/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160728.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, July 28, 2016, Vol. 20, No. 210 Headlines 22ND CENTURY: Has $5 Million Registered Direct Offering at Market ABENGOA BIOENERGY: Committee Hires Baker & Hostetler as Counsel ADVANCED PRIMARY: Wants Immediate Use of Cash Collateral AEROPOSTALE INC: Sycamore Rift Goes to Trial as Vote Proceeds AGAP LIFE: U.S. Trustee Opposes Approval of Plan Outline ALAN MISHKIN: Disclosure Statement Hearing Moved to Aug. 23 ALLEN MEMORIAL: $2.15-Mil. DIP Financing From Elohim Financial OK ALPHA NATURAL: Contura Completes Acquisition of Core Coal Assets AMERLINK: Dismissal of Newton, Diorio Forest's Claims Reversed APRICUS BIOSCIENCES: Terminates License Agreement with Sandoz ARNA VODENOS: Bid for Show Cause Order vs Ziv, Herrera Denied ARNA VODENOS: Dismissal of Y. Ziv's Suit Reasonable, Court Rules ASTROTURF LLC: Hires FTI's Harding as Chief Restructuring Officer ASTROTURF LLC: Hires King & Spalding as Counsel ASTROTURF LLC: Seeks to Hire Ordinary Course Professionals ATLAS RESOURCE: Headed to Bankruptcy in Pre-Packaged Deal B. L. GUSTAFSON: Needs Until Oct. 23 to File Plan BIND THERAPEUTICS: Pfizer Cleared to Buy Nanotech Drug Firm BJORNER ENTERPRISES: Case Summary & 11 Unsecured Creditors BLACK ELK: Blackhill Partners Completes Restructuring BLACK ELK: Plan of Liquidation Declared Effective BOULEVARD ENTERTAINMENT: U.S. Trustee Unable to Appoint Committee C-LEVELED LLC: Case Summary & 14 Unsecured Creditors CAESARS ENTERTAINMENT: Unit Bondholders Seek Sanctions vs. Apollo CARLBROOK SCHOOL: Hearing on Plan Outline Moved to Sept. 14 CARTER ELECTRIC: Case Summary & 20 Largest Unsecured Creditors CAVIUM INC: Moody's Assigns Ba3 CFR & Rates Sr. Secured Debt Ba3 CCC LAND COMPANY: U.S. Trustee Unable to Appoint Committee CCC OF FAIRPLAY: A. Dale Watson Appointed Patient Care Ombudsman CCC OF FAIRPLAY: U.S. Trustee Unable to Appoint Committee CHARTER SCHOOL: Hires Nardella as Counsel COATES INTERNATIONAL: President Buys 200 Million More Shares COMMUNITY VISION: Hires Steven Nosek and Yvonne Doose as Counsel COMPANION DX: U.S. Trustee Forms 3-Member Committee CYNTHIA JOY KWASIGROCH: Aug. 23 Hearing on Disclosure Statement DENISE STANSFIELD: Plan Has 1% Recovery for Unsec. Creditors DLR INVESTORS: Hires Cross & Simon as Counsel DM RECORDS: Trustee Hires Akerman LLP as Special Counsel DOMUM LOCIS: Taps Real Estate eBroker to Market Strand Property DVR LLC: Hires Markus Williams Young as Counsel E Z MAILING: Has Until August 31 to File Plan of Reorganization EDU-PRO MANAGEMENT: Hires Nardella as Counsel ENERGY XXI: Equity Committee Hires Williams as Bermuda Counsel FANTASY JEWELRY: Hires Monge Robertin as Insolvency Advisor FAVREAU'S CUSTOM: Hires Goe & Forsythe as General Counsel FERGUSON CONVALESCENT: $50,000 Nationwide Health Care DIP Loan OK FNC CORP: Hires American Business Brokers as Business Broker FORESIGHT ENERGY: Amends Terms of Restructuring Support Agreements FORT WALKER HOLDINGS: Hires Robert Lampl as Attorneys FOUNDATION BUILDING: Moody's Affirms B3 CFR, Outlook Stable G-I HOLDINGS: 3rd Cir. Affirms Plan Injunction on NYCHA Claims GAIL BALMER ROUMELL: Unsecured Creditors to Get 3% Under Plan GARY HOUSTON SHULER: Files Plan to Exit Chapter 11 Protection GILLESPIE OFFICE: Wants Dec. 31 Extension of Plan Filing Date GOD'S ANGELS: Needs Until October 12 to Obtain Acceptance of Plan GREEN FIELD: Moreno, Turbine Can't File 3rd Party Complaint vs GE GSE ENVIRONMENTAL: Unpaid Stock Compensation Is Equity Security HAJ INC: Hires Garvey Schubert as General Bankruptcy Counsel HALCON RESOURCES: Restructuring Plan Gets Overwhelming Support HALIFAX REGIONAL: Fitch Affirms 'BB+' Rating on 1998 Hospital Bonds HEARING HELP: 17% to 84% Recovery in BHL's Revised Disclosures HECK INDUSTRIES: Creditors' Panel Hires Gordon Arata as Counsel HEYL & PATTERSON: Can Use Cash Collateral Until August 16, 2016 III EXPLORATION: Case Summary & 10 Unsecured Creditors JAMES ALVIN JOSEPH: Unsecured Creditors to Get Nothing Under Plan JAMES FIFE JR: Plan Confirmation Hearing on Aug. 29 JOANNA MARIE LUCAS: Exit Plan to Pay $10K to Unsecured Creditors JOSEPH KOKROKO: Plan Offers 62% Recovery for Unsecureds JOYUDA SEA FOOD: Hires Acevedo as Accountant JVJ PHARMACY: Hires Paragon Ventures as Business Broker K & C LV INVESTMENTS: Hires Ballstaedt as Counsel KARL STAUFFER: Disclosure Statement Hearing on Sept. 7 KENAN ADVANTAGE: Moody's Lowers CFR to B2, Outlook Stable KIRK LLC: Case Summary & 11 Unsecured Creditors KLEEN LAUNDRY: Wants to Use $1.886 -Mil. in Cash Until Oct. 21 KOMODIDAD DISTRIBUTORS: Hires Vallejo as Real Estate Appraiser KORNGIP LLC: Combined Plan, Disclosure Statement Hearing on Aug. 30 LA SCALA NYC: Hires DelBello as Bankruptcy Counsel LANDMARK HOSPITALITY: Proposes 15% Recovery to Unsecured Creditors LEGEND INT'L: Chapter 11 Case Dismissed LEI MACHINING: U.S. Trustee Unable to Appoint Committee M. SANNUTI DEVELOPMENT: Hires Adelstein & Kaliner as Counsel MARK CLARK: Unsecured Creditors to Get 10% Under Plan MARTHA GARCIA: To Set Aside $13,500 to Pay Unsecured Claims MICHAEL J. MALPERE CO: Voluntary Chapter 11 Case Summary MICHAEL RICHMOND: Plan Offers 100% Dividend to Unsec. Creditors MID CITY TOWER: Case Summary & 20 Largest Unsecured Creditors MILLENNIUM SUPER: Case Summary & 2 Unsecured Creditors MISSISSIPPI PHOSPHATES: Taps Meadowlark as Restructuring Advisor MJ NOVELTY CREATION: Hires Fromme as Bankruptcy Counsel MJ NOVELTY CREATION: Hires Williams P.C. as Counsel MJC AMERICA: Has Until September 27, 2016 to Use Cash Collateral ML HOSPITALITY: Hires T.R. Flournoy as Accountants MO'TREES LLC: Exit Plan to Pay Unsecured Creditors in Full MOTEL TROPICAL: Unsecured Creditors to Get 10% Dividend Payments MOTORS LIQUIDATION: 2nd Cir. Vacates Decision Enforcing Sale Order MOUNTAIN GLACIER: Nestle's Bid to Withdraw Reference Denied NATIONWIDE PARTS: Use of Snap Advances, Strybuc's Cash Sought NJK HOSPITALITY: Hires MKK Realty as Business Broker NORTEL NETWORKS INDIA: Case Summary & 2 Unsecured Creditors NORTEL NETWORKS INDIA: Files for Chapter 11 Bankruptcy Protection NORTEL NETWORKS INDIA: Files Schedules of Assets & Liabilities NORTEL NETWORKS INDIA: Proposes Sept. 19 as General Bar Date NORTH GATEWAY CORE: U.S. Trustee Unable to Appoint Committee ODYSSEY CONTRACTING: Seeks Oct. 24 Extension of Plan Filing Date OLLARD SQUARE: Hires Adelstein & Kaliner as Counsel ONE BREWERY PLACE: U.S. Trustee Unable to Appoint Committee ONTARIO CENTURY: Hires Beermann Pritikin as Special Counsel ORACLE PROJECT I: Plan Offers 66% Recovery for Unsecured Creditors OUTERWALL INC: Moody's Puts Ba3 CFR on Review for Downgrade PEABODY ENERGY: Advocates Gain Ground Self-Bonding Fight PEABODY ENERGY: Reaches Superpriority Agreements with States PENN ENGINEERING: Moody's Retains B1 CFR on Add-On Term Loan PIONEER HEALTH: Wants 90 Days Extension of Exclusivity Period PLE MANAGEMENT: Involuntary Chapter 11 Case Summary POINTON PROPERTIES: Hires B David Sisson as Bankruptcy Counsel POMEROY PARTNERS: Hires Jon G. Brooks as Bankr. Counsel PREMIER CARE: SSG Acted as Investment Banker in Debt Sale PREMIER EXHIBITIONS: 1987 Artifacts Sale Needs Adversary Proceeding PULTEGROUP INC: Moody's Assigns Ba1 Rating on $300MM Sr. Notes QRS RECYCLING: Committee Taps GGG Partners as Financial Advisor RESPONSE BIOMEDICAL: Amends Schedule 13-E with SEC RIVER BEND GEO: Hires Stasio & Stasio as Counsel RMS TITANIC: Hires McGuireWoods as Special Litigation Counsel ROBERT HIGHSMITH: Amended Disclosures Hearing on Aug. 16 ROGER ALLEN MCCRACKEN: U.S. Trustee Forms 3-Member Committee ROTARY DRILLING: U.S. Trustee Forms 7-Member Committee SBN FOG CAP: Hires Arthur Bell as Accountant SCARBOROUGH-ST. JAMES: Order Directing Surrender of Property Upheld SCHOPFS HILLTOP: Exclusive Plan Filing Deadline Moved to Sept. 2 SEPCO CORP: Has Until November 9 to File Chapter 11 Plan SFX ENTERTAINMENT: Files Plan of Reorg & Disclosure Statement SHIRLEY FOOSE MCCLURE: Bid to Convert Ch. 11 Suit Partly Granted SNUG HARBOR: Hires RE/MAX at the Shore as Realtor SOUTHERN SEASON: Creditors' Panel Hires Ivey McClellan as Counsel SPORTS AUTHORITY: No Lead Bidder for Mile High Stadium Name Rights SPORTS AUTHORITY: Top Executive Bonuses Draw Fire ST. LUKE BAPTIST: Hires Haberbush as General Bankruptcy Counsel STARCO VENTURES: Trustee Hires Cornerstone as Real Estate Agent STERLING ENGINEERING: Wants Plan Filing Extended by 120 Days STONE ENERGY: Provides Production Update SULA INC: In Contempt of Court for Failure to Surrender Property SUNDEVIL POWER: Hires Bayard as Fee Examiner's Counsel SUNDEVIL POWER: Seeks to Hire Ordinary Course Professionals TENKORIS LLC: U.S. Trustee Unable to Appoint Committee THOMAS CHAE: Files Schedules of Assets and Liabilities TNP TITAN: Wants Exclusive Plan Filing Deadline Moved to Nov. 1 TRINITY TOWN: Has Until Sept. 16 to File Amended Plan, Disclosures UTE LAKE RANCH: Taps Markus Williams Young as Counsel WCA WASTE: Moody's Affirms B2 CFR, Outlook Stable WPCS INTERNATIONAL: Charles Benton Holds 8% Stake as of July 25 WPCS INTERNATIONAL: David Allen Holds 13.4% Stake as of July 25 WPCS INTERNATIONAL: Edward Gildea Reports 8% Stake as of July 25 WPCS INTERNATIONAL: Giordano Has 24.1% Stake as of July 25 WPCS INTERNATIONAL: Norm Dumbroff Has 7.9% Stake as of July 19 WPCS INTERNATIONAL: Robert Roller Reports 6.4% Stake as of July 25 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 22ND CENTURY: Has $5 Million Registered Direct Offering at Market ----------------------------------------------------------------- 22nd Century Group, Inc., announced that the Company entered into an agreement as of July 24, 2016, with one existing institutional investor to receive $5 million in gross proceeds in a registered direct offering through the sale of common stock priced at $0.81 per share. The transaction includes 6,172,840 shares of the Company's common stock and 66-month warrants to purchase 1,543,210 shares of common stock at an exercise price of $1.00 per share (immediately exercisable). In addition, the agreement provides for the Company to cancel an aggregate of 5.5 million existing warrants held by such institutional investor with exercise prices of $1.21 and $1.25 per share, respectively, and to issue new warrants to such investor to purchase 5.5 million shares at an exercise price of $1.00 per share (not exercisable for six months from issuance). The offering is expected to close on or about July 27, 2016, subject to customary closing conditions, including approval of a NYSE MKT listing application. The net proceeds of the financing will be used for general corporate purposes, including working capital. Chardan Capital Markets, LLC acted as the sole placement agent for this transaction. About 22nd Century Clarence, New York-based 22nd Century Group, Inc., through its wholly-owned subsidiary, 22nd Century Ltd, is a plant biotechnology company using technology that allows for the level of nicotine and other nicotinic alkaloids (e.g., nornicotine, anatabine and anabasine) in tobacco plants to be decreased or increased through genetic engineering and plant breeding. 22nd Century reported a net loss of $11.03 million on $8.52 million of revenue for the year ended Dec. 31, 2015, compared to a net loss of $15.59 million on $528,991 of revenue for the year ended Dec. 31, 2014. Asof March 31, 2016, the Company had $20.59 million in total assets, $3.95 million in total liabilities and $16.64 million in total shareholders' equity. ABENGOA BIOENERGY: Committee Hires Baker & Hostetler as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Abengoa Bioenergy Biomass of Kansas, LLC, seeks authorization from the U.S. Bankruptcy Court for the District of Kansas to retain Baker & Hostetler LLP as counsel for the Committee, nunc pro tunc to June 20, 2016. The Committee requires Baker & Hostetler to: a. provide legal services with respect to the Committee's rights, powers and duties; b. advise the Committee in matters arising in or concerning the administration of the Debtor's case; c. assist the Committee in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor; d. prepare necessary responses, objections, applications, motions, answers, orders, reports and other legal papers; e. represent the Committee in all proceedings in this matter in this or any other Court; f. participate in the formulation and negotiation of one or more plans of reorganization and advise those represented by the Committee of the Committee's determination as to any plan formulated; and g. perform all other appropriate legal services that the Committee may request and Baker may agree to provide in this case. Baker & Hostetler will be paid at these hourly rates: Michael A. VanNiel $540 Kelly S. Burgan $535 Alexis C. Beachdell $350 Adam L. Fletcher $340 Michelle Manzoian $315 Baker & Hostetler will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael A. VanNiel, partner at the law firm Baker & Hostetler LLP, 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 Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Baker did not represent the Committee prior to the commencement of the Debtor's bankruptcy case. In the last 12 months, Baker worked with committee member Western Reserve Water Systems. Baker charged regular rates for services provided to that client. -- Baker and the Committee will work together to develop a prospective budget and staffing plan for the case, which will be presented for approval by the Committee. Baker can be reached at: Michael A. VanNiel, Esq. Kelly S. Burgan, Esq. Alexis C. Beachdell, Esq. Adam L. Fletcher, Esq. Michelle Manzoian, Esq. Baker & Hostetler LLP Key Tower 127 Public Square, Suite 2000 Cleveland, OH 44114-1214 Tel: (216)621-0200 Fax: (216)696-0740 E-mail: mvanniel@bakerlaw.com kburgan@bakerlaw.com abeachdell@bakerlaw.com afletcher@bakerlaw.com mmanzoian@bakerlaw.com About Abengoa S.A. & Abengoa Bioenergy Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A. ("Abengoa"), a Spanish energy company founded in 1941. Abengoa S.A. is an engineering and clean technology company with operations in more than 50 countries worldwide that provides innovative solutions for a diverse range of customers in the energy and environmental sectors. Abengoa is one of the world's top builders of power lines transporting energy across Latin America and a top engineering and construction business, making massive renewable-energy power plants worldwide. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. The United States is Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to seek protection under Article 5bis of Spanish insolvency law, a pre-insolvency statute that permits a company to enter into negotiations with certain creditors for restricting of its financial affairs. At that time, the Spanish company was facing a March 28, 2016, deadline to agree on a viability plan or restructuring plan with its banks and bondholders, without which it could be forced to declare bankruptcy. Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15 petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on March 28, 2016, to seek U.S. recognition of its restructuring proceedings in Spain. Christopher Morris, the foreign representative, signed the petitions. DLA Piper LLP (US) serves as counsel. Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary Chapter 7 petition (Bankr. D. Neb. Case No. 16-80141) for Abengoa Bioenergy of Nebraska, LLC ("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7 petition (Bankr. D. Kan. Case No. 16-20178) for Abengoa Bioenergy Company, LLC ("ABC"). They also filed an involuntary Chapter 7 petition (Bankr. D. Kan. Case No. 1:16-bk-10876) against Abengoa Bioenergy Biomass of Kansas, LLC. The petitioning creditors are represented by McGrath, North, Mullin & Kratz, P.C. The Chapter 7 cases were converted to cases under chapter 11 of the Bankruptcy Code and the cases of Abengoa Bioenergy of Nebraska, LLC and Abengoa Bioenergy Company, LLC were transferred to the United States Bankruptcy Court for the Eastern District of Missouri. Judge Robert Nugent of the U.S. Bankruptcy Court in Wichita in April 2016 declined to transfer the Chapter 11 case of Abengoa Bioenergy Biomass of Kansas, noting he was concerned creditors could be "lost in the sea of complex matters that may be pending in the larger Abengoa case." On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent. About Abeinsa Holding Abeinsa Holding Inc., Abengoa Solar LLC, Abeinsa EPC LLC, Abencor USA, LLC, Nicsa Industrial Supplies LLC, Abener Construction Services LLC, Abeinsa Abener Teyma General Partnership, Abener Teyma Mojave General Partnership, Abener Teyma Inabensa Mount Signal Joint Venture, Teyma USA & Abener Engineering and Construction Services General Partnership, Teyma Construction USA, LLC, Abener North America Construction L.P., and Inabensa USA, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10790) on March 29, 2016. The petitions were signed by Javier Ramirez as treasurer. They listed $1 billion to $10 billion in both assets and liabilities. Abener Teyma Hugoton General Partnership and five other entities filed separate Chapter 11 petitions on April 6, 2016; and Abengoa US Holding, LLC, Abengoa US, LLC and Abengoa US Operations, LLC filed Chapter 11 petitions on April 7, 2016. The cases are consolidated under Lead Case No. 16-10790. DLA Piper LLP (US) represents the Debtors as counsel. Prime Clerk serves as the Debtors' claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed five creditors of Abeinsa Holding Inc. and its affiliates to serve on the official committee of unsecured creditors. The Abeinsa Committee is represented by MORRIS, NICHOLS, ARSHT & TUNNELL LLP's Robert J. Dehney, Esq., Andrew R. Remming, Esq., and Marcy J. McLaughlin, Esq.; and HOGAN LOVELLS US LLP's Christopher R. Donoho, III, Esq., Ronald J. Silverman, Esq., and M. Shane Johnson, Esq. ADVANCED PRIMARY: Wants Immediate Use of Cash Collateral -------------------------------------------------------- Advanced Primary Care, LLC asks the U.S. Bankruptcy Court for the Western District of Tennessee for immediate authorization to use cash collateral on an interim basis, pending a final hearing. The Debtor wants to use cash on hand and proceeds from accounts receivables for ordinary and necessary operating expenses of the Debtor's medical practice. The Debtor believes that the United States Department of Treasury (Internal Revenue Service) claims an interest in the Debtor's cash, accounts and accounts receivables, by virtue of federal tax liens which it had filed. The Debtor assumes that the Department of Treasury's claim liens are valid and enforceable, for purposes of its Cash Collateral Motion only. The Debtor tells the Court that its Chapter 11 filing arose suddenly, and, as a result, it did not have the opportunity to attempt to negotiate stipulated cash collateral operating orders. The Debtor further tells the Court that it wants to use the next 30 days to open negotiations to attempt to reach a stipulated cash collateral agreement. The Debtor adds that the liens will adequately protect the Department of Treasury's interest. A full-text copy of the Debtor's Motion, dated July 25, 2016, is available at https://is.gd/Rvv4PW Advanced Primary Care, LLC is represented by: John E. Dunlap, Esq. 3294 Poplar Avenue, No. 240 Memphis, TN 38111 Telephone: (901) 320-1603 Email: Jdunlap00@gmail.com About Advanced Primary Care, LLC. Advanced Primary Care, LLC filed a chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-26388) on July 15, 2016. The debtor is a limited liability company which provides medical services to consumers in Memphis, Shelby County, Tennessee. The Debtor is represented by John E. Dunlap, Esq. AEROPOSTALE INC: Sycamore Rift Goes to Trial as Vote Proceeds ------------------------------------------------------------- Tiffany Kary, writing for Bloomberg News, reported that a judge said that teen clothing chain Aeropostale Inc. can ask creditors to vote on its reorganization plan while also gearing up for a trial over whether a key creditor drove the company into bankruptcy to snap it up on the cheap. According to the report, U.S. Bankruptcy Judge Sean Lane in Manhattan said that he's "inclined to approve" the company's disclosure statement, which explains how the plan would work, so creditors can vote on whether to approve it. After criticizing the plan's lack of information about how much some creditors, such as mall landlords, stand to recover, the judge said the timeline should be changed so they can find out the results of an Aug. 22 asset auction before voting. "It's not perfect," Judge Lane said, but he called the plan the best the company could do given the deadlines imposed by lenders and Aeropostale's failure so far to announce a lead bidder for its assets. He asked that the New York-based company file a "supplement" to the plan to let creditors known when they can expect to find out how the auction is going. The retailer has asked Judge Lane to disqualify New York-based private equity firm Sycamore Partners from using its $150 million debt to bid at the auction, the report said. A trial on Aeropostale's complaint is set for Aug. 15, the report added. About Aeropostale, Inc. Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of casual apparel and accessories, principally serving young women and men through its Aeropostale(R) and Aeropostale Factory(TM) stores and website and 4 to 12 year-olds through its P.S. from Aeropostale stores and website. The Company provides customers with a focused selection of high quality fashion and fashion basic merchandise at compelling values in an exciting and customer friendly store environment. Aeropostale maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise. As of May 1, 2016 the Company operated 739 Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale stores in Canada and 25 P.S. from Aeropostale(R) stores in 12 states. In addition, pursuant to various licensing agreements, the Company's licensees currently operate 322 Aeropostale(R) and P.S. from Aeropostale(R) locations in the Middle East, Asia, Europe, and Latin America. Since November 2012, Aeropostale, Inc. has operated GoJane.com, an online women's fashion footwear and apparel retailer. Aeropostale, Inc. and 10 of its affiliates each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-11275) on May 4, 2016. The petitions were signed by Marc G. Schuback as senior vice president, general counsel and secretary. The Debtors listed total assets of $354.38 million and total debts of $390.02 million as of Jan. 30, 2016. The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI Consulting, Inc. as restructuring advisor; Stifel, Nicolaus & Company, Inc. and Miller Buckfire & Company LLC as investment bankers; RCS Real Estate Advisors as real estate advisors; Prime Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as Canadian counsel; and Togut, Segal & Segal LLP as conflicts counsel. Judge Sean H. Lane is assigned to the cases. The U.S. trustee for Region 2 on May 11 appointed seven creditors of Aeropostale Inc. to serve on the official committee of unsecured creditors. The Committee hired Pachulski Stang Ziehl & Jones LLP as counsel. AGAP LIFE: U.S. Trustee Opposes Approval of Plan Outline -------------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of AGAP Life Offerings, LLC, has opposed the outline of the company's proposed Chapter 11 plan, saying it does not contain "adequate information." In a filing with the U.S. Bankruptcy Court for the Eastern District of Texas, the U.S. trustee for Region 6 complained that the disclosure statement is not clear in its classification and treatment of claims and the means of implementing the plan. Under U.S. bankruptcy law, a company going through bankruptcy must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. AGAP Life Offerings is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About AGAP Life Offerings AGAP Life Offerings, LLC, based in Frisco, Tex., filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 16-40520) on March 24, 2016. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, as bankruptcy counsel. In its petition, the Debtor estimated $500,000 to $1 million in both assets and liabilities. The petition was signed by Charles D. Madden, manager. ALAN MISHKIN: Disclosure Statement Hearing Moved to Aug. 23 ----------------------------------------------------------- Judge Paul Sala on July 18, 2016, entered an order continuing the hearing on the Disclosure Statement explaining Alan R. Mishkin's Chapter 11 plan until Aug. 23, 2016, at 11:00 a.m. The Debtor filed an amended Disclosure Statement on July 13, 2016. In light of the filing of the amendment, the judge continued the hearing set for Aug. 2 until Aug. 23, at 11:00 a.m. Objections to the approval of the Disclosure Statement are due five business days prior to the hearing. The Debtor's attorney: Philip R. Rudd SACKS TIERNEY P.A. 4250 N. Drinkwater Blvd., 4th Floor Scottsdale, AZ 85251-3693 E-mail: Philip.Rudd@SacksTierney.com The case is In re Alan R. Mishkin (Bankr. D. Ariz. Case No. 15-15440) filed Dec. 7, 2015. ALLEN MEMORIAL: $2.15-Mil. DIP Financing From Elohim Financial OK ----------------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York, authorized Allen Memorial Church of God in Christ, Inc. to obtain postpetition financing from Elohim Financial Corporation in the form of a credit facility, up to a maximum outstanding principal amount of $2,150,000. Judge Drain acknowledged that a need exists for the Debtor to obtain a credit facility to satisfy its outstanding obligation to its secured lender JP Morgan Chase and other administrative expenses of the Debtor's estate in order to save its church property, emerge from Chapter 11 and continue the operations of its church. Judge Drain further acknowledged that without such facility, the Debtor will be unable to pay its secured lender and may lose its house of worship and parsonage. He added that the Debtor will not be able to successfully emerge from Chapter 11 within a reasonable time, without such facility. The Debtor's obligations to Elohim Financial Corporation will have the status of super-priority administrative expenses, subject only to: (a) Amounts payable to the U.S. Trustee; and (b) Amounts awarded for professional fees and expenses, whether such award was made, or such fees or expenses incurred, before or after the occurrence of an Event of Default, up to a maximum of $100,000. Judge Drain granted Elohim Financial Corporation an administrative expense claim with priority over any and all expenses and claims, subject to Carve-Out, and a senior lien on and security interest in the Collateral, subject to Carve-Out, as of Petition Date, as security for the full and timely payment and performance of the Debtor's obligations. A full-text copy of the Order, dated July 25, 2016, is available at https://is.gd/oO2kx5 About Allen Memorial Church of God in Christ, Inc. Allen Memorial Church of God in Christ, Inc. filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 14-22773) on May 30, 2014. The petition was signed by Reverend Carlton C. Spruill, president. The Debtor is represented by Arlene Gordon-Oliver, Esq., at Arlene Gordon-Oliver, P.C. The Debtor disclosed total assets of $7.06 million and total liabilities of $2.49 million as of April 2014. ALPHA NATURAL: Contura Completes Acquisition of Core Coal Assets ---------------------------------------------------------------- Contura Energy, Inc., on July 26, 2016, announced its acquisition of certain core coal assets from Alpha Natural Resources in connection with Alpha's successful restructuring. Formed and majority-owned by a group of Alpha's first lien lenders, Contura is a well-capitalized entity, created to acquire and operate Alpha Natural Resources' core operations in Northern Appalachia, the Powder River Basin and Central Appalachia. Specifically, Contura has acquired all of Alpha's operations and reserves in Northern Appalachia (including the Cumberland mine complex) and the Powder River Basin, along with three Central Appalachian mining complexes (the Nicholas mine complex in Nicholas County, West Virginia, and the McClure and Toms Creek mine complexes in Dickenson and Wise Counties, Virginia). Contura also purchased Alpha's interest in the Dominion Terminal Associates coal export terminal in eastern Virginia. This acquisition was effectuated as part of Alpha's Chapter 11 process, completed in under a year, involving holders of over $3.9 billion of debt obligations, various federal and state government entities, surety providers, union employees, pension beneficiaries, trade creditors, and others. Terms of the acquisition are detailed within the Asset Purchase Agreement previously filed with the United States Bankruptcy Court for the Eastern District of Virginia on June 22, 2016 and available via Alpha's restructuring website at http://www.kccllc.net/alpharestructuring Other initial financial information about Contura Energy, Inc. can be found at www.conturaenergy.com Contura will be led by Kevin Crutchfield as Chief Executive Officer, with a workforce of over 2,200 former Alpha Natural Resources employees. "[Tues]day marks the successful culmination of a complex and arduous process, made possible by the tireless work of countless employees, collaboration among a diverse stakeholder group, and the unwavering commitment of Contura's management team and owners to achieve a positive outcome," said Mr. Crutchfield. "The result is the creation of a strong operational asset base, well-positioned to serve unique customer needs in today's challenged coal market." Contura also announced on July 26 the formation of its Board of Directors. Appointed Directors include: Crutchfield; Albert E. Ferrara, Jr., Retired Senior Vice President and Chief Financial Officer of AK Steel Corporation; Jonathan Segal, Managing Director at Highbridge Capital Management, LLC; and Neale Trangucci, Principal at NXT Partners, LLC. Additional Board Members may be announced upon appointment. The buyers were advised by Ducera Partners LLC and Davis Polk & Wardwell LLP. Alpha Natural Resources was advised by Rothschild & Co and Jones Day. About Contura Energy Contura Energy -- http://www.conturaenergy.com/-- is a private, Tennessee-based company with affiliate mining operations across multiple major coal basins in Pennsylvania, Virginia, West Virginia and Wyoming. With customers across the globe, Contura Energy reliably supplies both metallurgical coal to the steel industry and thermal coal to generate power. About Alpha Natural Resources Headquartered in Bristol, Virginia, Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of August 2015, Alpha had 8,000 full time employees across many different states, with UMWA representing 1,000 of the employees. Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896) and its affiliates filed separate Chapter 11 bankruptcy petitions on Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June 30, 2015. The petitions were signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the cases. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson, Esq., at Jones Day serve as the Debtors' general counsel. Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 4 appointed seven creditors of Alpha Natural Resources Inc. to serve on the official committee of unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq., and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. * * * Alpha Natural Resources, Inc. on March 8, 2016, disclosed that it has filed a proposed Chapter 11 Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Virginia. Together with the motion seeking approval of a marketing process for Alpha's core operating assets, these filings provide for the sale of Alpha's assets, detail a path toward the resolution of all creditor claims, and anticipate the emergence of a streamlined and sustainable reorganized company able to satisfy its environmental obligations on an ongoing basis. By selling certain assets as a going concern and restructuring the company's remaining assets into a reorganized Alpha, the company is able to provide maximum recovery to its creditors, while preserving jobs and putting itself in the best position to meet its reclamation obligations. The Troubled Company Reporter, on July 14, 2016, citing BankruptcyData.com reported that in a corporate release, Alpha Natural Resources announced that, contingent upon the finalization of certain definitive documentation and the entry of a formal U.S. Bankruptcy Court confirmation order, the Court has indicated that it will confirm the Company's Second Amended Joint Plan of Reorganization. AMERLINK: Dismissal of Newton, Diorio Forest's Claims Reversed -------------------------------------------------------------- The Court of Appeals of North Carolina reversed the trial court's orders and judgments which dismissed the claims of John Newton, et al., and Diorio Forest Products, Inc., et al., against John M. Barth, Jr., and John M. Barth, based on lack of subject matter jurisdiction and failure to state a claim upon which relief could be granted. The plaintiffs have argued that the trial court erred in determining they lack standing to assert their claims and that their claims were barred by the applicable statutes of limitations. The appellate court agreed. This case arises from two separate class action lawsuits filed in Wake County Superior Court alleging claims for fraud, unfair and deceptive trade practices, civil conspiracy, and punitive damages against Junior and Senior by the customers, vendors, and suppliers of AmerLink, Ltd., a North Carolina corporation that engaged in the business of selling materials and contracts for the construction of log homes. The Newton Plaintiffs were customers of AmerLink, and the Diorio Plaintiffs were vendors and suppliers of AmerLink. Junior was AmerLink's president and CEO from 2006 to 2008. Senior is Junior's father, and although he never held any formal position with AmerLink, the Newton and Diorio Plaintiffs allege that beginning in 2007 and continuing until October 2009, Junior and Senior engaged in a fraudulent scheme to acquire control of AmerLink at a depreciated price by falsifying financial statements and other documents, secretly infusing over $2 million into AmerLink to prop up the corporation and conceal the falsified financial statements, and misrepresenting AmerLink's distressed financial condition. On February 12, 2009, AmerLink filed for Chapter 11 bankruptcy. The case is JOHN NEWTON, HARRY SCHATMEYER, CHERYL SCHATMEYER, JUANVELASQUEZ, ROBERT THOMPSON, KRISTI THOMPSON, DALE F. CAMARA, A.J. RICE, VIOLANE RICE, RANDALL SLAYTON, MARIE PALADINO, MARCAR ENTERPRISES, INC., MAYNARD SIKES, NANCY SIKES, BILLY BACON, BEVERLY BACON, SABINA HOULE, KENNETH COURNOYER, LAWANNA COURNOYER, GARY GROSS, ELKE GROSS, JACK DONNELLY, and JOSEPH KINTZ, on behalf of themselves and all persons similarly situated, Plaintiffs, RICHARD B. SPOOR, Plaintiff, v. JOHN BARTH, JR., and JOHN BARTH, (SR.), Defendants. DIORIO FOREST PRODUCTS, INC., 919 MARKETING COMPANY, INC., and JAMES B. ENTERPRISES, INC., formerly EPPERSON LUMBER SALES, INC., on behalf of themselves and all entities similarly situated, Plaintiffs, and RICHARD B. SPOOR, Plaintiff, v. JOHN BARTH, JR., and JOHN BARTH (SR.), Defendants, Nos. COA15-1209, COA15-1210 (N.C. Ct. App.). A full-text copy of the Court's July 19, 2016 ruling is available at https://is.gd/wStLua from Leagle.com. Plaintiffs are represented by: Barry Nakell, Esq. 149 Dixie Dr Chapel Hill, NC 27514-6618 Orange County Tel: (919)967-7325 -- and –- Matthew Nis Leerberg, Esq. SMITH MOORE LEATHERWOOD LLP 434 Fayetteville Street, Suite 2800 Raleigh, NC 27601 Tel: (919)755-8700 Fax: (919)755-8800 Email: matt.leerber@smithmoorelaw.com John M. Barth, Jr. is represented by: Judson A. Welborn, Esq. J. Whitfield Gibson, Esq. MANNING FULTON & SKINNER, P.A. 3605 Glenwood Avenue, Suite 500 Raleigh, NC 27612 Tel: (919)787-8880 Email: welborn@manningfulton.com gibson@manningfulton.com John M. Barth is represented by: Reginald B. Gillespie, Jr., Esq. N. Hunter Wyche, Jr., Esq. WILSON & RATLEDGE, PLLC 4600 Marriott Dr., Suite 400 Raleigh, NC 27612 Tel: (919)787-7711 Fax: (919)787-7710 Email: hwyche@wrlaw.com -- and -- Michael J. Small, Esq. David B. Goroff, Esq. FOLEY & LARDNER LLP Email: msmall@foley.com dgoroff@foley.com APRICUS BIOSCIENCES: Terminates License Agreement with Sandoz ------------------------------------------------------------- NexMed (U.S.A.), Inc., a wholly-owned subsidiary of Apricus Biosciences, Inc., and Hexal AG, an affiliate within the Sandoz Division of the Novartis Group of Companies, mutually agreed to terminate the exclusive license agreement, previously entered into in February 2012, as amended and restated in December 2013 and further amended in February 2015, whereby NexMed granted Sandoz exclusive rights to market NexMed's Vitaros drug for the treatment of erectile dysfunction in certain countries in Europe and the Asia-Pacific. Sandoz, as a result of the mutual termination, is eligible to receive a one-time payment of $2.0 million upon transfer of the marketing authorization in Germany to Ferring and an additional $1.5 million paid in quarterly installments in 2016 and 2017. In addition, on July 22, 2016, NexMed entered into an amended and restated distribution agreement with Ferring International Center S.A., whereby NexMed extended Ferring's exclusive rights to market NexMed's Vitaros drug for the treatment of erectile dysfunction in Latin America, certain Caribbean countries and the United Kingdom to now include Germany, Austria, Belgium, Denmark, Finland, Iceland, Luxembourg, Norway, the Netherlands, Sweden, Switzerland, Malaysia, Indonesia, the Philippines, Thailand, Taiwan, Vietnam, Hong Kong, Singapore and Korea. NexMed will be eligible to receive an additional $3.6 million in upfront and pre-commercialization milestone payments, and up to an additional $1.5 million in launch milestone payments, for the expanded territory compared to the prior contract with Ferring. In combination with the terms of the previously signed distribution agreement and amendment with Ferring, NexMed is eligible to receive up to $34.1 million in combined upfront, regulatory, launch and sales milestone payments, plus high single-digit to low double-digit royalties based on Ferring's net sales of the product in the Territory. Ferring has agreed to obtain all necessary regulatory marketing approvals. These transactions are part of the Company's ongoing effort to enhance the global Vitaros brand, improve operating efficiencies, and insure that Vitaros is available to patients in licensed territories where the product is approved for marketing by the regulatory authorities. About Apricus Biosciences Apricus Biosciences, Inc., is a Nevada corporation that was initially formed in 1987. The Company has operated in the pharmaceutical industry since 1995. The Company's current focus is on the development and commercialization of innovative products and product candidates in the areas of urology and rheumatology. The Company's proprietary drug delivery technology is a permeation enhancer called NexACT. Apricus reported a net loss of $19.02 million in 2015, a net loss of $21.8 million in 2014 and a net loss of $16.9 million in 2013. As of March 31, 2016, Apricus had $10.4 million in total assets, $17.3 million in total liabilities, and a total stockholders' deficit of $6.84 million. BDO USA, LLP, in La Jolla, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has negative working capital and has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. ARNA VODENOS: Bid for Show Cause Order vs Ziv, Herrera Denied ------------------------------------------------------------- Judge Geraldine Mund of the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division, denied Arna Susan Vodenos's motion for an order to show cause regarding contempt against Youval Ziv and Alejandro Herrera, his attorney. Judge Mund concluded that the bad faith or willful misconduct required for the imposition of sanctions against Ziv or Herrera has not been shown. A full-text copy of Judge Mund's July 12, 2016 memorandum is available at https://is.gd/4THUKg from Leagle.com. The bankruptcy case is In re: Arna Susan Vodenos, Chapter 11, Debtor(s), Case No. 1:10-bk-25103-GM (Bankr. C.D. Cal.). Arna Susan Vodenos is represented by: Illyssa Fogel, Esq. P.O. Box 437 McDermitt, NV 89421 Tel: (775) 532-8088 E-mail: ifogel@iiflaw.com -- and -- Jeff Katofsky, Esq. 4558 Sherman Oaks Avenue Sherman Oaks, CA 91403 Tel: (818)990-1475 -- and -- Daniel B. Spitzer, Esq. LAW OFFICES OF DANIEL B SPITZER 16311 Ventura Boulevard, Suite 1200 Encino, CA 91436-2152 Tel: (818)990-9700 Fax: (818)990-9705 United States Trustee, U.S. Trustee, is represented by: S. Margaux Ross, Esq. OFFICE OF THE UNITED STATES TRUSTEE 915 Wilshire Blvd., Suite 1850 Los Angeles, CA 90017 Tel: (213)894-6811 ARNA VODENOS: Dismissal of Y. Ziv's Suit Reasonable, Court Rules ---------------------------------------------------------------- In the adversary proceeding captioned YOUVAL ZIV, Plaintiff(s), v. Arna Vodenos Defendant(s), Adv No. 1:16-ap-01028-GM (Bankr. C.D. Cal.), Judge Geraldine Mund of the United States Bankruptcy Court for the Central District of California, San Fernando Valley, has concluded that the dismissal of causes of action 1 through 7 pursuant to the terms of the stipulation between the plaintiff Youval Ziv and the defendant Arna Susan Vodenos, is reasonable and should be approved. The parties' stipulation was to: -- Dismiss the Quiet Title Action in Superior Court BC559813, although it has been removed to the Bankruptcy Court, as to Vodenos with prejudice; -- Dismiss causes of action 1 through 7 of the Quiet Title Action in Superior Court as to Vogel with prejudice; -- Allow Ziv to file a second amended complaint as to Vogel only by any procedure permitted by law, however that cannot include any relief as to the title or ownership of certain real property owned by Vodenos; -- Require Ziv to file a request for dismissal of the adversary proceeding; -- Take Ziv's Leave to Amend Motion, Reconsideration Motion, and Remand Motion and Vodenos' Motion to Dismiss off calendar; and -- Leave all other matters pending in bankruptcy court involving these parties unaffected, including Vodenos' bankruptcy (10-bk-25103-GM). Judge Mund will also order the remand of the proceeding to Superior Court, in order to effectuate the terms of the stipulation. However, since the co-defedant, Jason Vogel, has neither signed the stipulation nor even been given notice of the motion for dismissal pursuant to the stipulation, Vogel was given 14-days'-notice of and an opportunity to object to the order dismissing all causes of action in the adversary proceeding and remanding this proceeding to Superior Court. If Vogel does not file an objection in that time, the order will become effective. The bankruptcy case is In re: Arna Susan Vodenos, Chapter 11, Debtor(s), Case No. 1:10-bk-25103-GM (Bankr. C.D. Cal.). A full-text copy of Judge Mund's July 12, 2016 memorandum of opinion is available at https://is.gd/IwKchN from Leagle.com. YOUVAL ZIV is represented by: Alejandro H. Herrera, Esq. HESS HESS & HERRERA PC 233 Wilshire Blvd, Suite 400 Santa Monica, CA 90401 Tel: (213)545-1660 Fax: (213)232-7555 Arna Susan Vodenos is represented by: Illyssa Fogel, Esq. P.O. Box 437 McDermitt, NV 89421 Tel: (775) 532-8088 E-mail: ifogel@iiflaw.com -- and -- Jeff Katofsky, Esq. 4558 Sherman Oaks Avenue Sherman Oaks, CA 91403 Tel: (818)990-1475 ASTROTURF LLC: Hires FTI's Harding as Chief Restructuring Officer ----------------------------------------------------------------- AstroTurf LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Sean M. Harding of FTI Consulting as their Chief Restructuring Officer. The Debtor requires Mr. Harding with the assistance of FTI to: a. provide, if necessary additional FTI professionals to serve as additional temporary staff employed by the Debtor -- Additional Temporary Staff -- as of the Petition Date, Daly Brower has been provided as Additional Temporary Staff of the Debtor; b. advise the Debtor with respect to the sale of substantially woo of its assets; c. develop alternative strategies for improving liquidity (including the development and execution of overhead and expense reduction initiatives, divestitures, and cash conservation programs) and assist in the implementation thereof; d. implement measure to improve its cash flowing manage and conserve cash during its bankruptcy case; e. evaluate the Debtor's business, including identification and disposition of any non-core assets or operations; f. prepare of reports and communications with the Debtor's creditors and other constituencies and to serve as the Debtor's principal management contact with its creditors; g. manage the development, evaluation, negotiation, and execution of any chapter 11 plan; h. negotiate with existing lenders, creditors, and other parties in interest in the implementation of a chapter 11 plan; and i. perform other services for the Debtor as are contemplated by the Engagement Letter and other services as may be necessary and appropriate. FTI will be paid at these hourly rates: Sean M. Harding $712 Daly Brower $356 Senior Managing Director $825-$995 Directors/Managing Directors $615-$815 Consultants/Senior Consultants $325-$595 Administrative/Paraprofessionals $130-$260 Prior to the Petition Date, the Debtor paid FTI a "Cash on Account" retainer on the amount of $75,000 of which $31,504.37 remains outstanding. Upon the termination of FTI's engagement, FTI will return the unused portion of this retainer to the Debtor. Before Petition Date, FRI received payment of $107,114.58 on account of fees and expenses. FTI will also be reimbursed for reasonable out-of-pocket expenses incurred. Sean Harding, senior managing director with FTI Consulting, Inc., assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. FTI may be reached at: Sean Harding FTI Consulting, Inc. One Atlantic Center 1201 West Peachtree Street, Suite 500 Atlanta, GA 30309 Tel: 404.460.6265 Fax: 404.460.6230 About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP, as Chapter 11 counsel, and Wilmer Cutler Pickering Hale and Dorr LLP as special counsel. Kurtzman Carson Consultants LLC serves as the Debtor's claims, noticing, and balloting agent. The official committee of unsecured creditors retained Morris, Manning & Martin, LLP as its legal counsel, and GlassRatner Advisory & Capital Group, LLC as its financial advisor. ASTROTURF LLC: Hires King & Spalding as Counsel ----------------------------------------------- AstroTurf, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to employ King & Spalding, LLP as counsel, nunc pro tunc to June 28, 2016. The Debtor requires King & Spalding to: a. advise the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business; b. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiations of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; d. negotiate and prepare on behalf of the Debtor a plan, a disclosure statement, and all related documents; e. negotiate and prepare documents relating to the disposition of assets, as requested by the Debtor; f. advise the Debtor on finance, finance-related matters and transactions, and matters relating to the sale of the Debtor's assets; and g. perform such other legal services for the Debtor as may be necessary and appropriate. King & Spalding will be paid at these hourly rates: Paul K. Ferdinands, Partner $935 Mark M. Maloney, Partner $925 Jeff Dutson, Senior Associate $680 Karyn Heavenrich, Associate $400 Toni Silva, Paralegal $285 King & Spalding will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul K. Ferdinands, partner in the firm of King & Spalding LLP, 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 Debtors and their estates. King & Spalding may be reached at: Paul K. Ferdinands, Esq. Mark M. Maloney, Esq. Jeff Dutson, Esq. Karyn Heavenrich, Esq. King & Spalding LLP 1180 Peachtree Street Atlanta, GA 30309-3521 Telephone: (404)572-4600 Facsimile: (404)572-5131 E-mail: pferdinands@kslaw.com mmaloney@kslaw.com jdutson@kslaw.com kheavenricg@kslaw.com About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP, as Chapter 11 counsel, and Wilmer Cutler Pickering Hale and Dorr LLP as special counsel. Kurtzman Carson Consultants LLC serves as the Debtor's claims, noticing, and balloting agent. The official committee of unsecured creditors retained Morris, Manning & Martin, LLP as its legal counsel, and GlassRatner Advisory & Capital Group, LLC as its financial advisor. ASTROTURF LLC: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- AstroTurf LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to retain and compensate professionals in the ordinary course of business. Ordinary Course Professionals identified by the Debtor as of the Petition Date are: Green Toxicology, LLC Minor, Bell & Neal Jackson Spalding Keywood Strategies McTighe, Weiss & O'Rourke, PC Robinson IP Law, PLLC Sloan & Company Gardere Wynn & Sewell, LLP Van Fleet Associates Innovanent Group, LLC The Debtor desires to continue to employ the Ordinary Course Professionals to render services to its estate similar to those services they provided prior to the Petition Date. These services includes services regarding (i) routine litigation, (ii) tax matters, (iii) intellectual property, (iv) accounting, and (v) other corporate matters. The Debtor will pay each Ordinary Course Professional, without prior application to the Court by the professional, all of the fees and disbursements owed to the Ordinary Course Professional, upon the submission to and approval by the Debtor of an appropriate invoice setting forth in reasonable detail the nature of the services rendered and disbursements actually incurred; provided, however, that if any Ordinary Course Professional's fees and disbursements exceed $30,000 in a particular month, then the payment to the Ordinary Course Professional for any amount in excess of $30,000 per month shall be subject to the prior approval of the Court in accordance with Sections 330 and 331 of the Bankruptcy Code. The Debtor does not believe that any of the Ordinary Course Professional have an interest materially adverse to the Debtor to its estate as to the matter for which they are to be engaged. About AstroTurf LLC AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016. The petition was signed by Sean M. Harding, chief restructuring officer. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. The case is assigned to Judge Paul W. Bonapfel. The Debtor is represented by Paul K. Ferdinands, Esq., at King & Spalding LLP, as Chapter 11 counsel, and Wilmer Cutler Pickering Hale and Dorr LLP as special counsel. Kurtzman Carson Consultants LLC serves as the Debtor's claims, noticing, and balloting agent. The official committee of unsecured creditors retained Morris, Manning & Martin, LLP as its legal counsel, and GlassRatner Advisory & Capital Group, LLC as its financial advisor. ATLAS RESOURCE: Headed to Bankruptcy in Pre-Packaged Deal --------------------------------------------------------- The American Bankruptcy Institute, citing Jamison Cocklin of the Natural Gas Intel, reported that Atlas Resource Partners LP said it has reached a restructuring deal with nearly all of its lenders and bondholders that agreed to reduce its debt by $900 million in exchange for all the common equity in the new company when it emerges from Chapter 11 bankruptcy proceedings. According to the report, the company said it has entered a restructuring support agreement with all of its revolving credit facility lenders and second lien lenders and 80% of its senior noteholders. If completed, ARP said the agreement would reduce the company's debt by $900 million and lower its interest expense by $80 million per year, the report related. The debt reduction would be achieved through the conversion of ARP's $668 million in outstanding senior notes into 90% of the restructured company's common equity, the report further related. The second lien lenders would also receive 10% of the common equity in the new company, while ARP's general partner, Atlas Energy Group LLC, would receive a 2% economic interest for providing administrative and operating services, the report said. The restructuring would establish a new senior secured credit facility of $440 million with a redetermination that would be suspended until May 2017 as long as the new company meets certain conditions, the report added. ARP said the remaining debt on its books would be cleared with the proceeds from selling its natural gas and oil hedge positions, the report said. * * * The Troubled Company Reporter, on July 20, 2016, reported that S&P Global Ratings lowered its corporate credit and issue-level ratings on Atlas Resource Partners L.P. to 'D' from 'CCC-' and 'C', respectively. The recovery rating on the company's senior unsecured debt remains '6', indicating S&P's expectation of average (0%-10%) recovery in the event of a payment default. B. L. GUSTAFSON: Needs Until Oct. 23 to File Plan ------------------------------------------------- B. L. Gustafson, LLC, asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusive period to file a plan through October 23, 2016, and the time for obtaining acceptances of that plan through December 22, 2016. According to the Debtor, the extension of the Plan exclusivity period for ninety days would allow it ample time to formulate a Plan. The Debtor says it is still evaluating the claims that have been made against it and determining the necessity and feasibility of a Plan and/or alternatives. Attorneys for B. L. Gustafson, LLC: John F. Kroto, Esq. Guy C. Fustine, Esq. KNOX McLAUGHLIN GORNALL & SENNETT, P.C. 120 West Tenth Street Erie, Pennsylvania 16501-1461 Telephone: (814) 459-2800 Email: jkroto@kmgslaw.com gfustine@kmgslaw.com B.L. Gustafson, LLC filed a Chapter 11 petition (Bankr. W.D. Penn. Case No. 15-11361) on December 28, 2015. BIND THERAPEUTICS: Pfizer Cleared to Buy Nanotech Drug Firm ----------------------------------------------------------- Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy, reported that Pfizer Inc. won bankruptcy-court approval to buy the assets of Bind Therapeutics after an auction doubled Pfizer's starting offer, for a final price of $40 million. According to the report, the results mean estimated profits of $22.5 million to be divided among Bind shareholders, company lawyer Peter Gilhuly said at the Wednesday court hearing when the sale was approved. "To call this a success would be an understatement," the report cited Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., as saying. When Bind filed for chapter 11 protection on May 1, it had limited funds and time to find a buyer for its business, the report noted. The sale price means the business, which develops drug treatments that use nanoparticles to treat cancer, will continue in Pfizer's hands, the report said. The deal also enables Bind to pay its bills and will allow shareholders to walk away with some cash, the report added. About BIND Therapeutics BIND Therapeutics is a biotechnology company developing novel targeted therapeutics, primarily for the treatment of cancer. BIND Therapeutics, Inc., aka BIND Biosciences, Inc., and BIND Biosciences Security Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11084 and 16-11085) on May 1, 2016. Peter M. Gilhuly, Esq., Kimberly A. Posin, Esq., and Adam E. Malatesta, Esq., at Latham & Watkins LLP, and John Henry Knight, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., serve as Chapter 11 counsel. The Debtors' financial advisor is Cowen and Company, LLC. Prime Clerk LLC serves as claims and noticing agent. In its petition, the Debtors estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Andrew Hircsh, president and chief executive officer. BJORNER ENTERPRISES: Case Summary & 11 Unsecured Creditors ---------------------------------------------------------- Debtor: Bjorner Enterprises, Inc., a California corporation fdba BEI Electrical Supplies fdba Whole Life Natural Foods 2535 Madrona Ave St. Helena, CA 94574 Case No.: 16-10637 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Northern District of California (Santa Rosa) Judge: Hon. Alan Jaroslovsky Debtor's Counsel: John H. MacConaghy, Esq. MACCONAGHY & BARNIER, PLC 645 1st St. W #D Sonoma, CA 95476 Tel: (707) 935-3205 E-mail: macclaw@macbarlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 millon to $10 million The petition was signed by John Bjorner, president. A copy of the Debtor's list of 11 unsecured creditors is available for free at http://bankrupt.com/misc/canb16-10637.pdf BLACK ELK: Blackhill Partners Completes Restructuring ----------------------------------------------------- Blackhill Partners, an investment bank specializing in complex situations, has completed the reorganization of Black Elk Energy Offshore Operations, LLC, guiding the company through bankruptcy. Blackhill led Black Elk through a complex Chapter 11 proceeding that included more than $1 billion of restructured liabilities and $15 million in structured roll-up debtor-in-possession (DIP) financing. "Black Elk was a complex bankruptcy involving the largest ever attempted oil and gas decommissioning plan in Chapter 11," said Lance Gurley, Director, Blackhill Partners. "We were able to draw on our significant experience advising distressed operators in the Gulf of Mexico Outer Continental Shelf to guide the plan to consummation." In approving the bankruptcy plan, Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, located in Houston, said from the bench: "(The) team just did an extraordinary job so far in the case. I know we're not done, but what (has been) accomplished is really unbelievable," said Judge Isgur. "It's a case that could have been a total disaster and it wasn't. So I just want to compliment (the team). It's a pretty phenomenal result." In addition to Gurley, Blackhill's Energy Restructuring Team for Black Elk included Jeff Jones, Tripp Ballard and Todd Heinz, who drew on their expertise in onshore and offshore energy restructurings to maximize recoveries for creditors. The Blackhill team coordinated with counsel to Black Elk from Baker & Hostetler's Restructuring and Reorganization group, composed of partners Elizabeth Green, Jorian Rose and Jimmy Parrish. Black Elk Energy was an independent oil and gas company headquartered in Houston, Texas. The company operated and held interests in properties offshore in the Gulf of Mexico, located within Louisiana and Texas as well as Federal waters, in depths ranging from ten feet up to 3,700 feet. About Blackhill Partners Headquartered in Dallas, Texas, Blackhill Partners, LLC -- http://www.blackhillpartners.com-- is an investment bank specializing in complex situations. Blackhill's professionals have advised Fortune 500 and middle-market companies on over $100 billion of mergers, acquisitions, financings and restructurings across a broad range of industries, with particular depth in energy and industrial businesses. About Black Elk Black Elk Energy Offshore Operations, LLC, is a Houston, Texas based privately held limited liability company engaged in the acquisition, exploitation, development and production of oil and natural gas properties primarily in the shallow waters of the Gulf of Mexico near the coast of Louisiana and Texas. Black Elk had total assets of $340 million and total debt of $432 million as of Sept. 30, 2014. Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern District of Texas placed Black Elk under Chapter 11 bankruptcy protection on Sept. 1, 2015, converting an involuntary Chapter 7 bankruptcy petition by its creditors. Thereafter, the Company filed with the Court a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-34287) on Sept. 10, 2015. Judge Paul later recused herself from the case and the matter was given to Judge Marvin Isgur, according to information posted on the case docket on Sept. 14. The Debtor is represented by Elizabeth E. Green of Baker & Hostetler. Blackhill Partners' Jeff Jones is the Debtor's Chief Restructuring Officer. BLACK ELK: Plan of Liquidation Declared Effective ------------------------------------------------- BankruptcyData.com reported that Black Elk Energy Offshore Operations' Third Amended Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 13, 2016. According to documents filed with the Court, "The purpose of the Plan is to provide for the orderly wind-down of the Debtor's operations, the liquidation of the Debtor's assets, the satisfaction of the Debtor's environmental liabilities, and the orderly distribution of the Debtor's remaining assets to creditors. The Plan contemplates the creation of two trusts, the Litigation Trust and the Liquidation Trust, into which all of the Debtor's assets will be transferred. On the Effective Date, the Debtor will transfer the Litigation Trust Assets to the Litigation Trust, and transfer the Debtor's remaining assets, defined in the Plan as the Liquidation Trust Assets, to the Liquidation Trust. In the event that the Debtor and Northstar reach an agreement on terms, and upon consent of various parties as set forth in Section VII(C) of the Plan, the Debtor will transfer the Northstar Assets to Northstar on or before the Effective Date, and in such event the Northstar Assets shall not become property of either the Litigation or Liquidation Trusts." About Black Elk Black Elk Energy Offshore Operations, LLC, is a Houston, Texas based privately held limited liability company engaged in the acquisition, exploitation, development and production of oil and natural gas properties primarily in the shallow waters of the Gulf of Mexico near the coast of Louisiana and Texas. Black Elk had total assets of $339.7 million and total debt of $432.3 million as of Sept. 30, 2014. Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern District of Texas placed Black Elk under Chapter 11 bankruptcy protection on Sept. 1, 2015, converting an involuntary Chapter 7 bankruptcy petition by its creditors. Thereafter, the Company filed with the Court a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-34287) on Sept. 10, 2015. Judge Paul later recused herself from the case and the matter was given to Judge Marvin Isgur, according to information posted on the case docket on Sept. 14. The Debtor is represented by Elizabeth E. Green of Baker & Hostetler. Blackhill Partners' Jeff Jones is the Debtor's Chief Restructuring Officer. BOULEVARD ENTERTAINMENT: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Boulevard Entertainment Greenville, LLC. Boulevard Entertainment Greenville, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 16-03313) on July 1, 2016. The Debtor is represented by Robert H. Cooper, Esq., at The Cooper Law Firm. C-LEVELED LLC: Case Summary & 14 Unsecured Creditors ---------------------------------------------------- Debtor: C-Leveled, LLC 4117 Liberty Avenue Pittsburgh, PA 15224-1446 Case No.: 16-22748 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Western District of Pennsylvania (Pittsburgh) Judge: Hon. Gregory L. Taddonio Debtor's Counsel: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 428 Forbes Ave., Suite 900 Pittsburgh, PA 15219 Tel: 412-232-0930 Fax: 412-232-3858 E-mail: dcalaiaro@c-vlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Denise DeSimone, chairman. A copy of the Debtor's list of 14 unsecured creditors is available for free at http://bankrupt.com/misc/pawb16-22748.pdf CAESARS ENTERTAINMENT: Unit Bondholders Seek Sanctions vs. Apollo ----------------------------------------------------------------- Jacqueline Palank, writing for The Wall Street Journal Pro Bankruptcy, reported that holdout bondholders in the $18 billion restructuring of Caesars Entertainment Corp.'s operating unit have asked a bankruptcy judge to slap sanctions on Caesars owner Apollo Global Management after an Apollo official allegedly failed to show for a deposition. According to the report, a group of junior bondholders filed papers asking the U.S. Bankruptcy Court in Chicago to force Apollo co-founder Marc Rowan and Apollo partner David Sambur to appear for questioning at depositions scheduled in the coming weeks. The bondholders are also seeking sanctions against Apollo and Mr. Sambur, who allegedly failed to attend a deposition, the report related. "Apollo simply ignored the law," the report said, citing the bondholders as saying in the court filing, adding that sanctions should encompass their legal fees related to the failed deposition plus $25,000 for the bankrupt Caesars unit. The private-equity firm is willing to have its officials be deposed, a person familiar with the matter said; however, the Apollo officials first need to be able to view documents that are just now being produced in the bondholders' investigation so that they may be prepared to answer questions related to those documents, the report related. In court papers, the bondholders called this a baseless justification, the report noted. The junior bondholders, the lone major creditor group that hasn't backed the restructuring of Caesars's main casino operating unit, are seeking to question Messrs. Sambur and Rowan in connection with deals that preceded the Caesars unit's chapter 11 filing in January 2015, the report further related. The bondholders claim the deals essentially looted the struggling Caesars unit of valuable assets for the benefit of Caesars and its private-equity owners, Apollo and TPG, which Caesars and its owners dispute, the report added. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. * * * The U.S. Bankruptcy Court for the Northern District of Illinois approved the adequacy of the disclosure statement explaining the second amended joint Chapter 11 plan of reorganization of Caesars Entertainment Operating Company Inc. and its debtor-affiliates. The Court set Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time) as last day for any holder of a claim entitle to vote to accept or reject the Debtors' plan. A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailing Central Time) in Courtroom No. 642 in the Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, to confirm the Debtors' plan. Objections to confirmation, if any, are due Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time). CARLBROOK SCHOOL: Hearing on Plan Outline Moved to Sept. 14 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia is set to hold a hearing on September 14, at 11:30 a.m., to consider the disclosure statement detailing the Chapter 11 plan of The Carlbrook School, LLC. The hearing will take place at the US Courthouse, Third Floor Courtroom, 700 Main Street, Danville, Virginia. Objections are due by August 19. The Debtor is represented by: Andrew S. Goldstein, Esq. Magee Goldstein Lasky & Sayers, PC P.O. Box 404 Roanoke, VA 24003 Email: agoldstein@mglspc.com About The Carlbrook School The Carlbrook School, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Va. Case No. 16-60268) on February 17, 2016. The petition was signed by Justin J. Merritt, managing member of Education Management Services, LLC, manager of The Carlbrook School, LLC. The case is assigned to Judge Paul M. Black. At the time of the filing, the Debtor estimated its assets at $100,000 to $500,000 and debts at $1 million to $10 million. CARTER ELECTRIC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Carter Electric Co., Inc. 3940 Washington Road Augusta, GA 30907 Case No.: 16-11007 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Southern District of Georgia (Augusta) Judge: Hon. Susan D. Barrett Debtor's Counsel: Todd Boudreaux, Esq. BOUDREAUX LAW FIRM 493 Furys Ferry Road Augusta, GA 30907 Tel: 706-869-1334 Fax: 706-869-3143 E-mail: toddb@csra.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Walter P. Carter, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/gasb16-11007.pdf CAVIUM INC: Moody's Assigns Ba3 CFR & Rates Sr. Secured Debt Ba3 ---------------------------------------------------------------- Moody's Investors Service assigned first time ratings to the debt of the Cavium, Inc -- Corporate Family Rating of Ba3 and Probability of Default Rating (PDR) of Ba3-PD, a Ba3 rating to the $700 million Senior Secured Term Loan B, and a Speculative Grade Liquidity rating of SGL-2. The rating outlook is stable. Cavium intends to use the proceeds of the Term Loan B, an interim secured term loan (maturing Feb. 15, 2017), balance sheet cash, and new equity to acquire QLogic Corp. for about $1.3 billion (excluding transaction expenses). RATINGS RATIONALE The Ba3 CFR reflects Cavium's established niche market positions in segments of the embedded network processor and network interface connectivity device markets and expectations of consistent Free Cash Flow generation following the acquisition of QLogic. The moderate product life cycles, which limit revenue volatility, along with Cavium's fabless manufacturing model tends to produce fairly stable FCF, since a large portion production is outsourced, limiting required capital expenditures. The acquisition of QLogic brings Cavium strong market positions in the Fibre Channel and Ethernet adapter and controller chip segments and access to QLogic's storage customer base, reflecting the important role the Fibre Channel protocol plays in storage networks. More generally, the QLogic diversifies Cavium's revenue base and increases scale, raising revenues to nearly $1 billion. The rating also reflects the starting leverage of nearly 5x debt to EBITDA (LTM March 31, 2016, Moody's adjusted) pro forma for the QLogic acquisition. This level of leverage is high given both Cavium's small scale relative to key market competitors Intel Corp., NXP, and Broadcom Ltd. and the significant execution risks integrating QLogic, which has a revenue base approximately equal to that of Cavium. Moreover, the integration of QLogic will be occurring as Cavium is marketing several new product families, including ThunderX server processors and XPliant Ethernet switch chips. However, Moody's expects rapid deleveraging over the near term as Cavium reduces QLogic's cost structure and directs FCF to debt reduction, reducing debt to EBITDA (Moody's adjusted) toward 3.5x and FCF to debt (Moody's adjusted) toward 20% over the 12 to 18 months following closing. The Speculative Grade Liquidity rating of SGL-2 reflects Cavium's good liquidity, which is supported by consistent FCF and the cash balance. Moody's expects that Cavium will generate annual cash from operations (Moody's adjusted) of at least $200 million, which will comfortably cover capital expenditures of less than $80 million. The Term Loan B is not governed by any financial maintenance covenants. Although Cavium has no plans to obtain a revolving credit facility, Moody's believes that Cavium will maintain a cash balance of at least $200 million, which should provide Cavium with good liquidity given Cavium's consistent FCF generation. The stable outlook reflects Moody's expectation that QLogic will be integrated into Cavium without any significant operational disruption and that the combined company will generate revenue growth at least in the low-single digits over the next 12 months. We expect rapid deleveraging over the near term as Cavium reduces QLogic's cost structure and directs FCF to debt reduction, reducing debt to EBITDA (Moody's adjusted) to below 3.5x and FCF to debt (Moody's adjusted) toward 20% over the 12 to 18 months following closing. A ratings upgrade is unlikely over the next year due to the integration execution risks and high leverage. Over the intermediate term the ratings could be upgraded if Cavium generates organic revenue growth at levels suggesting broad market acceptance of Cavium's new product lines (ThunderX, XPliant, Octeon Fusion-M, and LiquidIO) and continued growth in Cavium and QLogic's core products. Moody's would expect the EBITDA margin (Moody's adjusted) to be sustained above the mid-twenties percent level. Moody's would expect that leverage would be consistently modest, with FCF to debt (Moody's adjusted) maintained above 20%. The ratings could be lowered if Cavium's EBITDA margin (Moody's adjusted) does not rise toward the twenty percent level or if Cavium's revenue growth trails that of its key competitors, indicating a loss of market share. The rating could also be lowered if Cavium does not make steady progress towards reducing leverage to below 3.5x EBITDA (Moody's adjusted) over the year following closing. Cavium, Inc., based in San Jose, California, is a fabless semiconductor firm that produces network, security, server, and switching processors and systems. QLogic Corp., based in Aliso Viejo, California, is a fabless semiconductor firm that produces interface devices for storage area networks, including Fibre Channel and Ethernet adapters and controller chips. These ratings were assigned: Corporate Family Rating -- Ba3 Probability of Default Rating -- Ba3-PD Senior Secured Term Loan B due 2022 -- Ba3 (LGD3) Speculative Grade Liquidity rating -- SGL-2 Rating Outlook – stable The principal methodology used in these ratings was Semiconductor Industry Methodology published in December 2015. CCC LAND COMPANY: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of CCC Land Company, LLC. CCC Land Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 16-03241) on June 30, 2016. The Debtor tapped Skinner Law Firm, LLC to serve as its legal counsel. CCC OF FAIRPLAY: A. Dale Watson Appointed Patient Care Ombudsman ---------------------------------------------------------------- The United States Bankruptcy Court for the District of South Carolina granted the application of the United States Trustee for the appointment of A. Dale Watson of the State Long Term Care Ombudsman Program as the patient care ombudsman for CCC of Fairplay, LLC. The Bankruptcy Court further ordered that Mr. Watson will terminate as the PCO in this case upon the earlier of: (1) the sale of the assisted living facility operated by the Debtor; (2) the closing of the assisted living facility operated by the Debtor; (3) the closing or dismissal of this bankruptcy case; or (4) an order by the Court relieving the PCO of her duties. About CCC of Fairplay CCC of Fairplay, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 16-03240) on June 30, 2016. The Debtor seeks to hire Skinner Law Firm, LLC, as its legal counsel. CCC OF FAIRPLAY: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of CCC of Fairplay, LLC. CCC of Fairplay, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 16-03240) on June 30, 2016. The Debtor tapped Skinner Law Firm, LLC to serve as its legal counsel. CHARTER SCHOOL: Hires Nardella as Counsel ----------------------------------------- Charter School Development Services, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Nardella & Nardella, PLLC as counsel to the Debtor, nunc pro tunc to June 29, 2016. The Debtor requires Nardella to: a. advise and counsel the debtor-in-possession concerning the operation of its business in compliance with Chapter 11 and bankruptcy court orders; b. defend any causes of action on behalf of the debtor-in-possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; e. provide all services of a legal nature on the field of bankruptcy law. Nardella will be paid at these hourly rates: Michael A. Nardella $285 Paraprofessionals $140 The Debtor paid Nardella $8,917 on a current basis, for services rendered and costs incurred prior to commencement of this case. Nardella received $50,000 as retainer. Michael A. Nardella, partner of the law firm of Nardella & Nardella, PLLC, 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 estate. Nardella may be reached at: Michael A. Nardella, Esq. Nardella & Nardella, PLLC, 259 East Colonial Drive, Suite 102 Orlando, FL 32801 Phone: 407 966 2676 E-mail: mnardella@nardellalaw.com About Charter School Development Services, Inc. Charter School Development Services, Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04312) on June 29, 2016. Nardella & Narella PLLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Vince V. Desai, president. COATES INTERNATIONAL: President Buys 200 Million More Shares ------------------------------------------------------------ President and CEO George J. Coates has purchased a further 200,000,000 shares of common stock from Coates International, Ltd. Mr. Coates comments: "I could not resist the low price of our Company stock. Considering the potential and asset value of our Company and the investment of approximately $40,000,000 in scientific R&D over a period of 25 years and successfully designing, building and testing the Coates CSRV green engine technology in automobiles, 6-cylinders and V8's, natural gas electric power generators, industrial generator sets, home propane stand-alone 35 KW generators, air cooled V-twin heavy cruiser motorcycles and more. "Including being awarded patents on the CSRV green engine technology worldwide, I believe this technology will benefit the world by the following attributes: * Lowering the consumption of fossil fuels; * Utilizing alternative fuels such as natural gas, CNG, LNG, propane and hydrogen; * Lowering production of harmful emissions that is continuously pumped directly into our atmosphere; HC, CO, NoX and Micronic particules; * Eliminating the more than 100 year old poppet valves and many hundreds of parts by replacing them with only two CSRV rotating shafts; * Requiring no maintenance for the life of the engine; and * Extended oil change intervals from 5,000 miles to 50,000 miles or more. The true value of this Company and its CSRV green engine technology and intellectual property has not been realized yet, but we believe it will be soon." There can be no assurance that the Company will be successful in any of its endeavors. On July 22, 2016, the board of directors agreed to the request from George J. Coates, majority shareholder, president, CEO and Chairman of the Company, to convert promissory notes in the aggregate amount of $120,000, including accrued interest of $35,857 into 200,000,000 unregistered shares of the Company's common stock, par value $.0001 per share, at a conversion rate equal to the published closing price of the Company's common stock on July 22, 2016, which was $0.0006 per share. It should be noted that Mr. Coates has demonstrated his substantial commitment to and faith in the