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250808.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 8, 2025, Vol. 29, No. 219 Headlines 1031 SOLUTIONS: Taps Cresa LLC as Real Estate Broker 35A PROPERTY: Hires Michael L. Previto as Legal Counsel 3784 LLC: Seeks to Hire Adam I. Skolnik PA as Bankruptcy Counsel 3910 ENTERPRISES: Case Summary & 14 Unsecured Creditors 58 OCEAN: To Sell Deal Property to Martin and Joy Erani for $9.6MM 8787 RICCHI: Amends Unsecured Claims Pay Details AAA ABC ACQUISITION: Unsecureds Will Get 57% of Claims in Plan ACADEMY AT PENGUIN: U.S. Trustee Appoints Creditors' Committee ALACHUA GOVERNMENT: Taps Janet R. Naifeh of FTI Consulting as CRO ALACHUA GOVERNMENT: Taps Richards Layton & Finger as Legal Counsel ALAN REDMOND: Wins Summary Judgment Bid in Jordan Adversary Case ALLIANT HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable ALPINE SUMMIT: Larry Jacobs Breached Ethical Duties Owed to HB2 ALVERNIA UNIVERSITY: S&P Affirms 'BB+' Rating on 2020 Revenue Debt AMERICAN PEST: $390K Unsecured Claims to Split $31K over 3 Years AQUA SPAS: Taps Kutner Brinen Dickey Riley as Attorneys ATHENA MEDICAL: Court Tosses Dorsey & Whitney's Fee Application ATLAS CC: Moody's Appends 'LD' Designation to PDR AUTO HOUSE: U.S. Trustee Unable to Appoint Committee AVON PLACE: Hires Schwartz Sladkus LLP as Litigation Counsel BALKAN EXPRESS: Seeks to Extend Plan Exclusivity to November 26 BAYSIDE LIMO: Gets Interim OK to Use Cash Collateral BELLEHAVEN ACADEMY: U.S. Trustee Unable to Appoint Committee BESTWALL LLC: 4th Cir. Rejects Bid to Dismiss Bankruptcy Case BG SHOP: Unsecured Creditors to Split $10K in Plan BIG STORM: U.S. Trustee Unable to Appoint Committee BISHOP OF FRESNO: Hires Donlin Recano as Administrative Advisor BISHOP OF FRESNO: Hires Kahn Soares & Conway as Special Counsel BISHOP OF FRESNO: Hires Stradley Ronon as Special Counsel BLH TOPCO: Plan Exclusivity Period Extended to October 22 BRIGHT CARE: Court OKs Deal to Use Live Oak's Cash Collateral BTG TEXTILES: Seeks Cash Collateral Access Until December CALI MADE COLD: Unsecureds Owed $1.48M Will Get 1% of Claims CAMTREN HOLDINGS: Hires Rountree Leitman Klein as Legal Counsel CENTER FOR SPECIAL: Founder Loses Bid to Revoke Detention Order CENTRAL RENT-ALL: Seeks Chapter 11 Bankruptcy in Louisiana CGA CORP: Seeks to Hire Ure Law Firm as Bankruptcy Counsel CHAMPIONS FINANCING: Moody's Cuts CFR to Caa1, Outlook Stable CHICKEN SOUP: Court Tosses Muszynski Appeal on Retention Order CINEMAWORLD OF FLORIDA: U.S. Trustee Unable to Appoint Committee CLAIRE'S HOLDINGS: Gets Interim OK to Use Cash Collateral CLAIRE'S STORES: Files 2nd Chapter 11 Bankruptcy CLEAN ENERGY: Issues $151.8K Note to 1800 Diagonal for $132K CLOUD SOFTWARE: S&P Assigns 'B' Rating on Secured First-Lien Loans CONFLUENCE CORP: U.S. Trustee Appoints Creditors' Committee CONSOLIDATED APPAREL: Gets Extension to Access Cash Collateral CRANE ENTERPRISES: Wins Summary Judgment Bid in Crane, et al. Case CS-ORED LLC: Case Summary & One Unsecured Creditor CYTOPHIL INC: Seeks to Extend Plan Exclusivity to August 26 D&B RENTALS: Seeks to Tap Expert Accounting Services as Accountant DALLAS PARTY: Seeks to Hire Hayward PLLC as Bankruptcy Counsel DANIEL TRUCKING: Hires David Freydin PC as Bankruptcy Counsel DASHFIRE LLC: To Sell Beverage Equipment to Multiple Buyers DEEJAYZOO LLC: Seeks to Extend Plan Exclusivity to March 24, 2026 DESKTOP METAL: Gets Interim OK to Use Cash Collateral DFND SECURITY: Seeks Subchapter V Bankruptcy in California DIAMONDHEAD CASINO: Court Grants Chapter 7 Involuntary Petition DISTRICT 7 GRILL: Case Summary & 15 Unsecured Creditors DVC3 LLC: Court Denies Bid to Extend Cash Collateral Access EKROOP LLC: Seeks to Hire Caddell Reynolds as Attorney EL DORADO: Affiliate to Sell Oil & Gas Leases to Hilcorp Energy ENDI PLAZA: Seeks Cash Collateral Access ENI DIST: Voluntary Chapter 11 Case Summary EPIC! CREATIONS: Unsecureds to Get Nothing in Plan ESSATIONS INC: Seeks to Tap David Freydin PC as Bankruptcy Counsel EXACTECH INC: Fee Examiner Taps Verrill Dana as Counsel FELTRIM TUSCANY: Amends U.S. Bank Secured Claims Pay Details FIGUEROA TELEPHONE: Unsecureds to Split $1K over 12 Months FREEDOM RAVE: Unsecured Creditors to Split $50K in Plan FRESE INDUSTRIES: Hires Bond Law Office as Legal Counsel FRONTIER COMMUNICATIONS: Court Refuses to Reopen Chapter 11 Case GRANT PARK: Case Summary & 20 Largest Unsecured Creditors HARDING BELL: U.S. Trustee Appoints Creditors' Committee HOLLOWELL VENTURES: Hires Bond Law Office as Legal Counsel HRHI WIND-DOWN: Seeks to Extend Plan Exclusivity to November 4 IDEAL PROPERTY: Bridgeview Property Sale to Framos Properties OK'd INDY US: Moody's Hikes Rating on Secured Bank Loans to 'B1' IR4C INC: Hires Saunders Real Estate LLC as Real Estate Broker IYA FOODS: Court OKs Bakery Equipment Sale to J&J Snack for $2.1MM J AND A 5TH AVE: Hires Scura Wigfield Heyer as Legal Counsel J&L LANDSCAPE: Unsecured Creditors to Split $10K in Plan J4G LLC: Gets Interim OK to Use Cash Collateral Until Sept. 23 LAURENT TOWER: Hires Hilco Real Estate LLC as Real Estate Agent LENDINGTREE INC: S&P Rates New Senior Secured Credit Facility 'B' LEVEL 3 FINANCING: Fitch Rates First Lien Secured Notes 'B+' LEVEL 3 FINANCING: Moody's Rates New Secured First Lien Notes 'B1' LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to November 3 LINDA FLORA: Seeks to Hire Lewis Phon as Bankruptcy Counsel M.L.B. DESIGNS: Gets Interim OK to Use Cash Collateral MARI ARI: Court Extends Cash Collateral Access to Aug. 27 MARIN SOFTWARE: Court OKs Final DIP Order and Disclosure Statement MATCH GROUP: S&P Rates New $700MM Senior Unsecured Notes 'BB' MCCLAIN FAMILY: Has Deal on Cash Collateral Access MCR HEALTH: Behavioral Health Practice Sale for $2.5M OK'd MEANDERING BEND: Voluntary Chapter 11 Case Summary MID-COLORADO INVESTMENT: Taps Fidelis CPAs as Tax Accountant MILAN SAI: Court Extends Cash Collateral Access to Aug. 20 MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral MIRROR TRADING: Bid to Issue Pluries Summons on Investor Granted MODERN FLOOR: Voluntary Chapter 11 Case Summary MOWBRAY WATERMAN: Seeks to Hire Ordinary Course Professionals MP COMPLETE: Case Summary & Eight Unsecured Creditors NABORS INDUSTRIES: Director David Tudor Holds 700 Common Shares NABORS INDUSTRIES: Welcomes David Tudor to Board of Directors NATIONAL REALTY: Court Narrows Claims in AIRN Adversary Case NEW EARTH: Seeks to Hire Budgen Law as Bankruptcy Counsel NEW REDBIRD: Voluntary Chapter 11 Case Summary NIKOLA CORP: Hires Kasowitz LLP as Special Litigation Counsel NORTIA LOGISTICS: Court Extends Cash Collateral Access to Aug. 29 NUNO MANSION: Hires Steven Richman as Special Litigation Counsel OAKTREE OCALA: Gets Interim OK to Use Cash Collateral OCEANSIDE COLLEGIATE: Moody's Downgrades Revenue Rating to Ba1 ORB ENERGY: Voluntary Chapter 11 Case Summary PEGGY NESTOR: Employment of Vinay Agarwal as Accountant Upheld PELICAN PROS: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel PEPPERMILL LIMITED: Belton Appeal in Chapter 11 Cases Tossed PETSMART LLC: Moody's Affirms B2 CFR & Rates New 1st Lien Notes B2 PHVC4 HOMES: To Sell 31 Vacant Lots to Team Steber for $1.2MM PIONEER AIRCRAFT: Fitch Hikes Rating on Series C Notes to 'Bsf' POPELINO'S TRANSPORTATION: Seeks to Use Cash Collateral PRIME CAPITAL: Seeks to Sell Vehicles at Auction PRIMERO SPINE: Gets Extension to Access Cash Collateral PRINCE LAND: Seeks Chapter 11 Bankruptcy in Florida PROFESSIONAL DIVERSITY: SR CPA Succeeds Sassetti as Auditor QNITY ELECTRONICS: S&P Assigns 'BB+' ICR, Outlook Stable QUIDELORTHO CORP: S&P Assigns 'B+' ICR, Outlook Positive RAS DATA: Seeks Chapter 11 Bankruptcy in Illinois RB BIOSCIENCE: Voluntary Chapter 11 Case Summary RECESS HOLDCO: S&P Alters Outlook to Stable, Affirms 'B+' ICR RED RIVER: Ex-Judge Tapped to Re-examine Talc Evidence RED ROCK: Seeks to Hire Robin Olvera as Bookkeeper REDBIRD REALTY: Voluntary Chapter 11 Case Summary REEF POOLS: Unsecured Creditors to Split $12K over 3 Years RENOVARO INC: Board Chair Maurice van Tilburg to Resign Aug. 22 RIVERSIDE EXPRESS: Seeks to Hire Michael Jay Berger as Counsel RLI SOLUTIONS: Hires Burns Scalo Brokerage as Real Estate Broker SEBASTIAN HABIB: To Sell Austell Properties to AC Investment SENOIA DRUG: Seeks to Hire Jones & Walden as Bankruptcy Counsel SERVICOM LLC: Coral Capital Not Entitled to Early Termination Fee SHAHINAZ SOLIMAN: Court OKs Deal to Use SBA's Cash Collateral SHARPLINK GAMING: Joseph Chalom Named Co-Chief Executive Officer SHARPLINK GAMING: Shareholders OK Share Increase, Incentive Plan SILVER AIRWAYS: Trustee Taps E-Hounds Inc as Technology Consultant SILVER AIRWAYS: Trustee Taps Richards Legal as Aviation Counsel SLATE GAP: Hires Bond Law Office as Legal Counsel SMALLHOLD INC: Mountain Meadow Wins Bid to Dismiss Adversary Case SOUND VISION: Taps Macdonald Rand & Vollaro CPA LLP as Tax Advisor SOUTH REGENCY: Block & Co. Steps Down as Committee Member SOUTHERN EXPRESS: Case Summary & 20 Largest Unsecured Creditors SYAGRUS SYSTEMS: Seeks to Use Cash Collateral THUNDER RIDE: Gets Interim OK to Use Cash Collateral TOMATLAN INC: Hires Gleichenhaus Marchese as General Counsel TONIX PHARMACEUTICALS: Posts Preliminary Q2 2025 Financial Results UNITED CONSTRUCTION: Seeks to Hire Ana Morales as Accountant UPPER ROOM: Trustee Taps MYC & Associates as Real Estate Broker VELUXE LLC: Gets Extension to Access Cash Collateral VENUS CONCEPT: Secures $2M in Tenth Madryn Bridge Drawdown VISION2SYSTEMS LLC: Plan Exclusivity Period Extended to August 19 WARM CORP: Gets Interim OK to Use Cash Collateral WE LOVE DOGS: Unsecureds to Get 12.3 Cents on Dollar in Plan WEST DEPTFORD: S&P Assigns 'B+' Rating on Sr. Secured Term Loan B WHIRLPOOL CORP: S&P Alters Outlook to Neg., Affirms 'BB+' LT ICR WHITESTAR DISTRIBUTORS: Claims to be Paid from Ongoing Operations WILDFANG HOLDINGS: U.S. Trustee Unable to Appoint Committee WINDTREE THERAPEUTICS: Audit Chair Resigns; Kucharchuk Joins Board WOODLAND PLACE: Taps Clear Property Management as Listing Agent WOODMAN INVESTMENT: Hires Havkin & Shrago as Insolvency Counsel XWELL INC: Amends Bylaws to Lower Stockholder Voting Threshold [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ********* 1031 SOLUTIONS: Taps Cresa LLC as Real Estate Broker ---------------------------------------------------- 1031 Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Cresa, LLC as its real estate broker. Cresa, LLC will provide these services: (a) advertise and market the Property to interested parties; (b) show the Property to interested parties; (c) represent the estate as seller in connection with the sale of the Property; (d) advise the Debtor with respect to obtaining the highest and best offers available in the present market for the Property; and (e) perform other necessary tasks in the context of the employment as real estate broker. Cresa shall receive a commission equal to 6% of the gross sale price (3% to an outside firm for representing the buyer and 3% to Cresa for representing the seller). If Cresa is the only broker involved, it will receive a 5% commission. Cresa, LLC 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: Tyler Clutts, Principal Cresa, Inc. 1 Cowboys Way, Ste 350 Frisco, TX 75034 Telephone: (559) 355-8835 E-mail: tclutts@cresa.com About 1031 Solutions, LLC 1031 Solutions LLC is a real estate investment firm located in Los Angeles, CA, specializing in helping clients execute 1031 exchanges to defer capital gains taxes. The Company is committed to offering tailored and effective solutions, guiding investors through the intricacies of tax-deferred exchanges to enhance their real estate portfolios. 1031 Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11378) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by Gary E. Klausner, Esq. at Levene Neale Bender Yoo & Golubchik, LLP. 35A PROPERTY: Hires Michael L. Previto as Legal Counsel ------------------------------------------------------- 35A Property, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Michael L. Previto, a professional practicing law in New York, to serve as legal counsel in its Chapter 11 case. Mr. Previto will provide these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-Possession in the operation and management of the financial reorganization of the estate; (b) attend meetings and negotiate with creditors, the Trustee, and others; (c) take all actions to protect the Debtor's estate, including litigation and negotiation on the Debtor's behalf; (d) prepare all motions, applications, answers, orders, reports, and other legal papers necessary for the administration of the estate; (e) assist and represent the Debtor in obtaining financing, if applicable; (f) prepare a Chapter 11 plan and disclosure statement and take actions to obtain confirmation of that plan; (g) represent the Debtor's interest in any sale of property or assets; (h) appear in Court to protect the Debtor’s interests; and (i) perform all other legal services and provide such advice as necessary to assist the Debtor. Mr. Previto's hourly rate is $250, and he received a $6,000 retainer, which included the filing fee. His compensation will not increase during the proceeding. Michael L. Previto is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. He can be reached at: Michael L. Previto, Esq. 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Telephone: (631) 379-0837 About 35A Property, Inc. 35A Property Inc. is a single-asset real estate debtor as defined under 11 U.S.C. Section 101(51B). The Company is involved in managing a single property located in Brooklyn, New York. 35A Property first filed protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44621) on November 6, 2024. The case was dismissed on June 16, 2025. 35A Property, Inc. sought again protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42603) on May 28, 2025. At the time of the new filing, Debtor had estimated assets of $1,500,000 and liabilities of $1,550,000. Danil Shabatayez signed the petition as owner/vice president. Honorable Judge Elizabeth S. Stong oversees the case. Michael L. Previto is Debtor's legal counsel. 3784 LLC: Seeks to Hire Adam I. Skolnik PA as Bankruptcy Counsel ---------------------------------------------------------------- 3784, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Office of Adam I. Skolnik, PA as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties and in its relationship with its creditors, committees, the Office of the United States Trustee and other interested parties; (b) advise the Debtor with respect to its responsibilities in complying, with the U.S. Trustee's Operating Guidelines and Reporting Requirements, the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules; (c) assist the Debtor with the investigation and pursuit of property of the estate, sale of some or all of its assets, if needed; (d) assist the Debtor in the formulation and dissemination and approval of disclosure statement and plan; (e) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (f) protect the interest of the Debtor in all matters pending before the court; (g) represent the Debtor in negotiation with its creditors in the preparation of a plan; and (h) perform all other necessary functions as attorney for the proper administration of the bankruptcy estate. The firm will be paid at these hourly rates: Adam Skolnik, Attorney $550 Paralegals $185 In addition, the firm will seek reimbursement for expenses incurred. Prior to petition date, the firm received $12,500 as retainer from the Debtor. Mr. Skolnik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam I. Skolnik, Esq. Law Office of Adam I. Skolnik, P.A. 1761 West Hillsboro Boulevard, Suite 201 Deerfield Beach, FL 33442 Telephone: (561) 265-1120 Facsimile: (561) 265-1828 Email: askolnik@skolniklawpa.com About 3784 LLC 3784 LLC is a real estate services company based in Pompano Beach, Florida. 3784 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18289) on July 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Adam I. Skolnik, Esq. at the Law Office of Adam I. Skolnik, PA. 3910 ENTERPRISES: Case Summary & 14 Unsecured Creditors ------------------------------------------------------- Debtor: 3910 Enterprises, Inc. 2527 Market St. Galveston TX 77550-1431 Business Description: 3910 Enterprises, Inc. manages real estate on behalf of clients and provides property appraisal services. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-80362 Judge: Hon. Alfredo R Perez Debtor's Counsel: Genevieve M. Graham, Esq. GENEVIEVE GRAHAM LAW, PLLC DBA GRAHAM PLLC PO Box 130378 Houston TX 77219 Tel: (832) 367-5705 Email: ggraham@graham-pllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rejone Edwards as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KLKNFXQ/3910_Enterprises_Inc__txsbke-25-80362__0001.0.pdf?mcid=tGE4TAMA 58 OCEAN: To Sell Deal Property to Martin and Joy Erani for $9.6MM ------------------------------------------------------------------ 58 Ocean Avenue LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to sell property located at 58 Ocean Avenue, Deal, New Jersey 07723, free and clear of liens, claims, and encumbrances. A detailed description of the Property can be found at https://urlcurt.com/u?l=dXdKn8 The Debtor retains Adele Cohen of Irwin Leventer Real Estate, Inc. as realtor due to her connections to the community in deal and her experience in the high-end real estate market. Initially the property was listed as an exclusive meaning that only Ms. Cohen's office and other exclusive realtors had access to the listing. There was activity and offers but no offers with acceptable terms. The property was then listed on the MLS on June 6, 2025. Thereafter, there were many interested parties and initial offers. Ms. Cohen was able to negotiate and procure buyers, Martin and Joy Erani, for the property at $9.6 million dollars, cash, 60 day closing with bankruptcy court approval. The buyer also owns property adjacent to the Subject Property. The sale is an arm's length transaction. Debtor hired V. David Shaheen, Esq. as transaction counsel for the Debtor and attorney review has been concluded. The Debtor respectfully requests that the Court enter the within Order approving the sale consistent with the terms of the Contract for Sale. About 58 Ocean Avenue LLC 58 Ocean Avenue LLC is the fee simple owner of the real property located at 58 Ocean Ave., Deal, NJ 07723-1330 valued at $8 million. 58 Ocean Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21708) on Nov. 26, 2024. In the petition filed by Joseph Safdieh, as managing member, the Debtor reports total assets of $8,000,000 and total liabilities of $4,702,145. Judge Michael B. Kaplan presides over the case. The Debtor is represented by Scott J. Goldstein, Esq. at LAW OFFICES OF WENARSKY & GOLDSTEIN LLC. 8787 RICCHI: Amends Unsecured Claims Pay Details ------------------------------------------------ 8787 Ricchi LLC submitted a Second Amended Disclosure Statement for the First Amended Plan of Reorganization. The Plan restructures the obligations owed to 87STE Lending, LLC and Merriman Anderson Architects, Inc., among others, and conveys New Equity Interests in the Reorganized Debtor to special purpose entity MM 8787 MK, LLC, a Texas limited liability company, an affiliate of 2M Holdings, LP, a Delaware limited partnership. 2M and MM 8787 MK, LLC are also affiliates of Centurion American Custom Homes, Inc., a Texas corporation d/b/a Centurion American Development Group, ("CADG"). 2M has committed to fund the Plan. All valid pre-petition liens and security interests against the Property that secure Allowed Claims will remain in full force and effect, until the associated Claimant is paid under the terms of the Plan. The Plan does not contemplate a reduction in the total amount of indebtedness secured against the Property; and 2M has agreed to fund its affiliate's acquisition of the New Equity Interests with the principal asset under such continuing condition. In return for the New Equity Interests, 2M will contribute an initial payment plan and commit to finance additional funding necessary for the Reorganized Debtor to meet the payment requirements of the Plan. Meanwhile, the Reorganized Debtor will proceed with redevelopment of the historic Property from commercial to residential usage under the stewardship of 2M and CADG. The Plan includes two plan periods – the initial plan period provides interest-only payments to certain classes of creditors, with the secondary plan period adding principal payments for those same classes of creditors. This structure is premised upon the Debtor's sincere belief that a refinancing transaction will occur within twelve months of the Plan Effective Date. When such a refinancing transaction does occur, mandatory prepayment of allowed claims in certain classes must occur. Under the Plan, the Reorganized Debtor seeks to transition to the Property to residential use, while maintain business operations in the interim to minimize potential Claims arising in connection with existing tenants. The Property suffers from low commercial occupancy in a challenging commercial rental market. The long-term highest and best use of the Property is multi-family residential, and not unlimited continuation of the existing commercial office use. Since acquisition, the Debtor has operated the Property at an annual net loss. On an accrual basis, the Debtor had a year-to date net loss of $222,898.56 as of May 31, 2025. However, on a cashflow basis since filing bankruptcy, the Debtor has limited the monthly net losses, less than $14,000 per month, excluding deposits required for this bankruptcy case. In general, the Plan provides a comprehensive proposal for the New Equity Interests in the Reorganized Debtor to be issued to MM 8787 MK, LLC, an affiliate of 2M and CADG (or such other affiliate entity as 2M, as the Plan Funder, may designate under the Plan) and in return the Reorganized Debtor will receive certain cash consideration via the Initial Plan Payment and commitment from 2M for Exit Funding to make the contemplated Plan Payments. The Reorganized Debtor will continue with the redevelopment strategy for the Property, from commercial to residential use, with the ultimate objective of prepayment of the Plan Payments upon closing of a Refinance Transaction. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each such Holder shall receive: (i) payment in full, including interest at the Plan Rate from the Petition Date through the Plan Effective Date, in Cash over thirty-six equal monthly installments with interest on such Allowed General Unsecured Claims after the Plan Effective Date at the Plan Rate. Class 6 will receive a distribution of 100% of their allowed claims. This Class is impaired. To fund all required Plan Payments, the Reorganized Debtor shall make use of a combination of: (i) the Initial Plan Payment, to be funded by the Plan Funder on or before the Plan Effective Date; (ii) its business income; and (iii) the Exit Funding committed to provide by the Plan Funder as an equity contribution. A full-text copy of the Second Amended Disclosure Statement dated July 31, 2025 is available at https://urlcurt.com/u?l=IWFe0m from PacerMonitor.com at no charge. Counsel to the Debtor: Frank J. Wright, Esq. Law Offices of Frank J. Wright PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: (214) 238-4153 Email: frank@fjwright.law About 8787 Ricchi LLC 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Frank Jennings Wright, Esq. at Law Offices of Frank J. Wright, PLLC. AAA ABC ACQUISITION: Unsecureds Will Get 57% of Claims in Plan -------------------------------------------------------------- AAA ABC Acquisition, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement and Plan of Reorganization dated July 31, 2025. Abrams and A3 were prominent talent agencies, with worldwide operations spanning many years, whose revenue was derived from services rendered by their agents, on behalf of front-of-camera and behind-camera talent and professionals. AAA was formed specifically to acquire the equity in Abrams and A3 as part of a purchase transaction. AAA served as the primary administrator/manager and funding source for the operating expenses of the business and affairs of Abrams and A3. On the Petition Date, the equity interests in AAA were owned (on a fully diluted basis) as follows: (i) approximately 60% by Superbrands Capital, LLC, which is solely owned by Adam Bold, and; (ii) Brian Cho and Robert Attermann, who shared the balance of the membership interests of AAA equally. In January 2024, AAA sold certain of the assets of Abrams and A3 (consisting of future payments under certain contracts) to The Gersh Agency for a price of $15,000,000, with $10,000,000 paid at closing and the balance evidenced by a promissory note in the principal amount of $5,000,000 (plus accrued interest), payable in July 2025. Bold, then being the sole remaining member of the board, with the other two board members (Cho and Attermann) having resigned, concluded that a Chapter 11 was in the best interests of all creditors and that winding down the affairs of Abrams and A3 would facilitate the Debtors’ liquidation. As a result, the instant cases were commenced. The Debtors ceased operations, sold their primary assets and commenced these cases to aid in their liquidation efforts so that recovery to creditors may be maximized. Under this Plan, there will be a reserve created in the amount of $100,000 from funds available through the date of Plan confirmation in order to funds the post-Effective Date fees and costs, including for professionals, to assist in carrying out duties under the Plan, provided, however, that such amount constitutes a reserve, but not a cap on such fees and costs. The Debtors shall be authorized to hire professionals to assist them in carrying out their duties under this Plan, which professionals may include counsel for the Debtors. Under this Plan, after payment of administrative and priority claims, and a reserve for postconfirmation services, before Superbrands or Bold receive any distribution on account of their respective Class 2f claims. After the payments are made (specifically 57% distribution to Class 2a allowed claims), the remaining Classes of claims entitled to distribution will be Class 2a (general unsecured creditors) and Class 2f (unsecured claim of Superbrands and Adam Bold), at which time: (1) any remaining cash (after taking into account reserves for and payment of post-confirmation and post-Effective Date administrative fees and expenses) such creditors (i.e., Classes 2a and 2f) shall share pro-rata in any future distributions. Class #2a consists of General unsecured claims. These are claims of all general unsecured creditors with claims in excess of $5,000, other than Superbrands, Bold, Cho, Attermann, Patman and the Settlement Agents, which are separately classified as a Classes 2c2f claims. Claimants in Class 2a are entitled to vote to reject or accept the Plan. Each member of Class #2 holding an allowed claim will be paid a pro rata share of a fund of amounts remaining after payment of (i) claims of a higher priority than Class 2, (ii) actual and necessary fees and expenses of administering these estates, and (iii) the actual and necessary postEffective Date reserved fees and expenses of administering these estates, including, without limitation, the fees and expenses of the Estate Representative’s and his/her professionals and the Debtors' professionals. Payments will begin on (date): Effective Date. It is anticipated that, on the Effective Date, cash equal to 57% of allowed Class 2a claims (approximately $311,775, assuming all asserted Class 2a claims are allowed) will be distributed to Class 2a holders of allowed claims with additional funds based on collection and availability. Class 2b consists of the General unsecured claims (Convenience class). These are claims of all general unsecured creditors with claims in of $5,000 or less, as well as Class 2 creditors that elect to have their claim treated as a Class 2b claim in the amount of $5,000. Each claimant in Class #2b will be paid 100% of its claim, excluding interest, on the Effective Date. Class 2c consists of the General unsecured claims of Cho Attermann (Settlement). These are claims of Cho and Attermann that were subject to a motion to approve settlement scheduled for hearing on May 20, 2025. Pursuant to the settlement, Cho and Attermann have received the sum of $1,630,565.14 in full satisfaction of their allowed claims. Claimants in Class 2c are not entitled to vote on the Plan because claims in this class have already been satisfied. Class 2d consists of the General unsecured claim of Patman (Settlement). This is a claim of Patman, in the amount of $521,000, which, pursuant to a settlement reached with the Debtors and Superbrands, will receive payment under the Plan in the amount of $225,000. Claimants in Class 2d are entitled to vote to reject or accept the Plan. Class 2e consists of General unsecured claim of Settled Agents (Settlement). This class is comprised of the settled claims of Settled Agents. The total amount of agreed-upon, allowed claims in this class equals $2,113,170.26 and a total of up to $830,000 (approx. 40% recovery) will be distributed to this class in accordance with the Debtors' settlement agreements with the Settled Agents. Claimants in Class 2e are entitled to vote to reject or accept the Plan. Class #2f consists of Superbrands and Bold Unsecured Claims. These claims will receive distributions subject to the subordination provisions. Subject to the subordination provisions, the member of Class #2e holding an allowed claim will be paid a pro rata share of a fund of amounts remaining after payment of (i) claims of a higher priority than Class 2e, (ii) actual and necessary fees and expenses of administering these estates, and (iii) the actual and necessary reserve for post-Effective Date fees and expenses of administering these estates, including, without limitation, the fees and expenses of the Estate Representative and his professionals and the Debtors' professionals. A full-text copy of the Disclosure Statement dated July 31, 2025 is available at https://urlcurt.com/u?l=dyUtqb from PacerMonitor.com at no charge. Counsel to the Debtors: Carolyn A. Dye, Esq. Law Office of Carolyn A. Dye 15030 Ventura Blvd., Suite 527 Sherman Oaks, CA 91403 Tel: (818) 287-7003 Fax: (323) 987-5763 Email: cdye@cadye.com And David B. Golubchik, Esq. Krikor J. Meshefejian, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: dbg@lnbyg.com About AAA ABC Acquisition, LLC AAA ABC Acquisition, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11384) on Feb. 25, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Adam Bold, Board Member. Judge Vincent P. Zurzolo presides over the case. Carolyn A. Dye, Esq., at the Law Office of Carolyn A. Dye represents the Debtor as bankruptcy counsel. ACADEMY AT PENGUIN: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 1 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Academy at Penguin Hall, Inc. The committee members are: 1. Brett Chevalier 2. Cynthia Burkhardt 3. Katherine Clarke Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About The Academy at Penguin Hall Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities . The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ALACHUA GOVERNMENT: Taps Janet R. Naifeh of FTI Consulting as CRO ----------------------------------------------------------------- Alachua Government Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ FTI Consulting, Inc. to provide additional staff and designate Janet R. Naifeh as chief restructuring officer. FTI will provide these services: (1) assist the Debtor in developing, evaluating and executing various wind down strategies; (2) assist the Debtor in contingency planning and preparations; (3) assist the Debtor to prepare appropriate cash and liquidity forecasts, including a rolling 13-week cash flow forecast to size potential Debtor-in-possession needs and facilitate any reporting requirements; (4) assist the Debtor in administration of the Chapter 11 Case; (5) assist the Debtor's management in responding to requests from, and negotiate with creditors, and any government investigators, as requested; (6) assist in the administration of DIP financing as it becomes available; and (7) other services as may be reasonably requested by the Independent Director, and agreed to by FTI, and are customary in this type of engagement. FTI's standard hourly rates are: Senior Managing Director $1,185 to $1,525 Directors/Senior Directors/ Managing Directors $890 to $1,155 Consultants/Senior Consultants $485 to $820 Administrative/Paraprofessionals $190 to $385 FTI received an advance payment of $300,000.00 on July 1, 2025. On July 3, 2025, FTI received an additional advance payment of $100,000. Janet Naifeh, senior managing director at FTI, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. FTI can be reached through: Janet R. Naifeh FTI Consulting, Inc. 155 Franklin Road, Suite 210 Brentwood, TN, 37027 Tel: (615) 324-8500 (615) 324-8581 Fax: (615) 324-8501 Email: jan.naifeh@fticonsulting.com About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael J. Merchant, Esq. at Layton & Finger, P.A. FTI Consulting, Inc. is the Debtor's restructuring advisor, Jefferies LLC and Jefferies International Limited is the Debtor's investment banker, and Epiq Corporate Restructuring LLC is the Debtor's claims and noticing agent. ALACHUA GOVERNMENT: Taps Richards Layton & Finger as Legal Counsel ------------------------------------------------------------------ Alachua Government Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Richards, Layton & Finger, P.A. as counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor and debtor in possession under Chapter 11 of the Bankruptcy Code; b. preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; c. taking action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor in the Chapter 11 Case, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor; d. assisting with any sale or sales of assets, including preparing any necessary motions and papers related thereto; e. assisting in preparing the Debtor's disclosure statement and any related motions, pleadings, or other documents necessary to solicit votes on a Chapter 11 plan; f. assisting in preparing a Chapter 11 plan; g. prosecuting on behalf of the Debtor a proposed Chapter 11 plan and seeking approval of all transactions contemplated therein and in any amendments thereto; and h. performing all other necessary and desirable legal services in connection with the Chapter 11 case. RL&F's current hourly rates are: Directors $1,175 to $1,500 Counsel $1,000 Associates $575 to $900 Paraprofessionals $425 Prior to filing, the Debtors paid RL&F a $450,000 retainer. Any excess fees incurred were waived by RL&F, and the firm holds no claims against the Debtors for unpaid services. RL&F is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Richards, Layton & Finger can be reached at: Michael J. Merchant, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael J. Merchant, Esq. at Layton & Finger, P.A. FTI Consulting, Inc. is the Debtor's restructuring advisor, Jefferies LLC and Jefferies International Limited is the Debtor's investment banker, and Epiq Corporate Restructuring LLC is the Debtor's claims and noticing agent. ALAN REDMOND: Wins Summary Judgment Bid in Jordan Adversary Case ---------------------------------------------------------------- Judge Patricia M. Mayer of the United States Bankruptcy Court for the Eastern District of Pennsylvania granted Alan Christopher Redmond's motion for summary judgment in the adversary proceeding captioned as Jason Scott Jordan, Plaintiff v. Alan Christopher Redmond, Defendant, Adv. No. 24-00145 (Bankr. E.D. Pa.) Redmond incorporated National Brokers of America, Inc. in 2013 as an insurance call center business. Redmond hired Jason Scott Jordan that year to set up and run a call center in Pennsylvania for NBOA. When Redmond was unable to fully pay Jordan for his services, Redmond agreed to transfer 50% ownership in NBOA to Jordan, and the two men operated as the only shareholders and directors of NBOA for nearly a year. However, in 2014, Redmond froze Jordan out of NBOA and took exclusive control of the operation, management, and finances of NBOA. Redmond and Jordan were locked in state court litigation for seven years. Jordan finally secured a verdict for $13.1 million; roughly $8 million stemming from the funds Redmond misappropriated from NBOA after the freeze out and $5 million in punitive damages. Berks County Court of Common Pleas Judge Rowley adopted nearly all of Jordan's proposed findings of fact, describing at length Redmond's actions by which he violated numerous bylaws of NBOA, misappropriated millions of dollars from NBOA, ran extravagant personal purchases through NBOA's financial accounts, and made false statements to his accountant and on NBOA's tax documents. Redmond also caused serial bankruptcy filings to prolong the litigation and hold Jordan at arm's length while he drained NBOA's coffers and transferred its assets to a different entity. On Sept. 3, 2024, Jordan and two additional petitioning creditors filed an involuntary chapter 11 petition against Redmond. After hearing, an order for relief was entered Oct. 2, 2024. Two months later, Jordan filed both a proof of claim (later amended) for $13.1 million and the present action alleging the non-dischargeability of the debt. Only the Defendant moved for summary judgment. He seeks judgment as a matter of law on all claims. Jordan's Complaint alleges that 11 U.S.C. Secs. 523(a)(2)(A), (a)(4), and (a)(6) prevent discharge of the debt stemming from the state court Decision. He consistently argues that the factual findings contained within the Decision are preclusive and alone compel a finding of non-dischargeability. The Defendant, since filing his Answer, has consistently taken the position that the Decision alone does not support a finding of non-dischargeability. In parsing the state court findings of fact, he argues that those facts alone are insufficient to prove the elements required for a non-dischargeability finding under any prong of Sec. 523. Specifically, the Defendant argues that Jordan cannot prove a fiduciary relationship, as required by the first half of §523(a)(4). Further, absent a fiduciary relationship, each of the remaining causes of action include an element of intent or wrongful state of mind, which Jordan likewise cannot prove based solely on the Decision. Additionally, the Defendant argues that because Jordan has repeatedly expressed his intent to rely exclusively on the Decision and opted not to take any discovery in this matter, Jordan's evidence is necessarily limited to those facts in the Decision. The facts contained in the Decision are insufficient to prove that the judgment resulted from fraud or defalcation by Redmond acting as a fiduciary. Because Jordan offers no other evidence, the Court can conclude that there no material facts in dispute that preclude summary judgment for the Defendant on the issue of fiduciary capacity. Based on its structure and language choice, the Decision standing alone does not show, by a preponderance of the evidence, that Redmond possessed the necessary fraudulent intent required under Secs. 523(a)(2) and (a)(4). Because Jordan offers no additional evidence, the Court can conclude there are no material facts in dispute that preclude summary judgment for the Defendant on the issue of fraudulent intent. Because the Decision is devoid of evidence to show the state of mind required for a finding of non-dischargeability under Sec. 523(a)(6), Jordan cannot rely on the Decision to meet his evidentiary burden. Because Jordan has no other evidence, there are no material facts in dispute that preclude summary judgment for the Defendant on the issue of whether the debt resulted from willful and malicious injury, the Court finds. Judge Mayer holds, "Jordan, through his own words, inactions, and procedural defaults, limits the evidence presented to the state court Decision. Because that Decision contains findings inadequate to support a finding here of fiduciary capacity, fraudulent intent, or the state of mind required for willful and malicious injury, there is no material fact in dispute necessitating trial. Therefore, summary judgment will be entered for the Defendant on all counts." A copy of the Court's Opinion dated July 31, 2025, is available at https://urlcurt.com/u?l=wm9WNy Alan Christopher Redmond filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 24-13093) on September 3, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by: Nicole M. Nigrelli, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 ALLIANT HOLDINGS: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Alliant Holdings, L.P. (together with its subsidiaries, Alliant). Moody's assigned a B2 rating to the new repriced senior secured term loan of $3.83 billion of Alliant Holdings Intermediate, LLC. Moody's also affirmed the B2 ratings on the group's backed senior secured revolving credit facility, backed senior secured term loan B1 and senior secured notes as well as the Caa2 ratings on its senior unsecured notes. The rating outlook for these entities is stable. RATINGS RATIONALE Alliant's ratings reflect its leading position in several niche markets, steady organic revenue growth, solid operating margins and free cash flow. Alliant's emphasis on specialty business has been a successful strategy. The company has built its specialty and middle market insurance operation by expanding through a mix of organic growth, experienced producer hires, and to a lesser extent acquisitions. These strengths are offset by the company's high financial leverage, contingent/legal risk related to experienced producer hires, integration risk associated with acquisitions, and potential liabilities from errors and omissions, a risk inherent in professional services. The company has a record of borrowing substantial sums, but it has demonstrated an ability to reduce leverage quickly through earnings and free cash flow. Alliant reported revenue of $5.3 billion for the 12 months through March 2025 helped by strong growth in its construction and personal lines businesses through the prior year. Moody's expects slower growth in the year ahead based on a weaker US economy and lower rate increases in many lines of property & casualty insurance. Giving effect to the term loan repricing, Moody's estimates that Alliant has a pro forma debt-to-EBITDA ratio around 7x, (EBITDA – capex) interest coverage of about 2x, and a free-cash-flow-to-debt ratio in the low-to-mid-single digits. These pro forma metrics reflect Moody's accounting adjustments for operating leases, contingent earnout obligations, sizable non-recurring and unusual items, and run-rate EBITDA from acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Alliant's ratings include: (i) debt-to-EBITDA ratio below 7x, (ii) (EBITDA – capex) coverage of interest exceeding 2x, and (iii) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of Alliant's ratings include: (i) debt-to-EBITDA ratio above 8x, (ii) (EBITDA – capex) coverage of interest below 1.2x, and (iii) free-cash-flow-to-debt ratio below 2%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Alliant, backed by Stone Point Capital and based in Irvine, California, is an insurance broker primarily serving commercial middle market accounts, government entities and consumers. It reported revenue of $5.3 billion for the 12 months through March 2025. ALPINE SUMMIT: Larry Jacobs Breached Ethical Duties Owed to HB2 --------------------------------------------------------------- In the adversary proceeding captioned as ALPINE NON-OP LLC, et al., Plaintiffs, VS. HB2 ORIGINATION, LLC, et al., Defendants, ADVERSARY NO. 23-3244 (Bankr. S.D. Tex.), Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas concludes that Larry Jacobs breached his ethical duty of confidentiality owed to his former client, HB2 Origination, LLC, under Texas Disciplinary Rules of Professional Conduct by submitting an affidavit on behalf of Alpine Non-Op LLC in litigation that was: (i) on the subject of his prior representation; and (ii) adverse to his former client. In August 2022, Sam Haskell approached Alpine's CEO, Craig Perry, to explore an investment opportunity. Haskell and his group of investors proposed to contribute capital in exchange for non-operating working interests in oil and gas leases and four wells to be drilled on those leases. The leases are the "Properties." The nonoperating working interests are the "Percentage Interests" in the Properties. The investment vehicle was structured through the formation of a general partnership named Alpine 2022 Non-Op. HB2 was proposed to serve as managing partner of Alpine 2022 Non-Op. Jacobs was retained by HB2 to document the business transaction. He drafted a nominee agreement and a general partnership agreement. HB2 and Alpine Non-Op executed the Nominee Agreement and the General Partnership Agreement, each with an effective date of Aug. 19, 2022. On Nov. 6, 2023, Alpine Non-Op LLC commenced this adversary proceeding, primarily seeking a declaratory judgment that the Percentage Interests in the Properties, along with their percentage distribution rights and revenues, and their percentage interest in AFE refunds are not property of the Bankruptcy Estate. The Properties were sold pursuant to this Court's order approving the sale of certain assets. On Jan. 9, 2025, Alpine Non-Op filed its summary judgment motion, seeking judgment that the investors in the partnership held equitable title to the Percentage Interests that they purchased from HB2 and that those interests were never property of the bankruptcy estate. In support of Alpine Non-Op' summary judgment motion, Jacobs submitted an affidavit against his former client, HB2. The affidavit details Jacobs's role in drafting the investment agreements, including his impressions of their structure and legal effect. On Feb. 3, 2025, Paul Jansen, GUC Trustee, successor in-interest to HB2 filed its Motion to Strike the affidavit. Alpine Non-Op argues two points in defense of the affidavit: (1) that the information it contains is not confidential, and (2) that any duty of confidentiality was waived when HB2 authorized Jacobs to speak with Haskell about the agreements. The Court finds neither argument justifies the breach. According to the Court, there is no evidence that Jacobs received the GUC Trustee's consent to reveal the confidential information contained in his affidavit. Alpine Non-Op solicited Jacobs to breach his ethical duty of confidentiality owed to his former client under Texas law, the Court concludes. Attorneys' Fees At the March 31, 2025 hearing, the Court struck Alpine Non-Op's summary judgment motion for offering the affidavit in violation of his ethical duties owed to HB2. Alpine Non-Op states that if the Court were to find that Jacobs's affidavit was offered in violation of the former attorney's ethical duties, the Court should only strike the affidavit. The GUC Trustee argues that the March 31 ruling should stand because the other declarations, of which the summary judgment motion relies upon, are allegedly tainted by the Jacobs affidavit. Alpine Non-Op's solicitation of the breach is wholly unexcused, the Court says. For that reason, the Court will not change its March 31 oral ruling. The GUC Trustee seeks attorneys' fees for litigating this ethical issue. The Court finds that reasonable and necessary attorneys' fees should be awarded to the GUC Trustee for the bad faith filing of the affidavit. A copy of the Court's Memorandum Opinion dated July 28, 2025, is available at https://urlcurt.com/u?l=f62BGv from PacerMonitor.com. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey Capital, Inc. as investment banker; Huron Consulting Services, LLC as financial advisor; and White & Case LLP as special litigation counsel. