Counsel to the Debtors: David A. Wood, Esq. Matthew W. Grimshaw, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, Esq., at Marshack Hays Wood, LLP, is the Debtors' legal counsel. CAREERBUILDER + MONSTER: Court OKs Voluntary Chap. 11 Sale Process ------------------------------------------------------------------ CareerBuilder + Monster announced that the U.S. Bankruptcy Court for the District of Delaware has approved the following transactions in connection with the Company's previously announced voluntary Chapter 11 sale process: -- BOLD, a global career-technology company focused on transforming work lives, will acquire the Company's job board business, retain the rights to the Monster and CareerBuilder brands, and extend employment offers to at least 350 globally distributed Company employees; -- Iron Corp U.S. Inc., an affiliate of a large privately-held investment company, will acquire Monster Media Properties; and -- PartnerOne, a global technology leader and one of the fastest growing enterprise software groups in the world, with a proven track record of acquiring and growing government software companies, will acquire Monster Government Solutions. Jeff Furman, CEO of CareerBuilder + Monster, said: "With the Court's approval, we are now poised to close these transactions, which maximize the value of our businesses and preserve jobs. These transactions are a testament to the hard work and unwavering commitment our employees have shown to supporting our clients each and every day. As we work to complete the transactions, I sincerely thank our entire team and the clients we serve for their support throughout this process." All three transactions are subject to certain customary closing conditions and are expected to close in the coming days. CareerBuilder + Monster is continuing to operate its businesses through the completion of each transaction. Additional Information About the Court-Supervised Sale Process Court filings and other information related to the proceedings are available on a website administered by the Company's claims agent, Omni Agent Solutions at https://omniagentsolutions.com/CareerBuilderMonster, by calling Omni toll-free at (888) 841-0525 or (818) 924-2298 for calls originating outside of the U.S. or Canada, or by sending an email to CareerBuilderMonsterInquiries@OmniAgnt.com. Advisors Latham & Watkins LLP and Richards Layton & Finger, PA are serving as legal counsel, PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor to CareerBuilder + Monster. About CareerBuilder + Monster Venture CareerBuilder + Monster is an online job searching company. CareerBuilder + Monster sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11200) on June 24, 2025. In its petition, the Debtor reports between $50 million and $100 million in assets and owes between $100 million and $500 million. Honorable Bankruptcy Judge J Kate Stickles handles the case. The Debtor is represented by Daniel J. DeFranceschi, Esq. and Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CARVANA CO: BlackRock Holds 5.5% of Class A Shares as of June 30 ---------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 7,378,929 shares of Carvana Co.'s Class A Stock, representing approximately 5.5% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/42ww3swj About Carvana Founded in 2012 and based in Tempe, Arizona, Carvana Co. -- http://www.carvana.com-- is an e-commerce platform for buying and selling used cars. The Company is transforming the used car buying and selling experience by giving consumers what they want, a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Each element of its business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose. Carvana reported a net income of $150 million for the year ended Dec. 31, 2023, compared to a net loss of $2.89 billion for the year ended Dec. 31, 2022. As of June 30, 2024, Carvana had $7.17 billion in total assets, $7.05 billion in total liabilities, and $115 million in total stockholders' equity. * * * Moody's Investors Service upgraded Carvana Co.'s corporate family rating to Caa3 from Ca, the TCR reported on Sept. 22, 2023. Moody's said the upgrade of Carvana's CFR to Caa3 reflects the completion of its debt exchange that pushes out some near-term maturities, reduces outstanding debt, and materially reduces cash interest expense in the two years following the exchange. In August 2024, S&P Global Ratings raised its issuer credit rating on U.S.-based Carvana Co. to 'B-' from 'CCC+'. S&P said, "At the same time, we raised our unsolicited issue-level rating on Carvana's senior secured debt to 'B-' from 'CCC+' with a '4' recovery rating (30%-50%; rounded estimate: 40%). We also raised our issue-level rating on its senior unsecured debt to 'CCC' from 'CCC-' with a '6' recovery rating (0%-10%; rounded estimate: 0%). "The stable outlook reflects our view that Carvana will continue increasing EBITDA, generating positive free cash flow, and maintaining leverage of 6x-7x over the next 12 months. CBRM REALTY: Hilco Puts Pittsburgh Property Up for Sale ------------------------------------------------------- Hilco Real Estate Sales announced a 1,061 +/- sf Multifamily Row Homes consisting of 110 apartments across 21 building located in Homewood South, Pittsburgh, Pennsylvania, is for sale, which property owned by CBRM Realty Inc. is being sold subject to the approval of the United States Bankruptcy Court. The deadline to submit offers for the Debtor's property is Aug. 14, 2025, at 4:00 p.m. (ET). For more information regarding the sale contact, Hilco Real Estate Sales at 855-755-2300 or visit https://tinyurl.com/y47swj3n CBRM REALTY: Housing Portfolio in Bankruptcy Sale, Bids Due Aug 14 ------------------------------------------------------------------ Hilco Real Estate Sales (HRE), announces the sale of a 110-unit affordable housing portfolio located in the Homewood South neighborhood of Pittsburgh, Pennsylvania. The portfolio sale is subject to approval by the United States Bankruptcy Court, with bids due by August 14. Spread across 21 buildings, all 110 units are covered under a Housing Assistance Payments (HAP) contract, providing immediate income potential for the next owner. The properties currently operate at approximately 80% occupancy, compared to the local market average of 96%, offering substantial upside through stabilization, renovation and improved operational efficiency. With a trailing 12-month net operating income of approximately $614,000 and the backing of the in-place HAP contract, the portfolio provides a strong foundation for growth and improved returns, making it well-suited for both existing affordable housing providers looking to expand their portfolio and new entrants seeking a scalable entry point into the sector. Pittsburgh offers strong fundamentals for multifamily and HUD housing investment through its steady demand from healthcare, education and technology sector renters and, within this market, the Homewood neighborhood presents significant opportunities for affordable housing strategies such as Section 8, Rental Assistance Demonstration (RAD) conversions or Low-Income Housing Tax Credit (LIHTC) redevelopment. Long-term city planning initiatives, including the Homewood Comprehensive Community Plan and Choice Neighborhoods, reflect sustained public investment in housing, infrastructure and community development. These efforts reduce investor risk while supporting long-term value creation through repositioning and stabilization. Building on these initiatives, Homewood has become a focal point for active revitalization led by the Urban Redevelopment Authority of Pittsburgh. In February 2025, the City, in partnership with the Homewood Community Development Collaborative, started its targeted effort to remediate and demolish underinvested and outdated properties, laying the groundwork for new development. As part of this strategy, $2 million in federal American Rescue Plan Act funds were allocated to improve key sites near the neighborhood's business corridor. Together, these efforts highlight the city's ongoing commitment to neighborhood transformation, creating a supportive environment for multifamily investors looking to gain early footholds in a high-potential area poised for renewal. "For investors looking to scale in a growing metro like Pittsburgh, this portfolio presents a compelling opportunity," said Jamie Coté, vice president at Hilco Real Estate. "Beyond the strong foundation of HAP-backed income and its central location, what sets this apart is the upside tied to both property-level improvements and broader neighborhood revitalization. With targeted management and modest upgrades, there's a clear path to long-term value as the city continues its investment in Homewood's renewal." The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the District of New Jersey (Trenton), Petition No.: 25-15343-MBK, In re: CBRM Realty Inc. Bids must be received on or before the deadline of August 14, 2025, at 4:00 p.m. (ET) and must be submitted with the Purchase and Sale Agreement (PSA) available for review and download from Hilco Real Estate Sales' website. On-site inspections will be held on July 23 and August 6 by appointment only. Interested bidders should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate's website. For further information, please contact Jamie Coté at (847) 418-2187 or jcote@hilcoglobal.com and Jonathan Cuticelli at (203) 245-0539 or jcuticelli@hilcoglobal.com. For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. About CBRM Realty Inc. CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTENNIAL HOUSING: Seeks to Extend Plan Exclusivity to Sept. 24 ---------------------------------------------------------------- Centennial Housing & Community Services Corporation asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 24 and November 23, 2025, respectively. The Debtor filed its proposed Plan of Reorganization and Disclosure Statement on March 28, 2025. On March 31, 2025, the Court entered an Order conditionally approving the Disclosure Statement. The plan confirmation hearing is currently scheduled for August 13, 2025. The Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy Code each be extended for a period of approximately sixty days. The Debtor explains that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. About Centennial Housing & Community Services Centennial Housing & Community Services Corp. is a 25-bed critical access hospital offering a broad range of healthcare services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03769) on October 29, 2024, with $6,970,517 in assets and $11,730,050 in liabilities. Todd Mobley, chairman of the board of directors, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by: Rebecca F. Redwine Hendren Redwine & Malone, PLLC Tel: 919-420-0941 Email: rredwine@hendrenmalone.com Jason L. Hendren Hendren Redwine & Malone, PLLC Tel: 919-573-1422 Email: jhendren@hendrenmalone.com CHABAD OF GRAMERCY: Plan Exclusivity Period Extended to September 5 ------------------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York extended Chabad of Gramercy Park's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 5 and November 4, 2025, respectively. As shared by Troubled Company Reporter, the Debtor believes that sufficient cause exists to support the requested extension of the Exclusive Periods. This case is relatively complex. The liabilities of the Debtor are in excess of millions of dollars and in order to move forward with a confirmable plan of reorganization, certain complex issues and some filed claims should first be resolved and/or settled. Therefore, an extension of the Exclusive Periods will give Debtor a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, the Debtor needs the requested extended period in order for all parties to file their respective claims within the deadlines to be established by the Court and for Debtor to review said claims once filed. The Debtor asserts that the requested extensions of the exclusivity period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to negotiate a resolution of claims filed in this case, in order to propose feasible plan and disclosure statement, meeting the requirements of Section 1125 of the Bankruptcy Code. Chabad of Gramercy Park is represented : Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on Jan. 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of 24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., is the Debtor's counsel. CHARTER SCHOOL: Funder Has Court OK to Sell Biz for $80MM in Ch. 11 ------------------------------------------------------------------- Emily Lever of Law360 reports that on Friday, July 26, 2025, a Delaware bankruptcy judge approved Charter School Capital Inc.'s $80 million sale of its business, which includes $15.5 million in cash. The company provides funding to charter schools nationwide. About Charter School Capital Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Charter School Capital, Inc. CIMG INC: Bid Price Rule Noncompliance Triggers New Nasdaq Warning ------------------------------------------------------------------ CIMG Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received an additional delist determination letter from Nasdaq on July 17, 2025. On January 14, 2025, Nasdaq notified the Company that the bid price of its listed security had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with Listing Rule 5550(a)(2). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until July 14, 2025, to regain compliance with the Rule. The Company has not regained compliance with the Rule and is not eligible for a second 180-day period, primarily because the Company does not comply with the initial listing requirements for The Nasdaq Capital Market under the Equity Standard or the alternative standards. According to the Nasdaq Delist Determination Letter, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. On July 7, 2025, the Company appealed the Nasdaq delist determination letter dated June 27, 2025, and the Nasdaq Hearings Panel has scheduled a hearing for the appeal on August 14, 2025. Nasdaq notified the Company that the Panel will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Capital Market. Pursuant to Listing Rule 5810(d), the Company should present its views with respect to this additional deficiency at its Panel hearing. The Company is actively addressing the deficiencies noted in the Nasdaq delist determination letters dated June 17, 2025, and July 17, 2025, and is diligently preparing for the hearing on August 14, 2025. About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. CIMG INC: Names Ambassadors for Huomao Expansion ------------------------------------------------ CIMG Inc. announced in a press release the launch of the Huomao Global Investment Promotion Plan. As part of this initiative, the Company has appointed promotion ambassadors in Singapore, Kazakhstan, Japan, Germany, and North America to further the global reach of Huomao culture. The appointments were finalized at an appreciation dinner held on July 13, 2025. The Company appointed below ambassadors: * Mr. Jianjun Zheng, Ambassador for Singapore * Mr. Jiandong Zeng, Ambassador for Kazakhstan * Mr. Jirong Wang, Ambassador for Japan * Mr. Jiang Li, Ambassador for Germany * Mr. Junhong Chen, Ambassador for North America Mr. Xiaocheng Hao, Chief Operating Officer of CIMG and founder of Huomao, commented, "Huomao will be promoted in both domestic and international markets. To support overseas expansion, selected classic products will be introduced through local distribution partners." About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern, according to the Company's Quarterly Report for the period ended June 30, 2024. CONCORDE METRO: Seeks to Extend Plan Exclusivity to October 20 -------------------------------------------------------------- Concorde Metro Seguros LLC asked the U.S. Bankruptcy Court for the District of Puerto Rico to extend its exclusivity periods to file a Disclosure Statement and Plan of Reorganization to October 20, 2025. The Debtor is currently prosecuting Adversary Proceeding No. 25-00016 against multiple defendants, including the HOA which holds one of the largest claims against the bankruptcy estate. This litigation involves automatic stay violations and seeks declaratory judgment regarding disputed pre-petition obligations. The Debtor explains that the resolution of this adversary proceeding will directly impact the treatment to be provided to the HOA and other defendants in the Plan of Reorganization. Adjudication of these disputes is necessary to formulate accurate claim treatments and achieve a confirmable Plan. The Debtor claims that an extension of the Exclusivity Period will benefit Debtor's creditors by allowing sufficient time for proper asset evaluation, claim analysis, and development of a feasible Plan that maximizes distributions. Also, the extension will not prejudice creditors, as Debtor continues making adequate protection payments and maintains productive assets. During this extended period, Debtor will have sufficient time to complete claims analysis after the bar dates expire; allow the real estate broker to start marketing the assets and develop realistic projections; resolve or substantially advance the adversary proceeding against the HOA and against other Defendants; and finalize negotiations with its secured creditor regarding plan treatment. The Debtor also requests that the deadline to procure votes under the Plan be extended for a term of sixty days after the order approving the Disclosure Statement and the confirmation hearing is entered. Concorde Metro Seguros LLC is represented by: Javier Vilarino Vilariño & Associates LLC PO Box 9022515 San Juan, PR 00902-2515 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. CORONET CERAMICS: To Sell Apex Property to Nelson Family for $2.2MM ------------------------------------------------------------------- Coronet Ceramics, Inc., seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell Property, free and clear of liens, clams, and encumbrances. The Debtor's Property is located in a vacant land in Apex, near Grand Valley Parkway and US Highway 93, North Las Vegas, Nevada 89124. Coronet Ceramics, Inc. is a Nevada corporation, originally incorporated in California in 1974 and registered in Nevada on January 13, 2020. The Debtor has historically operated in the sale of ceramic goods and now engages in the wholesale of energy and petroleum products. Its sole officer, director, and shareholder is Mi Shen Goldberg. The Debtor owns two properties: the vacant Apex Property located in Apex, Nevada that is the subject of this sale motion, and a commercial property located at 2300 Western Avenue, Las Vegas, Nevada (2300 Western Property). The Debtor has expressed its desire to sell the Apex Property to fund the completion and operation of a gas and service station at the 2300 Western Property, and to fund creditor payments under its proposed Plan. The Debtor was previously working with another agent from Berkshire Hathaway to sell its property. However, the agent was not performing. As a result, Jack Woodcock, a licensed Nevada Real Estate Broker with Berkshire Hathaway, began looking for buyers for the Apex Property and the listing agreement was transferred to Mr. Woodcock. The Apex Property was partially funded through third-party contributions, including funds from Ying Zhu totaling $395,000.00. Ms. Zhu has recorded a lis pendens on both the Apex Property and the Western Property, which has hindered the Debtor’s ability to refinance and triggered foreclosure proceedings by the secured lender, American First National Bank (American First). Upon closing, the sales proceeds will repay American First in full for the Apex Property, and will leave additional funds for the Debtor to reorganize and attempt to resolve the claims held of Ying Zhu. The Debtor and Ms. Zhu and her entities have a settlement conference pending in September 2025, where they hope to reach a resolution of their disputes and claims. The Debtor commenced the Chapter 11 case to stay the foreclosures, preserve the value of its assets, and facilitate an orderly resolution of its secured obligations and ongoing disputes. American First holds a lien of the Property. The Debtor estimates that the amount owing pursuant to the sale will be approximately as follows: 1. America First - +/- $1,100,000.00 2. Commissions/Closing costs - +/- $230,000.00 3. Capital Gains Taxes - +/-$220,000.00 Estimated Net Proceeds - +/- $650,000.00 The Debtor receives an offer from Nelson Family Holdings LLC to purchase the Apex Property for $2,200,000.00. The amount to be received through the sale exceeds the amount of the only true lien on the Property, and after closing costs, would bring enough to pay capital gains taxes accrued from the sale and is estimated to bring approximately $650,000.00 to the estate to be used to fund the Debtor's Plan. The sale will reduce the Debtor’s liabilities by approximately $1,000,000.00, which is in the best interest of all creditors and the Estate. The Debtor believes that the offer that it has received is fair, and that the sale provides an opportunity for the Debtor to pay off American First’s lien on the Apex Property in full, would provide approximately $650,000 to fund the Debtor’s proposed Plan, and would be in the best interests of all creditors and the Estate. American First is the only secured creditor. After payment of all liens on the property, and after the payment of real estate commissions, the Debtor would have approximately $650,000 that may be used to fund its Plan. The Debtor believes that the sale would benefit the estate by significantly reducing the debts, paying the secured creditor in full, and having significant excess proceeds to fund the Debtor's Plan. About Coronet Ceramics Coronet Ceramics Inc., doing business as Coronet Energy, Coronet PPE, Fortune88, Blue Sky Properties, and Vegas Renewable Diesel, is engaged in the business of petroleum and coal products manufacturing. Coronet Ceramics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-15153) on October 1, 2024, with total assets of $3,503,259 and total liabilities of $6,213,194. Mi Shen Goldberg, president of Coronet Ceramics, signed the petition. The Debtor is represented by Matthew L. Johnson, Esq., at Johnson & Gubler, P.C. CORVIAS CAMPUS: Eversheds & Potter Anderson Advise Noteholder Group ------------------------------------------------------------------- The law firms of Eversheds Sutherland (US) LLP and Potter Anderson & Corroon LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Corvias Campus Living - USG, LLC, the firms represent the Noteholder Group. The Noteholder Group is comprised of the investment managers or individual holders of all of the Notes pursuant to that certain Note Purchase Agreement, dated as of May 14, 2015, between the Debtor and the noteholders thereof, in which the Debtor issued $548,319,527 in aggregate principal amount of its 5.30% Senior Secured Notes due July 1, 2050 (the "Notes"). The members of the Noteholder Group, collectively, beneficially own or manage (or are the investment advisors or managers for funds or accounts that beneficially own or manage) 100% of the outstanding Notes. Counsel does not undertake to represent the interests of any creditor, party in interest, or other entity other than the Noteholder Group. No member of the Noteholder Group represents or purports to represent any other member in connection with the Debtor's chapter 11 case. In addition, each member of the Noteholder Group (a) does not assume any fiduciary or other duties to any other member of the Noteholder Group, and (b) does not purport to act or speak on behalf of any other member of the Noteholder Group in connection with this Chapter 11 Case. The Noteholder Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Barings, LLC 300 South Tryon 25th Floor Charlotte, NC 28202 * $48,607,213 2. BlackRock Investment Management, LLC, on behalf of certain funds and/or accounts managed, controlled or advised by it or a subsidiary or an affiliate thereof. 50 Hudson Yards New York, NY 10001 * $43,647,165 3. Blackstone Real Estate Special Situations Advisors L.L.C. 345 Park Avenue New York, NY 10154 * $17,365,470 4. Cigna Investments, Inc. 900 Cottage Grove Road Bloomfield, CT 06002 * $10,566,785 5. Corebridge Institutional Investments (U.S.), LLC 2929 Allen Parkway Houston, TX 77019 * $93,105,467 6. Empower Annuity Insurance Company of America (f/k/a Great-West Life & Annuity Insurance Company) 8515 E. Orchard Road Greenwood Village, CO 80111 * $9,029,798 7. The Lincoln National Life Insurance Company c/o Macquarie Investment Management Advisers 610 Market Street Philadelphia, PA 19106 * $23,361,747 8. MetLife Investment Management, LLC One MetLife Way Whippany, NJ 07981 * $106,628,471 9. New England Asset Management, Inc. 74 Batterson Park Road, Farmington, CT 06032 * $10,566,785 10. Northwestern Mutual Investment Management Company, LLC 720 East Wisconsin Avenue Milwaukee, WI 53202 * $30,739,739 11. Teachers Insurance and Annuity Association of America 730 Third Avenue New York, NY 10017 * $30,739,739 12. Pacific Life Insurance Company 700 Newport Center Drive Newport Beach, CA 92660 * $23,054,805 13. Penn Mutual Asset Management, LLC Eight Tower Bridge 161 Washington Street Suite 1111 Conshohocken, PA 19428 * $3,842,467 14. Protective Life Insurance Company 2801 U.S. Highway 280 South Birmingham, AL 35223 * $13,736,821 15. Sun Life Assurance Company of Canada 96 Worcester Street, 3rd Floor Wellesley Hills, MA 02481 * $57,637,011 16. Symetra Investment Management Company 308 Farmington Avenue 3 rd Floor Farmington, CT 06032 * $3,842,468 Counsel to the Corvias Noteholder Group: Jeremy W. Ryan, Esq. James R. Risener III, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Telephone: (302) 984-6000 Email: jryan@potteranderson.com jrisener@potteranderson.com sgladieux@potteranderson.com - and – Todd C. Meyers, Esq. Renée M. Dailey, Esq. John Ramirez, Esq. EVERSHEDS SUTHERLAND (US) LLP The Grace Building, 40th Floor 1114 Avenue of the Americas New York, New York 10036 Telephone: (212) 389-5000 Email: ToddMeyers@eversheds-sutherland.com ReneeDailey@eversheds-sutherland.com JohnRamirez@eversheds-sutherland.com - and – Todd C. Meyers, Esq. EVERSHEDS SUTHERLAND (US) LLP 999 Peachtree Street NW, Suite 2300 Atlanta, Georgia 30309 Telephone: (404) 853-8000 Email: ToddMeyers@eversheds-sutherland.com - and – Andrew J. Polansky, Esq. EVERSHEDS SUTHERLAND (US) LLP 227 West Monroe Street, Suite 6000 Chicago, Illinois 60606 Telephone: (312) 724-9006 Email: AndrewPolansky@eversheds-sutherland.com About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. CYTODYN INC: Reports FY2025 $3.75M Net Income as Expenses Drop -------------------------------------------------------------- CytoDyn Inc. reported net income of $3.75 million for the fiscal year ended May 31, 2025, reversing a $49.84 million net loss in the prior year. The turnaround was driven by a sharp decline in interest and other expenses, the absence of a $13.37 million loss on note extinguishment recorded in 2024, and a $3.56 million drop in general and administrative costs. As disclosed in its Annual Report for the fiscal year ended May 31, 2025, the Company has not generated revenue from product sales, licensing, or other sources and has operated at a loss each year due to ongoing research, development, and operational expenses. It expects continued losses with minimal revenue as it prioritizes the development and regulatory approval of leronlimab, and if leronlimab or future drug candidates fail to gain approval or market acceptance, the Company will be unable to generate revenue or explore strategic alternatives such as a potential sale, placing shareholders at risk of losing some or all of their investment. As of May 31, 2025, the Company had $18.05 million in total assets, $114.09 million in total liabilities, and a total stockholders' deficit of $96.04 million. As of May 31, 2025, the Company had a total of approximately $11.9 million in cash and cash equivalents, and approximately $70.5 million in short-term liabilities consisting primarily of approximately $45.4 million representing the principal of and accrued interest on convertible notes payable, net of unamortized debt discount, and approximately $16.9 million in accounts payable and accrued liabilities and compensation. In its audit report dated July 25, 2025, CBIZ CPAs P.C. issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CytoDyn said its ability to continue as a going concern depends on securing substantial additional capital, funding operations, settling liabilities, advancing its product candidate through research and development for multiple indications, obtaining FDA approval, outsourcing manufacturing, and achieving profitability. It plans to raise funds through equity or debt offerings, licensing, distribution agreements, and strategic partnerships, though there is no assurance of success. "Our ability to continue to fund our operations depends on our ability to raise capital. The funding necessary for our operations may not be available on acceptable terms, or at all. If we deplete our cash reserves, we may have to discontinue our operations and liquidate our assets. In extreme cases, we could be forced to file for bankruptcy protection, discontinue operations or liquidate assets," CytoDyn mentioned in the filing. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1175680/000155837025009617/cydy-20250531x10k.htm CytoDyn Inc. CytoDyn Inc. is a clinical-stage biotechnology company developing leronlimab, a humanized monoclonal antibody targeting the CCR5 receptor, for multiple therapeutic indications including solid-tumor oncology. Based in Vancouver, Washington, the Company acquired the asset from Progenics in 2012 and operates as a Delaware corporation. DATAVAULT AI: Acquires Inaudible Audio IP From Turner Global Media ------------------------------------------------------------------ Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an intellectual property sale and assignment agreement (the "IP Sale and Assignment Agreement") with Turner Global Media, LLC, pursuant to which the Company has agreed to purchase, and TGM has agreed to sell and assign, certain intellectual property related to inaudible audio technology owned by TGM. Pursuant to the IP Sale and Assignment Agreement, the Company has agreed to acquire the TGM IP Assets from TGM in exchange for: (i) the issuance to TGM of 2,500,000 shares of common stock, par value $0.0001 per share as restricted stock, which are to be issued within 15 days of July 12, 2025 and (ii) a royalty on the total revenue derived by the Company from: (a) the sale, licensing, or commercialization of the TGM IP, and/or (b) the patented technology described in the eight patents listed in the IP Sale and Assignment Agreement (the "ADIO Patented Technology"), for the dissemination of audio signals, including inaudible frequencies, through any and all devices capable of producing sound, including but not limited to radios, televisions, streaming platforms, retail shelf talkers, venue sound systems, and wearable portable broadcast devices, before any deductions for taxes, discounts, or other expenses. The Royalty will be 15% of Gross Sales. The Royalty will be calculated and paid quarterly, within 30 days of the end of the relevant calendar quarter, beginning with the first full calendar quarter following July 12, 2025. If the total Royalty paid to TGM reaches $15 million, the Royalty percentage drops from 15% to 10%. Unless terminated earlier, the IP Sale and Assignment Agreement will expire upon the expiration of the patents included in the ADIO Patented Technology. The IP Sale and Assignment Agreement includes customary representations and warranties and various customary covenants and closing conditions that are subject to certain limitations. The foregoing summary of the IP Sale and Assignment Agreement is available at https://tinyurl.com/55rk3xaf About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DATAVAULT AI: Signs Definitive Agreement to Acquire API Media ------------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Stock Purchase Agreement with API Media Innovations Inc., a New Jersey corporation, David Reese and Frank Tomaino, pursuant to which the Company agreed to purchase from the Sellers all of the outstanding shares of common stock of API Media for an aggregate purchase price of: (i) an amount in cash equal to $6,000,000, (ii) 5,117,188 shares of common stock of the Company, par value $0.001 per share, and (iii) $2,000,000 payable in the aggregate in the form of convertible promissory notes by the Company to the Sellers. The Notes shall be in a form agreed to among the Company and the Sellers and will payable in eight equal quarterly installments at the end of every three months following the closing of the purchase and sale of the API Shares, with the final payment due on the second anniversary of the Closing. The Company has agreed to pay interest at the rate of 10% per annum. At any time and at the Sellers' option, the unpaid balance of the Notes shall be convertible to Common Stock, in increments of $250,000, at a price of $1.14 per share. Any unconverted balance of the Notes shall be paid in cash on the second anniversary of the Closing. The Purchase Agreement includes customary representations and warranties and various customary covenants and closing conditions that are subject to certain limitations. If required by the applicable rules and regulations of the Nasdaq Capital Market, the Company will obtain a written consent of the Company's stockholders to issue the shares of Common Stock to the Sellers and inform the stockholders of the Company of the receipt of the stockholder consent by preparing and filing with the U.S. Securities and Exchange Commission an information statement with respect thereto; provided, however, that in the event the Company is unable to obtain such prior written consent, then the Company shall organize a stockholders meeting and obtain such stockholders' approval in a duly convened stockholders' meeting. The Closing is conditioned on Mr. Reese and Mr. Tomaino entering into and delivering to the Company a consulting agreement, the form of which shall be mutually agreed upon. Additionally, the Closing is conditioned on the Company completing one or more financings totaling a minimum of $10,000,000 in net proceeds. Pursuant to the Purchase Agreement, the Purchase Agreement can be terminated by mutual written consent of the parties, and also by either party after August 12, 2025, if the closing shall have not been consummated by the Outside Date. Additionally, the Purchase Agreement can be terminated by either party if a final, non-appealable order, decree or ruling enjoining or otherwise prohibiting consummation of the purchase has been issued by any governmental authority or if the other party is in breach of the Purchase Agreement which has not been cured within ten (10) days of written notice of such breach (provided that such terminating party has not committed a material breach which is the principal cause of the failure to close). In the event that the Purchase Agreement is terminated by the Company for a reason other than as permitted by the Purchase Agreement, the Company shall pay to the Sellers an irrevocable and non-refundable breakup fee, in cash equal to $1,000,000, pursuant to the terms provided for in the Purchase Agreement. The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is available at https://tinyurl.com/3npfaa8k About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DEQSER LLC: Seeks to Extend Plan Exclusivity to November 6 ---------------------------------------------------------- Deqser LLC and KNY 26671 LLC asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2025 and January 5, 2026, respectively. The Debtors explain that they have been operating under the protection of chapter 11 for less than 4 months, and during this short period of time have made significant and material progress in administering these Chapter 11 Cases. The Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past 4 months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. The Debtors claim that they have made significant and material progress in these Chapter 11 Cases. These achievements are the result of the extensive efforts of the Debtors, their management, and their professionals, in cooperation with various parties in interest in these chapter 11 cases, to maximize the value of the Debtors' estates. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Period. The Debtors assert that they have endeavored to establish and maintain cooperative working relationships with key stakeholders throughout the Chapter 11 process. The Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on their creditors, but rather to facilitate the continued negotiation and formulation of a chapter 11 plan. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress in these Chapter 11 Cases. In effect, if the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be free to propose an alternative chapter 11 plan for the Debtors. Counsel for the Debtors: GELLERT SEITZ BUSENKELL & BROWN LLC Ronald S. Gellert, Esq. 1201 North Orange Street, Suite 300 Wilmington, DE 19801 Tel:(302) 425-5806 E-mail: rgellert@gsbblaw.com - and - MAYERSON & HARTHEIMER, PLLC Sandra E. Mayerson, Esq. David H. Hartheimer, Esq. Mayerson & Hartheimer, PLLC 845 Third Avenue, 11th Floor New York, NY 10022 Tel: (646) 778-4381 Fax: (646) 778-4384 E-mail: sandy@mhlaw-ny.com david@mhlaw-ny.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DESKTOP METAL: Files Bankruptcy Protection Under Chapter 11 ----------------------------------------------------------- Nano Dimension Ltd., a leader in Digital Manufacturing solutions, announced on July 28, 2025, that its subsidiary, Desktop Metal, Inc., has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The decision to file for bankruptcy protection was made by Desktop Metal's independent Board of Directors, who conducted a process to explore available strategic alternatives and address Desktop Metal's significant liabilities and liquidity needs stemming from decisions made by its prior management. Ofir Baharav, Nano Dimension's CEO said: "We are safeguarding our financial strength and preserving our position as the best capitalized company in our ecosystem. This is what enables the Company's to pursue strategic opportunities from a position of maximum strength--and that is exactly what the Company's shareholders should expect from us." About Nano Dimension Driven by strong trends in onshoring, national security, and increasing product customization, Nano Dimension (Nasdaq: NNDM) delivers advanced Digital Manufacturing technologies to the defense, aerospace, automotive, electronics, and medical devices industries, enabling rapid deployment of high-mix, low-volume production with IP security and sustainable manufacturing practices. About Desktop Metal Desktop Metal is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, military, medical, and consumer products. Its innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. Today, Desktop Metal's systems print metal, polymer, sand and other ceramics across these cutting-edge applications. Manufacturers use its technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world's toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and its #TeamDM brands at www.desktopmetal.com. DESKTOP METAL: Files for Chapter 11 to Pursue Sale -------------------------------------------------- Desktop Metal, Inc., and 15 affiliates have sought Chapter 11 protection to pursue a sale of the business. Desktop Metal said in a statement that it has entered into an agreement with an affiliate of Anzu Partners to purchase the Company's ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO s.r.l. foreign subsidiaries in a sale, subject to Court approval and customary closing conditions. To implement the sale and protect the business while it markets its remaining assets, Desktop Metal has filed for Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas. According to court filings, the boards of directors and sole managing members of Desktop Metal, et al., have determined to file for immediate protection under Chapter 11 of the Bankruptcy Code after they assessed "the financial condition of the Company Group, including liabilities and liquidity and the short-term and long-term prospects available to the Company Group, and considered the strategic alternatives available to the Company Group and the related circumstances and situation." About Desktop Metal Desktop Metal, Inc., and its affiliates are a pioneer in the additive manufacturing, or 3D printing, business, providing innovative products and services related thereto. The Company's innovative technologies have numerous applications in the automotive, healthcare and dental, consumer products, heavy industry, aerospace, machine design, and research and development spaces, among others. Operations include the manufacturing and sale of 3D printers and other manufacturing systems, the production and sale of software and consumable materials for use in additive technology processes, metal and industrial polymer manufacturing, and providing sand casting products and services. On July 28, 2025, Desktop Metal, Inc. and 15 U.S. affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Houston, Texas (Bankr. S.D. Tex. Lead Case No. 25-90268). Debtor Adaptive 3D Technologies, LLC, listed assets of $50 million to $100 million and debt of $10 million to $50 million. Desktop Metal listed less than $50,000 in assets and liabilities. The Company is represented in this matter by Pachulski Stang Ziehl & Jones LLP as legal counsel, FTI Consulting, Inc. as financial advisor, and Piper Sandler & Co as investment banker. Kroll Restructuring Administration LLC is the claims agent. DESKTOP METAL: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- Natalie Weger of Dow Jones Newswire reports that Nano Dimension reported that its subsidiary, Desktop Metal, has filed for Chapter 11 bankruptcy protection on July 28, 2025. According to the Waltham, Massachusetts-based digital manufacturing firm, the filing was approved by Desktop Metal's independent board of directors after evaluating strategic options to manage the company's financial obligations and liquidity issues linked to actions taken by former leadership. "We're reinforcing our financial foundation and preserving our status as the most well-capitalized player in our industry," said Nano Dimension CEO Ofir Baharav. About Desktop Metal Inc. Desktop Metal Inc. is a manufacturer of advanced 3D printing systems for metal additive manufacturing based in Burlington, Massachusetts. The company develops industrial-grade 3D printers and materials that enable production of metal parts at scale. Desktop Metal Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90268) on July 28, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. at Pachulski Stang Ziehl & Jones LLP. DESKTOP METAL: Seeks Sale via Court-Supervised Bankruptcy --------------------------------------------------------- Desktop Metal, Inc. and its U.S. affiliates, a manufacturing company specializing in production-volume technologies, materials, and applications, announced on July 28, 2025, that is has entered into an agreement with an affiliate of Anzu Partners to purchase the Company's ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO s.r.l. foreign subsidiaries in a sale, subject to Court approval and customary closing conditions. To implement the sale and protect the business while it markets its remaining assets, Desktop Metal has filed for Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas. The Company values its stakeholders--employees, customers, vendors, and other partners will be communicated with directly on next steps in the coming days. The Company is represented in this matter by Pachulski Stang Ziehl & Jones LLP as legal counsel, FTI Consulting, Inc. as financial advisor, and Piper Sandler & Co as investment banker. About Anzu Partners Anzu Partners is an investment firm that focuses on clean tech, industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep expertise in business development, market positioning, global connectivity, and operations. As of 2024, Anzu Partners managed assets of approximately $1 billion with a team of over fifty professionals in offices across Atlanta, Boston, San Diego, Tampa, and Washington DC. For more information, please visit anzupartners.com. About Desktop Metal Desktop Metal is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, military, medical, and consumer products. Its innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. Today, Desktop Metal's systems print metal, polymer, sand and other ceramics across these cutting-edge applications. Manufacturers use its technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world's toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and its #TeamDM brands at www.desktopmetal.com. DESKTOP METAL: To Sell Equity Interest to Anzu Special Acquisition ------------------------------------------------------------------ Desktop Metal Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtors are a pioneer in the additive manufacturing, or 3D printing, business, providing innovative products and services. The Debtors' innovative technologies have numerous applications in the automotive, healthcare and dental, consumer products, heavy industry, aerospace, machine design, and research and development spaces, among others. The Debtors' operations include the manufacturing and sale of 3D printers and other manufacturing systems, the production and sale of software and consumable materials for use in additive technology processes, metal and industrial polymer manufacturing, and providing sand casting products and services. The Debtors filed the chapter 11 cases to effectuate the Private Sale Transaction and sell their remaining available assets with the goal of preserving the Debtors' going concern value, jobs, and vendor relationships and maximizing returns for all constituents. The Debtors urgently seek approval of the Private Sale Transaction at the first day hearing because the Debtors have no other funding sources aside from closing the Private Sale Transaction and accessing the proceeds therefrom for the benefit of these estates in order to pursue a comprehensive sale process with respect to the remainder of the Debtors’ assets. Moreover, without Court approval of the Private Sale Transaction on or before July 29, 2025, with a closing by July 30, 2025, the Debtors have been informed by their non-Debtor German subsidiaries that the director will have no other choice but immediately to file a German insolvency proceeding. The Debtors expect that their other foreign subsidiaries are likely to file their own insolvency proceedings thereafter, eliminating the $10 million in value for such foreign non-Debtor subsidiaries for the Debtors' estates generated by the Private Sale Transaction. The alternative to approval of the Private Sale Transaction is immediate conversion of these chapter 11 cases to chapter 7 and a hard stop liquidation that will not maximize value. The total consideration for the Private Sale Transaction is $10 million, plus the dollar equivalent of any excess cash held in the Debtors' foreign subsidiaries, but which is expected to yield $0. Closing of the Private Sale Transaction is expected to occur in two tranches: an initial sale closing of certain assets by no later than July 30, 2025 for $4 million in cash payable by Buyer to the Debtors' estates and then a subsequent sale closing of certain additional assets by no later than August 11, 2025 for $6 million in cash payable by Buyer to the Debtors' estates. The Debtors engaged Piper, Sandler & Co. as investment banker in connection with the Debtors' restructuring efforts, including efforts to identify a going concern buyer or buyers and to find a financier willing to fund the restructuring process. The Debtors' existing lenders and noteholders also refused to provide any additional financing to the Debtors. Only Buyer has stepped up with a sale that will maximize the value of the Debtors' foreign subsidiaries under these facts and circumstances and yield immediate cash for these estates. Absent approval of the Private Sale Transaction, the Debtors’ foreign subsidiaries will commence insolvency proceedings of their own, which likely will yield no value for the Debtors’ estates. The material terms of the Asset Purchase Agreement are: -- Sellers: Certain of the Debtors consisting of: Desktop Metal Operating, Inc., Desktop Metal, Inc., ExOne Operating, LLC, and EnvisionTec US LLC. -- Buyer: Anzu Special Acquisition Corp II. -- Purchased Equity: All of the Debtors' equity interests in ExOne GmbH, a German limited liability company, ExOne KK, a Japanese corporation, A.I.D.R.O. Srl, an Italian limited liability company, and EnvisionTec GmbH, a German limited liability company. -- Purchased Assets: (i) The Intellectual Property and other assets owned by the applicable Sellers as set forth on Exhibit A to the APA under the heading "July 28 Purchased Assets"; and (ii) the Intellectual Property and other assets owned by the applicable Sellers. -- Purchase Price: (i) The aggregate consideration to be paid by Buyer to the Sellers for the July 28 Purchased Assets and July 28 Purchased Equity shall be Four Million Dollars ($4,000,000.00) in cash. In addition, the July 28 (ii) Purchased Assets owned by ExOne Operating shall be transferred to ExOne Germany in exchange for the cancellation of an account receivable owed by ExOne Operating to ExOne Germany in an amount of approximately EUR724,000. (iii) The aggregate consideration to be paid by Buyer to the Sellers for the August 8 Purchased Assets and August 8 Purchased Equity shall be $6,000,000.00 in cash. The Debtors believe that consummating the APA and selling the applicable Debtors’ specified foreign and related assets through the Private Sale Transaction is a reasonable exercise of the Debtors' sound business judgment and is proposed for a legitimate business purpose. About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90268 (CML). Judge Christopher M. Lopez presides over the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the debtor's counsel. DIOCESE OF ROCHESTER: CNA Loses Bid to File Objections Under Seal ----------------------------------------------------------------- The Honorable Paul R. Warren of the United States Bankruptcy Court for the Western District of New York denied the ex parte motion of The Continental Insurance Company for an order authorizing it to file under seal for in camera review its objections to confirmation of The Diocese of Rochester's reorganization plan. Pointing to the Court's Order requiring attorneys representing multiple claimants to comply with FRBP 2019, and characterizing that Order as a confidentiality order, CNA expresses concerns about what information can and cannot be filed on the docket. CNA says it is being careful to avoid a disclosure of information obtained from counsel Jeff Anderson through the Rule 2019 disclosures, which was marked as "confidential" at the time of disclosure. The Court's Order directing attorneys representing multiple claimants, like Mr. Anderson, to provide information required by Rule 2019 -- including information concerning litigation financing -- included a provision that all documents relating to litigation financing agreements shall not be placed on the electronic docket. In this case CNA is not proposing to file such documents on the docket, it is making a legal argument about the potential issues related to litigation financing in its objection to confirmation, which includes the amount loaned, terms of the loan(s), and alleged potential impacts on borrowers. Further, CNA's expert witness, Professor Samir Parikh, is expected to testify in detail about the litigation financing obtained by Mr. Anderson. CNA seeks to file its entire 72-page objection to confirmation under seal. According to the Court, if granted, the public would be denied access to the entire document. And yet, the only a handful of words have been highlighted by CNA as containing potentially confidential information. The Court says the party seeking a seal order must demonstrate that the material contained in a filing is either: (1) in the nature of a trade secret or commercial information, or (2) scandalous or defamatory. CNA argues that the information concerning litigation financing received by Mr. Anderson is scandalous or defamatory. The Court notes it is well-settled that potential reputational harm is insufficient to overcome the common law presumption in favor of public access to court records. The information concerning litigation financing is not scandalous. Therefore, the objection cannot be sealed under Sec. 107(b)(2) of the Code, the Court finds. That leaves Sec. 107(b)(1) as the basis to seal the objection, although not asserted by CNA. The existence of a so-called confidentiality order or confidentiality agreement is not outcome determinative. Filings with the Court can only be sealed from public view if one of the two exceptions under Sec. 107(b) of the Code are demonstrated by the movant. The Court finds that CNA's objection to confirmation is not entitled to protections under either Sec. 107(b)(1) or (2). As a result, CNA's ex parte motion is denied. A copy of the Court's Decision and Order dated July 22, 2025, is available at https://urlcurt.com/u?l=SeeGyu from PacerMonitor.com. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DOUBLE T STEEL: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On July 26, 2025, Double T Steel LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Double T Steel LLC Double T Steel LLC is a Houston-based company likely operating in the steel industry. Double T Steel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34239) on July 26, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Reese W. Baker, Esq. at Baker & Associates. DOUBLESHOT HOLDINGS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Doubleshot Holdings got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on July 24, the court granted the Debtor's motion to use cash collateral on an interim basis until September 11. Doubleshot, an event rental business, filed for bankruptcy on July 18 and continues to operate as a debtor-in-possession. It previously secured a loan from Servis First Bank, granting the lender a security interest in its accounts receivable. The Debtor intends to propose a reorganization plan and asserts that access to cash is essential to maintain operations and cover business expenses. The bank has withheld three months' worth of payments from the Debtor's pre-bankruptcy account, and the Debtor agrees to continue making adequate protection payments. About Doubleshot Holdings Doubleshot Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025. In the petition signed by Mark Krajcir, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, represents the Debtor as legal counsel. Servis First Bank, as Lender, is represented by: Lara Roeske Fernandez, Esq. TRENAM, KEMKER, SCHARF, BARKIN, FRYE, O’NEILL & MULLIS, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, Florida 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 Email: LFernandez@trenam.com ESSENZA EDGEWATER: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Essenza Edgewater LLC 1331 Brickell Bay Drive, #4607 Miami, FL 33131 Business Description: Essenza Edgewater is a single-asset real estate company that owns the fee simple interest in Unit 5701 at 788 NE 23rd Street in Miami, Florida. Chapter 11 Petition Date: July 27, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18574 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Diego G. Mendez, Esq. MENDEZ LAW OFFICES P.O. Box 228630 Miami, FL 33222 Tel: 305-264-9090 E-mail: INFO@MENDEZLAWOFFICES.COM Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Juan Jose Rendon Delgado as authorized member. The Debtor identified Florida Real Estate Ventures LLC, care of Lippes Mathias LLP at 4420 Beacon Circle, West Palm Beach, Florida, as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XWMHAII/ESSENZA_EDGEWATER_LLC__flsbke-25-18574__0001.0.pdf?mcid=tGE4TAMA FAIRFIELD SENTRY: Rothschild Loses Bid to Dismiss Adversary Case ---------------------------------------------------------------- Judge John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied the motion of the Defendant, Rothschild & Co. Bank AG (sued as Rothschild Bank AG Zurich (Dublin) a/k/a Rothschild Bank AG) ("RCBAG"), to dismiss the fifth amended complaint in the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. ABN AMRO SCHWEIZ AG a/k/a AMRO (SWITZERLAND) AG, et al., Defendants, Adv. Pro. No. 10-03636 (JPM) (Bankr. S.D.N.Y.) for lack of personal jurisdiction. This adversary proceeding was filed on Sept. 21, 2010. Kenneth M. Krys and Greig Mitchell, in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited (In Liquidation), Fairfield Sigma Limited (In Liquidation), and Fairfield Lambda Limited (In Liquidation) filed the Amended Complaint on Aug. 12, 2021. Via the Amended Complaint, the Liquidators seek the imposition of a constructive trust and recovery of over $1.7 billion in redemption payments made by Sentry, Sigma, and Lambda to various entities known as the Citco Subscribers. Of that amount, Defendant allegedly received approximately $10.097 million through redemption payments from its investment in Sentry and Sigma from June 2004 through November 2008. This adversary proceeding arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC Ponzi scheme. The Citco Subscribers allegedly invested, either for their own account or for the account of others, into several funds -- including Sentry, Sigma, and Lambda -- that channeled investments into BLMIS. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value. The Citco Subscribers and the beneficial shareholders were allegedly such investors. To calculate the NAV, administrators used statements provided by BLMIS that showed securities and investments, or interests or rights in securities and investments, held by BLMIS for the account of Sentry. In fact, no securities were ever bought or sold by BLMIS for Sentry, and none of the transactions on the statements ever occurred. The money sent to BLMIS by the Fairfield Funds for the purchase of securities was instead used by Bernard Madoff to pay other investors or was misappropriated by Madoff for other unauthorized uses. The NAVs were miscalculated, and redemption payments were made in excess of the true value of the shares. The Fairfield Funds were either insolvent when the redemption payments were made or were made insolvent by those payments. RCBAG is a corporate entity organized under the laws of Switzerland with a registered address in Zurich, Switzerland. RCBAG allegedly invested into and redeemed shares of Sentry and Sigma through several companies within the Citco corporate family. Investments into the Funds were registered in the name of Citco Fund Services (Europe) B.V., and Citco Global Custody N.V. Citco Bank Nederland N.V. Dublin Branch allegedly carried out subscriptions and redemptions on behalf of RCBAG and other investors. Citco Bank and Citco Global Custody served as the subscriber of record for RCBAG's shares of the Fairfield Funds. The Citco Subscriber was organized under the laws of either Curacao or the Netherlands. RCBAG invested in two Fairfield feeder funds -- Sentry and Sigma -- in 1999 via the Citco Subscriber, which is alleged to have facilitated investments in the Fairfield Funds for numerous shareholders in this proceeding. In connection with such investments, RCBAG opened an account at Citco Bank. The Defendant also allegedly retained the Citco Subscriber as its agent by July 30, 1999, when the parties entered into a Brokerage and Custody Agreement. From 1999 through 2008, RCBAG allegedly subscribed through the Citco Subscriber for 58,982.89 shares of Sentry and Sigma. RCBAG, through the Citco Subscriber, redeemed a total of $10,097,230.04 through 24 redemptions from Sentry and 17 redemptions from Sigma during the Investment Period. In addition to these redemption payments, RCBAG allegedly received fees from the clients on whose behalf it invested. At the directions and instructions of the Citco Subscriber, as the alleged agent of RCBAG, some of the Redemption Payments were received at designated United States-based bank accounts. The Amended Complaint alleges that the Citco Subscribers, including the purported agents of RCBAG, had knowledge of the Madoff fraud, and therefore knowledge that the Net Asset Value was inflated when the redemption payments were made. The Amended Complaint further asserts that, while receiving redemption payments, the Citco Subscribers uncovered multiple additional indicia that Madoff was engaged in some form of fraud but turned a blind eye, and accepted millions of dollars while willfully ignoring or, at the very least, recklessly disregarding the truth in clear violation of the law of the British Virgin Islands. The Amended Complaint seeks the imposition of a constructive trust on the redemption payments received from the Fairfield Funds. The Amended Complaint alleges that the defendants, including RCBAG as a beneficial shareholder of certain accounts, purposefully availed themselves of the laws of the United States and the State of New York by investing money with the Funds, and knowing and intending that the Funds would invest substantially all of that money in New York-based BLMIS. Defendant has moved to dismiss the Amended Complaint for lack of personal jurisdiction, arguing that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's contacts with the United States, through its own actions and those of its purported agent, in knowingly and intentionally investing in Sentry and Sigma, using U.S. correspondent accounts to invest in and receive payments from the Funds, and conducting other business activities support personal jurisdiction. The Plaintiffs' allegations and supporting evidence of intentional investments into BLMIS in New York, selection and use of U.S.-based correspondent accounts, possible due diligence communications with FGG in New York as described above, demonstrate that RCBAG took affirmative actions on its own apart from the conduct of the Plaintiffs. The Liquidators have shown that the Defendant knew and intended that, by investing in the Funds, Defendant's money would enter into U.S.-based BLMIS. This certainty can be found in the Fairfield Funds' contractual obligation to invest at least 95% of the money they received in U.S.-based BLMIS. Moreover, the Plaintiffs have alleged that the Defendant, through its agent, conducted due diligence investigations and benefited from the materials that it received from FGG which confirmed the investments would be made with BLMIS in New York. The Court thus finds that Defendant's selection and use, through its agent, of U.S. correspondent accounts, due diligence, and communications with FGG concerning investments with BLMIS in New York support the Court's exercise of jurisdiction over the claims for receiving redemption payments from the Fairfield Funds with the knowledge that the NAV was wrong. The contacts are not random, isolated, or fortuitous. The Plaintiffs have thus provided evidence sufficient to support a prima facie showing that the Defendant had minimum contacts with the forum. Accordingly, the Court finds that the Defendant's conduct would also satisfy the more flexible jurisdictional inquiry under the Fifth Amendment. A copy of the Court's Memorandum Opinion and Order dated July 22, 2025, is available at https://urlcurt.com/u?l=KrI2Xi Attorneys for Defendant, Rothschild & Co. Bank AG (sued as Rothschild BANK AG Zurich (Dublin) a/k/a Rothschild Bank AG): John F. Zulack, Esq. Lauren J. Pincus, Esq. David A. Shaiman, Esq. John S. Craig, Esq. Bianca Lin, Esq. ALLEGAERT BERGER & VOGEL LLP 111 Broadway New York, NY 10006 Email: jzulack@abv.com lpincus@abv.com dshaiman@abv.com jcraig@abv.com blin@abv.com Attorneys for the Plaintiffs, Joint Liquidators: David J. Molton, Esq. Marek P. Kryzowski, Esq. BROWN RUDNICK LLP Seven Times Square New York, NY 10036 Email: dmolton@brownrudnick.com mkrzyzowski@brownrudnick.com About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FELTRIM BALMORAL: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued an interim order allowing Feltrim Balmoral Estates, LLC and its affiliates to use cash collateral pending a further hearing on September 9. The order authorized the Debtors to use cash collateral, which consists of cash, deposit accounts, account receivables and proceeds from business operations, subject to compliance with the Debtors' budgets, with a 10% variance. The budget shows total operational expenses of $121,926.67 from July to September. As adequate protection, secured creditors Seacoast National Bank and Lynk Capital, LLC will be granted continuing and perfected replacement liens on assets similar to their pre-bankruptcy collateral, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, Seacoast will continue to receive a monthly payment of $5,000. As further protection, the Debtors were ordered to keep the secured creditors' collateral insured. Seacoast is represented by: Robert A. Cooper, Esq. Hahn Loeser & Parks LLP 2400 First Street, Suite 300 Fort Myers, FL 33901 Telephone: 239-337-6730 Fax: 239-337-6701 racooper@hahnlaw.com -- and -- Daniel A. DeMarco, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, OH 44114 Telephone: 216-621-0150 Facsimile: 216-241-2824 dademarco@hahnlaw.com Lynk Capital is represented by: Allan E. Wulbern, Esq. Smith Hulsey & Busey One Independent Drive, Suite 3300 Jacksonville, FL 32202 (904) 359-7700 (904) 359-7708 (facsimile) awulbern@smithhulsey.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla., having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the cases. Alberto F Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns, LLP is the Debtors' legal counsel. FTX TRADING: Judge to Consider if Prosecutors Breached Plea Promise ------------------------------------------------------------------- Pete Brush of Law360 reports that a Manhattan federal judge said on Monday, July 28, 2025, that he will examine claims by crypto lobbyist Michelle Bond, who alleges she was charged with campaign finance violations despite assurances that her husband, former FTX executive Ryan Salame, would plead guilty in exchange for her not being prosecuted. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESIS HEALTHCARE: Section 341(a) Meeting of Creditors on Aug. 18 ------------------------------------------------------------------ The U.S. Trustee for Region 6 will convene a meeting of creditors of Genesis Healthcare Inc. and its debtor-affiliates on Aug. 18, 2025, at 2:00 p.m. (CT). The meeting will be held via telephone conference. Toll free number: (866) 818-4570, Alternate number: (203) 480-2179, Participants passcode: 3304120. Further information regarding the notice, please call (888) 861-3979 (toll free for U.S. and Canadian-based parties) or +1 (971) 306-9937 (for international parties) or email GenesisHCCInfo@epiqglobal.com. You may access documents and case information at https://dm.epiq11.com/Genesis. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor listed assets and liabilities between $1 billion and $10 billion. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at McDermott Will & Emery LLP. GLOBAL CLEAN ENERGY: Court Confirms Reorganization Plan ------------------------------------------------------- Global Clean Energy Holdings, Inc. (GCE), a vertically integrated renewable fuels company, announced on July 29, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed its Chapter 11 Plan of Reorganization. "We're pleased the Court has confirmed our plan, allowing us to successfully restructure our capital in under four months—right on schedule," said Noah Verleun, GCE's President and CEO. "We're grateful to our lenders and partners for their continued support, which, along with this confirmation, positions us to execute our business strategy with renewed financial strength. I also want to thank our employees for their commitment to safety, reliability, and performance throughout this critical period. With the plan approved, we're excited to move forward in advancing our mission for a more sustainable energy future." The confirmed plan outlines a comprehensive restructuring that will simplify GCE’s capital structure, provide fresh liquidity to support operations, and position the company for long-term growth. GCE expects to emerge from Chapter 11 by mid-August 2025, pending completion of final documentation. About Global Clean Energy Holdings Inc. Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. The Company manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, California. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case 25-90113) on April 16, 2025. In its petition, the Debtor reports total assets as of Sept. 30, 2024 amounting to $1,598,001,000 and total debts as of Sept. 30, 2024 totalling $1,584,749,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped Joshua A. Sussberg, P.C., Brian Schartz, P.C., Ross J. Fiedler, Esq., and Peter A. Candel, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP. The Debtors tapped Jason L. Boland, Esq., Robert B. Bruner, Esq., Julie Harrison, Esq., and Maria Mokrzycka, Esq. at NORTON ROSE FULBRIGHT US LLP. LAZARD FRERES & CO. LLC is the Debtors' Investment Banker. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor.EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Noticing & Claims Agent. HILCO VALUATION SERVICES, LLC is the Debtors' Appraisal Advisor. GYLMAR DEVELOPMENTS: Case Summary & Nine Unsecured Creditors ------------------------------------------------------------ Debtor: Gylmar Developments, Inc. 8485 NW 54th Street Miami, FL 33166 Business Description: Gylmar Developments, Inc. owns and manages a commercial property in Doral, Florida. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18606 Judge: Hon. Robert A Mark Debtor's Counsel: Michael Hoffman, Esq. LESSNE HOFFMAN, PLLC 100 SE 3rd Ave., 10th Floor Fort Lauderdale, FL 33394 Tel: (954) 372-5759 E-mail: mhoffman@lessnehoffman.law Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Maria Cristina Gonzalez as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WWEX6YQ/Gylmar_Developments_Inc__flsbke-25-18606__0001.0.pdf?mcid=tGE4TAMA HALL LABS: Wrongful Death Claims Transferred to Utah Court ---------------------------------------------------------- Judge Clay D. Land of the United States District Court for the Middle District of Georgia granted Kellie Fergison's motion to sever to the extent that her claims against three non-debtor Defendants Vanderhall Motorworks Inc., Extreme Powersports Inc. and General Motors LLC are severed from the claims against Hall Labs LLC in the case captioned as KELLIE FERGISON, Plaintiff, vs. VANDERHALL MOTORWORKS INC., HALL LABS, LLC, EXTREME POWERSPORTS INC., and GENERAL MOTORS LLC, Defendants, Case No. 4:25-cv-00146-CDL (M.D. Ga.). The plaintiff's action against the three non-debtor Defendants is remanded to the State Court of Muscogee County, Georgia. The Court denied Vanderhall's motion to transfer. The Court granted Hall Labs's motion to transfer, holding that the claims against the debtor Defendant shall be transferred to the U.S. District Court for the District of Utah, where the related bankruptcy matter is Petition # 25-21038. Plaintiff's husband died following a single-vehicle crash of his Vanderhall Venice vehicle. Plaintiff brought this wrongful death action in the State Court of Muscogee County. She alleges that: (1) Defendant Vanderhall Motorworks, Inc. designed, manufactured, and marketed the vehicle, then sold it to Plaintiff's husband through a dealership; (2) Defendant Hall Labs LLC, a shareholder of Vanderhall, provided consulting and technical assistance to Vanderhall for the design, manufacture, marketing, and sale of the vehicle; (3) Defendant General Motors LLC sold Vanderhall electronic vehicle modules that were used on the vehicle; and (4) Defendant Extreme Powersports Inc. is the dealership that sold the vehicle to Plaintiff's husband. Plaintiff asserts that her husband's death was caused by Defendants' defective product design, inadequate warnings, breach of warranties, and negligence. After Plaintiff filed the state court action, Hall Labs filed a motion to dismiss the claims against it for lack of personal jurisdiction in Georgia. Hall Labs also raised lack of personal jurisdiction as an affirmative defense in its answer. It then filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Utah, where it is pending as Petition # 25-21038. Vanderhall removed the action to this Court under the bankruptcy removal statute, 28 U.S.C. Sec. 1452(a). The state court did not decide Hall Labs' motion to dismiss for lack of personal jurisdiction before removal. Hall Labs and Vanderhall argue that this action should be transferred to the U.S. District Court for the District of Utah because the wrongful death claims against Hall Labs are related to the Hall Labs chapter 11 proceeding, the claims against Vanderhall are also related to the Hall Labs chapter 11 proceeding, and federal law permits such a transfer. Plaintiff, on the other hand, opposes a transfer and argues that the Court should sever the claims against the nondebtor Defendants and remand them to the state court. She also contends that the Court must abstain from hearing her claims against Hall Labs and remand them to the state court, where they would still be subject to the automatic bankruptcy stay. In the alternative, Plaintiff asserts that the claims against the nondebtor Defendants should be severed and remanded and that the claims against Hall Labs should remain in this Court, subject to the bankruptcy stay. General Motors and Extreme Powersports did not weigh in on the motion to sever or either motion to transfer. In this case, Plaintiff's claims against Hall Labs are subject to the automatic bankruptcy stay. Severing the claims against Hall Labs will allow Plaintiff's claims against the non-debtor Defendants to proceed without delay while protecting the debtor Defendant's estate, and the Court is not persuaded that severance will substantially prejudice any party. The Court thus finds that considerations of judicial economy, prejudice to the parties, and fundamental fairness weigh in favor of severing Plaintiff's claims against Hall Labs. Vanderhall argues that Plaintiff's claims against it are so closely related to the claims against Hall Labs that severance should not be permitted. Vanderhall asserts that the state law tort claims against it are "related to" the state law tort claims against Hall Labs, which are in turn "related to" the Hall Labs bankruptcy proceeding. Vanderhall did not clearly explain how the outcome of the claims against it (or the other non-debtor Defendants) could conceivably have any effect on the Hall Labs bankruptcy estate. The Court is not persuaded that the claims against Hall Labs are so intertwined with the claims against the non-debtor Defendants that severance would be inappropriate. The claims against Hall Labs are indisputably "related to" the bankruptcy proceeding. Although Hall Labs has not refiled the motion to dismiss in this Court, it did promptly file a motion to transfer the claims against it to a court where it does not contest personal jurisdiction. Under these circumstances, particularly the concerns about personal jurisdiction over Hall Labs, the Court finds that abstention is not appropriate. The Court further finds that it is in the interest of justice to transfer Plaintiff's claims against Hall Labs to the U.S. District Court for the District of Utah. The Utah court can then decide where Plaintiff's claims against Hall Labs should be tried. A copy of the Court's Order dated July 22, 2025, is available at https://urlcurt.com/u?l=J9NV9u from PacerMonitor.com. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HERTZ CORP: Allspring Multi-Sector Marks $748,000 Loan at 23% Off ----------------------------------------------------------------- Allspring Multi-Sector Income Fund has marked its $748,374 loan extended to Hertz Corp. to market at $578,119 or 77% of the outstanding amount, according to Allspring Multi-Sector's Form N-CSRS for the fiscal year ended April 30, 2025, filed with the U.S. Securities and Exchange Commission. Allspring Multi-Sector is a participant in a Loan to Hertz Corp. The loan accrues interest at a rate of 8.04% per annum. The loan matures on June 30, 2028. Allspring Multi-Sector was organized as a statutory trust under the laws of the state of Delaware on April 10, 2003 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940. The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Allspring Multi-Sector is led by John Kenney as President and Jeremy DePalma as Treasurer. The Fund can be reach through: John Kenney 1415 Vantage Park Drive, 3rd Floor Charlotte, NC 28203 Tel. No.: (800) 222-8222 About Hertz Corp. The Hertz Corporation, now known as Hertz Global Holdings, Inc., is an American car rental company. HUBBARD RADIO: Allspring MultiSector Marks $940,000 Loan at 35% Off ------------------------------------------------------------------- Allspring Multi-Sector Income Fund has marked its $940,147 loan extended to Hubbard Radio LLC to market at $615,796 or 65% of the outstanding amount, according to Allspring Multi-Sector's Form N-CSRS for the fiscal year ended April 30, 2025, filed with the U.S. Securities and Exchange Commission. Allspring Multi-Sector is a participant in a Loan to Hubbard Radio LLC. The loan accrues interest at a rate of 8.82% per annum. The loan matures on September 30, 2027. Allspring Multi-Sector was organized as a statutory trust under the laws of the state of Delaware on April 10, 2003 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940. The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Allspring Multi-Sector is led by John Kenney as President and Jeremy DePalma as Treasurer. The Fund can be reach through: John Kenney 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203 Tel. No.: (800) 222-8222 About Hubbard Radio LLC Hubbard Radio, LLC, formed in 2011, is a family controlled and privately held media company that owns and operates radio stations in 8 of the top 50 markets, including Chicago, Washington, D.C., Minneapolis-St. Paul, St. Louis, Cincinnati, Seattle, Phoenix, and West Palm Beach. Hubbard also operates 2060 Digital, LLC, a national digital marketing agency based in Cincinnati, Ohio. Hubbard is a wholly owned subsidiary of Hubbard Broadcasting, Inc. (HBI), a television and radio broadcasting company that was started in 1923. Headquartered in St. Paul, Minnesota, Hubbard generated revenue on a standalone basis of $194 million as of LTM Q3 2024. HYPERION DEFI: Securityholders May Offer Up to 50.8M Common Shares ------------------------------------------------------------------ Hyperion DeFi Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission to file a preliminary prospectus relating to the offer and sale from time to time, by the selling securityholders -- Hyperion DeFi Holdings, LLC, Chardan Investments LP, Ask Venture LLC, Michael Bucella, VA Consulting & Advisory Inc., Chardan Capital Markets, LLC, Avenue Venture Opportunities Fund, L.P., and Avenue Venture Opportunities Fund II, L.P. -- of up to 50,770,667 shares of common stock, par value $0.0001 per share the Company which includes: (i) up to 15,384,615 shares of Common Stock issuable upon the conversion of 5,128,205 shares of the Company's Series A Non-Voting Preferred Stock, par value $0.0001 per share, that were issued pursuant to the Securities Purchase Agreement, dated June 17, 2025, by and among the Company and certain institutional accredited investors; (ii) up to 30,769,230 shares of Common Stock issuable upon the exercise of warrants at an exercise price of $3.25 per share, which Purchaser Warrants were issued pursuant to the Securities Purchase Agreement; (iii) up to 923,076 shares of Common Stock issuable upon the conversion of 307,692 shares of Series A Preferred Stock that were issued pursuant to the Engagement Letter, dated June 17, 2025, by and between the Company and Chardan Capital Markets, LLC; (iv) up to 1,846,153 shares of Common Stock issuable upon the exercise of warrants at an exercise price of $3.25 per share, which Placement Agent Warrants were issued pursuant to the Engagement Letter; (v) up to 1,497,593 shares of Common Stock issuable as in-kind dividends on the Series A Preferred Stock; and (vi) up to 350,000 shares of Common Stock issuable upon the exercise of warrants at an exercise price of $4.00 per share, which Lender Warrants were issued in connection with the Fourth Amendment to the Supplement to that certain Loan and Security Agreement, dated November 22, 2022 with Avenue Capital Management II, L.P., as administrative agent and collateral agent, Avenue Venture Opportunities Fund, L.P., as a lender and Avenue Venture Opportunities Fund II, L.P., as a lender. The Common Stock may be offered and sold from time to time by the "Selling Securityholders"). Hyperion is registering these securities for sale by the Selling Securityholders to satisfy certain registration rights that it have granted to the Selling Securityholders. The Company is not selling any securities under this prospectus and will not receive any of the proceeds from the sale of securities by the Selling Securityholders and will pay the expenses incurred in registering the Common Stock covered by the prospectus, including legal and accounting fees. The Selling Securityholders will bear all commissions and discounts, if any, attributable to its respective sales of Common Stock under this prospectus. The Selling Securityholders may sell the Common Stock described in this prospectus in a number of different ways and at varying prices. The Company's Common Stock is listed on The Nasdaq Capital Market under the symbol "HYPD." On July 17, 2025, the last reported sale price of Common Stock was $15.86 per share. Hyperion DeFi may be reached through: Michael Rowe Chief Executive Officer Hyperion DeFi Inc. 23461 S. Pointe Drive, Suite 390 Laguna Hills, CA 92653 Tel: (833) 393-6684 A full-text copy of the Registration Statement is available at https://tinyurl.com/2658suwc About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HYPERSCALE DATA: Plans $125M Offering via Shelf Registration ------------------------------------------------------------ Hyperscale Data, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission, stating that it may offer and sell, from time to time in one or more offerings, any combination of common stock, preferred stock, debt securities, warrants, rights or units having an aggregate initial offering price not exceeding $125,000,000. The preferred stock, debt securities, warrants, rights and units may be convertible, exercisable or exchangeable for common stock or preferred stock or other securities of ours. Hyperscale stated, "Each time we sell a particular class or series of securities, we will provide specific terms of the securities offered in a supplement to this prospectus. The prospectus supplement may also add, update or change information in this prospectus. You should read this prospectus and any prospectus supplement, as well as the documents incorporated by reference or deemed to be incorporated by reference into this prospectus, carefully before you invest in any securities." "This prospectus may not be used to offer or sell our securities unless accompanied by a prospectus supplement relating to the offered securities." "Our common stock is presently listed on the NYSE American under the symbol 'GPUS.' On July 16, 2025, the last reported sale price of our common stock was $1.06." These securities may be sold directly by the Company, through dealers or agents designated from time to time, to or through underwriters or dealers or through a combination of these methods on a continuous or delayed basis. The Company may also describe the plan of distribution for any particular offering of our securities in a prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities in respect of which this prospectus is being delivered, it will disclose their names and the nature of arrangements with them in a prospectus supplement. The net proceeds the Company expects to receive from any such sale will also be included in a prospectus supplement. Hyperscale Data may be reached through: William B. Horne Chief Executive Officer Hyperscale Data, Inc. 11411 Southern Highlands Parkway, Suite 190 Las Vegas, NV 89141 Tel: (949) 444-5464 A full-text copy of the Registration Statement is available at https://tinyurl.com/necv8kaf About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ICORECONNECT INC: To Sell Software Biz to Colortech Holdings ------------------------------------------------------------ iCoreConnect Inc. and and its affiliate, iCore Midco Inc., seek approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell substantially all Assets, free and clear of all liens, claims, and encumbrances, subject to higher and better offers. The Debtors operate a cloud-based software and technology company that specializes in providing HIPAA-compliant software-as-a-service solutions to healthcare providers across the United States. The Debtors' gross revenues for 2024 were approximately $10.7 million. As of the Petition Date, the Debtors had creditors holding secured claims in excess of $4.8 million and unsecured claims in excess of $5.6 million. The Debtors' prepetition secured lenders are Element SaaS Finance (USA), LLC and PIGI Solutions, LLC. Prior to the Petition Date, the Debtors extensively marketed the sale of their businesses to numerous parties, including those parties that would have the most interest in their software businesses, and set up a data room for prospective purchasers to conduct due diligence. The Debtors believe that their businesses have been thoroughly marketed in order to achieve the highest and best offer for their assets from a third-party purchaser. After extensive negotiations between the Debtors and Colortech Holdings, LLC (Buyer) on the terms for the sale, on July 25, 2025, the Debtors and the Buyer executed an Asset Purchase Agreement (APA), which provides for the sale by the Debtors, and the purchase by the Buyer, of substantially all of the assets of the Debtors for a purchase price of $11,000,000.00. A copy of the APA can be found at Exhibit A of the attached. By no later than August 1, 2025, the Buyer shall pay to the Escrow Agent, by wire transfer of immediately available U.S. federal funds to an account designated in writing by the Escrow Agent, an earnest money deposit in the amount of $500,000.00. In the Purchase Agreement, the Debtors have proposed procedures in connection with the submission of competing bids for the purchase of any or all of the Debtors' assets and agreed to pay a break-up fee of $110,000.00 (Break-Up Fee) to the Buyer. The Debtors request that the Court approve the Bid Procedures, set a deadline of August 22, 2025 (Bid Deadline) for any other Person to submit a competing bid for the Purchased Assets. Any and all other Bids shall be in the amount of $11,100,000.00 plus the amount of the Break-Up Fee and be accompanied by a redlined version of the Purchase Agreement indicating any changes of such bidder to the Purchase Agreement, a deposit in the amount of $500,000.00 which shall be paid to the Escrow Agent, by wire transfer of immediately available U.S. federal funds to an account designated in writing by the Escrow Agent, which deposit shall be fully refundable to such bidder if it is not the Successful Bidder, and sufficient financial information that such bidder can close on its Bid. If any Bids meeting the foregoing requirements are received by the Bid Deadline, then the Debtors shall request, on an emergency basis, that the Court schedule an auction for the Purchased Assets. In the event of a termination of the Purchase Agreement, the Debtors have agreed to pay to the Buyer a termination fee in the amount of$110,000.00 (Break-Up Fee). The Debtor proposes to sell the Property, free and clear of liens, claims, and encumbrances. About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. ILUSTRATO PICTURES: Faces OTC Downgrade Amid Delayed Filings ------------------------------------------------------------ Ilustrato Pictures International Inc. provided an update regarding the status of its financial disclosures and listing position on the OTC Markets. As previously communicated to shareholders, ILUS consolidates multiple subsidiaries, including publicly traded companies, within its financial reporting. As a result, any downstream delays such as audit transitions, accounting changes, or filing delays at the subsidiary level, have a direct impact on ILUS's ability to complete its consolidations and audits in a timely manner. Over the past two years, ILUS has managed a significant number of moving parts, including new acquisitions, divestitures, a complex acquisition unwind, and the mid-period sale of its subsidiary Quality Industrial to a Nasdaq-listed company. These events, combined with a change in auditors and the need to address legacy SEC comments on historical filings, have unfortunately delayed the ILUS's 2024 audited financial statements. ILUS is actively working with its audit team and is in discussions with the SEC to cure prior comments through its upcoming financial disclosures. Based on professional guidance, ILUS has been advised not to file unaudited interim financials, but instead to file fully audited financials when complete. While this is the correct regulatory approach, it creates a short-term conflict with OTC Markets rules, which prohibit companies from having multiple overdue filings. As a result, ILUS may be temporarily moved to the OTC Expert Market until the updated filings are submitted. ILUS is targeting completion of its filings before the beginning of Q4 and reiterates that any such OTC downgrade would be temporary and procedural. Management is evaluating the potential filing of a Form S-1 registration statement with the SEC, either shortly after or concurrently with those filings. ILUS may also submit a listing application to Nasdaq, given its view that remaining on the OTC Markets provides limited value to shareholders and has become a constraint on long-term growth. "Disappointingly, we found ourselves in a perfect storm," said CEO Nicolas Link. "We were navigating multiple acquisitions, some of which came with inherited accounting issues, while also addressing our own outstanding SEC comments. During this period, we changed auditors, unwound a prior acquisition that required reinstated financials, and completed the sale of a subsidiary mid-period, forcing us to halt consolidation partway through the year. All of this created a highly complex and resource-intensive audit environment. We couldn't begin the parent-level audit work until the downstream issues were resolved, which only occurred a few months ago. Now, the team is fully focused on completing the process, and it's our top priority." "Filing a registration statement and pursuing a Nasdaq application is a significant task, but one we've successfully managed several times within the group. While it may take time to clear comments and become effective, it's an essential step. We cannot stay on the OTC indefinitely; it offers little strategic value and imposes costs without benefit. It's time to complete this chapter, resolve SEC matters once and for all, and give management the ability to fully execute our 2026 roadmap and unlock the value we've worked hard to build." If necessary, ILUS will also file the appropriate forms to return to its previous OTC tier immediately following its updated filings. Regardless of the path, ILUS confirms it will not remain on the OTC Expert Market longer than necessary and intends to operate either on the main OTC tier or a national exchange as soon as possible. ILUS is working diligently to complete and file its Form 10-K for year ended December 31, 2024, and Form 10-Q for period ended March 31, 2025, as soon as possible to become current with its Exchange Act reporting obligations and will continue to provide shareholders with updates as progress is made. About ILUS Ilustrato Pictures International Inc. is a corporation registered in Nevada and operating out of New York and Dubai. The company has acquired and integrated businesses in the global industries of technology, engineering, and manufacturing, with a specific focus on public safety. ILUS has a history of developing and manufacturing Emergency Services products, including Emergency Response vehicles, Special Vehicle conversions, Commercial EVs, and IoT Technology. Additionally, the company intends to acquire complementary companies that have disruptive technology and strong management, with the potential for rapid growth that may benefit from cross-pollination of territories, products, and skills offered by ILUS's other group companies. ILUS operates as a holding company, leveraging its subsidiaries to engage in public safety, technology, engineering, and manufacturing. As of December 31, 2023, the Company had $62,487,166 in total assets, $32,579,545 in total liabilities, and $29,987,621 in total stockholders' equity. Ahmedabad, India-based Pipara & Co LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 1, 2024, citing that the Company suffered losses from operations in CY 2023 and CY 2022 and has a net capital deficiency in the periods ended December 31, 2023, and 2022, which raises substantial doubt about its ability to continue as a going concern. INDIAN CREEK: Case Summary & 12 Unsecured Creditors --------------------------------------------------- Debtor: Indian Creek Express LLC 1102 First Street Pierce, CO 80650 Business Description: Indian Creek Express, LLC provides long-haul freight delivery and brokerage services from its base in Pierce, Colorado. Founded in 1998, the family-owned Company offers temperature-controlled shipments across the lower 48 states alongside local and regional transportation, warehousing and cross- docking, serving the Denver metro area, Northern Colorado and Southeast Wyoming. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-14707 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 E-mail: klr@kutnerlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Donne Jefferson as president. A copy of the Debtor's list of 12 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UQMR3XA/Indian_Creek_Express_LLC__cobke-25-14707__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UJMXVEI/Indian_Creek_Express_LLC__cobke-25-14707__0001.0.pdf?mcid=tGE4TAMA INNOVATE CORP: Launches Debt Refinancing to Extend 2026 Maturities ------------------------------------------------------------------ INNOVATE Corp. announced in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it intends to enter into a series of indebtedness refinancing transactions that will extend the Company's debt maturities. The refinancing transactions include: (i) privately negotiated exchanges of certain of the Company's convertible senior notes, (ii) an exchange offer and consent solicitation with respect to the Company's senior secured notes, (iii) agreements in principle to extend the Company's 2020 revolving credit agreement, (iv) an agreement in principle to amend and extend the Continental General Insurance Company ("CGIC") note, (v) an agreement in principle to extend the Spectrum Notes, and (vi) an agreement in principle to amend and extend the R2 Technologies note. * Convertible Notes Exchanges: The Company has entered into privately negotiated exchange agreements with certain holders of its 7.5% Convertible Senior Notes due 2026 pursuant to which the Company plans to exchange approximately $48.7 million of the outstanding aggregate principal amount of the Existing Convertible Notes for approximately $51.1 million aggregate principal amount of newly issued 9.5% Convertible Senior Notes due 2027 with substantially the same terms, except that the New Convertible Notes will: (i) have a maturity date of March 1, 2027, (ii) be secured by a second-priority lien on certain existing collateral and other collateral not previously pledged, (iii) have an interest rate of 9.5%, with the first payment delivered in the form of additional exchange consideration and the second payment being made in kind, (iv) include updated covenants (including, without limitation, restrictive covenants substantially consistent with the New Senior Secured Notes) (v) be guaranteed by the same guarantors as the New Senior Secured Notes, (vi) be redeemable by the Company in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date and (vii) include an updated "Fundamental Change" definition that will exclude ownership of the Company's equity by Lancer Capital LLC and its affiliates. The Exchange Agreements will also contain consents from certain holders of the Existing Convertible Notes to effect certain proposed amendments to the terms of such Existing Convertible Notes to eliminate substantially all of the restrictive covenants, certain events of default and related provisions. The Convertible Notes Exchanges are conditioned upon, and are expected to close concurrently with, the early settlement of the Exchange Offer (as defined below). * Exchange Offer: The Company has today launched an exchange offer and consent solicitation to eligible holders of its 8.5% Senior Secured Notes due 2026 to exchange such Existing Senior Secured Notes for newly issued 10.5% Senior Secured Notes due 2027 with substantially the same terms, except that the New Senior Secured Notes will: (i) have a maturity date of February 1, 2027, (ii) have an interest rate of 10.5%, with the first payment delivered in the form of additional exchange consideration and the second payment being made in kind, and (iii) include updated covenants. Additionally, the New Senior Secured Notes indenture requires us to meet certain milestones with respect to strategic alternatives for our operating subsidiaries, including asset sales generating at least $150 million in net proceeds. Under the Existing Senior Secured Notes indenture, DBM Global Inc. is not a subsidiary guarantor, and the Company's equity interests in DBM Global, Inc. are pledged as collateral. This will remain the same under the New Senior Secured Notes Indenture. As of the date hereof, DBM Global Inc. is in good standing with its lenders and sureties. Simultaneously, the Company is conducting the solicitation of consents from eligible holders of the Existing Senior Secured Notes to effect certain proposed amendments to the terms of such Existing Senior Secured Notes to eliminate substantially all of the restrictive covenants, events of default and related provisions in a customary exit consent solicitation and to subordinate the liens on the collateral securing the Existing Senior Secured Notes, meaning that any Existing Senior Secured Notes that remain outstanding after the consummation of the Exchange Offer will be subordinated obligations of the Company and the guarantors thereof. The Company has entered into a Commitment Letter dated July 17, 2025, between the Company and certain holders of Existing Senior Secured Notes. Subject to the terms and conditions set forth in the Commitment Letter, the Supporting Noteholders have agreed to tender their Existing Senior Secured Notes in the Exchange Offer and deliver consents to the Proposed Amendments prior to the early participation deadline. The Supporting Noteholders represent approximately 75.3% of the aggregate principal amount of the Existing Senior Secured Notes outstanding as of the date of this Form 8-K. The consent of the Supporting Noteholders suffices to approve the Proposed Amendments in respect of the Existing Senior Secured Notes. As per the terms and conditions set forth in the Commitment Letter, the Company expects that the Supporting Noteholders will receive 3% aggregate principal amount of their Existing Notes in the form of additional New Notes as a commitment payment. Consummation of the Exchange Offer is conditioned on, among other things, the participation of: (i) at least 98% of the outstanding principal amount of the Existing Senior Secured Notes, (ii) the consummation of the Convertible Notes Exchanges and (iii) the concurrent consummation of the 2020 Revolving Credit Agreement Extension Amendment, the CGIC Note Extension Amendment, the Spectrum Notes Extension and the R2 Note Extension Amendment. Such closing conditions may be waived by the Company, provided that a waiver of the Minimum Exchange Condition and the Concurrent Transactions Condition shall also require the consent of the Supporting Noteholders. The early participation deadline for the Exchange Offer is 5:00 p.m., New York City time, on July 30, 2025, unless extended by the Company. The expiration deadline for the Exchange Offer is midnight (end of day), New York City time, on August 13, 2025, unless extended by the Company. The Company currently expects that the early settlement of the Exchange Offer will occur on August 4, 2025 and the final settlement of the Exchange Offer will occur on August 15, 2025, in each case subject to all conditions to the Exchange Offer having been satisfied or waived by the Company. * Revolving Credit Agreement: The Company has reached an agreement in principle with the lender under its 2020 Revolving Credit Agreement to enter into an amendment, which will provide for, among other things, extension of the 2020 Revolving Credit Agreement maturity to September 15, 2026. Subject to successful negotiations with the lender under the 2020 Revolving Credit Agreement, the Company expects to enter into definitive documentation related to the 2020 Revolving Credit Agreement Extension Amendment by the Early Settlement Date. * CGIC Debt: The Company has reached an agreement in principle to, among other things, extend the maturity of its subordinated unsecured promissory note with CGIC to April 2027, and secure the amended CGIC note by a third priority lien on the same collateral securing the New Notes. The amended CGIC note will have an interest rate of 16%. Interest on the amended CGIC note will be paid in the form of PIK interest through August 2026, and all interest payments thereafter will be payable in cash. Subject to successful negotiations with CGIC, the Company expects to enter into definitive documentation related to the CGIC Note Extension Amendment by the Early Settlement Date. As part of the agreement with CGIC, approximately half of the accrued value of preferred stock of the Company held by CGIC will be exchanged for third-lien notes, on a dollar-for-dollar basis. * HC2 Broadcasting Holdings Debt: The Company has reached an agreement in principle with the noteholders of Spectrum's 8.50% and 11.45% Notes to, among other things, extend the maturity of such notes to September 30, 2026. The Spectrum Notes Extension also requires us to meet certain milestones with respect to strategic alternatives for our Broadcasting segment. Subject to successful negotiations with the noteholders of the Spectrum Notes, the Company expects to enter into definitive documentation related to the Spectrum Notes Extension by the Early Settlement Date. * R2 Technologies Debt: The Company has reached an agreement in principle to, among other things, extend the maturity of R2 Technologies' 20.0% senior secured promissory note due to Lancer Capital to August 1, 2026. The amended R2 Note will have an interest rate of 12% and remove certain exit and default fees. All interest and fees accrued through August 1, 2025, will be added to the principal amount. Subject to successful negotiations with Lancer Capital, the Company expects R2 Technologies to enter into definitive documentation related to the R2 Note Extension Amendment by the Early Settlement Date. Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor to INNOVATE in connection with the transactions. About Innovate New York-based Innovate Corp. -- innovatecorp.com -- is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of Dec. 31, 2023, its three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences, and Spectrum, plus its other segment, which includes businesses that do not meet the separately reportable segment thresholds. New York, N.Y.-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, citing the Company has maturities of certain debt obligations that exceed its current and forecasted cash balances within one year from the date of this report. These conditions raise substantial doubt about its ability to continue as a going concern. * * * In May 2025, S&P Global Ratings lowered its long-term issuer credit rating on Innovate Corp. to 'CCC-' from 'CCC' and its issue rating on the company's senior notes due 2026 to 'CCC' from 'CCC+'. The recovery rating on the notes remains '2', indicating its expectation for meaningful (75%) recovery in the event of a default. The negative outlook reflects S&P Global's view that the company's liquidity will be under stress in the next six months, such that sources are unlikely to meet uses absent unforeseen positive developments. IQSTEL INC: Reports $128.8M H1 Revenue, Eyes $400M Run Rate in Q3 ----------------------------------------------------------------- IQSTEL Inc. announced its preliminary unaudited revenue of $128.8 million for the first half of 2025 (H1). June alone contributed $27.3 million, a significant increase from May's $23.7 million, highlighting the company's accelerating commercial momentum across its global telecom and tech operations. Starting July 1st, IQSTEL will begin consolidating revenue from its newly acquired subsidiary, Globetopper, expected to add $5 million to $6 million per month in additional revenue. On this trajectory, IQSTEL expects to reach a $400 million annualized revenue run rate during Q3 -- several months ahead of the company's original year-end target. This milestone represents a critical leap forward in the company's strategic roadmap toward achieving its $1 billion revenue goal by 2027. "We're pleased with the strong performance in the first half and even more enthusiastic about what lies ahead," said Leandro Iglesias, CEO of IQSTEL. "Historically, the second half of the year delivers even stronger results, and with Globetopper now part of the group, we're confidently on track to reach our $340 million revenue forecast for 2025." At the same time, IQSTEL's strategy to expand its portfolio with high-tech, high-margin products--such as the recently launched IQ2Call.ai--is now more tangible than ever. This focus is designed not only to drive top-line growth, but more importantly, to boost Net Income and Adjusted EBITDA, fueling bottom-line expansion. As these advanced services gain traction, they are accelerating commercial momentum and reinforcing IQSTEL's transformation from a traditional telecom operator into a technology-driven, high-performance enterprise. IQSTEL continues to execute its growth plan through a combination of organic expansion, strategic acquisitions, and AI-powered service offerings, strengthening its global position as a next-generation telecom and tech powerhouse. "This is only the beginning," added Iglesias. "We grew from $13 million in revenue in 2018 to nearly $300 million last year. With the second half of 2025 set to elevate us even further, we are laying the foundation to become a $1 billion company by 2027." About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IROBOT CORP: BlackRock Holds 2.0% Stake as of June 30 ----------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 607,240 shares of iRobot Corp.'s Common Stock, representing approximately 2.0% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/53d5tca5 About iRobot Corporation iRobot Corp. is a leading global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better for millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of December 28, 2024, the Company has $516.1 million in total assets, $454.9 million in total liabilities, and total stockholders' equity of $61.2 million. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. J.C. PENNEY: Plan Trust Selling 119 Stores for $947,000,000 ----------------------------------------------------------- The Copper Property CTL Pass Through Trust announced that on July 23, 2025 it entered into an amendment that made its Purchase and Sale Agreement with an affiliate of Onyx Partners, Ltd. of Boston, Mass., binding for the sale of a portfolio consisting of the Trust's 119 properties. The aggregate purchase price for the Properties is $947 million in an all-cash transaction, subject to customary closing adjustments and prorations. This transaction is the culmination of an extensive marketing process run by Newmark. The Properties are subject to a long-term triple-net master lease with Penney Intermediate Holdings LLC or affiliates thereof. The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable. The transaction is scheduled to close on or before Sept. 8, 2025, subject to customary real estate closing conditions. The Trust intends to distribute the net proceeds to Certificateholders in accordance with the terms of the Trust Agreement following the consummation of the sale. The Agreement provides certain limited termination rights on a property-by-property basis in connection with purchase rights in favor of ground lessors or purchase rights pursuant to reciprocal easement agreements, certain title defects, casualty events, or condemnation proceedings. Due to the various conditions to closing, the Trust cannot make any assurances that the disposition of the Properties is certain. CoStar News notes that a number of retailers filed for Chapter 11 during the pandemic, including J.C. Penney, and the aftershocks are still being felt. Some chains survived, some liquidated, some were sold and some downsized. Giant mall landlords Simon Property Group and Brookfield Property Group purchased J.C. Penney's retail operating arm out of bankruptcy in late 2020. The chain is now based in Plano, Texas, and has about 650 stores, according to CoStar. About Copper Property CTL Pass Through Trust Copper Property CTL Pass Through Trust (the "Trust") was established to acquire 160 retail properties and 6 warehouse distribution centers from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust's operations consist solely of owning, leasing and selling the Properties. The Trust's objective is to sell the Properties to third-party purchasers as promptly as practicable. The Trustee of the trust is GLAS Trust Company LLC. The Trust is externally managed by an affiliate of Hilco Real Estate LLC. The Trust is intended to be treated, for tax purposes, as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d). On the Web: https://www.ctltrust.net/. About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- @ www.jcpenney.com/ -- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk was the claims agent. The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. JOSEPH G. BABA DDS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Joseph G. Baba, D.D.S., P.A. TMJ & Sleep Therapy Centre of Kansas 4620 E Douglas Wichita, KS 67208 Business Description: Joseph G. Baba D.D.S., P.A., doing business as TMJ & Sleep Therapy Centre of Kansas, provides personalized evaluation and treatment of temporomandibular joint disorders, craniofacial pain and sleep-related breathing disorders from its Kansas practice. Founded and led by Dr. Joseph G. Baba, the Centre combines dental, orthopedic and sleep medicine expertise to deliver tailored, non-invasive therapies aimed at relieving headaches, jaw pain and sleep disturbances. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-10771 Debtor's Counsel: January M Bailey, Esq. PRELLE ERON & BAILEY, P.A. 301 N Main St Ste 2000 Wichita KS 67202-4820 Tel: (316) 262-5500 E-mail: january@eronlaw.net Total Assets: $277,330 Total Liabilities: $2,580,530 The petition was signed by Mark J McLaren as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RR52HWQ/Joseph_G_Baba_DDS_PA__ksbke-25-10771__0001.0.pdf?mcid=tGE4TAMA KDZ REALTY: Seeks Subchapter V Bankruptcy in Virginia ----------------------------------------------------- On July 24, 2025, KDZ Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About KDZ Realty LLC KDZ Realty LLC is a Richmond-based real estate company that operates in the real estate sector (NAICS code 5311) with its principal place of business at 2204 Redd Street, Richmond, VA. KDZ Realty LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-32924) on July 24, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Martin C. Conway, Esq. at Conway Law Group, PC. KS MATTSON: Taps Stapleton Group as Operations and Asset Manager ---------------------------------------------------------------- KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to retain Stapleton Group, a part of J.S. Held LLC, as operations and asset manager in its Chapter 11 case. Stapleton Group will provide these services: (a) lead all aspects of the Debtor's real estate portfolio, including rent collection, property oversight, asset preservation, asset sales, and review of potential financing opportunities; (b) manage real property leases, including review, cancellation, reaffirmation, or issuance of leases; (c) create accounting and related systems and provide full-service accounting, cash management, and banking oversight; (d) assess cash and banking controls within existing loan agreements; (e) manage all property operations, including rent collection, payment of approved expenses, and creation of a financial reporting system for Monthly Operating Reports; (f) coordinate Stapleton personnel providing services to the Debtor's real estate portfolio; (g) support other professionals at the direction of the Responsible Individual; (h) manage construction and rehabilitation activities if needed, including contractor and vendor coordination; and (i) analyze capital structure by project or entity and discuss recapitalization options. Stapleton will also perform limited ancillary services to support the operations and asset management functions. Stapleton professionals will be paid at these rates: Senior Managing Directors $595 to $995 Senior Advisors $575 to $850 Managing Directors $545 to $725 Senior Directors $495 to $625 Directors & Associate Directors $475 to $525 Vice Presidents & Sr. Associates $325 to $475 Consultants & Sr. Consultants $225 to $375 Analysts/Associates $195 to $375 Administrative Staff $175 to $275 The hourly rate for team leaders Mike Bergthold and David Kieffer is $595. According to court filings, Stapleton Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stapleton Group 514 Via de la Valle, Suite 210 Solana Beach, CA 92075 About KS Mattson Partners, LP Creditors LeFever Mattson, a California corporation, and Windtree, LP filed involuntary Chapter 11 petition against KS Mattson Partners, LP (Bankr. N.D. Cal. Case No. 24-10715) on November 22, 2024. The creditor is represented by Thomas B. Rupp, Esq. at Keller Benvenutti Kim LLP. Judge Charles Novack presides over the case. Richard Wynne, Esq. at Hogan Lovells US LLP represents the Debtor as bankruptcy counsel. LAUREL CREEK: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On July 24, 2025, Laurel Creek II LP filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Laurel Creek II LP Laurel Creek II LP is a California limited partnership operating in the real estate sector. Laurel Creek II LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10986) on July 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Jeffrey I. Golden, Esq. at Golden Goodrich LLP. LIVEONE INC: BlackRock Holds 1.3% Stake as of June 30 ----------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 1,304,285 shares of LiveOne, Inc.'s Common Stock, representing approximately 1.3% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/mr3b8sfm About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of March 31, 2024, the Company had $40 million in total assets, $48.9 million in total liabilities, and $8.4 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LIVEONE INC: Closes $9.5 Million Public Offering With Lucid Capital ------------------------------------------------------------------- LiveOne, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an underwriting agreement with Lucid Capital Markets, LLC pursuant to which the Company will issue and sell to the Underwriter 13,608,334 shares of the Company's common stock, $0.001 par value per share, at an offering price of $0.75 per Share and which includes the grant to the Underwriter of an option for the issuance and sales of up to 1,775,000 additional Shares (the "Option") to be sold by the Company. The aggregate gross proceeds to the Company from the Offering will be approximately $9.5 million (including the exercise of the Underwriter's Option), after deducting an underwriting discount of 7% of the price to the public, but before deducting expenses payable by the Company in connection with the Offering. Pursuant to the Underwriting Agreement the Company has also agreed to issue the Underwriter's common stock purchase warrants (the "Underwriter's Warrant") to purchase up to 4% of the securities sold in the Offering at an exercise price of $0.9375. On July 16, 2025, the Underwriter exercised the Option, and the Offering, including the Option, closed on July 17, 2025, subject to customary conditions to closing as provided in the Underwriting Agreement. The Company expects to use the net proceeds from the Offering to fund the acquisition of cryptocurrencies, the development and implementation of a cryptocurrency treasury strategy and for working capital and general corporate purposes. The Offering was made pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC") on February 26, 2025 (Registration No. 333-284916), a base prospectus filed as part thereof, a preliminary prospectus supplement, dated July 15, 2025, and a final prospectus supplement, dated July 15, 2025. About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of March 31, 2024, the Company had $40 million in total assets, $48.9 million in total liabilities, and $8.4 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LIVEONE INC: Registers 7.99M Common Shares for Resale ----------------------------------------------------- LiveOne, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission to file a preliminary prospectus relating to the offer and resale from time to time of up to 7,988,095 shares of common stock, $0.001 par value per share the Company that may be offered for resale or otherwise disposed of by the selling stockholders -- JGB Capital LP, JGB Partners LP, JGB Capital Offshore Ltd., JGB Orpington, LLC, and Chicago Atlantic Adams, LLC -- (together with any of such stockholders' transferees, pledgees, donees or successors), issuable upon conversion of the Company's 11.75% Original Issue Discount Senior Secured Convertible Debentures that it issued to the Selling Stockholders. LiveOne stated: "The Debentures are convertible into shares of our common stock at the holder's option at a conversion price of $2.10 per share, subject to certain customary adjustments such as stock splits, stock dividends and stock combinations. The Debentures were issued to the Selling Stockholders in a private placement pursuant to the Securities Purchase Agreement entered into by us with the Selling Stockholders on May 19, 2025." The Selling Stockholders may sell all or a portion of the Shares from time to time, in amounts, at prices and on terms determined at the time of sale. The Shares may be sold by any means described in the section of the prospectus entitled "Plan of Distribution" beginning on page 22. The Selling Stockholders may also sell the Shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus. "We are not offering for sale or selling any securities under this prospectus, and we will not receive any proceeds from the sale or other disposition of the Shares by the Selling Stockholders. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered by this prospectus. All selling and other expenses incurred by the Selling Stockholders will be borne by the Selling Stockholders." "We are registering the offer and sale of the Shares pursuant to certain registration rights granted to the Selling Stockholders. The registration of the Shares does not necessarily mean that any Selling Stockholder will offer or sell any of their Shares. The timing and amount of any sale or exercise is within the sole discretion of the Selling Stockholders." The Company's common stock is listed for trading on The Nasdaq Capital Market, or "Nasdaq," under the symbol "LVO." On July 15, 2025, the last reported sale price of common stock was $0.7501. LiveOne may be reached through: Robert S. Ellin Chairman and Chief Executive Officer LiveOne, Inc. 269 S. Beverly Dr., Suite 1450 Beverly Hills, CA 9021 Tel: (310) 601-2505 A full-text copy of the Registration Statement is available at https://tinyurl.com/mpbs5exk About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of March 31, 2024, the Company had $40 million in total assets, $48.9 million in total liabilities, and $8.4 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. M DESIGN: Wins Bid to Dismiss Dual, 7even Counterclaims ------------------------------------------------------- The Honorable Mark E. Hall of the United States Bankruptcy Court for the District of New Jersey granted the motion of Plaintiff-Debtor M Design Village, LLC to dismiss the counterclaims filed against it by Defendants-Creditors Dual Capital, LLC and 7even Capital, LLC in the adversary proceeding captioned as M DESIGN VILLAGE, LLC, Plaintiff, v. VERSANT FUNDING LLC, UNITED STATES SMALL BUSINESS ADMINISTRATION, CLOUDFUND LLC, SAMSON MCA LLC, 7EVEN CAPITAL LLC, DUAL CAPITAL, LLC, MERK FUNDING, INC. and RBLX FUNDING, LLC, Defendants, Adv. Pro. No. 24-01639-MEH (Bankr. D.N.J.). The counterclaims are dismissed in their entirety with prejudice. On Aug. 22, 2024, the Debtor entered into a Sale of Future Receipts Agreement with Dual and a Sale of Future Receipts Agreement with 7even. Under the Dual Agreement, the Debtor sold, assigned, and transferred to Dual $556,000 of Future Receipts. Similarly, under the 7even Agreement, the Debtor sold, assigned, and transferred to 7even $555,999.84 of Future Receipts. Both Agreements set forth a procedure for Dual and 7even to collect the Future Receipts sold to them by the Debtor. Each Agreement required the Debtor to designate a bank account into which all Future Receipts would be deposited. Then, Dual and 7even were to debit a "Periodic Amount" -- an amount calculated and defined in each Agreement -- on a weekly basis. Dual and 7even were to continue debiting the Future Receipts so long as the Debtor was collecting Future Receipts, until Dual and 7even collected the full amount of Future Receipts purchased under their respective Agreements. The Debtor going out of business or not collecting Future Receipts in a given week are not events of default under either Agreement. On Nov. 18, 2024, nearly three months after entering into the Agreements with Dual and 7even, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. As of the Petition Date, the Debtor was still remitting the Future Receipts it sold to Dual in accordance with the terms of the Dual Agreement and did not cease remitting the Future Receipts until after the Debtor filed its bankruptcy case. As of the date Dual filed its Counterclaims on Feb. 14, 2025, Dual had not collected a total of $331,500 of Future Receipts that it purchased from the Debtor. With respect to 7even, as of the Petition Date 7even had not collected a total of $331,499.90 of Future Receipts that it purchased from the Debtor. Dual and 7even assert that the following aspects of their respective Agreements demonstrate that the transactions were not loans, but rather "true sales" of the Debtor's accounts: (a) The language in the Agreements consistently refer to the transactions as a purchase and sale; (b) Dual and 7even have no recourse if the Debtor goes out of business or experiences a slowdown in business or a delay in collecting Future Receipts. Such circumstances are not events of default under the Agreements; and (c) The Debtor has no right to repurchase the Future Receipts sold to Dual or 7even under their respective Agreements. Dual and 7even maintain that because the transactions were "true sales," the Debtor retained no legal or equitable interest in the sold accounts pursuant to Section 9-318(a) of the Uniform Commercial Code or Section 541 of the Bankruptcy Code, and thus, the Future Receipts Dual and 7even purchased from the Debtor are not property of the Debtor's bankruptcy estate. Cash Collateral Motion After the Debtor filed its voluntary petition for Chapter 11 bankruptcy on Nov. 18, 2024, the Court held an expedited hearing on first day matters on Nov. 22, 2024, which included a contested motion for interim and final orders authorizing, among other relief, the Debtor to use cash collateral pursuant to Sections 105, 363(c)(2)(B), 363(e), and 507(b) of the Bankruptcy Code, Rule 4001(b) of the Federal Rules of Bankruptcy Procedure, and Rule 4001-4 of the Local Bankruptcy Rules, as well as authorizing the Debtor to enter into a factoring arrangement with Versant Funding LLC to sell certain accounts receivables pursuant to Sections 363(b) and (f) of the Bankruptcy Code and to grant Versant security interests and claims pursuant to Sections 364(c) and (d). Objecting to the Debtor's use of cash collateral and the proposed factoring arrangement were RBLX Funding, LLC and Merk Funding, Inc., both of whom entered into agreements with the Debtor similar to the Dual and 7even Agreements. The Debtor, RBLX, and Merk ultimately reached a global resolution and RBLX and Merk thereafter withdrew their objections to the Cash Collateral Motion with prejudice, in exchange for an allowed general unsecured claim in the total amount due as of the Petition Date. On Dec. 12, 2024, the Court entered an Interim Order on the Cash Collateral Motion authorizing the Debtor to use cash collateral and enter into a factoring arrangement with Versant. Following a final hearing on first day matters on Jan. 13, 2025, the Court entered a Final Order on the Cash Collateral Motion on Jan. 27, 2025. The Final Order, at Paragraph C and Section I, provides that Versant has a valid and subsisting first lien on all collateral and pre-petition collateral, and Section II provides the Debtor with authority to sell its post-petition accounts receivable to Versant, free and clear of all liens, claims, and encumbrances. On Dec. 4, 2024, amid the Debtor's efforts to resolve RBLX's and Merk's objections to the Cash Collateral Motion, and presumably with the intent to streamline the issues and potentially avoid an evidentiary hearing in the main bankruptcy case, the Debtor filed this adversary proceeding, M Design Village, LLC v. Versant Funding LLC, et al., Adv. Pro. No. 24-01639-MEH. The Complaint includes 15 counts asserting various causes of action against defendants Versant, the United States Small Business Administration, RBLX, Merk, Dual, 7even, Cloudfund LLC and Samson MCA LLC. On Jan. 8, 2025, the Debtor voluntarily dismissed the Complaint as to RBLX and Merck pursuant to the global resolution reached in the main bankruptcy case on the Cash Collateral Motion. On Feb. 11, 2025, the Debtor voluntarily dismissed the Complaint as to Versant and the SBA. The claims against Dual, 7even, Cloudfund, and Samson remain pending, and the Debtor is engaged in mediation with Cloudfund and Samson. Counterclaims Count I of Dual's and 7even's Counterclaims seeks a declaratory judgment determining that the Future Receipts purchased under their respective Agreements with the Debtor are not property of the bankruptcy estate. In Count II, Dual and 7even bring a tort claim for conversion, asserting that notwithstanding their ownership of the Future Receipts, the Debtor proceeded to the use the Future Receipts in connection with its cash collateral motion. In this case, the Court has already determined by way of the Final Order on Cash Collateral and, most recently, confirmation of the Debtor's Plan, that as of the Petition Date, there was no value in any of the Debtor's pre-petition assets to which Dual's and 7even's security interests, if any, could attach. According to the Court, whatever interest (ownership or lien) Dual and 7even held in the Debtor's future receivables under their respective Agreements is encompassed by and inferior to the valid senior lien of Versant (and the SBA) and the post-petition Factoring Arrangement with Versant. This, combined with the fact that Versant's liens alone exceed the value of the Debtor's assets, means that practically, Dual and 7even can only be, at best, general unsecured creditors, and are, in fact, treated as such in the confirmed Plan. These determinations are law of the case, and the Court, having not been presented with any extraordinary circumstances, and seeing none, will not revisit its determinations within the context of Dual's and 7even's Counterclaims. For these reasons, the Court finds that Dual's and 7even's Counterclaim I seeking a determination that the Debtor retained no legal or equitable interest in the Future Receipts is futile and will be dismissed with prejudice. Likewise, Dual's and 7even's Counterclaim II for conversion, which presupposes Dual's and 7even's ownership in the Future Receipts, will also be dismissed with prejudice. A copy of the Court's Memorandum Opinion dated July 24, 2025, is available at https://urlcurt.com/u?l=eSyFpY from PacerMonitor.com. About M Design Village M Design Village, LLC, was formed as a New Jersey limited liability company, specializing in nursery and children's furniture. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21406) on Nov. 18, 2024, listing between $10 million and $50 million in both assets and liabilities. Judge Mark Edward Hall handles the case. The Debtor is represented by: Anthony Sodono, III, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Tel: 973-622-1800 Email: asodono@msbnj.com M.L.B. DESIGNS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: M.L.B. Designs, Inc. Harlows Kitchen Concepts Home 101 1504 S Tippecanoe Ave San Bernardino, CA 92408 Business Description: M.L.B. Designs, Inc., doing business as Harlow's Kitchen Concepts and Home 101, provides appliance sales, cabinetry, and countertop solutions in San Bernardino, California. The Company offers in-home consultations, personalized design services, and project coordination from planning through installation. Founded in 1921, it operates as one of Southern California's largest independent appliance dealers. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-15143 Judge: Hon. Scott H. Yun Debtor's Counsel: David B. Zolkin, Esq. WEINTRAUB, ZOLKIN TALERICO & SELTH LLP 11766 Wilshire Blvd Suite 730 Los Angeles, CA 90025 Tel: (310) 207-1494 Email: dzolkin@wztslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Boone as president and CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/THJYRVA/MLB_Designs_Inc__cacbke-25-15143__0001.0.pdf?mcid=tGE4TAMA MAIBACH ENERGY: Locomotive Sale to Rail Engineering for $50K OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania has approved Maibach Energy LLC, dba Lancaster Propane Gas, to sell GE Center Cab Locomotive, free and clear of liens, claims, and encumbrances. The Debtor's Locomotive is a GE Center Cab Locomotive B160/160-4 GE 747, serial 32343 built in 1955. The Court has authorized the Debtor to sell the Locomotive to Rail Engineering Solutions, LLC, P.O. Box 1573, Simpsonville, South Carolina, 29681, or its Nominee for the purchase price of $50,000. The Debtor, as Seller, is authorized to perform the relevant or appropriate conveyances and duties referenced in the Motion. Closing under the Purchase and Sale Agreement shall occur on or within 25 days from the date of this Order, whichever is earlier, but in any event, no later than July 31, 2025. The Debtor is authorized to execute, deliver, exchange, and perform under all documents necessary or appropriate to consummate sale and transfer of the Unit to the Buyer. About Maibach Energy, LLC Maibach Energy, LLC, is the parent company for Lancaster Propane Gas brand. The Lancaster, Pa.