Registrant as evidenced by his deferral of all of his salary for more than the last three years since January 2013 amounting to approximately $870,000. In addition, Mr. Coates has been providing working capital to fund the Registrant's operations from time to time since September 2010 in the form of 17% promissory notes. As of July 25, 2016, the balance due to Mr. Coates, consisting of unpaid accrued interest was approximately $227,000. Furthermore, Bernadette Coates, the spouse of Mr. Coates is owed a total of approximately $304,000 in unpaid deferred salary since the January 2013 and promissory notes from working capital provided to the Registrant from time to time since April 2012, including accrued interest thereon. About Coates Based in Wall Township, N.J., Coates International, Ltd. (OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated on August 31, 1988, for the purpose of researching, patenting and manufacturing technology associated with a spherical rotary valve system for internal combustion engines. This technology was developed over a period of 15 years by Mr. George J. Coates, who is the President and Chairman of the Board of the Company. The Coates Spherical Rotary Valve System (CSRV) represents a revolutionary departure from the conventional poppet valve. It changes the means of delivering the air and fuel mixture to the firing chamber of an internal combustion engine and of expelling the exhaust produced when the mixture ignites. Coates International reported a net loss of $10.2 million on $94,200 of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $12.8 million on $19,200 of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Coates had $2.42 million in total assets, $7.56 million in total liabilities, and a total stockholders' deficiency of $5.14 million. Cowan, Gunteski & Co., P.A., in Tinton Falls, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company continues to have negative cash flows from operations, recurring losses from operations, and a stockholders' deficiency. These conditions raise substantial doubt about its ability to continue as a going concern. COMMUNITY VISION: Hires Steven Nosek and Yvonne Doose as Counsel ---------------------------------------------------------------- Community Vision Development Programs, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota to employ Steven B. Nosek and Yvonne R. Doose as attorneys for the Debtor. The Debtor has chosen Steven B. Nosek and Yvonne R. Doose because of their knowledge of the financial affairs and business operations of the Debtor's company and because of their proven competency in the field of bankruptcy. The services rendered by Steven B. Nosek and Yvonne R. Doose include pre-petition planning, analysis of the Debtor's financial situation, planned use of cash collateral, post-petition financing, and the rendering of advice and assistance to determine if the Debtor should file a Petition for Relief under Title 11 of the U.S. Code, preparation and filing of a Petition for Relief, Statement of Financial Affairs, and other documents required by the Court, representation of the Debtor at expected adversary proceedings, motions, meetings of creditors and formulation of a Plan of Reorganization for the Debtor's business. Mr. Nosek will be charging the Debtor $300 per hour for his services rendered, while Ms. Doose will charge $150 per hour. The Attorneys will also be reimbursed for reasonable out-of-pocket expenses incurred. Both Mr. Nosek and Ms. Doose 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 Debtors and their estates. The Attorneys can be reached at: Steven B. Nosek, Esq. 2855 Anthony Lane South, Suite 201 St. Anthony, MN 55418 Tel: (612)335-9171 E-mail: snosek@noseklawfirm.com - and - Yvonne R. Doose, Esq. 900 Airport Road Princeton, MN 55371 Community Vision Development Programs, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 16-42109) on July 18, 2016. COMPANION DX: U.S. Trustee Forms 3-Member Committee --------------------------------------------------- U.S. Trustee Judy A. Robbins, on July 26, appointed three creditors of Companion DX Reference Lab, LLC, to serve on the official committee of unsecured creditors. The committee members are: (1) XFIN, Inc. Attn: James C. Malone 12225 El Camino Real San Diego, CA 92130 Tel: (858) 436-1139 Fax: (856) 793-5701 E-mail: jmalone@xfin.com Attorney: Jason.boland@nortonrosefulbright.com (2) Quadax, Inc. Attn: Mark G. Tibbs 3690 Orange Place, Suite 270 Beachwood, OH 44122 Tel: (440) 788-2118 Fax: (440) 788-2128 E-mail: marktibbs@quadax.com (3) Path-Tec, LLC Attn: Kathy Windham 5700 Old Brim Road Midland, GA 31820 Tel: (706) 507-3475 Fax: (716) 569-6369 E-mail: kwindham@path-tec.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Companion DX Reference Lab, LLC Companion DX Reference Lab, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D.Tex. Case No. 16-33427) on July 5, 2016. The Hon. Marvin Isgur presides over the case. Pendergraft & Simon, LLP, represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Michael Stewart, chief executive officer. CYNTHIA JOY KWASIGROCH: Aug. 23 Hearing on Disclosure Statement --------------------------------------------------------------- Judge Scott H. Gan on July 17, 2016 ordered that: -- the hearing to consider approval of the First Disclosure Statement explaining debtor Cynthia Joy Kwasigroch's First Plan of Reorganization will be held at the United States Bankruptcy Court, 38 S. Scott, Court Room 329, Tucson, Arizona or Phoenix courtroom 301 on August 23, 2016 at 1:30 p.m.; and -- the last day for filing with the Court and serving in accordance with Fed.R.Bankr.P. Rule 3017(a), written objections to the Disclosure Statement, is fixed at five business days prior to the hearing. -- the Debtor has filed a list of creditors pursuant to Rule 1007. Unless previously ordered otherwise by the Court, any creditor holding a listed claim which is not listed as disputed, contingent, or unliquidated as to amount, may, but need not, file a proof of claim in this case. Creditors whose claims are not listed or whose claims are listed as disputed, contingent, or unliquidated as to amount and who desire to participate in the case or share in any distribution must file their proof of claim prior to the approval of the Disclosure Statement, which date is hereby fixed as the last day for filing a proof of claim. Any creditor who desires to rely on the list has the responsibility for determining that he is accurately listed. The July 12, 2016 edition of the TCR reported on Cynthia Joy Kwasigroch's filing of a First Disclosure Statement dated July 6, 2016, in connection with her First Plan of Reorganization. The unsecured creditors will be paid a total of $38,400 under the Plan, with all allowed and approved claims under this class to be paid the sum of $1,920 on a quarterly basis, pro rata, from the Debtor's disposable income. The Debtor estimated unsecured claims in the amount of $254,357, which does not include any deficiency amounts for secured creditors. A full-text copy of the First Disclosure Statement dated July 6, 2016, is available at: http://bankrupt.com/misc/azb16-02234-0069.pdf Cynthia Joy Kwasigroch filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 16-02234) on March 8, 2016. The Debtor tapped the Law Office of Eric Slocum Sparks, P.C. as counsel. DENISE STANSFIELD: Plan Has 1% Recovery for Unsec. Creditors ------------------------------------------------------------ Denise Stansfield and David Elphick Stansfield are proposing a reorganization plan that provides that general unsecured creditors will be paid 1% of their allowed claims without interest in equal monthly installments over 5 years. Commencing on the Effective Date, the Debtors will make payments to the secured creditor until the full amount of the claim is satisfied. The Debtors expect that $45,000 in cash will be available on the Effective Date. The Debtors estimate that monthly disposable income available to creditors for the 5-year period will be $249, based on a monthly income of $17,520 and expenses of $17,271. A hearing on the Debtors' motion for approval of the Disclosure Statement is slated for Sept. 7, 2016, at 10:00 a.m. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/D_Stansfield_79_DS.pdf About the Stansfields Denise Stansfield and David Elphick Stansfield's major asset is a real property located at 6100 Via Escondido Drive, Malibu, Ca. Their liabilities include mortgages on the properties and credit card debts. Denise Stansfield and David Elphick Stansfield filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 15-12436) on Dec. 14, 2015. Onyinye N Anyama, Esq., at Anyama Law Firm, serves as counsel. DLR INVESTORS: Hires Cross & Simon as Counsel --------------------------------------------- DLR Investors, LP seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Cross & Simon, LLC as counsel to the Debtor, nunc pro tunc to June 9, 2016. The Debtor requires Cross & Simon to: a. perform all necessary services as the Debtor's counsel in connection with this chapter 11 case, including, without limitation, providing the Debtor with advice concerning its rights and duties, representing the Debtor, and preparing all necessary documents, motions, applications, answers, orders, reports and papers in connection with the administration of this chapter 11 case on behalf of the Debtor. b. take all necessary actions to protect and preserve the Debtor's rights during the pendency of this chapter 11 case, including prosecute actions by the Debtor, defend any actions commenced against the Debtor, negotiate all litigation in which the Debtor is involved, and object to claims filed against the estate; c. represent the Debtor at hearings, meetings, and conferences on matters pertaining to the affairs of the Debtor as a debtor-in-possession; and d. perform all other necessary legal services. Cross & Simon will be paid at these hourly rates: Partner/Counsel $495-$525 Associates $425 Paraprofessionals $180 Cross & Simon has received a retainer in the amount of $25,000 from non-debtor DLR Restaurants, LLC, on June 13, 2016. Cross & Simon will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin S. Mann, attorney with the law firm of Cross & Simon, LLC, 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 Debtors and their estates. Cross & Simon may be reached at: Kevin S. Mann, Esq. Cross & Simon, LLC 1105 North Market Street, Suite 901 Wilmington, DE 19801 Tel: + 302 777 4200 (ext.105) Fax: +1 302 777 4224 E-mail: kmann@crosslaw.com About DLR Investors, LP DLR Investors, LP filed a Chapter 11 bankruptcy petition (Bankr. D.Del. Case No. 16-11427) on June 9, 2016. Samuel Jason Teele, Esq., at Lowenstein Sandler, LLP as bankruptcy counsel. DM RECORDS: Trustee Hires Akerman LLP as Special Counsel -------------------------------------------------------- Les Osborne, the duly appointed Trustee of DM Records, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ D. Brett Marks and Akerman LLP as special counsel. The purpose of the appointment of the Trustee was to evaluate the Debtor's assets and claims, and determine if the case should continue in Chapter 11, be converted to a Chapter 7 or be dismissed. The Debtor has been in a long-standing dispute with its creditor Alvertis Isbell dba Alvert Music over Isbell's allegations of copyright infringement by the Debtor, regarding compositions the Debtor claims it purchased during the bankruptcy of an affiliate of Isbell in 1999. In 2012, Isbell obtained a judgment against DM for copyright infringement. The Trustee requires the legal services of special counsel to provide the Trustee advice and guidance on intellectual property issues associated with the Debtor's musical catalogue and publishing rights. Akerman will bill the Trustee on an hourly basis. The professional fees and costs incurred in the course of representation of the Trustee as special counsel shall be subject in all respects to the application and notice requirements. D. Brett Marks, partner of Akerman LLP, 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 Debtors and their estates. Akerman LLP can be reached at: D. Brett Marks, Esq. AKERMAN LLP 350 E. Las Olas Avenue, Ste. 1600 Fort Lauderdale, FL 33301 Tel: (954) 463-2700 Fax: (954) 463-2224 E-mail: brett.marks@akerman.com About DM Records, Inc. DM Records, Inc., -- dba DM Music Group; Ashley Watson Publishing, BMI; Sky Records; Koke, Moke and Noke Publishing, BMI; Critique Records; Bass Tracks, ASCAP; Wrap Records; Bellmark Records; and Ichiban Records -- based in Deerfield Beach, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 15-30368) on Nov. 19, 2015. The Hon. Raymond B. Ray presides over the case. David L. Merrill, Esq., at Merrill P.A., as bankruptcy counsel. In its petition, the Debtor listed $4.24 million in total assets and $2.32 million in total liabilities. The petition was signed by Mark Watson, president. DOMUM LOCIS: Taps Real Estate eBroker to Market Strand Property --------------------------------------------------------------- Domum Locis, LLC seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Real Estate eBroker, Inc. as real estate broker. The Debtor owns real properties more commonly known and described as (i) the "Strand Property" located at 1614-1618 The Strand, Hermosa Beach, California 90254, (ii) the "North Flores Property," located at 1308 N. Flores Street, West Hollywood, California 90069, and (iii) the "Vista Chino Property," located at 424 W. Vista Chino, Palm Springs, California 92262. Prior to April 29, 2016, all of the Domum Properties were subject to liens held by Lloyds TSB Bank, plc. The Debtor requires Real Estate eBroker to: (a) advertise and market the Strand Property to interested parties; (b) show the Strand Property to interested parties; (c) represent the estate as seller in connection with the sale of the Strand Property; (d) advise the Debtor with respect to obtaining the highest and best offer available in the present market for the Strand Property; and (e) do other things as necessary in the context of the employment as real estate broker. The listing agreement term is from July 5, 2016 to October 31, 2016. The listing price for the Strand Property is $9,000,000. Real Estate eBroker's compensation will be 3.85 % of the listing price. Real Estate eBroker will be authorized to cooperate with and compensate brokers participating through the multiple listing services by offering to MLS brokers out of Shawn Dugan's compensation 2 percent of the purchase price. Additionally, the parties have agreed that any transaction involving Greg Delgado, Dave Baldwin, Jerry Marcil, or any entity or entities involving them is exempt from the listing agreement. Shawn Dugan of Real Estate eBroker, 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 Debtors and their estates. About Domum Locis Domum Locis LLC owns real properties more commonly known and described as (i) the "Strand Property" located at 1614-1618 The Strand, Hermosa Beach, California, (ii) the "North Flores Property," located at 1308 N. Flores Street, West Hollywood, California, and (iii) the "Vista Chino Property," located at 424 W. Vista Chino, Palm Springs, California. Domum Locis LLC filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 14-23301) on July 11, 2014. Judge Robert N. Kwan presides over the case. Michael J. Kilroy, the managing member, signed the petition. On April 13, 2015, Mr. Kilroy commenced his bankruptcy case by filing a voluntary petition under chapter 11 of the Bankruptcy Code. Kilroy owns three real property assets and interests in several partnerships and limited liability companies that, in turn, own real estate. More specifically, Kilroy owns