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Reed Smith, LLP as bankruptcy counsel and Huron Consulting Services, LLC as restructuring advisor. Ryan Bouley of Huron serves as chief restructuring officer. ALVERNIA UNIVERSITY: S&P Affirms 'BB+' Rating on 2020 Revenue Debt ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on Berks County Municipal Authority, Pa.'s series 2020 revenue debt, issued for Alvernia University. The outlook is stable. S&P said, "We analyzed Alvernia's environmental, social, and governance credit factors related to its market position and financial performance. We view all environmental, social, and governance credit factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that, during the outlook period, Alvernia will maintain stable enrollment and positive operations. We also expect the university will maintain current financial resources, and we do not expect the university will issue additional debt during the outlook period. "We could consider a negative rating action if the university shows a trend of declining enrollment or a trend of full-accrual operating deficits. We could also consider a negative rating action if the university's financial resource ratios deteriorate further, or if the university issues additional debt without significant growth in financial resources. "We could consider a positive rating action if the university significantly improves liquidity and financial resource ratios and continues to produce breakeven-to-positive operations. Maintenance of stable-to-growing enrollment would also be viewed favorably." AMERICAN PEST: $390K Unsecured Claims to Split $31K over 3 Years ---------------------------------------------------------------- American Pest Solutions, Inc., submitted an Amended Subchapter V Plan of Reorganization. The Plan provides for a total of five classes of claims: one class of secured claims, one class of priority unsecured claims, one class of general unsecured claims, one class of executory agreements, and one class of equity interest holders. Under the Bankruptcy Code, the Debtor must contribute all of its projected disposable income towards payments to General Unsecured Creditors under the Plan. The Disposable Income Projection projects that after payment of ordinary business expenses, administrative creditors, priority creditors and secured creditors, the Debtor will generate net cash flow of approximately $44,274.00 in the 36 months following the Effective Date of the Plan. All of these funds, less any funds incurred for Disputed Claim Professional Fees, will be paid to General Unsecured Creditors under the Plan. Disputed Claim Professional Fees are not expected to exceed $5,000 and will be incurred for the sole purpose of increasing the available distributions to Allowed Claims. Class 3 consists of all allowed general unsecured claims. The allowed unsecured claims total $390, 239.18. The creditors shall share in a pro rata total distribution of an estimated $31,001.26. Allowed general unsecured claimants shall receive payment over three years, (36 months), at the end of each twelve-month period, ending at month thirty-six. Class 4 Consists of all allowed equity interests in the Debtor, which includes interest in any share of preferred stock, common stock or other instruments evidencing ownership interest in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interests existed prior to the petition date, with Joel Pabon Serrano retaining a 100% interest. The means necessary for the execution and funding of this Plan will be the result of the Debtor's operations via-vis the Agreement with Affiliate American Pest Solutions & Fumigation, LLC, which is pending approval by the Court under Rule 9019, Federal Rules of Bankruptcy Procedure. The Plan shall be funded through the revenue of the Debtor's business operations. A full-text copy of the Amended Plan dated July 29, 2025 is available at https://urlcurt.com/u?l=cG1V98 from PacerMonitor.com at no charge. Counsel to the Debtor: Christina Vilaboa-Abel, Esq. CAVA Law, LLC 1390 South Dixie Highway, Suite 1110 Coral Gables, FL 33146 Phone: (786) 675-6830 Email: christina@cavalegal.com About American Pest Solutions American Pest Solutions, Inc., is a Florida Profit Corporation and operates a pest control/fumigation business that provides pest management and fumigation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13635) on April 2, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Scott M. Grossman presides over the case. Christina Vilaboa-Abel, Esq., is the Debtor as legal counsel. AQUA SPAS: Taps Kutner Brinen Dickey Riley as Attorneys ------------------------------------------------------- Aqua Spas Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as attorneys. The firm will render these services: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until final decree continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and e. perform all other legal services for the Debtor which may be necessary. The firm's customary hourly rates are: Jeffrey S. Brinen $540 Jenny Fujii $440 Jonathan M. Dickey $400 Keri L. Riley $390 Paralegal $100 The firm received a retainer of $25,000. Jonathan Dickey, Esq., a partner at Kutner Brinen Dickey Riley P.C., disclosed in the court filings that the firm is a "disinterested person" within the meaning of 11 U.S.C. The firm can be reached through: Jonathan M. Dickey, #46981 KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Aqua Spas Inc. Aqua Spas Inc., a/k/a Spas R Us, sells and services hot tubs and swim spas through its locations in Fort Collins, Greeley, and Castle Rock, Colorado. The Company is a longtime dealer of Master Spas products, including the Michael Phelps Signature Swim Spa line. It also offers spa accessories, chemicals, filters, and related supplies, with shipping available for orders over $100. Aqua Spas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14565) on July 22, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. ATHENA MEDICAL: Court Tosses Dorsey & Whitney's Fee Application --------------------------------------------------------------- Judge Brenda K. Martin of the United States Bankruptcy Court for the District of Arizona denied Dorsey & Whitney LLP's fee application in the bankruptcy case of Athena Medical Group, LLC. Dorsey & Whitney LLP, as Attorneys for the Debtor, filed an Application for Compensation and Reimbursement of Expenses for the Period June 28, 2023 through January 27, 2025 for Actual and Necessary Work Performed for the Benefit of the Estate After June 27, 2023. Wound Care Specialists, LLC and RENU LLC filed an objection to the Application The Debtor is a medical group that provides wound care services to patients in Arizona, Washington, Texas, and Florida. Before and after the filing of its chapter 11 petition, the Debtor has grossed in excess of $25,000,000 annually. The Debtor has no secured creditors, and only a modest amount of unsecured debt, with one exception: Wound Care Specialists' asserted claim in excess of $12,000,000. The Debtor filed for bankruptcy under subchapter V of the Bankruptcy Code on March 15, 2023, in response to Wound Care Specialists' state court complaint and motion for preliminary injunction. On April 25, 2023, the Debtor moved to substitute Dorsey & Whitney LLP as its counsel of record, which was approved by the Court on May 8, 2023. Based largely on information learned through discovery, on May 25, 2023, Wound Care Specialists filed its Motion for Appointment of Chapter 11 Trustee or, in the Alternative, for the Removal of the Debtor-in-Possession and Expansion of the Subchapter V Trustee's Powers. On June 28, 2023, the Court entered its order removing the Debtor as debtor-in-possession and expanding the Subchapter V Trustee's powers under 11 U.S.C. Sec. 1181(b)(5). On January 27, 2025, following a series of objections by Wound Care Specialists, three plans, a multitude of other pleadings, several hearings, and two multi day trials, the Court entered an order confirming the Debtor's Third Amended Plan. Wound Care Specialists did not appeal the order confirming the Plan. On February 12, 2025, the Plan went effective. On March 14, 2025, Dorsey filed the Fee Application, requesting $1,251,277 in fees and $25,865.40 in expenses, for work performed from June 28, 2023, through January 27, 2025, i.e., the period after the Disposition Date up through the day before the Plan was confirmed. Wound Care Specialists objected to the Application, arguing that the attorney for a dispossessed debtor is not entitled to an award of attorney fees from the estate as a matter of law under the Bankruptcy Code, that the Application was untimely, and that many time entries were not compensable. Dorsey raises three possible theories on which the Court can award its fees: 1) because only the Debtor can file a plan under Sec. 1189, it must be able to retain and pay counsel; 2) as prior counsel for the debtor in possession, the firm is still a professional retained under Sec. 327; and 3) its fees can be awarded as the actual and necessary costs of preserving the estate under Sec. 503(b)(1)(A). The Court finds that these paths are non-navigable as a means of payment post-dispossession. Accordingly, it denies the Application. The "Necessity" Argument The theory behind Dorsey's first argument is that after dispossession, the debtor retains the limited obligation of a trustee to file a plan so that the dispossessed debtor can retain counsel under Sec. 327(a)(entitled to compensation under Sec. 330(a)) for services necessary to perform that function. According to Judge Martin, "A subchapter V debtor's right to file a plan does not emanate from the trustee, but directly from Sec. 1189(a). Therefore, it is illogical to argue that a debtor continues to retain the rights of the trustee to file a plan, when the debtor's right never emanated from the trustee's rights in the first place. If the dispossessed debtor is to have the right to retain counsel who will be paid from the estate, the right must arise from some other provision in the Bankruptcy Code. Sections 1189 and 330 are, however, silent on the issue, even though Congress has demonstrated it knows how to allow compensation for attorneys who represent debtors with the exclusive ability to file plans." Retention as "Professional Person" Argument Wound Care Specialists contends a "professional person" under Sec. 327(a) is no different than, and has no greater rights than, an attorney employed under Sec. 327(a). Moreover, as Wound Care Specialists points out, Dorsey was appointed as counsel for the debtor in possession, not as a professional person. In its Application, Dorsey is seeking fees not just for formulating and pursuing a plan, but for other general work on the case. While the Court notes that Dorsey and the Subchapter V Trustee both contend that the general work was performed at the Subchapter V Trustee's request, that might not always be the case and could lead to duplication of expenses as well as potential inconsistency in administering the estate. "Actual Necessary Costs and Expenses" Argument Dorsey argues fees are actual and necessary costs of preserving the estate because, if the Debtor was prohibited from employing Dorsey for post-removal services, the Debtor would never have confirmed a plan and would have ended up liquidating. Dorsey also argues that the Debtor's retention of exclusivity to file a plan differentiates this from a traditional chapter 11 in which the trustee can file a plan. It also notes that the list of examples under Sec. 503(b) of those who can be entitled to an award is not exclusive or exhaustive. Thus, nothing in Sec. 503(b) excludes its compensation. According to the Court, Secs. 327, 330, and 503(b)(2) govern the award of compensation to a debtor's attorney, while an allowance of an administrative expense under Sec. 503(b)(1) applies more generically. The Court is persuaded that allowing the fees under Sec. 503(b)(1) would improperly circumvent more specific provisions of the Bankruptcy Code that do not allow for such fees. A copy of the Court's Under Advisement Decision dated July 29, 2025, is available at https://urlcurt.com/u?l=eHY81m About Athena Medical Group, LLC Athena Medical Group, LLC -- https://athenamedgroup.com/ -- provides primary care, transitional care, chronic care management, remote patient monitoring, and telehealth services. The company is based in Phoenix, Ariz. Athena Medical Group filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01635) on March 16, 2023, with total assets of $3,843,022 and total liabilities of $12,707,798. James E. Cross has been appointed as Subchapter V trustee. Judge Brenda K. Martin oversees the case. The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy counsel; and Ball, Santin & McLeran and Simmons & Gottfried, PLLC, as special counsels. ATLAS CC: Moody's Appends 'LD' Designation to PDR ------------------------------------------------- Moody's Ratings has appended a Limited Default ("/LD") designation to Atlas CC Acquisition Corp's ("Cubic") Probability of Default Rating, revising it to Caa2-PD/LD from Caa2-PD, following the completion of a distressed exchange. The /LD designation indicates a limited default event and will be removed in approximately three business days. Moody's expects to withdraw the existing instrument ratings since all these debt instruments have been fully repaid or exchanged. Moody's views the transaction as a distressed exchange because all tranches of existing debt were extinguished through a combination of full and partial repayments, funded with both new debt as well as conversions to preferred equity. Atlas CC Acquisition Corp serves transportation, defense command, control, communication, computers, intelligence, surveillance and reconnaissance (C4ISR), and defense training customers globally. Cubic sells integrated payment and information systems, expeditionary communications, cloud-based computing and intelligence delivery, as well as training and readiness solutions. Revenue for the 12 months ended March 31, 2025 was $1.3 billion. The company is majority-owned by entities of Veritas Capital. AUTO HOUSE: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Auto House, Inc. About Auto House Inc. Auto House, Inc. offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. It also provides heavy truck and off-road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, the company delivers certified HAZMAT cleanup and site remediation services throughout the state. Auto House sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20726) on May 31, 2025. In its petition, the Debtor reported total assets of $1,825,013 and total liabilities of $4,479,222. Judge Robert D. Berger handles the case. The Debtor is represented by: Colin N. Gotham Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.comColin N. Gotham AVON PLACE: Hires Schwartz Sladkus LLP as Litigation Counsel ------------------------------------------------------------ Avon Place, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Schwartz Sladkus Reich Greenberg Atlas LLP as special litigation counsel. The firm will perform litigation law only, and not to perform bankruptcy legal services. The firm received an initial retainer in the amount of $30,000. Schwartz Sladkus is a disinterested party in the matters in which it is to be engaged within the meaning and intent of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Andrea J. Caruso, Esq. Schwartz Sladkus Reich Greenberg Atlas LLP 444 Madison Avenue New York, NY 10022 Phone: (212) 743-7000 About Avon Place LLC Avon Place LLC is a real estate company owning multiple properties at 44, 46, 47, 48 Avonwood Road in Avon, Connecticut. Avon Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41368) on March 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor tapped Backenroth, Frankel & Krinsky, LLP as counsel and FIA Capital Partners, LLC as restructuring advisor. BALKAN EXPRESS: Seeks to Extend Plan Exclusivity to November 26 --------------------------------------------------------------- Balkan Express, LLC and Balkan Logistics, LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 26, 2025 and January 26, 2026, respectively. The Debtors submit that cause exists for extending the Exclusivity Period in these Chapter 11 Cases because the Truck Terminal Sale process is currently ongoing and will not conclude before the expiration on August 28, 2025 of the Debtors' exclusive right to file a Chapter 11 plan of reorganization. Additional time will enable the Debtors to finalize and implement their strategy for emergence from Chapter 11. Additionally, this is the Debtors' first request for an extension of the Exclusivity Periods. Because of the complexity of these Chapter 11 Cases, an extension of the Exclusivity Periods will give the Debtors sufficient and much needed time to continue negotiating terms of a Chapter 11 plan of reorganization with their stakeholders and memorialize the terms of both a plan and disclosure statement. Furthermore, the Debtors' purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtors' limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Moreover, an extension of the Exclusivity Periods will not result in prejudice to any creditor or party in interest, and instead, will enable the Debtors to continue focusing on preserving and enhancing their going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estates. The Debtors explain that they have made significant, good faith progress in negotiating with creditors and addressing unresolved contingencies. The Debtors have not yet filed a proposed Chapter 11 plan because the Truck Terminal Sale process is still ongoing. The Debtors believe that if the Court extends the Exclusivity Period, it will give the Debtors time to conclude the Truck Terminal Sale process and will clear a path for the Debtors to seek confirmation of a feasible Chapter 11 plan. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com -and- Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 (713) 335-4990 telephone (713) 335-4991 facsimile Email: ken.green@bondsellis.com About Balkan Express, LLC Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BAYSIDE LIMO: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a second interim authorizing Bayside Limo of Tampa, LLC to continue using cash collateral. The second interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. Secured creditors include the U.S. Small Business Administration, CT Corporation System (as representative of various parties), Credibly of Arizona LLC, Silverline Services, Inc., and CHTD Company. As adequate protection for the Debtor's use of their cash collateral, secured creditors will have perfected post-petition liens on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors as further protection. The next hearing is set for August 19. About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com BELLEHAVEN ACADEMY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bellehaven Academy, Inc. About Bellehaven Academy Inc. Bellehaven Academy Inc. is a tax-exempt educational institution operating in Anderson, South Carolina. Bellehaven Academy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02508) on July 1, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000. Judge Elisabetta Gm Gasparini oversees the case. The Debtor is represented by Jason Michael Ward, Esq., at Jason Ward Law, LLC. BESTWALL LLC: 4th Cir. Rejects Bid to Dismiss Bankruptcy Case ------------------------------------------------------------- In the appeal styled BESTWALL LLC, f/k/a Georgia-Pacific LLC, a Texas limited liability company and a North Carolina limited liability company, Debtor- Appellee, v. THE OFFICIAL COMMITTEE OF ASBESTOS CLAIMANTS OF BESTWALL, LLC, Creditor-Appellant, No. 24-1493 (4th Cir.), Judges A. Marvin Quattlebaum, Jr., G. Steven Agee and Robert B. King of the United States Court of Appeals for the Fourth Circuit affirmed the judgment of the United States Bankruptcy Court for the Western District of North Carolina denying the motion of the Official Committee of Asbestos Claimants to dismiss Bestwall LLC's bankruptcy case for lack of subject-matter jurisdiction. Founded in 1927, Georgia-Pacific LLC is a multibillion-dollar corporation that operates primarily in the pulp and paper industry. In 1965, Georgia-Pacific bought and then merged with Bestwall Gypsum Co., which manufactured wallboard, joint compound products and industrial plasters. But with its assets came its liabilities, including the asbestos claims against it, which plagued Georgia-Pacific for decades. From 2014 to 2017, for example, Bestwall paid $558 million in defense and indemnity costs for asbestos litigation. In 2017, Bestwall faced around 64,000 pending asbestos claims, with tens of thousands more anticipated through at least 2050. So, Georgia-Pacific sought to deal with these asbestos claims through a divisional merger that has been labeled the Texas two-step -- named for Texas' Business Organizations Code Sec. 1.002(55)(A). Implementing this strategy, on July 31, 2017, Georgia-Pacific split into two entities. Georgia-Pacific received most of the $28.3 billion company. On Nov. 2, 2017, Bestwall petitioned for relief under Chapter 11 of the Bankruptcy Code in the Western District of North Carolina. It simultaneously filed an adversary proceeding, in which it moved for an injunction prohibiting asbestos claimants from filing or prosecuting asbestos claims against Bestwall or Georgia-Pacific. The Official Committee of Asbestos Claimants -- formed after Bestwall filed bankruptcy to represent the interests of individuals with personal injury claims for exposure to asbestos manufactured by Bestwall—opposed the injunction. The bankruptcy court granted Bestwall's motion. The Committee also moved to dismiss the bankruptcy case, arguing it was filed in bad faith because Bestwall wasn't really bankrupt. The same day the bankruptcy court granted the motion for an injunction, it denied the Committee's motion. Several years later, the Committee moved to dismiss again, this time for lack of subject-matter jurisdiction. The Committee noted that the Constitution gives Congress the power to establish "uniform Laws on the subject of Bankruptcies throughout the United States." The Committee then argued that Bestwall was not "bankrupt" according to a founding-era understanding of the word. For that reason, it maintained that the bankruptcy court had no legitimate subject-matter jurisdiction over Bestwall. This constitutional requirement for jurisdiction, the Committee insisted, precedes any statutory requirements for debtors. The Committee claimed that its motion was a "new and distinct argument from any previously raised." And since the motion attacked the court's subject-matter jurisdiction, the court's previous denial of its motion to dismiss for bad faith did not bar it; subject-matter jurisdiction, the Committee noted, may be challenged at any time. According to the Fourth Circuit, "A party like the Committee can certainly argue that Congress exceeded its powers in giving the bankruptcy court jurisdiction over a company that can pay its debts. But that question really is about Congress's power under Article I of the Constitution to make parties eligible for bankruptcy protection. It's not a question of subject-matter jurisdiction." The Circuit Judges hold, "The Committee has already had an opportunity to argue that solvent debtors are not entitled to bankruptcy protection. It lost that argument before the bankruptcy court. The Committee may have another chance to renew that argument -- at plan confirmation. If it doesn't like the result, it will then have a final order to appeal. But as we have explained, challenges about a debtor's eligibility for bankruptcy protection are not jurisdictional, even when those challenges are constitutional. For that reason, now is not the time for these arguments. We repeat that this appeal presents only one narrow question -- do federal courts have subject-matter jurisdiction over bankruptcy cases filed by debtors who may be able to pay their obligations? We have answered yes. For all these reasons, the opinion of the bankruptcy court is affirmed." A copy of the Court's Opinion dated August 1, 2025, is available at https://urlcurt.com/u?l=tdbjl9 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. BG SHOP: Unsecured Creditors to Split $10K in Plan -------------------------------------------------- BG Shop, LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated July 29, 2025. The Debtor operates as an autobody repair shop located in Shelton, Washington. The Debtor began operating in 2015. Leading up the bankruptcy filing, the Debtor was involved in litigation with the Debtor's landlord. The conditions of the building led to periods of time in which the Debtor could not operate and as a result, experienced a reduction in income and the Debtor fell behind on rent. The parties were engaged in a lawsuit in which the court found in favor of the landlord and the lease was terminated prior to filing. Facing mounting pressure from the creditors, including Debtor's prior landlord, the Debtor filed a voluntary petition for relief under Chapter 11, Subchapter V on April 30, 2025 in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. Marlo Brown served as Manager of the Debtor prior to the Petition Date and will continue to serve as manager of the Debtor during the plan term for which she will be compensated pursuant to the terms set forth in the attached projections. Class 1 consists of General Unsecured Claims. Allowed Class 1 claims will be paid a prorata share of $10,000.00. This will be paid at $185.00 per month beginning the month following the Effective Date. To maximize efficiency for Class 1 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment. This Class is impaired. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=HAJDPv from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About BG Shop, LLC BG Shop, LLC, operates as an autobody repair shop located in Shelton, Washington. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Wash. Case No. 25-41005-MJH) on April 30, 2025. The Debtor tapped Neeleman Law Group, P.C., as counsel. BIG STORM: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 cases of Big Storm Brewery LLC and its affiliates, according to court dockets. About Big Storm Brewery LLC Big Storm Brewery, LLC and Big Storm Real Estate, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 25-04026 and 25-04024) on June 16, 2025. On June 13, 2025, Big Storm Pinellas, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-03975). The cases are jointly administered under Case No. 25-04026. At the time of the filing, Big Storm Brewery and Big Storm Pinellas reported up to $50,000 in assets and between $1 million and $10 million in liabilities while Big Storm Real Estate reported between $1 million and $10 million in assets and liabilities. Judge Roberta A. Colton oversees the cases. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtors' bankruptcy counsel. BISHOP OF FRESNO: Hires Donlin Recano as Administrative Advisor --------------------------------------------------------------- The Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Donlin, Recano & Company, LLC to serve as its administrative advisor. DRC will provide these services: (a) assist with solicitation, balloting, tabulation, and calculation of votes, and prepare reports required in furtherance of confirmation of any Chapter 11 plan; (b) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan; (c) assist with claims objections, exhibits, claims reconciliation, and related matters; and (d) provide other claims processing, noticing, solicitation, balloting, and administrative services. DRC will be compensated based on these hourly consulting fee rates: Executive Management No charge Senior Bankruptcy Consultant $185 - $225 Case Manager $170 - $185 Consultant/Analyst $140 - $165 Technology/Programming Consultant $95 - $135 Clerical $40 - $50 Donlin, Recano & Company, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Lisa Terry of DRC also made the following disclosures in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: DRC did not represent the Debtor prepetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: DRC will work with the Debtor to prepare and provide a prospective budget and staffing plan. The firm can be reached at: Lisa Terry, Esq. Donlin, Recano & Company, LLC 48 Wall St. New York, NY 10005 Phone: (212) 481-1411 About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BISHOP OF FRESNO: Hires Kahn Soares & Conway as Special Counsel --------------------------------------------------------------- The Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Kahn, Soares & Conway LLP as its special counsel. KSC will provide these services: (a) assist the Debtor and its bankruptcy counsel in the course of the Debtor's reorganization on matters falling within KSC's expertise or special knowledge; (b) continue to assist the Debtor with its personal injury and premises liability litigation work in the ordinary course of business; and (c) assist the Debtor, its insurance counsel, and bankruptcy counsel in evaluating and handling pending personal injury and premises liability claims. The firm's hourly rates are: -- $200 to $450 for attorneys; -- $150 for paralegals; and -- $350 for Partner Rissa A. Stuart According to court filings, KSC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. KSC also made the following disclosures in response to Paragraph D.1 of the U.S. Trustee Guidelines for large Chapter 11 cases: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: KSC has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: KSC's retention by the Debtor prior to the Petition Date was on the same terms and rates as set forth in this Application. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtor has approved a prospective, consolidated budget for the services and expenses of all its professionals for the first 12 months of the Bankruptcy Case. The firm can be reached at: Rissa A. Stuart, Esq. KAHN, SOARES & CONWAY LLP 219 North Douty St., Hanford, CA 93230 About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BISHOP OF FRESNO: Hires Stradley Ronon as Special Counsel --------------------------------------------------------- The Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Stradley Ronon Stevens & Young, LLP as its special counsel. Stradley Ronon will provide these services: (a) assist the Debtor and its bankruptcy counsel in the course of the Debtor's reorganization on matters falling within Stradley Ronon's expertise or special knowledge; (b) continue to assist the Debtor with the New York abuse litigation cases in the ordinary course of its business; and (c) assist the Debtor, its insurance counsel, and bankruptcy counsel in evaluating and handling the New York abuse litigation claims. Mr. Michael J. Engle, partner and co-chair of the litigation department at Stradley Ronon, will lead the engagement with an hourly rate of $795. Stradley Ronon is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Mr. Engle also made the following disclosures in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Stradley Ronon has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Stradley Ronon's retention by the Debtor prior to the Petition Date was on the same terms and rates as set forth in the Application. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtor has approved a prospective, consolidated budget for services and expenses for all of its professionals for the first 12 months of the Bankruptcy Case. The firm can be reached at: Michael J. Engle, Esq. Stradley Ronon Stevens & Young, LLP 1 World Trade Center Suite 2050 Long Beach, CA 90831 Telephone: (562) 366-1645 About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLH TOPCO: Plan Exclusivity Period Extended to October 22 --------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended BLH TopCo, LLC, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 22 and December 22, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that the requested extension of the Exclusive Periods is reasonable given the status of these chapter 11 cases and the progress achieved to date. The Debtors have made significant progress in the months that these chapter 11 cases have been pending. As the Debtors move toward confirmation and the eventual wind down of their estates, the demands on their attention and resources will remain. In addition to advancing toward confirmation, the Debtors and their professionals will continue to focus on maximizing the value of their estates by managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors assert that throughout the chapter 11 process, the Debtors have endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. Counsel to the Debtor: Thomas J. Francella, Jr., Esq. Raines Feldman Littrell LLP 824 North Market Street, Suite 805 Wilmington, DE 19801 Telephone: (302) 772-5803 Email: tfrancella@raineslaw.com About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BRIGHT CARE: Court OKs Deal to Use Live Oak's Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation entered into by Bright Care Veterinary Hospital, Inc., Bright Care Veterinary Group, Inc. and Live Oak Banking Company regarding the use of cash collateral. The Debtors are parties to three promissory notes with Live Oak: a $5 million SBA Note from March 2021, a $900,000 Small Note from August 2023, and a $1.8 million BCVG Note from December 2023. Each loan is secured by substantially all personal property assets of the Debtors, such as equipment, inventory, accounts, and deposit accounts. Live Oak holds perfected security interests in the collateral through properly filed UCC-1 financing statements. As of the petition date, the outstanding balances on these loans total over $7.6 million. Because the collateral securing these loans includes cash, it qualifies as "cash collateral" under the Bankruptcy Code. The Debtors previously received interim approval to use cash collateral, which expired on July 31. Under the current stipulation, the parties agree that the Debtors may use the cash collateral through December 31 for ordinary business expenses as outlined in the budget. The stipulation includes limitations on unapproved spending and allows for monthly disbursements that exceed budgeted amounts by no more than 15% per category. All cash must be deposited in DIP accounts designated by the Debtors and used strictly according to the budget. In return for the use of cash collateral, the Debtors will provide adequate protection to Live Oak by making monthly payments due under each loan beginning this month. Live Oak will also receive replacement liens on the Debtors' post-petition assets and DIP accounts, excluding avoidance actions under Chapter 5 of the Bankruptcy Code. If those protections prove insufficient, Live Oak will hold superpriority administrative claims senior to nearly all other claims in the bankruptcy. A copy of the motion is available at https://urlcurt.com/u?l=6caE05 from PacerMonitor.com. About Bright Care Veterinary Hospital Bright Care Veterinary Hospital, Inc. filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10900) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Alireza Gorgi, president of Bright Care, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor is represented by David B. Golubchik, Esq. at Levene, Neale, Bender, Yoo & Golubchik L.L.P. Live Oak Banking Company, as lender, is represented by: Christopher J. Harayda, Esq. STINSON LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Telephone: (612) 335-1500 Facsimile: (612) 335-1657 Email: cj.harayda@stinson.com BTG TEXTILES: Seeks Cash Collateral Access Until December --------------------------------------------------------- BTG Textiles Inc. asked the U.S. Bankruptcy Court for the Central District of California for authority to continue using the cash collateral of its secured creditor, Transportation Alliance Bank, Inc., through December. This use is essential for paying operating expenses such as rent, payroll, insurance, and utilities, all outlined in the Debtor's budget. Continued access to cash collateral will prevent disruption to business operations while the Debtor works toward confirming its plan of reorganization, which proposes full repayment (100%) to all creditors. TAB Bank holds the only secured claim with an interest in the Debtor's cash collateral, totaling $9.9 million, secured by a blanket lien. The U.S. Small Business Administration holds a subordinated lien under two separate subordination agreements. As of July, the Debtor's total asset value is about $17.3 million and the Debtor has been making $112,767 monthly adequate protection payments to TAB Bank per court-approved stipulation. These payments will continue, along with replacement liens on post-petition assets to protect TAB Bank and the SBA's interests. The Debtor seeks flexibility to exceed budgeted expenses by up to 15% and reallocate within approved categories without further court approval. The Debtor, a California corporation founded in 2011, imports and distributes hospitality and healthcare textiles. It operates from two warehouses in California and Florida. It filed for Chapter 11 bankruptcy on January 24 after financial strain caused by TAB Bank's unilateral changes to its lending terms and aggressive collection actions, including contacting Debtor's customers. A court hearing is set for August 19. About BTG Textiles Inc. BTG Textiles, Inc. is a Montebello, California-based textile manufacturer and distributor. Founded in 1988, the company manufactures and distributes textile products to healthcare facilities, institutional laundries, janitorial services, and hospitality businesses. BTG operates manufacturing facilities in Bangladesh, Portugal, and Pakistan, maintaining its principal place of business at 710 Union Street in Montebello. BTG Textiles sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10548) on Jan. 25, 2025. In its petition, the Debtor listed assets and liabilities between $10 million and $50 million. Judge Vincent P. Zurzolo handles the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger is the Debtor's bankruptcy counsel. Transportation Alliance Bank, Inc., as secured creditor, is represented by: Michele Sabo Assayag, Esq. Byron B. Mauss, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd., Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 massayag@swlaw.com bmauss@swlaw.com CALI MADE COLD: Unsecureds Owed $1.48M Will Get 1% of Claims ------------------------------------------------------------ Cali Made Cold Planing LLC, submitted a Second Amended Plan of Reorganization for Small Business dated July 31, 2025. This Second Amended Plan classifies Debtor's secured creditors in 14 classes, the priority tax claim of Franchise Tax Board separately to be paid in full on the effective date of the Second Amended Plan, and the general unsecured creditors in a separate class. Class 1(B) consists of the Secured Claim of Ally Bank [POC #7] for $68,306.93. The Second Amended Plan treats $68,306.93 as an allowed secured claim ("Allowed Secured Claim"). The value of the collateral is based on the amount asserted in Ally Bank's POC #7. This Class shall receive a monthly payment of $1,401.42 with 8.5% interest from July 1, 2025 to July 2030. Class 1(C) consists of the Secured Claim of Ally Bank [POC #8] for $85,919.79. The Second Amended Plan treats $85,919.79 as an allowed secured claim ("Allowed Secured Claim"). This Class shall receive a monthly payment of $1,762.78 with 8.5% interest from July 10, 2025 to July 2030. Class 1(D) consists of the Secured Claim of Ally Bank [POC #4] for $28,554.46. The Second Amended Plan treats $23,009.00 as an allowed secured claim ("Allowed Secured Claim") and the $5,545.46 undersecured balance in Class 2 as a general unsecured claim. This Class shall receive a monthly payment of $472.06 with 8.5% interest from July 10, 2025 to July 2030. Class 1(F) consists of the Secured Claim of Caterpillar Financial Services Corp. [POC #23] for $306,856.67. The Second Amended Plan treats $210,000.00 as an allowed secured claim ("Allowed Secured Claim") and the $96,856.67 undersecured balance in Class 2 as a general unsecured claim. The claim is bifurcated based on an agreement reached between the parties resolving Caterpillar's Section 1111(b)(2) election. This Class shall receive a monthly payment of $4,308.47 with 8.5% interest from the effective date up to 59 months after the month in which the effective date occurs. Following negotiations between the Debtor and Caterpillar, the parties reached an agreement, resolving Caterpillar's 1111(b)(2) and the terms set forth herein are pursuant to that stipulation. The allowed secured potion of Caterpillar's claim shall be $210,000.00 and shall be paid in equal monthly installments of $4,308.47 over a period of 60 months from the Effective Date of the Plan. Interest shall accrue at a fixed rate of 8.5% per annum. The remaining balance of Caterpillar's claim in the amount of $96,856.67 shall be treated as an allowed general unsecured claim and paid pro rata with other general unsecured creditors in accordance with the terms of this Second Amended Plan. Upon completion of all payments to Caterpillar under this Second Amended Plan, Caterpillar shall release any and all liens, security interests, and encumbrances against the Debtor's assets securing the claim. Class 2 consists of General Unsecured Claims. Total general unsecured claims including the undersecured portions of claims is $1,483,098.58. This Class shall receive a monthly payment of $247.18 from December 1, 2025 to December 1, 2030. This Class will receive a distribution of 1% of their allowed claims. This Class is impaired. The Debtor will fund its Second Amended Plan from the continued operation of its business. Since the filing of the case, the Debtor reduced its overhead expenses and is working on expanding the scope of services it provides to attract more bids. It has a very good reputation in the community and receives many referrals from contractors and other parties. Debtor also has a number of clients that it does business on a regular basis, which guarantees continued flow of work to generate the funds needed to support the proposed reorganization plan. On Confirmation of the Second Amended Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Second Amended Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Second Amended Plan dated July 31, 2025 is available at https://urlcurt.com/u?l=dIHyn3 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Cali Made Cold Planing LLC Cali Made Cold Planing LLC is a services company based in Mentone, California. Cali Made Cold Planing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10398) on Jan. 24, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Scott H. Yun handles the case. The Law Offices of Michael Jay Berger serves as the Debtor's counsel. CAMTREN HOLDINGS: Hires Rountree Leitman Klein as Legal Counsel --------------------------------------------------------------- CamTren Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree Leitman Klein & Geer, LLC to serve as its legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; (b) prepare on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor as Debtor-in-Possession that may be necessary herein. RLKG attorneys charge hourly rates ranging from $375 to $595. Paralegal hourly rates range from $150 to $290. A law clerk, if employed, will bill at $175 per hour. The firm received a $15,000 pre-petition retainer. Rountree Leitman Klein & Geer, LLC 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: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: cchristy@rlkglaw.com About CamTren Holdings LLC CamTren Holdings LLC is a real estate services company operating under NAICS code 531390 (Other Activities Related to Real Estate). CamTren Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57423) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Rountree, Leitman, Klein & Geer, LLC. CENTER FOR SPECIAL: Founder Loses Bid to Revoke Detention Order --------------------------------------------------------------- In the case captioned as UNITED STATES OF AMERICA v. JOSEPH GOVONI, Case No. 8:25-cr-299-VMC-NHA LEO (M.D. Fla.), Judge Virginia M. Hernandez Covington of the United States District Court for the Middle District of Florida denied Leo Joseph Govoni's motion for revocation of a detention order pending trial and appeal to district court pursuant to 18 U.S.C. Sec. 3145(b) to request for pretrial release. The United States of America responded in opposition on July 16, 2025. On June 18, 2025, Mr. Govoni was indicted on 15 counts: -- conspiracy to commit mail fraud and wire fraud (Count One); -- mail fraud (Counts Two through Five); -- wire fraud (Counts Six through Eleven); -- money laundering conspiracy (Count Twelve); -- bank fraud (Count Thirteen); -- illegal monetary transactions (Count Fourteen); and -- false bankruptcy declaration (Count Fifteen). Mr. Govoni is accused of embezzling over $100 million from vulnerable individuals whose special needs trusts Mr. Govoni's non-profit entity, The Center for Special Needs Trust Administration, was entrusted to administer. This money was embezzled from over 1,500 victims. After new management realized that over $100 million in client funds was missing, Mr. Govoni's entity declared bankruptcy. Mr. Govoni had his initial appearance before United Magistrate Judge Amanda Arnold Sansone Sansone on June 23, 2025. At that hearing, Judge Sansone ordered that the issue of bond be taken up at a later detention hearing so that the government could provide notice to victims to exercise their right under 18 U.S.C. Sec. 3771(a)(4) to be heard at the detention hearing. The detention hearing was held a few days later on June 26, 2025. Multiple victims submitted statements before the detention hearing and some victims spoke at the detention hearing. These victims asked that Mr. Govoni be detained because they feared he would flee and further destroy evidence, given his bad conduct in the Bankruptcy Court proceedings in the previous year. During the detention hearing, the United States moved for Mr. Govoni to be detained pending trial, although it had previously written that release on a high bond with highly restrictive conditions would be sufficient. The United States explained that it had reconsidered things and also found out some additional information that it wanted to bring to the Court's attention that caused the government to change its position. According to the United States, Mr. Govoni presents a very real danger to the community if he was in a position where he could further dissipate assets, dissolve companies, hide assets, transfer assets, all of those things would endanger the vulnerable special needs victims that are at the heart of this case. For his part, Mr. Govoni argued that he should be released on bond with restrictive conditions to assure the Court he would not flee. He insisted that he was not a danger to others because his alleged crimes were only economic in nature. He emphasized his lack of criminal history, poor health, long residence in this District, and his familial ties to the area. At the end of the hearing, Judge Sansone orally granted the United States's motion for detention. In the subsequent order of detention, Judge Sansone concluded, by a preponderance of the evidence, that no conditions of release will reasonably ensure Mr. Govoni's appearance as required. Judge Sansone held that electronic monitoring and a bond secured by property the government argues is subject to forfeiture in this case anyway is insufficient to assure the defendant's presence in court. Now, Mr. Govoni moves to revoke the Magistrate Judge's order of detention. He raises legal arguments concerning whether the Magistrate Judge erred in ordering detention based on the evidence before the Court. The United States has responded, arguing that Mr. Govoni's risk of flight and pattern of obstruction each independently support his detention. Judge Sansone outlined the facts that led her to this conclusion: (1) if convicted, Mr. Govoni is facing 30 years in prison if sentenced so that his sentences run concurrently, and 265 years in prison, if sentenced so that his sentences run consecutively; (2) Mr. Govoni is accused of embezzling approximately $100 million over a 15 year period from individuals with special needs who had entrusted their money to Mr. Govoni for safekeeping so it could be available to pay their medical bills and other necessities -- instead Mr. Govoni is accused of spending that $100 million on luxury items ranging from real estate to a private airplane to a club box at Raymond James Stadium; (3) within approximately the last year, Mr. Govoni, via other of his entities, sold $6 million worth of real estate that netted $1.5 million and the bankruptcy trustee has been unable to locate the $1.5 million for the benefit of the trust beneficiaries; (4) the government and the Chapter 11 Trustee have concerns that Mr. Govoni has significantly more assets available to him than what they have been able to locate to date; (5) after receiving grand jury subpoenas, Mr. Govoni began a series of large financial transactions in an effort to transfer a total of over $1 million from his bank accounts to bank accounts in his wife's name only; (6) after being told in the bankruptcy proceeding that he could no longer operate Big Storm Brewery and his other entities, he refused to allow access by the chief restructuring officers appointed by the bankruptcy court to run them, removed expensive equipment without permission, accessed/trespassed the premises, and later tricked a graphic designer at Big Storm Brewery to prepare and file corporate dissolution papers for the entities with the State of Florida without telling that person that he was not permitted to do that; (7) Bankruptcy Judge Roberta Colton concluded in a June 12, 2025 Final Order of Contempt that Mr. Govoni "willfully disobeyed" three bankruptcy court discovery orders and sanctioned him with a daily $5,000 sanction until he provides the financial records he owes the Chapter 11 Trustee; and (8) Bankruptcy Judge Colton also concluded Mr. Govoni had stonewalled the Chapter 11 Trustee's collection efforts and that Mr. Govoni's "recalcitrance has impeded [the Trustee's] ability to execute on the Judgement." The Court agrees with the Magistrate Judge that, by a preponderance of the evidence, no conditions or combination of conditions of release will reasonably assure Mr. Govoni's appearance as required. Upon de novo review of the record, the Court adopts the Magistrate Judge's pretrial detention order. A copy of the Court's Order is available at https://urlcurt.com/u?l=iMGjCa About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CENTRAL RENT-ALL: Seeks Chapter 11 Bankruptcy in Louisiana ---------------------------------------------------------- On August 1, 2025, Central Rent-All & Outdoor Power Equipment Sales Inc. filed Chapter 11 protection in the Middle District of Louisiana. 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 Central Rent-All & Outdoor Power Equipment Sales Inc. Central Rent-All & Outdoor Power Equipment Sales Inc. sells, rents, and services lawn and garden equipment in Baton Rouge, Louisiana. The Company offers new and used products, parts, and repair services for brands such as STIHL, Husqvarna, Gravely, and Snapper. It also provides equipment delivery, pickup, and blade sharpening. Central Rent-All & Outdoor Power Equipment Sales Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Louisiana Case No. 25-10668) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented byRyan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC. CGA CORP: Seeks to Hire Ure Law Firm as Bankruptcy Counsel ---------------------------------------------------------- CGA Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ure Law Firm as counsel. The firm will render these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code and Bankruptcy Rules relating to the administration of this case and the operation of its estate; (b) represent the Debtor in proceedings and hearings in court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) advise and assist the Debtor with respect to its powers and duties in the continued operation of its business and management of the estate's property; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against its estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (l) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The firm will be paid as follows: Thomas B. Ure, Attorney $495 per hour Associates $295 per hour Paralegals $195 per hour Law Clerks $95 per hour ` In addition, the firm will seek reimbursement for expenses incurred. The Debtor agreed to pay the firm $15,000 as an initial deposit for fees and expenses. Mr. Ure disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 Email: tom@urelawfirm.com About CGA Corporation CGA Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15352) on June 25, 2025. In the petition signed by Rosalina Acosta, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Deborah J. Saltzman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as bankruptcy counsel. CHAMPIONS FINANCING: Moody's Cuts CFR to Caa1, Outlook Stable ------------------------------------------------------------- Moody's Ratings downgraded Champions Financing, Inc.'s ("Crash Champions") corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Moody's also downgraded the company's senior secured first lien term loan, senior secured first lien notes, and senior secured first lien revolving credit facility ratings to Caa1 from B3. The outlook has been changed to stable from negative. The downgrade reflects that Moody's expects the weakness in Crash Champions' credit metrics and free cash flow to persist for some time. Overall industry repairable claims volumes remain very challenging which is constraining Crash Champions' topline growth and earnings despite it taking steps to deepen relationships with insurance carriers to grow repair volumes, making progress on growing its high margin scanning and calibration business and focusing on operating cost and CAPEX discipline. RATINGS RATIONALE Crash Champions' Caa1 CFR is supported by its solid market position as the third largest multi-store operator (MSO) with over 649 stores throughout the US in the highly-fragmented collision repair industry. The rating is also supported by Crash Champions' relationships with leading national insurance carriers, which represent the vast majority of the company's revenues and earnings. In addition, long-term demand fundamentals are strong as vehicle miles traveled grow and repair severity, driven by the complexity of vehicle technology, continues to rise. The Caa1 CFR also reflects aggressive financial strategies under private equity ownership, which has resulted in persistently weak credit metrics and only adequate liquidity. As of Q1 2025, LTM debt/EBITDA was 9.3x on a lease-adjusted basis and about 15x on a funded debt basis while EBITA/interest coverage was 0.3x and free cash flow was -$97 million. Moody's expects weakness in credit metrics to persist for at least the remainer of 2025. Depending primarily on a rebound in overall industry repairable claims volumes and solid progress on topline growth initiatives, credit metrics could improve in the back half of 2026 towards levels more consistent with B3-rated peers. The stable outlook reflects Moody's expectations for overall adequate liquidity and the lack of near dated debt maturities provides time for Crash Champions' iniatives to improve earnings and credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded should Crash Champions' EBITA/interest coverage is sustained above 1.0x or if Crash Champions demonstrates sustained positive free cash flow to debt. Adequate liquidity, consistency in meeting operational and financial targets and internally funding discretionary growth initiatives are required for an upgrade of the ratings. The ratings could be downgraded should liquidity weaken, operating performance fails to improve such that leverage reaches more sustainable levels or if the likelihood of default increases for any reason. Champions Financing, Inc. is a leading provider of vehicle body repair services with LTM Q1 2025 revenue of approximately $2.8 billion. The company operates under the Crash Champions brand name and has 649 stores throughout the United States. The company is majority-owned and controlled by affiliates of Clearlake Capital Group, a private equity firm. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CHICKEN SOUP: Court Tosses Muszynski Appeal on Retention Order -------------------------------------------------------------- The Honorable Gregory B. Williams of the United States District Court for the District of Delaware will dismiss the appeal filed by pro se appellant Charles Muszynski with respect to the Bankruptcy Court's Jan. 14, 2025 Order, which: (i) granted the Trustee's application to retain Culpepper IP, LLLC, as special counsel to pursue copyright litigation; and (ii) overruled Appellant's objection to the application. The appeal of the Retention Order will be dismissed for lack of appellate standing. The appeal is styled CHARLES MUSZYNSKI, Appellant, v. GEORGE MILLER, solely in his capacity as Chapter 7 Trustee, Appellee, Case No. 25-cv-00052-GBW (D. Del.). This dispute arises in the Chapter 7 cases of debtor Chicken Soup for the Soul, Inc. and certain of its affiliates. Appellee George L. Miller, in his capacity as Chapter 7 Trustee for the Debtors' estates, seeks to dismiss the appeal. In his Motion to Dismiss, the Trustee asserts that Appellant lacks appellate standing to challenge the Retention Order. He further asserts that the appeal of the Retention Order must be dismissed because it is an appeal of an interlocutory order, and Appellant has not sought leave pursuant to Rule 8004(2)(a) of the Federal Rules of Bankruptcy Procedure. Even assuming that the Court treats Appellant's Notice of Appeal as a motion for leave to appeal pursuant to Bankruptcy Rule 8004(d)(1), the Trustee asserts there is no basis for the Court to grant such leave. Prior to the Petition Date, the Debtors comprised one of the largest advertising-supported video-on-demand companies in the United States, with three flagship streaming services: Redbox, Crackle, and Chicken Soup for the Soul. Through Debtor Redbox Automated Retail LLC, the Debtors operated: (i) Redbox Free Live TV, a free ad-supported streaming television service with approximately 180 channels, (ii) a transaction video-on-demand service, and (iii) a network of approximately 24,000 kiosks across the United States for DVD rentals. Also prior to the Petition Date, Debtor Screen Media Ventures, LLC retained the Culpepper Firm to pursue copyright infringement litigation against various internet service providers. Specifically, the Culpeper Firm represented Screen Media, together with other plaintiffs, in litigation in the United States District Court for the Southern District of Florida against certain internet service providers, including Appellant and/or companies owned directly or indirectly by Appellant 1701 Management LLC d/b/a LiquidVPN, for alleged copyright infringement. Screen Media ultimately obtained a judgment against Appellant for $250,000 in that litigation. Appellant later filed a Chapter 7 bankruptcy in Puerto Rico, seeking to have the Judgment discharged; Appellant's Chapter 7 case was dismissed, however, and Appellant is currently appealing that order. As of the Petition Date, the Culpepper Firm continued to represent Debtor Screen Media, together with its co-plaintiffs, in litigation to enforce the Judgment. Among other things, the Culpepper Firm sought to have the Judgment recognized and enforced in Nevis, where Appellant resides, leading to additional litigation. On Dec. 6, 2024, the Trustee filed in the Bankruptcy Court an application seeking approval of the retention of the Culpepper Firm as special counsel nunc pro tunc to the Petition Date. Pursuant to the Retention Application, the Trustee sought authority to retain the Culpepper Firm pursuant to Sec. 327(e) of the Bankruptcy Code to: (i) continue representing Debtor Screen Media in the Judgment enforcement litigation with compensation based on a percentage of any recovery made on behalf of the Debtor, and (ii) represent the estates in any additional copyright infringement litigation that the Trustee may request that the Culpepper Firm pursue on behalf of the estates. On Dec. 26, 2024, Appellant filed the Objection to Trustee's Engagement of Special Counsel, Request for Disqualification of Culpepper IP, LLLC Pursuant to 105, 327(e), and 328(a) Request for Sanctions. The Objection made numerous allegations regarding the Culpepper Firm and attorney Kerry Culpepper, including alleged conflicts of interest which, according to Appellant, disqualified the Culpepper Firm from representing the Debtors' estates. Although difficult to follow, the Objection alleged that the Culpepper Firm is funded by PML Process Management Limited, and that PML is a "third-party litigation funding company" which "profits from copyright trolling as a business" through "unethical legal practices." The majority of the Objection alleges omissions and misrepresentations made by attorney Kerry Culpepper and the Culpepper Firm in the Southern District of Florida litigation which gave rise to the Judgment. Relevant to the Retention Application, however, Appellant's main contentions were: (1) that the Culpepper Firm's post-petition representation of Debtor Screen Media in the litigation to enforce the Judgment constituted a violation of the automatic stay because the representation was without Bankruptcy Court authorization; and (2) that Mr. Culpepper's ownership of 42 Ventures, LLC -- one of Screen Media's co-plaintiffs in the Southern District of Florida litigation -- constituted a conflict of interest that disqualifies the Culpepper Firm from representing the estates. The Trustee asserted that Appellant's Objection was baseless, and further argued that Appellant is not a creditor of the Debtors, not a party in interest in the bankruptcy cases, and therefore lacked standing to challenge the Trustee's proposed retention of the Culpepper Firm on behalf of the estates. The Bankruptcy Court approved the retention of the Culpepper Firm, finding that there were no conflicts of interest and that the terms of the retention were appropriate. According to the District Court, Appellant has failed to show that he is "directly and adversely affected pecuniarily" by the Retention Order and therefore lacks appellate standing to pursue the appeal. Judge Williams holds, "While Appellant clearly takes issue with the merits of the underlying Judgment and litigation to enforce the Judgment, he has failed to show how he is 'directly and adversely affected pecuniarily' by the Retention Order. Appellant asserts his 'pending claims' against the Debtors' estates, but he points to no proof of claim he has filed against the Debtors nor does he explain how retention of special counsel affects those claims." Judge Williams concludes, "The only apparent harm to Appellant is that the Culpepper Firm will continue to prosecute the Debtors' causes of action against Appellant and attempt to recover on the Judgment for the benefit of the Debtors' estates. But Appellant's rights and interests are not 'directly and adversely affected pecuniarily' by the retention of this particular law firm because any special counsel retained by the Trustee on behalf of the estates will continue the already filed Judgment enforcement litigation against Appellant." A copy of the Court's Memorandum is available at https://urlcurt.com/u?l=9cvN6e from PacerMonitor.com. About Chicken Soup Chicken Soup for the Soul Entertainment Inc. provided premium content to value-conscious consumers. The Company was one of the largest advertising-supported video-on-demand (AVOD) companies in the United States, with three flagship AVOD streaming services: Redbox, Crackle, and Chicken Soup for the Soul. Chicken Soup for the Soul Entertainment and about 20 of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11442) on June 28, 2024. In the petition signed by Bart M. Schwartz, chief executive officer, Chicken Soup disclosed total consolidated assets of $414,075,844 and total consolidated liabilities of $970,002,065. Ashby & Geddes, P.A., represented the Debtors as general bankruptcy counsel and Reed Smith LLP serves as counsel too. Solomon Partners acted as investment banker to the Debtor. Kroll Restructuring Administration LLC served as claims and noticing agent to the Debtor. On July 10, 2024, the Bankruptcy Court entered an Order converting the cases from chapter 11 to chapter 7 of the Bankruptcy Code effective as of July 10, 2024. On July 11, 2024, the United States Trustee for Regions 3 and 9 appointed George L. Miller as the Chapter 7 trustee of the Debtors' estates. CINEMAWORLD OF FLORIDA: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Cinemaworld of Florida, Inc., according to court dockets. About Cinemaworld of Florida Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A Mora presides over the case. Harley E. Riedel, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtor as legal counsel. CLAIRE'S HOLDINGS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Claire’s Holdings LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral and provide adequate protection. The Debtors need to use cash collateral to fund operations and avoid irreparable harm, including business shutdown and asset devaluation. To ensure a smooth transition into Chapter 11, the Debtors negotiated with their pre-bankruptcy secured lenders for consensual use of cash collateral rather than obtaining new debtor-in-possession financing. The Debtors' pre-bankruptcy capital structure includes approximately $676.6 million in funded debt, consisting of: (i) $63.5 million under an asset-based revolving credit facility provided by JPMorgan Chase Bank, N.A., as administrative and collateral agent; (ii) $121.1 million under a secured Priority Term Loan Facility, with Ankura Trust Company, LLC as agent; and (iii) $492 million under an Existing Term Loan Facility, also administered by Ankura. The ABL Facility is secured by a first-priority lien on inventory, accounts receivable, and certain related assets, and a second-priority lien on most other assets, including intellectual property and equity interests. In contrast, the Term Loan Facilities are secured by a first-priority lien on the Term Loan Priority Collateral and a second-priority lien on the ABL Priority Collateral. These lien priorities are governed by two intercreditor agreements: the ABL Intercreditor Agreement (Dec. 2019) and the Priority First Lien Intercreditor Agreement (Sept. 2024). As of the petition date, the Debtors held approximately $24.1 million in cash, all of which is encumbered and constitutes "Cash Collateral." To protect against diminution in value, the pre-bankruptcy secured parties will receive adequate protection, including replacement liens on post-petition assets, subject to a carve-out and existing lien priorities, superpriority administrative expense claims under 11 U.S.C. section 507(b), senior to all other administrative claims (except the carve-out), and post-petition interest payments. The final hearing i set for September 9. The deadline for filing objections is on September 2. A copy of the order is available at https://is.gd/I78bU4 from PacerMonitor.com. About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com) CLAIRE'S STORES: Files 2nd Chapter 11 Bankruptcy ------------------------------------------------ Georgia Hall and Harry Suhartono of Bloomberg News report that U.S. retailer Claire's has filed for Chapter 11 bankruptcy for the second time in seven years, following months of uncertainty sparked by former President Donald Trump's tariff proposals and their potential impact on the company's global supply chain. In a court filing Wednesday, August 6, 2025, Claire's said it plans to close roughly half of its U.S. stores and warned that it may shutter all physical locations if a buyer for its operations cannot be found. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CLEAN ENERGY: Issues $151.8K Note to 1800 Diagonal for $132K ------------------------------------------------------------ Clean Energy Technologies, 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 1800 Diagonal Lending LLC, a Virginia limited liability company, pursuant to which the Company sold, and 1800 Diagonal purchased, a convertible promissory note in the principal amount of $151,800 for a purchase price of $132,000. The Transaction was funded by 1800 Diagonal and closed on July 31, 2025, and pursuant to the SPA, 1800 Diagonal's legal expenses of $2,500 were paid from the gross purchase price, $4,500 was retained by 1800 Diagonal as a due diligence fee, the Company received net funding of $125,000, and the Note was issued to 1800 Diagonal. The SPA includes customary representations, warranties and covenants by the Company and customary closing conditions. The SPA requires that the proceeds from the Transaction be used for general working capital purposes. The Note matures on May 30, 2026, accrues a one-time interest charge of 10% on the issuance date, shall be paid in 10 monthly payments in the amount of $17,153.40 beginning on August 30, 2025, and continuing on the 15th of each month thereafter, and is convertible following default into shares of the Company's common stock at the election of the holder at a conversion price equal to 85% of the lowest closing bid price during the trading day prior to the conversion date; provided, however, that the holder may not convert the Note: (i) to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock, or (ii) when the shareholder approval required by Nasdaq Rule 5635(d) has not been obtained and conversion would result in more than 19.99% of the shares of Company common stock being issued after any required aggregation per Rule 5635(d). Additionally, the holder of the Note is entitled to deduct $1,500 from the conversion amount in each note conversion to cover the holder's fees associated with the conversion. The foregoing descriptions of the SPA and Note do not purport to be complete and are qualified in their entirety by reference to the full text of those agreements, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to the Current Report on Form 8-K available at https://tinyurl.com/4vatetne About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $9,505,480 in total assets, $6,566,978 in total liabilities, and total stockholders' equity of $2,938,502. CLOUD SOFTWARE: S&P Assigns 'B' Rating on Secured First-Lien Loans ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating to Cloud Software Group Holdings Inc.'s (Cloud Software) proposed senior secured first-lien loans due 2032 and bonds due 2033 and repriced first-lien term loan due 2031, issued by subsidiary Cloud Software Group Inc. The first-lien recovery rating is '3' (recovery expectation: 50%-70%). The new loan and bond proceeds will refinance the existing first-lien term loan B due 2029. The transaction will be largely leverage neutral and may provide modest interest expense savings, but the extended debt maturities are a credit positive. All our ratings on Cloud Software, including our 'B' issuer credit rating, are unchanged. Cloud Software has stronger credit metrics relative to comparable 'B'-rated peers. Its debt to EBITDA was about 5.4x and free cash flow to debt was approximately 5.1% as of May 31, 2025. This provides some capacity at the current rating level to pursue its capital allocation goals including strategic acquisitions. The company also has meaningful excess cash balances and short-term investments totaling $2.6 billion that S&P doesn't net from S&P Global Ratings-adjusted debt. On Aug. 5, 2025, the company announced that it has entered into a definitive agreement to acquire Arctera Holdings Ltd. It expects to fund the transaction with existing balance sheet cash. S&P said, "While current credit metrics may meet our upside thresholds, we believe management's focus on mergers and acquisitions and its financial-sponsor ownership structure will prevent sustained deleveraging. We note Cloud Software's upfront recognition of revenue from large total contracts and subscription conversions have contributed to greater revenue and EBITDA variability. We expect the convergence of reported revenue and annual recurring revenue (ARR) over the next one to two years will cause its S&P Global Ratings-adjusted debt to EBITDA to rise from current levels but for credit metrics to be consistent with our expectations for the 'B' rating level." CONFLUENCE CORP: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 15 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Confluence Corporation. The committee members are: 1. Marisco Ltd. Vinen Singh Email: VSignh@marisco.net 2. Logan Industries Kim LaFon Email: kim.lafon@loganindustries.net 3. Precision Marine Power Inc. George T. Reynolds Email: george@pm-pi.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Confluence Corporation Confluence Corporation, doing business as Regal Service Company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00623) on July 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Christopher W. Caliedo, president of Confluence, signed the petition. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. CONSOLIDATED APPAREL: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Consolidated Apparel, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The third interim order signed by Judge Mindy Mora authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. This authorization will continue until further order of the court. The budget shows total operational expenses of $61,115.00 for August and $61,115.00 for September. Lenders including Wells Fargo Bank, CHTD Company, and Credibly of Arizona, LLC were granted perfected post-petition liens on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens are junior to the fees of the Office of the U.S. Trustee, court costs, and the fees and expenses awarded by the court to estate professionals. As additional protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. The next hearing is scheduled for September 30. About Consolidated Apparel Inc. Consolidated Apparel Inc., operating as Native Outfitters and MTO Wear, Consolidated Apparel, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14604) on April 25, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Craig I. Kelley, Esq. CRANE ENTERPRISES: Wins Summary Judgment Bid in Crane, et al. Case ------------------------------------------------------------------ The Honorable David S. Jones of the United States Bankruptcy Court for the Southern District of New York granted Crane Enterprises, LLC's motion for for summary judgment in the adversary proceeding captioned as CRANE ENTERPRISES, LLC, Plaintiff, v. MICHAEL E. CRANE, DANIEL M. CRANE, JOHN DOE AND JANE DOE (Fictitious Persons), Defendants, Adv. Pro. No. 25-01040 (Bankr. S.D.N.Y.). Plaintiff filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on March 4, 2025. The Debtor is organized as a limited liability company and holds a single asset: 99 shares in a cooperative residential corporation. In connection with the issuance of these shares, the Debtor entered into a proprietary lease granting Debtor the right to possess the two-bedroom cooperative located at 360 Shore Road, Apt 8L, Long Beach, NY 11561. Defendants possess or reside in the Property. In November 2022, the Debtor commenced an eviction action against Michael E. Crane in the Civil Part of the Nassau County District Court of the State of New York to remove him from the Property. In the Eviction Action, Michael E. Crane produced what he alleges to be a lifetime lease on the Property for the stated rent of $1.00 per year. Plaintiff obtained a pre-petition Judgment of Possession and Warrant of Eviction in Nassau County District Court, albeit in a proceeding in which Michael E. Crane, but not Daniel M. Crane, was a respondent. The day after filing the Petition, Plaintiff commenced the adversary proceeding by filing the Complaint, in which Plaintiff asserts one count pursuant to Sec. 542 of the Bankruptcy Code for an order directing Defendants Michael E. Crane and Daniel M. Crane to turn over possession of the Property to the Debtor. On April 22, 2025, Defendants filed an Answer that asserts five affirmative defenses: 1) Plaintiff has failed to state a claim upon which relief could be granted; 2) Defendants hold a lifetime lease for the Property and are entitled to remain in possession; 3) Plaintiff lacks standing to bring this action because Plaintiff is not a creditor of the Defendants; 4) a statute of limitations defense; and 5) the underlying claims are barred by res judicata because the claims must be pursued in New York State Court as opposed to the bankruptcy court. On May 22, 2025, Plaintiff filed the Motion for summary judgment, arguing that there is no genuine dispute of material fact and that Plaintiff is entitled to turnover of the Property as a matter of law. In the Motion, Plaintiff argues that Defendants hold no valid possessory interest, res judicata prevents Defendants from relitigating the validity of the Alleged Lease which was necessarily determined through the Eviction Action, and none of Defendants' affirmative defenses prevent Plaintiff's recovery. In their objection to the Motion, Defendants argue that Daniel M. Crane was never served with the eviction documents relating to the Eviction Action and the Judgment cannot be enforced against him. Defendants also averred (incorrectly) that the Eviction Action has not been concluded because the Judgment was never entered, which Defendants claim prevents Michael E. Crane from appealing the Judgment or seeking a stay pending appeal. Defendants further contend that this litigation should not be heard as an adversary proceeding in bankruptcy court because the matter is already in state court and the state court is the appropriate forum to handle this dispute. Plaintiff argues that co-tenants who are asserting identical legal positions are in privity for purposes of applying res judicata such that Daniel M. Crane is bound by the Judgment and is prevented from relitigating the issue of the validity of the Alleged Lease. Plaintiff additionally argues that the Alleged Lease is void under New York law because when a lease's term exceeds 3 years, the lease or a memorandum thereof must either be filed with the clerk in the requisite county to be binding upon a bona fide purchaser -- a position the Debtor can assert in bankruptcy. Plaintiff claims entitlement as a matter of law to turnover pursuant to Section 542(a) of the Bankruptcy Code, contending that there is no genuine dispute of material fact that the Property is property of the Debtor's estate, the Defendants are in possession of the Property, and the Property is one which may be sold or leased for the benefit of the estate. The Court agrees. While Defendants' Answer denies Debtor's averment in the Complaint that the Property is property of Debtor's bankruptcy estate, the Judgment establishes that Debtor owns the Property. The Court concludes that there are no genuine disputes of material fact regarding the elements of turnover and Plaintiff has demonstrated that it is entitled to turnover of the Property in the absence of a valid possessory interest or other defense asserted by Defendants. Plaintiff argues that the Judgment precludes any genuine factual dispute regarding the validity of the Alleged Lease pursuant to principles of res judicata, whereas Defendants contend that the Judgment is not the end of the eviction proceeding and that the Judgment is not enforceable as to Daniel M. Crane. The Court concludes that Plaintiff demonstrated that the Judgment collaterally estops both Michael E. Crane (as a party to the prior state court proceeding in which the Judgment was entered against him) and Daniel M. Crane (as an asserted co-tenant and party in privity to Michael E. Crane) from relitigating the issue of the validity of the Alleged Lease. In determining whether collateral estoppel applies to both Defendants, the final question is whether Daniel M. Crane, who was not named in the Eviction Action, nevertheless was in sufficient privity to Michael E. Crane as to be bound by the state court's judgment and the resulting warrant of eviction and judgment of possession. The Court finds undisputed facts establish that he was. The Alleged Lease explicitly lists Daniel and Michael Crane as co-tenants, and the two Cranes were identically situated and possessed identical rights under the Alleged Lease, which the District Court concluded was invalid. Thus, in the Eviction Action where Michael E. Crane fully and fairly litigated the issue as to validity of the Alleged Lease, Daniel M. Crane's interests were represented because he and Michael E. Crane share a mutuality of interest in the Alleged Lease being deemed valid such that Daniel M. Crane essentially had a vicarious day in court in the Eviction Action. Thus, the principle of collateral estoppel prevents each Defendant from relitigating the validity of the Alleged Lease in this case. And, because the Defendants have not presented evidence giving rise to a genuine issue of material fact as to any other relevant issue, Plaintiffs are entitled to summary judgment awarding them turnover and possession of the Property pursuant to Section 542(a) of the Bankruptcy Code, the Court concludes. A copy of the Court's decision dated July 29, 2025, is available at https://urlcurt.com/u?l=XsbDBe from PacerMonitor.com. About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC represents the Debtor as counsel. CS-ORED LLC: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: CS-ORED, LLC 14125 Capri Drive, Suite 5 Los Gatos, CA 95032 Business Description: CS-ORED, LLC is a real estate holding company based in Oakdale, California, that owns a portfolio of eight residential properties located on Tiffani Court, Tiffani Way, Robin Court, and Old Stockton Road. The properties are in varying stages of construction, with some completed and others still under development. As of July 17, 2025, the portfolio had a completed appraised value of $5.41 million. Chapter 11 Petition Date: August 6, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-51204 Judge: Hon. M Elaine Hammond Debtor's Counsel: Lars Fuller, Esq. THE FULLER LAW FIRM PC 60 N Keeble Avenue San Jose, CA 95126 E-mail: lars@fullerlawfirm.net Total Assets: $5,410,000 Total Liabilities: $3,832,140 The petition was signed by Elizabeth Brownfield as managing member. The Debtor identified Oakdale Real Estate Development, LLC, located at 14125 Capri Dr., Suite 5, Los Gatos, California, as its only unsecured creditor, with a claim totaling $893,813. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SKPOFVY/CS-ORED_LLC__canbke-25-51204__0001.0.pdf?mcid=tGE4TAMA CYTOPHIL INC: Seeks to Extend Plan Exclusivity to August 26 ----------------------------------------------------------- Cytophil Inc. asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 26 and October 26, 2025, respectively. The Debtor explains that the requested the extension to allow additional time to obtain better data regarding its operations to provide adequate information and for creditors, the U.S. Trustee, and interested parties to evaluate a plan. It also served to provide the Debtor with additional time to resolve potential claim objections. The Debtor claims that it has negotiated a resolution to a potential objection with First Citizens State Bank over the value of its secured claim that will be incorporated into the plan; however, the Debtor was unable to reach a resolution with two other creditors. The Debtor has since filed objections to the claims of Malkan Solutions, LLC and Advasaf, LLC. The Debtor believes it is more cost effective to extend the exclusive period an additional 21 days than to file a plan with soft numbers only to subsequently amend it with once reviewed. The Debtor asserts that it has made progress towards confirmation, operating successfully in reorganization and reaching agreement on cash collateral. Communications are open key parties in the case, the two largest creditors, HPA and Jansson Munger (Factors 3 and 4). The extension will improve the ability of the Debtor to provide adequate information and propose a feasible plan (Factor 2). The Debtor further asserts that it has responsibly managed the company by paying bills as they come due and performing profitably. (Factor 5.) Additional time to finalize the projections and review them the Debtor's account will be beneficial to the entire estate. The previous extension was approximately 60 days, the second extension is less than 30. Combined the extensions are relatively short and well below the limits (Factor 6). Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. D&B RENTALS: Seeks to Tap Expert Accounting Services as Accountant ------------------------------------------------------------------ D&B Rentals, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Expert Accounting Services, LLC as accountant. The services to be provided by EAS include: (a) preparing and filing its tax returns, which includes year-end review of business financials, preparation of all required forms and schedules, filing of federal and applicable state returns, tax planning recommendations for future years, and unlimited questions and answers regarding the tax filing; and (b) auditing Debtor's sales and use tax history, speaking with the Georgia Department of Revenue regarding sales and use tax that may be due, and filing the required documents with the Georgia Department of Revenue. EAS shall charge a flat fee of $1,750 to prepare and file Debtor's 2024 federal and state tax returns and a flat fee of $2,500 for services related to Debtor's sales and use tax. As disclosed in the court filings, EAS is disinterested under 11 U.S.C. Sec. 101(14), with regard to the matters upon which it is to be engaged. The firm can be reached through: Glen L. Graves Expert Accounting Services, LLC 1070 N. Hills Drive Decatur, GA 30033 Phone: (404) 719-0330 About D&B Rentals Inc. D&B Rentals, Inc., doing business as Atlanta Tent Rental, is a family owned and operated business serving Georgia and the Southeast for over 25 years, specializing in providing tents, tables, chairs, staging, flooring, linens, and lighting and event services for various occasions, including weddings, corporate events, festivals, sporting events, inventory sales, and nonprofit gatherings. D&B Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20449) on April 1, 2025, with $1 million to $10 million in both assets and liabilities. Ira Inman, chief executive officer, signed the petition. Judge James R. Sacca oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. DALLAS PARTY: Seeks to Hire Hayward PLLC as Bankruptcy Counsel -------------------------------------------------------------- Dallas Party Bike LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Hayward PLLC as general bankruptcy counsel. The firm will assist the Debtor in preparing to file its voluntary bankruptcy petition. Hayward PLLC received a $22,000 retainer from Pedal Powered Austin LLC. The current hourly rates are: Melissa Hayward $500 Associates and Attorneys $275 to $500 Paralegal $215 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Melissa Hayward, Esq., a partner at Hayward PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Melissa Hayward, Esq. Hayward PLLC 10501 North Central Expy., Suite 106 Dallas, TX 75231 Tel: (972) 755-7100 Email: MHayward@HaywardFirm.com About Dallas Party Bike LLC Dallas Party Bike LLC, likely operating pedal-powered tour vehicles for entertainment and transportation services in Dallas, Texas. Dallas Party Bike LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32509) on July 2, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Melissa S. Hayward, Esq. at Hayward PLLC. DANIEL TRUCKING: Hires David Freydin PC as Bankruptcy Counsel ------------------------------------------------------------- Daniel Trucking International Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the LawOffices of David Freydin PC as counsel. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; and (c) examine and resolve claims filed against the estate. The firm's counsel will be paid at these hourly rates: David Freydin, Attorney $450 Jan Micahel Hulstedt, Attorney $425 Derek Loflad, Attorney $425 Jeremy Nevel, Attorney $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer of $15,000 from the Debtor. Mr. Freydin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Freydin, Esq. Law Offices of David Freydin PC Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Daniel Trucking International Inc. Daniel Trucking International Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtors are represented by David Freydin, Esq. at Law Offices of David Freydin Ltd. DASHFIRE LLC: To Sell Beverage Equipment to Multiple Buyers ----------------------------------------------------------- Dashfire Holdings, Inc. and its affiliates Dashfire, LLC, and Dashfire Bitters, LLC, seek approval from the U.S. Bankruptcy Court for the District of Minnesota, to sell substantially all Assets, free and clear of liens, claims, and encumbrances. The only person with a security interest, claim, or lien in the property of the Debtors is Live Oak Banking Company based on loans to Dashfire LLC and Dashfire Bitters LLC and security agreements executed by each of the three Debtors. Live Oak has reviewed these sales. Upon information and belief, Live Oakbconsents to the sales. Although the U.S. Small Business Administration has a valid and perfected security interest in the assets of Dashfire Holdings, Inc., Holdings owns no assets other than membership interests in the other two Debtors. Before the Petition Date, the Debtors commissioned a new appraisal of the FF&E that lists the Fair Market Value, the Orderly Liquidation Value, and the Forced Liquidation Value of the equipment. The Appraisal found a forced liquidation value for all Furniture, Fixtures, and Equipment of $109,470.00. Each of the proposed sales is an arms length transaction with a third party for a price that exceeds the orderly liquidation value under the appraisal. Each proposed sale is subject to higher and better offers. -- Equipment Purchase Proposal 1: Big Watt Coffee Big Watt Coffee proposes to purchase several pieces of equipment as enumerated on Exhibit A to the Big Watts Asset Purchase Agreement for $50,065.00. Neither Big Watts nor any of the officers or directors of Big Watts are insiders of the Debtor. -- Equipment Purchase Proposal 2: Chucker Spirits, LLC Chucker Spirits LLC, a Minnesota limited liability company, proposes to purchase an XTIME 6-head Filler and XTIME Can Seamer 113-40 CPM for $7,000.00. Chucker agrees to make payment in full within three business days of the entry of an order approving the sale. Chucker will also pay all costs of removal and transportation of the equipment. The sale will be "AS-IS, WHERE-IS" without any warranties. -- IP and Inventory Purchase Proposal 3: Chucker Spirits, LLC Chucker separately proposes to purchase (i) the brand names, trade dress, goodwill, and all intellectually property associated with Dashfire and Dashifire Bitters; (2) all related intellectual property, including, but not limited to trademarks, trade names, copyrights, domain names, recipes, formulations, logos, packaging designs, websites, digital assets, and customer and vendor lists; and (3) all current and usable inventory of finished goods, packaging materials, and raw materials associated with the above brands, as determined at the time of Closing. Chucker has agreed to pay $40,000.00 for all current and usable inventory (subject to adjustment based on changes in inventory) and $5,000.00 for the intellectual property. Chucker makes its offer after a thorough review of the business, numbers, and sale history of Dashfire. Chucker bases its offer on the inventory levels, the time required to sell the inventory, and the age of certain items. In addition, Chucker took into consideration changes in consumer tastes and demand that make this an inopportune time to enter the spirits markets. Chucker believes that a significant portion of the inventory has no value in the current market, but agrees to take all the inventory to close this transaction. Finally, Chucker took into consideration the timing. As the end of the year approaches, distributors and retailers reduce their overall inventory. This reduces the value of the inventory. -- Equipment Purchase Proposal 4: Blue Sky Miners Blue Sky Miners, Inc., a Minnesota corporation, proposes to buy Crown 2: Crown Cap Elevator Sensors, 18-6-6 Head Rinser, Filler, Capper 30 BPM for $8,000.00. Blue Sky Miners agrees to make payment in full within three business days of the entry of an order approving the sale. Blue Sky Miners will also pay all costs of removal and transportation of the equipment. The sale will be "AS-IS, WHERE-IS" without any warranties. -- Equipment Purchase Proposal 5: Tattersall Distilling Company Tattersall Distilling Company, proposes to buy a 8000L blending tank and associated equipment/parts including the blending motor and scale for $8,000.00. Tattersall agrees to make payment in full within three business days of the entry of an order approving the sale. Tattersall will pay all costs of removal and transportation of the equipment. The sale will be "AS-IS, WHERE-IS" without any warranties. -- Bar Furniture Purchase Proposal 6: Ruby Leg Ventures Ruby Leg Ventures proposes to purchase several items of bar furniture as enumerated on Exhibit A to the Ruby Leg Assets Purchase Agreement for $4,500.00. After the six purchase proposals described above, the Debtor will still has miscellaneous assets left, including: (1) racking; (2) a large tank; (3) office furniture; and (4) other property. The Debtor has asked Frank Aiello and Werner Auction Group, Inc., d/b/a Bid2-Buy, to auction the remaining items because they appraised the assets immediately before the Petition Date and are already familiar with the assets. The terms of compensation are as follows: (a) $1,000 marketing fee; (b) $27.50 per hour per person for labor; (c) up to $1,000.00 to repair the reverse function on a forklift; (d) 15% of the gross sale price of each item; (e) buyer's premium. The marketing and labor costs would normally come from the 15% commission, but need to be billed separately because this is a small auction. The Debtors have previously shared these asset purchase agreements and offers with Live Oak and Live Oak is believed to have consented to these sales. About Dashfire Holdings, Inc. Dashfire, LLC, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 25-41264) on April 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Lee Egbert, president of Dashfire, signed the petition. Judge Katherine A. Constantine oversees the case. Karl Johnson, Esq., at MJB Law Firm PLLC, is the Debtor's bankruptcy counsel. DEEJAYZOO LLC: Seeks to Extend Plan Exclusivity to March 24, 2026 ----------------------------------------------------------------- Deejayzoo LLC d/b/a Shhhowercap asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 24, 2026 and May 25, 2026, respectively. This is the Debtor's first request for an extension of the exclusivity periods. It is self-evident that the Debtor is not seeking these exensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. Simply put, at this juncture, the Debtor simply neds time to reorganize its business operations, to reach an agreement with Creditors, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to all creditors of the estate. The Debtor explains that an extension of the exclusive periods will give the company a reasonable opportunit to negotiate and obtain confirmation of a consensual plan with its creditors. Further, it needs therequested period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. The Debtor claims 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. Deejayzoo LLC is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DESKTOP METAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Desktop Metal, Inc. and affiliates got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtors' interim use of cash collateral to pay its expenses from August 4 through the earliest of (i) entry of a final cash collateral order; (ii) August 15 unless the Debtors have obtained court approval of binding purchase agreements to acquire the Debtors' assets in an amount sufficient to satisfy or reserve for the payment of the outstanding obligations under the First Lien AHG Secured Note; (iii) the effective date of a confirmed plan of reorganization; (iv) the closing of a sale or sales of substantially all assets of the Debtors; and (v) the date of a breach by the Debtors under the interim order. As adequate protection to the pre-bankruptcy secured parties including the AHG lenders, Nano Dimension USA, Inc., and Wilmington Savings Fund Society, FSB, and Quinn Emanuel Urquhart & Sullivan, LLP, the Debtors' former legal counsel asserting a $29.2 million pre-bankruptcy claim against Desktop Metal, the Debtors offered to maintain the existing priority of claims among these parties, and offer multiple layers of adequate protection. First, the Debtors will provide a replacement lien, which grants a continuing lien on the same categories of collateral already held as of the petition date, preserving the same validity and priority. Second, they will provide an adequate protection lien, which secures any decline in the value of the creditors' collateral by granting liens on additional assets of the Debtors' estates—subject to existing, valid, senior liens. However, these liens will not extend to claims under 11 U.S.C. sections 542–553, unless and until a final order is entered. Third, to further compensate for any diminution in value, the Debtors offer granting each protected party an administrative claim under 11 U.S.C. sections 503(b) and 507(b). The Debtors have also committed to using a portion of the proceeds from the asset sale authorized in their Emergency Sale Motion to pay down their obligations under the First Lien AHG Secured Note. Specifically, $1.5 million from the initial sale closing and $4 million from a subsequent closing will be applied to reduce the principal balance. These payments must be made no later than two business days following each closing. Any remaining proceeds from the sale may be used to fund the estate's operations in accordance with an approved budget. Further, any additional sale proceeds realized during the term of the interim order will be used to (a) pay down up to $8.1 million in remaining obligations under the First Lien AHG Secured Note (including all fees, interest, and expenses, except success fees), (b) reserve $600,000 to cover specific success fees owed to the AHG Lenders, and (c) reserve any additional proceeds—after the note has been repaid—pending further order of the court. A final hearing is set for August 20. Objections are due by August 13. The Debtors said the immediate access to cash collateral will allow them to fund ongoing business operations while offering protections to pre-bankruptcy secured creditors whose collateral could be affected by the use of such funds. The Debtors' financial troubles stem from a capital structure comprising approximately $137 million in funded debt as of the petition date. This includes: (1) a $10 million First Lien AHG Secured Note issued in June 2025 to members of an ad hoc noteholder group, secured by first-priority liens on substantially all assets and accruing interest at SOFR + 10%, payable in kind; (2) a $12 million Nano Secured Note from April 2025, issued to Nano Dimension USA, Inc.—the Debtors’ sole equity holder and subsidiary of Nano Dimension Ltd.—secured by second-priority liens and accruing 8% PIK interest; and (3) a $31 million Third Lien AHG Secured Roll-Up Note, which represents a conversion of $30 million in previously unsecured convertible notes held by AHG Lenders, plus accrued interest, also accruing at SOFR + 10% and secured by third-priority liens. Notably, these secured loans were entered into just weeks before the bankruptcy filing, suggesting urgent efforts by the Debtors to shore up liquidity through distressed financing. In addition to secured debt, the Debtors also have outstanding unsecured Convertible Senior Notes totaling approximately $85 million in principal. These notes, issued in 2022 and maturing in 2027 with 6% semiannual interest, are obligations of Desktop Metal alone and not guaranteed by its affiliates. The AHG Lenders hold a significant portion of these notes, and a portion of them were converted into the Third Lien secured facility as part of prepetition negotiations. The Debtors also face a substantial prepetition claim from Quinn Emanuel Urquhart & Sullivan, LLP, their former legal counsel, which claims $29.2 million in unpaid fees. Prior to the bankruptcy, Quinn Emanuel secured an attachment order against certain assets of Desktop Metal. Although the claim is listed as contingent, unliquidated, and disputed, the law firm is being treated as a party with an asserted interest in the Debtors’ assets. 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) on July 28, 2025, listing up to $50,000 in assets and liabilities. Judge Christopher M. Lopez presides over the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones, LLP serves as the Debtor's legal counsel. DFND SECURITY: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On August 1, 2025, DFND Security Inc. filed Chapter 11 protection in the Central District of California. 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 DFND Security Inc. DFND Security Inc. is a California-headquartered cybersecurity and IT strategy firm that provides enterprise-level technology architecture, security solutions and talent sourcing for global corporations. It partners with organizations across North and South America, Europe and beyond, drawing on a team of former C-suite IT and security leaders with experience at Oracle, NetApp, Broadcom, Sony and Intuit. Through a flexible engagement model, DFND Security helps clients address complex IT and cybersecurity challenges at scale. DFND Security Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12150) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. DIAMONDHEAD CASINO: Court Grants Chapter 7 Involuntary Petition --------------------------------------------------------------- Diamondhead Casino Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 12, 2024, the parties -- Edson Arneault, John Hawley as Servicing Agent for Argonaut 2000 Partners, L.P., Kathleen and James Devlin, J. Steven Emerson, Emerson Partners, J. Steven Emerson, as Successor to Steven Emerson Roth IRA, Steven Rothstein, and Barry and Irene Stark v. Diamondhead Casino Corporation (In the United States Bankruptcy Court for the District of Delaware)(C.A. No. 24-11354-JKS) -- filed a Chapter 7 Involuntary Petition against a Non-Individual (Diamondhead Casino Corporation). The foregoing parties sought a total of $2,422,500. The Petition was served on June 13, 2024. On July 18, 2024, the Company filed a Motion of the Alleged Debtor, Diamondhead Casino Corporation, to Dismiss the Involuntary Bankruptcy Petition or, in the Alternative, to Convert the Case to Chapter 11 (hereinafter "Diamondhead's Motion to Dismiss"). On September 3, 2024, the Petitioners' filed an Answering Brief in Opposition to Diamondhead's Motion to Dismiss. On September 25, 2024, the Court held a status hearing in the matter. On December 4, 2024 and January 16, 2025, the Court held an evidentiary hearing on Diamondhead's Motion to Dismiss. On February 11, 2025, the Company filed a post-hearing brief in support of its Motion to Dismiss. On March 4, 2025, the Petitioners filed their Answering Brief in opposition to the Motion to Dismiss. On March 14, 2025, the Company filed its Reply Brief. On July 30, 2025, the Court issued its Opinion in the case and an Order denying the Company's Motion to Dismiss the Involuntary Bankruptcy Petition, or in the Alternative, to Convert the Case to Chapter 11. On July 31, 2025, the Court entered an Order for Relief in an Involuntary Case under Chapter 7 of the Bankruptcy Code granting the Chapter 7 Involuntary Petition. On August 1, 2025, a Notice to Interim Trustee/Trustee of Selection in an Asset Case was filed, notifying the Interim Trustee/Trustee of his appointment in an asset case of the estate of the Debtor (Diamondhead Casino Corporation). The appointee has five days after receipt of the notice to notify the Assistant United States Trustee, in writing, if he rejects this case. About DiamondHead Headquartered in Alexandria, Va., Diamondhead Casino Corporation owns, operates, and manages a casino resort. The Company constructs a casino resort and hotel and associated amenities. Diamondhead Casino serves customers in the United States. Marlton, N.J.-based Marcum LLP, the Company's auditor since 2004, 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 a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. As of Dec. 31, 2024, the Company had $5.6 million in total assets, $20.3 million in total liabilities, and a total stockholders' deficit of $14.7 million. DISTRICT 7 GRILL: Case Summary & 15 Unsecured Creditors ------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- District 7 Grill Corporation (Lead Case) 25-34547 501 Pierce St. Houston TX 77002 District 7 Grill Eado LLC 25-34548 District 7 Main, LLC 25-34549 Table 7 Bistro, Inc. 25-34550 Business Description: Established in 2003, the Debtors own and operate four restaurants in Houston, Texas, including: two District 7 restaurants located at 501 Pierce St., Houston, Texas 77002 and 1508 Hutchins Street, Houston, Texas 77003; one District 7 Restaurant & Market restaurant located at 610 Main St., Houston, Texas 77002; and one Table 7 Bistro restaurant located at 1085 Rusk St., Ste. C, Houston, TX 77002. The District 7 and Table 7 Bistro restaurants offer an upgraded take on America-style cuisine -- from classic eggs benedict and savory short rib burgers, to artisan pizzeria pizza, fresh mahi mahi salad, and file mignon. The District 7 Restaurant and Market location features a specialty market, deli and convenient grab- and-go options, including rotisserie chicken, deli sandwiches, and Polish dogs. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Jeffrey P Norman Debtors' Bankruptcy Counsel: Brandon J. Tittle, Esq. TITTLE LAW FIRM, PLLC 1125 Legacy Dr., Ste. 230 Frisco, Texas 75034 Tel: 972.213.2316 E-mail: btittle@tittlelawgroup.com Lead Debtor's Estimated Assets: $0 to $50,000 Lead Debtor's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Babak Elham as shareholder. A copy of the Lead Debtor's list of 15 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5YHATFY/District_7_Grill_Corporation__txsbke-25-34547__0003.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5YHATFY/District_7_Grill_Corporation__txsbke-25-34547__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VBS53BQ/District_7_Grill_Eado_LLC__txsbke-25-34548__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SDROJFQ/District_7_Main_LLC__txsbke-25-34549__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SK7RCUQ/Table_7_Bistro_Inc__txsbke-25-34550__0001.0.pdf?mcid=tGE4TAMA DVC3 LLC: Court Denies Bid to Extend Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida denied DVC3, LLC's bid for another extension of its authority to use cash collateral. The court denied the request as moot following confirmation of the Debtor's Chapter 11 plan of reorganization. About DVC3 LLC DVC3, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03897) on December 23, 2024. In the petition signed by Rebecca L. Vetter, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jacob A. Brown oversees the case. The Debtor is represented by Bryan K. Mickler, Esq., at Mickler & Mickler. EKROOP LLC: Seeks to Hire Caddell Reynolds as Attorney ------------------------------------------------------ Ekroop, LLC received approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Caddell Reynolds Law Firm as attorney. The firm will render these services: a) give Debtor legal advice with respect to their powers and duties as Debtor in Possession of their business and management of their property; and b) prepare on behalf of Debtor, as Debtor in Possession, any Petition, Schedules, Statement of Financial Affairs, any necessary deficient schedules and other documents, applications, answers, orders, reports, complaints, motions, etc., file such required documents, and appear before this Court and any other court in reference thereto; and c) perform all other legal services for Debtor in Possession that may be necessary to effectuate a reorganization of Debtor's financial affairs. The firm charges $350 per hour for attorney's services and $125 per hour for paralegal services. Joel Hargis, Esq., an attorney at Caddell Reynolds, disclosed in court filings that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM P.O. Box 184 Fort Smith, AR 72902 Telephone: (501) 214-0814 Facsimile: (501) 222-8824 Email: jhargis@caddellreynolds.com About Ekroop, LLC Ekroop, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11861) on June 2, 2025, listing $100,001 to $500,000 in assets and $100,001 to $500,000 in liabilities. Judge Richard D Taylor presides over the case. Joel G. Hargis, Esq. at Caddell Reynolds represents the Debtor as counsel. EL DORADO: Affiliate to Sell Oil & Gas Leases to Hilcorp Energy --------------------------------------------------------------- Dawn M. Ragan, the duly appointed Chapter 11 Trustee for the bankruptcy estate of El Dorado Gas & Oil, Inc. and Hugoton Operating Company Inc., seek permission from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell oil and gas leases, free and clear of all liens, claims, encumbrances, and interests. The Trustee has evaluated assets of the estate, including those certain non-operating working interests in various oil and gas leases and wells located in Zapata County, TX, owned by Hugoton. The Trustee has determined that Hugoton does not need these non-operating working interests for its operations and that these non-operating working interests would better serve Hugoton's estate if she sold them. The Trustee submits that conducting a private sale of these non-operating working interests is prudent and in the best interest of Hugoton's estate. The Trustee seeks approval of a sale from the Trustee to Hilcorp Energy I, L.P., or its designated assignee (Purchaser), of the non-operating working interests in those certain oil and gas leases and wells located in Zapata County, TX, and to the extent necessary, the assumption and assignment of various farm-out agreements. The Purchaser has offered to purchase the Assets and Designated Contracts for $350,000 in accordance with Sale Documents. The Trustee submits that the Purchaser's offer for the Assets and Designated Contracts is fair and reasonable and offers maximized value of the Assets and Designated Contracts for the benefit of Hugoton's estate. The Trustee's decision to sell the Assets to the Purchaser is based upon the exercise of her sound business judgment. The Trustee does not need the Assets for Hugoton's operations, and monetizing the Assets better serves Hugoton's estate. About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions(Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ENDI PLAZA: Seeks Cash Collateral Access ---------------------------------------- Endi Plaza, LLC asked the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The Debtor intends to use this cash collateral to fund its ongoing operations and administrative expenses during the Chapter 11 case. It argued that without access to this funding, it would face immediate and irreparable harm, jeopardizing its ability to maintain business operations and preserve the value of its estate. The Debtor projects that it will generate approximately $505,000 in cash and incur about $260,923 in expenses during the initial four-week period of the case, primarily for payroll, utilities, and necessary operating costs. The Debtor has been attempting to refinance or reinstate the mortgage loan but those efforts have been delayed due to a foreclosure action by its secured lender Fannie Mae and motion to appoint a receiver. The Debtor intends to pursue an exit strategy within the statutory 120-day exclusivity period. To protect Fannie Mae's interest in the collateral, the Debtor proposed providing adequate protection through a combination of replacement liens on post-petition assets, a superpriority administrative claim under 11 U.S.C. sections 503(b) and 507(b), and the maintenance of operations that preserve the income-generating capacity of its property. The property involved is the Endi Apartments, a mixed-use residential and commercial complex in Duluth, Minnesota, consisting of 142 apartment units and approximately 13,876 square feet of retail space. The Debtor owes approximately $55.7 million to Fannie Mae under a pre-bankruptcy mortgage loan. This debt is secured by liens on all of the Debtor's assets, including rental income and accounts receivable. Fannie Mae has not consented to the Debtor's use of its cash collateral. A court hearing is set for August 27. Fannie Mae, as secured lender, is represented by: Nicole Khalouian, Esq. Stinson LLP 100 Wall Street, Suite 201 New York, NY 10005 Phone: (646) 883-7471 nicole.khalouian@stinson.com -- and -- Zachary H. Hemenway, Esq. Stinson LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816) 842-8600 zachary.hemenway@stinson.com About Endi Plaza LLC Endi Plaza, LLC owns a mixed-use residential apartment and commercial complex located at 2120 London Road, Duluth, Minnesota, known as Endi Apartments containing 142 apartment units and 13,876 square feet of retail space and relating parking. Endi Plaza sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35613) on June 2, 2025. On June 9, 2025, the case was transferred from the Poughkeepsie Divisional Office to the White Plains Divisional Office and was assigned a new case number (Case No. 25-20002). At the time of the filing, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Goldberg Weprin Finkel Goldstein, LLP. ENI DIST: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: ENI DIST, Inc. 8805 Kelso Dr. Essex, MD 21221 Business Description: ENI DIST, Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. Chapter 11 Petition Date: August 6, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-17220 Debtor's Counsel: Weon G. Kim, Esq. WEON G KIM LAW OFFICE 8200 Greensboro Dr. Suite 900 Mc Lean, VA 22102 Tel: (571) 278-3728 Fax: (703) 288-4003 E-mail: jkkchadol99@gmail.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Seung Hoon Lee as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RIN2A6A/ENI_DIST_INC__mdbke-25-17220__0001.0.pdf?mcid=tGE4TAMA EPIC! CREATIONS: Unsecureds to Get Nothing in Plan -------------------------------------------------- Claudia Springer, the Chapter 11 Trustee of the Estates of Saga Formations, Inc. f/k/a Epic! Creations, Inc., and affiliates, submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan for the Debtors dated August 1, 2025. The Debtors are three U.S.-based companies that previously operated educational technology companies. Between 2019 and 2021, T&L, an Indian corporation co-founded by Byju Raveendran in 2011, acquired each of the Debtors. T&L aimed to provide accessible education technology, and was run by a close-knit group of Byju Raveendran loyalists, including his brother Riju Ravindran. The Chapter 11 Trustee retained investment bankers to conduct a marketing process for substantially all of the Debtors' assets. Following that process, the Chapter 11 Trustee sold substantially all of the Epic and Neuron Fuel assets on May 27, 2025, and May 30, 2025, respectively. The Tangible Play marketing process did not result in a buyer. The Chapter 11 Trustee determined, in her business judgment, that there was not a path forward for Tangible Play's business to continue as a going concern. Tangible Play's business ceased operations in April 2025. Prior to the Sale Transaction, Epic owned and operated the leading reading application in the United States for children at home, at school, and on the go. Through its application, which Epic reported in 2023 was used in over 80% of U.S. public elementary schools, Epic provided electronic books and other educational materials to students in kindergarten through eighth grade via a subscription-based service. Epic was founded in 2012 and acquired by T&L in November 2021 for a purported purchase price of approximately $500 million. Prior to the Sale Transaction, Neuron Fuel operated a subscription-based educational platform known as Tynker that provided gamified coding lessons to children with over 100 million registered users across the globe. Neuron Fuel was founded in 2012 and acquired by T&L in September 2021 for a purported purchase price of approximately $200 million. Tangible Play developed and sold a variety of educational gaming products, including its well-known Osmo line of products, which used a combination of physical and digital components to engage children in augmented reality-based educational games and experiences. Tangible Play was founded in 2013 and acquired by T&L in January 2019 for a purported purchase price of approximately $120 million. On May 7-8, 12-13, and 15, 2025, the Chapter 11 Trustee conducted an auction for the sale of the Epic assets. The "baseline bid" at the commencement of the auction was a bid valued by the Chapter 11 Trustee at $72.7 million. The bidding went through multiple rounds over the course of four days. On May 13, 2025, Hy Ruby Limited submitted a cash bid in the amount of $95.1 million, less cure costs. Following the conclusion of the bidding, the Chapter 11 Trustee determined that the final bid submitted by Hy Ruby Limited was the highest or otherwise best bid. On May 15, 2025, the Chapter 11 Trustee and Hy Ruby Limited executed, subject to Bankruptcy Court approval, the Epic Purchase Agreement. On May 15, 2025, the Chapter 11 Trustee filed the Notice of Successful Bidder at Auction for Epic! Creations, Inc. Assets naming Hy Ruby Limited as the successful bidder. On May 20, 2025, the Bankruptcy Court entered the Epic Sale Order, and on May 27, 2025, the sale of the Epic assets to Hy Ruby Limited pursuant to the Epic Purchase Agreement closed. Under the Plan, Holders of certain Allowed Claims are expected to receive less than full payment in respect of their Claims, and Holders of General Unsecured Claims, Subordinated Claims and Disallowed Claims are expected to receive no payment. The Debtors' discharge of Allowed Claims that are in the nature of guaranty claims are expected to give rise to a worthless debt deduction for the Debtors. The Debtors' satisfaction of their own liabilities (not as guarantors) to the Holders of Claims in excess of the amount satisfied by Distributions under the Plan will be canceled, and therefore is expected to result in COD Income to the Debtors. Class 4 consists of General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. This Class will receive a distribution of 0% of their allowed claims. Class 4 is Impaired under the Plan. Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in any Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the Wind-Down Debtors, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that any Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtors will be established, formed, and merged on the Effective Date. The Wind Down Debtors shall be the successors in interest to the Debtors, and the Wind-Down Debtors shall be successors to each Debtor and its respective Estate's right, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtors will conduct no business operations and will be charged with winding down the Debtors' Estates. The Wind-Down Debtors shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtors Oversight Committee. Prior to the Effective Date, any and all of the Debtors' assets shall remain assets of the Estates pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtors. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtors specifically retain and reserve the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated August 1, 2025 is available at https://urlcurt.com/u?l=0IjOQR from PacerMonitor.com at no charge. Counsel for the Chapter 11 Trustee: JENNER & BLOCK LLP Catherine Steege, Esq. Melissa Root, Esq. William Williams, Esq. 353 N. Clark Street Chicago, Illinois 60654 Telephone: (312) 923-2952 Email: csteege@jenner.com mroot@jenner.com wwilliams@jenner.com PASHMAN STEIN WALDER HAYDEN, P. C. Henry J. Jaffe, Esq. Joseph C. Barsalona II, Esq. Alexis R. Gambale, Esq. 824 North Market Street, Suite 800 Wilmington, DE 07601 Telephone: (302) 592-6497 Email: hjaffe@pashmanstein.com jbarsalona@pashmanstein.com agambale@pashmanstein.com About Epic! Creations, Inc. Epic! Creations Inc. -- https://www.getepic.com/ -- doing business as Byju's, retails books online. The Company offers digital library which includes kids books, ebooks, and videos. Epic! Creations serves customers in the State of California. Alleged creditors of Epic! Creations sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. The creditors who signed the petition are: * HPS Investment Partners, LLC, * TBK Bank, SSB * Redwood Capital Management, LLC, * Veritas Capital Credit Opportunities Fund SPV, L.L.C. and Veritas Capital Credit Opportunities Fund II SPV, L.L.C. * HGV BL SPV, LLC, * Midtown Acquisitions GP LLC, * Silver Point Capital, L.P., * Shawnee 2022-1 LLC, * Sentinel Dome Partners, LLC, * Stonehill Capital Management LLC, * Diameter Capital Partners LP, * Ellington CLO III, Ltd. and Ellington Special Relative ValueFund L.L.C. * GLAS Trust Company LLC, in its capacity as administrativeagent and collateral agent, * Continental Casualty Company, and * India Credit Solutions, L.P. Glas Trust Company is represented by: Laura Davis Jones Pachulski, Stang, Ziehl & Jones LLP Telephone: (302) 778-6401 E-mail: ljones@pszjlaw.com TBK Bank, et al., are represented by: G. David Dean Cole Schotz P.C. Telephone: (302) 652-3131 E-mail: ddean@coleschotz.com ESSATIONS INC: Seeks to Tap David Freydin PC as Bankruptcy Counsel ------------------------------------------------------------------ Essations Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; and (c) examine and resolve claims filed against the estate. The firm's counsel will be paid at these hourly rates: David Freydin, Attorney $450 Jan Micahel Hulstedt, Attorney $425 Derek Loflad, Attorney $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer of $10,000 from the Debtor. Mr. Freydin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Freydin, Esq. Law Offices of David Freydin PC Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Essations Inc. Essations Inc. is a corporation based in Chicago Heights, Illinois. Essations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill.Case No. 25-10931) on July 18, 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 Donald R. Cassling handles the case. The Debtor is represented by David Freydin, Esq. at Law Offices Of David Freydin Ltd. EXACTECH INC: Fee Examiner Taps Verrill Dana as Counsel ------------------------------------------------------- Robert J. Keach, the fee examiner of Exactech Inc. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Verrill Dana LLP as his counsel. The firm will provide these services: a. reviewing and assessing all Fee Applications and related invoices for compliance with: i. Bankruptcy Code sections 105, 327, 328, 329, 330, 331, 363, and 1103 as applicable, pursuant to each Retained Professional's retention order; ii. the Bankruptcy Rules; iii. the Local Rules; iv. the United States Trustee Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Section 330, C.F.R. Part 58, Appendix A, and the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Section 330 by Attorneys in Large Chapter 11 Cases Effective as of November 1, 2013, at 28 C.F.R. Part 58, Appendix B (collectively the "UST Guidelines"); v. the Order Establishing Procedures for Interim Compensation and Reimbursement of Expenses for Retained Professionals ("Interim Compensation Order") [Docket No. 253]; and vi. the Fee Examiner Order. b. assisting the Fee Examiner in any hearings or other proceedings before the Court to consider the Fee Applications including, without limitation, advocating positions asserted in the reports filed by the Fee Examiner and on behalf of the Fee Examiner; c. assisting the Fee Examiner with legal issues raised by inquiries to and from the Retained Professionals and any other professional services provider retained by the Fee Examiner; d. where necessary, attending meetings between the Fee Examiner and the Retained Professionals; e. assisting the Fee Examiner with the preparation of preliminary and final reports regarding professional fees and expenses; f. assisting the Fee Examiner in developing protocols and making reports and recommendations; and g. providing such other services as the Fee Examiner may request. The firm will be paid at these rates: Robert J. Keach, Counsel $850 per hour Letson D. Boots, Partner $395 per hour Jennifer Novo, Associate $325 per hour Angela Stewart, Paralegal $320 per hour Karla Quirk, Paralegal $230 per hour The following is provided in response to the request for additional information set forth in Paragraph D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Answer: N/A Question: Has the Fee Examiner approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Fee Examiner will approve a budget and general staffing plan in connection with Verrill's representation of the Fee Examiner. Letson D. Boots, a partner at Verrill Dana LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Letson D. Boots, Esq. Verrill Dana LLP One Portland Square, 10th Floor Portland, ME 04101 Tel: (207) 774-4000 Email: lboots@verrill-law.com About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Ryan M. Bartley, Esq. at Young Conaway Stargatt & Taylor, LLP. The creditors are represented by Eric Goodman, Esq., David Molton, Esq., and Cameron Moxley, Esq. at Brown Rudnick and TPG is represented by Mark Premo-Hopkins, Esq. at Kirkland & Ellis. FELTRIM TUSCANY: Amends U.S. Bank Secured Claims Pay Details ------------------------------------------------------------ Feltrim Tuscany Preserve, LLC, submitted an Amendment to Plan of Reorganization dated July 31, 2025. The Debtor amends its Plan for Small Business with respect to U.S. Bank's secured claims in Classes 4 through 7: Class 4 is comprised of the secured claim of U.S. Bank in connection with a first priority mortgage on 199 Kenny Boulevard with a filed claim (Claim No. 2) in the amount of $490,155.53 as of the Petition Date. U.S. Bank's Class 4 Claim shall be allowed as filed and paid in monthly installments of principal and interest over thirty years at four percent per annum, for monthly payments in the amount of $2,340.08. The balance of U.S. Bank's Class 4 Claim shall mature and become due and payable in full five years after the Effective Date. The difference between the contractual interest rate under U.S. Bank's loan documents and the four percent plan rate shall accrue and be due and payable upon maturity. Any funds in reserve, suspense, or escrow as of the Effective Date not previously applied to adequate protection payments shall be applied to the interest accrual. U.S. Bank shall retain its liens on the collateral until its Class 4 Claim has been paid in full. All other provisions of the Loan Documents shall remain in full force and effect. The Debtor will pay all applicable taxes and insurance directly. If payment is not received by the tenth day of the month, the Plan Payment will be deemed delinquent upon notice of default filed with the Court by U.S Bank and served upon Debtor through counsel. The Debtor shall have five days to cure the default. If the Debtor fails to timely cure the default, on the sixth day after the notice of default is filed, U.S Bank may submit an order to the Court granting it immediate stay relief without further hearing. The Debtor shall payment monthly payments in accordance with the Plan in the amount of $2,340.08. Class 5 is comprised of the secured claim of U.S. Bank in connection with a first priority mortgage on 124 Angela’s Avenue with a filed claim (Claim No. 5) in the amount of $480,768.40 as of the Petition Date. U.S. Bank's Class 5 Claim shall be allowed as filed and paid in monthly installments of principal and interest over thirty years at four percent per annum, for monthly payments in the amount of $2,295.26. The balance of U.S. Bank's Class 5 Claim shall mature and become due and payable in full five years after the Effective Date. The difference between the contractual interest rate under U.S. Bank's loan documents and the four percent plan rate shall accrue and be due and payable upon maturity. Any funds in reserve, suspense, or escrow as of the Effective Date not previously applied to adequate protection payments shall be applied to the interest accrual. U.S. Bank shall retain its liens on the collateral until its Class 5 Claim has been paid in full. All other provisions of the Loan Documents shall remain in full force and effect. The Debtor will pay all applicable taxes and insurance directly. If payment is not received by the tenth day of the month, the Plan Payment will be deemed delinquent upon of default filed with the Court by U.S Bank and served upon Debtor through counsel. The Debtor shall have five days to cure the default. If the Debtor fails to timely cure the default, on the sixth day after the notice of default is filed, U.S Bank may submit an order to the Court granting it immediate stay relief without further hearing. The Debtor shall payment monthly payments in accordance with the Plan in the amount of $2,295.26. Class 6 is comprised of the secured claim of U.S. Bank in connection with a first priority mortgage on 147 Angela’s Avenue with a filed claim (Claim No. 4) in the amount of $469,187.67 as of the Petition Date. U.S. Bank's Class 6 Claim shall be allowed as filed and paid in monthly installments of principal and interest over thirty years at four percent per annum, for monthly payments in the amount of $2,239.97. The balance of U.S. Bank's Class 6 Claim shall mature and become due and payable in full five years after the Effective Date. The difference between the contractual interest rate under U.S. Bank's loan documents and the four percent plan rate shall accrue and be due and payable upon maturity. Any funds in reserve, suspense, or escrow as of the Effective Date not previously applied to adequate protection payments shall be applied to the interest accrual. U.S. Bank shall retain its liens on the collateral until its Class 6 Claim has been paid in full. All other provisions of the Loan Documents shall remain in full force and effect. The Debtor will pay all applicable taxes and insurance directly. If payment is not received by the tenth day of the month, the Plan Payment will be deemed delinquent upon notice of default filed with the Court by U.S Bank and served upon Debtor through counsel. The Debtor shall have five days to cure the default. If the Debtor fails to timely cure the default, on the sixth day after the notice of default is filed, U.S Bank may submit an order to the Court granting it immediate stay relief without further hearing. The Debtor shall payment monthly payments in accordance with the Plan in the amount of $2,239.97. Class 7 is comprised of the secured claim of U.S. Bank in connection with a first priority mortgage on 149 Angela's Avenue with a filed claim (Claim No. 3) in the amount of $454,184.88 as of the Petition Date. U.S. Bank's Class 7 Claim shall be allowed as filed and paid in monthly installments of principal and interest over thirty years at four percent per annum, for monthly payments in the amount of $2,168.35. The balance of U.S. Bank's Class 7 Claim shall mature and become due and payable in full five years after the Effective Date. The difference between the contractual interest rate under U.S. Bank's loan documents and the four percent plan rate shall accrue and be due and payable upon maturity. Any funds in reserve, suspense, or escrow as of the Effective Date not previously applied to adequate protection payments shall be applied to the interest accrual. U.S. Bank shall retain its liens on the collateral until its Class 7 Claim has been paid in full. All other provisions of the Loan Documents shall remain in full force and effect. The Debtor will pay all applicable taxes and insurance directly. If payment is not received by the tenth day of the month, the Plan Payment will be deemed delinquent upon notice of default filed with the Court by U.S Bank and served upon Debtor through counsel. The Debtor shall have five days to cure the default. If the Debtor fails to timely cure the default, on the sixth day after the notice of default is filed, U.S Bank may submit an order to the Court granting it immediate stay relief without further hearing. The Debtor shall payment monthly payments in accordance with the Plan in the amount of $2,168.35. A full-text copy of the Amended Plan dated July 31, 2025 is available at https://urlcurt.com/u?l=etaccd from PacerMonitor.com at no charge. Attorneys for the Debtor: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 East Madison Street, Suite 200 Tampa, Florida 33602 Telephone: (813) 229-0144 Email: amayer@srbp.com About Feltrim Tuscany Preserve Feltrim Tuscany Preserve, LLC, a company in Haines City, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01693) on March 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek McEwen handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A., is the Debtor's legal counsel. FIGUEROA TELEPHONE: Unsecureds to Split $1K over 12 Months ---------------------------------------------------------- Figueroa Telephone Construction Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Plan of Reorganization for Small Business dated July 29, 2025. The Plan Proponent believes that the Debtor will have enough cash on hand on the effective date of the Plan to pay all the claims and expenses that are entitled to be paid on that date. Class 7 consists of General Unsecured Non-priority Creditors. This classification is composed of eleven general unsecured non priority creditors, either by filed proof of claim or as scheduled in the debtor's bankruptcy petition. The aggregate amount owed to creditors in this class is $187,630.58. Pursuant to the Plan, the debtor shall pay to the entire class, a total of $1,000.00, without interest, to be distributed pro rata among all creditors in this class. Beginning on January 31, 2026, and continuing through December 31, 2026, or for a period of one year from the estimated effective date (which is thirty days after the entry of the order confirming the Plan, approximately December 31, 2025), the debtor shall make twelve monthly payments of $83.33 through the end of the year, for a total of $1,000.00. Payments shall be distributed pro rata based on each creditor's respective share of the total general unsecured debt. This class is impaired under the terms of the Plan. Class 8 is composed of the equity interest holders of the Debtor. In this case, the Debtor is a corporation, and the sole equity interest holder is Mr. Elías De Jesús Figueroa, who possesses one hundred percent of the issued and outstanding shares of stock. Although equity holders are entitled to retain their ownership interest in the reorganized Debtor, they will not receive any monetary distribution or cash dividend under this Plan. Furthermore, any benefit or payment on behalf of the equity holder shall be fully subordinated to the payment in full of all allowed claims, as provided for in this Plan. Notwithstanding the absence of a financial recovery, the equity security holder will retain his ownership interest in the reorganized Debtor, by receiving a distribution of common stock in the reorganized entity equivalent to his prepetition shareholding. The Plan shall be implemented pursuant to Section 1123(a)(5) of the Bankruptcy Code through the ongoing operations of the Debtor's business and its resulting operating cash flows. The Debtor will retain property of the estate to continue business operations and generate the funds necessary to perform under the Plan. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=xzXrWD from PacerMonitor.com at no charge. Counsel to the Debtor: Jaime Rodriguez-Perez, Esq. Hatillo Law Office, PSC P.O. Box 678 Hatillo, PR 00659 Telephone: (787) 262-4848 E-mail: hatillolawoffice@yahoo.com About Figueroa Telephone Construction Figueroa Telephone Construction Inc. specializes in the construction and maintenance of telecommunication systems, including both aerial and underground installations. The Company's services encompass fusion and splicing of fiber optic networks, as well as the construction and installation of handholes and manholes for cables. Figueroa Telephone Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01506) on April 2, 2025. In its petition, the Debtor reports total assets of $499,203 and total liabilities of $1,131,802. The Debtor tapped Jaime Rodriguez Perez, Esq. at Hatillo Law Office, PSC, as counsel and Ramon Trabal Rios & Asociados LLC, CPA as accountant. FREEDOM RAVE: Unsecured Creditors to Split $50K in Plan ------------------------------------------------------- Freedom Rave Wear, Inc., filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated July 31, 2025. The Debtor is a Delaware Corporation with its primary place of business located in Carlsbad, California. In 2014, Debtor began designing cutting-edge, self-expression festival clothing. The Debtor designs and manufactures comfortable, vibrant, unique, and bold styles, coveted by rave attendees, music festival patrons, party goers, and those who seek self-expression through fashion. In addition to its retail sales, Debtor maintains an online resale shop offering "preloved festival outfits" at a discounted price. This feature further aligns with Debtor's low environmental impact sustainability promise to its consumers. Then, in March 2024, Debtor was served with a Private Attorneys General Act ("PAGA") claim by a former employee citing violations of California employment wage and hour codes. The expense litigating these PAGA lawsuits combined with defending against the online attacks against Debtor, drastically and dramatically affected Debtor's revenue such that it was unable to service its debt. On February 24, 2025, Debtor filed this Chapter 11 case seeking bankruptcy relief. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $438,370.03. The final Plan payment is expected to be paid on August 30, 2030. Class 3 consists of Non-priority unsecured creditors. All non-priority unsecured claims allowed under § 502 of the Code including disputed claims will be paid a prorata share of $50,000. Creditors with claims held in Subordinated Insider Claims will not be paid during the plan. Class 4 consists of Equity security holders of the Debtor. The holder of debtor's equity shall retain its equity interest in the debtor. The Debtor will contribute all of its projected disposable income, net of an appropriate operating capital reserve, for five years following the date that the first payment is due under the Plan. Inasmuch as the PAGA creditors did not file Proofs of Claim, Debtor will not be pursuing its cross-complaints for damages due to a lack of funds to pursue litigation. A full-text copy of the Plan of Reorganization dated July 31, 2025 is available at https://urlcurt.com/u?l=eGFxqj from PacerMonitor.com at no charge. Counsel to the Debtor: Larissa Lazarus, Esq. Law Offices of Mark L. Miller 2341 Jefferson Street, Ste. 100 San Diego, CA 92110 Telephone: (619) 574-0551 Email: larissa@millerlegalcenter.com About Freedom Rave Wear Established in 2024, Freedom Rave Wear Inc. is a California-based company specializing in eco-friendly, vibrant festival apparel and accessories. Freedom Rave Wear filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00656) on Feb. 24, 2025. In its petition, the Debtor reported total assets of $223,188 and total liabilities of $1,096,894. Judge Christopher B. Latham handles the case. The Law Offices of Mark L. Miller serves as the Debtor's counsel. FRESE INDUSTRIES: Hires Bond Law Office as Legal Counsel -------------------------------------------------------- Frese Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Stanley V. Bond of Bond Law Office to serve as its legal counsel Bond Law Office will provide these services: (a) become familiar with the financial affairs of the Debtor; (b) represent the Debtor's interests before the Bankruptcy Court; and (c) provide legal representation related to the Chapter 11 proceedings. Mr. Bond shall receive an hourly rate of $375. An hourly rate of $250 applies to Associate Counsel Kathryn Worlow, and paraprofessional time is billed at $125 per hour. Bond Law Office received a filing fee of $1,738 and an attorney retainer of $5,262.50 before the commencement of the case. Bond Law Office 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: Stanley V. Bond, Esq. BOND LAW OFFICE PO Box 1893 Fayetteville, AR 72702-1893 Telephone: (479) 444-0255 E-mail: attybond@me.com About Frese Industries Frese Industries, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71330) on July 31, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Bianca M. Rucker presides over the case. Stanley V. Bond, Esq., at Bond Law Office represents the Debtor as bankruptcy counsel. FRONTIER COMMUNICATIONS: Court Refuses to Reopen Chapter 11 Case ---------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York denied with prejudice the motion of pro se litigant Eduardo Rivas to reopen the chapter 11 case of Frontier Communications Corporation and its affiliates and for sanctions. On Sept. 14, 2015, Rivas commenced a civil suit alleging wrongful termination against Verizon Communications and Anita Anderson in the Los Angeles County Superior Court of California. On Jan. 20, 2016, Rivas amended his complaint to include Reorganized Debtor Frontier California, Inc., formerly known as Verizon California, Inc. On April 14, 2020, Frontier CA and 103 affiliates commenced the chapter 11 cases, and the State Court litigation was automatically stayed as of the Petition Date. On Aug. 27, 2020, the Court confirmed Frontier's chapter 11 plan, which reinstated general unsecured claims as if the chapter 11 cases had never been filed. The Reorganized Debtors' chapter 11 plan became effective on April 30, 2021. On Sept. 28, 2021, the Court entered a final decree closing 102 of the 104 jointly administered cases, leaving the Frontier Communications Corporation and Frontier Southwest Incorporated cases open. Rivas's case went to trial on Aug. 23, 2023, and on Aug. 28, 2023, the State Court directed a verdict in favor of the defendants (including Frontier CA), and a final judgment was entered on Sept. 28, 2023. On Oct. 24, 2023, Rivas filed a notice of appeal in California state court; appellate briefing is complete, and oral argument is scheduled for Sept. 11, 2025. Reopening a Chapter 11 Case Rivas moves to reopen the Frontier chapter 11 bankruptcy case pursuant to 11 U.S.C. Sec. 350(b) and Federal Rule of Bankruptcy Procedure 9024. Rivas requests the Court to reopen the case and allow full briefing and presentation of evidence for the imposition of sanctions on the Defendants for their alleged misuse of the bankruptcy process. The Motion alleges that the conduct of the Reorganized Debtors may constitute a violation of Fed. R. Bankr. P. 9011, warranting sanctions. Rivas also requests a waiver of the reopening filing fee under 28 U.S.C. Sec. 1930. Rivas alleges that counsel for Frontier Communications misused the automatic stay and bankruptcy proceedings to inhibit his ability to raise his claims and defenses in the California litigation. In their objection, the Reorganized Debtors argue that the Motion should be denied because Rivas does not meet the standard for either of the two requests in the Motion. The Reorganized Debtors contend Rivas does not establish cause to reopen under section 350(b) of the Bankruptcy Code. The Debtors argue that this Court is not the proper forum to adjudicate Rivas's claims, as his wrongful termination claim is a general unsecured claim that was left unimpaired by the Plan. They also argue that the Motion for sanctions fails both procedurally and substantively. According to the Debtors, Rivas fails to state any basis for his allegations of there being a fraudulent use of the automatic stay in his request. The Court finds Frontier would suffer prejudice from reopening the chapter 11 case. If the Court reopens the case, the Debtors risk incurring significant administrative costs solely to provide Rivas another opportunity to present arguments and evidence on a closed case. The benefits to the Plaintiff do not outweigh the extensive burdens of reopening, especially when reopening will prejudice the Debtors. Additionally, the denial of Rivas's Motion would not prejudice him as he reserves the ability to bring his allegations in the California court. According to the Court, Rivas has also failed to provide evidence of fraud. Absent a showing of fraud, Rivas does not establish why reopening the closed bankruptcy case would aid his civil litigation. Sanctions The Court finds Rivas's request to impose sanctions on Frontier CA and its counsel also fails on procedural grounds. Not only did the Plaintiff combine both his motion to reopen and request for sanctions, but Rivas also fails to articulate how the Frontier counsel's use of the automatic stay, or representation that they did not have access to Verizon's documents, constitutes fraud. A copy of the Court's decision dated July 29, 2025, is available at https://urlcurt.com/u?l=R0TjpZ Counsel to the Reorganized Debtors: Chad J. Husnick, Esq. KIRKLAND & ELLIS LLP 333 West Wolf Point Plaza Chicago, IL 60654 E-mail: chad.husnick@kirkland.com About Frontier Communications Frontier Communications Corporation (OTC: FTRCQ) offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Business offers communications solutions to small, medium, and enterprise businesses. Frontier Communications Corporation and 103 related entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on April 14, 2020. Judge Robert D. Drain oversees the cases. The Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as financial advisor; and FTI Consulting, Inc., as restructuring advisor. Prime Clerk is the claims agent, maintaining the page http://www.frontierrestructuring.com/and https://cases.primeclerk.com/ftr The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in Debtors' Chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez & Marsal North America, LLC, as financial advisor; and UBS Securities LLC as an investment banker. GRANT PARK: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Grant Park Packing Company, Inc. 3434 Runge St. Franklin IL 60131 Business Description: Founded in 1974 and still family-owned, Grant Park Packing Co. operates one of Chicago's last fully functioning pork packing plants in the heart of Fulton Street Market, processing thousands of whole hogs daily. The federally inspected facility distributes fresh pork, beef, lamb, goat, poultry and processed meats at wholesale prices to restaurants, retailers and individual customers throughout the Chicago area and beyond. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-11968 Judge: Hon. Jacqueline P Cox Debtor's Counsel: David Herzog, Esq. DAVID HERZOG 53 W. Jackson Blvd. Suite 1442 Chicago IL 60604 Tel: 312-977-1600 Email: drh@dherzoglaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lucia Maffei as secretary. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KPZWZYY/Grant_Park_Packing_Company_Inc__ilnbke-25-11968__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U25TPFQ/Grant_Park_Packing_Company_Inc__ilnbke-25-11968__0001.0.pdf?mcid=tGE4TAMA HARDING BELL: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Harding Bell International, Inc. The committee members are: 1. Brian and Angela McDonald 6 Marchfield Park Lane Edinburgh EH4 5BF United Kingdom brian24mcdonald@icloud.com 2. Nicholas and Caroline Pope 61 W. Chiltern Woodcote, Reading RG 8 OSG England Nick.pope13@btinternet.com 3. Timothy and Catherine Clark 213 Lakewood Dr. Oakville Ontario, Canada L6K 1B3 cathy_t_clark@yahoo.com 4. Graeme Hannah 113 Casa Dora, Serena Wadi Al Saffa 7, Dubai United Arab Emirates Graeme.hannah@yahoo.co.uk 5. Helge Ingvald Jakobsen Sandesletta 25B 4050 Sola Norway Helge.ingvald@lyse.net Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Harding Bell International Inc. Harding Bell International, Inc. is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Aaron Wernick, Esq., at Wernick Law, PLLC. HOLLOWELL VENTURES: Hires Bond Law Office as Legal Counsel ---------------------------------------------------------- Hollowell Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Bond Law Office to serve as legal counsel in its Chapter 11 case. Bond Law Office will provide these services: (a) consult with the Debtor regarding its financial affairs; (b) represent the Debtor's interests before the court; (c) provide legal services related to the Debtor's bankruptcy proceedings; and (d) perform all other necessary legal services in connection with the case. Bond Law Office will be compensated at these hourly rates: -- $375 for lead attorney Stanley Bond -- $250 for Associate Counsel Kathryn Worlow -- $125 for paraprofessional time Prior to the filing, the firm received a $1,738 filing fee and a $10,262 retainer from the Debtor. Bond Law Office has disclosed that it holds no conflict of interest and qualifies as a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stanley V. Bond, Esq. Bond Law Office PO Box 1893 Fayetteville, AR 72702-1893 Telephone: (479) 444-0255 E-mail: attybond@me.com About Hollowell Ventures LLC Hollowell Ventures LLC is a real estate company operating in Arkansas and Missouri with NAICS code 5311. Hollowell Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71311) on July 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Stanley V. Bond, Esq. at Bond Law Office. HRHI WIND-DOWN: Seeks to Extend Plan Exclusivity to November 4 -------------------------------------------------------------- HRHI Wind-down, LLC, and affiliates 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 4, 2025 and January 5, 2026, respectively. The Debtors explain that given the progress that they have made in these chapter 11 cases, the companies submit that a 90-day initial extension of the Exclusive Periods is reasonable. Granting the requested extension will give the Debtors the opportunity to negotiate and potentially propose a plan or otherwise wind-down their estates and close the chapter 11 cases without the distraction, cost and delay of a competing plan process. The Debtors note that they have been paying their undisputed postpetition bills as they become due. This factor therefore weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors assert that their request to extend the Exclusive Periods is not intended to exert leverage over creditors or any other party affected by these chapter 11 cases. The Debtors continue to work closely with key stakeholders to develop a consensual resolution of these chapter 11 cases that will maximize the value of the Debtors' estates. The Debtors further assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of their estates and the progress of these chapter 11 cases. Opening these chapter 11 cases up to a competing plan process at this stage would benefit neither the Debtors nor their creditors or stakeholders. Termination of the Exclusive Periods would disrupt the critical work that has been and the efforts of the Debtors to wind down their estates. Moreover, it would substantially increase the costs of administering these chapter 11 cases for no attendant benefit. The Debtors are the best situated and most effective party to manage the plan process and the wind-down of their estates for the benefit of all stakeholders. Counsel to the Debtors: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Robert J. Dehney, Sr., Esq. Matthew O. Talmo, Esq. Scott D. Jones, Esq. Brianna N. V. Turner, Esq. 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com mtalmo@morrisnichols.com sjones@morrisnichols.com bturner@morrisnichols.com About HRHI Wind-down HRHI Wind-down, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025, with $100,000,001 to $500 million in assets and liabilities. Judge Thomas M. Horan presides over the case. Scott Jones, Esq. at Morris, Nichols, Arsht & Tunnell represents the Debtor as legal counsel. IDEAL PROPERTY: Bridgeview Property Sale to Framos Properties OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Washington has permitted Ideal Property Investments LLC to sell property located at 8460 Thomas Avenue, Bridgeview, Illinois 60455, free and clear of liens, claims, and encumbrances. The Debtor was placed in a state court receivership on May 3, 2024, at the request of creditor First Federal Bank. The Debtor owns several parcels of real property. There are currently at least two federal lawsuits and several state lawsuits alleging that Ideal’s former manager and principal actor, Ryan Wear, engaged in a massive fraud and Ponzi scheme, and further alleging that the Ideal's Real Property may have been obtained using, in part, funds involved in the fraud. The Court has authorized the Debtor to sell the Property to Framos Properties LLC for $775,000. Joseph Fanelli of J. Fanelli Properties shall have the authority to execute the Purchase Sale Agreement and other documents necessary to complete the transaction contemplated thereby, on behalf of Ideal as its CRO. The Court found that the Debtor has marketed the Property and conducted the sale processes in a non-collusive, fair, and good faith manner. Ideal may sell the Bridgeview Property free and clear of all interests, liens, claims and encumbrances of any kind or nature whatsoever. The Debtor may pay all costs of closing the Bridgeview Property, including taxes, fees, utilities, commissions, and customary real estate closing costs. About Ideal Property Investments LLC Ideal Property Investments, LLC is primarily engaged in renting and leasing real estate properties. The company is based in Everett, Wash. Ideal Property Investments filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 24-01421) on September 5, 2024, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Frederick P. Corbit oversees the case. Laurie Thornton, Esq., at DBS Law is the Debtor's bankruptcy counsel. INDY US: Moody's Hikes Rating on Secured Bank Loans to 'B1' ----------------------------------------------------------- Moody's Ratings has upgraded the ratings to B1 from B2 on the senior secured bank credit facilities (including backed and local- and foreign currency instruments) which includes: 1st lien term loan Bs and 1st lien revolving credit facilities at Indy US Holdco, LLC as the borrower and Dutch and US subsidiaries, Indy Dutch Bidco B.V., Indy US Bidco, LLC, and Nielsen Consumer Inc. as co-borrowers. The outlook remains stable. Moody's have also assigned a B1 corporate family rating (CFR), a B1-PD probability of default rating (PDR), and a public SGL-2 speculative grade liquidity rating (SGL) to Indy US Holdco, LLC ("doing business as NielsenIQ"). At the same time, Moody's have withdrawn the B2 CFR, B2-PD PDR, and the stable outlook at Intermediate Dutch Holdings B.V., since it no longer provides its own financial statements and Moody's will analyze the company using NIQ Global Intelligence plc's financial statements going forward. Moody's did not assign the CFR to NIQ Global Intelligence plc, the IPO entity, as it sits above the restricted group in the structure. Moody's have assumed that there are no material assets or operations between NIQ Global Intelligence plc and the restricted group. "The ratings upgrade reflects NielsenIQ's much improved leverage and financial position as a result of the about $1.05B IPO proceeds that will be used to primarily repay debt", said Will Gu, a Moody's Ratings analyst. "Moody's now expects a Q1 proforma leverage around 6.0x declining to about 5.1x at the end of 2025 through a combination of organic growth and improved cost management." RATINGS RATIONALE NielsenIQ's cash flow situation also materially improves as a result of about $100MM in annual interest expense savings, including roughly $50MM in the second half of 2025. Improved liquidity as a result of a fully undrawn and upsized revolver also improves the outlook. The public net leverage target of 3.0x by the end of FY2026, and a more prudent capital allocation strategy further supports Moody's views. NielsenIQ's B1 CFR benefits from: (1) its leading global positions as a provider of data and analytics to consumer goods and retail clients; (2) good geographic diversity, with operations in about 90 countries; and (3) a good track record of strong recurring revenue because its offerings are embedded into clients' business processes. The rating is constrained by: (1) limited industry diversity, with a majority of its business tied to large consumer goods companies despite diversifying to technology and durables with the July 2023 merger with GfK SE (GfK); (2) a lack of a track record of operating consistently at a lower financial leverage; and (3) event risk of financial leverage elevating given its majority control by private equity. NielsenIQ has one class of secured debt, all rated B1. Indy US Holdco, LLC as the borrower and Dutch and US subsidiaries, Indy Dutch Bidco B.V., Indy US Bidco, LLC, and Nielsen Consumer Inc. as co-borrowers, and all material subsidiaries of the borrowers are guarantors. The security package is comprised of all assets of the borrowers and the guarantors. The instruments are rated at the same level as the CFR because they make up the bulk of the debt in the capital structure. NielsenIQ has good liquidity through June 30, 2025 with sources approximating over $1 billion versus approximately $20 million of term loan amortization. Sources of liquidity consists of cash of $288 million at March 31, 2025 and full availability under the company's revolving credit facility. Moody's expects around $90 million free cash flow over the next 12 months. NielsenIQ is subject to a springing first lien net leverage covenant tested when the outstanding revolver usage exceeds 35% of the revolver commitment, and Moody's do not expect this threshold to be met. NielsenIQ has limited ability to generate liquidity from asset sales. The outlook is stable because Moody's expects continued solid operating performance and a eventual reduction in costs contributing towards improved EBITDA such that financial leverage is maintained below 5.0x over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company generates sustainable revenue and EBITDA growth in the low-to-mid-single digits percentage, Adjusted Debt/EBITDA falls below 4x, and improves its liquidity position with greater positive free cash flow. The ratings could be downgraded if there is material decline in revenue or EBITDA or if the company sustains Debt/EBITDA above 5x. The ratings could also be downgraded if liquidity becomes weak. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. NielsenIQ, headquartered in Chicago, Illinois, is a global provider of retail measurement data, services and analytics to consumer packaged goods and retail customers and to technology and durables customers, following the merger with GfK. IR4C INC: Hires Saunders Real Estate LLC as Real Estate Broker -------------------------------------------------------------- IR4C, Inc., d/b/a Yes.Fit, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Saunders Real Estate LLC as real estate broker. The firm's services include: a. market the real estate; b. negotiate with prospective buyers and soliciting offers to purchase; and c. contract to closing services. The broker will receive a commission equal to 6 percent of the purchase price. As disclosed in the court filings, Saunders Real Estate represents no interest adverse to Debtor as Debtor-in-Possession or the estate. The firm can be reached through: Gary Ralston Saunders Real Estate LLC 1723 Bartow Rd Lakeland, FL 33801 Office: (877) 518-5263 x400 Cell: (863) 738-2246 Email: gary.ralston@saundersrealestate.com About IR4C Inc. IR4C, Inc., a company in Lakeland, Fla., is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." It conducts business under the name Yes.Fit and Make Yes Happen. IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed total assets of $4,280,839 and total liabilities of $7,922,422. IR4C President Kevin D. Transue signed the petition. Judge Roberta A. Colton oversees the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. IYA FOODS: Court OKs Bakery Equipment Sale to J&J Snack for $2.1MM ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois has approved Iya Foods Inc. to sell bakery equipment, free and clear of liens, claims, and encumbrances. The Debtor has faced significant and ongoing operational and financial challenges arising predominantly from persistent landlord interference, which has threatened the viability of its bakery manufacturing business. The Debtor has determined that the most prudent path forward is to transition away from its manufacturing operations and revert to its earlier, profitable business model focused on the import and export of food products. The Court has authorized the Debtor to the sell bakery equipment to J & J Snack Foods Corp. in the purchase price of $2,100,000. The Debtor's sale of the Purchased Assets to the Buyer is free and clear of all Interest. The Debtor is authorized to transfer the Purchased Assets to the Buyer on the Closing Date, and such transfer shall constitute a legal, valid, binding, and effective transfer of such Purchased Assets and shall vest Buyer with title to the Purchased Assets free and clear of all Interests. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by Andrew H. Eres, Esq., at Dickinson Wright PLLC, in Chicago, Illinois. J AND A 5TH AVE: Hires Scura Wigfield Heyer as Legal Counsel ------------------------------------------------------------ J and A 5th Ave LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Scura, Wigfield, Heyer, Stevens & Cammarota LLP as attorneys. The firm's services include: (a) advise the Debtor regarding its powers and duties in the operation of its business; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all legal services for the Debtor which may be necessary. The hourly rates of the firm's counsel and staff are as follows: Partners $550 Associates $395 Law Clerk $275 Paralegals $195 Legal Assistants $150 David Stevens, Esq., an attorney at Scura, Wigfield, Heyer, Stevens & Cammarota, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Telephone: (973) 696-8391 Email: dstevens@scura.com About J and A 5th Ave LLC J and A 5th Ave LLC is a single asset real estate company that owns property at 42 Linn Road in Nutley, New Jersey. J and A 5th Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15537) on May 27, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. J&L LANDSCAPE: Unsecured Creditors to Split $10K in Plan -------------------------------------------------------- J&L Landscape Services, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated July 31, 2025. The Debtor operates as a landscape business providing routine landscape maintenance services, landscape construction, and outdoor living construction services. In an effort to keep the business open and retain employees, the Debtor obtained multiple merchant cash advance loans, all of which carried a high interest rate. The loans were obtained with the hope of seeing a shift in revenue that would put the business back on track; however, due to the outstanding debt incurred and large required payments, it became increasingly difficult to service the debt incurred. Facing mounting collection pressure, including a lien on bank funds, customers, and the payment processor of the business, a Petition was filed under Chapter 11, Subchapter V on May 2, 2025 in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. Class 5 consists of General Unsecured claims. Allowed Class 5 claims will be paid a prorata share of $10,000.00. This will be paid at $195.00 per month beginning January, 2026. To maximize efficiency for Class 5 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment if the total amount to be received by individual creditors is $100.00 or less. This Class is impaired. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. The Reorganized Debtor shall continue to own, maintain, operate and manage the Business without further notice or order of the Bankruptcy Court. Creditors may not take any actions (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either preconfirmation obligations or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated July 31, 2025 is available at https://urlcurt.com/u?l=YQ15Rr from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About J&L Landscape Services J&L Landscape Services, LLC is a Marysville, Washington-based landscaping that provides professional landscaping services including design, installation, and maintenance, with operations spanning residential and commercial properties in Snohomish County. J&L Landscape Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11215) on May 2, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $500,000 and $1 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. J4G LLC: Gets Interim OK to Use Cash Collateral Until Sept. 23 -------------------------------------------------------------- J4G, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through September 23 to pay operating expenses in accordance with its budget. As adequate protection for the use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on cash collateral generated and property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. In addition, the Debtor was ordered to make monthly payments of $1,000 to SBA, starting on September 1. The Debtor's obligations to pay adequate protection and escrow funds will terminate upon confirmation of a reorganization plan or dismissal or conversion of the case. If the case is converted, any trustee appointed will not have authority to use cash collateral without further order of the court. The final hearing is set for September 24. The Debtor relies entirely on its operating revenue to fund payroll, lease payments, inventory purchases, and general operating expenses. As such, it urgently requires access to cash collateral to continue operations and avoid a shutdown. The Debtor identified two potential secured creditors with liens on cash collateral through UCC-1 filings: the SBA, which holds a blanket lien and is scheduled as a secured creditor with a claim of $1.2 million, and WebBank, which is listed as a disputed and likely unsecured creditor due to its junior lien position. The SBA's collateral is significantly undersecured, as the Debtor's total assets are valued at only $220,827, leaving a deficiency of approximately $880,631. About J4G,LLC J4G, LLC dba Landscape Depot operates as a construction and landscaping materials supplier in Texas. The Company offers landscape equipment and tool rentals for residential and commercial clients. It is also associated with food service operations under the names City Hall Cafe & Pie Bar, City Hall Cafe & Grocery, Jalepenos and with utility and construction services under the name Mercer Contracting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34347) on July 30, 2025. In the petition signed by Jean Ann Robinson, owner, the Debtor disclosed $220,827 in total assets and $1,264,037 in total debts. Judge Jeffrey P. Norman oversees the case. Robert C. Lane, Esq. at The Lane Law Firm, represents the Debtor as bankruptcy counsel. LAURENT TOWER: Hires Hilco Real Estate LLC as Real Estate Agent --------------------------------------------------------------- Laurent Tower, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hilco Real Estate, LLC as its real estate agent. Hilco will provide these services: (a) meet with the Debtor to ascertain goals, objectives, and financial parameters in selling the property and develop a sales strategy; (b) solicit interested parties and market the property through an accelerated sales process; and (c) negotiate sale terms at the Debtor's direction and on the Debtor's behalf. Under the terms of the engagement, Hilco will receive: -- a commission of 5% of the gross sale proceeds; -- 1% of the credit bid plus 5% of any cash or other consideration if First State Bank Louise purchases the property via credit bid; -- capped reimbursement for out-of-pocket expenses not to exceed $30,000; and -- additional compensation if the Debtor closes with a party identified by Hilco within 120 days after termination of the agreement. Hilco is a disinterested person as defined in Sections 101(14) and 327 of the Bankruptcy Code. It holds no prepetition or postpetition claims and has no connections with the U.S. Trustee or any interested party. The firm can be reached at: Jeffrey Azuse Hilco Real Estate, LLC 5 Revere Drive, Suite 320 Northbrook, IL 60062 Tel: (847) 418-2703 Fax: (847) 897-0826 Email: jazuse@hilcoglobal.com About Laurent Tower LLC Laurent Tower LLC is a real estate company based in Victoria, Texas. It operates the Victoria Tower, a six-story Class A office building offering 105,000 square feet of office space. Laurent Tower LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10669) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. LENDINGTREE INC: S&P Rates New Senior Secured Credit Facility 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to LendingTree Inc.'s proposed $75 million senior secured revolving credit facility maturing in 2030 and $400 million senior secured term loan maturing in 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. The company plans to use the proceeds from the new term loan to repay its term loan maturing in 2028 ($242.5 million outstanding as of June 30, 2025) and term loan maturing in 2031 ($160.3 million outstanding as of June 30, 2025). The 'B' issuer credit rating and positive outlook on LendingTree are unchanged. The proposed transaction is leverage neutral but will extend the company's debt maturity profile and increase covenant headroom. Pro forma for the recent repayment of its convertible notes due July 15, 2025, LendingTree's S&P Global Ratings-adjusted gross leverage was about 4.3x for the last 12 months ended June 30, 2025, with free operating cash flow (FOCF) to debt above 10%.The positive outlook reflects that S&P could raise its ratings if LendingTree is able to maintain leverage comfortably below 5x, with FOCF to debt coverage approaching 10%, despite potential headwinds from an uncertain macroeconomic environment over the next 12 months. Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transaction, LendingTree Inc. will be the borrower of a $75 million senior secured revolving credit facility maturing in 2030 and a $400 million senior secured term loan maturing in 2030. -- The debt will be secured by a pledge of all the assets and stock of eligible subsidiaries and guaranteed by substantially all of LendingTree's subsidiaries. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2028 due to a combination of intense competition from better capitalized peers, pricing pressure, and a sharp decline in advertising and marketing spending. Eventually, LendingTree's liquidity and capital resources become strained to the point that it cannot operate absent a default. -- Other default assumptions include an 85% draw on the revolving credit facility; the spread on the revolving credit facility rises to 5% as the company obtains covenant amendments; and all debt includes six months of prepetition interest. -- S&P values LendingTree on a going-concern basis using a 6x multiple of its projected emergence EBITDA, which is in line with what it uses for peers of a similar size and business strength. Simplified waterfall -- EBITDA at emergence: $54 million -- EBITDA multiple: 6x -- Gross enterprise value: $323 million -- Net enterprise value (after 5% administrative costs): $307 million -- Value available for senior secured debt claims: $307 million -- Estimated senior secured debt claims: $469 million --Recovery expectations: 50%-70% (rounded estimate: 65%) LEVEL 3 FINANCING: Fitch Rates First Lien Secured Notes 'B+' ------------------------------------------------------------ Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of 'RR1' to Level 3 Financing, Inc.'s first lien senior secured notes offering. Fitch has also placed the notes on Rating Watch Positive (RWP). The notes will be pari passu with Level 3 Financing's existing first lien senior secured borrowings. Level 3 Financing intends to use proceeds from the issuance to partially redeem its 11% first lien senior secured notes due 2029. If upsized, the company intends to use the upsized proceeds, and cash on hand, to partially or fully redeem the existing Level 3 Financing 11% first lien senior secured notes due 2029 and to partially redeem the Level 3 Financing 10.75% first lien senior secured notes due 2030. Key Rating Drivers AT&T Transaction Offers Material Delevering: The sale of Level 3's Mass Markets fiber-to-the-home (FTTH) segment to AT&T for approximately $5.75 billion is expected to close in the first half of 2026. Fitch views the sale as a material milestone in both delevering the balance sheet and realigning the business to focus on enterprise opportunities. Fitch expects Lumen to receive approximately $4.2 billion in net cash proceeds from the sale, which the company has stated will be used to repay all its super-priority debt. Refinancing Improves Balance Sheet: Level 3 Financing recently tapped the capital markets to push out and stagger maturities and lower its interest expense. Investor demand to participate in the transaction was significant enough for the company to double its initial offering size, from $1 billion to $2 billion, with a coupon of 6.875% and using the proceeds to repay existing first lien senior secured notes with coupons in the 10.5% to 11% range, ultimately saving the company approximately $48 million in annual cash interest expense. Eased Refinancing Pressures: The recent Level 3 refinancing, coupled with expected paydowns after the AT&T deal closes, provides the company with healthy breathing room regarding its maturity obligations, as the credit will not face another significant maturity until 2028. PCF Deals Help Liquidity: Recent private connectivity fabric (PCF) contract wins of approximately $9 billion, with corresponding initial cash payments currently being received and continuing to be received over the next couple of years, have significantly bolstered Lumen's near-term liquidity and indicate the asset value inherent in parts of its network. The contracts include the provision of dark fiber and other services to Microsoft Corporation and other hyperscaler, social media and technology companies. The contracts are long term, some for up to 20 years. Expected Decline in Capex: The sale of its Mass Markets FTTH business to AT&T is expected to reduce overall annual capital expenditures by approximately $1 billion, or nearly one-fourth of overall capex, while the revenue and EBITDA impact is much smaller at roughly 3%-6%, by Fitch's estimate. Moreover, after the heavy capex spend in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity in the later years of the rating period. Telecoms Faces Challenges: Lumen faces similar industry-wide challenges as other wireline operators, as customers migrate to newer products and services from legacy offerings. The company seeks to address these challenges more aggressively through increased investment in its enterprise business and the upcoming sale of its consumer fiber assets to AT&T. Execution risk exists regarding this strategy, but Fitch believes the investments could eventually support revenue growth over time. Parent-Subsidiary Relationship: Fitch equalizes the ratings of Lumen and Level 3 Parent, LLC (the guarantor of Level 3 Financing's debt) as well as Qwest Corporation and Qwest Capital Funding. This is based on a stronger subsidiary/weaker parent approach amid open legal ringfencing and open access and control. Peer Analysis Lumen has a solid competitive position based on the scale and size of its wireline operations in the enterprise/business services market. Its business segment, which comprised nearly 80% of its 2024 revenue, is smaller than both AT&T Inc. (BBB+/Stable) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and have wireless offerings providing more service diversification compared with Lumen. Lumen has not displayed an ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen has a larger enterprise business that differentiates it from other wireline operators, such as Windstream Services, LLC (B/Watch Evolving) and Frontier Communications Parent, Inc. (B+/Watch Positive). Key Assumptions - Revenue declines in the low single digits in 2025, expected to remain in the same range through 2028; - EBITDA margins flat in 2025 due to ramp-up costs from PCF deals partially offset by ongoing cost savings, but are expected to improve in subsequent years to reach the low-to-mid-30% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex increases significantly in 2025 to facilitate new PCF deals, but expected to decline starting in 2026 due to selling its consumer FTTH business to AT - Positive FCF in 2025, driven by upfront cash receipts from PCF deals; - Fitch assumes $4.2 billion in cash proceeds in 2026 from the consumer FTTH sale to AT&T, and subsequent paydown of all super-priority debt. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (scale from 'RR1' to 'RR6') and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the GC approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. Key assumptions in each recovery analysis: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2025 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges in bankruptcy. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, higher than previous $1.73 billion, but below the 2025 projection. This factors the likely completion of the AT&T transaction and the use of proceeds to repay super-priority debt. Fitch will reassess if the transaction or related debt repayment does not proceed as expected. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments, but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Given Lumen's super-priority debt guarantee (under the 2024 TSA agreement) and Lumen's ability to transfer 49% of of Qwest Corporation assets to other subsidiaries within the Lumen structure, Fitch believes this super-priority debt would take precedence in bankruptcy. Fitch assumes the remaining 51% of Qwest's value, after the first 49% is exhausted, could allow Qwest's senior unsecured notes to recover in line with any deficiency claims of the second-out super-priority instruments and the secured intercompany loan to Level 3. Fitch estimates that all Lumen super-priority debt and Qwest senior unsecured notes would recover at an 'RR1' level, while the first lien term loan B, Qwest Capital Funding unsecured notes, and Lumen's unsecured notes would be 'RR6' under current assumptions. For senior unsecured instruments issued by Qwest Corp., Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria indicates unsecured instruments for 'CCC+' IDR issuers are capped at 'RR2'. However, this cap may be exceeded in instances when the issuer is a structurally senior subsidiary issuer in a multi-level corporate group structure, which Fitch believes applies to this scenario. RATING SENSITIVITIES Fitch anticipates resolving the Rating Watch Positive upon completion of the Mass Markets transaction and subsequent debt reduction, which is expected to close by mid-year 2026. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Closure of the Mass Markets fiber asset sale and expected debt paydown; - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 2Q25, Lumen had $1.57 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $723 million available on its super-priority senior secured revolvers. Fitch projects positive free cash flow (FCF) for 2025, in line with management's updated $1.2 billion to $1.4 billion guidance, mainly due to upfront PCF contract receipts. However, FCF losses may return in 2026-2027 without improvements in the core business or further debt and cost reductions. Lumen has over $18 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Its super-priority debt is secured by guarantees from Qwest, CenturyTel, Wildcat Holdco and other subsidiaries, with additional unsecured guarantees from Qwest Corporation. Some revolving facility debt also benefits from Level 3 subsidiary guarantees, although these will decrease as assets shift. Lumen also has a $1.2 billion secured intercompany loan and a $1.825 billion unsecured intercompany revolver. Super-priority secured debt covenants limit net leverage to 5.50x (5.25x after December 2025) and require at least 2.0x interest coverage. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. Date of Relevant Committee 15-Jul-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Level 3 Financing, Inc. senior secured LT B+ New Rating RR1 LEVEL 3 FINANCING: Moody's Rates New Secured First Lien Notes 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Level 3 Financing, Inc.'s (Level 3) backed senior secured first lien notes due 2034. The rating on the notes was also placed on review for upgrade. All other credit ratings at Lumen Technologies, Inc. (Lumen), Level 3 and Qwest Corporation (Qwest) remain on review for upgrade, including Lumen's B3 corporate family rating and B3-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain Ratings Under Review. Proceeds from the proposed offering will be used to partially refinance Level 3 11.00% backed senior secured notes due 2029, and if an upsizing occurs, the company will use the remaining proceeds to repay all of its 11% notes first and then partially repay Level 3 10.750% backed senior secured first lien notes due 2030. Moody's expects this refinancing to be leverage neutral. The proposed senior secured first lien notes contain no financial covenants. Pro forma for this refinancing, Moody's projects Lumen's total debt-to-EBITDA (inclusive of Moody's adjustments) will be around 5.1x at year-end 2025. At the close of the transaction, Moody's expects to withdraw the ratings of the existing Level 3 11.0% backed senior secured first lien notes due 2029, if the obligations are no longer outstanding. The B1 rating assigned to the senior secured first lien notes is two notches above Lumen's CFR reflecting its structural seniority to Level 3's backed senior secured second lien notes rated B3, and backed senior unsecured notes rated Caa1, and all the debt at Lumen (except to the extent of the guarantees of the super priority revolving credit facilities at Lumen). RATINGS RATIONALE Lumen's ratings remain on review for upgrade. The ratings on review for upgrade reflects (i) the announced sale of the company's Mass Market fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for a total of $5.75 billion in cash, and (ii) the company's stated objective of using all the net proceeds from the sale and some cash on hand to retire $4.8 billion worth of outstanding debt, reducing Lumen's (the parent) financial leverage (total debt-to-EBITDA) by more than 1.0x turn of EBITDA. The review for upgrade reflects Moody's expectations that Lumen's credit quality will materially improve upon closing of the sale transaction. Lumen's existing B3 CFR reflects the company's high leverage, sizable capex program and elevated execution risks associated with the company's on-going plans to modernize and expand its fiber rich network. In addition, Moody's rating considers the continued declining revenue and EBITDA trends mainly driven by the Mass Market division, and the remaining uncertainty around the pace of recovery in earnings. To offset these competitive challenges Lumen is aggressively reinvesting in its business division to (i) deliver compelling value add solutions such as network-as-a-service for its enterprise customers, and (ii) deploy additional fiber strands to meet growing demand from large corporations to secure future fiber capacity. As a result, in the short term, Moody's expects capex spending and operating expenses to remain elevated negatively impacting the company's credit profile until year end 2026. At the same time Moody's rating considers the company's very good liquidity and recent customer wins. As of June 30, 2025, Lumen had secured approximately $9.0 billion in new orders to provide fiber capacity and network management to large customers (including AWS, Google, Meta and Microsoft). These twenty year contracts were structured with upfront cash payments to be received between 2024 and 2027, materially strengthening the company's near term free cash flow and liquidity. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will have very good liquidity over the next 12 months, supported by (i) around $1.6 billion in cash as of June 30, 2025 (ii) about $723 million in availability (net of $231 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations of around $850 million of free cash flow in 2025, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's reviews for upgrade will focus on the transaction concluding as planned and the expected post-transaction debt structure, liquidity and financial policies. Furthermore, the review will (i) consider execution risks associated with the company's capex program to expand its business segment infrastructure and (ii) evaluate the revenue contribution from hyperscalers and operating improvement as the company shifts its primary focus to the business segment. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. LIGADO NETWORKS: Seeks to Extend Plan Exclusivity to November 3 --------------------------------------------------------------- Ligado Networks LLC and affiliates 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 3 and December 31, 2025, respectively. Based on the relevant factors, there is more than sufficient cause here to approve the requested extension of the Exclusive Periods, including, but not limited to: * These Chapter 11 Cases are Large and Complex. The Debtors are 11 separate entities operating a complex satellite network across the United States and Canada, providing mobile satellite services to government and commercial customers. The Plan will significantly simplify the Debtors' balance sheet eliminating the prepetition debt, emerging with just a single Exit First Lien Facility. These facts alone, and the corresponding complexity of the Debtors' business and corporate structure, warrant extension of the Exclusive Periods. * The Debtors Have Continued to Pay Operating Expenses. The Debtors have continued to pay all of their undisputed postpetition expenses in the ordinary course of business or as otherwise provided by an order of the Court. * Additional Time is Necessary. Although the Debtors have made good progress toward confirmation of the Plan, given the size and complexity of these chapter 11 cases, the Debtors require additional time to ensure they can address any remaining restructuring issues, obtain confirmation of the Plan and implement the Plan in accordance with its terms, in an efficient and organized manner. * This is Only the Debtors' Second Exclusivity Extension Request. This request for an extension of the Exclusivity Periods is only the second such request and comes approximately seven months after the Petition Date. During this time, the Debtors have accomplished a great deal, including reaching a settlement with Inmarsat, filing the Plan and soliciting votes thereon, and preparing to go forward with a hearing to confirm the Plan. * The Debtors Have Filed a Confirmable Plan With Broad-Based Support. The Debtors filed the Plan with the broad-based support of creditors and, having obtained this Court's approval of the Disclosure Statement, solicited votes in connection therewith. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders, all of which have an interest in the Debtors being able to proceed to the confirmation of the Plan. Co-Counsel for the Debtors: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Emily R. Mathews, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com mathews@rlf.com -and- Dennis F. Dunne, Esq. Matthew L. Brod, Esq. Lauren C. Doyle, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com mbrod@milbank.com ldoyle@milbank.com Andrew M. Leblanc, Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LINDA FLORA: Seeks to Hire Lewis Phon as Bankruptcy Counsel ----------------------------------------------------------- Linda Flora D 1341 seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Law Office of Lewis Phon as counsel. The firm will provide these services: a. assist with the preparation of its Chapter 11 Petition; b. prepare its schedules; c. provide with advice and counseling as to bankruptcy proceedings; d. respond to court documents and pleadings; e. prepare a Chapter 11 plan and disclosure statement; and f. attend court hearings on its behalf, and to prepare final decree. The firm will be paid at $375 per hour. The firm will be paid a retainer in the amount of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lewis Phon, Esq., a partner at Law Office of Lewis Phon, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lewis Phon, Esq. Law Office of Lewis Phon 4040 Heaton Court Antioch, CA 94509 Telephone: (925) 470-8551 Facsimile: (925) 706-7600 About Linda Flora D 1341 Linda Flora D 1341 is a Los Angeles, CA-based real estate company with principal assets located at 1341 Linda Flora Drive in Los Angeles. Linda Flora D 1341 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15742) on July 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtors are represented by Lewis Phon, Esq. at Law Office of Lewis Phon. M.L.B. DESIGNS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ M.L.B. Designs, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral through August 30 to pay its operating expenses in accordance with its budget. As adequate protection, any creditor that holds a valid, duly perfected lien on the cash collateral will be granted replacement liens on cash and accounts receivable generated by the Debtor after its Chapter 11 filing. The replacement liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. A final hearing is set for August 28. The Debtor, which generated $12.3 million in revenue in 2024, asserted that the use of cash collateral is essential to maintaining its operations, fulfilling customer orders, acquiring inventory, paying employees and contractors, and preserving the value of its business during bankruptcy. As of the bankruptcy filing, the Debtor reported approximately $2,500 in cash, $213,000 in receivables, and nearly $894,000 in inventory. Its primary secured creditors include Wells Fargo ($270,000), Nemec Holdings ($643,000), and Northpoint Commercial Finance ($215,000), each of whom claims a security interest in the Debtor's assets. The Debtor also owes approximately $1.18 million in general unsecured debts and disputes an additional $568,000 in debt allegedly owed to various merchant cash advance lenders. The Debtor's financial crisis was caused in large part by predatory lending practices from merchant cash advance (MCA) firms, which provided high-interest, short-term loans under questionable or even fraudulent circumstances. These lenders often extracted weekly payments through automatic bank account access and imposed usurious interest rates—some exceeding 90% annually. The Debtor detailed specific examples, including loans from UFS West LLC, Swift Funding (which the Debtor alleges was obtained via forgery), and Everest Business Funding, all of which contributed to an unsustainable debt burden. Between 2023 and 2024, the Debtor made over $640,000 in payments to MCA lenders, leading to net losses of $315,000 and $34,000, respectively, despite increasing revenues. Operational challenges were compounded in 2023 by a minority partner who secretly started a competing business and diverted sales, further weakening the Debtor's financial position. With no access to traditional financing and unable to meet the escalating obligations to MCA firms, the Debtor fell into a cycle of borrowing and defaulting, eventually leading to the decision to seek protection under Chapter 11. The Debtor believes that bankruptcy, particularly through Subchapter V, provides the only realistic path to restructure its debts, shed illegal or fraudulent financial obligations, and return to profitability. About M.L.B. Designs Inc. 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. It 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. M.L.B. Designs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15143) on July 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by David B. Zolkin, Esq., at Weintraub, Zolkin, Talerico & Selth, LLP. MARI ARI: Court Extends Cash Collateral Access to Aug. 27 --------------------------------------------------------- Mari Ari International, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use its cash collateral to fund operations for the period from July 31 to August 27 under the same terms and conditions as previously authorized by the court in its interim order dated July 21. The Debtor's four-week budget shows total operational expenses of $61,708.71. As adequate protection, pre-bankruptcy secured lenders will continue to have the same liens, encumbrances and security interests in the cash collateral generated or created after the Debtor's Chapter 11 filing, plus the proceeds thereof, as existed prior to the filing date. These liens are subject and subordinate to a fee carveout. The lenders are Mink Hair Ltd, WebBank (CHTD), NewTek Bank, N.A., Forward Financing, LLC, Legend Advance Funding II, LLC, Square Capital, LLC, Simply Funding, LLC and the U.S. Small Business Administration. About Mari Ari International Inc. Mari Ari International, Inc. doing business as Mari Ari Hair, sells human hair extensions, wigs, and related accessories. The company operates a retail boutique in Houston, Texas, offering products and styling services to individual and professional clients. Its product line features both synthetic and human hair options with various styles, colors, and types. Mari Ari International filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) on July 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Sean Lee, authorized representative of Mari Ari International, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NewTek Bank, N.A., as lender, is represented by: Lisa A. Powell, Esq. FisherBroyles, LLP 2925 Richmond, Ave., Suite 1200 Houston, TX 77098 Phone: (713) 955-3302 Fax: (713) 488-9412 lisa.powell@fisherbroyles.com MARIN SOFTWARE: Court OKs Final DIP Order and Disclosure Statement ------------------------------------------------------------------ Marin Software Incorporated disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 29, 2025, the U.S. Bankruptcy Court for the District of Delaware entered the Final Order Pursuant To 11 U.S.C. Sections 105, 361, 362, 363(c), 364(c)(1), 364(c)(2), 364(d)(1), 364(e) And 507: (I) Authorizing the Company To: (A) Obtain Postpetition Secured Financing From YYYYY, LLC; (B) Utilize Cash Collateral; And (C) Pay Certain Related Fees And Charges; (II) Granting Adequate Protection To The Prepetition Lender; (III) Modifying The Automatic Stay; And (IV) Granting Certain Related Relief [Docket No. 79] ("Final DIP Order"). Among other things, the Final DIP Order approved, on a final basis, the Company's obtaining financing pursuant to that certain post-petition promissory note (the "DIP Note"), by and among the Company and YYYYY, LLC ("5Y"), in an aggregate maximum principal amount of $1,200,000 (the "DIP Financing"), of which $500,000 became available upon the Bankruptcy Court's entry of an interim order on July 3, 2025. On July 30, 2025, the Bankruptcy Court entered orders granting relief on several motions filed by the Company. Among others, the Bankruptcy Court entered the Order: (I) Granting Conditional Approval Of The Adequacy Of Disclosures In The Combined Disclosure Statement And Plan; (II) Scheduling A Combined Hearing On: (A) The Adequacy Of The Disclosure Statement, (B) Confirmation Of The Plan, And (C) The Assumption Or Rejection Of Executory Contracts And Cure Amounts, And Setting Deadlines Related Thereto; (III) Approving The Forms Of Notices To Non-Voting Classes; And (IV) Granting Related Relief [Docket No. 88] (the "Conditional Order"). A hearing to consider final approval and confirmation of the Combined Disclosure Statement and Plan of Reorganization is expected to take place on August 28, 2025 at 10:30 a.m. Eastern Time (the "Combined Hearing"). Any objections to final approval or confirmation of the Plan must be filed with the Bankruptcy Court on or before August 21, 2025 at 4:00 p.m. Eastern Time. Any statements in support or a reply to any objection to confirmation of the Plan must be filed with the Bankruptcy Court by August 26, 2025 at 4:00 p.m. Eastern Time. On July 30, 2025, the Company also filed with the Bankruptcy Court the First Amended Combined Disclosure Statement and Plan of Reorganization of the Company Under Chapter 11 of the Bankruptcy Code [Docket No. 89] (the "Plan"). In accordance with the Plan, which remains subject to approval of the Bankruptcy Court, all outstanding shares of common stock of the Company (including shares of common stock issuable under equity awards, including stock options and restricted stock units, granted under the Company's equity incentive plans) and all other options, warrants and rights to acquire common stock will be canceled and discharged and holders of such equity interests will not receive or retain any property on account thereof, provided that holders of the Company's equity interests or equity securities will be entitled to receive, on a pro rata basis, any remaining cash of the Company following the payment of all claims against the Company. On the effective date of the Plan, Kaxxa Holdings, Inc., the plan sponsor, will be issued up to 1,000 shares of new common stock of the reorganized Company, less the outstanding indebtedness under the DIP Note that 5Y elects to convert (at a conversion rate of 10% of the DIP Financing per 60 shares). The Plan proposes to pay all holders of claims against the Company in full and distribute any remaining cash of the Company, including any undrawn or unused amounts under the DIP Financing, to holders of equity interests or equity securities of the Company. Because all classes of claims and interests under the Plan are unimpaired and deemed to consent to the Plan, no approval of the Plan is being solicited from such holders. A copy of the Plan is available at https://tinyurl.com/3dy95b7x About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor and DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MATCH GROUP: S&P Rates New $700MM Senior Unsecured Notes 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Match Group Holdings II LLC's (BB/Stable) proposed $700 million senior unsecured notes due in 2033. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery of principal in the event of a payment default. The company plans to use the proceeds from this transaction to repay its existing 0.875% exchangeable senior notes due June 15, 2026, and for general corporate uses. The proposed transaction will improve the company's maturity profile and is credit neutral because the outstanding debt will not increase. S&P said, "Our 'BB' issuer credit rating and stable outlook on Match Group remain unchanged. Our ratings reflect our expectation that Match Group's leverage will likely remain about 2.5x over the next 12 months, supported by Hinge's strong performance and stable EBIDTA margins due to ongoing cost savings programs." This is offset by expected flat revenue growth driven by Tinder's underperformance and the company's plan to return 100% of its free operating cash flow generation to shareholders. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The 'BB' issue-level rating and '3' recovery rating indicate S&P's expectation for meaningful (30%-50%; rounded estimate: 65%) recovery of principal for the lenders of the senior notes in the event of a default. -- Match Group Holdings II LLC is the borrower of the secured credit facility and unsecured notes. Its domestic subsidiaries guarantee the credit facility, which makes it structurally senior to all other debt because the other debt does not benefit from subsidiary guarantees. However, the unsecured notes are structurally senior to the exchangeable notes that are placed at a finance subsidiary under Match Group Inc. -- Match Group's pro forma capital structure comprises a senior secured credit facility that includes an undrawn $500 million revolving credit facility due 2029 (unrated), senior unsecured notes totaling $2.3 billion maturing from 2027 through 2033 including the proposed notes, and $575 million of exchangeable senior notes due 2030 (unrated). -- S&P's simulated default contemplates underperforming acquisitions, operating missteps, and increased competition, leading to a default in 2030. -- S&P believes that if Match defaulted, its debt holders would achieve higher recovery through reorganization rather than liquidation. -- S&P's recovery valuation assumes that all debt maturing before default is refinanced at similar terms. Furthermore, it applies an EBITDA multiple of 6.5x to value Match in our hypothetical default scenario. -- The secured debt benefits from a pledge of equity in its domestic subsidiaries and a 65% stock pledge of its first-tier foreign subsidiaries. -- S&P views the collateral package as weak because it only includes subsidiary equity pledges and excludes intellectual property and other assets. Furthermore, the collateral pledge is effectively junior to the direct claim the secured lenders have against domestic subsidiaries because of their guarantees. -- However, the secured debt is structurally senior to the other debt with regard to the domestic subsidiary value. The collateral limitations are somewhat offset by the absence of limitations on pledging other domestic assets, the presence of a financial covenant on the revolving credit facility that would allow the banks a chance to negotiate for a stronger collateral package for the lenders if the company's performance decline, and limitations on assets sales in the credit agreement. -- Other default assumptions include an 85% draw on the revolving credit facility, SOFR is 2.5%, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $411 million -- EBITDA multiple: 6.5x -- Estimated proportion of enterprise value of nonguarantor foreign subsidiaries: 30%-40% Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.54 billion -- Senior secured debt claims: About $441 million -- Value available to unsecured debt claims: $2.10 billion -- Senior unsecured note claims: About $3.07 billion --Recovery expectation: 50%-70% (rounded estimate: 65%) -- Value available to subordinated exchangeable note claims: Negligible -- Exchangeable note claims: About $581 billion MCCLAIN FAMILY: Has Deal on Cash Collateral Access -------------------------------------------------- McClain Family Cellars, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection in accordance with its agreement with the U.S. Small Business Administration. The SBA is a secured creditor by virtue of a COVID Economic Injury Disaster Loan initially issued for $150,000 and later increased to $500,000, with a balance of $493,177 as of the Petition Date. The SBA's lien covers all of the Debtor's tangible and intangible personal property. However, the Debtor contends that the actual value of SBA's collateral is only $302,256. Other creditors with UCC filings include iBusiness Funding, Swift Financial, and Live Oak Banking, but the Debtor believes these are either unsecured or junior to SBA’s lien due to the total asset value being lower than the amount of secured debt. The parties agreed that the Debtor may use cash collateral through October 9, 2025 on an interim basis, in accordance with the budget. As adequate protection, SBA will receive a replacement lien on post-petition revenues, equal in scope and priority to its original lien, but only up to the extent of any post-petition diminution in collateral value, monthly adequate protection payments of $2,647, and a super-priority administrative expense claim under 11 U.S.C. sections 503(b) and 507(b), limited to any loss in collateral value due to the use of cash collateral. A hearing on the matter is set for August 20. A copy of the motion is available at https://urlcurt.com/u?l=BCatLN from PacerMonitor.com. About McClain Family Cellars Inc. McClain Family Cellars Inc. is a Black-owned winery based in the Santa Ynez Valley, Calif. The winery is known for producing luxury, award-winning wines and emphasizes four core pillars: Family, Friends, Faith, and Freedom, offering a range of wines from both red and white varieties. It provides experiences like private events, in-home tastings, and barrel blending. Additionally, McClain operates multiple locations, including in Laguna Beach, Irvine, Solvang, and Buellton, and offers a wine club with various membership options. It is a proud member of the African-American Vintners Association. McClain sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10589) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Marc C. Forsythe, Esq. at Goe Forsythe & Hodges, LLP. MCR HEALTH: Behavioral Health Practice Sale for $2.5M OK'd ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved MCR Health Inc. and its affiliate AllCare Options LLC to sell behavioral health practice, free and clear of liens, claims, and encumbrances. The Debtor, as a reorganized debtor in the above-captioned Chapter 11 case, is a nonprofit organization, incorporated as a not-for-profit corporation (501(c)(3)) in the State of Florida and operates as a Federally Qualified Health Center which provides health care services, including medical, behavioral, dental and vision, to all patients, including, the underserved and underinsured communities of southwest Florida. Additionally, the Debtor provides behavioral health services to skilled nursing facilities and assisted living facilities throughout the state of Florida. The Court has authorized the Debtor to sell Huntingdon Assets to Ace Health Consultant LLC at a purchase price of $2,500,000.00. The Debtors and Buyer are authorized to proceed with the sale of Huntingdon Assets on the terms and conditions set forth in the Asset Purchase Agreement (APA) on or before July 31, 2025, or as the parties may mutually agree to extend. All persons and entities are prohibited and enjoined from taking any action to adversely affect or interfere with the Debtors’ ability to transfer the Huntingdon Assets to the Buyer in accordance with this Order and the terms of the APA, or otherwise interfere with Buyer's title to or use and enjoyment of the Huntingdon Assets. The Buyer shall have no liability or responsibility for any of the Debtors' liabilities or other obligations arising under or related to the Huntingdon Assets, other than as expressly set forth herein or in the APA. The Debtors shall assume and assign to the Buyer the Licensed Software Agreement with Netsmart Technologies, Inc. dated October 20, 2021, along with all rights thereunder, pursuant to which, Netsmart provides various practice management software services. About MCR Health Inc. MCR Health, Inc. and AllCare Options, LLC filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 24-06604) on November 8, 2024. At the time of the filing, MCR Health reported $10 million to $50 million in assets and liabilities while AllCare Options reported as much as $50,000 in assets and liabilities. Judge Roberta A. Colton oversees the cases. Steven M. Berman, Esq., at Shumaker, Loop & Kendrick, LLP, represents the Debtors as legal counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtors' cases. MEANDERING BEND: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Meandering Bend, LLC 2450 Wickersham Lane #202 Austin Texas 78704 Business Description: Meandering Bend, LLC is a real estate investment company based in Austin, Texa Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51814 Debtor's Counsel: Justin Rayome, Esq. 5882 Sugar Hill Dr. Houston Texas 77057 Tel: 214-934-9345 Email: justin.rayome.law@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Choudhri as authorized representative. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CYLMBIQ/Meandering_Bend_LLC__txwbke-25-51814__0001.0.pdf?mcid=tGE4TAMA MID-COLORADO INVESTMENT: Taps Fidelis CPAs as Tax Accountant ------------------------------------------------------------ Mid-Colorado Investment Company, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Fidelis CPAs as its tax accountant. The Fidelis accountant who will work on this case is Kenneth Thrower, whose hourly billing rate is $195. Fidelis is a "disinterested person," as defined under Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Kenneth Thrower Fidelis CPAs 280 E 1st Ave., Unit 850 Broomfield, CO 80038 Tel: (303) 720-6017 Email: contact@fideliscpas.com About Mid-Colorado Investment Company, Inc. Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer of Mid-Colorado Investment Company, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. MILAN SAI: Court Extends Cash Collateral Access to Aug. 20 ---------------------------------------------------------- Milan Sai Joint Venture, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral until August 20, marking the seventh extension since its Chapter 11 filing. The seventh interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total projected expenses of $40,345.96. The lender, Gregory Milligan, in his capacity as court-appointed receiver for Pride of Austin High Yield Fund 1, LLC, was granted replacement liens on all cash collateral and property generated or acquired by the Debtor after its Chapter 11 filing. These replacement liens will have the same validity, priority and extent as the lender's pre-bankruptcy liens and do not apply to any Chapter 5 causes of action. In addition, the lender is entitled to a superpriority administrative expense claim for any diminution in value of the collateral. A final hearing is scheduled for August 20, with objections due by August 13. Mr. Milligan is represented by: William R. Nix, Esq. Holland & Knight, LLP 100 Congress Avenue, Suite 1800 Austin, TX 78701 Telephone: 512.685.6476 Trip.nix@hklaw.com -- and -- Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1784 chris.bailey@hklaw.com About Milan Sai Joint Venture Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's bankruptcy counsel. MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Miramar Townhomes SWNG 2, LLC and its affiliates received seventh interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use the cash collateral of Fannie Mae. The seventh interim order authorized the Debtors to use cash collateral to pay the expenses set forth in their budget. As adequate protection, Fannie Mae will be granted replacement liens on all property of the Debtors whether acquired before or after their Chapter 11 filing. The replacement liens will have the same validity, priority and extent as the secured lender's pre-bankruptcy liens. In addition, on or before the 15th day of December and the 10th day of each month thereafter, each Debtor will remit to the secured lender a cash payment equal to the amount by which such Debtor's remaining cash balance at the end of the prior month exceeded the following: $20,000 for Miramar, $40,000 for Toro Place, LLC, and $40,000 for The Avenue SWNG TIC 1, LLC and The Avenue SWNG TIC 2, LLC. In case of any diminution in the value of its interests in the collateral, the secured lender will be granted a superpriority claim. Fannie Mae's cash collateral consists of accounts receivable and rents generated from three multifamily properties owned by the Debtors. The properties include The Avenue apartment complex, the Miramar Townhomes and the Toro Place apartment complex in Houston, Texas. These properties, along with the rents and accounts receivable, secure the loans, which the Debtors obtained from the secured lender. A final hearing is set for August 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/G2dcM from PacerMonitor.com. About Miramar Townhomes SWNG 2 Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while Toro Place, LLC is owned by Toro Place Holdings, LLC. Miramar owns the Miramar Townhomes located at 2380 Bering Drive, Houston, Texas, while Toro owns the Toro Place Apartments located at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC companies own The Avenue Apartments located at 5050 Yale Street, Houston, Texas. On November 27, 2024, the Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90608). At the time of the filing, each Debtor reported $10 million to $50 million in assets and liabilities. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Elyse M. Farrow, Esq., and Melissa Anne Haselden, Esq., at Haselden Farrow, PLLC. Fannie Mae is represented by: Keith M. Aurzada, Esq. Michael P. Cooley, Esq. Dylan T.F. Ross, Esq. Reed Smith, LLP 2850 N. Harwood Street #1500 Dallas, TX 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 Email: kaurzada@reedsmith.com mpcooley@reedsmith.com dylan.ross@reedsmith.com MIRROR TRADING: Bid to Issue Pluries Summons on Investor Granted ---------------------------------------------------------------- Judge Peter D. Russin of the United States Bankruptcy Court for the Southern District of Florida granted Chavonnes Badenhorst St Clair Cooper's motion to issue a pluries summons on Sean Logan in the adversary proceeding captioned as CHAVONNES BADENHORST ST CLAIR COOPER, in his capacity as Foreign Representative, Plaintiff, v. SEAN LOGAN, Defendant, Adv. Pro. No. 24-01078-PDR (Bankr. S.D. Fla.). The motion is denied as to plaintiff's request for alternative service by email and social media. Sean Logan is an alleged investor in Mirror Trading International (PTY) Ltd., a South African company that purported to trade cryptocurrency. Investors transferred their Bitcoin to MTI, who supposedly traded it to earn remarkable returns. The company periodically made dispositions of Bitcoin to certain investors, and the Plaintiff alleges that Mr. Logan is one of the recipients. South African authorities later determined MTI to be a Ponzi scheme, and the company was put into an involuntary liquidation under South African law on Dec. 29, 2020. The Foreign Liquidator was appointed on Nov. 11, 2021, to recover assets for the benefit of the South African estate. To pursue avoidance actions in the United States, the Foreign Liquidator filed a Petition for Recognition of Foreign Proceeding in this Court on Feb. 9, 2023. On March 15, 2024, the Foreign Liquidator initiated this adversary proceeding, seeking to recover dispositions of Bitcoin made to the Defendant under the South African Insolvency Act. However, the Foreign Liquidator has for over a year been unable to locate and effectuate service on the Defendant, despite diligent efforts. These efforts included mailing service documents to Mr. Logan's last known address, attempting personal service at multiple physical addresses in Nevada and Idaho identified through skip tracing and public records searches, and engaging an investigator to pursue alternative locations. Based on the Plaintiff's futile efforts and evidence of Mr. Logan's transient and online lifestyle, the Plaintiff now seeks authorization to effect service by alternative means pursuant to Federal Rule of Civil Procedure 4(e)(1) and/or 4(f)(3). Specifically, the Plaintiff requests leave to serve the operative complaint, pluries summons, and scheduling order via Mr. Logan's known and active electronic accounts, including email and social media platforms Instagram, YouTube, and X (formerly Twitter). The Motion, as supplemented by the Plaintiff, ore tenus, at the July 16 hearing, also seeks to enlarge the effective period of the pluries summons from 7 days to 120 days, and extend the time to respond to the Amended Complaint from 30 days of the issuance of the pluries summons to 30 days of service of the pluries summons. The Plaintiff argues although Rule 4(f) technically governs service on individuals in foreign countries, the rationale underlying Rule 4(f)(3) -- namely, the need for flexibility in effecting service where conventional methods have failed -- should likewise be applied to domestic cases. The Court agrees and would like to apply that rationale in this case. But there is nothing technical about Rule 4(f)'s mandate that a defendant be out of the country -- the Rule's language is plain. While the Court is supportive of the Plaintiff's rationale, he cites no applicable law, likely because the Rule unambiguously leaves no room to apply it. Rule 4(f) is unavailable on the facts of this case, the Court finds. The Court also finds Plaintiff is not authorized to serve the Defendant electronically under Florida law, and Rule 4(e)(1) is thus unavailing. Rule 7012(a) provides that a defendant must serve an answer to a complaint within 30 days of the issuance of the summons, but this can likewise be extended for cause. Given the pluries summons will be effective for 120 days, the deadline to respond will likely lapse prior to the pluries summons having been served. Therefore, the cause exists to extend the time to respond to 30 days from the service of the summons, the Court concludes. A copy of the Court's Order is available at https://urlcurt.com/u?l=XKFooc from PacerMonitor.com. Mirror Trading International (PTY) Ltd. purportedly was a fund manager trading in cryptocurrency, particularly Bitcoin, based in Cape Town, South Africa. The Company sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11046) on February 9, 2023. The Honorable Peter D. Russin handles the Chapter 15 case. Chavonnes Badenhorst St Clair Cooper is the foreign representative. Gregory S. Grossman, Esq., at Sequor Law, P.A., is the Foreign Representative's Counsel. The Debtors listed both estimated assets and debts at Unknown. MODERN FLOOR: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Modern Floor Specialists Inc. 1126 W 228th St. Suite 1 Torrance, CA 90502 Business Description: Modern Floor Specialists Inc. provides floor maintenance services including cleaning, polishing, and waxing. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16762 Judge: Hon. Deborah J Saltzman Debtor's Counsel: Joshua E. Matic, Esq. MATIC LAW ASSOCIATES 20651 Golden Springs Rd. #817 Walnut CA 91789 Tel: 646-389-4384 E-mail: joshuae@maticesq.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Erica Perez as CEO, secretary and CFO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FDFY2MY/MODERN_FLOOR_SPECIALISTS_Inc__cacbke-25-16762__0001.0.pdf?mcid=tGE4TAMA MOWBRAY WATERMAN: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------- Mowbray Waterman Property, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ professionals in the ordinary course of business. The OCP's include: (1) the Soren McAdam firm to provide general accounting and tax services; (2) CKB Vienna LLP to serve as litigation counsel in the Jordan Litigation (among other matters); and (3) Fullerton, Lemann, Schaefer & Dominick, LLP to serve as general corporate counsel. The Debtor seeks to pay the OCPs 100 percent of the fees and 100 percent of the expenses incurred. -- Soren's current customary hourly rates range from $190 to $425. -- CKB's current customary hourly rates are $485. -- Fullerton's customary hourly rates range from $300 to $475 for attorneys and $125 to $145 for paraprofessionals. The Debtors do not believe that any of the ordinary course professionals have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs can be reached through: Craig Wilson, Esq. Fullerton, Lemann, Schaefer & Domick, LLP 1809 S Commercenter West San Bernardino, CA 92408 Tel: (909) 963-1542 Michael Kim CKB Vienna LLP 9531 Pittsburgh Avenue Rancho Cucamonga, CA 91730 Tel: (909) 980-1040 Joseph Horzen, CPA Soren McAdam 2068 Orange Tree Lane, Suite 100 P.O. Box 8010 Redlands, CA 92375-1210 Tel: (909) 798-2222 Fax: (909) 798-9772 About Mowbray Waterman Property, LLC Mowbray Waterman Property, LLC is a real estate company based in San Bernardino, Calif., specializing leasing of commercial and residential properties. Mowbray Waterman Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10930) on February 19, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark D. Houle handles the case. The Debtor is represented by Lauren Gans, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP. MP COMPLETE: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: MP Complete Solutions, LLC 3900 SW 56th Street Fort Lauderdale, FL 33312 Business Description: MP Complete Solutions, LLC owns the property located at 3900 SW 56th St, in Fort Lauderdale, Florida with an appraised value of $1.09 million. Chapter 11 Petition Date: August 6, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-19098 Judge: Hon. Peter D. Russin Debtor's Counsel: Adam I. Skolnik, Esq. LAW OFFICE OF ADAM I. SKOLNIK, PA 1761 West Hillsboro Boulevard Suite 207 Deerfield Beach, FL 33442 Tel: 561-265-1120 Email: askolnik@skolniklawpa.com Total Assets: $1,107,677 Total Liabilities: $1,511,660 The petition was signed by Maria J. Pascal-Daniels as president. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HQB7JKA/MP_Complete_Solutions_LLC__flsbke-25-19098__0001.0.pdf?mcid=tGE4TAMA NABORS INDUSTRIES: Director David Tudor Holds 700 Common Shares --------------------------------------------------------------- David J. Tudor, director at Nabors Industries Ltd., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of July 25, 2025, he beneficially owns 700 shares of common stock held directly. Mr. Tudor may be reached at: David J. Tudor C/O Nabors Corporate Services, Inc. 515 W. Greens Road Houston, Texas 77067 Mr. Tudor's SEC Report is available at https://tinyurl.com/466xc79z 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. NABORS INDUSTRIES: Welcomes David Tudor to Board of Directors ------------------------------------------------------------- Nabors Industries Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that David J. Tudor was appointed to the Board of Directors. Mr. Tudor, 66, is the Chief Executive Officer and General Manager of Associated Electric Cooperative Inc., a Springfield, Missouri-based electric cooperative generating electricity for more than 2 million member-consumers across Missouri, Oklahoma and Iowa; Mr. Tudor has held this position since 2016. He was the President and Chief Executive Officer of Champion Energy Services, a retail electric provider. Mr. Tudor negotiated and led the sale of Champion to Calpine in 2015. Mr. Tudor served as a director of Western Midstream Partners, LP, Electric Power Research Institute, and America's Power. During the past five years, Mr. Tudor has served as a director of the National Renewables Cooperative Organization (since 2016) and of Woodway Energy Infrastructure (since 2021). He currently sits on the board of directors of Cox Health Foundation. Mr. Tudor has held leadership positions across the energy industry, including ACES Power Marketing, PG&E Energy Trading, and Edisto Resources. Mr. Tudor graduated from Lipscomb University. Anthony Petrello, Nabors' Chairman, CEO and President, commented in press release stating, "We are very pleased to have David join the Nabors Board of Directors. With his extensive experience in the energy industry, David brings valuable insights that will enhance our strategic direction. His appointment reflects our continued commitment to adding highly qualified, independent directors with strong backgrounds. David brings a distinct combination of leadership and industry knowledge that can only benefit Nabors and our shareholders." Mr. Tudor was not appointed to the Board pursuant to any arrangement or understanding between him and any other person. Mr. Tudor will serve as a member of each of the Audit and the Risk Oversight Committees of the Board. In 2025, Mr. Tudor will be entitled to receive retainers for his service on the Board and the Committees consistent with the Company's practices. All such cash retainers are paid quarterly in arrears and will be pro-rated for Mr. Tudor from the date of his commencement of service. Mr. Tudor may elect to receive immediately vested stock options in lieu of any cash compensation. On July 24, 2025, Mr. Tudor received a pro rata portion of the $250,000 annual restricted stock entitlement granted to the Board members following the 2025 Annual General Meeting. The restricted stock award will vest 100% on July 24, 2026. Finally, Mr. Tudor is entitled to indemnity for his service as a director, in accordance with the Company's Bye-Laws. Other than as set forth above with respect to his service as a director, there have been no transactions since the Company's last fiscal year, and no such transactions are proposed, in which the Company is a participant and in which Mr. Tudor had or will have a direct or indirect material interest such that disclosure would be required under Item 404(a) of Regulation S-K. Furthermore, there are no family relationships between Mr. Tudor and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K. 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. NATIONAL REALTY: Court Narrows Claims in AIRN Adversary Case ------------------------------------------------------------ Judge John K. Sherwood of the United States Bankruptcy Court for the District of New Jersey granted Wipfli LLP's motion to dismiss Count II of the amended complaint in the adversary proceeding captioned as AIRN LIQUIDATION TRUST CO., LLC, Plaintiff, v. WIPFLI LLP, Defendant, Adv. Pro. No.: 24-01456 (Bankr. D.N.J.). The motion to dismiss as to Count IX is denied. The Court on Dec. 13, 2024 issued a decision dismissing Count II of AIRN Liquidating Trust Co. LLC's adversary complaint alleging that defendant Wipfli LLP violated the New Jersey Uniform Securities Act, N.J.S.A. 49:3-1 et seq. ("NJUSA"). In response, Plaintiff filed an Amended Complaint. The Decision held that Plaintiff failed to allege facts showing that Wipfli was acting as an agent of National Realty Investment Advisors, LLC, and its affiliates because it did not effect or attempt to effect the purchase or sale of securities under N.J.S.A. Sec. 49:3-49(b). The Court determined that Wipfli's assistance in rolling investors into a fund did not rise to the level of effecting the sale of securities because it was the insiders who caused NRIA to offer and sell membership units in the Fund. Citing Zendell v. Newport Oil Corporation, 226 N.J. Super. 431, 435 (App. Div. 1988) as support, the Court found the NJUSA should only extend to those that directly participate in the sale of securities, and lawyers and accountants are unlikely to fit that definition. The Court dismissed Count II but denied Wipfli's motion to dismiss all the other counts. Consequently, Wipfli filed a partial motion to dismiss the Amended Complaint, arguing that Count II should be dismissed again for the reasons set forth in the Decision. Additionally, Wipfli argues that Count IX asserting equitable subordination should be dismissed because Wipfli has not filed a proof of claim in this case. Wipfli and Plaintiff argued the motion on July 15, 2025. The Court denied Wipfli's motion to dismiss Count IX during oral argument. The Court now decides whether the Plaintiff's Amended Complaint includes allegations of fact that, when accepted as true, plausibly state that Wipfli effected or attempted to effect the sale of securities within the meaning of the NJUSA. One of the Plaintiff's main arguments is that Wipfli effected or attempted to effect the sale of securities by preparing and distributing investor K-1s. K-1s are tax forms used for business partnerships to report to the IRS a partner's income, losses, capital gain, dividends, etc., from the partnership for the tax year. The Court does not see any work that Wipfli performed relating to the K-1s as effecting the sale of securities because a security must already be owned by an investor prior to the preparation of a K-1. The Amended Complaint alleges that Wipfli helped facilitate the rollovers, transferred investments to the Fund on the books, and knowingly assisted NRIA, and the insiders with rolling investments into the Fund by booking the various rollovers. According to the Court, nowhere in the Amended Complaint does the Plaintiff allege that Wipfli had direct contact with the investors prior to their investments being rolled over, or that it was Wipfli that incentivized or solicited the rollover. The Court finds that nothing in the Amended Complaint changes this characterization, and the Decision's reasoning applies to the Amended Complaint. Plaintiff has failed to allege facts that plausibly state that Wipfli effected or attempted to effect the sale of securities within the meaning of the NJUSA, the Court finds. A copy of the Court's decision dated July 30, 2025, is available at https://urlcurt.com/u?l=g6mucB from PacerMonitor.com. About National Realty Investment National Realty Investment Advisors, LLC is a luxury-homes developer based in Secaucus, N.J. National Realty Investment Advisors and 102 affiliates, including NRIA Partners Portfolio Fund I, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-14539) on June 7, 2022. In the petition filed by its independent manager, Brian Casey, National Realty Investment Advisors listed up to $50,000 in both assets and debt. NRI Partners Portfolio listed assets between $50 million and $100 million and liabilities between $500 million and $1 billion. Judge John K. Sherwood oversees the cases. S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors' counsel. Omni Agent Solutions is the claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on June 30, 2022. The committee is represented by Ice Miller, LLP. NEW EARTH: Seeks to Hire Budgen Law as Bankruptcy Counsel --------------------------------------------------------- New Earth Yoga, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Budgen Law as its bankruptcy counsel. The firm will render these services: (a) prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at the standard hourly rates of $275 to $550. Prior to the petition date, the firm received a retainer in the amount of $7,263.75 and the filing fee of $1,738 from the Debtor. L. Todd Budgen, Esq., an attorney at Budgen Law, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: L. Todd Budgen, Esq. Budgen Law P.O. Box 520546 Longwood, FL 32752 Telephone: (407) 481-2888 Email: tbudgen@mybankruptcyfirm.com About New Earth Yoga LLC New Earth Yoga, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03782) on June 18, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Andrew Layden as Subchapter V trustee. Judge Lori V. Vaughan oversees the case. L. Todd Budgen, Esq., at Budgen Law, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: George L. Zinkler, III, Esq. Lorium Law 101 Northeast Third Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone: (954) 462-8000 Facsimile: (954) 462-4300 E-mail: gzinkler@loriumlaw.com NEW REDBIRD: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: New Redbird Business Group LLC 471833 East Hwy 51 Stilwell OK 74960 Business Description: New Redbird Business Group LLC is a holding company that owns and manages interests in cannabis-related operations in Oklahoma. Its portfolio includes Redbird Bioscience, which provides consulting services, and RB RealtyCo, which owns the real estate used in the business. The Company's affiliated entities are involved in medical marijuana cultivation, processing, and retail sales. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Eastern District of Oklahoma Case No.: 25-80714 Judge: Hon. Paul R Thomas Debtor's Counsel: Joe Byars, Esq. HELTON LAW FIRM 9125 S. Toledo Ave. Tulsa OK 74137 Tel: 918-928-7104 E-mail: joe@heltonlawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nimesh Patel as manager. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4NBMO4Q/New_Redbird_Business_Group_LLC__okebke-25-80714__0001.0.pdf?mcid=tGE4TAMA NIKOLA CORP: Hires Kasowitz LLP as Special Litigation Counsel ------------------------------------------------------------- Nikola Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kasowitz LLP as special litigation counsel. The Debtors seek authority to retain the firm to continue prosecuting the foregoing disputes and any related issues that arise in connection therewith, represent them in such other related matters that they determine is appropriate and to the extent such matters arise during the pendency of the Chapter 11 cases. The firm's compensation will consist of a contingency fee in the amount of 25 percent of the Debtors' net recovery. Matthew Stein, Esq., a partner at Kasowitz Benson Torres LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew B. Stein, Esq. KASOWITZ BENSON TORRES LLP 1633 Broadway New York, NY 10019 Tel: (212) 506-1700 Fax: (212) 506-1800 About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NORTIA LOGISTICS: Court Extends Cash Collateral Access to Aug. 29 ----------------------------------------------------------------- Nortia Logistics Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court's second interim order authorized the Debtor to use cash collateral through August 29 in accordance with the approved budget and the initial order entered on July 11, which remains in effect. The Debtor's budget projects total operational expenses of $385,092.69. A status hearing is scheduled for August 28. About Nortia Logistics Inc. Nortia Logistics Inc. is a privately held, asset-based logistics provider founded in 2012 and headquartered in Franklin Park, IL. It specializes in multimodal freight transportation covering full-truckload (FTL), less-than-truckload (LTL), and intermodal services as well as warehousing, with operations across the U.S. and Canada. Nortia Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08699) on June 2, 2025. In its petition, the Debtor reported estimated assets of $1,357,500 and total liabilities of $5,793,218. Judge Timothy A. Barnes handles the case. The Debtor is represented by David Freydin, Esq., at the Law Offices of David Freydin. RTS Financial Service, Inc., as lender, is represented by: Bryan E. Minier, Esq. Lathrop GPM, LLP 155 N. Wacker Drive, Suite 3800 Chicago, IL 60606 Tel: 312-920-3328 bryan.minier@lathropgpm.com NUNO MANSION: Hires Steven Richman as Special Litigation Counsel ---------------------------------------------------------------- The Nuno Mansion, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Steven N. Richman of Epport, Richman & Robbins LLP to serve as its special litigation counsel. Mr. Richman will provide these services: (a) represent the Debtor in adversarial matters in the bankruptcy proceedings; (b) prosecute claims related to the loan on Debtor’s real property and loan obligations; (c) assist in litigation matters involving review and resolution of claims by MOR Financial Services and/or MOR 19 Investment Funds; and (d) perform other litigation-related services as needed in coordination with General Bankruptcy Counsel. The Firm's hourly rates are: -- $650 for partners; and -- $485 for associates Mr. Richman and the Firm have waived their standard $10,000 retainer and will apply for compensation in compliance with the Bankruptcy Code and local rules, subject to Court approval. Epport, Richman & Robbins LLP 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: Steven N. Richman, Esq. EPPORT, RICHMAN & ROBBINS LLP 1875 Century Park East, Suite 800 Los Angeles, CA 90067-2512 Telephone: (310) 785-0885 Email: srichman@erlaw.com About The Nuno Mansion LLC The Nuno Mansion LLC owns a single-family home located at 2200 S. Harvard Blvd., Los Angeles, CA 90018, which has an appraised value of $4.6 million. The Nuno Mansion LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11354) on February 22, 2025. In its petition, the Debtor reports total assets of $4,600,000 and total liabilities of $1,669,407. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Maureen J. Shanahan, Esq. at TOTARO & SHANAHAN, LLP. OAKTREE OCALA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court authorized the Debtors' interim use of cash collateral pending the final hearing scheduled for August 14. CPIF MRA, LLC, the Debtors' lender, will be granted valid and perfected replacement liens on and security interests in the Debtors' property, junior and subordinate only to the fee carveout. The replacement liens do not apply to any avoidance actions. In addition, CPIF is entitled to a superpriority administrative expense claim for any diminution in value of its interests in the cash collateral. CPIF claims a security interest in the cash collateral but has not consented to its use. ASAP originally obtained an $18 million loan from CPIF in 2022 to acquire and improve its Ocala property but alleges that CPIF failed to fund the full amount, disbursing only about $12.3 million. This shortfall, along with CPIF's failure to fund tax escrows and future loan advances, prevented ASAP from completing planned renovations and refinancing the loan before its 2024 maturity. CPIF initiated a foreclosure action in late 2024 and attempted to acquire ASAP through a UCC sale, prompting ASAP to file for Chapter 11 to protect its assets and seek judicial resolution of disputes with CPIF. The Debtors believe Chapter 11 will provide a fair forum to address CPIF's claims and ASAP's counterclaims, and to pursue a value-maximizing sale or refinancing of the property. ASAP owns and operates a mobile home and RV park in Ocala, Florida, while Oaktree is its sole member and a holding company. About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OCEANSIDE COLLEGIATE: Moody's Downgrades Revenue Rating to Ba1 -------------------------------------------------------------- Moody's Ratings has downgraded Oceanside Collegiate Academy, SC's revenue rating to Ba1 from Baa3 and revised the outlook to negative. The school has approximately $18 million in outstanding debt. The rating action concludes the review for downgrade initiated on May 7, 2025, prompted by the announcement of the closure of Limestone University, which established Limestone Charter Association, the academy's authorizer. The downgrade is driven by increased charter renewal risk and uncertainty arising from the need to transition to a new authorizer after the 2025-26 school year. While Oceanside is likely to secure a new authorizer, it may face challenges in establishing a stable relationship with its new authorizer that could adversely affect its operational stability. RATINGS RATIONALE The downgrade to Ba1 reflects increased charter renewal risk stemming from Oceanside's need to transition to a new authorizer after the closure of Limestone University. The academy is still in the process of choosing a replacement authorizer among various options. Once the new authorizer is established, the school will face uncertainty around the development of a strong and stable relationship with its new authorizer, a key consideration in Moody's assessments of charter renewal risk and government relations. Governance is a key driver of this rating action due to the lack of a clear path to establish a new and stable authorizer relationship. Oceanside remains in compliance with its current charter contract with Limestone and in November 2024 was approved for a ten-year extension through June 30, 2036. The closure of Limestone University has not material impacted enrollment for the 2025-26 school year. Oceanside continues to maintain stable enrollment at roughly 640 students. The waitlist is also reflective of its strong competitive profile at approximately 60% of total enrollment. Academic and financial performance also remain sound. For fiscal 2025, operating performance remains positive, with actual results outpacing budget through the third quarter. Projected annual debt service coverage is above 1.8x. Liquidity continues to be a key strength, with 339 days cash on hand in fiscal 2024. Leverage will remain moderate, with spendable cash and investments covering 33% of debt. RATING OUTLOOK The negative outlook reflects the heightened risk associated with Oceanside's transition to a new authorizer and the uncertainty of the quality and strength of this new relationship. The transfer process introduces potential for operational disruption, which could in turn impact future enrollment demand and financial performance. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Expanded scale of operations with operating revenue above $15 million -- Material reduction in leverage with spendable cash and investments to debt above 45% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Prolonged process to transfer to a new authorizer that materially impacts the academy's operating or financial performance -- Material reduction in liquidity to below 200 days cash on hand -- Material increases in financial leverage PROFILE Oceanside Collegiate Academy was founded in 2017 and is located in the Charleston metro area. The academy serves students in grades 9-12, using an honors curriculum in 9th and 10th grade and a dual-enrollment curriculum in 11th and 12th grade. In addition, the academy puts significant focus on student athletics. Oceanside is managed by Pinnacle Charter Management Group, an educational management organization, pursuant to a management agreement through June 30, 2036. In fiscal 2024, the academy reported $8 million in operating revenue and enrolled approximately 640 students. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. ORB ENERGY: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: ORB Energy Co. 4947 CR 126 Van Vleck, TX 77482 Business Description: ORB Energy Co. is engaged in the business of mining Bitcoin. The Company was formed to develop a bespoke data center using proprietary infrastructure compatible only with Bitmain Technologies' equipment, following a term sheet agreement that positioned it as a designated "Bitmain Host." ORB Energy operates from a rural property where it invested in electrical and operational infrastructure to support large -scale Bitcoin mining. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-80363 Judge: Hon. Alfredo R Perez Debtor's Counsel: Steven Shurn, Esq. HUGHES WATTERS ASKANASE LLP 1201 Louisiana Street 28th Floor Houston TX 77002 Tel: (713) 590-4200 Email: sshurn@hwa.com Total Assets: $70,320,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Jamieson Zaniewski as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LTGUREI/ORB_Energy_Co__txsbke-25-80363__0001.0.pdf?mcid=tGE4TAMA PEGGY NESTOR: Employment of Vinay Agarwal as Accountant Upheld -------------------------------------------------------------- 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.- Albert Togut, Appellee, Case No. 24-cv-05891-JHR-SLC (S.D.N.Y.), be dismissed without prejudice. 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 a June 21, 2024 decision by the Honorable Michael E. Wiles authorizing the Chapter 11 Trustee assigned in the Bankruptcy Proceedings to employ Vinay Agarwal, CPA, LLC as his accountants. On Oct. 10, 2024, Judge Cave issued an order (the "OTSC") directing Appellant to show cause why this case should not be dismissed for lack of subject matter jurisdiction. The OTSC provided Appellant with an opportunity to rebut, by Oct. 24, 2024, the conclusion that the Court lacks subject matter jurisdiction to consider her appeal. On Oct. 22, 2024, Appellant filed an omnibus response to the OTSC (and to similar orders to show cause issued in her other appeals). On Nov. 19, 2024, Judge Cave issued a Report and Recommendation recommending that the appeal be dismissed without prejudice because the Court lacks jurisdiction. On Nov. 26, 2024, Appellee filed an objection to the Report and Recommendation. Appellee made a limited objection to the Report and Recommendation, arguing that dismissal of the Appeal should be with prejudice, and not without prejudice as recommended in the Report and Recommendation. Appellee contends that Appellant and the Debtor have filed untimely appeals from nearly every order that has been entered by the Bankruptcy Court after Appellee was appointed as Trustee, and that these appeals are attempts to impede the Trustee's efforts to administer the Estate and investigate the Debtor's affairs by implementing lawful orders of the Bankruptcy Court; are costly to the estate; and serve no useful purpose. Thus, Appellee submits that dismissal of the Appeal without prejudice will allow Appellant to refile the time-barred appeals, which would further prejudice Appellee and the Debtor's creditors. The Court overrules Appellee's objection, adopts the Report and Recommendation in its entirety, and dismisses Appellant's appeal without prejudice. A copy of the Court's Order is available at https://urlcurt.com/u?l=omWU8k 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. PELICAN PROS: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel ------------------------------------------------------------ Pelican Pros LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Edwin M. Shorty, Jr. & Associates, A.P.L.C. as its legal counsel. The firm will render these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management and operation of its businesses and properties; (b) attend meetings with representatives of the Debtor's creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate of the Debtor; (d) prepare on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estates; (e) take any necessary action on behalf of the Debtor to obtain confirmation of its plan; (f) appear before this Court to protect the interests of the Debtor before this Court; (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case; (h) represent the Debtor in connection with obtaining post-petition financing, if any; (i) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (j) investigate the nature and validity of liens asserted against the property of the Debtor, and advise the Debtor concerning the enforceability of said liens; (k) investigate and advise the Debtor concerning, and take such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; (l) advise and assist the Debtor in connection with any potential property dispositions; (m) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; (n) assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; (o) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the chapter 11 estate or otherwise further the goal of completing the successful reorganization of the Debtor; and (p) perform all other legal services for the Debtor which may dbe necessary and proper in these proceedings. The firm will be paid at these hourly rates: Attorneys $350 Paralegals $85 Edwin M. Shorty, Jr., will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $5,000. Edwin M. Shorty, Jr., a partner at Edwin M. Shorty, Jr. & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Edwin M. Shorty, Jr. can be reached at: Edwin M. Shorty, Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES, A.P.L.C. 650 Poydras Street, Suite 2515 New Orleans, LA 70130 Tel: (504) 207-1370 About Pelican Pros LLC Pelican Pros LLC is a New Orleans-based company. Pelican Pros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11446) on July 10, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Edwin M. Shorty, Jr., Esq. PEPPERMILL LIMITED: Belton Appeal in Chapter 11 Cases Tossed ------------------------------------------------------------ Judge James D. Cain, Jr. of the United States District Court for the Western District of Louisiana dismissed the appeal filed by pro se creditor Will J. Belton and motion to withdraw reference relating to an order issued on June 11, 2025, by the United States Bankruptcy Court for the Western District of Louisiana in the Chapter 11 bankruptcy cases concerning Peppermill Limited Partnership and Pecan Acres Limited Partnership I, d/b/a La Maison Apartments, Case Nos. 25-30282 and 25-20112. Mr. Belton was advised by the Clerk of the Bankruptcy Court that he must pay filing fees of $199.00 for the Motion for Withdrawal of Reference and $298.00 for the Notice of Appeal. On July 10, 2025, the Bankruptcy Court transmitted the matter to the District Court "for further action as it considers appropriate" due to Mr. Belton's failure to pay the appropriate fee or request a waiver. Since that time the District Court has received no communication from Mr. Belton. Mr. Belton has taken no steps to pay the appropriate filing fees or request a waiver. His appeal will therefore be dismissed for want of prosecution, the District Court holds. The appeal is styled WILL J BELTON VERSUS PEPPERMILL LIMITED PARTNERSHIP 1 ET AL, CASE NO. 2:25-CV-00993 (W.D. La.). A copy of the Court's Memorandum Ruling is available at https://urlcurt.com/u?l=3q2Npc from PacerMonitor.com. About Peppermill Limited Partnership 1 Peppermill Limited Partnership 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-30282) on March 11, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Wade N. Kelly, Esq., at Packard Lapray, represents the Debtor as counsel. PETSMART LLC: Moody's Affirms B2 CFR & Rates New 1st Lien Notes B2 ------------------------------------------------------------------ Moody's Ratings affirmed PetSmart LLC's B2 corporate family rating, its B2-PD probability of default rating, senior unsecured notes rating at Caa1, senior secured first lien notes rating at B2 and senior secured term loan B rating at B2. The outlook remains stable. Moody's have also assigned B2 ratings to the company's planned senior secured term loan B and senior secured first lien notes and a Caa1 rating to its planned senior unsecured notes offering. The net proceeds from these proposed issuances will be used to refinance the company's existing senior secured term loan B, senior secured first lien notes and senior unsecured notes. Moody's will withdraw ratings on the existing senior secured term loan B, senior secured first lien notes and senior unsecured notes upon repayment. RATINGS RATIONALE PetSmart's B2 CFR is supported by the company's very good liquidity, including Moody's expectations for positive free cash flow and the company's position as one of the largest specialty retailers of pet products and services in the US and Canada. While competition is intense, the strength and scale of PetSmart's in-store service offering, which includes grooming, full-service veterinary hospitals, training and boarding creates a competitive advantage versus pure-play online competition and traditional bricks-and-mortar competitors. PetSmart's very good liquidity continues to be supported by current and expected positive free cash flow and ample availability on its $1 billion asset-based revolver expiring in February 2029 (not rated). The proposed refinancing will also extend the company's maturity profile with its nearest maturities coming in 2032, after its revolver expiry. The B2 CFR is also supported by PetSmart's moderate leverage. Lease-adjusted debt/EBITDA was 4.3x for the LTM period ending May 4, 2025 and Moody's expects leverage to remain in the mid 4x range over the next 12-18 months. EBIT/interest coverage for the LTM period ending May 4, 2025 was 1.4x and is expected it to remain at about this level going forward despite a projected increase in interest expense from the proposed transaction. The consumer continues to remain purposeful and value-focused, limiting earnings growth over the next 12-18 months. However, Moody's expects revenue and earnings to be supported by improving assortments, higher unit sales from pricing actions taken in 2024 across consumables and hardgoods, and pet services growth, but overall gross margins have limited room for expansion. Governance remains a key rating constraint due to the sponsors' history of taking shareholder friendly actions, including extracting large periodic dividends and monetizing PetSmart's previous investment in Chewy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS PetSmart's ratings could be upgraded if the company demonstrates sustained growth in revenue, profitability, and market share as well as continued free cash flow generation while demonstrating a transparent and strong commitment to conservative financial policies. Quantitatively, the ratings could be upgraded if EBIT/interest expense is sustained above 2.25x and debt/EBITDA is sustained below 4.5x, while maintaining very good overall liquidity. PetSmart's ratings could be downgraded if its operating performance significantly deteriorates, indicating that the company's industry or competitive profile is being threatened. Ratings could also be downgraded if the company's financial policies were to become more aggressive, including actions that result in erosion of the company's liquidity. Quantitatively, a ratings downgrade could occur if debt/EBITDA is sustained above 5.5x or EBIT/interest falls significantly below 1.5x. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The assigned B2 rating is two notches below the Ba3 scorecard indicated rating, reflecting a difficult consumer spending environment, a highly competitive industry, weakened credit metrics as well as governance risks. PetSmart LLC is one of the largest specialty retailer of supplies, food, and services for household pets in the US and Canada. The company currently operates 1,684 stores in the US, Canada, and Puerto Rico as of May 4, 2025. LTM revenue as of May 4, 2025 was about $10.0 billion. PetSmart has an omnichannel capability consisting of buy online, pick up in store ("BOPIS"), curbside pickup, ship-to-home, ship-from-store, and marketplace partnerships such as DoorDash, Instacart, Uber Eats, and Shipt. The company is indirectly owned by funds advised by BC Partners and Apollo Global Management along with certain co-investors. PHVC4 HOMES: To Sell 31 Vacant Lots to Team Steber for $1.2MM ------------------------------------------------------------- PHCV4 Homes, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor proposes to sell its interest in certain real estate consisting of 31 vacant lots in the community known as Viking Cove, in the municipality of Jasper, Walker County, Alabama. The proposed sale will be by private sale and the total purchase price of the Property is $1,250,000.00. The Debtor proposes to sell all of the estate's interest described herein free and clear of any and all mortgages, liens, interests and/or other encumbrances as set forth herein, excepting that CoreVest American Finance Lender LLC’s lien rights specifically and fully attach to all proceeds of the sale. All Net Sales Proceeds shall be paid directly CoreVest at closing free and clear of all liens, interests, and encumbrances. If the sale does not close on or before September 30, 2025, then it is null and void and the sale cannot thereafter be completed without further approval of this Court. Team Steber, Inc.(Purchaser)has entered into the Contract to purchase the Property. The Debtor sets forth that the total sales price for the Lot Assets represents the fair market value of the Property. The Purchaser has already obtained or will obtain financing, and the sales are contemplated to be closed forthwith after approval from this Court. The Property consisting of the Lot Assets will be purchased at closing on or before September 30, 2025. The Property is subject to the following liens, mortgages or other interest held by CoreVest. About PHCV4 Homes, LLC PHCV4 Homes LLC is part of the residential building construction industry. PHCV4 Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September 10, 2024. In the petition filed by Misty M. Glass, as manager, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the case. The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN & GILLON, LLC. PIONEER AIRCRAFT: Fitch Hikes Rating on Series C Notes to 'Bsf' --------------------------------------------------------------- Fitch Ratings has upgraded Pioneer Aircraft Finance Limited Series A, B and C notes to 'BBB+sf', 'BBsf' and 'Bsf' from 'BBBsf', 'B+sf' and 'CCC+sf', respectively. Positive Rating Outlooks have been assigned to all notes following their upgrades. Entity/Debt Rating Prior ----------- ------ ----- Pioneer Aircraft Finance Limited Series A 72353PAA4 LT BBB+sf Upgrade BBBsf Series B 72353PAB2 LT BBsf Upgrade B+sf Series C 72353PAC0 LT Bsf Upgrade CCC+sf Transaction Summary The ratings reflect current transaction performance, Fitch's cash flow projections, and its expectation for the structure to withstand rating-specific stresses under Fitch's criteria and cash flow modelling. The rating actions also consider lease terms, lessee credit quality and performance, updated aircraft values, and Fitch's assumptions and stresses, which inform Fitch's modeled cash flows and coverage levels. Portfolio performance has improved and stabilized. Rental delinquencies observed in Fitch's prior review in August 2024 have been cleared. The series A and B notes continue to receive timely interest, whereas series C interest is capitalizing. As of the July servicer report, the series A notes were on schedule compared to 7% behind schedule at the time of prior review. Proceeds from aircraft sales in September and December 2024 were used to pay down the series A notes. The series B and C notes have fallen further behind their scheduled principal balances, although the note balances are relatively small in relation to the overall transaction size. The aircraft sales, and the resulting deleveraging of the notes, coupled with the value ascribed to the remaining aircraft in the pool has resulted in improved loan-to-values (LTVs) versus prior review. The Positive Outlook reflects improvements in LTVs and lessee performance since the prior review, and the prospect of additional aircraft sales as noted in the July servicer report, which could lead to additional deleveraging of the notes. Overall Market Recovery: Demand for air travel continues to grow, albeit at a slower pace. May YTD 2025 global passenger traffic measured in revenue passenger kilometers (RPK) was up 5.8% compared to 2024, per the International Air Travel Association. International traffic grew 8.1% YTD while domestic traffic grew 2.1%. Growth rates vary across geographies, with Asia-Pacific and Europe continuing to lead the overall growth in traffic. North American traffic, however, was flat May YTD 2025 versus 2024. Macro Risks: Fitch recently revised its sector outlook for aircraft ABS to 'deteriorating' from 'neutral'. This change reflects Fitch's expectations for a slowdown in global air travel growth, consistent with its forecast for weaker global GDP in 2025 and 2026. Global air travel is highly correlated to global GDP. Fitch also expects increased divergence in performance across several categories, including domestic versus international travel, geographic footprint, lessee credit strength, and aircraft type and age. Some domestic markets have contracted through May 2025, and there is uncertainty about how trade relations and conflicts will be resolved. Conclusive resolutions to tariff conflicts, for example, may prompt Fitch to reevaluate its sector outlook. Despite an anticipated slowdown in the growth rate of air travel, Fitch expects aircraft values will remain supported by the ongoing under-supply of aircraft. This is driven by continued impediments to the construction and delivery of new aircraft and by engine shop capacity issues that reduce total capacity. Fitch also expects these supply-side constraints to mitigate demand reductions. ABS performance may be affected by deteriorating credit quality of airline lessees. Despite benefiting from longer-term fixed rental leases and staggered lease expiries, due to sufficient financial headwinds, some airlines may seek payment relief in the form of restructures which could reduce cash flows to ABS. Fitch expects securitizations with younger to mid-life aircraft and with adequate lessee quality and diversification to be better positioned to withstand potential pressures on cash flows needed to meet debt service. KEY RATING DRIVERS Asset Values: The Fitch Value for the pool is $329 million. Fitch used the most recent appraisal as of December 2024 and applied depreciation and market value decline assumptions pursuant to its criteria. Fitch Values are generally derived from base values unless the remaining leasable life is less than three years in which case a market value is used. Fitch then uses the lesser of mean and median of the given value. LTVs using the Fitch value are 62%, 84% and 93% compared to 72%, 91% and 100% as of last review for the A, B and C notes respectively. Tiered Collateral Quality: The Pioneer pool consists of 13 narrowbody aircraft and one widebody aircraft with the majority characterized as mid-life aircraft with a weighted-average (WA) age of 10.8 years. Fitch utilizes three tiers when assessing the desirability and liquidity of aircraft collateral: tier one which is the most liquid, and tier three which is the least liquid. Additional details regarding Fitch's tiering methodology can be found here https://www.fitchratings.com/research/structured-finance/global-aircraft-tiers-unchanged-amid-strong-pricing-environment-21-10-2024 As aircraft in the pool reach an age of 15 and then 20 years, pursuant to Fitch's criteria, the aircraft tier will migrate one level lower. The WA, age-adjusted, tier is 1.1. Pool Concentration: The pool has 14 aircraft on lease to 13 lessees. As the pool ages and Fitch models aircraft being sold at the end of their leasable lives (generally 20 years), pool concentration will increase. Pursuant to Fitch's criteria, Fitch further stresses cash flows based on the effective aircraft count. Concentration haircuts vary by rating level and are applied at stresses higher than 'CCCsf'. Lessee Credit Risk: At the time of Fitch's last review there were modest delinquencies in the pool. Currently there are no delinquencies. Fitch considers the credit risk posed by the pool of lessees to be moderate. The WA credit rating by Fitch Value is 'CCC'. This profile is comparable to, but on the low side of, other aircraft ABS transactions. Fitch has generally maintained the credit ratings assigned in its prior review based on observed performance, with modest improvement. Pioneer is reasonably diversified across regions with 28% exposure to Emerging Asia Pacific, 25% to Emerging Middle East & Africa, 14% to Emerging South & Central America, 13% to Developed Asia Pacific, and 7% to Developed Europe. Developed North America and Emerging Europe & CIS make up the remaining exposure. Operation and Servicing Risk: Fitch has found SMBC to be an effective servicer based on its experience as a lessor, overall servicing capabilities and historical ABS performance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase in delinquencies, lower lease rates, or sales of aircraft below Fitch's projections could lead to a downgrade. The aircraft ABS sector has a rating cap of 'Asf'. All subordinate tranches carry ratings lower than the senior tranche and below the ratings at close. Fitch also considers jurisdictional concentrations per the "Structured Finance and Covered Bonds Country Risk Rating Criteria," which could result in rating caps lower than 'Asf'. Fitch ran a sensitivity related to lessee credit quality. Fitch assigns a credit rating of 'CCC' or lower to a high percentage of lessees in the pool. The pool has experienced delinquencies with lessee payment performance in the past. The sensitivity assumes all non-rated lessees are currently rated 'CC' and that all future lessees will be rated 'CCC'. This scenario resulted in a one notch decrease in the model-implied ratings (MIR) for all classes notes. Additionally, Fitch ran this scenario with a further reduction in rental cash flows by 5%, which resulted in a one notch decrease in the MIR for the class A notes and two notches for the class B and C notes. Fitch also ran a sensitivity related to bulk sale of aircraft to stress the concentration haircut within the cash flow model. Fitch forced half of the remaining pool to sell in 2025 in order to see what the impact on cash flows and consequent impact on debt repayment would be. In this scenario, MIRs are unchanged for the class A notes. The MIRs for the class B decreased by one notch and the class C decreased by two notches. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade If lease collections outperform modeled cash flows or lessee credit quality improves materially, this may lead to an upgrade. Similarly, if assets in the pool display higher values and stronger rent generation than Fitch's stressed scenarios this may also lead to an upgrade. Fitch ran a sensitivity related to the rental cash flows received in the pool and increased monthly rental cash flows by 5%. Fitch assigns a credit rating of 'CCC' or lower to a high percentage of lessees in the pool. The pool has experienced delinquencies with lessee payment performance in the past. Overall collection performance has increased over the past year with lessee quality improvement. This scenario results in a one notch increase from the model-implied ratings for all class notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. POPELINO'S TRANSPORTATION: Seeks to Use Cash Collateral ------------------------------------------------------- Popelino's Transportation, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Riverside Division, for authority to use cash collateral. The court on March 20 initially granted the Debtor interim authority to use cash collateral through August 26. The Debtor has since filed a plan of reorganization and now seeks to continue using cash collateral through December 31 or until plan confirmation. The Debtor proposed to use the cash collateral based on a budget, with a 15% increase in any budget item or total expenses to manage unexpected fluctuations. It also requested permission to carry over unused amounts to future months. The Debtor's income constitutes cash collateral, which is secured by two creditors: the U.S. Small Business Administration, holding a secured claim of approximately $1.26 million, and ODK Capital LLC, with a partially secured claim of $158,470. Since all of the Debtor's income is subject to these security interests, it must have court authorization to continue operations. For adequate protection, the Debtor offered replacement liens to secured creditors, with the same pre-bankruptcy priority and is willing to make monthly cash payments averaging $21,737, which exceeds estimated depreciation of assets. The combined value of the Debtor's assets is estimated at $1.2 million. A hearing on the matter is set for August 19. About Popelino's Transportation Inc. Popelino's Transportation, Inc. is a Riverside, California-based company that has been offering green waste hauling and transportation services since 2005. Additionally, the Company recycles green waste at its facility to generate compost, mulch, and woodchips for landscaping. Popelino's Transportation filed petition (Bankr. C.D. Calif. Case No. 25-11628) on March 18, 2025, listing $3,318,612 in total assets and $8,329,194 in total liabilities. Jose Barragan, president of Popelino's Transportation, signed the petition. Judge Mark D. Houle oversees the case. Todd Turoci, Esq., at The Turoci Firm represents the Debtor as legal counsel. PRIME CAPITAL: Seeks to Sell Vehicles at Auction ------------------------------------------------ Yann Geron the chapter 11 trustee of the estate of Prime Capital Ventures LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of New York to sell vehicles at auction, free and clear of liens, claims, and encumbrances. The Debtor owns the following vehicles: -- 2020 Lamborghini Aventador ZHWUM6ZD9LLA09436 -- 2009 Mercedes Benz SL65 WDBSK79F79F158279 -- 2014 Mercedes Benz SLS DRJ7HA7EA010865 -- 2015 Ferrari 458 ZFF75VFA3F0209725 The Trustee has filed a motion seeking to retain Saratoga Automobile Museum a/k/a Saratoga Motorcar Auction as auctioneer to market and sell the Vehicles. The Auction Sale will be conducted pursuant to the standard auction procedures typically used by reputable auction houses, and specifically by SAM. The Vehicles shall be sold "as is", "where is", without any representations of any kind or nature whatsoever, including as to merchantability or fitness for a particular purpose, and without warranty or agreement as to the condition of the Vehicles. SAM intends to conduct a live Auction Sale of the Vehicles on September 20, 2025, commencing at 10:00 a.m. (EST), at the Saratoga Casino Hotel located at 342 Jefferson St, Saratoga Springs, New York. SAM's standard Terms of Sale are detailed in its Bidding Contract, a copy of which is annexed as Exhibit B (Terms of Sale). https://urlcurt.com/u?l=wwARa4 The Trustee, in consultation with SAM and his other professionals, has determined that the proposed Auction Sale will ensure that the Auction will garner the highest and best sale price for the Vehicles. The Trustee seeks approval of the sale of the Vehicles free and clear of all Liens. The Trustee is aware of one lien asserted against the Vehicles – specifically the 2020 Lamborghini Aventador - by Denali State Bank and Woodside Credit, LLC in the principal amount of $392,068.57. To obtain maximum value for the Vehicles, the successful bidders at the Auction Sale must be assured that they are purchasing the Vehicles free and clear of all Liens, with any such Liens to attach to the net sale proceeds realized through the Auction Sale. The Trustee is seeking to sell the Vehicles to potential purchasers, subject to higher or better offers, at the Auction Sale. Therefore, the Trustee respectfully requests that the successful bidders at the Auction Sale be afforded the protections under section 363(m) of the Bankruptcy Code. About Prime Capital Ventures LLC Prime Capital owns a residential property located at 600 Linkhorn Drive, Virginia Beach, VA 23451, valued at $4.02 million. Prime Capital Ventures, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11029) on Sept. 16, 2024, listing $6,452,230 in assets and $244,529,327 in liabilities. The petition was signed by Christian H. Dribusch as manager. Christian H. Dribusch, Esq., at Dribusch Law Firm, is the Debtor's counsel. Yann Geron is appointed as trustee in this Chapter 11 case. He tapped Geron Legal Advisors LLC as bankruptcy counsel and Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. PRIMERO SPINE: Gets Extension to Access Cash Collateral ------------------------------------------------------- Primero Spine and Joint, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the "bare necessities" for day-to-day operations; pre-bankruptcy wages to employees who are retained by the Debtor; and additional amounts subject to approval in writing by secured creditors. This authorization will continue until further order of the court. GFE Holdings and the U.S. Small Business Administration are the creditors identified by the Debtor, which may have a security interest in the cash collateral. This cash collateral consists of pre-bankruptcy cash in the Debtor's operating accounts. As adequate protection, the secured creditors will be granted a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. As additional protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. The next hearing is scheduled for September 9. About Primero Spine and Joint Primero Spine and Joint, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 25-01017) on April 1, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Judge Jacob A. Brown oversees the case. The Debtor tapped Donald M. DuFresne, Esq., at Parker & DuFresne, P.A. as legal counsel and William G. Haeberle, CPA, LLC as accountant. PRINCE LAND: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On August 1, 2025, Prince Land Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports $12,201,095 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Prince Land Inc. Prince Land Inc. provides site development and general contracting services, including demolition, earthwork, underground utilities, concrete work, and pavement striping. It operates in Florida, primarily serving commercial, residential, and industrial projects. Prince Land Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992) on August 1, 2025. In its petition, the Debtor reports total assets of $3,771,595 and total liabilities of $12,201,095. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq. at KELLEY KAPLAN & ELLER, PLLC. PROFESSIONAL DIVERSITY: SR CPA Succeeds Sassetti as Auditor ----------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a resignation letter from Sassetti LLC, the independent registered public accounting firm for the Company, stating that its resigning from its role as the Company's independent registered public accounting firm on July 24, 2025. The Company and Sassetti engaged in initial communications regarding the resignation on July  24, 2025, and the Company received the executed resignation letter on July 30, 2025 following the settlement of outstanding payments and logistical matters between the parties. Sassetti's decision to resign as auditor for the Company was based upon scheduling conflict and its resources and not based upon any issues related to the Company's audit. The Board did not participate in Sassetti's decision to resign. The reports of Sassetti on the Company's financial statements as of and for the two most recent fiscal years ended December 31, 2024 and December 31, 2023, did not contain an adverse opinion or a disclaimer of opinion, nor was qualified or modified as to uncertainty, audit scope or accounting principles, except that each report on the Company's consolidated financial statements contained an explanatory paragraph regarding the Company's ability to continue as a going concern due to its recurring losses from operations and net capital deficiency. During the Company's two most recent fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through Sassetti's resignation, there were no "disagreements" (within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions under the Securities Exchange Act of 1934, as amended) between the Company and Sassetti on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Sassetti, would have caused Sassetti to make reference to the subject matter of the disagreements in connection with its reports on financial statements of the Company for such years. During this same period, there were no "reportable events" (within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions under the Exchange Act). Engagement of new independent registered public accounting firm Following Sassetti's resignation, the Company has engaged SR CPA & Co., a Public Company Accounting Oversight Board registered firm , as the independent registered public accounting firm for the Company, effective on July 31, 2025. The Audit Committee of the Company approved the engagement of SR CPA. During the Company's two most recent fiscal years (ended December 31, 2023 and December 31, 2022) and the subsequent interim period prior to the engagement of SR CPA, neither the Company, nor anyone on the Company's behalf, consulted with SR CPA regarding either: (1) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements; or (2) any matter that was either the subject of a disagreement (as defined in Regulation S-K, Item 304(a)(1)(iv) and the related instructions) or reportable event (as defined in Regulation S-K, Item 304(a)(1)(v)) About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, 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 incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. QNITY ELECTRONICS: S&P Assigns 'BB+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating to Qnity Electronics Inc., assuming the spin-off will be successfully completed in late 2025. The outlook is stable. At the same time, S&P assigned its 'BB+' issue-level rating on the proposed senior secured term loan facility, recovery rating is '3'. S&P said, "The stable outlook reflects expectations that the spin-off will progress smoothly without setbacks to the operations, earnings, and cash flow. Additionally, we forecast total adjusted debt to EBITDA of 2x-3x and free operating cash flow (FOCF) to adjusted debt slightly above 15% over the next 12-24 months." On May 22nd, 2024, DuPont de Nemours, Inc. (DuPont) announced its plan to separate its Electronics business, via a tax-free spin-off, to create a distinct publicly traded company, Qnity Electronics Inc. As part of the spin-off, Qnity will raise proceeds through a proposed $1.6 billion senior secured term loan B due 2032. The company plans to use the proceeds to pay dividends to DuPont in connection with the spin-off. Qnity is well positioned to serve the growing semiconductor and electronics value chain, backed by well-established products, customer base, and global assets from DuPont. After the spin-off, Qnity will be a leading provider of electronic materials and component solutions for the semiconductor and electronics markets. The company is well-positioned to benefit from accelerating demand in high-growth technology applications, supported by secular trends such as artificial intelligence (AI), high-performance computing, and advanced connectivity. While part of DuPont, the business established a good competitive position, strong R&D foundation, and deep relationships with leading semiconductor manufacturers such as Taiwan Semiconductor Manufacturing Co Ltd. (TSMC), Samsung Electronics Co. Ltd. As a stand-alone entity, Qnity will carry forward core capabilities and a comprehensive product portfolio. The business will operate through two segments. Semiconductor technologies (57% of total revenues), which offers products such as lithographic materials, chemical mechanical planarization (CMP) pads, advanced cleans and slurries, and specialty sealant. These are primarily high-performance consumable material solutions used in conjunction with fab equipment across critical front-end semiconductor manufacturing. Interconnect solutions (43%) offers advanced circuit materials and solutions for advanced packaging, as well as thermal and power management etc. They are widely used by semi foundries, outsourced semi assembly and test providers, original equipment manufacturers (OEMs), and electronics manufacturing services (EMS). The company's products are consumable or unit-driven, with over 90% of Qnity's revenue in 2024 generated from products that are either utilized in the manufacturing process or incorporated into final electronic devices. That said, the strengths are partially offset by several moderating factors. The company's core semiconductor end market is inherently cyclical, and key customers' procurement and sourcing decisions tend to follow similar cycles, leading to potential revenue and earnings volatility. Its top 10 customers account for 34% of total revenue and are mostly tied to the semiconductor industry. Qnity's geographic revenue mix is notably concentrated in Asia, with 34% of revenue derived from China, followed by Korea (16%), Taiwan (14%), and the U.S. (12%). This means it is inevitably exposed to macroeconomic risks like trade tariffs and global economic trends, although S&P currently does not view direct tariff impact as material--it estimates only 5% of revenue is exposed. S&P said, "We expect modest growth in 2025-2026 and strong cash flow generation, supporting net leverage of 2x-3x. On a stand-alone basis, Qnity would have generated $4.3 billion of revenue in 2024. For 2025, we project $4.3 billion-$4.4 billion of revenue, or flat to low-single-digit percent growth. This outlook incorporates ongoing macroeconomic and tariff-related headwinds, which will likely weigh on semiconductor demand, along with continued softness in consumer electronics. We expect a return to mid-single-digit percent growth in 2026, driven by improving market conditions and increased production volumes. "We assume S&P Global Ratings-adjusted EBITDA margin of 35%-36% over 2025-2026, supported by the company's continued focus on supply chain optimization, facility modernization, automaton investments, and disciplined cost management. We estimate Qnity will require moderate working capital of $50 million-$75 million annually, and capital expenditure (capex) of 6%-8% of total revenue over cycles. Additionally, we assume the company will return some capital to shareholders through share repurchases of about $50 million and dividends of $70 million to $90 million annually. In our debt calculation, we net about 90% of surplus cash against a pro forma debt load of $4.1 billion. "Under our base-case scenario, we expect Qnity to generate annual FOCF of more than $500 million, with FOCF to debt at 15% or more. We forecast S&P Global Ratings adjusted debt to EBITDA to be about 2.7x in 2025, declining to 2.3x in 2026 with support from organic EBITDA growth and strong free cash flow generation. "We expect good liquidity and prudent financial policy post spin-off, while recognizing litigation exposure may bring some downside risk. Pro forma for the spin-off, the company is expected to have about $750 million cash on hand, along with access to a $1.25 billion revolver (undrawn at close). Combined with strong annual FOCF generation of more than $500 million, we expect Qnity to maintain a solid liquidity position post spin-off. Additionally, we expect the company to pursue a disciplined capital allocation strategy, with an emphasis on organic growth and spin-off execution, while selectively investing in secular growth areas. We do not anticipate large debt-funded acquisitions in the near term that would increase leverage. We also expect shareholder rewards (dividends and share buybacks) to be modest and funded from excess cash. "That said, we recognize that Qnity's business operations may involve litigations from time to time (related to pollution), as part of the normal course of business. While the timing and magnitude of such cases are inherently uncertain, we typically include any disclosed contingent liabilities in our debt calculations based on companies' public financial reporting. Although we currently do not assume any such liabilities in our financial metric calculations, future material cases could present downside risk to our base-case. "The stable outlook reflects expectations that the spinoff from DuPont will be function smoothly without meaningful setbacks to the operations, earnings and cashflow. Our base case assumes total adjusted debt to EBITDA between 2x and 3x and free operating cash flow to adjusted debt slightly above 15% over the next 12-24 months." S&P could lower ratings if credit metrics fall below its expectations. This could occur if: -- Headwinds from macro conditions or spin off disruptions negatively impact earnings levels and cash flow generation, such that total adjusted debt to EBITDA increases to 3x or more; or -- Total adjusted debt to EBITDA is 2x-3x and FOCF to adjusted debt declines to 15% or less. While not likely in the near-term, S&P could raises ratings if: -- The company continues to scale its operations and improves its earnings and FOCF generation over time. As these improvements progress, its business profile is increasingly aligned with that of investment-grade peers; and -- Total adjusted debt to EBITDA equals or declines below 1.5x with the FOCF to debt of 15%-25%; or -- Total adjusted debt to EBITDA is 1.5x-2x and FOCF to adjusted debt is above 25%. QUIDELORTHO CORP: S&P Assigns 'B+' ICR, Outlook Positive -------------------------------------------------------- S&P Global Ratings assigned a 'B+' issuer credit rating to QuidelOrtho Corp., a San Diego, Calif.-based provider of diagnostic testing solutions. S&P said, "We also assigned 'B+' issue-level ratings to the proposed $700 million revolving credit facility, $1.1 billion term loan A, $100 million delayed draw term loan A, and $1.5 billion term loan B. "The positive outlook reflects our expectation that we could raise the rating by one notch if QuidelOrtho's leverage declines below 4.5x over the next 12 months, which we expect would come from a combination of EBITDA growth and debt repayment." QuidelOrtho continues to operate with stable organic revenue growth and is approaching the end of the integration expenses associated with its 2022 merger. However, its S&P Global Ratings-adjusted leverage remains high at an estimated 5x as of June 30, 2025. The 'B+' rating on QuidelOrtho reflects its entrenched position in the diagnostics market with a high degree of recurring revenue, offset by its relatively small scale and high leverage compared with its peers. QuidelOrtho has a leading position in the fragmented and highly competitive clinical diagnostics market with a high degree of recurring revenue (about 95% of total revenue). While the company has leading positions in its end markets, it does not have the same level of geographic and end-market diversity as its higher-rated peers. Additionally, it lacks the scale and capital of its higher-rated peers and is more exposed to competitive threats from changes in technology. The company was formed from the merger of Quidel Corp. and Ortho Clinical Diagnostics in 2022, and leverage remains above 5x due to integration costs associated with the merger, elevated research and development expenses, and other restructuring costs. While the company experienced a windfall from at-home COVID-19 tests, that revenue has declined sharply over the past few years. QuidelOrtho is now approaching an inflection point where the decline in COVID-19-related revenues has run its course and its integration process is almost complete. This, combined with additional cost-cutting efforts, will allow the company to return to positive revenue and EBITDA growth in 2026. Dry-slide technology provides a competitive advantage in the labs segment. QuidelOrtho's labs segment produces laboratory instruments and tests to be used in routine chemistry (such as to measure target chemicals in bodily fluids), immunoassays (measure proteins that act as antigens, antibodies, or health markers), and other testing that detects and monitors disease progression. It differentiates itself from competitors by offering dry-format (waterless) technology. This benefits small to mid-size lab facilities because there is no plumbing required for installation, equipment can be easily relocated, and, it has a relatively low cost of ownership. Barriers to entry in this space are high because no major competitor in the U.S. market offers this technology and doing so would require significant investment. A downside of dry-format technology is throughput limitations that would not be able to sustain the capacity for a large laboratory. As such, the company is focused on the small to mid-size market. S&P's view of QuidelOrtho's business is constrained by its relatively small scale compared with some of its competitors and the highly competitive nature of the diagnostics business. The company operates in a highly fragmented industry, facing competition from much larger peers such as Abbott Laboratories, Thermo Fisher Scientific, and Danaher, which possess significantly greater capital for innovation and research and development. Its relatively limited scale and diversification contrasts that of many competitors with broader health care and industrial portfolios that mitigate risks associated with potential market fluctuations. This concentration exposes the company to heightened unpredictability and seasonal variability. While QuidelOrtho has demonstrated success in contract renewals, the fiercely competitive diagnostics landscape restricts its pricing power, driving price erosion over the long term. Consequently, this amplifies the importance of continued product improvement and new test and offering developments to effectively address evolving market demands. The company has been investing heavily in developing new technology, which has kept its profitability relatively lower (the low-20% area) compared with its higher-rated peers. S&P said, "While we expect profitability to improve as one-time expenses decline, we still do not expect its EBITDA margin to approach the levels of its higher-rated peers (above 30%) due to the highly competitive nature of the pure-play diagnostics market." S&P said, "We believe QuidelOrtho's expected EBITDA and cash flow growth provide it with an opportunity to materially reduce leverage over the next 12 months. The company's leverage, as of the last 12 months ended June 30, 2025, was elevated at an estimated 5x and its free operating cash flow was negative. Leverage has remained high due to elevated one-time costs related to restructuring and merger integration expenses. We expect these costs to decline in 2025 and 2026, which, combined with our revenue growth expectations, translates to free operating cash flow approaching break-even in 2025 and increasing to $150 million-$200 million in 2026. As a result, we believe leverage could decline below our 4.5x upgrade threshold by the end of 2026." However, the pace at which the company reduces leverage will likely be driven by its financial policy. QuidelOrtho has a stated leverage target of 2.5x-3.5x but has no track record of operating at that level. Additionally, the company has shown a willingness to pursue acquisitions, and these acquisitions could result in further integration costs or elevated capital expenditure (capex) that could delay any potential deleveraging. The positive outlook reflects our expectation that S&P could raise its rating on QuidelOrtho if it believes its leverage will likely decline below 4.5x over the next 12 months due to EBITDA growth and debt repayment. S&P could revise the outlook to stable if it no longer expects the company's leverage to decline below 4.5x over the next 12 months. This could occur if: -- Acquisition and integration costs remain elevated beyond 2025; -- The company's revenue declines due to customer losses and increased competition; or -- It adopts a more aggressive financial policy, prioritizing its excess cash flow for shareholder rewards or further acquisitions over debt repayment. S&P could raise the rating if organic growth remains steady, the company benefits from lower one-time costs, and it expects leverage will remain below 4.5x on a sustained basis. RAS DATA: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------- On August 1, 2025, RAS Data Services Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RB BIOSCIENCE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: RB Bioscience Stilwell LLC 471833 East Hwy 51 Stilwell, OK 74960 Business Description: RB Bioscience Stilwell LLC operates as a medical cannabis processor and cultivator based in Stilwell, Oklahoma. The Company engages in the production and development of cannabis-based health products for the regulated medical market. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Eastern District of Oklahoma Case No.: 25-80716 Debtor's Counsel: Joe Byars, Esq. HELTON LAW FIRM 9125 S. Toledo Ave. Tulsa OK 74137 Tel: 918-928-7104 Email: joe@heltonlawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nimesh Patel as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5USLRVI/RB_Bioscience_Stilwell_LLC__okebke-25-80716__0001.0.pdf?mcid=tGE4TAMA RECESS HOLDCO: S&P Alters Outlook to Stable, Affirms 'B+' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Recess Holdco LLC (First Student) to stable from negative. S&P also affirmed its 'B+' issuer credit rating. S&P said, "At the same time, we assigned our 'B+' issue-level rating to the company's new and extended term loans B and C, and affirmed our 'B+' issue level rating on the company's existing revolver and senior secured notes. The first-lien recovery rating is unchanged at a '3', reflecting our expectation for meaningful recovery. "The stable outlook reflects our expectation that First Student's operating performance will be supported by steady demand in the student transportation sector and its market leading position driving strong customer retention and renewal rates, with FFO to debt of 14%-16% over the next two years." First Student's metrics have improved, with S&P adjusted EBITDA margin increasing 300 basis points (bps) since fiscal 2023. S&P estimates adjusted FFO to debt of about 12% in fiscal 2025 (ended June 30, 2025) after about 7% revenue growth and S&P EBITDA margins of about 18%. The company's operating performance over the past few years was impacted by ongoing driver shortage issues, which resulted in higher training and retention costs as well as lost revenue due to its inability to operate more routes amid a widespread return to in-person schooling after the pandemic. Since then, the company has steadily recovered driver staffing levels and reduced turnover through initiatives such as improving training to start time and increasing benefits. Furthermore, First Student has been repricing its lower-priced contracts initiated during the pandemic. S&P said, "At-risk (defined as contracts up for renewal) pricing increased about 13% for the past school year and we anticipate a 10% increase for the upcoming school year. We expect fiscal 2026 to be the last year of material contract repricing, and thereafter project more-normalized revenue growth of mid-single-digit percent in the traditional home-to-school segment. Labor costs remain elevated in an inflationary environment, and we expect modest incremental margin improvement coupled with about 6.5% revenue growth in fiscal 2026 to result in FFO to debt of about 15% in fiscal 2026, before improving to 17% in fiscal 2027." While services beyond traditional home-to-school, including First Alt (special needs transportation) and First Services (consulting), constitute a smaller portion of its revenue, they contribute asset-light, higher-growth revenue that can improve margins over the longer term. S&P said, "We expect positive free cash flow in fiscal 2025, a meaningful improvement from about a $70 million deficit in fiscal 2024. We project adjusted FOCF to debt of about 4% in fiscal 2026, as higher capex to refresh fleet after some deferrals in fiscal 2024 is sufficiently funded by steady operating performance and cash flow generation. In addition, we expect First Student to benefit from recently reinstated 100% bonus depreciation for buses acquired, which should provide some tax savings. "Our rating reflects First Student's leading market position in the student transportation industry, as well as its sponsor ownership. First Student remains the largest student transportation operator in North America, holding approximately 25% share of the outsourced market, followed by STA and Beacon Mobility, each with around 10% market share in a highly fragmented industry. While revenue mix between core home-to-school contracts and other services varies across operators, our rating on First Student reflects its scale advantage, with roughly $4 billion in annual revenue and a larger EBITDA base supported by margins in high-teens percent. We expect the company to continue to invest in its business, including technology deployment across vehicles to enhance route efficiency and safety, as well as ongoing electric vehicle (EV) adoption for its school bus fleet, the latter of which should be largely subsidized by government grants. Lastly, while acquisition activity has slowed this year, First Student may pursue additional tuck-in opportunities as part of its broader growth strategy over the longer term, which could increase leverage and integration-costs. "The stable outlook reflects our expectation that First Student will maintain mid-single-digit percent revenue growth, driven by steady demand, strong customer retention and renewal rates, and contractual annual price increases. We project modest improvement in profitability with adjusted EBITDA margins of high-teens percent over the next two years, supported by stable driver staffing, consistent pricing gains, and a growing mix of higher-margin services, with FFO to debt of 14%-16% over our forecast period." S&P could lower its ratings on First Student over the next 12 months if it expects FFO to debt will decline below 12% or FOCF to be negative on a sustained basis. This could occur if: -- The company changes strategy significantly or loses market share, constraining earnings or cash flow; or -- Sponsor EQT's financial policy is more aggressive than S&P currently anticipates, including significant debt-funded shareholder distributions or acquisitions. S&P could raise its ratings on First Student if: -- FOCF to debt sustains well above 5%; -- FFO to debt comfortably exceeds 12%; and -- The company's sponsor commits to maintaining these improved ratios. RED RIVER: Ex-Judge Tapped to Re-examine Talc Evidence ------------------------------------------------------ Jef Feeley of Bloomberg News reports that a retired federal judge has been tapped to help determine the outcome of thousands of cancer lawsuits involving Johnson & Johnson's baby powder, despite her law firm's involvement in representing the company in other legal matters. Freda Wolfson was selected earlier this summer to reexamine how expert analyses of scientific evidence were conducted in cases alleging a link between J&J's talc-based powder and cancer. She brings relevant experience, having previously led a similar review while presiding over related litigation accusing the company of downplaying health risks. 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. RED ROCK: Seeks to Hire Robin Olvera as Bookkeeper -------------------------------------------------- Red Rock Mega Storage LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Robin Olvera, a professional doing business in Nevada, as bookkeeper in its Chapter 11 case. Ms. Olvera will provide these services: (a) prepare monthly operating reports required in the Chapter 11 reorganization case; (b) reconcile all bank accounts and financial reports produced by Argus Professional Storage Management; (c) prepare monthly financial statements, including profit & loss statements and balance sheets; (d) prepare and file sales tax returns, property tax returns, and personal property tax filings; (e) perform construction accounting activities as needed; (f) consolidate operational activities to Red Rock Mega Storage's consolidated books; and (g) deliver other specified services as requested. Ms. Olvera will receive a flat monthly fee of $2,500, according to the Bookkeeping Services Agreement. According to court filings, Robin Olvera is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm representing the Debtor can be contacted at: Kevin A. Darby, Esq. Tricia M. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Red Rock Mega Storage Red Rock Mega Storage, LLC operates a storage facility offering a range of unit sizes, including climate-controlled spaces and enclosed units for RV and boat storage. It serves customers in Reno, Nevada, with 24/7 access and on-site amenities. Red Rock Mega Storage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50549) on June 17, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Hilary L. Barnes oversees the case. The Debtor is represented by Kevin A. Darby, Esq., at Darby Law Practice. REDBIRD REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Redbird Realty LLC 471833 East Hwy 51 Stilwell, OK 74960 Business Description: Redbird Realty LLC leases and manages residential and commercial real estate properties. The Company operates in the United States, focusing on rental income and property ownership. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Eastern District of Oklahoma Case No.: 25-80715 Debtor's Counsel: Joe Byars, Esq. HELTON LAW FIRM 9125 S. Toledo Ave. Tulsa OK 74137 Tel: 918-928-7104 E-mail: joe@heltonlawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nimesh Patel as manager. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4324FZQ/Redbird_Realty_LLC__okebke-25-80715__0001.0.pdf?mcid=tGE4TAMA REEF POOLS: Unsecured Creditors to Split $12K over 3 Years ---------------------------------------------------------- Reef Pools, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated July 29, 2025. The Debtor is general contractor that works on pools and pool related construction in Manatee and Sarasota Counties. The Debtor's principal place of business is located at 5836 Gulf Drive Suite #102, Holmes Beach FL 34217. This Plan provides for: 1 class of unsecured claims. Class 1 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $12,000.00. Payments will be made in equal quarterly payments of $1,000.00. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its Disposable Income. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the fifteenth day of the month, on the first month that is ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=bcEgt8 from PacerMonitor.com at no charge. About Reef Pools LLC Reef Pools, LLC, is a company involved in swimming pool construction, installation, or maintenance based in Bradenton, Fla. Reef Pools sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02852) on April 30, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $100,000 and $500,000. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Kevin Comer, Esq., at Comer Law Firm. RENOVARO INC: Board Chair Maurice van Tilburg to Resign Aug. 22 --------------------------------------------------------------- Renovaro Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Maurice van Tilburg, Chairman of the Board of Directors, notified the Board of his resignation as Chairman of the Board, effective August 22, 2025. Mr. Tilburg's resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. The resignation is due to his recent acceptance of a leadership position at another company in an unrelated sector, which will limit his availability to dedicate sufficient time to the Company. The Board of Directors and management thank Mr. Tilburg for his dedicated service and leadership during his tenure and wish him continued success in his future endeavors. About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Renovaro had $111,340,272 in total assets, $29,280,954 in total liabilities, and total stockholders' equity of $82,059,318. RIVERSIDE EXPRESS: Seeks to Hire Michael Jay Berger as Counsel -------------------------------------------------------------- Riverside Express Car Wash, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) prepare a Chapter 11 bankruptcy schedules and statements; (b) advise regarding the Debtor's legal rights and obligations in a bankruptcy proceeding; (c) file notices of automatic stay; (d) assist in preparing the documents and reports required by the Office of the United States Trustee; (e) represent at the first meeting of creditors; (f) represent in opposition to any motion for relief from stay that may be filed; (g) assist in preparing the paperwork needed to continue and conclude a Chapter 11 proceeding; (h) respond to creditor inquiries; (i) review proofs of claim filed in your bankruptcy; (j) object to inappropriate claims; (k) respond to all motions filed in your bankruptcy proceeding; (l) negotiate with creditors as needed; and (m) prepare a proposed disclosure statement and plan of reorganization. The firm will be paid at these hourly rates: Michael Berger, Partner $695 Sofia Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Mid-Level Associate $475 Senior Paralegal and Law Clerk $275 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000, plus $1,738 filing fee from the Debtor. Mr. Berger, the sole owner of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. RLI SOLUTIONS: Hires Burns Scalo Brokerage as Real Estate Broker ---------------------------------------------------------------- RLI Solutions Company seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Burns Scalo Brokerage, LLC as real estate broker. The firm will perform these services: a. meet with the Debtor to ascertain the Debtor's goals, objectives, and financial parameters in selling the Properties; b. solicit interested parties for the sale of each Property and marketing of each Property for sale through an accelerated sales process; and c. negotiate the terms of the sale of each property. The firm will receive compensation at these fees: Leasing Commission: (1) Three percent of the amount of the aggregate gross rent payable by a tenant to Owner pursuant to a Qualifying Lease Agreement; or (2) In the event a transaction is consummated wherein a Cooperating Broker is involved, 4 percent of the amount of the gross rent payable by a tenant to Owner pursuant to a Qualifying Lease Agreement. For purposes of this agreement, the term "gross rent" shall mean the base rent payable by a tenant under the entire term of the applicable Qualifying Lease Agreement (exclusive of renewal options) including any annual fixed increases to base rent. A minimum transaction fee of $2,500 per Qualifying Lease Agreement is owed to Broker if the Leasing Commission for the transaction as determined by the formula set forth above would be less than $2,500. If a Leasing Commission calculated per the formula above would be equal to or greater than $2,500, no transaction fee will be due, and Owner shall only be responsible for the Leasing Commission amount as per rates above. (c) The Leasing Commission shall be considered earned upon the full execution of a Qualifying Lease Agreement and shall be due and payable as follows: 50 percent of all lease payments received by Owner from the tenant under the applicable Qualifying Lease Agreement will be paid to broker within two (2) business days of receipt by Owner until the Leasing Commission due with respect to such Qualifying Lease Agreement is paid in full; provided, the tenant has not failed to make any payments, the entire Leasing Commission shall be due and payable by Owner to Broker within six months from the rent commencement date under the Qualifying Lease Agreement. Sale Commission: (1) three percent of the aggregate purchase price paid by a buyer to Owner; or (2) in the event a transaction is consummated wherein a Cooperating Broker is involved, 4 percent of the aggregate purchase price paid by a buyer to Owner. In the event Owner fails to make timely payment of a Leasing Commission or Sale Commission, then from the date due until paid the delinquent amount shall bear interest at 4 percent above the U.S. prime rate of interest quoted in the money rates column of the Wall Street Journal on the date such payment was due. Brian Walker, president of Burns Scalo Brokerage, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Brian Walker Burns Scalo Brokerage, LLC d/b/a NAI Burns Scalo Brokerage Services 965 Greentree Road, Suite 400 Pittsburgh, PA USA 15220 About RLI Solutions Company RLI Solutions Company, doing business as Ronald Lane Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21375) on July 17, 2022, listing as much as $10 million in both assets and liabilities. Christopher Lane, president of RLI Solutions Company, signed the petition. Judge Thomas P. Agresti oversees the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik is the Debtor's legal counsel. SEBASTIAN HABIB: To Sell Austell Properties to AC Investment ------------------------------------------------------------ Sebastian Habib, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property are comprised of: a. 5038 Austell Powder Springs Road, Austell, Georgia 30106 to be sold for the purchase price of $166,000.00. Currently the only outstanding lien on 5038 Austell is held by U.S. Bank Trust N.A., as Trustee for Legacy Mortgage Asset Trust 2024-INV1 in the amount of $122,904.511 b. 5034 Austell Powder Springs Road, Austell, Georgia 30106 to be sold for the purchase price of $166,000.00. Currently, the only outstanding lien on 5034 Austell is held by U.S. Bank in the amount of $122,904.51. c. 2764 Whitewater Court, Austell, Georgia 30106 to be sold with for the purchase price of $138,000.00. Currently, the only outstanding liens on 2764 Whitewater are held by (i) U.S. Bank in the amount of $122,904.51; and (ii) Sweetwater Valley Condominium Association, Inc. in the amount of $7,985.52 (POC No. 2 at 2). The Debtor wants to sell the Properties to AC Investment Georgia LLC, its successors and/or assigns for a total purchase price of $470,000.00. The Purchase Agreements define the target date of closing as August 15, 2025 or sooner with the actual closing date to be determined within the Due Diligence Period or any mutually agreed-upon extension. The Debtor believes the completion of the sale of the Properties is in the best interest of the estate and its creditors. The Debtor asserts that AC Investment Georgia LLC is a good faith purchaser. About Sebastian Habib, LLC Sebastian Habib LLC is a domestic limited liability company headquartered in Woodstock, Georgia. Sebastian Habib LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50148) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. Adam E. Ekbom, Esq. of Jones & Walden LLC represents the Debtor as counsel. SENOIA DRUG: Seeks to Hire Jones & Walden as Bankruptcy Counsel --------------------------------------------------------------- Senoia Drug Co Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as counsel. The firm will provide these services: (a) prepare pleadings and applications; (b) conduct of examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult the Debtor and represent it with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Attorneys $300 - $500 Paralegals/Law Clerks $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. As of the petition date, the firm holds a $29,280 security retainer for purposes of this case and its representation of the Debtor in which the firm holds a lien. Leon Jones, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leon S. Jones, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: ljones@joneswalden.com About Senoia Drug Co Inc. Senoia Drug Co Inc. operates a full-service retail pharmacy in Senoia, Georgia. The Company provides prescription medications, compounding services, immunizations, medication therapy management, durable medical equipment. It also offers local delivery and digital refill services through a mobile app. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11060) on July 21, 2025. In the petition signed by J. Bryan Hazelton, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Bethany Strain, Esq., at Jones and Walden, LLC, represents the Debtor as legal counsel. SERVICOM LLC: Coral Capital Not Entitled to Early Termination Fee ----------------------------------------------------------------- In the adversary proceeding captioned as BARBARA H. KATZ, CHAPTER 7 TRUSTEE, Plaintiff v. EUGENE CALDWELL, DAVID JEFFERSON, and CORAL CAPITAL SOLUTIONS LLC, Defendants, Case No. 19-3006 (Bankr. D. Conn.), Chief Judge Ann M. Nevins of the United States Bankruptcy Court for the District of Connecticut ruled that Coral Capital Solutions LLC is not entitled to the early termination fee under a pre-petition factoring agreement with Chapter 7 Debtors ServiCom, LLC, JNET Communications, LLC, and Vitel Communications, LLC. The pre-petition portion of Coral's proof of claim (Claim 79-3) will be reduced by $1,141,875. Coral claims entitlement to an Early Termination Fee totaling $1,141,875. Chapter 7 Trustee, Barbara H. Katz, creditor VFI KR SPE I, LLC, and interested parties Rev. Dr. David Jefferson and Mr. Eugene Caldwell argue Coral is not entitled to the Early Termination Fee, although they do not dispute Coral's calculation of the sum it claims it is owed. The Trustee, VFI, J&C and Coral each seek summary judgment as to Coral's entitlement to the Early Termination Fee. The Trustee, VFI and J&C seek summary judgment on Count 7 of the Trustee's Amended Complaint, Coral's Motion to Disburse Sale Proceeds, Coral's Notice of Filing of Administrative Proof of Claim, and cross claims in Case Nos. 19-03005 and 19-03006. Coral seeks judgment as to the allowance of Proof of Claim 79-3, allowance of its Notice of Filing of Administrative Proof of Claim as amended, and its Motion to Disburse Sale Proceeds. The Debtors (a/k/a "Sellers" in the Factoring Agreement) commenced their voluntary Chapter 11 cases on Oct. 19, 2018. That same day they sought an order authorizing use of cash collateral and sale of the Debtors' accounts receivable to Coral. The Cash Collateral Motion sought an order authorizing the Debtors to enter into a form of agreement based on the pre-petition Factoring Agreement, dated Oct. 17, 2011, without inclusion of the various amendments the parties had agreed to between 2011 and the Petition Date. The Cash Collateral Motion did not purport to assume the pre-petition Factoring Agreement pursuant to 11 U.S.C. Sec. 365 nor to terminate it. During the initial hearings on the Cash Collateral Motion the parties were clear they used the form of the pre-petition Factoring Agreement to quickly set forth their post-petition, temporary agreement. The full prepetition Factoring Agreement, including amendments, was not part of the record before the Court until after the case converted to a Chapter 7 case. The Court approved the initial Cash Collateral Motion on an interim basis on Oct. 25, 2018, and ultimately entered a sixth interim order approving the Cash Collateral Motion on Dec. 28, 2018. After an early December 2018 shutdown of operations and a mid-December 2018 auction of the Debtor's assets, the Court converted the Chapter 11 case to a Chapter 7 case on Jan. 16, 2019. Neither the Debtors as Chapter 11 debtors-in possession nor the Chapter 7 Trustee assumed the pre-petition Factoring Agreement. New York state law governs the Factoring Agreement. Coral argues the Cash Collateral Order authorizing the parties to enter into a postpetition agreement somehow terminated the pre-petition Factoring Agreement. According to Judge Nevins, the record before the Court does not support a conclusion that Coral or the Debtors completed the termination procedures in the Factoring Agreement. Under applicable law, the Factoring Agreement did not automatically terminate upon filing of the bankruptcy petition, and the Court's Cash Collateral Orders did not terminate the Factoring Agreement. Because no "termination" of the Factoring Agreement occurred, Coral is not entitled to the Early Termination Fee, the Court finds. In the absence of a termination of the contract, the Court need not analyze whether, at the time the parties entered into the agreement, damages resulting from a future breach were ascertainable or whether the liquidated damage amount provided for by the Early Termination Fee was conspicuously disproportionate to the foreseeable losses. A copy of the Court's Memorandum of Decision and Order is available at https://urlcurt.com/u?l=ir1YZz from PacerMonitor.com. About ServiCom LLC, et al. JNET Communications LLC is a Delaware limited liability company that provides over all management and administrative functions as the holding company for ServiCom LLC and Vitel Communications LLC. JNET, in conjunction with its subsidiaries, constitutes a full service, outsource provider of customer contact management and telecommunication infrastructure fulfillment services to Fortune 1000 companies. JNET was founded in July 2003 by David Jefferson, a former senior executive of Comcast Corporation and AT&T Corporation. JNET has grown significantly since its founding. JNET realized on a consolidated basis $80 million in revenues in 2017 and is on track to generate revenues of $70 million in 2018 largely from its two separate but complementary subsidiaries, ServiCom and Vitel. As of the Petition Date, JNET independently employs approximately 31 people. ServiCom provides a comprehensive suite of call center outsourcing services to a broad range of industries. ServiCom maintains its principal assets and operates a call center location in Milford, CT. ServiCom also operates a call center location in Machesney Park, IL. As of the Petition Date, ServiCom employs approximately 200 people. Vitel provides installation and construction related services and other customer management services to cable and telecom companies, including installation of cable and telephone equipment, high speed data and digital phone installation, multiple dwelling unit construction and customer save services. Vitel currently operates in Georgia, Maryland, New Jersey, Ohio and Texas. As of the Petition Date, Vitel employs approximately 25 people. ServiCom Canada is a limited company organized in Nova Scotia, Canada, that is wholly owned by ServiCom. ServiCom Canada maintains its principal assets and operates a call center location in Sydney, Nova Scotia, from which location ServiCom Canada primarily serves the clients of its ServiCom parent. As of the ServiCom Canada Petition Date, ServiCom Canada employs approximately 600 people. After suffering significant losses in 2017 and 2018, ServiCom LLC, JNET Communications LLC, and Vitel Communications LLC concurrently filed Chapter 11 petitions (Bankr. D. Conn. Case Nos. 18-31722 to 18-31724) on Oct. 19, 2018, each estimating $10 million to $50 million in assets and liabilities. Another affiliate, ServiCom Canada Limited, filed a Chapter 11 petition (Bankr. D. Conn. Case No. 18-31734) on Oct. 23, 2018, estimating assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Zeisler and Zeisler, led by James Berman, serves as counsel to the Debtors. After an early December 2018 shutdown of operations and a mid-December 2018 auction of the Debtor's assets, the Court converted the Chapter 11 case to a Chapter 7 case on Jan. 16, 2019. SHAHINAZ SOLIMAN: Court OKs Deal to Use SBA's Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Shahinaz Soliman Clinic Corp. and the U.S. Small Business Administration regarding the use of cash collateral. The SBA had previously extended a COVID Economic Injury Disaster Loan totaling $2 million, secured by a broad lien on the Debtor's personal property. As of the petition date, the loan balance was approximately $2.05 million. Under the stipulation, the SBA agrees to allow the Debtor to use cash collateral through confirmation of its Chapter 11 plan, in exchange for adequate protection. This includes: (1) a replacement lien on post-petition revenues to the extent of any reduction in collateral value due to the Debtor's use of the funds, (2) ongoing monthly adequate protection payments of $2,140, and (3) the grant of a potential priority claim for any post-petition diminution in collateral value. The Debtor agrees not to use cash collateral for insider payments unless properly authorized and must continue to maintain insurance on the SBA's collateral, provide timely financial reporting, and seek plan confirmation diligently. The SBA retains all rights to object to the plan, request further protections, and enforce its loan rights. The agreement will remain effective until it is amended, a plan is confirmed, or the Debtor's Chapter 11 case is dismissed or converted. The court previously approved the Debtor's interim use of SBA's cash collateral until August 5 and the monthly payments of $2,140 to the agency. A copy of the stipulation is available at https://urlcurt.com/u?l=FdkWK6 from PacerMonitor.com. About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SHARPLINK GAMING: Joseph Chalom Named Co-Chief Executive Officer ---------------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the board of directors appointed Joseph Chalom to serve with Rob Phythian as Co-Chief Executive Officer of the Company. Mr. Phythian will remain the Company's principal executive officer. It is anticipated that Mr. Phythian will transition to the role of President over the next quarter and remain a member of the Board. "Few executives in the world have had the kind of impact Joseph has had in unlocking institutional adoption of digital assets, having pioneered BlackRock's strategic entry into the space. His decision to join SharpLink is a resounding validation of our ETH treasury strategy and vision for Ethereum to drive profound, transformative change across the global digital economy," stated Joseph Lubin, SharpLink Chairman, Co-Founder of Ethereum and Founder and CEO of Consensys, in a press release. "I am joining SharpLink because I see a powerful opportunity to help shape the future of financial infrastructure and decentralized finance," said Mr. Chalom in the same press release. "SharpLink's commitment to aligning its strategic direction with the Ethereum ecosystem reflects a bold and forward-thinking vision – one that deeply resonates with my passion for digital assets and scaling innovative financial technologies. I'm thrilled to be leading SharpLink into its next phase and harnessing Ethereum's unique value proposition for our shareholders." Mr. Chalom, age 54, has served in senior leadership roles over the course of his 20 year career at BlackRock, Inc.. Most recently, from October 2021 to June 2025 he was the Head of Strategic Ecosystem Partnerships at BlackRock and was responsible for executing BlackRock's strategy in the digital assets, data and technology innovation ecosystems. This included product innovation and strategic partnerships to drive digital asset ecosystem innovation and institutional client adoption. Under Mr. Chalom's leadership, in 2024, BlackRock launched its IBIT and ETHA exchange traded products and the BUIDL tokenized treasury fund, making it the largest manager of digital assets. Prior to this role, he served as BlackRock's Deputy Chief Operating Officer on an interim basis from March 2021 to October 2021; and, for over a decade, was the Chief Operating Officer of BlackRock Solutions, which delivers the firm's Aladdin financial technology capabilities clients globally. Mr. Chalom served on the boards of Securitize, Inc., a leading provider in the tokenized assets and digital transfer agency space for real world assets, from May 2004 until June 2025; and Clarity AI, Inc., a leading AI-powered sustainability platform and data provider, from January 2021 to June 2025. Prior to joining BlackRock, Mr. Chalom worked as a corporate and technology attorney at Skadden Arps and at Arnold & Porter. Mr. Chalom earned a B.A. degree, with honors, in International Studies from Johns Hopkins University and a J.D. degree from Columbia University School of Law. There is no arrangement or understanding between Mr. Chalom and any other person pursuant to which he was selected as an officer of the Company and there are no family relationships between Mr. Chalom and any of the Company's directors or executive officers. There are no transactions to which the Company is a party and in which Mr. Chalom has a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K. Employment Agreements with Executive Officers: In connection with his appointment as the Company's Co-Chief Executive Officer, Mr. Chalom entered into an employment agreement with the Company effective as of the Effective Date, which provides for: (i) an annual base salary of $750,000; (ii) a target short-term incentive opportunity equal to 100% of his base salary, with a maximum opportunity of up to 150% of his base salary; (iii) a sign-on restricted stock unit award, to be granted within 30 days after the Effective Date, with an award value of $7,000,000, which value will be converted to a number of shares (rounded down to the nearest whole share) by dividing (x) the award value, by (y) the average closing per-share price of the Company's common stock for the 75 trading days immediately preceding the Effective Date, and which will be allocated two-thirds (2/3) to time-based vesting conditions, with one-third (1/3) of such time-based vesting units vesting on the first anniversary of the Effective Date and the remaining time-based vesting units vesting in equal quarterly installments thereafter, in each case subject to Executive's continued employment with the Company, and one-third (1/3) to performance-based vesting conditions, which will vest based on the extent that certain annual performance goals, selected by the Board or a committee thereof, are achieved over a three-year performance cycle; (iv) a long-term incentive opportunity for the 2026 fiscal year commencing July 1, 2026 with a "target" value of not less than $4,000,000; and (v) payment for an annual executive physical. Mr. Chalom's employment agreement also provides for certain severance benefits if his employment were terminated by the Company without cause, death or disability, or upon his resignation for good reason, including an amount equal to two times his base salary and target bonus, any short-term incentive earned for the prior fiscal year but not yet paid, a pro-rated short-term incentive for the year of termination, based on actual results, subsidized health insurance premiums for 18 months, full vesting of any time-based equity awards and pro-rated vesting of any performance-based equity awards, based on actual results for the entire performance period. Moreover, upon a change in control, all of his equity awards will vest in full (with performance-based awards vesting based on performance through the date of the transaction). In exchange for the severance benefits, Mr. Chalom must sign a release of claims in favor of the Company. Mr. Chalom's employment agreement also includes standard confidentiality, non-competition, non-solicitation and non-disparagement covenants. In connection with his appointment as the Company's Co-Chief Executive Officer, Mr. Phythian entered into a new employment agreement with the Company, which replaces and supersedes his prior employment agreement with the Company dated as of February 14, 2024, as amended on March 19, 2025, and as amended on June 29, 2025. The employment agreement provides for: (i) an annual base salary of $660,000, (ii) a target short-term incentive opportunity equal to 100% of his base salary, with a maximum opportunity of up to 150% of his base salary, (iii) a sign-on restricted stock unit award, to be granted within 30 days after the Effective Date, with an award value of $3,700,000, which value will be converted to a number of shares (rounded down to the nearest whole share) by dividing (x) the award value, by (y) the average closing per-share price of the Company's common stock for the 75 trading days immediately preceding the Effective Date, and which will be allocated two-thirds (2/3) to time-based vesting conditions, with one-third (1/3) of such time-based vesting units vesting on the first (1st) anniversary of the Effective Date and the remaining time-based vesting units vesting in equal quarterly installments thereafter, in each case subject to Executive's continued employment with the Company, and one-third (1/3) to performance-based vesting conditions, which will vest based on the extent that certain annual performance goals, selected by the Board or a committee thereof, are achieved over a three-year performance cycle; (iv) a long-term incentive opportunity for the 2026 fiscal year commencing July 1, 2026 with a "target" value of not less than $3,700,000; and (v) payment for an annual executive physical. Mr. Phythian's employment agreement also provides for certain severance benefits if his employment were terminated by the Company without cause, death or disability, or upon his resignation for good reason, including an amount equal to two times his base salary and target bonus, any short-term incentive earned for the prior fiscal year but not yet paid, a pro-rated short-term incentive for the year of termination, based on actual results, subsidized health insurance premiums for 18 months, full vesting of any time-based equity awards and pro-rated vesting of any performance-based equity awards, based on actual results for the entire performance period. Moreover, upon a change in control, all of his equity awards will vest in full (with performance-based awards vesting based on performance through the date of the transaction). In exchange for the severance benefits, Mr. Phythian must sign a release of claims in favor of the Company. Mr. Phythian's employment agreement also includes standard confidentiality, non-solicitation and non-disparagement covenants. In connection with these appointments, Mr. DeLucia, our Chief Financial Officer, entered into a new employment agreement with the Company, which replaces and supersedes his prior employment agreement with the Company dated as of February 14, 2024, as amended on March 19, 2025, and as amended on June 29, 2025. The employment agreement provides for: (i) an annual base salary of $450,000, (ii) a target short-term incentive opportunity equal to 100% of his base salary, with a maximum opportunity of up to 150% of his base salary, (iii) a sign-on restricted stock unit award, to be granted within 30 days after the Effective Date, with an award value of $1,150,000, which value will be converted to a number of shares (rounded down to the nearest whole share) by dividing (x) the award value, by (y) the average closing per-share price of the Company's common stock for the 75 trading days immediately preceding the Effective Date, and which will be allocated two-thirds (2/3) to time-based vesting conditions, with one-third (1/3) of such time-based vesting units vesting on the first (1st) anniversary of the Effective Date and the remaining time-based vesting units vesting in equal quarterly installments thereafter, in each case subject to Executive's continued employment with the Company, and one-third (1/3) to performance-based vesting conditions, which will vest based on the extent that certain annual performance goals, selected by the Board or a committee thereof, are achieved over a three-year performance cycle; and (iv) a long-term incentive opportunity for the 2026 fiscal year commencing July 1, 2026 with a "target" value of not less than $1,150,000. Mr. DeLucia's employment agreement also provides for certain severance benefits if his employment were terminated by the Company without cause, death or disability, or upon his resignation for good reason, including an amount equal to two times his base salary and target bonus, any short-term incentive earned for the prior fiscal year but not yet paid, a pro-rated short-term incentive for the year of termination, based on actual results, subsidized health insurance premiums for 18 months, full vesting of any time-based equity awards and pro-rated vesting of any performance-based equity awards, based on actual results for the entire performance period. Moreover, upon a change in control, all of his equity awards will vest in full (with performance-based awards vesting based on performance through the date of the transaction). In exchange for the severance benefits, Mr. DeLucia must sign a release of claims in favor of the Company. Mr. DeLucia's employment agreement also includes standard confidentiality, non-competition, non-solicitation and non-disparagement covenants. 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). SHARPLINK GAMING: Shareholders OK Share Increase, Incentive Plan ---------------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company convened a special meeting of stockholders virtually via live webcast. Only stockholders of record at the close of business on June 18, 2025, the record date for the Special Meeting, were entitled to vote at the Special Meeting. As of the record date, 62,125,336 shares of the Company's common stock were outstanding and entitled to vote at the Special Meeting. Based on the estimated preliminary voting results present at the meeting or by proxy were holders of 35,076,578 shares of the Company's common stock, which represented approximately 56% of the voting power of all shares of common stock as of the record date and constituted a quorum for the transaction of business at the Special Meeting. The stockholders of the Company voted on the following two proposals at the Special Meeting: 1. To adopt an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of common stock of the Company; and 2. To adopt the Amended and Restated Equity Incentive Plan. At the Special Meeting, stockholders approved an amendment and restatement of the Company's 2023 Equity Incentive Plan (as amended and restated, the "Amended and Restated Equity Incentive Plan") to increase the number of shares of common stock reserved for issuance thereunder by 8,000,000 shares to 8,034,166 shares. On July 22, 2025, the Company filed a Second Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to increase the number of authorized shares of the Company's common stock, par value $0.0001 per share, from 100,000,000 to 500,000,000 and to make a corresponding change to the number of authorized shares of capital stock. The Authorized Share Increase was approved by stockholders at the Special Meeting and the Certificate of Amendment, including the Authorized Share Increase, became effective at 5:10 p.m. Eastern Time on July 24, 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). SILVER AIRWAYS: Trustee Taps E-Hounds Inc as Technology Consultant ------------------------------------------------------------------ Soneet Kapila, the trustee appointed in the cases of Silver Airways, LLC and Seaborne Virgin Islands, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ E-Hounds, Inc. as technology consultants. The firm will assist the Trustee in connection with electronically stored information (ESI), computer forensics, downloading and accessing files, data recovery and other matters associated therewith. The firm will be paid at its ordinary and usual hourly billing rates plus out-of-pocket expenses incurred. Adam S. Sharp, president of E-Hounds, assured the court that his firm hold or represent any interest adverse to the Debtors or the estates which respect to the matter on which it is to be employed. The firm can be reached through: Adam S. Sharp E-Hounds, Inc. 32815 US Highway 19 North, Suite 100 Palm Harbor, FL 34684 About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities, while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq., at Blank Rome, LLP. Lawyers at Tucker Arensberg, PC represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SILVER AIRWAYS: Trustee Taps Richards Legal as Aviation Counsel --------------------------------------------------------------- Soneet Kapila, the trustee appointed in the cases of Silver Airways, LLC and Seaborne Virgin Islands, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Richards Legal Group as special aviation counsel. Richards Legal Group will bill the Trustee at an hourly rate of $650 for partners and $450 for associates, plus normal out of pocket expenses. Richards Legal is a "disinterested person", as that term is defined in section 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' estates. The firm can be reached through: Richard L. Richards, Esq. Richards Legal Group 55 Miracle Mile, Suite 310 Coral Gables, FL 33134 Phone: (305) 448-2228 Email: RRichards@RichPA.net About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities, while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq., at Blank Rome, LLP. Lawyers at Tucker Arensberg, PC represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SLATE GAP: Hires Bond Law Office as Legal Counsel ------------------------------------------------- Slate Gap Signs LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Stanley V. Bond of Bond Law Office to serve as its legal counsel. Mr. Bond and his firm will provide these services: (a) become familiar with the financial affairs of the Debtor; (b) represent the Debtor's interests before the court; and (c) perform legal services in connection with the Chapter 11 case. The firm will be paid at these rates: $375 for lead attorney Stanley Bond; $250 for Associate Counsel Kathryn Worlow; and $125 for paraprofessional time Prior to the petition date, the firm received a filing fee of $1,738 and an attorney retainer of $5,262.50 from the Debtor. Bond Law Office 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: Stanley V. Bond, Esq. BOND LAW OFFICE PO Box 1893 Fayetteville, AR 72702-1893 Telephone: (479) 444-0255 E-mail: attybond@me.com About Slate Gap Signs Slate Gap Signs, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71331) on July 31, 2025, with up to $50,000 in assets and liabilities. Judge Bianca M. Rucker presides over the case. Stanley V. Bond, Esq., at Bond Law Office represents the Debtor as bankruptcy counsel. SMALLHOLD INC: Mountain Meadow Wins Bid to Dismiss Adversary Case ----------------------------------------------------------------- Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware will remand to the California state court the action that Smallhold, Inc. removed to federal court, except for Mountain Meadow Mushroom Farms, Inc.'s claim for fraudulent inducement. The Court will retain jurisdiction of Mountain Meadow Mushroom Farms, Inc.'s claim, in the expectation that Mountain Meadow will voluntarily dismiss that claim, as it has represented. The Court will grant Mountain Meadow's motion to dismiss the debtor's adversary proceeding under Fed.R.Civ.P. 12(b)(6) for failure to state a claim for which relief may be granted. Plaintiff, Mountain Meadow, is a mushroom supplier. Mountain Meadow entered into a contract with the debtor, in the period after the petition was filed but before the plan was confirmed, to supply mushrooms for all of the debtor's west coast contracts for six years. Under the plan, the reorganized debtor has succeeded to the debtor-in-possession's rights and obligations under the contract. Mountain Meadow alleges that in October 2024, shortly after the plan became effective, the debtor stopped placing orders for the mushrooms it had agreed to purchase on a weekly basis. In December 2024, Mountain Meadow initiated the California Litigation against a debtor, Monomyth (which owns Smallhold), and Chip Dunn (the debtor's CEO) in California state court. The complaint asserted claims of breaches of the post-petition contract, fraud in the inducement, specific performance, and injunctive relief. The Defendants removed the case to this Court in January 2025 on the ground that this Court has both 28 U.S.C. Sec. 1334(b) "related to" and "arising under" jurisdiction over the action. Mountain Meadow has moved to remand, arguing that the dispute involves purely state law claims and that this Court lacks subject-matter jurisdiction. Separately, in March 2025, the reorganized debtor also initiated an adversary proceeding in this Court against Mountain Meadow alleging that the filing of the state court lawsuit violates the automatic stay. Mountain Meadow moved to: (1) dismiss the debtor's complaint alleging violation of the automatic stay, asserting that the complaint violated the first-to-file doctrine, and (2) set aside the default. The parties stipulated and agreed to vacate the entry of default and procedurally to consolidate both adversary proceedings. Mountain Meadow maintains its motion to dismiss the adversary complaint on the merits and for violation of the first-to-file doctrine. The Court concludes that it: (a) lacks jurisdiction over the breach of contract claim because it arises after the effective date, and so will remand it; (b) has jurisdiction over the fraudulent inducement claim, which it will retain; and (c) lacks jurisdiction over the claims against the third parties, and so will remand them. A copy of the Court's Memorandum Opinion dated July 29, 2025, is available at https://urlcurt.com/u?l=LrVzM5 from PacerMonitor.com. About Smallhold Inc. Smallhold, Inc. is a specialty mushroom company based in Brooklyn, N.Y. It operates indoor mushroom farms in New York City, Austin, and Los Angeles. The Debtor filed Chapter 11 petition (Bankr. D. Del. Case No. 24-10267) on February 18, 2024, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. James Dunn, chairman, signed the petition. Judge Craig T. Goldblatt oversees the case. James C. Barsalona II, Esq., and Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, P.C. represent the Debtor as legal counsel. John D. Elrod, Esq., and Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serve as counsel to Monomyth Sponsor Group, LLC, the DIP lender. SOUND VISION: Taps Macdonald Rand & Vollaro CPA LLP as Tax Advisor ------------------------------------------------------------------ Sound Vision Care Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Macdonald, Rand & Vollaro CPA LLP as their special tax advisors. MRV has recently completed the Debtors' past tax returns for the tax years 2022 and 2023 and is currently working on tax returns for the years 2024 and 2025. Additionally, MRV is presently assisting the Debtors with their pending New York State tax audit. MRV's standard hourly rates for 2025 are: Partners $350 per hour Staff (Outside of Normal Business Hours) $337.50 per hour Staff $225 per hour As disclosed in the court filings, MRV does not hold any interest adverse to the Debtors' estates, and is a “disinterested person” as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: David P. MacDonald Macdonald, Rand & Vollaro CPA LLP 550 NY-25A Rocky Point, NY 11778 Phone: (631) 744-0531 About Sound Vision Care Inc. Sound Vision Care Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72421) on June 23, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq. at DAVIDOFF HUTCHER & CITRON LLP. SOUTH REGENCY: Block & Co. Steps Down as Committee Member --------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing the resignation of Block & Co., Inc. from the official committee of unsecured creditors in the Chapter 11 case of South Regency Shops, LLC. As of August 5, the remaining members of the committee are: 1. Belle Vie Fitness, LLC Vicky Sparks, Manager 3805 SW Clarion Park Drive Topeka, KS 66610 (913) 219-5394 vicky.sparks@etffitness.com 2. John L. Lentell, JD, MBA, LLC John L. Lentell, Member 10975 Benson Drive, Suite 370 Overland Park, KS 66210 (913) 400-2032 jlentell@lentell-lawoffice.com 3. Stephen P. Maslan 8011 Paseo Blvd., Suite 201 Kansas City, MO 64131 (816) 547-8243 smaslan1950@gmail.com About South Regency Shops South Regency Shops, LLC owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kan., with an estimated current value of $810,000. South Regency Shops filed Chapter 11 petition (Bankr. D. Kan. Case No. 25-20140) on February 10, 2025, listing total assets of $817,347 and total liabilities of $2,578,359. Judge Dale L. Somers handles the case. The Debtor is represented by Colin Gotham, Esq., at Evans & Mullinix, P.A. The U.S. Trustee for Region 20 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. SOUTHERN EXPRESS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Southern Express Inc. 2531 Schieffelin Road Apex, NC 27502 Business Description: Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. Chapter 11 Petition Date: August 5, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02978 Judge: Hon. Pamela W Mcafee Debtor's Counsel: Jason L. Hendren, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Tel: (919) 420-7867 Fax: (919) 420-0475 E-mail: jhendren@hendrenmalone.com Total Assets: $3,330,694 Total Liabilities: $6,321,019 The petition was signed by R. Vance Hoover 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/3AUU3PI/Southern_Express_Inc__ncebke-25-02978__0001.0.pdf?mcid=tGE4TAMA SYAGRUS SYSTEMS: Seeks to Use Cash Collateral --------------------------------------------- Syagrus Systems, LLC asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection to secured creditors. Specifically, the Debtor proposed approval of two stipulations it has negotiated with its primary secured creditors: North Star Bank (owed approximately $594,000) and the U.S. Small Business Administration (owed approximately $536,000). These lenders hold valid, perfected blanket liens on the Debtor's assets, including $15,000 in cash, $182,900 in receivables, and $250,000 in inventory. Under the proposed agreements, the Debtor will make monthly adequate protection payments of $11,323 to North Star and $2,505 to the SBA, consistent with the Debtor's pre-bankruptcy loan obligations. Both creditors will receive replacement liens on post-petition assets, excluding any Chapter 5 recoveries. The agreements also require the Debtor to maintain consistent levels of collateral and adhere to an agreed operating budget. The SBA agreement extends for four months while North Star's runs through the end of 2025. Additional junior creditors including Bitty Advance, Citrus Group, OnDeck, Rapid Financial Services, and others assert lien claims but are not entitled to cash collateral as their interests are subordinate and unsupported by collateral value. The final hearing is scheduled for August 14. About Syagrus Systems LLC Syagrus Systems, LLC provides silicon wafer backend processing services and die-sorting equipment manufacturing. Based in the Twin Cities of Minneapolis and St. Paul, Minnesota, the company offers capabilities such as ultra-thin wafer backgrinding, dicing, wafer bonding, and die sorting, as well as support for engineering runs and multi-die wafers. Syagrus Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â D. Minn. Case No. 25-31901) on June 19, 2025. In its petition, the Debtor reportedÂ total assets of $476,000 and total liabilities of $4,502,535. Judge William J. Fisher handles the case. Joseph Dicker, Esq., at Joseph W. Dicker, PA is the Debtor's legal counsel. North Star Bank, as secured creditor, is represented by: Jacob B. Sellers, Esq. Greenstein Sellers, PLLC 121 South 8th Street, Suite 1450 Minneapolis, MN 55402 (612) 345-7492 jacob@greensteinsellers.com THUNDER RIDE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Thunder Ride, Inc. got the green light from the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through August 18 to pay the expenses set forth in its budget. The budget covers the period from the week ending July 25 through the week ending August 15. Any creditor that has a properly perfected security interest or ownership interest in the cash collateral will be granted a replacement lien on the proceeds of all post-petition accounts in case of any diminution in the value of its interest in the cash collateral. As additional protection to Yamaha Motor Finance Corporation, U.S.A., the secured creditor was authorized by the court to apply all proceeds it currently holds to amounts the Debtor owes to it. To the extent there are excess proceeds, those proceeds will be remitted to the Debtor. In addition, the Debtor was ordered to remit to Yamaha all amounts it received from any post-petition sales of vehicles whose acquisition was financed by the secured creditor. The Debtor's authority to use cash collateral will terminate upon occurrence of so-called events of default, which it fails to resolve. These events include the conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee; there is any change in the ownership, principals, directors or officers of the Debtor; and any default under, breach of or failure to comply with the interim order. A final hearing is set for August 18. The deadline for filing objections is on August 15. The Debtor sells motorcycles, ATVs, personal watercraft, boats, and used cars. It filed for bankruptcy due to financial hardships caused by fraudulent activity, high-interest debt taken on to cover resulting losses, and a lien placed on its receivables by a merchant cash advance company that severely restricted cash flow. Several creditors including Yamaha, Berkshire Bank and Northpoint Commercial Finance LLC assert security interests in the Debtor's receivables. Yamaha, as secured creditor, is represented by: Rachel A. Sternlieb, Esq. Nelson Mullins Riley & Scarborough, LLP 1400 Wewatta Street, Suite 500 Denver, CO 80202 Phone: (303) 583-9900 Fax: (303) 583-9999 rachel.sternlieb@nelsonmullins.com Northpoint, as secured creditor, is represented by: Amy K. Hunt, Esq. Timmins LLC 450 East 17th Avenue, Suite 210 Denver, CO 80203 Tel: (303) 592-4500 Fax: (303) 592-4515 ah@timminslaw.com About Thunder Ride Inc. Thunder Ride Inc., doing business as Tri-City Cycle, operates a powersports dealership in in Loveland, Colo., offering motorcycles, ATVs, UTVs, boats, parts, and repair services. It serves customers in Loveland, Colorado, and surrounding areas. It also provides products from major brands such as Yamaha, Honda, Kawasaki, and KTM. Thunder Ride sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-14589) on July 23, 2025, listing $50,000 to $100,000 in assets and $10 million to $50 million in liabilities. Enoch Amoah, president of Thunder Ride, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's legal counsel. TOMATLAN INC: Hires Gleichenhaus Marchese as General Counsel ------------------------------------------------------------ Tomatlan, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Gleichenhaus, Marchese & Weishaar, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of its assets; (b) take necessary action to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances of liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which property Debtor has substantial equity; (d) represent the Debtor in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare necessary petitions, answers, orders, reports, and other legal papers; and (f) perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. The hourly rates being charged by the firm are: Michael A. Weishaar, Esq. $395 Scott Bogucki, Esq. $375 Attorneys $350 Paralegals $100 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Weishaar, Esq., a partner at Gleichenhaus, Marchese & Weishaar, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael A. Weishaar, Esq. Gleichenhaus, Marchese & Weishaar, PC 43 Court Street, Suite 930 Buffalo, NY 14202 Tel: (716) 846-6446 Email: sbogucki@gmwlawyers.com About Tomatlan Inc. Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in Canandaigua, New York. The Company specializes in Pacific Coast Mexican cuisine made from scratch using locally sourced, seasonal ingredients. It also offers catering services and private event hosting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22, 2025. In the petition signed by Juan R. Guevara, as president and sole shareholder, the Debtor disclosed $54,732 in total assets and $1,101,411 in total liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. TONIX PHARMACEUTICALS: Posts Preliminary Q2 2025 Financial Results ------------------------------------------------------------------ Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission selected preliminary operating results for the quarter ended June 30, 2025, and certain preliminary financial condition information as of July 25, 2025: * The Company ended the quarter with approximately $125.3 million in cash and cash equivalents. As of July 25, 2025, the Company had 8,745,174 shares of common stock outstanding. * The Company's net cash used in operating activities for the quarter ended June 30, 2025 was approximately $16.3 million compared to $9.9 million for the quarter ended June 30, 2024. * The Company's capital expenditures for the quarter ended June 30, 2025, was approximately $1.1 million compared to $0 for the quarter ended June 30, 2024. * The Company's net operating loss for the quarter ended June 30, 2025, was approximately $26.3 million compared to $78.8 million for the quarter ended June 30, 2024. * The Company's net revenue from the sale of its marketed products for the quarter ended June 30, 2025, was approximately $2.0 million compared to $2.2 million for the quarter ended June 30, 2024. The Company believes that, based on its current operating plan, its cash resources at June 30, 2025, and the net proceeds of $50.6 million that it raised from equity offerings in the third quarter of 2025, will meet its planned operating and capital expenditure requirements into the third quarter of 2026. The information is preliminary financial information for the quarter ended June 30, 2025 and subject to completion. The unaudited, estimated results for the quarter ended June 30, 2025 are preliminary and were prepared by the Company's management, based upon its estimates, a number of assumptions and currently available information, and are subject to revision based upon, among other things, quarter and year-end closing procedures and/or adjustments, the completion of the Company's consolidated financial statements and other operational procedures. This preliminary financial information is the responsibility of management and has been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the quarter ended June 30, 2025, and its actual results could be materially different from this preliminary financial information, which preliminary information should not be regarded as a representation by the Company or its management as to its actual results for the quarter ended June 30, 2025. In addition, EisnerAmper LLP, the Company's independent registered public accounting firm, has not audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial information and does not express an opinion or any other form of assurance with respect to this preliminary financial information. During the course of the preparation of the Company's financial statements and related notes as of and for the quarter ended June 30, 2025, the Company may identify items that would require it to make material adjustments to this preliminary financial information. As a result, prospective investors should exercise caution in relying on this information and should not draw any inferences from this information. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles and reviewed by the Company's auditors. The Company currently expects to file its Quarterly Report on Form 10-Q, including its financial statements for the quarter ended June 30, 2025, on or about August 11, 2025. 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. UNITED CONSTRUCTION: Seeks to Hire Ana Morales as Accountant ------------------------------------------------------------ United Construction LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Ana Morales, an accountant practicing in Caguas, P.R. Ms. Morales will assist the Debtor with tax return filing, and accounting and reporting matters. As compensation, Ms. Morales will receive $100 per hour for her services, plus reimbursement of actual out of pocket expenses. The accountant has received a retainer of $5,000. Ms. Morales disclosed in a court filing that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Ms. Morales can be reached through: Ana Morales Colon #160 Flamboyan Street, La Serrania Caguas, PR 00725 Office: (787) 636-5155 Mobile: (787) 787-308-0423 Email: jmconsultingserv@yahoo.com About United Construction LLC United Construction LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02726) on June 17, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. serves as the Debtor's counsel. UPPER ROOM: Trustee Taps MYC & Associates as Real Estate Broker --------------------------------------------------------------- Richard J. Corbi, Esq., the Chapter 11 operating trustee of the bankruptcy estate of Upper Room Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ MYC & Associates, Inc. as his real estate broker. The broker's services include: (a) marketing the Debtor's real property located at 180 Van Buren Street, Brooklyn, New York using such advertising, solicitation of outside brokers, and other promotional and marketing activities as may be necessary and agreed upon with the Trustee; (b) analyzing offers and proposals from potential purchasers and offering recommendations to the Trustee in connection with any proposed transaction involving the Property; and (c) assistance with the consummation of any auction sale of the Property, to the extent requested by the Trustee and required by the bids received. The Broker will receive a commission of five percent of the gross proceeds realized by the Trustee from the sale of the Property payable by the Successful Bidder. If the Broker earns a commission, it is not entitled to any reimbursement of expenses. MYC & Associates is a "disinterested person," as such term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Marc Yaverbaum MYC & Associates, Inc. 1110 South Ave Ste. 22 Staten Island, NY 10314 Phone: (347) 273-1258 About Upper Room Baptist Church Inc. Upper Room Baptist Church Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40070) on Jan. 7, 2025, listing under $1 million in both assets and liabilities. VELUXE LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division entered a third interim order authorizing Veluxe, LLC to continue using cash collateral. The order authorized the Debtor's interim use of cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. Trustee for quarterly fees; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts approved by Huntington National Bank. This authorization will continue until further order of the court. As adequate protection, Huntington and other secured creditors will be granted a post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy lien. As further protection to Huntington, the Debtor was ordered to continue its monthly payments of $3,000 to the bank. The Debtor was also ordered to keep its property insured in accordance with its loan agreement with the bank. A final hearing is scheduled for September 22. As of the petition date, the Debtor's assets include approximately $20,000 on deposit in its checking account and limited physical assets worth no more than $60,000.00. However, the Debtor is operating and generating revenue each month. Huntington National Bank is in first lien position with respect to the cash collateral. About Veluxe LLC Veluxe, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01212) on April 17, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Jason A. Burgess oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. Huntington National Bank, as secured creditor, is represented by: Michael A. Tessitore, Esq. Moran Kidd Lyons Johnson Garcia, P.A. 111 N. Orange Ave., Suite 900 Orlando, FL 32801 Phone: 407-841-4141 Fax: 407-841-4148 mtessitore@morankidd.com VENUS CONCEPT: Secures $2M in Tenth Madryn Bridge Drawdown ---------------------------------------------------------- As previously disclosed, on April 23, 2024, Venus Concept Inc., Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company ("Venus Israel" and together with the Company, Venus USA and Venus Canada, the "Loan Parties"), entered into a Loan and Security Agreement, with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP ("Madryn Cayman," and together with Madryn, the "Lenders) and Madryn, as administrative agent. Pursuant to the Loan and Security Agreement (as amended), the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000 which amount was subsequently increased to $23,237,906.85. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. * The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. * The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The third drawdown under the Loan and Security Agreement occurred on September 11, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fourth drawdown under the Loan and Security Agreement occurred on November 1, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fifth drawdown under the Loan and Security Agreement occurred on November 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,200,000. * The sixth drawdown under the Loan and Security Agreement occurred on December 9, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. * The seventh drawdown under the Loan and Security Agreement occurred on January 27, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $3,000,000. * The eighth drawdown under the Loan and Security Agreement occurred on February 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,300,000. * The ninth drawdown under the Loan and Security Agreement occurred on April 4, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. * The tenth drawdown under the Loan and Security Agreement occurred on May 22, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. On July 21, 2025, the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000 (the "Tenth Delayed Drawdown"). The Tenth Delayed Drawdown was funded on July 21, 2025. The Company expects to use the proceeds of the Tenth Delayed Drawdown, after payment of transaction expenses, for general working capital purposes. For additional information regarding the Bridge Financing, please see the Current Report on Form 8-K, including the exhibits thereto, filed by the Company with the Securities and Exchange Commission on April 24, 2024. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. VISION2SYSTEMS LLC: Plan Exclusivity Period Extended to August 19 ----------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas extended Vision2Systems LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 19 and October 17, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has sent a draft plan to counsel for the Official Committee of Unsecured Creditors (the "Committee") and counsel for Cypress Growth Capital, LLC ("CGC"), Debtor's largest secured creditor. Since then, the Debtor has been actively engaged in talks and negotiations with the U.S. Trustee and counsel for the Committee and counsel for CGC regarding the terms of its proposed plan, in an attempt to circumvent any potential objections thereto, and is awaiting comments from the parties related to the same. As a result, the plan has not yet been filed. The Debtor claims that its efforts to propose a confirmable plan require further conversations and negotiations with parties in interest and such negotiations are ongoing. The Debtor is actively working toward the prompt filing of a confirmable plan. Vision2Systems LLC: Jason P. Kathman, Esq. Camber M. Jones, Esq. Alex S. Anderson, Esq. Spencer Fane LLP 5700 Granite Parkway, Suite 650 Plano, TX 75024 Tel: (972) 324-0300 Fax: (972) 324-0301 Email: jkathman@spencerfane.com Email: cjones@spencerfane.com Email: alanderson@spencerfane.com About Vision2systems LLC Vision2Systems LLC founded in 2012, is a software company based in Dallas, Texas, that provides online giving and membership management platforms tailored for churches. The platform offers solutions for accounting, donations, event planning, and overall church management. Vision2Systems LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40583) on Feb. 19, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jason P. Kathman, Esq., at SPENCER FANE. WARM CORP: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Warm Corporation West got the green light from the U.S. Bankruptcy Court for the Northern District of California to use the cash collateral of secured creditors. The court's order authorized the Debtor's interim use of cash collateral through August 15 to fund operations. This cash collateral consists of accounts receivables, with an estimated value of $26,897. The secured creditors with interest in the cash collateral are Umpqua Bank and Celtic Bank. As adequate protection, these secured creditors will be granted post-petition replacement liens in the same amounts and priority as their existing rights in the cash collateral (to be determined later in the Debtor's bankruptcy case). As additional protection, Umpqua Bank will receive a monthly payment of $2,000, starting on August 15. The final hearing is scheduled for August 15. The court will consider at the hearing whether replacement liens should be subordinated to any fees and expenses of the Subchapter V trustee and retained professionals. About Warm Corporation West Warm Corporation West sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10432) on July 16, 2025. In the petition signed by Prateek Ahir, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Charles Novack oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. WE LOVE DOGS: Unsecureds to Get 12.3 Cents on Dollar in Plan ------------------------------------------------------------ We Love Dogs LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated July 29, 2025. The Debtor is a California limited liability company registered to do business in Nevada, owns and operates a mobile dog grooming business based in Reno, Nevada. The members of the Debtor are Aaron and Amanda Andrew. Shortly after opening, on February 20, 2023, Aaron suffered a major medical event while at the dog park facility and again on February 27, 2023 while at home. These medical events, and the recovery process thereafter, required both Amanda and Aaron to be withdrawn from the business for 2 months. After 2 months, Amanda was able to return to a full working schedule, but Aaron was still not able to work. In August 2023, Aaron was able to return to work 20 hours a week. During this time it became apparent that Debtor could not operate the dog park portion of its business, which led Debtor to sublease the commercial space to a third-party. Debtor decided to relocated its business to Northern Nevada. However, the debt incurred in the preceding years became unmanageable and caused the filing of this bankruptcy case. The Debtor will fund the Plan by contributing his "Disposable Income" for a period of 36-months. The Plan Proponent's financial projections show Debtor will have projected disposable income of $975 per month. The final Plan payment is expected to be paid on November 30, 2028. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations of Debtor's businesses. Non-priority unsecured creditors holding allowed claims in Debtor's case will receive distributions, which the proponent of this Plan has valued at 12.3 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Each holder of a Class 5 non-priority unsecured Allowed Claim shall receive their pro rata share of Debtor's Disposable Income, after the payment in full of Administrative Claims, through the end of the Plan Term (the "Class 5 Plan Dividend"). Any portion of a Class 5 nonpriority general unsecured claim in excess of the Class 5 Plan Dividend shall be discharged in accordance with Article 9 of this Plan. Class 6 Equity security holders of Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. The Debtor will use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtor's Disposable Income will be disbursed on a monthly basis and first used to fund Debtor's required Plan payments to allowed administrative expense claims and then Class 5 non-priority general unsecured creditors in the order and manner set forth in Section 7.02 of this Plan. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=Brv2mU from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About We Love Dogs We Love Dogs, LLC, a California limited liability company registered to do business in Nevada, owns and operates a mobile dog grooming business based in Reno, Nevada. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50420) on May 8, 2025, listing under $1 million in both assets and liabilities. Nathan Smith, Esq., serves as Subchapter V trustee. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd., serves as the Debtor's counsel. WEST DEPTFORD: S&P Assigns 'B+' Rating on Sr. Secured Term Loan B ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level and '2' recovery ratings to West Deptford Energy Holdings LLC's (WDE's) $255 million term loan B (TLB) that matures in 2032 and $50 million five-year senior secured revolver (RCF) that matures in 2030. The transaction closed at TLB pricing of SOFR plus 4% and RCF pricing of SOFR plus 3.75%. At the same time, the higher-than-assumed 2026/2027 PJM Capacity Auction result led to lower sweep requirements. S&P forecasts about $146 million of TLB outstanding at maturity in 2032. The recovery rating of '2' indicates S&P's expectation for substantial (70%-90%; rounded estimate: 80%) recovery in a default scenario. S&P views event risk as a key credit factor given WDE's operating history, while the project's exposure to Regional Greenhouse Gas Initiative (RGGI) leakage is partially mitigated by its lower leverage. The stable outlook reflects S&P's expectation that WDE will sustain a minimum S&P Global Ratings-adjusted debt service coverage ratio (DSCR) of at least 1.28x in all years, with a median DSCR of 1.48x. WDE is a 759 megawatt (MW) combined-cycle gas turbine (CCGT) merchant plant built in 2014 with base load heat rate of about 7,000 Btu per kilowatt-hour (kWh). The 2x1 combined cycle plant has two Siemens SGT6-5000F combustion turbines (CT) and one Alstom STF-30C steam turbine (ST). CT unit 2 generator is in like-new condition after the major repair in 2024, Steam turbine is undergoing full rewind and will return to service in August 2025. WDE is in Gloucester County, New Jersey, dispatching into the Eastern Mid-Atlantic Area Council (EMAAC) zone of the PJM Interconnection. The project is owned by LS Power Group (85.5%) and Ullico Group (14.5%). The transaction led to a sustainable capital structure with a minimum DSCR of 1.28x. WDE applied the $255 million proceeds from the TLB issued and $196 million contribution from the sponsor to repay the exiting $398 million TLB due in 2026 and $43 million revolving credit facility (RCF) due in 2025. The sponsors also paid transaction fees and cash funded a $10 million 12-month forward-looking MMRA. S&P expects adequate cash flow available for debt service (CFADS) and favorable sweep mechanism to result in DSCR above 1.28x during the project's life (2025-2045) with $146 million debt outstanding at TLB maturity. In addition to the $196 million equity injection to pay off existing debt, $42 million has been injected prior to the transaction as equity and liquidity support. In early 2025, LS Power also acquired a combined 67.7% class A membership interest from five previous shareholders. This simplified the ownership structure to LS Power (85.5%) and Ullico (14.5%). This will allow LS Power to streamline favorable decision-making, such as prudent capital expenditure (capex) on additional maintenance and inspection. At the same time, S&P continues to view the project as delinked from the parent given the presence of an independent director on the board. WDE's exposure to RGGI leakage is partially mitigated by its lower leverage compared to peers. At $336 debt/kW, WDE's leverage is low compared with other single asset projects S&P rates. The waterfall also allows a sponsor-management fee paid after the mandatory 1% amortization. Both are credit positive features. However, WDE's operational history demonstrates significant exposure to RGGI leakage and outages compared with peers in same region. Despite its highly efficient design, capacity factor averaged 28% prior to its 2024 outage and ongoing 2025 outage. This is because WDE's neighboring Pennsylvania generators can dispatch at more competitive pricing without RGGI-compliance cost, shifting dispatch away from WDE. S&P said, "While overall PJM power demand benefits from data center buildout and industrial growth, we do not anticipate demand to increase significantly in WDE interconnection region. We currently expect WDE to realize higher dirty sparks (pre-emission cost) than non-RGGI peers, and clean sparks (net of RGGI costs) of $9-$10/MWh, consistent with peers of same region. To manage market volatility, management is implementing a multiyear hedging program. "We view event risk as a key credit factor given WDE's operating history. WDE has experienced operational issues over the past five years, and management and independent engineers identified them as independent events. The 2024 major outage lasted from June to November, resulting in about 50% capacity loss during the peak season. The plant is in another outage since April 2025 and is expected to return to service in August 2025. Which is also during peak power demand seasons. Insurance proceeds covered the repair costs and energy margin loss associated with 2024 outage, and we expect the recovery of 2025 outage repair costs. The independent engineer confirmed there is no common root cause among the outages and the causes are idiosyncratic, such as manufacturing defects in parts. Management expects to address the steam turbine outage through a fulsome inspection and rebuild. We will continue to evaluate future operational performance under the revised maintenance plan. "We view WDE's ability to dispatch as a key credit factor considering PJM's dispatch requests during peak demand and the noncompliance penalty in case of outage. More than 60% of WDE gross margin will come from capacity payments over the asset life, and PJM can require capacity market participants to dispatch during hours of peak demand. Generation Alerts have been issued in summer months for three consecutive years since 2023 while extreme weather events are occurring more often across the U.S. Full or partial facility outage during a Maximum Generation Alert or Capacity Performance event (Winter Storm Elliott) can pressure financial performance further. Thus, we view the unique operational history as a negative credit factor." "The combustion turbines have been maintained by Siemens under long term service agreement (LTSA). Instead of engaging in patch repair similar to past outage events, management is using the current downtime for a thorough inspection, testing, and full rebuild of the facility to prevent further outages. S&P views the increased capex budget as a mitigating factor. S&P said, "The stable outlook reflects our expectation that WDE will maintain DSCRs above 1.37x during the initial term loan period (2025-2032) and a minimum DSCR of at least 1.28x during the post-refinancing period (2032-2045), when we assume a fully amortizing structure. We forecast about $146 million of TLB outstanding at maturity in 2032." S&P could consider a negative rating action if the project is unable to sustain DSCRs above 1.25x or its ability to withstand adverse economic and operating conditions weakens. This could stem from: -- Unplanned outages that impair generation; -- Economic factors causing the power plant to dispatch less than S&P's base-case expectations; -- Weaker realized spark spreads or lower PJM capacity prices for delivery year 2027-2028 and beyond; or -- Excess cash sweeps that are lower than S&P's forecast, resulting in higher TLB balances than expected at maturity. S&P could consider a positive rating action if it expects the project to achieve a minimum base-case DSCR above 1.50x or it establishes a track record of robust operational performance. This could occur if: -- Spark spreads improve significantly while realizing favorable capacity factors; and -- Deleveraging is higher during the term loan period. WHIRLPOOL CORP: S&P Alters Outlook to Neg., Affirms 'BB+' LT ICR ---------------------------------------------------------------- S&P Global Ratings affirmed its ratings, including its 'BB+' long-term issuer credit rating and 'B' short-term issuer credit and commercial paper rating on U.S. based-Whirlpool Corp. and revised the outlook to negative from stable. The negative outlook reflects the potential for a downgrade within the next 12 months if Whirlpool continues to underperform our expectations, competitive pressures persist, or S&P no longer believes credit metrics will strengthen sufficiently. S&P expects U.S. based-Whirlpool Corp.'s profitability and credit metrics will remain weak for the rest of the year due to higher-than-expected inventory in its North American major domestic appliance market, ongoing uncertainty around the size and timing of tariffs, weak consumer sentiment, and limited pricing power to offset those costs. Close of the Whirlpool India sale could be in early 2026, potentially delaying the company's target to repay $700 million of gross debt in fiscal 2025. Management's 50% dividend cut will not materially improve near-term credit metrics, and we now expect leverage will remain elevated at about 5x at the end of 2025 before improving to 4.4x at the end of fiscal 2026. S&P said, "We revised the outlook on Whirlpool to negative from stable, reflecting our expectation that leverage will remain elevated at about 5x in 2025 and improve to the mid-4x area in 2026. This is above our prior expectation of 4.5x (our downgrade threshold) for 2025 and 4.3x for 2026. Although the company's second-quarter fiscal 2025 performance came in weak as expected, its downward revision to the full-year 2025 outlook was below our previous base-case forecast. The revised outlook implies company-reported North America major appliance segment EBIT margin will remain largely flat compared to the second half of 2024. This reflects continued inventory overhang in the market, as Whirlpool's Asian competitors pulled forward imports ahead of tariffs, further exacerbated by a pause in tariffs that extended the window for additional imports. Management estimates about 60-90 days of excess supply in the channel as of May 2025. "We believe this overhang could persist further into 2025 and possibly into 2026, driven by a weaker macroeconomic backdrop and ongoing tariff uncertainty, particularly with the recent extension of China-related tariffs through Aug. 12, 2025. Additionally, Whirlpool's ability to raise prices will likely be constrained in a highly promotional environment, at least until the inventory overhang is cleared. This, combined with reduced operating leverage due to production cutbacks, will further hinder margin recovery. "Therefore, we revised our base case to reflect our view that margin recovery in the second half of 2025 and 2026 will be subdued. Additionally, the Whirlpool India sale could be pushed to 2026, which means the company would rely on its $3.5 billion revolving credit facility to repay the $300 million outstanding on its term loan in 2025. We now forecast Whirlpool's adjusted leverage will remain elevated at about 5x at the end of fiscal 2025, compared to our previous 4.5x forecast. We expect lower underlying profits will be partly offset by Whirlpool's recent cost-cutting actions, supporting some margin recovery in 2026." A recovery in housing turnover and discretionary demand appears further delayed as interest rates remain elevated, and signs of weakening consumer spending (particularly in durable goods) have become more evident. If consumers accelerate purchases ahead of the tariff implementation, this pull-forward could further soften replacement demand in the near term. S&P said, "We believe Whirlpool will continue to focus on deleveraging. Management recommended a dividend cut, which we expect will be approved by the board. It's a modest credit positive because it will preserve liquidity amid heightened uncertainty, particularly over the next few quarters. We expect this will free up about $200 million in cash annually to aid in the partial paydown of upcoming debt maturities and modestly improve credit metrics. Whirlpool's material debt maturities over the next 24 months include the $300 million term loan due Oct. 31, 2025; $177 million of commercial paper outstanding; €500 million unsecured notes due Nov. 2, 2026; and $950 million outstanding on the revolving credit facility maturing on May 3, 2027. "The negative outlook reflects the potential for a downgrade within the next 12 months if Whirlpool continues to underperform our expectations, competitive pressures persist, or we no longer believe credit metrics will strengthen sufficiently to maintain the rating. "We could lower our ratings if Whirlpool's operating performance falls short of our expectations, sustaining adjusted leverage above 4.5x, and free operating cash flow (FOCF) is weaker than projected." This could be due to: -- A decline in industry demand for large appliances caused by accelerating inflation, lower economic activity, or higher interest rates; -- Whirlpool losing share in its key North American or profitable Latin American markets, potentially due to intense competition from overseas rivals; -- An inability to offset a major portion of expected tariff headwinds with pricing and sourcing actions; -- Delays or the inability to deliver on strategic cost reduction initiatives; or -- More aggressive financial policies. S&P could revise its outlook on Whirlpool to stable if an improving operating performance and prudent financial policies sustain leverage below 4.5x. This could occur if: -- Sales and earnings prospects improve because discretionary demand improves and competitive pressures ease; and -- The company demonstrates a conservative financial policy and reduces gross debt using proceeds from the Whirlpool India sale and cash savings from the dividend cut. WHITESTAR DISTRIBUTORS: Claims to be Paid from Ongoing Operations ----------------------------------------------------------------- Whitestar Distributors, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated July 29, 2025. The Debtor is a distributor of automotive paint and related accessories with locations in Garland, Lewisville, Duncanville and Houston, Texas. The Debtor filed this case because of a personal injury lawsuit filed by an alleged creditor that the Debtor believes is dubious and wholly without merit. While the alleged creditor has filed a proof of claim in the instant bankruptcy, no judgment has been entered in that lawsuit, and no adversary proceeding related to the instant bankruptcy has been filed. Under the Plan the Debtor will pay 100% of all Allowed Secured Claims on the Effective Date and a pro-rata payment of $3,500.00 per month on Allowed Unsecured Claims for a period of up to 60 months from the Effective Date. Class 2 consists of Allowed Unsecured Claims. These Claims shall be paid from a pool of $3,500.00 in 60 equal monthly installments commencing on the first day of the first calendar month after the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 3 Equity Interests shall be retained by the owners of said Interests but shall not receive dividends or other distributions of value on said Interests until Classes 1 and 2 are paid in full under this Plan. The Debtor intends to make all payments required under the Plan from the net profits generated by the Debtor's ongoing operation of its business. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=RP8sDx from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About Whitestar Distributors, Inc. Whitestar Distributors Inc. is a Texas-based distribution company headquartered in Garland. Whitestar Distributors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41573) on May 2, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Edward L. Morris handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. WILDFANG HOLDINGS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 18, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Wildfang Holdings, LLC, according to court dockets. About Wildfang Holdings LLC Wildfang Holdings, LLC is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Wildfang Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61981) on July 16, 2025. In its petition, the Debtor reported total assets of $1,600,000 and total liabilities of $786,313. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., at Elevate Law Group. WINDTREE THERAPEUTICS: Audit Chair Resigns; Kucharchuk Joins Board ------------------------------------------------------------------ Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a "Resignation Letter" from Leanne Kelly tendering her resignation as a member of the Board of Directors effective immediately. Ms. Kelly's resignation was accepted by the Board upon receipt of her Resignation Letter. Prior to her resignation, Ms. Kelly was the chairperson of the Company's Audit Committee. Following Ms. Kelly's resignation, August 3, 2025, the Board appointed Andrew Kucharchuk to serve on the Board, effective immediately, until Mr. Kucharchuk's successor is elected and qualified, or sooner in the event of his death, resignation, or removal. The Board has determined that Mr. Kucharchuk meets the requirements for independence under the applicable listing standards of The Nasdaq Stock Market LLC and the Securities Exchange Act of 1934, as amended. Mr. Kucharchuk was also appointed as chairperson of the Audit Committee. Mr. Kucharchuk has served as Chief Financial Officer of Cero Therapeutics Holdings, Inc since October 2024 and Chief Financial Officer of Chain Bridge I, Inc. since April 2024. Previously, he has served as Chief Financial Officer of Theralink Technologies, Inc. from May 2023 until June 2024 and as Acting Chief Financial Officer of Theralink from June 2020 to December 2021. He has served on the Board of Directors of Theralink since June 2020. Mr. Kucharchuk also served as Chief Executive Officer and Chief Financial Officer of OncBioMune, Inc. prior to Theralink's acquisition of OBMP from November 2019 to June 2020 and November 2006 to October 2019, respectively. Mr. Kucharchuk served as the Chairman and Chief Executive Officer of Adhera Therapeutics, Inc. from July 2020 until September 2022 and its Chief Operating Officer from October 2022 to October 2023. Mr. Kucharchuk is a graduate of Louisiana State University and Tulane University's Freeman School of Business, where he earned an MBA. There are no arrangements or understandings between Mr. Kucharchuk and any other persons pursuant to which Mr. Kucharchuk was selected as a director of the Company. The Company is not aware of any relationships or transactions in which Mr. Kucharchuk has or will have an interest, or was or is a party, requiring disclosure under Item 404(a) of Regulation S-K. No material plan, contract or arrangement (written or otherwise) to which Mr. Kucharchuk is a party or a participant was entered into or materially amended in connection with him joining the Board, and Mr. Kucharchuk did not receive any grant or award or any modification thereto, under any such plan, contract or arrangement in connection with such event, other than the normal cash fees payable to the Company's directors. 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. WOODLAND PLACE: Taps Clear Property Management as Listing Agent --------------------------------------------------------------- Woodland Place Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Clear Property Management Group, LLC as listing agent. The Debtor requires services of the listing agent to market and ultimately sell the real property owned by the Debtor, located at 8221 Pittman Avenue, Pensacola, Florida 32534. The firm will render these services: a. market and provide due diligence and coordinate the sale of the property; b. oversee and manage the terms of the sales and marketing of the property; and c. perform all other necessary actions related to the management, marketing and solicitation of buyers of the property. The commission rate for the listing agent is one percent. As disclosed in the court filings, Clear Property Management Group is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The agent can be reached at: Henry Land Clear Property Management Group, LLC 9050 N Capital of Texas Hwy #320 Austin, TX 78759 Tel: (512) 501-3635 About Woodland Place Apartments, LLC Woodland Place Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in Pensacola, Fla. Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. WOODMAN INVESTMENT: Hires Havkin & Shrago as Insolvency Counsel --------------------------------------------------------------- Woodman Investment Group LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Havkin & Shrago, Attorneys at Law, as general insolvency counsel. The firm will render these services: a. represent the Debtor at its Initial Debtor Interview; b. represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Sec. 341(a), or any continuance thereof; c. represent the Debtor at all hearings before the United States Bankruptcy Court involving the Debtor as a Chapter 11 debtor, debtor in possession, and as a reorganized debtor, as applicable; d. advise the Debtor regarding matters of bankruptcy law, including the Debtor's rights and remedies with respect to the Debtor's assets and the claims of its creditors: e. prepare on behalf of the Debtor, as Chapter 11 debtor and debtor in possession, is applicable, all necessary applications, motions, orders, and other legal papers; f. advise the Debtor regarding matters of bankruptcy law, including the Debtor's rights and remedies with respect to the Debtor's assets and the claims of the creditors; g. represent the Debtor with regard to all contested matters; h. represent the Debtor with regard to the preparation of a plan of reorganization and the negotiation and implementation of a plan of reorganization; i. analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; j. negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; k. object to claims as may be appropriate; and l. perform all other legal services for the Debtor as a Chapter 11 debtor and debtor in possession, as applicable, as may be necessary, other than adversary proceedings which would require a further written agreement. The firm will be paid at these rates: Stella Havkin, Partner $575 per hour David Jacob, Associate $395 per hour My firm received a retainer payment in the sum of $20,000 from Eli Sasson, president of Woodland Investment. As disclosed in the court filing, Havkin & Shrago is a disinterested person as that term is defined in Bankruptcy code Section 101(14). The firm can be reached through: Stella Havkin, Esq. Havkin & Shrago, Attorneys at Law 21650 Oxnard Blvd., Suite 1540 Woodland Hills, CA 91367 Tel: (818) 600-6240 About Woodman Investment Group LLC Woodman Investment Group LLC owns the retail shopping center at 6801-6817 Woodman Avenue in Van Nuys, California. The property is valued at $12 million, based on comparable sales in the area. Woodman Investment Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10775) on May 2, 2025. In its petition, the Debtor reports total assets of $12,338,987 and total liabilities of $27,605,068. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. XWELL INC: Amends Bylaws to Lower Stockholder Voting Threshold -------------------------------------------------------------- XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the board of directors approved the first amendment to the Third Amended and Restated Bylaws of the Company, effective as of July 24, 2025. The First Amendment amends and restates Article I, Section 1.8 of the Bylaws in its entirety: (i) to lower the required stockholder vote in all matters other than the election of directors from the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter to the affirmative vote of a majority of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote on the subject matter, voting affirmatively or negatively (excluding abstentions and broker non-votes), and (ii) to make a corresponding change to the vote required for class votes. Specifically, the amended and restated Section 1.8 states that "the stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of section 1.10 of these bylaws, subject to Section 217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section 218 (relating to voting trusts and other voting agreements) of the DGCL. Except as may be otherwise provided in the certificate of incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of capital stock held by such stockholder which has voting power upon the matter in question. Voting at meetings of stockholders need not be by written ballot and, unless otherwise required by law, need not be conducted by inspectors of election unless so determined by the holders of shares of stock having a majority of the votes which could be cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote on the subject matter, voting affirmatively or negatively (excluding abstentions and broker non-votes). If authorized by the Board, such requirement of a written ballot shall be satisfied by a ballot submitted by electronic transmission (as defined in section 7.2 of these bylaws), provided that any such electronic transmission must either set forth or be submitted with information from which it can be determined that the electronic transmission was authorized by the stockholder or proxy holder. Except as otherwise required by law, the certificate of incorporation or these bylaws, in all matters other than the election of directors, the affirmative vote of a majority of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote on the subject matter, voting affirmatively or negatively (excluding abstentions and broker non-votes), shall be the act of the stockholders. Except as otherwise required by law, the certificate of incorporation or these bylaws, directors shall be elected by a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the affirmative vote of the majority of the votes cast by the stockholders of such class or series or classes or series present in person or represented by proxy at the meeting, voting affirmatively or negatively (excluding abstentions and broker non-votes), shall be the act of such class or series or classes or series, except as otherwise provided by law, the Certificate of Incorporation, these Bylaws, or the rules and regulations of any applicable stock exchange." The foregoing description of the First Amendment is qualified by reference to the First Amendment, a copy of which is available at https://tinyurl.com/43n73w7m About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, 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 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. As of December 31, 2024, the Company had $25.4 million in total assets, $17.6 million in total liabilities, and a total equity of $7.7 million. [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ------------------------------------------------------------- Author: Sallie Tisdale Publisher: BeardBooks Softcover: 270 pages List Price: $34.95 Review by Henry Berry Order your own personal copy at http://is.gd/9SAfJR An earlier edition of "The Sorcerer's Apprentice" won an American Health Book Award in 1986. The book has been recognized as an outstanding book on popular science. Tisdale brings to her subject of the wide nd engrossing field of health and illness the perspective, as well as the special sympathies and sensitivities, of a registered nurse. She is an exceptionally skilled writer. Again and again, her descriptions of ill individuals and images of illnesses such as cancer and meningitis make a lasting impression. Tisdale accomplishes the tricky business of bringing the reader to an understanding of what persons experience when they are ill; and in doing this, to understand more about the nature of illness as well. Her style and aim as a writer are like that of a medical or science journalist for leading major newspaper, say the "New York Times" or "Los Angeles Times." To this informative, readable style is added the probing interest and concern of the philosopher trying to shed some light on one of the central and most unsettling aspects of human existence. In this insightful, illuminating, probing exploration of the mystery of illness, Tisdale also outlines the limits of the effectiveness of treatments and cures, even with modern medicine's store of technology and drugs. These are often called "miracles" of modern medicine. But from this author's perspective, with the most serious, life-threatening, illnesses, doctors and other health-care professionals are like sorcerer's trying to work magic on them. They hope to bring improvement, but can never be sure what they do will bring it about. Tisdale's intent is not to debunk modern medicine, belittle its resources and ways, or suggest that the medical profession holds out false hopes. Her intent is do report on the mystery of serious illness as she has witnessed it and from this, imagined what it is like in her varied work as a registered nurse. She also writes from her own experiences in being chronically ill when she was younger and the pain and surgery going with this. She writes, "I want to get at the reasons for the strange state of amnesia we in the health professions find ourselves in. I want to find clues to my weird experiences, try to sense the nature of being sick." The amnesia of health professionals is their state of mind from the demands placed on them all the time by patients, employers, and society, as well as themselves, to cure illness, to save lives, to make sick people feel better. Doctors, surgeons, nurses, and other health-care professionals become primarily technicians applying the wonders of modern medicine. Because of the volume of patients, they do not get to spend much time with any one or a few of them. It's all they can do to apply the prescribed treatment, apply more of it if it doesn't work the first time, and try something else if this treatment doesn't seem to be effective. Added to this is keeping up with the new medical studies and treatments. But Tisdale stepped out of this problem-solving outlook, can-do, perfectionist mentality by opting to spend most of her time in nursing homes, where she would be among old persons she would see regularly, away from the high-charged atmosphere of a hospital with its "many medical students, technicians, administrators, and insurance review artists." To stay on her "medical toes," she balanced this with working occasional shifts in a nearby hospital. In her hospital work, she worked in a neonatal intensive care unit (NICU), intensive care unit (ICU), a burn center, and in a surgery room. From this combination of work with the infirm, ill, and the latest medical technology and procedures among highly-skilled professionals, Tisdale learned that "being sick is the strangest of states." This is not the lesson nearly all other health-care workers come away with. For them, sick persons are like something that has to be "fixed." They're focused on the practical, physical matter of treating a malady. Unlike this author, they're not focused consciously on the nature of pain and what the patient is experiencing. The pragmatic, results-oriented medical profession is focused on the effects of treatment. Tisdale brings into the picture of health care and seriously-ill patients all of what the medical profession in its amnesia, as she called it, overlooks. Simply in describing what she observes, Tisdale leads those in the medical profession as well as other interested readers to see what they normally overlook, what they normally do not see in the business and pressures of their work. She describes the beginning of a hip-replacement operation, the surgeon "takes the scalpel and cuts--the top of the hip to a third of the way down the thigh--and cuts again through the globular yellow fat, and deeper. The resident follows with a cautery, holding tiny spraying blood vessels and burning them shut with an electric current. One small, throbbing arteriole escapes, and his glasses and cheek are splattered." One learns more about what is actually going on in an operation from this and following passages than from seeing one of those glimpses of operations commonly shown on TV. The author explains the illness of meningitis, "The brain becomes swollen with blood and tissue fluid, its entire surface layered with pus...The pressure in the skull increases until the winding convolutions of the brain are flattened out...The spreading infection and pressure from the growing turbulent ocean sitting on top of the brain cause permanent weakness and paralysis, blindness, deafness...." This dramatic depiction of meningitis brings together medical facts, symptoms, and effects on the patient. Tisdale does this repeatedly to present illness and the persons whose lives revolve around it from patients and relatives to doctors and nurses in a light readers could never imagine, even those who are immersed in this world. Tisdale's main point is that the miracles of modern medicine do not unquestionably end the miseries of illness, or even unquestionably alleviate them. As much as they bring some relief to ill individuals and sometimes cure illness, in many cases they bring on other kinds of pains and sorrows. Tisdale reminds readers that the mystery of illness does, and always will, elude the miracle of medical technology, drugs, and practices. Part of the mystery of the paradoxes of treatment and the elusiveness of restored health for ill persons she focuses on is "simply the mystery of illness. Erosion, obviously, is natural. Our bodies are essentially entropic." This is what many persons, both among the public and medical professionals, tend to forget. "The Sorcerer's Apprentice" serves as a reminder that the faith and hope placed in modern medicine need to be balanced with an awareness of the mystery of illness which will always be a part of human life. Sallie Tisdale -- http://www.sallietisdale.com/-- is an American writer and essayist. She was born in April 1957 in Eureka, California. She earned a nursing degree in 1983 in Wesleyan University and wrote in her off-hours from medical practice. She currently teaches at Dharma Rain Zen Center in Portland, Oregon. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. 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