-based company offers tank sales and leases, propane delivery, and tank installation and services. Maibach Energy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13122) on September 4, 2024, listing $1,743,971 in assets and $202,498 in liabilities. William Wheaton, member, signed the petition. Judge Patricia M Mayer oversees the case. CGA Law Firm serves as the Debtor's bankruptcy counsel. MALLORY MADISON: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On July 25, 2025, Mallory Madison Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Mallory Madison Holdings LLC Mallory Madison Holdings LLC is a single asset real estate company that owns property at 339 Madison Avenue in Memphis, Tennessee. Mallory Madison Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18499) on July 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. MCA NAPLES: To Sell Naples Property to Sunrise Fund for $7.6MM -------------------------------------------------------------- MCA Naples LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to sell Property, free and clear of liens, claims, and encumbrances. Among the assets of the Debtor is the real property and improvements located at 2626 Goodlette Frank Road N, Naples, FL 34105. The Court confirmed the Debtor’s Second Amended Plan on January 22, 2025. The Plan provided for payment of allowed administrative expense claims and priority tax claims, payment of the Allowed Secured Claim of the Collier County Tax Collector over five years, payment of the Allowed Secured Claim Benworth2 over three years on an agreed upon schedule, and a distribution to unsecured creditors of projected disposable income in the amount of $20,000. The Debtor's tenant was unable to sustain operations and closed its doors in March 2025, precipitating a default under the terms and conditions of the Plan. As a result, on March 20, 2025, the Court granted Benworth relief from the automatic stay to permit it to enforce the Foreclosure Judgment. The Naples Property is now scheduled for judicial sale on September 18, 2025. The Debtor wants to sell the Property to the Naples Property to Sunrise Fund, LP, a Delaware limited partnership, or its assignee for the purchase price of $7,667,513.34. The Purchase Price shall be payable in cash at the Closing as defined in the parties' Commercial Contract, as amended. The proposed sale is the product of extensive good faith and arm's-length negotiations between the Debtor and the Purchaser, each of whom is represented by counsel. The liendholders of the Property are tax lien for payment of 2023, 2024, and 2025, Benworth Capital Partners, LLC, and Clearday Living, f/k/a MCA Naples Operating Company, LLC. The Debtor requests authority to pay the following undisputed liens or claims at the closing of the sale: (a) Real estate commission to Premiere Plus Realty Company in an amount equal to 4% of the Purchase Price, or $306,700.61, will be paid at closing; (b) Outstanding real estate taxes and taxes for the current year will be prorated as of the date of closing, which are estimated at $183,680.00, will be paid at closing. There will be no re-proration of taxes or any other expenses after the date of closing. (c) Any outstanding homeowners', condominium or property owners’ association assessments will be prorated as of the date of closing and paid at closing. (d) Any outstanding municipal charges and assessments and all municipal service charges for water, sewer and waste collection, if any, will be paid at closing. Additionally, the Debtor will at closing credit Purchaser $21,862.00 for water and sewer charges paid by Purchaser during the Due Diligence Period; (e) Any outstanding code enforcement violations or similar liens will be paid at closing; and (f) Customary Seller's closing expenses not to exceed $30,000.00. The Debtor intends to pay the Allowed Secured Claim of Benworth in the estimated amount of $7,179,037.40 in full and final satisfaction of any lien, claim, encumbrance, or interest in the Naples Property. About MCA Naples LLC MCA Naples, LLC is primarily engaged in renting and leasing real estate properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00458) on April 3, 2024, with $1 million to $10 million in both assets and liabilities. B.J. Parrish, chief operating officer, signed the petition. Judge Caryl E. Delano presides over the case. Luis E. Rivera II, Esq., at GrayRobinson, P.A. represents the Debtor as legal counsel. MEDICAL PROPERTIES: BlackRock Holds 13.1% Stake as of June 30 ------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 78,641,015 shares of Medical Properties Trust, Inc.'s Common Stock, representing approximately 13.1% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/32fma48n About Medical Properties Trust Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com * * * In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MMRE MANAGEMENT: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- MMRE Management - Patriot Place LLC has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. The real estate management firm reports estimated assets between $14.7 million and $16.1 million, with liabilities totaling about $25 million. The filing comes just days ahead of a nonjudicial foreclosure sale scheduled for August 1, 2025, by secured lender Capital Funding, LLC -- indicating the move may be aimed at triggering the automatic stay to prevent the sale. According to court documents, the debtor lists between 1 and 49 creditors, with approximately $24.8 million in secured claims and around $159,675 in unsecured debt. Mordechai Mendelovitz is named as the Managing Member and sole owner of the company. MMRE is represented by Kevin Nash of Goldberg Weprin Finkel Goldstein LLP. About MMRE Management - Patriot Place LLC MMRE Management - Patriot Place LLC is a single asset real estate company that manages a property located at 575 Riverside Pkwy in Austell, Georgia, while maintaining its principal place of business in Brooklyn, New York. MMRE Management - Patriot Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43514) on July 25, 2025. In its petition, the Debtor reports estimated assets between $14.7-$16.1 million and liabilities of approximately $25 million. The Debtor is represented by Goldberg Weprin Finkel Goldstein LLP. MODIVCARE INC: BlackRock Holds 2.2% Stake as of June 30 ------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 317,720 shares of ModivCare Inc.'s Common Stock, representing approximately 2.2% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/mcav3b2e About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. At December 31, 2024, ModivCare had 1,654,332,000 in total assets, 1,692,806,000 in total liabilities, and 38,474,000 in total stockholders' deficit. * * * As reported by the Troubled Company Reporter in March 2025, S&P Global Ratings lowered its Company credit rating on ModivCare Inc. to 'CCC+' from 'B'. The outlook is negative. NABORS INDUSTRIES: BlackRock Holds 6.6% Stake as of June 30 ----------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 1,040,834 shares of Nabors Industries Ltd.'s Common Stock, representing approximately 6.6% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/328u9e5w About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NANOVIBRONIX INC: Shareholders OK Reverse Split Up to 1-for-50 -------------------------------------------------------------- NanoVibronix, Inc. held a special meeting of stockholders (as previously adjourned on July 11, 2205). As of the close of business on May 16, 2025, the record date for the Special Meeting, there were 2,282,746 shares of common stock, par value $0.001 per share, outstanding and entitled to vote. Holders of 767,239 shares of the Company's stock entitled to vote at the Special Meeting were represented in person or by proxy constituting a quorum. The following matters were submitted to a vote of the Company's stockholders at the Special Meeting: Proposal 1: The Reverse Stock Split Proposal A proposal to approve an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to effect, at the discretion of the Board of Directors but prior to the one-year anniversary of the date on which the reverse stock split is approved by the stockholders at the Special Meeting, a reverse stock split of all of the outstanding shares of the Company's Common Stock, at a ratio in the range of 1-for-2 to 1-for-50, with such ratio to be determined by the Board in its discretion and included in a public announcement. The results of the voting were as follows: * For: 550,179 * Against: 183,224 * Abstentions: 33,836 * Broker Non-Votes: -- Proposal 2: The Adjournment Proposal A proposal to approve the adjournment of the Special Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of any one or more of the foregoing proposals (the "Adjournment Proposal"). The results of the voting were as follows: * For: 573,509 * Against: 166,066 * Abstentions: 27,664 * Broker Non-Votes: -- Although the Adjournment Proposal received sufficient votes to be approved, no motion to adjourn the Special Meeting was made because the adjournment of the Special Meeting was determined not to be necessary or appropriate. The results reported are final voting results. All proposals were approved by the Company's stockholders at the Special Meeting. No other matters were considered or voted upon at the meeting. About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, NanoVibronix had $4.7 million in total assets, $2.8 million in total liabilities, and $1.9 million in total stockholders' equity. NEW FORTRESS: BlackRock Holds 6.7% of Class A Shares as of June 30 ------------------------------------------------------------------ BlackRock, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 18,495,917 shares of New Fortress Energy Inc.'s Class A Stock, representing approximately 6.7% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/nzpnu27t About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. NEW YORK CONCOURSE: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------- On July 25, 2025, New York Concourse LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About New York Concourse LLC New York Concourse LLC is a single asset real estate company based in Neptune, New Jersey, with its principal place of business at 1401 Highway 35. New York Concourse LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17807) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq. at Collins, Vella & Casello. NORTHVOLT AB: Lyten Raises to Finance to Purchase Co.'s Assets -------------------------------------------------------------- Gabrielle Coppola of Bloomberg News reports that Lyten, a California-based startup developing lithium-sulfur batteries, has secured $200 million in funding from its existing investors to acquire assets from bankrupt manufacturer Northvolt AB. According to Bloomberg News, the capital will support Lyten's purchase of intellectual property related to energy storage technologies, complementing its previously announced acquisition of Northvolt's assembly plant in Poland, which it plans to bring back online. The company noted the funds may also be used for additional acquisitions. According to Keith Norman, Lyten's chief marketing and sustainability officer, the company is accelerating its growth strategy to capitalize on rising demand for stationary energy storage systems and military drones across Europe. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. OAKTREE OCALA: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Oaktree Ocala JV, LLC (Lead Case) 25-22701 3 Linda Drive Suffern, NY 10901 ASAP Highline Ocala, LLC 25-22702 3 Linda Drive Suffern, NY 10901 Business Description: ASAP Highline Ocala, LLC owns and operates Oaktree Village/Greentree Estates, a 46.79-acre mobile home and RV community in Ocala, Florida, featuring 140 double-wide manufactured homes, 221 multifamily units, a pool, clubhouse and other amenities. Oaktree Ocala JV, LLC, a holding company, is the sole member of ASAP. Chapter 11 Petition Date: July 29, 2025 Court: United States Bankruptcy Court Southern District of New York Debtors' Bankruptcy Counsel: Kenneth M. Lewis, Esq. Paul M. Nussbau, Esq. WHITEFORD, TAYLOR & PRESTON L.L.P. 444 Madison Avenue, 4th Floor New York, NY 10022 Tel: (914) 761-8400 E-mail: klewis@whitefordlaw.com pnussbaum@whitefordlaw.com Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Raphael C. Milstein as authorized signatory. Fu-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/VVVW47I/Oaktree_Ocala_JV_LLC__nysbke-25-22701__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2P3NHAQ/ASAP_Highline_Ocala_LLC__nysbke-25-22702__0001.0.pdf?mcid=tGE4TAMA List of ASAP Highline Ocala's 17 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Andrew T. and Jose Miquel Unsecured Trade $50,000 4039 NW Blitchton Rd Payable Lot 65 Ocala, FL 34475-6763 2. Capital Premium Unsecured Trade $33,808 12235 South 800 East Payable Draper, UT 84020 3. Kimley-Horn Unsecured Trade $10,447 2035 Maywill Street Payable Suite 200 Richmond, VA 23230 4. Sakab Designs Unsecured Trade $5,000 2372 McDonald Avenue Payable Brooklyn, NY 11223 5. Florida Department of Revenue Salex Tax Claim $4,283 14107 NW US Hwy 441 Suite 100 Alachua, FL 32615 6. Alexis Belsoeur Employee Wage $2,675 Claim 7. US Water Services Corporation Utility Claim $2,555 US Water Operator 4939 Cross Bayou Blvd. New Port Richey, FL 34652 8. Florida Express Utility Claim $2,469 Waste and Recy 460 NW 52nd Ave Ocala, FL 34482 9. Demetrius Wilkerson Employee Wage $1,462 Claim 10. Rita Ravenscraft Employee Wage $1,200 Claim 11. Holly Rice Employee Wage $1,200 Claim 12. Ronnie Deeb Employee Wage $1,151 Claim 13. Marion County Tax Property Tax $1,074 Collector 14107 NW US Hwy 441 Suite 100 Alachua, FL 32615-6390 14. John Martin Employee Wage $1,072 Claim 15. John Babett Employee Wage $1,023 Claim 16. Marion County Tax Collector Property Tax $986 14107 NW US Hwy 441 Suite 100 Alachua, FL 32615-6390 17. Massey Services, Inc. Unsecured Trade $386 Massey Pest Control Payable P.O. Box 547668 Orlando, FL 32854-7668 OAKTREE OCALA: Files for Chapter 11 Due to Dispute With Lender -------------------------------------------------------------- Ocala, Florida RV park owner ASAP Highline Ocala, LLC and parent Oaktree Ocala JV, LLC, sought Chapter 11 protection after a dispute with its lender, CPIF MRA, LLC, an entity affiliated with Columbia Pacific Advisors. In March 2022, ASAP purchased 46.79 acres of real property located in Ocala, Florida for $15 million. The Property consists of 140 double-wide manufactured homes and 221 residence/multifamily apartment units, as well as a pool, clubhouse and other amenities. The Property also includes 3.8 acres of undeveloped land. ASAP intended to develop and stabilize the Property, renovate the units, RV spaces and amenities over the following two years. CPIF MRA, LLC, agreed to provide financing for both the purchase of the Property, as well as capital improvements, pursuant to a Promissory Note dated Nov. 17, 2022, in the principal amount of $18 million, with interest at 11.5%. ASAP executed a mortgage granting to CPIF a security interest in the Property, and an assignment of leases and rents. Oaktree also pledged its membership interest in ASAP as additional collateral. Saul Horowitz and Mosher Wiedermann also executed a payment of performance guaranty with respect to the loan. The Debtors explain in court filings that ASAP only received $12.31 million of the $18 million loan amount as CPIF failed to future loan advances. As a result, ASAP incurred significant losses, and was unable to refinance the Loan prior to its November 17, 2024, maturity date. Notwithstanding its failure to honor its obligations under the Loan Agreement, on December 17, 2024, CPIF commenced a foreclosure action in the Circuit Court of the Fifth Judicial Circuit in Marion County, Fl (No. 2024-CA-002372 (3-C)). CPIF alleges that as of Nov. 17, 2024, ASAP owes CPIF more than $14.2 million, which amount, it claims, continues to increase. ASAP has filed and answer to the complaint, and counterclaim for damages against CPIF. On May 14, 2025, CPIF unilaterally withdrew $723,000 from ASAP's operating account pursuant to deposit account control agreement. Without waiting for the Foreclosure Action to reach its conclusion, on May 15, 2025, CPIF scheduled an Article 9 UCC Sale of Oaktree's membership interests in ASAP, to take place on July 29, 2025. ASAP filed a motion seeking a temporary restraining order or preliminary injunction of the sale but on July 24, 2024, the court denied ASAP's motion. Based on the foregoing, the Debtors claim that it has become increasingly difficult to either sell or refinance the Property. Moreover, if CPIF could have purchased Oaktree's 100% membership interest in ASAP through a credit bid of its disputed, contingent and unliquidated claim, which is also subject to set-off, CPIF would have effectively short-circuited a judicial resolution of ASAP's defenses and counterclaims in the Foreclosure Action and allowed CPIF to take over the Property. Accordingly, the Debtors have sought Chapter 11 protection to retain control of the Property. In the chapter 11 cases, ASAP expects to obtain a resolution of the disposition of the Property though either a sale or refinancing, including with a return to all creditors, without the interference of a premature sale of Oaktree's membership interest in ASAP, before allowing a court to resolve both CPIF's claims, and ASAP’s defenses and counterclaims. About Oaktree Ocala ASAP Highline Ocala, LLC owns and operates a mobile home/RV park known as Oaktree Village/Greentree Estates, located in Ocala, Florida. Oaktree Ocala JV, LLC, which is a holding company, is the sole member of ASAP. Oaktree Ocala JV and ASAP Highline Ocala filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 25-22701 and 25-22701) on July 29, 2025. The Debtors each listed assets and debt of $10 million to $50 million. WHITEFORD, TAYLOR & PRESTON L.L.P., led by Kenneth M. Lewis, and Paul M. Nussbau, is serving as the Debtor's counsel. OCUGEN INC: BlackRock Holds 1.9% Stake as of June 30 ---------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 5,522,302 shares of Ocugen, Inc.'s Common Stock, representing approximately 1.9% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/57ve4tam About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 5,522,302 shares of Ocugen, Inc.'s Common Stock, representing approximately 1.9% of the shares outstanding. ORYX OILFIELD: Court Confirms Second Amended Reorganization Plan ---------------------------------------------------------------- The Honorable Brenda T. Rhoades of the United States Bankruptcy Court for the Eastern District of Texas entered an order confirming Oryx Oilfield Services, LLC's Second Amended Joint Plan of Reorganization. The Bankruptcy Court makes and issues the following Findings of Fact and Conclusions of Law, and Orders: 1. The Solicited Plan, the Plan Supplement, the Disclosure Statement, the Ballots, the Confirmation Hearing Notice, and the other materials distributed by the Debtors in connection with solicitation of the Solicited Plan, as well as the Solicited Plan and the Plan Supplement, were transmitted and served in compliance with the Bankruptcy Rules, including Bankruptcy Rules 3017 and 3018, with the Local Rules, and with the Voting Procedures approved by the Disclosure Statement Order. 2. Each Holder of a Claim in the Voting Classes received a Ballot. The form of the Ballots adequately addressed the particular needs of the Chapter 11 Cases and was appropriate for the Holders of Claims in each Voting Class. 3. Votes to accept or reject the Plan have been solicited and tabulated fairly, in good faith, and in a manner consistent with the Bankruptcy Code, the Bankruptcy Rules, the Voting Procedures, and the Local Rules. Classes 2, 4, 6 and 9 had no votes. Classes 3, 5, 8, 10 and 11 voted to accept the Plan. Class 7 voted to reject the Plan. 4. The Debtors, as proponents of the Plan, have met their burden of proving the applicable elements of sections 1129(a) and 1129(b) of the Bankruptcy Code by a preponderance of the evidence, which is the applicable evidentiary standard for Confirmation. In addition, and to the extent applicable, the Plan is confirmable under the clear and convincing evidentiary standard. 5. Article IV of the Plan provides for the separate classification of Claims and Interests against the Debtors into fourteen Classes. Valid business, factual, and legal reasons exist for the separate classification of such Classes of Claims and Interests. The classifications reflect no improper purpose and do not unfairly discriminate between, or among, Holders of Claims or Interests. Each Class of Claims or Interests contains only Claims or Interests that are substantially similar to other Claims within that Class. The Plan therefore satisfies sections 1122 and 1123(a)(1) of the Bankruptcy Code. 6. Article IV of the Plan specifies which Claims against the Debtors are Unimpaired under the Plan, thereby satisfying section 1123(a)(2) of the Bankruptcy Code. 7. Article IV of the Plan specifies which Classes of Claims against the Debtors are Impaired under the Plan, and describes the treatment of such Classes, thereby satisfying section 1123(a)(3) of the Bankruptcy Code. 8. Article IV of the Plan provides for the same treatment by the Debtors for each Claim or Interest in each respective Class unless the Holder of a particular Claim or Interest has agreed to a less favorable treatment of such Claim or Interest in accordance with the Plan, thereby satisfying section 1123(a)(4) of the Bankruptcy Code. 9. The Plan, including the various documents and agreements in the Plan Supplement, provides adequate and proper means for implementation of the Plan, including, without limitation: (a) the execution and delivery of appropriate agreements or other documents of merger, amalgamation, consolidation, restructuring, conversion, disposition, transfer, arrangement, continuance, dissolution, sale, purchase, or liquidation containing terms that are consistent with the terms of the Plan and this Confirmation Order that satisfy the requirements of applicable law; (b) the execution and delivery of appropriate instruments of transfer, assignment, assumption, or delegation of any asset, property, right, liability, debt, or obligation on terms consistent with the terms of the Plan; (c) the execution of the Trust Agreement; (d) the filing of appropriate certificates or articles of incorporation, formation, reincorporation, merger, consolidation, conversion, amalgamation, arrangement, continuance, dissolution, or other organizational documents pursuant to applicable state law; (d) the issuance of the New Equity Interests as set forth in the Plan; and (g) all other actions that the Debtors, KCM or the Reorganized Debtor, as applicable, determine to be necessary or advisable, including making filings or recordings that may be required by law in connection with the Plan, thereby satisfying section 1123(a)(5) of the Bankruptcy Code. 10. This Confirmation Order, pursuant to sections 363 and 1123 of the Bankruptcy Code, authorizes, among other things, all actions as may be necessary or appropriate to effect any transaction described in, approved by, contemplated by, or necessary to effectuate the Plan. 11. The Plan is consistent with section 1123(b)(1) of the Bankruptcy Code. Specifically, Article IV of the Plan impairs or leaves Unimpaired each Class of Claims and Interests. 12. The Plan is consistent with section 1123(b)(2) of the Bankruptcy Code. Article VIII of the Plan provides for the assumption or rejection of certain of the Debtors' Executory Contracts and Unexpired Leases on the Effective Date, in accordance with the provisions of sections 365 and 1123 of the Bankruptcy Code. 13. The Plan is consistent with section 1123(b)(3) of the Bankruptcy Code. In accordance with section 363 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration of the distributions, settlements, and other benefits provided under the Plan, except as stated otherwise in the Plan, the provisions of the Plan constitute a good-faith compromise of all Claims, Interests, and controversies relating to the contractual, subordination, and other legal rights that a Holder of a Claim or Interest may have with respect to any Allowed Claim or Interest, or any distribution to be made on account of such Allowed Claim or Interest. The compromise and settlement of such Claims and Interests embodied in the Plan are in the best interests of the Debtors, the Estates, and all Holders of Claims and Interests, and are fair, equitable, and reasonable. 14. The Debtors have complied with the applicable provisions of the Bankruptcy Code and, thus, satisfied the requirements of section 1129(a)(2) of the Bankruptcy Code. 15. The Debtors have negotiated, developed, and proposed the Plan (including the Plan Supplement, and all other documents and agreements necessary to effectuate the Plan) in good faith and not by any means forbidden by law, thereby satisfying section 1129(a)(3) of the Bankruptcy Code. In so determining, the Bankruptcy Court has considered the facts and record of the Chapter 11 Cases, the Disclosure Statement, and evidence proffered, admitted, or adduced at the Confirmation Hearing, and examined the totality of the circumstances surrounding the filing of the Chapter 11 Cases, the Plan, and the process leading to Confirmation. The Debtors' Chapter 11 Cases were filed, and the Plan was proposed, with the legitimate purpose of allowing the Debtors to liquidate their assets including the sale of their businesses. The Plan (including all documents necessary to effectuate the Plan) and the Plan Supplement were negotiated in good faith and at arm's length among the Debtors and their key stakeholders. Additionally, the compromises and settlements embodied in the Plan (including all documents necessary to effectuate the Plan), this Order and the Plan Supplement reflects the best possible compromise and settlement that could be reached given the facts and circumstances surrounding the Debtors and these Chapter 11 Cases. Further, the Plan's classification, indemnification, exculpation, and injunction provisions have been negotiated in good faith and at arm's length, are consistent with the Bankruptcy Code, and are each integral to the Plan, and necessary for the implementation of the Plan. 16. The Plan satisfies section 1129(a)(7) of the Bankruptcy Code. The liquidation analysis attached to the Disclosure Statement as Exhibit F and the other evidence related thereto in support of the Plan that was proffered, admitted, or adduced at or prior to the Confirmation Hearing: (a) are reasonable, persuasive, credible, and accurate as of the dates such analyses or evidence was prepared, presented, or proffered; (b) utilize reasonable and appropriate methodologies and assumptions; (c) have not been controverted by other evidence; and (d) establish that each Holder of an Impaired Claim or Interest against a Debtor either has accepted the Plan or will receive or retain under the Plan, on account of such Claim or Interest, property of a value, as of the Effective Date, that is not less than the amount that such Holder would receive or retain if such Debtors were liquidated under chapter 7 of the Bankruptcy Code as of the Effective Date. 17. The Plan is approved in its entirety and confirmed under section 1129 of the Bankruptcy Code. A copy of the Court's Findings of Fact, Conclusions of Law, and Order Confirming Second Amended Joint Plan of Reorganization dated July 24, 2025, is available at http://urlcurt.com/u?l=kxAFFufrom PacerMonitor.com. About Oryx Oilfield Services Oryx Oilfield Services, LLC, is an oil and gas construction company working in shale plays throughout Texas. It fabricates pressure vessels, inter-connecting piping for modular builds, launchers and receivers, spools, supports, industrial grade platforms and ladders. Oryx and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Lead Case No. 24-41618) on July 12, 2024, with total assets of $1 million to $10 million and total liabilities of $50 million to $100 million. Judge Brenda T. Rhoades oversees the cases. The Debtors tapped the Law Offices of Frank J. Wright, PLLC, as bankruptcy counsel and Grady Bell LLP as special counsel. PEARL RESOURCES: May Appeal $40M Judgment Against Texas to 5th Cir ------------------------------------------------------------------ Chief Judge Eduardo V. Rodriguez of the United States Bankruptcy Court for the Southern District of Texas granted the motion of Pearl Resources, LLC and Pearl Resources Operating Co., LLC for certification of a direct appeal to the Fifth Circuit Court of Appeals under 28 U.S.C. Sec. 158(d) in the adversary proceeding captioned as DAWN BUCKINGHAM, MD, Plaintiff, VS. PEARL RESOURCES LLC and PEARL RESOURCES OPERATING CO. LLC, Defendant, ADVERSARY NO. 20-3169 (Bankr. S.D. Tex.). On May 28, 2020, George P. Bush, Commissioner of the Texas General Land Office, by and through the Office of the Texas Attorney General, filed the Complaint for Declaratory Judgment against Pearl. On Feb. 28, 2025, the Court issued its Memorandum Opinion and Judgment. The Court initially found that Pearl's recovery of $40,577,031 in damages was barred by sovereign immunity as to liability. On March 14, 2025, Pearl filed its Pearl Resources, LLC and Pearl Resources Operating Co.'s Motion to Alter or Amend Judgment. On June 27, 2025, this Court issues its Memorandum Opinion and Amended Judgment, granting in part Pearl's Motion for Reconsideration, and rendered an Amended Judgment in favor of Pearl, permitting recovery by Pearl from the GLO in the amount of $40,178,678.40, finding that the GLO had waived sovereign immunity as to both suit and liability. On July 18, 2025, Pearl filed its First-Amended Motion for Certification of Direct Appeal to Court of Appeals. The Amended Judgment yields Pearl a recovery in the amount of $40,178,678.40 plus prejudgment and post-judgment interest in the amount of 4.09% until paid in full, which can only be recovered by Pearl through approval by the Texas Legislature. Pearl seeks timely relief to attempt to collect its judgment through legislative approval beginning with the 90th Regular Texas Legislative session in 2027. Under Rule 8006, a party may request certification of their appeal direct to the court of appeals that the bankruptcy court may grant so long as the movant meets three qualifications: (1) the certification has been filed; (2) a timely appeal has been taken under Rule 8003 or 8004; and (3) the notice of appeal has become effective under Rule 8002 The Notice of Appeal and Notice of Cross Appeal in the instant case were both filed on July 10, 2025, 14 days after this Court issued its Amended Judgment. The Motion was filed within 30 days, on July 18, 2025. Procedurally, the Court finds that the Motion was timely filed by Pearl. Further, the Court finds that the notice of appeal and notice of cross-appeal were timely filed by the GLO and Pearl respectively. The instant appeal largely focuses on the application of sovereign immunity as to both suit and liability, as applied to the GLO in the instant case. This Court's June 27, 2025 Memorandum Opinion and Amended Judgment awards Pearl $40,178,678.40 from the GLO with prejudgment and post-judgment interest in the amount of 4.09% until paid in full. Pearl asserts that the size and nature of the judgment demonstrate the type of "matter of public importance" contemplated by Sec. 158(d)(2)(A)(i). The ramification of the growing judgment is the potential burden imposed on Texas taxpayers, as the GLO does not have an independent revenue stream to pay the significant judgment, a recovery of $40,178,678.40 million plus prejudgment and post-judgment interest in the amount of 4.09% until paid in full. The increasing potential costs to the public, which hold a vested interest in how funds are raised, allocated, and spent, can be mitigated through direct appeal. Pearl requests direct certification because an immediate appeal will materially advance the progress of this case. Pearl further contends without direct certification, it would need to exhaust two levels of appeals to attempt to seek collection from the Texas legislature, delaying Pearl's recovery until January 2029 at the earliest. Such a delay would result in a potential significant cost to the public based on the size of the judgment. The Court finds that the Motion demonstrates two of the criteria for certification under Sec. 158(d)(2)(A), because the Amended Judgment involves matters of public importance pursuant to 28 U.S.C. Sec. 158(d)(2)(A)(i), and an immediate appeal would materially advance the progress of this case pursuant to 28 U.S.C. Sec. 158(d)(2)(A)(iii). Accordingly, the Court certifies its Judgment and Amended Judgment to the Court of Appeals for the Fifth Circuit under 28 U.S.C. Sec. 158(d)(2)(A) A copy of the Court's Memorandum Opinion dated July 22, 2025, is available at https://urlcurt.com/u?l=s1FOuK from PacerMonitor.com. About Pearl Resources Pearl Resources, LLC is a privately held company in the oil and gas extraction industry. Pearl Resources and Pearl Resources Operating Co., LLC filed their voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-31585) on March 3, 2020. The petitions were signed by Myra Dria, manager and sole member of Pearl Resources Operating and manager of Pearl Resources. At the time of the filing, each Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtors tapped Walter J. Cicack, Esq., at Hawash Cicack & Gaston, LLP, as legal counsel and David G. Gullickson as accountant. PEGGY NESTOR: Appeal in Berger Case Dismissed with Prejudice ------------------------------------------------------------ Judge Jennifer H. Rearden of the United States District Court for the Southern District of New York adopted the recommendation of Magistrate Judge Sarah L. Cave that the appeal styled as Marianne Nestor, Appellant, -v.