these real properties, all of which are subject to liens held by Lloyds: (i) the "2175 Southridge Drive Property" in Palm Springs, comprised of two parcels with one house on it; (ii) the "2203 Southridge Drive Property" in Palm Springs, comprised of one parcel with one house on it and an adjacent second parcel that is a vacant lot; and (iii) the "2212 Southridge Drive Property" in Palm Springs, comprised of one parcel with one house on it and an adjacent second parcel that is a vacant lot. Domum Locis tapped Cypress LLP as general bankruptcy counsel. Domum Locis reported $14.6 million in assets and $11.04 million in liabilities. DVR LLC: Hires Markus Williams Young as Counsel ----------------------------------------------- Ute Lake Ranch, Inc. and DVR, LLC seek authorization from the U.S. Bankruptcy Court for the District of Colorado to employ Markus Williams Young & Zimmerman LLC ("MWYZ") as counsel, nunc pro tunc to July 18, 2016. The Debtors require MWYZ to: (a) assist in the preparation and production of the Debtors' schedules and statement of financial affairs and other pleadings necessary to file these chapter 11 cases; (b) assist in the preparation of pleading and related documents to effect a sale of substantially all of Debtors' assets; (c) assist in the preparation of the Debtors' joint plan of reorganization and disclosure statement; (d) prepare on behalf of the Debtors all necessary applications, complaints, answers, motions, orders, reports, and other legal papers; (e) represent the Debtors in adversary proceedings and contested matters related to the Debtors' bankruptcy cases; (f) provide legal advice with respect to the Debtors' rights, powers, obligations and duties as chapter 11 debtor-in- possession in the continuing operation of the Debtors' business and the administration of the estate; and (g) provide other legal services for the Debtors as necessary and appropriate for the administration of the Debtors' estates. MWYZ will be paid at these hourly rates: James T. Markus $425 Matthew T. Faga $295 Paralegal $95 MWYZ will also be reimbursed for reasonable out-of-pocket expenses incurred. James T. Markus, member of MWYZ, 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 Debtors and their estates. MWYZ can be reached at: James T. Markus, Esq. MARKUS WILLIAMS YOUNG & ZIMMERMAN LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 E-mail: jmarkus@markuswilliams.com About DVR, LLC DVR, LLC, based in Englewood, Colo., filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-17064) on July 18, 2016. The Hon. Joseph G. Rosania Jr. presides over the case. Matthew T. Faga, Esq. and James T. Markus, Esq. at Markus Williams Young & Zimmerman LLC as bankruptcy counsels. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Edward B. Cordes, authorized representative. E Z MAILING: Has Until August 31 to File Plan of Reorganization --------------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey has extended E Z Mailing Services, Inc.'s exclusive period to file a Chapter 11 Plan through and including August 31, 2016, and exclusive period to solicit acceptances of such plan through and including October 29, 2016. As previously reported by The Troubled Company Reporter, the Debtors said they are still undergoing major strategic changes to their business model, and need more time to resolve contingencies, negotiate a plan and prepare adequate information. After entry of the First Exclusivity Order, the Debtors have undergone drastic changes to their business and financial operations. In late May, the Debtors terminated their relationship with their largest customer, Forever 21. This reduced Debtors' monthly revenues by approximately 35% off of historical levels. The Debtors also terminated approximately 300 employees, representing 60% of the Debtors' total workforce at the time the first exclusivity court order was entered. As part and parcel of those changes, the Debtors will auction approximately 112 vehicles on July 28 to pay off amounts owed to secured lenders and they are returning 30 additional vehicles that are not subject to auction to various secured lenders for credit. Amounts received at auction will dictate whether certain secured creditors are partially paid or are paid off in full, which will determine the extent and validity of each secured creditor class and how their claims should be addressed under a plan of reorganization. These facts need be resolved before Debtors can prepare a plan of reorganization. Counsel to the Debtors: Warren J. Martin Jr., Esq. Michael J. Naporano, Esq. Kelly D. Curtin, Esq. Rachel A. Parisi, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 100 Southgate Parkway P.O. Box 1997 Morristown, New Jersey 07962 Telephone: (973) 538-4006 Facsimile: (973) 538-5146 Email: wjmartin@pbnlaw.com mjnaporano@pbnlaw.com kdcurtin@pbnlaw.com raparisi@pbnlaw.com About E Z Mailing Services E Z Mailing Services Inc. and United Business Freight Forwarders are transportation logistics companies whose customers include Macy's, Walmart, JC Penny and Forever 21. After primary lender PNC Bank declared a default and demanded immediate payment of $4.2 million, which resulted to a customer freezing payment, E Z Mailing and UBFF filed Chapter 11 bankruptcy petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616, respectively) on Jan. 13, 2016. Ajay Aggarwal, the president, signed the petitions. The Debtors each estimated assets and liabilities in the range of $10 million to $50 million. Judge Stacey L. Meisel presides over the cases. Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors. Bederson LLP's Edward Bond is serving as CRO and crisis manager of the Debtors. EDU-PRO MANAGEMENT: Hires Nardella as Counsel --------------------------------------------- Edu-Pro Management, LLC seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Nardella & Nardella, PLLC as counsel to the Debtor, nunc pro tunc to June 29, 2016. The Debtor requires Nardella to: a. advise and counsel the debtor-in-possession concerning the operation of its business in compliance with Chapter 11 and orders of this court; b. defend any causes of action on behalf of the debtor-in-possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; e. provide all services of a legal nature on the field of bankruptcy law. Nardella will be paid at these hourly rates: Michael A. Nardella $285 Paraprofessionals $140 The Debtor paid Nardella $8,917 on a current basis, for services rendered and costs incurred prior to commencement of this case. Nardella received $50,000 as retainer. Michael A. Nardella, partner of the law firm of Nardella & Nardella, PLLC, 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 Debtors and their estates. Nardella may be reached at: Michael A. Nardella, Esq. Nardella & Nardella, PLLC 259 East Colonial Drive, Suite 102 Orlando, FL 32801 Phone: 407 966 2676 E-mail: mnardella@nardellalaw.com About Edu-Pro Management, LLC Edu-Pro Management, LLC is the owner of a charter school facility. Edu-Pro Management filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04313) on June 29, 2016. Nardella & Nardella, PLLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Vince Desai, managing member. ENERGY XXI: Equity Committee Hires Williams as Bermuda Counsel -------------------------------------------------------------- The Official Committee of Equity Security Holders of Energy XXI Ltd. and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the Southern District of New York to retain Williams Barristers & Attorneys, as Bermuda counsel effective as of July 8, 2016. The Equity Committee requires Williams to: (a) assist and advise regarding whether the Plan complies with Bermuda law; (b) provide Foreign Law Declarations in accord with Federal Rules of Civil Procedure Rule 44.1 and other applicable law to the extent needed; (c) assist and advise whether the impairment and failure to require a shareholder vote; (d) assist and advise regarding whether the Plan terminates the equity interests contrary to the requirements of Bermuda law; (e) assist and advise regarding the liquidation proceedings in Bermuda, including but not limited to what impact proceedings filed in that case could affect the Equity Committee's rights in the Bankruptcy; (f) assist and advise the Equity Committee in connection with its powers and duties in Bermuda or in relation to matters of Bermuda law; (g) assist and advise the Equity Committee in its examination and analysis of the conduct of the Debtors' affairs from a Bermuda law prospective; (h) assist and advise the Equity Committee in connection with any sale of the Debtors' assets under Bermuda law; and, (i) appear in the Bermuda Proceeding as necessary to represent and protect the rights of equity interests in the Bermuda Proceeding, including but not limited to whether the proceeding was properly filed or whether the Plan can be recognized under Bermuda law. Williams will be paid at these hourly rates: D. Justin Williams $695 Paul Harshaw $695 Orlando Smith $695 John Cooper $695 Paralegal/Legal Assistants $250 Williams will also be reimbursed for reasonable out-of-pocket expenses incurred. D. Justin Williams, member of Williams, 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 Debtors and their estates. In accordance with the U.S. Trustee's Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. section 330 by Attorneys in large Cases Effective as of June 17, 2013, Subpart D.1, Applications for Employment, the Applicants state as follows: -- Williams did not represent the Equity Committee pre- petition. -- The Equity Committee proposes to use the Bermuda counsel on ad hoc basic and until Williams has a chance to investigate issues, a budget is premature. Williams can be reached at: D. Justin Williams, Esq. WILLIAMS BARRISTERS & ATTORNEYS 27 Reid Street Hamilton, HM11, Bermuda Tel: (441) 295-4700 Fax: (441) 295-4720 E-mail: law@williams.bm About Energy XXI, Ltd. Energy XXI Ltd (OTCMKTS: EXXIQ) was incorporated in Bermuda on July 25, 2005. With its principal operating subsidiary headquartered in Houston, Texas, Energy XXI is engaged in the acquisition, exploration, development and operation of oil and natural gas properties onshore in Louisiana and Texas and in the Gulf of Mexico Shelf. Energy XXI Ltd and 25 of its affiliates filed on April 14, 2016, bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas (Bankr. S.D. Tex. Lead Case No. 16-31928). The petitions were signed by Bruce W. Busmire, the CFO. Judge Karen K. Brown is assigned to the cases. Energy XXI Ltd on April 14, 2016, also filed a winding-up petition commencing an official liquidation proceeding under the laws of Bermuda before the Supreme Court of Bermuda. The Debtors sought bankruptcy protection after reaching a deal With lenders on the filing of a restructuring plan that would convert $1.45 billion owed to second lien noteholders into equity of the reorganized company. The Debtors have hired Vinson & Elkins LLP as counsel, Gray Reed & McGraw, P.C. as special counsel, Conyers Dill & Pearman as Bermuda counsel, Locke Lord LLP as regulatory counsel, PJT Partners LP as investment banker, Opportune LLP as financial advisor, Epiq Systems, Inc., as notice and claims agent. Wilmer Cutler Pickering Hale and Dorr LLP represent an ad hoc group of certain holders and investment advisors and managers for holders of obligations arising from the 8.25% Senior Notes due 2018 issued pursuant to that certain Indenture, dated as of Feb. 14, 2011, by and among EPL Oil & Gas, Inc., certain of EPL's subsidiaries, as guarantors, and U.S. Bank National Association, as trustee. The Office of the U.S. Trustee on April 26, 2016, appointed five creditors of Energy XXI Ltd. to serve on the official committee of unsecured creditors. The Committee retains Heller, Draper, Patrick, Horn & Dabney LLC as its co-counsel, Latham & Watkins LLP as its co-counsel, and FTI Consulting, Inc. as its financial advisor. The U.S. Trustee also appointed an Official Committee of Equity Security Holders. FANTASY JEWELRY: Hires Monge Robertin as Insolvency Advisor ----------------------------------------------------------- Fantasy Jewelry Trading Inc., seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Monge Robertin & Asociados, Inc., as insolvency and restructuring advisor for the Debtor. The Debtor requires Monge to: 1. evaluate financial condition of the company to assist in the development of the reorganization plan; 2. review schedules and statement of financial affairs as may be necessary for amendments and for the development of the plan; 3. prepare cash flow projections as may be necessary for the Initial Debtor Interview, use of Cash Collateral and to demonstrate feasibility of the proposed plan of reorganization; 4. prepare the Summary of Claims and Plan Payments to control scheduled amounts, claims filed, objections, allowable amounts, payments during the pendency of the case, and deferred payments under the plan; 5. reconcile claims with Claims Register and classify claims accordance with the Code; 6. assist the Debtor to develop the plan of reorganization including changes in the capital structure and financing to boost revenue volume, reduce operating costs, dispose of unnecessary assets and recover receivables; 7. assist counsel to develop drafts on the Disclosure Statement and plan; 8. prepare liquidation analysis with notes; 9. review tax and other proof of claims to recommend and support claim objections; 10. assist the Debtor in preparation of monthly operation reports (MORS) required by the guidelines of the Office of the US Trustee; 11. assist the Debtor to determine UST fees fro payment in accordance with current fee tables; 12. review existing accounting systems and procedures to provide recommendations for improvement; 13. review valuations of property and equipment; 14. review insurance policies and coverages and compliance with UST Guidelines; 15. review data processing systems and procedures to improve security and efficiency of operations; 16. review tax compliance and tax attributes to assist the Debtor in obtaining the full benefits permitted by law in relation to tax losses and non taxable adjustments of claims; 17. prepare prior year or current tax returns, if necessary; 18. prepare of feasibility report for confirmation of the Plan; 19. provide testimony, if necessary on feasibility or any other matter of our expertise; 20. assist to obtain additional capital contributions or DIP financing; 21. assist counsel the compilation of 1129 statement data; 22. assist the Debtor in preparation of Quarterly Operating Reports from confirmation date to final decree; 23. assist legal counsel in any adversary proceedings that may arise in the course of the reorganization that may require financial and accounting support or testimony; 24. assist legal counsel and the Debtor in any negotiations with creditors or post-petition equity funding or financing; 25. review insurance coverage and expenses; 26. other financial management, and/or operations consulting to improve financial conditions; 27. investigate any fraud or abuse suspected in the Debtor's operations; 28. assist counsel and the Debtor to organize dockets, proof of claims and other documents to reduce electronic filing costs and provide efficient access to documents; 29. assist the Debtor to establish digital filing system to reduce filing costs and facilitate remote access for the Estate, counsel and financial advisors; 30. assist counsel to draft or review motions and answers to objections that involve financial and tax matters; 31. prepare Substantial Consummation Report for counsel to request Final Decree; and 32. any other support requested by counsel or the Debtor