- Neil Berger, Appellee, Case No. 24-cv-09250-JHR-SLC (S.D.N.Y.) be dismissed for failure to comply with the Federal Rules of Bankruptcy Procedure and Federal Rule of Civil Procedure 41(b). This action is dismissed with prejudice. Appellant Marianne Nestor, acting pro se, seeks a review of an order of the United States Bankruptcy Court for the Southern District of New York. Peggy Nestor, Appellant's sister, filed for Chapter 11 bankruptcy in the Bankruptcy Court on April 25, 2023. Appellant seemingly became involved in the Bankruptcy Proceedings through her co-ownership of a property with her sister. At issue in this appeal is an Oct. 25, 2024 decision by the Honorable Michael E. Wiles to hold in contempt, and to impose civil sanctions, on Appellant. On Feb. 3, 2025, Judge Cave issued an order directing Appellant to show cause why this appeal should not be dismissed for non-compliance with the Federal Rules of Bankruptcy Procedure. The show cause order gave Appellant until Feb. 18, 2025 to respond. Appellant did not do so, nor did she request an extension, the Court recounts. On April 10, 2025, Judge Cave issued a Report and Recommendation recommending that this appeal be dismissed for failure to comply with the Federal Rules of Bankruptcy Procedure and Federal Rule of Civil Procedure 41(b). The parties did not file any objections to the Report and Recommendation. Thus, the parties waived the right to judicial review. The Court finds no clear error in the Report and Recommendation and adopts Judge Cave's recommendation. A copy of the Court's Order dated July 24, 2025, is available at https://urlcurt.com/u?l=dzyrYI from PacerMonitor.com. Peggy Nestor filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10627) on April 25, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Anne Penachio, Esq., at Penachio Malara, LLP. POWER REIT: Annual Shareholder Meeting Scheduled for Aug. 27 ------------------------------------------------------------ Power REIT disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that its Board of Trustees has set August 27, 2025 as the date of the 2025 annual meeting of shareholders, and the close of business on July 28, 2025, as the record date for determining shareholders entitled to receive notice of, and to vote at, the 2025 annual meeting of shareholders. In addition to this announcement, Power REIT will separately send notice and proxy materials to shareholders of record. About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. PREDICTIVE ONCOLOGY: Granted Nasdaq Extension to Meet Listing Rules ------------------------------------------------------------------- Predictive Oncology Inc. secured an extension from a Nasdaq Hearings Panel to maintain its listing on the Nasdaq Capital Market through Dec. 8, 2025, according to a July 23 notice. The Company must meet all continued listing standards, including stockholders' equity and minimum bid price. The Company said it is pursuing actions to regain compliance but warned there's no assurance it will succeed, risking potential delisting. On June 9, 2025, Predictive Oncology received a delisting notice from Nasdaq after failing to regain compliance with the minimum $2.5 million stockholders' equity requirement under Listing Rule 5550(b)(1). Nasdaq staff determined that the Company's securities would be delisted from the Nasdaq Capital Market. On June 11, 2025, the Company submitted a request for a hearing before the Nasdaq Hearings Panel, which stayed the suspension of the Company's securities and the filing of a Form 25-NSE at least pending issuance of the Panel's decision following the hearing. A hearing before the Panel was held on July 17, 2025. The Company also received a notice on July 8, 2025, from Nasdaq stating that its common stock had closed below $1.00 for 30 consecutive trading days, putting the Company out of compliance with the minimum bid price requirement under Listing Rule 5550(a)(2). About Predictive Oncology Predictive Oncology Inc. uses artificial intelligence and a proprietary biobank of over 150,000 tumor samples to support oncology drug discovery and development. The Company provides insights into drug compound efficacy and develops tumor-specific 3D cell culture models to enhance pre-clinical research. Its solutions span from early-stage discovery to clinical trials, aiming to improve treatment outcomes in cancer therapy. In an audit report dated March 31, 2025, KPMG LLP issued a "going concern" qualification citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. The Company incurred a net loss of $12.66 million for the year ended Dec. 31, 2024, compared to a net loss of $13.98 million for the year ended Dec. 31, 2023. As of March 31, 2025, the Company had $5.87 million in total assets, $6.01 million in total liabilities, and a total stockholders' deficit of $145,796. The Company has incurred significant and recurring losses from operations for the past several years and, as of March 31, 2025, had an accumulated deficit of $182,869,144. The Company had cash and cash equivalents of $3,087,588 as of March 31, 2025, and needs to raise significant additional capital to meet its operating needs. The Company had short-term obligations of $4,609,043 and long-term operating lease obligations of $1,405,004 as of March 31, 2025. The Company does not expect to generate sufficient operating revenue to sustain its operations in the near term. During the three months ended March 31, 2025, the Company incurred negative cash flows from continuing operating activities of $985,840. The Company stated it has sought to boost cash flows from operations through revenue growth and business development efforts but may not achieve sufficient improvement or near-term profitability. These factors raise substantial doubt about its ability to continue as a going concern within one year of issuing the financial statements. PREDICTIVE ONCOLOGY: Recasts 10-K Following Eagan Biz Sale ---------------------------------------------------------- As previously disclosed in a Current Form on Form 8-K filed by Predictive Oncology Inc. on March 20, 2025, Predictive Oncology entered into an asset purchase agreement on March 14, 2025 and closed the transactions contemplated therein with DeRoyal Industries, Inc. to sell and assign to DeRoyal assets and liabilities exclusively related to the business of providing products for automated, direct-to-drain medical fluid disposal, including the Company's STREAMWAY(R) product line (the "Eagan Business"). These assets were operated by the Company's wholly owned subsidiary, Skyline Medical Inc. and were reported in the Company's Eagan reportable operating segment in its quarterly and annual filings prior to the date of the Agreement. The Company filed a Current Report on Form 8-K dated July 18, 2025, solely to retrospectively revise and recast its historical consolidated financial statements and certain other information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 previously filed with the Securities and Exchange Commission on March 31, 2025 to reflect the Eagan Business as discontinued operations. Beginning in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, it presented the Eagan Business as discontinued operations in its interim condensed consolidated financial statements for all periods presented as a result of meeting the criteria for reporting as discontinued operations during the quarter ended March 31, 2025. Accordingly, Exhibit 99.1 of the Form 8-K, available at -- https://tinyurl.com/4v4s2cbs -- updates the following items in Predictive Oncology's 2024 Form 10-K to retrospectively reflect the changes resulting from the discontinued operations discussed for the years ended December 31, 2024 and 2023: * Part I, Item 1. Business * Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations; and * Part II, Item 8. Financial Statements and Supplementary Data. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Predictive Oncology had $4.97 million in total assets, $5.18 million in total liabilities, and a total stockholders' deficit of $202,610. PREDICTIVE ONCOLOGY: Registers 1.92M Shares for Resale via SEPA --------------------------------------------------------------- Predictive Oncology Inc. filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to file a preliminary prospectus relating to the resale from time to time by YA II PN, LTD., a Cayman Islands exempt limited company of up to 1,921,706 shares of the Company's Common Stock, par value $0.01 per share. The shares of Common Stock to which this prospectus relates consists of shares that Predictive Oncology have issued or that it may, in its discretion, elect to issue and sell to the Selling Stockholder from time to time after the date of this prospectus pursuant to a standby equity purchase agreement it entered into with the Selling Stockholder on July 1, 2025 (the "SEPA"). Such shares include: (i) 120,482 shares of Common Stock Predictive Oncology issued to Yorkville as consideration for its commitment to purchase shares of its Common Stock pursuant to the SEPA and (ii) up to 1,801,224 shares of Common Stock that may be issued to Yorkville pursuant to the SEPA. Predictive Oncology is not selling any securities under the prospectus and will not receive any proceeds from the sale of Common Stock by the Selling Stockholder. However, it may receive up to $10,000,000 aggregate gross proceeds from sales of Common Stock the Compaby may elect to make to Yorkville pursuant to the SEPA. The Company will bear all of the registration expenses incurred in connection with the registration of these shares of Common Stock. The Selling Stockholder will pay discounts, commissions, fees of underwriters, selling brokers or dealer managers and similar expenses, if any, incurred for the sale of these shares of Common Stock. The Selling Stockholder may sell or otherwise dispose of the shares of Common Stock described in this prospectus in a number of different ways and at varying prices. The Selling Stockholder is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, and any profits on the sales of shares of Common Stock and any discounts, commissions, or concessions received by the Selling Stockholder are deemed to be underwriting discounts and commissions under the Securities Act. If any underwriters, dealers, or agents are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission, or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in any applicable prospectus supplement. The Company's Common Stock is listed on The Nasdaq Capital Market under the symbol "POAI". On July 17, 2025, the last reported sale price of Common Stock on The Nasdaq Capital Market was $0.78 per share. A full-text copy of the Registration Statement is available at https://tinyurl.com/2bdd7zzr About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Predictive Oncology had $4.97 million in total assets, $5.18 million in total liabilities, and a total stockholders' deficit of $202,610. PROSPECT MEDICAL: Seeks Additional $55MM to Fund Bankruptcy ----------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Prospect Medical Holdings Inc. is requesting an additional $55 million in bankruptcy funding to complete the sale of its hospital assets and carry out an orderly Chapter 11 winddown, the company announced. This marks the third time the Los Angeles-based company has sought extra financing during its bankruptcy. Prospect has asked the U.S. Bankruptcy Court for the Northern District of Texas to approve an amended loan agreement with JMB Capital Partners, which would provide funding through the end of October 2025 and support the confirmation of a Chapter 11 plan, according to Bloomberg Law. The company acknowledged the process has taken longer than originally anticipated when it filed for bankruptcy in January 2025, the report states. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PROSPECT MEDICAL: Yale New Haven's Lawsuit Remanded to State Court ------------------------------------------------------------------ Judge Michael P. Shea of the United States District Court for the District of Connecticut granted the motion of Yale New Haven Health Services ("YNHH") to remand the case captioned as YALE NEW HAVEN HEALTH SERVICES CORPORATION, Plaintiff, v. PROSPECT MEDICAL HOLDINGS, INC., PROSPECT CT, INC., PROSPECT ECHN, INC. D/B/A EASTERN CONNECTICUT HEALTH NETWORK, PROSPECT ROCKVILLE HOSPITAL, INC. D/B/A THE ROCKVILLE GENERAL HOSPITAL, PROSPECT MANCHESTER HOSPITAL, INC. D/B/A THE MANCHESTER MEMORIAL HOSPITAL, PROSPECT WATERBURY, INC. D/B/A THE WATERBURY HOSPITAL, PROSPECT CT MEDICAL FOUNDATION, INC. D/B/A EASTERN CT MEDICAL PROFESSIONALS AND ALLIANCE MEDICAL GROUP, PROSPECT ECHN HOME HEALTH, INC. D/B/A VISITING NURSE AND HEALTH SERVICES OF CONNECTICUT, CARDIOLOGY ASSOCIATES OF GREATER WATERBURY, LLC, PROSPECT CT MANAGEMENT SERVICES, INC. D/B/A MEDICAL PRACTICE PARTNERS, HEALTHCARE STAFFING ON DEMAND, LLC, PROSPECT WATERBURY AMBULATORY SURGERY, LLC, AND PROSPECT WATERBURY HOME HEALTH, INC. D/B/A VNA HEALTH AT HOME, Defendant, Case No. 3:25-cv-00105-MPS (D. Conn.) to the Connecticut Superior Court. Prospect's motion to transfer this case to the U.S. Bankruptcy Court for the Northern District of Texas is denied. On May 1, 2024, YNHH filed suit in the Connecticut Superior Court alleging three counts of breach of contract against Prospect. The suit arose in the context of YNHH's prospective purchase of three hospitals and affiliated facilities from Prospect for $435 million. The terms of the contemplated transaction were set forth in an asset purchase agreement. YNHH alleges that Prospect violated covenants set forth in the APA and seeks a declaratory judgment that it is not required to close the transaction. In response, Prospect asserted counterclaims against YNHH alleging that YNHH violated both the APA and the Connecticut Unfair Trade Practices Act, CONN. GEN. STAT. Secs. 42-110 et seq., and sought either an order requiring YNHH to close on the transaction or damages. On Dec. 23, 2024, YNHH filed a motion for summary judgment. On Jan. 11, 2025, Prospect filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. Following the commencement of Prospect's bankruptcy case, the state law action was automatically stayed. On Jan. 22, 2025, the case was removed to this Court and on Jan. 27, 2025, Prospect moved to transfer the case to the bankruptcy court in the Northern District of Texas. The next day, YNHH moved to remand the case back to Connecticut Superior Court. In seeking remand to state court, YNHH primarily relies upon 28 U.S.C. Sec. 1334(c)(2). In seeking transfer to the bankruptcy court in Texas, Prospect asks the Court to apply either 28 U.S.C. Sec. 1412 or 28 U.S.C. Sec. 1404(a). The parties dispute whether this case "arises under" Title 11 or "arises in a case under" Title 11. Second, they dispute whether this case can be "timely adjudicated" in Connecticut state court. Judge Shea agrees with YNHH on both points. It's clear that this case does not arise under Title 11. The parties' claims (and counterclaims) all arise under the common law and Connecticut statutes. The claims in this case did have an existence outside the bankruptcy, as the suit was initiated on May 1, 2024, and Prospect did not file for Bankruptcy until Jan. 11, 2025. Because this case does not "arise in or under" Title 11, it is not a core proceeding, the Court finds. Prospect notes the case is currently stayed under 11 U.S.C. Sec. 362. If the mere filing of a bankruptcy, and the accompanying automatic stay, meant that the state forum could not "timely adjudicate" the case, then Section 1334(c)(2) would be rendered a nullity. The Court concludes the stay, therefore, does not impact whether this case can be timely adjudicated. According to Judge Shea, "I find it significant that, before it was removed, this case was in the end-stages of discovery before a judge with the requisite subject matter expertise to adjudicate questions of Connecticut state law. Accordingly, I find that the Connecticut Superior Court is comparatively better suited to address this case. Assuming the state law claims here require quick resolution, remanding to state court would not 'prolong the administration of the estate.' Remanding would expedite it." He holds, "Because I have found that the elements of Section 1334(c)(2) are satisfied, I must abstain from exercising jurisdiction over this case. I therefore do not address whether discretionary transfer of this case under either 28 U.S.C. Sec. 1412 or Sec. 1404(a) would serve the ends of justice or convenience. Nonetheless, because these statutes both contemplate transfer from a federal district court, rather than transfer from a state court, transfer will no longer be possible once the case is remanded. Accordingly, YNHH's motion to remand is granted and Prospect's motion to transfer is denied." A copy of the Court's Ruling dated July 22, 2025, is available at https://urlcurt.com/u?l=AlJvUO About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. QSH/SANDERS GLEN: S&P Raises 2018A-B Revenue Bond Rating to 'BB-' ----------------------------------------------------------------- S&P Global Ratings raised its long-term ratings on New Hope Cultural Education Facilities Finance Corp., Texas' series 2018A (tax-exempt) and 2018B (taxable) health facilities revenue class I bonds, issued for QSH/Sanders Glen LLC's Sanders Glen Project, to 'BB-' from 'B-'. The outlook is stable. S&P has analyzed environmental, social, and governance factors relative to DSC and liquidity, management and governance, and market position, and consider them to be as neutral in its credit analysis. S&P said, "The stable outlook reflects our opinion of the project's improved financial performance to DSC levels exceeding 1x, and a three-year average DSC calculated at above 1x. In addition, unaudited interim 2025 financial information indicates that DSC will remain above 1x for the fiscal period, supporting our view that performance will be in line with the current rating during the one-year outlook period." The upgrade reflects rapid improvement in the project's S&P Global Ratings-calculated debt service coverage (DSC) ratio, due to increases in net operating income that outpaced expenses in fiscal years 2022 to 2024, as a result of growing occupancy and expense management, as well as a state legislative change allowing for higher costs recapture associated with Medicaid. Based on year-to-date financial information for fiscal 2025, S&P expects DSC will remain above 1.0x. If the project were to experience losses in revenue due to a drop in occupancy, or if the project were to experience an increase in expenses that outpaced growth in revenue, to such a degree that coverage drops below 1x, S&P could lower the rating. Should DSC strengthen or consistently remain at levels higher than 1.25x such that the three-year average calculates above 1.25x, along with improved management policies, S&P could raise the rating. RAND PARENT: S&P Affirms 'BB-' Rating on Fungible Term Loan Add-On ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' issue-level rating on Rand Parent LLC's senior secured debt (revolving credit facility, term loan B, and senior secured notes). The '3' (rounded estimate: 50%) recovery rating is unchanged, reflecting its expectation for meaningful recovery. This follows an announcement that Rand Parent LLC, the parent of Atlas Air Worldwide Holdings Inc., intends to issue a $300 million fungible term loan add-on to fund a $300 million dividend, with no other changes to terms. S&P said, "Our 'BB-' issuer credit rating on Atlas and stable outlook are unchanged, reflecting our expectation for steady credit metrics over the forecast period. The use of proceeds from this transaction does not change our view of the company's financial policy as the increase in leverage will be relatively immaterial, with recent improvement in metrics supported by robust operating performance. We forecast funds from operations (FFO) to debt to be about 15% in 2025 before improving to about 19% in 2026, in line with our prior expectations and commensurate with the rating." Despite ongoing volatility in global trade conditions related to tariff uncertainty, Atlas has maintained stable performance, underpinned by its long-term committed contracts, flexibility through global route access, and a sizable, diverse fleet of widebody freighters. Revenues grew 11% in the first quarter ended March 31, 2025, as an 18% yield increase with full-quarter contribution from aircraft added throughout 2024 offset a 6% decline in block hours (primarily from the company's strategic exit of CMI contracts). Last-12-months S&P Global Ratings-adjusted EBITDA margins improved about 130 basis points (bps) from 2024 to 21%, with S&P Global Ratings-adjusted FFO to debt reaching 14% (up from 12% in 2024). S&P expects demand tailwinds to continue through the year with 2025 revenue growth of about 2%, which reflects reduced CMI flying and lower fuel pass-through offset by robust yield improvement. Incremental benefit from new aircraft added in 2024 and the roll-off of one-time fleet investment and CMI contract transition costs in the second half of this year should further improve profitability with S&P Global Ratings-adjusted EBITDA margins of about 23% for the full year. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P affirmed its 'BB-' rating on the first-lien debt facilities ($1.280 billion proposed upsized senior secured term loan, the $850 million senior secured notes, and the $350 million revolving credit facility). The '3' (50%-70%, rounded estimate: 50%) recovery rating reflects meaningful recovery in the event of a payment default. These instruments are secured on a pari-passu basis by 51 aircraft, in addition to spare engines and parts inventory. -- S&P's simulated default in 2029 contemplates a prolonged economic downturn that leads to the loss of customers and a decline in the company's revenue, impacting margins and cash flow. -- Other default assumptions include an 85% draw on its revolver at default and a 50% draw on its accounts receivable (AR) securitization facility (not rated), which S&P includes as a priority claim at default. Simulated default assumptions -- Year of default: 2029 S&P said, "We use a discrete asset valuation approach to estimate Atlas' enterprise value at emergence. Specifically, we depreciate the current appraised values of all owned aircraft in the fleet to the default year, and then apply distressed realization rates, depending on the desirability of the aircraft." Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.8 billion -- Valuation split (obligor/nonobligor [non-recourse, bilateral aircraft facilities]): 47%/53% -- Priority claims (AR securitization facility): $75 million -- Value available to the first-lien secured claims: $1.2 billion -- Total first-lien claims: $2.5 billion --Recovery expectations: 30%-50% (rounded estimate: 50%) Note: S&P doesn't account for any residual value or benefits from the equity pledge of aircraft beyond the collateral because it expects the value of these aircraft would be fully consumed by their respective aircraft financing facilities. Debt amounts include six months of accrued interest that S&P assumes will be owed at default. RED RIVER:J&J Bid to Inspect Beasley Talc Litigation Funding Tossed ------------------------------------------------------------------- Jake Maher of Law360 reports that on Monday, July 28, 2025, a special master determined there is no indication that third-party funders are influencing the Beasley Allen Law Firm's decisions in the sprawling talc litigation in New Jersey, thereby rejecting Johnson & Johnson's subpoena aimed at uncovering details about alleged third-party litigation funding. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that 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 first 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. In the 2021 case, LTL Management 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, served as the claims agent. 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. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. ROCK N CONCEPTS: Plan Exclusivity Period Extended to September 16 ----------------------------------------------------------------- Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas extended Rock N Concepts, LLC and Lava Cantina The Colony, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 17, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they are paying their bills as they come due. The Debtors are negotiating a potential sale of the majority of their assets. The parties to the potential sale have drafted a term sheet and are working towards a final sale contract. Assuming a sale comes together, the Debtors would then be in a position to file a plan of reorganization. The Debtors claim that they are also negotiating with their creditors with respect to the potential sale of the Debtors' assets. Specifically, the sale transaction being contemplated would include a sale of the real estate by the Debtors' landlord to the potential buyer of the Debtors' other assets. The Debtors assert that they are not seeking this extension to pressure creditors in any way. Rather the extension of exclusivity periods beyond the initial 120-day period allows the Debtors and stakeholders have all the information needed to evaluate the Debtors' Plan, including a potential sale. An objective analysis of the relevant factors demonstrates that the Debtors are doing everything that they should be doing as a chapter 11 debtors to facilitate a successful conclusion to this chapter 11 case. Thus, the Debtors respectfully submit that sufficient cause exists to extend the exclusivity periods as requested. Counsel to the Debtors: Sarah M. Cox, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850, Dallas, TX 75251 Tel: (214) 310-1321 About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Tex. Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, PC The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com S&W SEED: Mountain Ridge to Sell Collateral After $19M Loan Default ------------------------------------------------------------------- As previously disclosed, on June 17, 2025, S&W Seed Company received a Notice of Event of Default and Reservation of Rights from ABL OPCO LLC under the Credit and Security Agreement, dated December 19, 2024, by and among the Company, ABL OPCO LLC ("Mountain Ridge"), as administrative agent, and the lenders party thereto (as amended to date, the "Mountain Ridge Credit Agreement"). The Default Notice indicated that an event of default had occurred and is continuing under the Mountain Ridge Credit Agreement due to a violation of Section 2.5(h)(1) of the Mountain Ridge Credit Agreement resulting from the Company's failure to immediately prepay the Obligations in an aggregate amount equal to the amount by which the Revolving Exposure exceeded the Borrowing Base (as reflected in the Borrowing Base Certificate most recently delivered by the Borrowers). The Obligations are secured by a first priority security interest in the Collateral, which represents substantially all of the Company's assets (subject to certain exceptions). On July 11, 2025, the Company received a Notice of Private Disposition of Collateral under Uniform Commercial Code (the "UCC Sale Notice") from Mountain Ridge, notifying the Company that Mountain Ridge intends to offer to sell all of the Collateral (which excludes the Excluded Assets (as defined in the UCC Sale Notice)) in one or more private sales conducted in accordance with Article 9 of the Uniform Commercial Code on terms acceptable to Mountain Ridge. The UCC Sale Notice states that the aggregate principal amount of the Revolving Loans owed by the Company and the other obligors under the Mountain Ridge Credit Agreement and the related loan documents is approximately $19.0 million (exclusive of accrued and accruing interest, fees, costs, expenses, late charges, and other Obligations payable by such obligors). The Company does not have sufficient funds to repay the Obligations. A copy of the UCC Sale Notice is available at https://tinyurl.com/3nx2pfay About S&W Seed Company Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in proprietary alfalfa seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com. Denver, Colorado-based Grant Thornton LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Nov. 1, 2024. The report cited that the Company has incurred a net loss of $30.1 million and cash used in operating activities was $5.6 million for the year ended June 30, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $5.9 million and had an accumulated deficit of $122.1 million. In addition, the Company's subsidiary, S&W Australia, entered into voluntary administration on July 24, 2024, and is no longer under the Company's control. S&W Australia's entry into voluntary administration also resulted in an event of default under the Company's Amended CIBC Loan Agreement. On Aug. 5, 2024, the Company received a waiver for the event of default from CIBC, which contained conditions that are not within the Company's control. Effective Sept. 16, 2024, the Company was not in compliance with the amended terms per the Third Amendment of the Company's Amended CIBC Loan Agreement, which constitutes an additional event of default, and through the date of this report has not been able to regain compliance. These conditions and uncertainties as to whether the Company can mitigate the impact of the voluntary administration, along other matters, raise substantial doubt about the Company's ability to continue as a going concern. SADIE ROSE: Oceanside Bakery, Equipment in Chapter 11 Sale ---------------------------------------------------------- Hilco Real Estate Sales, in cooperation with Onyx Asset Advisors, announced on July 24, 2025, the bankruptcy sale of a 28,900+/- SF, San Diego based food processing center and its equipment. Located in the Vista Pacific Business Park at 2614-16 Temple Heights Drive, Oceanside, California, this one-story building was constructed in 1988 and sits on 1.28+/- AC. Remodeled in 2009, the site features seven loading docks, ceiling heights of 19', 43 dedicated parking stalls and a 3,200+/- SF mezzanine office. Another key component of note is the building's heavy-grade power at 1,200 amps, which meets the demands of the operation of commercial ovens, mixers, coolers and other necessary equipment for food manufacturing. Currently, the facility is occupied by a bakehouse specializing in bread, rolls, sandwich buns and flatbreads. While well-equipped to continue bakery operations, this facility also meets the needs of other types of food processing, packaging, warehousing and distribution. Positioned near the Vista--Oceanside border, the property offers convenient access to State Routes 76 and 78, which connect directly to Interstates 5 and 15--two major north-south corridors that link the Pacific Coast with the Intermountain West. This strategic connectivity enables efficient regional distribution across Southern California and beyond. Adding to its appeal, the property is surrounded by a variety of retail centers, dining establishments and essential services, creating a convenient environment for both employees and business operations. The strength of the local labor pool further enhances the location's value; in 2023, Oceanside reported a workforce of approximately 84,800 people, with 12.4% employed in manufacturing and 8.9% in accommodation and food services. This alignment with industrial and food-related sectors makes the property particularly attractive for companies seeking to expand production or distribution capabilities. With its prime location and access to both transportation infrastructure and skilled labor, the site is ideally suited for operations serving the San Diego and Orange County markets, especially those supplying local grocers and retailers. "Oceanside and the broader North County market continue to see strong demand for food-grade and specialized industrial space," said Jonathan Cuticelli, vice president at Hilco Real Estate Sales. "This property checks all the boxes for users looking to scale production or expand distribution, and its location offers excellent access to key Southern California markets." Christian Koulichkov, managing director at Hilco Real Estate Sales, added, "The potential to purchase existing equipment through Onyx Asset Advisors, further enhances the property's value, offering a turnkey solutions for users seeking immediate use or future expansion." This sale is subject to approval U.S. Bankruptcy Court Southern District of California (San Diego) Case No. 23- 03478-CL11 | In re: Sadie Rose Baking Co. All bids should be made on the Purchase & Sale Agreement available for review and download from Hilco Real Estate Sales' website. On-site inspections will be held by appointment only. Interested bidders should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate's website. For further information, please contact Christian Koulichkov at (847) 449-7757 or ckoulichkov@hilcoglobal.com and Jonathan Cuticelli at (203) 245-0539 or jcuticelli@hilcoglobal.com. For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. About Onyx Asset Advisors, LLC Onyx Asset Advisors, LLC. is an asset monetization and advisory firm that specializes in multi-faceted strategies ranging from outright asset purchases providing immediate liquidity, prefunded disposition activities, negotiated orderly sales, public auctions, and supply chain redirection. Onyx's interdisciplinary expertise spans a broad spectrum of asset classes including real estate, inventory, brand / intellectual property, and machinery & equipment. About Sadie Rose Baking Co. Sadie Rose Baking Co. makes handmade artisan and specialty bread, rolls, sandwich buns and flatbreads. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-03478) on November 3, 2023. In the petition signed by Jennifer Curran, CEO, the Debtor disclosed $2,212,893 in assets and $9,700,278 in liabilities. Meredith King, Esq., at Franklin Soto Leeds LLP, represents the Debtor as legal counsel. SAFE & GREEN: Swaps Warrants for 60,000 Series B Preferred Shares ----------------------------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Exchange Agreement by and among the Company and the Investors. Pursuant to the Exchange Agreement, the parties intended to effect a voluntary security exchange transaction whereby the Investors will exchange the Series A and Series B Warrants previously purchased in the April 14, 2025 private placement for an aggregate of 60,000 shares of Series B Preferred Stock, with the New Series B Convertible Preferred Stock's rights and preferences being set forth on that certain certificate of designation of the Company, filed with the State of Delaware on July 17, 2025. Series B Preferred Stock Certificate of Designation: On July 17, 2025, the Company filed a Certificate of Designation with the Delaware Secretary of State designating, 60,000 shares as Series B Convertible Preferred Stock, each with a stated value of $1,000 per share. The Certificate of Designation sets forth the rights, preferences and limitations of the shares of Series B Preferred Stock. Terms not otherwise defined in this item shall have the meanings given in the Certificate of Designation. The following is a summary of the terms of the Series B Preferred Stock: Dividends: At all times following the issuance of the Series B Preferred Stock, while shares of Series B Preferred Stock are issued and outstanding, holders of Series B Preferred Stock shall be entitled to receive, and the Company shall pay, dividends on shares of Series B Preferred Stock equal (on an as-if-converted-to-Common-Stock basis and without regard to any limitations on conversion set forth herein or otherwise) to and in the same form as dividends (which shall be made in accordance with the terms of the Certificate of Designation) actually paid on shares of the Company's Common Stock when, as and if such dividends (which shall be made in accordance with the terms of the Certificate of Designation) are paid on shares of the Common Stock. Voting Rights: Subject to certain limitations described in the Certificate of Designation, the Series B Preferred Stock is voting stock. The issuance of preferred stock has limited voting power, such that the preferred stock would vote as if converted at the "Nasdaq Minimum Price" as defined in Listing Rule 5635(d)(1), on the date of issuance. Notwithstanding the foregoing, the holders of the Series B Preferred Stock shall not be permitted to vote in excess of 19.99% until shareholder approval for the Series B Preferred Stock is obtained. Liquidation: Upon any Liquidation (as defined in the Certificate of Designation), the assets of the Company available for distribution to its stockholders shall be distributed among the holders of the shares of the Company's Series A Convertible Preferred Stock, Series B Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all shares of Series B Preferred Stock as if they had been converted to Common Stock pursuant to the terms of the Certificate of Designation immediately prior to such Liquidation, without regard to any limitations on conversion set forth in the Certificate of Designation or otherwise. Conversion: Subject to the limitations set forth in the Certificate of Designation, at the option of the holder, each share of Series B Preferred Stock shall be convertible into a number shares of Common Stock obtained by dividing the Stated Value of each such share of Series B Preferred Stock by the conversion price of $0.392. The Conversion Price is subject to adjustment, pursuant to Section 6 of the Certificate of Amendment, in the event of stock dividends and stock splits, subsequent rights offerings, pro rata distributions, and fundamental transactions. Registration Rights Agreement: In connection with the Transaction, the Company entered into a registration rights agreement with the Purchasers on July 17, 2025, pursuant to which the Company is required to file a registration statement covering the resale of the Securities. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SALT LAKE CITY DISTILLERY: Cash Collateral Hearing Set for July 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Utah is set to hold a hearing on July 31 to consider another extension of Salt Lake City Distillery, LLC's authority to use cash collateral. The court previously issued an interim order granting the Debtor access to up to $7,137 in cash collateral to meet payroll obligations on July 21 and 28. Secured creditors with interests in the cash collateral as of July 10 were granted a replacement lien on the Debtor's future proceeds under the July 21 interim order, which also approved the payment of $4,942.24 in retail excise taxes and $5,598.34 in alcohol excise taxes from funds held in trust. The secured creditors are Cache Valley Bank, Doyle Buchanan and Rotterdam Partners-Dented Brick Mezzanine Debt, LLC, which are owed $1,942.864.47, $75,000 and $1,300,000, respectively. Cache Valley Bank is the senior secured creditor whose claim is secured by the Debtor's real property The Debtor has a current balance of cash reserves of $4,800, plus accounts receivable in the amount of $95,201 for a total amount of $100,001. Cache Valley Bank is represented by: Reid W. Lambert, Esq. Strong & Hanni, PC 102 South 200 East, Suite 800 Salt Lake City, UT 84111 Phone: 801-532-7080 Fax: (801) 596-1508 info@strongandhanni.com Rotterdam is represented by: Brian M. Rothschild, Esq. Darren Neilson, Esq. Parsons Behle & Latimer 201 South Main Street, Suite 1800 Salt Lake City, UT 84111 Phone: 801.532.1234 Fax: 801.536.6111 BRothschild@parsonsbehle.com DNeilson@parsonsbehle.com ecf@parsonsbehle.com About Salt Lake City Distillery LLC Salt Lake City Distillery, LLC, operating as Dented Brick Distillery, is a Utah-based craft spirits producer located in Salt Lake City. It specializes in manufacturing alcoholic beverages, primarily focused on distilled spirits production. Salt Lake City Distillery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Peggy Hunt handles the case. The Debtor is represented by: Steven M. Rogers, Esq. Rogers & Russell Tel: 801-899-6064 Email: srogers@roruss.com SAMSARA LUGGAGE: Targets Q4 for Filings, Eyes Uplist Post-Audit --------------------------------------------------------------- Samsara Luggage Inc. issued an update regarding its financial disclosures and status on the OTC Markets platform. SAML is currently in the process of completing its outstanding audited financials and disclosures. The delays stem primarily from accounting and compliance matters related to legacy issues predating current management, including historical SEC comments and the need to implement updated internal systems for more efficient reporting as SAML grows. In the last three years, SAML has also changed auditors twice, first transitioning to an India-based audit firm and then again to a U.S.-based PCAOB-registered auditor, aligning with its future listing ambitions. This process, while essential, added further complexity and time to audit completion. Additionally, SAML faced significant cash flow constraints during the 2023–2024 market downturn, which limited its ability to allocate resources aggressively toward finalizing its financials. Despite this, SAML has remained focused on strengthening its operational foundation and preparing for future growth. Management stated: "While SAML was effectively in a holding pattern throughout 2023 and much of 2024 due to capital constraints, the team has worked diligently behind the scenes to prepare for the next phase of growth. We believe now is the time to execute, particularly as market conditions and trade policy shifts begin to favor our business model. There is no strategic value in remaining on the OTC for the long term, and we're fully focused on transitioning to a major exchange where we can properly raise capital and unlock shareholder value." SAML management is currently finalizing its audited financials and is targeting submission of all outstanding filings before the beginning of Q4. SAML is also considering filing a registration statement and applying to uplist to a national exchange either concurrently with or shortly after the disclosures are filed. This move is intended to support a robust acquisition pipeline and accelerate growth across its key subsidiaries. SAML has been advised not to submit interim unaudited financials, but instead to file complete, audited financials with all necessary adjustments. However, OTC Markets rules prohibit having multiple overdue filings, which may result in SAML being temporarily moved to the OTC Expert Market until compliance is restored. SAML affirms that, if such a move occurs, it will be temporary and is prepared to submit the appropriate forms to return to the main OTC tier as quickly as possible. "We are working with urgency and determination to complete our filings, restore full compliance, and pursue our listing and capital objectives. We're excited about what lies ahead and are fully committed to delivering value to our shareholders." About Samsara Luggage New York, N.Y.-based Samsara Luggage, Inc. creates luggage products. The Company offers cabin, travel, laptop, and mobile desk bags of various types of materials. Ahmedabad, India-based Pipara & Co LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. SD BACKYARD: Seeks Court Approval to Hire NGS LLP as Accountants ---------------------------------------------------------------- SD Backyard, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire NGS, LLP to serve as accountants in its Chapter 11 case. NGS, LLP will provide these services: (a) perform Chapter 11 analysis of tax consequences of estate assets; (b) assist in reviewing banking and financial records; and (c) provide accounting and tax-related services necessary for the Debtor to fulfill its duties under 11 U.S.C. Section 704. Jean M. Goddard will bill at a rate of $275 per hour, and Sandra Aguilar Tyson at $195 per hour. NGS, LLP received a $10,000 retainer prior to the bankruptcy filing. According to court filings, NGS, LLP is a "disinterested" party as defined under Section 327(a) of the Bankruptcy Code. The firm can be reached at: Jean M. Goddard, Esq. Sandra Aguilar Tyson, Esq. NGS, LLP 6120 Paseo del Norte, Suite A-1 Carlsbad, CA 92011 Telephone: (760) 930-0282 About SD Backyard, LLC SD Backyard, LLC is a San Diego-based restaurant group that operates multiple Asian cuisine restaurants including Steamy Piggy, Formoosa, Yun, Viet Nom, and Oi Shiba. SD Backyard sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-02776) on July 1, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gary B. Rudolph, Esq., at Fennemore, LLP. SENMIAO TECHNOLOGY: To Implement 1-for-10 Reverse Split ------------------------------------------------------- Senmiao Technology Ltd. announced plans to implement a 1-for-10 reverse stock split of its common shares, effective July 29, 2025. Trading in the Common Stock will continue on the Nasdaq Stock Market under the symbol "AIHS". The new CUSIP number for the Common Stock following the Reverse Stock Split is 817225303. The Reverse Stock Split at a ratio of 1-for-10 was approved by the Company's Board of Directors. Upon effectiveness of the Reverse Stock Split, every 10 shares of issued and outstanding common stock will be converted into one share. No fractional shares will be issued as a result of the Reverse Stock Split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The Reverse Stock Split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's outstanding common stock, except for adjustments that may result from the treatment of fractional shares. In connection with the reverse stock split, the Company filed a Certificate of Change with the State of Nevada to reduce the authorized number of shares of the Company's common stock from 500,000,000 shares to 50,000,000 shares, the reduction at the same ratio as its issued and outstanding shares of Common Stock. No stockholder's approval and amendment to the Company's Articles of Incorporation are required pursuant to Nevada Revised States 78.207 and 78.209. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses from continuing operations of $3.47 million and $3.85 million for the fiscal years ended March 31, 2025 and 2024, respectively. Operating losses may persist as the Company expects higher expenses tied to customer acquisition, business development, and potential expansion into new revenue-generating activities. Senmiao said it does not expect proceeds from future public offerings or anticipated cash flows to be sufficient to meet working capital needs and capital expenditures over the next 12 months from July 10, 2025. The Company warned that without significant revenue generation, it may need to curtail or cease operations. SHARPLINK GAMING: Expands ATM Offering to $6B With Forward Sales ---------------------------------------------------------------- As previously reported, on May 30, 2025, pursuant to a prospectus supplement to the Shelf Registration Statement on Form S-3ASR (File No. 333-287708) of SharpLink Gaming, Inc., the Company entered into an ATM Sales Agreement with A.G.P./Alliance Global Partners, as sales agent, to sell shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $1,000,000,000 from time to time, through an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended. On July 17, 2025, the Company entered into an Amendment to the Sales Agreement to: (i) increase the number of Shares that may be sold in the ATM Offering to $6,000,000,000; and (ii) to permit the forward sale of Shares to be sold in the ATM Offering pursuant to Master Forward Confirmation Letter Agreements (the "Forward Sales Agreements," and each a "Forward Sales Agreement"). Pursuant to the Amendment, the Agent will be entitled to compensation at a commission rate of 2.5% of the gross sales price per Share on the first $1.0 billion of Shares sold of the ATM Sales Increase and 2.0% of the gross sales price per Share on all sales of Shares thereafter sold by means of the ATM Offering, and the Agent will be entitled to compensation at a commission rate of 4.0% for forward sales made under Forward Sales Agreements. The Agent when acting in their capacity as sales agents for the Company, is referred to as a "Sales Agent", and when acting in their capacity as counterparties to the Forward Sales Agreement, is referred to as a "Forward Purchaser," and when acting in their capacity as agent for the Forward Purchaser, is referred to as a "Forward Seller". Pursuant to the Sales Agreement, as amended by the Amendment, the Company may enter into one or more Forward Sale Agreements with the Forward Purchasers. In connection with each such Forward Sale Agreement, the relevant Forward Purchaser will, at the Company's request, use commercially reasonable efforts to borrow from third parties and, through the relevant Forward Seller, sell a number of Shares equal to the number of shares of Common Stock underlying such Forward Sales Agreement. Although the Company expects to physically settle any Forward Sale Agreement into which it enters (by the delivery of common stock) and receive proceeds from the sale of Shares upon one or more forward settlement dates no later than the date that is two years from entry into the applicable Forward Sales Agreement, the Company may elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The Forward Sales Agreements are subject to early termination or settlement under certain circumstances. The Company has filed a supplement to the Prospectus Supplement with the SEC to address the ATM Sales Agreement and Forward Sales Agreements on July 17, 2025. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SIBUNA GROUP: Seeks Chapter 11 Bankruptcy in Georgia ---------------------------------------------------- On July 25, 2025, Sibuna Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Sibuna Group LLC Sibuna Group LLC is a Georgia-based limited liability company. Sibuna Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58300) on July 25, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. SMITH MICRO: Closes $1.5M Shelf Takedown, Warrant Placement ----------------------------------------------------------- Smith Micro Software, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with certain institutional and accredited investors relating to the registered direct offering and sale of an aggregate of 1,612,903 shares of the Company's common stock, par value $0.001 per share at an offering price of $0.93 per share of Common Stock (the "Registered Shelf Takedown Offering"). The shares of Common Stock were offered by the Company pursuant to a prospectus supplement dated July 17, 2025, and accompanying prospectus dated May 16, 2025, in connection with a takedown from the Company's shelf registration statement on Form S-3 (File No. 333-287029), which was declared effective by the Securities and Exchange Commission on May 16, 2025. Pursuant to the Purchase Agreement, in a concurrent private placement, the Company also agreed to sell to the Purchasers unregistered warrants to purchase up to an aggregate of 1,612,903 shares of Common Stock. Each unregistered Common Warrant has an exercise price of $1.20 per share, is immediately exercisable and will expire five years from the date of issuance. The Common Warrants contain a "full-ratchet" anti-dilution adjustment, such that the exercise price will be adjusted if the Company issues shares of Common Stock (or Common Stock equivalents) at a price below the exercise price of the Common Warrant. The number of shares issuable upon exercise of such shares will then be proportionately adjusted. Additionally, in the event of a reverse stock split, the exercise price of each Common Warrant is subject to adjustment (along with a proportionate adjustment in the number of shares) if the market price of the Common Stock is less than the exercise price of the Common Warrant (after giving effect to the split) during a period before and after the effective date of the reverse split. Further, pursuant to the Purchase Agreement, a holder's right to exercise the Common Warrants, and the Company's ability to issue shares upon exercise, is subject to certain limitations set forth in the Purchase Agreement pursuant to which the Common Warrants were issued, including a limit on the number of shares that may be issued until the time, if any, that the Company's stockholders have approved the issuance of more than 19.9% of the Company's outstanding shares of common stock pursuant to the Registered Shelf Takedown Offering and Private Placement in accordance with Nasdaq listing standards. The Company has agreed to seek stockholder approval of these matters at a meeting to be held no later than October 17, 2025. Neither the Common Warrants nor the Common Warrant Shares have been registered under the Securities Act of 1933, as amended. The Common Warrants were, and Common Warrant Shares will be, issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The gross proceeds to the Company from the Registered Shelf Takedown Offering and Private Placement were approximately $1.5 million, before deducting offering expenses payable by the Company. The Company expects to use the net proceeds from the Registered Shelf Takedown Offering and Private Placement for working capital and general corporate purposes. The closing of the Registered Shelf Takedown Offering and Private Placement occurred on July 18, 2025. The Purchase Agreement contains representations, warranties and covenants made by the Company that are customary for transactions of this type. Under the terms of the Purchase Agreement, and subject to certain exceptions, the Company has agreed not to: (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents or (ii) subject to customary exceptions, file any registration statement or amendment or supplement thereto, for a period lasting until the later of 75 days following the closing of the Registered Shelf Takedown Offering and Private Placement and the date of stockholder approval of the aforementioned matters in accordance with Nasdaq listing standards. The Company has also agreed not to effect or enter into an agreement to effect any issuance of Common Stock or Common Stock equivalents involving a Variable Rate Transaction, as defined in the Purchase Agreement, for a period of five (5) months following the closing of the Registered Shelf Takedown Offering and the Private Placement, respectively. The Company has further agreed, subject to carve outs for certain exempt issuances pursuant to Company stock or option plans, the securities issuable upon the exercise, exchange or conversion of those issued in the Registered Shelf Takedown Offering, or certain outstanding Company securities, not to issue any shares of Common Stock or Common Stock equivalents at a price per share below the exercise price of the Common Warrants until stockholder approval of the aforementioned matters in accordance with Nasdaq listing standards is obtained. Further, pursuant to the Purchase Agreement, the Company agreed that, on or before the 60th day following the closing of each of the Registered Shelf Takedown Offering and the Private Placement, the Company will file a registration statement with the SEC registering for resale the Common Warrant Shares issuable upon exercise of the Common Warrants. The Company has further agreed that such registration statement will be declared effective by the SEC no later than 120 days following the closing of the Registered Shelf Takedown Offering and the Private Placement. Pursuant to the terms of an engagement letter agreement previously entered into on June 19, 2025, by the Company with Chardan Capital Markets LLC, the Company has agreed to pay Chardan a cash fee equal to 6.5% of the total gross proceeds from the Registered Shelf Takedown Offering and Private Placement in connection with its service as a financial advisor to the Company for the offerings. The foregoing is only a summary of the material terms of the Common Warrants and the Purchase Agreement and is qualified in its entirety by reference to the full text of such agreements, which are attached in the Form 8-K available at https://tinyurl.com/4rb3564t About Smith Micro Software Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless and cable service providers around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, the Company's solutions enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. As of Dec. 31, 2024, the Company had $48.05 million in total assets, $5.65 million in total current liabilities, $1.64 million in total non-current liabilities, and $40.76 million in total stockholders' equity. Los Angeles, California-based SingerLewak LLP, the Company's auditor since 2005, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. SOLUNA HOLDINGS: Intracoastal Capital, 2 Others Hold 9.99% Stake ---------------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of July 15, 2025, they beneficially own 2,997,785 shares of Common Stock of Soluna Holdings, Inc., representing 9.99% of the class outstanding. These shares consist of: (i) 1,818,182 shares of Common Stock issuable upon exercise of a warrant ("Intracoastal Warrant 1") and (ii) 1,179,603 shares issuable upon exercise of a second warrant ("Intracoastal Warrant 2"). The warrants are subject to blocker provisions preventing ownership from exceeding 9.99% of the total outstanding shares. The securities are held with shared voting and dispositive power. Intracoastal Capital may be reached through: Mitchell P. Kopin, Manager 245 Palm Trail Delray Beach, Florida 33483 A full-text copy of the Intracoastal Capital's SEC report is available at: https://tinyurl.com/3med64hd About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SOUTHWEST FIRE: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: Southwest Fire Defense, LLC, a New Mexico limited Southwest Fire Defense & Tree Removal Services 8 Via De Los Martinez Santa Fe, NM 87506 Business Description: Southwest Fire Defense LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the Company offers free estimates. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court District of New Mexico Case No.: 25-10924 Judge: Hon. Robert H. Jacobvitz Debtor's Counsel: Chris Gatton, Esq. GATTON & ASSOCIATES, P.C. 10400 Academy NE Suite 350 Albuquerque NM 87111 Tel: (505) 271-1053 Email: chris@gattonlaw.com Total Assets: $706,464 Total Liabilities: $1,530,318 Daniel Martinez signed the petition as owner and president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V3DFXKQ/Southwest_Fire_Defense_LLC_a_New__nmbke-25-10924__0001.0.pdf?mcid=tGE4TAMA SPIRIT AIRLINES: To Layoff 200 Pilots, To Demote 100+ Others ------------------------------------------------------------ Leslie Josephs of CNBC reports that Spirit Airlines announced on Monday, July 28, 2025, that it will furlough 270 pilots this fall as the airline reduces its flight schedule during the slower travel season in an effort to regain financial stability. In addition, 140 pilots will be downgraded from captain to first officer, according to a notice from the Air Line Pilots Association (ALPA), the union representing Spirit pilots. The downgrades will take effect October 1. "This is tough news, and there's no way to soften it. As Spirit continues to shrink, pilot seniority and long-term career prospects at the airline are taking a hit," said Ryan Muller, a captain and chairman of Spirit's ALPA unit. The pilot furloughs are scheduled to begin November 1, 2025 with the airline citing the need to "better align staffing with our flight schedule." Spirit emerged from Chapter 11 bankruptcy in March 2025 and has since been trying to revamp its image by offering more premium travel options, moving away from its long-standing budget model, according to CNBC. "We're making necessary adjustments to improve operational efficiency as part of our broader plan to return to profitability," the airline said in a statement to CNBC. Airlines across the board have reported weaker demand this 2025, particularly during non-peak travel periods. "We recognize the difficulty of this decision and are committed to treating all impacted team members with care and respect," Spirit added. The carrier also implemented pilot furloughs last 2024 as it neared its bankruptcy filing, the report states. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. STONE DELUXE: Court OKs Deal to Use Cash Collateral Until Sept. 16 ------------------------------------------------------------------ Stone Deluxe Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use the cash collateral of its secured creditor. The court approved a stipulation extending the Debtor's authority to use the cash collateral of the U.S. Small Business Administration until September 16 for payment of expenses incurred after its Chapter 11 filing. A portion of the Debtor's personal property constitutes cash collateral of SBA, which holds a secured lien on the property. The Debtor still owes the agency $492,148.17. As adequate protection for the use of its cash collateral, SBA will be granted a valid, non-avoidable and automatically perfected replacement lien on revenues generated by the Debtor after its bankruptcy filing to the same extent, priority and validity that its lien attached to the personal property. In addition, SBA will continue to receive a monthly payment of $2,509 and is entitled to a superpriority claim over the life of the Debtor's bankruptcy case. About Stone Deluxe Inc. Stone Deluxe Inc., operating as Stone Deluxe Tile, is a specialized design services company focusing on stone and tile products. Stone Deluxe sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11348) on May 20, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Scott C. Clarkson handles the case. Andy C. Warshaw, Esq., serves as the Debtor's legal counsel. TERRAFORM LABS: Dentons US Stalls Discovery in Ch. 11, Court Told ----------------------------------------------------------------- Alex Witternberg of Law360 reports that the bankruptcy plan administrator for collapsed crypto firm Terraform Labs alleges that Dentons US LLP is hindering discovery efforts in a bid to secure final approval of approximately $25 million in fees, accusing the firm of trying to "run out the clock" to evade an investigation into its involvement in Terraform's failure. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. TONIX PHARMACEUTICALS: BlackRock Holds 5.7% Stake as of June 30 --------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 420,448 shares of Tonix Pharmaceuticals Holding Corp.'s Common Stock, representing approximately 5.7% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/39snzca8 About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2024, the Company had $162.9 million in total assets, $23.3 million in total liabilities, and $139.6 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRINSEO PLC: BlackRock Holds 6.3% Stake as of June 30 ----------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 2,255,125 shares of Trinseo PLC's Common Stock, representing approximately 6.3% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/yc6p6h4c About Trinseo Headquartered in Wayne, PA, Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. * * * In January 2025, S&P Global Ratings raised the issuer credit rating on Trinseo PLC to 'CCC+' from 'SD' (selected default). All issue-level and recovery ratings on the company's existing debt are unchanged. The outlook is negative and reflects the challenging macroeconomic environment affecting the company's key end markets and S&P's expectation that credit metrics will remain pressured over the next 12 months. UNIVERSAL BIOCARBON: Seeks to Extend Plan Exclusivity to Sept. 26 ----------------------------------------------------------------- Universal Biocarbon Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 26 and November 25, 2025, respectively. The Debtor explains that it is currently in the midst of processing court approved post petition financing and awaiting the return of appraisals and asset valuation reports to continue with the loan transaction. Accordingly, the Debtor requests that the exclusivity deadline be extended to allow the loan transaction to proceed upon receipt of the appraisals and valuation reports. The Debtor claims that its request for extension of the Exclusive Periods is reasonable given the Debtors' progress to date. Extending the Exclusive Periods will give the Debtors the opportunity to have the Debtors' Plan of Reorganization confirmed. The Debtor asserts that it is not seeking this extension to delay the administration of the case or to pressure creditors to accept an unsatisfactory plan. To the contrary, the requested extension to the Exclusive Periods will permit the Debtors to move forward in an orderly, efficient and cost-effective manner to maximize the value of the Debtors' assets. The Debtor further asserts that its request for extension of the Exclusive Periods is reasonable given the Debtor's progress to date. As such, good cause exists to grant the relief requested herein and extend the Exclusive Periods. Universal Biocarbon Inc. is represented by: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Universal Biocarbon Inc. Universal Biocarbon Inc. transforms vegetative biomass such as yard waste and tree trimmings, into high-quality carbon products like compost, mulch, biochar, and activated carbon. Through a partnership with the Sunshine State Biomass Cooperative, UBC creates a cycle of beneficial reuse, sharing profits with the suppliers of biomass feedstock. The company is based in Canal Point, Fla. Universal Biocarbon filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-10987-EPK) on January 30, 2025, listing up to $1million in assets and up to $10 million in liabilities. David Disbrow, chairman and founder of Universal Biocarbon, signed the petition. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. VALVES AND CONTROLS: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------------ On July 1, 2025, Valves and Controls US Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1,000 and 5,000 creditors. The petition states funds will be available to unsecured creditors. About Valves and Controls US Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VESTTOO LTD: STL Namos Can Intervene in Goldeneye v. Hanaco Case ---------------------------------------------------------------- Magistrate Judge Valerie Figueredo of the United States District Court for the Southern District of New York granted STL Namos LP's motion to intervene in the case captioned as GOLDENEYE ADVISORS, LLC, Plaintiff, -v- HANACO VENTURE CAPITAL, LTD., et al., Defendants, Case No. 24-cv-09918-VSB-VF (S.D.N.Y.) under Federal Rule of Civil Procedure 24 for the limited purpose of moving to compel arbitration. Plaintiff Goldeneye Advisors, LLC is a limited liability company organized under the laws of South Dakota. Defendant Hanaco is a venture capital firm organized under the laws of Israel. STL Namos, a limited partnership organized under the laws of Delaware, is a fund used by Hanaco to invest in Israeli start-up companies. This dispute arises out of Goldeneye's $1 million investment in STL Namos, which STL Namos then invested in Vesttoo, Ltd., an Israeli startup. The relevant contracts include a Limited Partnership Agreement of STL Namos, which was among STL Namos GP, the General Partner, and certain limited partners, including Plaintiff. The Partnership Agreement includes an arbitration clause which requires the parties to arbitrate any dispute arising out of or in connection with the Agreement or any Limited Partner's Subscription Agreement that cannot be amicably resolved between the parties. Plaintiff also entered into a Subscription Agreement, which confirmed Plaintiff's $1 million investment with STL Namos. The Subscription Agreement reiterates that the partnership between STL Namos and Plaintiff is governed by the Partnership Agreement, which contains the arbitration clause. After Plaintiff's investment, Plaintiff learned that Vesttoo's purported success was fraudulent, based on management's forgery of $4 billion worth of letters of credit from financial institutions. Ultimately, Vesttoo filed for Chapter 11 bankruptcy in Delaware. As a result of the bankruptcy, Plaintiff allegedly lost its $1 million investment. On March 11, 2024, Plaintiff commenced an arbitration proceeding against STL Namos in Israel, which remains ongoing. On Dec. 24, 2024, Plaintiff commenced this action against Defendants asserting a claim for violation of Section 10(b) of the Exchange Act, 15 U.S.C. Sec. 78j(b), and Rule 10b-5, and statelaw claims for fraudulent misrepresentation and negligence. On Jan. 29, 2025, Defendants and STL Namos served an arbitration demand notice on Plaintiff. On Jan. 31, 2025, STL Namos filed a motion to intervene under Federal Rule of Civil Procedure 24. STL Namos seeks to intervene in this case for the limited purpose of compelling arbitration pursuant to the Partnership Agreement. Plaintiff has not opposed the motion to intervene. STL Namos seeks to intervene as of right under Rule 24(a)(2) or, in the alternative, at the Court's discretion under Rule 24(b). The Court says there will be no prejudice or undue delay to the parties in the action if intervention is permitted. And, significantly, Plaintiff has not opposed the motion to intervene. According to the Court, STL Namos has a direct, substantial, and legally protectable interest in this action. STL Namos is a party to both agreements that form the contractual basis for Plaintiff's $1 million investment that is the subject of its claims in this case and in the Israeli arbitration. Additionally, any rulings in this case will directly impact STL Namos, because STL Namos has a duty to indemnify the Defendants in this action. The Court finds STL Namos has established that it is entitled to intervention as of right under Rule 24(a)(2). A copy of the Court's Opinion & Order dated July 24, 2025, is available at https://urlcurt.com/u?l=I7vbxi from PacerMonitor.com. About Vesttoo Ltd Vesttoo Ltd. is a technology-driven collateralized reinsurance provider in Tel Aviv, Israel. It connects the insurance industry with the capital markets by combining AI-powered technology with expertise in data science, insurance and finance. Vesttoo and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. (Lead Case No. 23-11160) on August 14 and 15, 2023. The Honorable Bankruptcy Judge Mary F. Walrath oversees the case. The Debtors tapped DLA Piper, LLP (US) as legal counsel and Kroll, LLC as financial advisor. Epiq Corporate Restructuring, LLC is the claims and administrative agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Greenberg Traurig, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. WASH BIDCO: S&P Assigns 'B+' ICR on Acquisition by Northleaf ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to North American outsourced laundry services provider Wash BidCo Inc. (dba WASH) based on the prospective capital structure to be in place following the close of the acquisition. S&P said, "At the same time, we assigned our 'BB-' issue-level and '2' recovery ratings to the proposed senior secured credit facilities." WASH) is being acquired by Northleaf Capital Partners and AVALT in a sponsor-to-sponsor sale. S&P anticipates WASH will operate with a lower debt quantum and significantly stronger credit metrics, including an S&P Global Ratings-adjusted closing leverage of approximately 3.7x. The significant equity contributions these parties are making to fund the transaction, alongside their commitment to a 3x leverage target, also bolsters confidence that they will adhere to moderate financial policies following the transaction S&P said, "Our existing ratings on Wash Multifamily Acquisition Inc. (B-/CreditWatch Negative/--) and its senior secured notes are unchanged and reflect the existing capital structure prior to the contemplated transaction. We expect to withdraw these ratings once the acquisition is complete and the legacy debt has been repaid. The stable outlook reflects our expectation that the new owners will maintain leverage approaching 3x by 2026, while the company accelerates its fleet digitization efforts to enable expanding profit margins and consistent revenue growth. "WASH's new capital structure improves the company's leverage and cash flow profile, and we expect a less aggressive financial policy under its new ownership. Our rating is based on the capital structure we expect following the close of the company's acquisition by its new owners. Its new $625 million term loan B and a $150 million revolver, along with equity contributions by Northleaf and AVALT, will address the company's imminent refinancing. At transaction close, we expect the company to reduce its funded debt by more than $250 million, which results in S&P Global Ratings-adjusted leverage declining to about 3.7x from 4.6x. Meanwhile, we expect the new sponsors will pursue deleveraging towards their 3.0x target following the acquisition. "Our assessment of the company's financial policy reflects our view that Northleaf and AVALT are longer-term investors. This is based on the owners' sizable equity contribution to the acquisition, stated leverage target with more conservative debt levels, and intentions to reinvest more of its cash flow back into the business. We will closely monitor the company's performance and the sponsors' capital allocation decisions to ensure they remain in line with our expectations. "We expect WASH will reduce its leverage over the next 12-24 months as it directs cash flow to pay down revolver borrowings while earnings expand. The company's reduced interest burden will improve cash generation, and we expect it will increase capital expenditure (capex) investments to accelerate its fleet digitization initiatives. Despite higher capex, we expect consistent positive free operating cash flow (FOCF) that it can use to reduce leverage towards its 3x target. While much of its non-recurring expenses should roll off and drive margin expansion in 2026, we anticipate new sponsor management fees, which we include in our calculation of EBITDA, will partially offset this benefit. The company's profitability improvement plans also contribute to expanding profit margins in our forecast. Overall, we expect about 150 basis points (bps) of S&P Global Ratings-adjusted EBITDA margin expansion in 2026. "The company remains capital intensive and generates limited cash flow. To maintain its fleet and support current revenue levels, WASH invests approximately 10% of its revenue in capex, with additional spending to support growth. We expect more than $100 million in annual capex, which limits our projection for reported FOCF to approximately $23 million in 2025 and $34 million in 2026. Still, we believe the company could pull back on these investments, for example by delaying its digitization efforts, to preserve cash if necessary. "Its initiatives to improve profitability should enable modest margin expansion over the next several years, though execution risks are present. The company continues to digitize its fleet, a multi-year process that we expect to improve its operating efficiency by reducing cash collection needs and enabling more precise and timely pricing actions. Additionally, the company plans to realign its commission structure with landlords based on the sponsors' own research that indicates some opportunity to improve its economics. While customer service tends to be the main concern for landlords and common area laundry income reflects a small portion of their operations, we believe this strategy presents a risk of increasing attrition rates or a shift to higher fixed components in its laundry facility leases, with uncertain net benefits. The company, under new ownership, also intends to pursue new cost-saving initiatives by completing integrations of past acquisitions, consolidating corporate functions, and centralizing account systems, among other plans. While we believe it will likely achieve some of its cost savings plans, we also consider execution risks that could lead to business disruption. "We expect pricing initiatives and fleet expansion to be key drivers of WASH's future revenue growth. The company has consistently demonstrated an ability to increase prices at a rate slightly above inflation, a trend we expect to continue, while maintaining good retention rates, about 98%, on its recurring revenue base. We also expect it to continue expanding its fleet at a modest pace. In our updated forecast, we project these initiatives, combined with moderating currency headwinds, will support annual revenue growth in the 4% to 5% range this year. In addition to currency risks, landlord resistance to lower commissions, combined with competitive pressures, also presents a risk to our forecast. "The stable outlook reflects our expectation that the company's new sponsors will maintain a less aggressive financial policy that allows deleveraging towards 3x by 2026. We anticipate lower debt service costs that improve cash flow characteristics and enable the company to accelerate fleet digitization initiatives while cost management efforts also drive profit margin expansion. Modest revenue in the 4%-5% range annually along with consistently improving profitability should contribute to deleveraging." S&P could lower the rating on WASH if it expects leverage to increase and approach 4x. This could occur, for example, if: -- The sponsors demonstrate more aggressive financial policies inconsistent with their stated 3x leverage target and compared to S&P's expectations; or -- Execution issues related to its operational efficiency initiatives lead to deteriorating profit margins and weakening cash flow. WASH's modest scale, high capex requirements, and limited cash flow generation currently limit the potential for a higher rating. Still, S&P could raise its rating on the company if: -- It significantly expands its scale, perhaps through acquisitions that also diversify its scope of offerings; -- It improves its cash generation profile with sustained profit margin expansion driven by successful fleet digitization; and -- It maintains leverage at about 3x or below. WELLPATH HOLDINGS: Court Nixes Creditors' Ch. 11 Plan Releases Bid ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that on Friday, July 25, 2025, a Texas bankruptcy judge ruled that creditors who agreed to grant releases to non-debtor third parties under prison health care provider Wellpath's Chapter 11 plan are not entitled to receive releases from claims that Wellpath may hold against them. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Wellpath Holdings, Inc. and its affiliates. Proskauer Rose LLP represents the Committee as its co-counsel. Huron Consulting Services LLC and Dundon Advisers LLC were selected as the Committee's financial advisor. WELLPATH HOLDINGS: Dr. Angela Joseph Dismissed from Labadie Case ---------------------------------------------------------------- Judge Susan K. DeClercq of the United States District Court for the Eastern District of Michigan dismissed Dr. Angela Joseph from the case captioned as KIRK LABADIE, v. GERALD DANCY, et al., Defendants, Case No. 2:23-cv-11960 (E.D. Mich.) without prejudice for plaintiff's failure to exhaust administrative remedies. On Nov. 7, 2024, Magistrate Judge Kimberly G. Altman issued a report and recommendation (R&R) addressing Defendant Joseph's motion to dismiss. But 10 days later, Defendant Joseph filed a notice of automatic bankruptcy stay because her employer, Wellpath LLC, had filed for Chapter 11 bankruptcy. In May 2025, the automatic bankruptcy stay was lifted. Judge Altman provided 14 days to object to the R&R, but neither party did so. All parties have therefore forfeited their right to appeal Judge Altman's findings. Moreover, the Court finds there is no prejudicial clear error in the report. Accordingly, it is ordered that the R&R is adopted. A copy of the Court's Order dated July 23, 2025, is available at https://urlcurt.com/u?l=QqkWqh About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WHITEEAGLE PROPERTIES: Case Summary & Six Unsecured Creditors ------------------------------------------------------------- Debtor: Whiteeagle Properties 22 Corp. 115 N Main Street Lindsborg, KS 67456 Business Description: Whiteeagle Properties 22 Corp. is a real estate holding company based in Lindsborg, Kansas, associated with commercial property at 115 N Main Street. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-10770 Judge: Hon. Mitchell L. Herren Debtor's Counsel: Mark J. Lazzo, Esq. MARK J LAZZO PA 3500 N Rock Road Bldg 300 Suite B Wichita, KS 67030 Tel: 316-263-6895 E-mail: mark@lazzolaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David A. Rendon as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q67ICZI/Whiteeagle_Properties_22_Corp__ksbke-25-10770__0001.0.pdf?mcid=tGE4TAMA WHITEHALL PHARMACY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Whitehall Pharmacy, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Arkansas to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay expenses in accordance with its budget. As protection for the Debtor's use of its cash collateral, the lenders including Cardinal Health and Stone Bank will be granted perfected post-petition replacement liens and additional liens on all of the Debtor's assets, including accounts receivable and cash, in the same priority as existed on the petition date. . The replacement liens do not apply to avoidance actions and "designated 506(c) rights." A further hearing is scheduled for August 14. The Debtor operates multiple locations including in Pine Bluff, Pulaski, Lincoln, and Jefferson counties, serving approximately 80,000 to 90,000 patients who rely on its prescription services. Its Chapter 11 filing was prompted by a disputed $1.4 million claim brought by Jefferson Regional Medical Center, which the Debtor contests. Secured creditors include Cardinal Health, which holds a lien on inventory and accounts receivable ($1.1–1.4 million balance); Stone Bank, with a blanket lien on most assets ($1.2 million); Gateway Bank, secured by furniture, fixtures, and equipment; and River Bank, with a mortgage on real property owned by a non-debtor ($150,000). The Debtor's cash collateral comprises cash on hand, approximately $1.2 million in receivables, and about $750,000 in inventory. Stone Bank is represented by: Ryan J. Caststeel, Esq. Hopkins Caststeel, PLC Attorneys at Law 1000 West Second Little Rock, Arkansas 72201 Telephone: (501) 375-1517 Facsimile: (501) 375-0231 rcaststeel@hopkinslawfirm.com About Whitehall Pharmacy LLC Whitehall Pharmacy, LLC operates pharmacies in multiple locations in Arkansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025. In the petition signed by Floyd Lelan Stice, sole owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm, represents the Debtor as legal counsel. WINDTREE THERAPEUTICS: Inks $60M Private Placement -------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with the purchasers named therein pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement offering an aggregate of: (i) approximately 60,000 shares of the Company's newly issued Series E Convertible Preferred Stock, par value $0.001 per share at an offering price of $1,000 per share of Series E Preferred Stock, and (ii) warrants to purchase up to an aggregate of 66,000,000 shares of our common stock of the Company, par value $0.001 per share. The Series E Preferred Stock may be converted into Conversion Shares at a price equal to the Stated Value divided by $0.30. The aggregate offering price of the Offering is approximately $60,000,000, payable in cash, the native token of the BNB chain commonly referred to as "BNB," or shares of Osprey BNB Chain Trust, provided, however, prior to the closing of the Purchase Agreement, the Purchasers may elect to increase its purchase to up to 200,000 shares of Series E Preferred Stock on the same terms as the initial purchase, resulting in an aggregate purchase price of up to $200 million. The Company intends to use the proceeds to acquire BNB as a treasury strategy, with up to $2 million to be used for working capital needs and other general corporate purposes. In a press release, Windtree emphasized the strategic impact of the agreement, noting that the transaction is expected to establish a robust BNB Crypto Treasury Strategy, including custody, security and yield generation, positioning the Company as a pioneer in the BNB and Binance Ecosystem. Build and Build Corp's involvement speaks to its confidence in Windtree's vision to become a leader in BNB, driving transformative opportunities within the rapidly evolving digital asset landscape. "Today marks a pivotal moment for Windtree," said Jed Latkin, Chief Executive Officer of Windtree. "This transaction secures up to $200 million from institutional investors, offering our shareholders a unique opportunity to gain exposure to a BNB-focused crypto treasury strategy." Patrick Horsman, CFA and Director of Build & Build Corp, added: "We are thrilled to propose a groundbreaking BNB strategy to the U.S. market. This innovative solution will offer investors targeted exposure to Binance and BNB, addressing what we believe to be a critical gap in the U.S. investment landscape." Following these strategic statements, Windtree also provided further details regarding the structure and legal basis of the offering. The Series E Preferred Stock, the Conversion Shares, the Warrants, and the Warrant Shares are being offered in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of Series E Preferred Stock, the Conversion Shares, the Warrants, and the Warrant Shares have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. The Offering is expected to close upon satisfying customary closing conditions, including obtaining requisite stockholder approval in accordance with Nasdaq Listing Rule 5635(b) and (d). Pursuant to the Securities Purchase Agreement, the Company has agreed to use its reasonable best efforts to obtain Stockholder Approval within 60 days following the Execution Date. If despite the Company's reasonable best efforts Stockholder Approval is not obtained within 60 days following the Execution Date, the Company will cause a special meeting of stockholders to be held within 120 days following the Execution Date to obtain Stockholder Approval. In the event Stockholder Approval is not obtained within 120 days following the Execution Date, the Securities Purchase Agreement will become null and void. However, the Purchasers will not have the right to terminate the Securities Purchase Agreement within the 120-day period following the Execution Date except upon the terms and conditions specified in the Securities Purchase Agreement. In addition, the Company has agreed not to issue, enter into any agreement to issue, or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents, or file any registration statement or any amendment or supplement thereto, for a period commencing on the Execution Date, and ending immediately following the thirtieth (30th) trading day after the later of: (a) the effective date of the Stockholder Approval and (b) 360 calendar days after the earlier to occur of: (I) the first date on which the registration statement registering the resale by the Purchasers of the all the Series E Preferred Stock, the Conversion Shares, the Warrants, and the Warrant Shares is declared effective by the Securities and Exchange Commission (and each prospectus contained therein is available for use on such date) or (II) the first date on which all of the Series E Preferred Stock, the Conversion Shares, the Warrants, and the Warrant Shares are eligible to be resold by the Purchasers pursuant to Rule 144. Upon Closing, the lead investor, Build and Build Corp., will have the right to nominate two members to the Company's Board of Directors (the "Board"), one of whom, if duly elected by our stockholders, shall become Chairman of the Board, so long as: (i) the Lead Investor, its affiliates, and/or designees, directly or indirectly, hold at least 5% of the Company's Common Stock or Common Stock equivalents purchased in the Offering pursuant to this Securities Purchase Agreement on an aggregate basis, or (ii) both of the Asset Management Agreement and the Strategic Advisor Agreement are in full force or effect and have not been terminated or expired in accordance with their terms. Any increase to the number of directors serving on the Board after the Closing, other than to add the Lead Investor's nominees to the Board, will require the consent of the majority of the Board, including the Purchaser's Directors. Prior to the Closing, the Company must enter into (i) a Registration Rights Agreement (the "Registration Rights Agreement") with the Purchasers; (ii) a Strategic Advisor Agreement with an affiliate of the Lead Investor (the "Strategic Advisory Agreement"); and (iii) an Asset Management Agreement with an affiliate of the Lead Investor (the "Asset Management Agreement"). The Company must also file a Certificate of Designations (the "Certificate of Designation") establishing the Series E Preferred Stock prior to the Closing. The Registration Rights Agreement will be in the form of Exhibit C to the Securities Purchase Agreement, and will provide that the Company must file a registration statement, within 20 days following the Closing, providing for the resale by the Purchasers of the Conversion Shares and the Warrant Shares and to have such Resale Registration Statement declared effective by the earlier of: (i) 50 days following the Closing, and (ii) two business days after the Company is notified, either orally or in writing, by the SEC that the Resale Registration Statement will not be reviewed or will not be subject to further review. The Strategic Advisor Agreement is expected to be entered into between the Company and Cypress Management LLC, a Puerto Rico limited liability company and an affiliate of the Lead Investor to expand and diversify the Company's business operations through the integration of cryptocurrency and digital asset strategies in both its product offerings and as part of its treasury management strategy. The Strategic Advisor Agreement is expected to require Cypress to provide the Company with technical advisory services regarding the digital asset ecosystem, including BNB and related technologies, developments in the digital asset and crypto industries, the selection of third-party vendors with respect to asset management and related digital asset services, and other strategic advice regarding the Company's digital assets treasury operations. The Asset Management Agreement is expected to be entered into with an asset manager and affiliate of the Lead Investor. The Asset Management Agreement is expected to require the Asset Manager to provide discretionary asset management services with respect to the Company's proceeds from the Offering. The Asset Manager is expected to be required to manage the Account Assets. The Certificate of Designations will be in the form of Exhibit A to the Securities Purchase Agreement and is expected to have the following terms: * General: The Certificate of Designations authorizes a Series E Preferred Stock with an initial conversion price of $0.30, which is subject to adjustment as provided in the Certificate of Designations. The Series E Preferred Stock has a Stated Value of $1,000 per share, adjusted as appropriate in the event of any equity dividend, equity split, equity distribution, recapitalization or combination with respect to the Series E Preferred Stock. Each share of Series E Preferred Stock is initially convertible into approximately 3,333 shares of Common Stock, subject to adjustment as provided in the Certificate of Designations. No fractional shares will be issued upon conversion; rather any fractional share will be rounded up to the nearest whole share. * Voting Rights: After receiving Stockholder Approval, each outstanding share of Series E Preferred Stock shall be entitled to vote on an as converted basis on all matters to which the holders of the Common Stock are entitled or required to vote, as calculated on the date of the vote. * Dividends: Following the issuance of Series E Preferred Stock, if the Company makes, issues, or fixes a record date for determining stockholders entitled to receive a dividend or other distribution payable in securities of the Company (with the exception of a distribution of shares of Common Stock in respect of outstanding shares of Common Stock), then the holders of the Series E Preferred Stock shall be entitled to receive a dividend or other distribution in an amount equal to such securities as they would have received if all outstanding Series E Preferred Stock had been converted to Common Stock on the date of such event. * Conversion Rights: Each share of Series E Preferred Stock is convertible, at the option of the Holder, following Stockholder Approval, into Common Stock by dividing the Stated Value by the Preferred Conversion Price in effect at the time of the conversion. * Redemption: Series E Preferred Stock is not subject to redemption by the Company or the Holders. * Liquidation Rights: In the event of any liquidation, dissolution, or winding up of the Company, the Holders shall be entitled to be paid out of available funds and assets prior to any distribution on any Common Stock or Preferred Stock, an amount per share equal to the Stated Value. In the event available funds and assets are insufficient to permit the payment to Holders the full Stated Value, then subject to the rights of any class or series of stock senior to or pari passu with the Series E Preferred Stock, all remaining funds and assets of the Company shall be distributed among the Holders before distribution to any holders of Junior Stock. The Warrants will be in form of Exhibit B to the Securities Purchase Agreement and will have an exercise price of $0.75 per share of Common Stock. The holders of the Warrants may exercise the Warrants upon Stockholder Approval, and the Warrants will terminate on the second anniversary of the Initial Exercise Date. The Exercise Price and share number of the Warrants is subject to proportional adjustment upon the occurrence of specified events and subject to price-based adjustment in the event of any stock split, stock dividend, stock combination, recapitalization or other similar transactions, as described in further detail in the Warrants. In addition, the Exercise Price of the Warrants will adjust upon subsequent issuances of Common Stock or common stock equivalents at a price less than the Exercise Price then in effect to the price of such subsequent issuance. The Warrants may be exercised pursuant to a cashless exercise provision after the Initial Exercise Date if there is no registration statement available for the sale of the Warrant Shares after the Effectiveness Deadline. The Warrants will contain a beneficial ownership limitation such that no exercise shall be permitted to the extent it would cause a Holder to beneficially own in excess of 4.99%, or, at the option of such holder, 9.99% of the outstanding shares of our Common Stock immediately after giving effect to such exercise. The foregoing summary of the Securities Purchase Agreement does not purport to be complete and is qualified its entirety by reference to the complete text of the Securities Purchase Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 1.01. The foregoing descriptions of the form of the (i) Registration Rights Agreement, (ii) Warrants, and (iii) Certificate of Designations do not purport to be complete and are qualified in their entirety by reference to the complete text of each document included as an exhibit to the Securities Purchase Agreement. A full-text copy of the Company's report filed on Form 8-K is available at https://tinyurl.com/2kj936hv About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Windtree Therapeutics had $27.9 million in total assets, $14.7 million in total liabilities, $3.2 million in total mezzanine equity, and a total shareholders' equity of $10 million. X4 PHARMACEUTICALS: BlackRock Holds 3% Stake as of June 30 ---------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G/A (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 30, 2025, it beneficially owns 179,125 shares of X4 Pharmaceuticals, Inc.'s Common Stock, representing approximately 3.0% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/mv5y2efd About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. [] Jackson Walker Settles w/ Seadrill on Judge Romance Case ----------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that Jackson Walker LLP has agreed to pay $485,000 to settle claims with former oil driller Seadrill over the firm's failure to disclose a past romantic relationship between a former partner and a prominent judge. According to a July 25, 2025 motion filed in the U.S. District Court for the Southern District of Texas, the settlement resolves potential claims brought by reorganized Seadrill Ltd. and its affiliate, Seadrill Partners LLC. The agreement, which is subject to court approval, would grant Jackson Walker liability releases from both entities. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. About Seadrill Ltd. Seadrill Limited operates as an oil and gas field service company. The Company offers drilling contracting services to unlock oil and gas resources for clients across harsh and benign locations. Seadrill serves customers worldwide. [] Newsbury Storage Facility Up for Sale on Aug. 19 --------------------------------------------------- JSJ Auctions will old a public auction on Aug. 19, 2025, at 2:00 p.m., for the sale of 179+/- unit self-storage facility located at 706 NH-103A, Newbury, New Hampshire. A $50,000 deposit, balance due within 30 days. The sale is subject to confirmation by the special administrator, the administrator reserves the right to reject any and all bids. A 5% buyers premium payable to the auctioneer due at closing. For a complete terms and additional info, visit: https://www.jsjauctions.com/ [] Portage Point Adds Albergotti as Turnaround & Restructuring MD ----------------------------------------------------------------- Portage Point Partners, LLC (Portage Point), a blue-chip advisory, consulting, interim management and financial services firm focused on the middle market, announces the addition of Robert Albergotti as Managing Director to the Turnaround & Restructuring Services (TRS) practice. Rob has spent more than two decades serving as Chief Restructuring Officer, interim CFO and lead advisor on complex Chapter 11 and out-of-court restructurings -- ranging from asset divestitures to debt refinancing and DIP financings. He specializes in business planning, financial reporting, treasury management, Chapter 11 administration and operational improvements, spanning strategic alternative assessments, contingency planning, bankruptcy administration and post-emergence trustee duties across a variety of industries including aviation, retail, manufacturing, energy production and oilfield services. "I am excited to join Portage Point and contribute to the continued growth of the TRS practice. The firm's reputation for delivering exceptional outcomes through hands-on leadership and collaborative execution aligns perfectly with my approach," said Rob Albergotti. "I look forward to contributing to impactful client outcomes across all practice lines, including Performance Improvement, Transaction Advisory Services, Transaction Execution Services, Interim Management, Investment Banking and Office of the CFO." "We are thrilled to welcome Rob to the TRS team. His deep experience, steady leadership and proven ability to guide companies through complex restructurings make him an exceptional addition," said Tom Studebaker, Managing Director and Co-Head of TRS. "Rob's arrival further strengthens our ability to deliver critical solutions and best-in-class results to clients." "Rob delivers a proven track record of driving operational excellence and leading complex transformations," stated Matthew Ray, Founder and CEO of Portage Point. "His strategic approach to restructuring and his ability to navigate challenging situations have delivered measurable value for stakeholders and clients alike. I am confident that his experience and insight will further strengthen our team." Prior to Portage Point, Rob served as CFO at CHC Group LLC and as a Partner and Managing Director in AlixPartners Turnaround & Restructuring Services practice. About Portage Point Partners Portage Point Partners is a business advisory, interim management and investment banking firm intensely focused on the middle market. Portage's blue chip team leverages bulge bracket experience in consulting, operations, finance, accounting, investment banking and investing to provide unmatched transactional, operational and financial perspectives to middle market stakeholders. The Portage Point cross-functional platform is uniquely architected to offer fully integrated capabilities and solutions that identify value capture, mitigate risk and positively impact outcomes at every stage of the ever-changing middle market business lifecycle. From ideation to monetization, Portage Point delivers excellence across transaction advisory services, transaction execution services, office of the CFO, performance improvement, interim management, investment banking, operational turnaround and financial restructuring. Learn how Portage Point can positively impact your business www.portagepointpartners.com. [] Three Florida Dolphin Aquariums Up For Sale ---------------------------------------------- Keen-Summit Capital Partners LLC will hold a sale of three dolphin aquariums and real estate (+/-7.98 acres Gulf World Marine Park, Panama City Beach, +/- 6.06 acres Marineland Dolphin Adventure, St. Augustine, and +/-38 acres Miami Seaquarium. Stalking horse offers are being considered. Further information regarding the sale, contact Keen-Summit at 646-381-9222 or visit https://www.keen-dolphinrealestate.com/ [^] 2025 Distressed Investing Conference: Registration Now Open! ---------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***