that is necessary for the benefit of the estate. Monge will be paid at these hourly rates: Jose M. Monge Robertin, CPA, CIRA, CGMA $275 Other CPAs pending CIRA Certification $180 Maria Pena, CIRA, MST-Reorganization Associate $175 Edgar Rivera Arroyo, BS-Systems Associate $150 Juanita Claudio, MBA-Tax Associate $125 Melissa Claudio - Accountant Associate $85 Support Staff $65 Accounting Assistants $35 Jose M. Monge Robertin, CPA, CIRA, CGMA of Monge Robertin & Asociados, Inc., 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 Debtors and their estates. Monge may be reached at: Jose M. Monge Robertin Monge Robertin & Asociados, Inc. 97 Acosta Street Caguas, Puerto Rico 00725 Tel: (787)745-0707 Fax: (787)746-3895 About Fantasy Jewelry Fantasy Jewelry Trading Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 15-09021) on November 13, 2015. Paul James Hammer, Esq., at Estrella, LLC as bankruptcy counsel. FAVREAU'S CUSTOM: Hires Goe & Forsythe as General Counsel --------------------------------------------------------- Favreau's Custom Woodworking, Inc. asks for permission from the U.S. Bankruptcy Court for the Central District of California to employ Goe & Forsythe, LLP as general bankruptcy counsel. The Debtor requires Goe & Forsythe to: (a) advise and assist Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise Debtor regarding matters of bankruptcy law, including the rights and remedies of Debtor in regards to their assets and with respect to the claims of creditors; (c) represent Debtor in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where Debtor's rights under the Bankruptcy Code may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to this Chapter 11 case; (e) advise Debtor concerning the requirements of the Bankruptcy Court and applicable rules as the same affect Debtor in this proceeding; (f) assist Debtor in negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; (g) make any bankruptcy court appearances on behalf of Debtor; and (h) take other action and perform such other services as Debtor may require of the Firm in connection with this Chapter 11 case. Goe & Forsythe will be paid at these hourly rates: Robert P. Goe, partner $395 Marc C. Forsythe, partner $395 Donald W. Reid, associate $315 Charity J. Miller, associate $295 Kerry A. Murphy, legal assistant $140 Goe & Forsythe will also be reimbursed for reasonable out-of-pocket expenses incurred. The Firm received a retainer in the amount of $2,000 from Michael Favreau, Debtor's president, in the form of a cashier's check, on July 8, 2016. Robert P. Goe, member of Goe & Forsythe, 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 Debtors and their estates. Goe & Forsythe can be reached at: Robert P. Goe, Esq. Donald W. Reid, Esq. Charity J. Miller, Esq. GOE & FORSYTHE, LLP 18101 Von Karman Avenue, Ste. 1200 Irvine, CA 92612 Tel: (949) 798-2460 Fax: (949) 955-9437 E-mail: rgoe@goeforlaw.com dreid@goeforlaw.com cmiller@goeforlaw.com About Favreau's Custom Favreau's Custom Woodworking, Inc., based in Corona Del Mar, Calif., filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 16-12879) on July 8, 2016. The Hon. Scott C. Clarkson presides over the case. Robert P. Goe, Esq. at Goe & Forsythe as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Michael Favreau, president. FERGUSON CONVALESCENT: $50,000 Nationwide Health Care DIP Loan OK ----------------------------------------------------------------- Judge Daniel S. Opperman of the U.S. Bankruptcy Court for the Eastern District of Michigan, authorized Ferguson Convalescent Home, Inc. to obtain post-petition financing from Nationwide Health Care Services, LLC. Judge Opperman acknowledged that the Debtor does not have sufficient available sources of working capital to operate its business in the ordinary course of its business without the financing requested under its DIP Financing Motion. He further acknowledged that the Debtor has an immediate need to obtain post-petition financing in order to, among other things, permit the orderly continuation of the operation of its business, minimize the disruption of business operations, and to preserve and maximize the value of the assets of the Debtor’s bankruptcy estate. The Debtor is authorized to borrow a maximum of $50,000 from Nationwide Health Care Services, with interest at 12%. Judge Opperman granted Nationwide Health Care Services a priming lien on the Debtor's post-petition assets, as well as a perfected security interest in the Debtor's pre-petition assets, to secure the prompt payment and performance of any and all of the Debtor's obligations relating to the DIP Facility. Nationwide Health Care Services was also granted an allowed superpriority administrative claim, having priority in right of payment over any and all other obligations, liabilities and indebtedness of the Debtor. The Debtor can continue using the proceeds of the DIP Facility for 30 days after Nationwide Health Care Services declares the occurrence of an Event of Default, for: (a) statutory fees payable to the U.S. Trustee; (b) fees payable to the Clerk of Court; and (c) the costs and expenses necessary and reasonable for the Debtor to transfer all patients to different facilities, limited to the amount of $10,000. The DIP Facility is immediately due and payable, without further order of the Court, upon entry of an Order approving a sale of the Debtor's or upon the Confirmation of any plan of reorganization or liquidation. A full-text copy of the Order, dated July 25, 2016, is available at https://is.gd/k3DniY About Ferguson Convalescent Home, Inc. Ferguson Convalescent Home, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mich. Case No. 16-30397) on Feb. 24, 2016. The petition was signed by Paul M. Ferguson, vice-president. The case is pending before the Honorable Daniel S. Opperman. The Debtor is represented by Martin W. Hable, Esq., in Lapeer, Mich. This is the second chapter 11 filing for this same Debtor. The Debtor's first bankruptcy case was filed in 2010 (Case No. 10-31918). The Debtor is a privately owned and licensed long term skilled nursing facility located at 239 S. Main St., Lapeer, Mich. It consists of 87 licensed beds, located within a leased facility. The Debtor currently has 54 residents and employs nearly 100 full and part-time employees. The Debtor estimated assets and liabilities at $1 million to $10 million. FNC CORP: Hires American Business Brokers as Business Broker ------------------------------------------------------------ FNC Corporation seeks authorization from the U.S. Bankruptcy Court for the Central District of Illinois to employ M American Business Brokers as Business Broker. On April 6, 2015 the Debtor files its voluntary petition for relief pursuant to Chapter 11 of the Bankruptcy Code. The Debtor is operating Mapleton Mini Mart, a BP Gas Station and restaurant at 8626 W. Wheeler Br., Mapleton, IL 61547 ("Business") and managing financial affairs as debtor-in-possession. No committee of unsecured creditors, trustee of examiner has been appointed to serve in this reorganization case. The Debtor requires Jeff Highfill with the help of American Business Brokers as business brokers to market and sell the Business. The Debtor agreed to pay American Business Brokers a commission of 3% of the gross sales prices but not less than $10,000 to be paid from the sale of the Business with the agreement to run through December 31, 2016. Jeff Highfill, broker with American Business Brokers, assured the Court that the firm does not represent any interest adverse to the Debtor and its estates. American Business Brokers can be reached at: Jeff Highfill American Business Brokers 300 E War Memorial Drive, Suite 302 Peoria, IL 61614 Phone: 888-800-6898 Fax: 305-574-0173 FNC Corporation filed for Chapter 11 bankruptcy (Bankr. C.D. Ill. Case No. 15-80552) on April 6, 2015. On the petition date, FNC tapped as counsel: Carleen Cignetto, Esq. 2 Dearborn Square, Suite 2 Kankakee, IL 60901 Tel: 815 937 5530 Fax: 815 937 5532 E-mail: cignettolaw@gmail.com FORESIGHT ENERGY: Amends Terms of Restructuring Support Agreements ------------------------------------------------------------------ Foresight Energy LLC and Foresight Energy Finance Corporation, together with Foresight Energy LP, and certain other subsidiaries of FELP and Foresight Energy GP LLC entered into an Amended and Restated Transaction Support Agreement with certain holders of the Issuers' 7.875% Senior Notes due 2021, Foresight Reserves LP, Mr. Christopher Cline, Cline Resources and Development Company, Mr. Michael J. Beyer, Munsen LLC, Filbert Holdings LLC, Candice Cline 2004 Irrevocable Trust, Alex T. Cline 2004 Irrevocable Trust, Christopher L. Cline 2004 Irrevocable Trust, Kameron N. Cline 2004 Irrevocable Trust and Forest Glen Investments LLC, and Murray Energy Corp., pursuant to which the Partnership, the Consenting Noteholders, the Cline Group and Murray Energy have agreed to support a proposed global restructuring of the Partnership's indebtedness and certain governance and equity matters relating to the Partnership. The A&R Notes Support Agreement will terminate automatically upon the termination or expiration of the forbearance agreement dated Dec. 18, 2015 (as amended) with certain holders of the Notes and will also be subject to certain other termination events, including, among others, the commencement of a bankruptcy proceeding of the Partnership, any condition to closing of the Exchange Offer becoming incapable of being satisfied on or before Aug. 31, 2016, the Partnership failing to launch the Exchange Offer by Aug. 1, 2016, the Partnership failing to extend (by Aug. 1, 2016) the Noteholder Forbearance Agreement and the forbearance agreement dated Jan. 27, 2016 (as amended) relating to Foresight Receivables LLC's receivables financing agreement to a date not earlier than August 31, 2016 and the termination of the A&R Lender Support Agreement. Certain of the termination events under the A&R Notes Support Agreement may be waived or modified by at least two noteholders party to the A&R Notes Support Agreement that hold at least 66 2/3% of the aggregate principal amount of Notes held by the Consenting Noteholders party to such agreement (excluding any noteholders who may be affiliates of the Partnership). Terms of Lender Support Agreement Additionally, on July 22, 2016, the Partnership entered into an Amended and Restated Transaction Support Agreement with certain of the lenders under the Partnership's Second Amended and Restated Credit Agreement dated as of Aug. 23, 2013, the Cline Group and Murray Energy, pursuant to which the Consenting Lenders, the Cline Group and Murray Energy have agreed to support the Restructuring, including a proposed amendment and restatement of the Credit Agreement, and, among other things, the following: * FELLC has paid the Consenting Lenders a consent fee in an aggregate amount equal to 0.25% of the aggregate amount of revolving credit facility commitments of, and, without duplication, 0.25% of all loans, including term loans, owed to such Consenting Lenders under the Credit Agreement (after giving effect to the proposed Amendment); * FELLC has agreed to pay each Consenting Lender (on the effective date of the proposed Amendment) an amendment fee in an aggregate amount (after giving effect to transactions contemplated in the proposed Restructuring) equal to 1.0% of the aggregate amount of revolving credit facility commitments of, and, without duplication, 1.0% of all loans, including term loans, owed to such Consenting Lenders under the Credit Agreement (after giving effect to the revolving credit facility reduction); provided that FELLC will be entitled to credit the Consent Fee against such Amendment Fee; * The Consenting Lenders have agreed that as of the effective date of the proposed Amendment, the Consenting Lenders will waive defaults and events of default under the Credit Agreement specified in: (i) the Notice of Events of Default and Reservation of Rights dated Dec. 9, 2015; (ii) the notice of payment default dated Feb. 16, 2016; (iii) the Compliance Certificate dated March 23, 2016 for the period ending Dec. 31, 2015; and (iv) any other defaults or events of default continuing immediately prior to the consummation of the transactions contemplated in the proposed Restructuring. The A&R Lender Support Agreement will terminate automatically upon the consummation of the Restructuring and shall also be subject to certain other termination events, including, among others, the commencement of a bankruptcy proceeding of the Partnership, any condition to closing of the Exchange Offer becoming incapable of being satisfied on or before Aug. 31, 2016, the Partnership failing to launch the Exchange Offer by Aug. 1, 2016, the Partnership failing to extend (by August 1, 2016) the Noteholder Forbearance Agreement and the A/R Securitization Forbearance Agreement to a date not earlier than Aug. 31, 2016, and certain defaults or terminations of the Partnership's existing forbearance agreements and transaction support agreements. Certain of the termination events under the A&R Lender Support Agreement may be waived or modified by Consenting Lenders holding more than 50% in aggregate outstanding principal amount of the loans and commitments under the Credit Agreement and claims related to such debt that are held by all Consenting Lenders (excluding any Consenting Lenders who may be affiliates of the Partnership). In the event of the termination of the A&R Lender Support Agreement resulting from the Partnership's failure to launch the Exchange Offer by Aug. 1, 2016, or extend the Noteholder Forbearance Agreement and the A/R Securitization Forbearance Agreement, the Partnership will pay each Consenting Lenders party to the A&R Lender Support Agreement a fee in an aggregate amount equal to 0.25% of the aggregate amount of revolving credit facility commitments of, and, without duplication, 0.25% of all loans, including term loans, owed to, such Consenting Lenders under the Credit Agreement (after giving effect to the proposed Amendment), which fee will not be credited against the Amendment Fee. Terms of the Proposed Restructuring Pursuant to the A&R Support Agreements, the parties have agreed to support and seek to consummate the Restructuring as set forth in the term sheet for the Restructuring in a timely manner, including: * Holders of the Notes who are not affiliates of the Partnership, Reserves or Reserves Investor Group exchanging their Notes, through an exchange offer by the Partnership, for: (i) between $117.6 and $120 million aggregate principal amount of second-lien senior convertible PIK notes (with a maturity date of Sept. 30, 2017, and a 15.0% per annum PIK coupon), which may be redeemed or purchased: (a) at the Partnership's option by or on behalf of the Partnership; (b) at the option of Murray Energy, an affiliate of Murray Energy or a group of persons which includes Murray energy or any of its affiliates; or (c) some combination of the purchase/redemption options described in clauses (a) and (b) that results in the entire purchase or redemption of the New Exchangeable PIK Notes (clauses (a), (b) and (c) being referred to as the "Note Redemption"). The New Exchangeable PIK Notes, if not redeemed or purchased under a Note Redemption, will convert into common units of FELP representing 75% of the total outstanding units of FELP (including Common Units and subordinated units) on Sept. 30, 2017; (ii) between $285.8 million and $291.6 million aggregate principal amount of second-lien senior secured notes due 2021 (with a 9.0% per annum cash coupon for the first two years, a 10.0% per annum cash coupon thereafter plus, in each case, an additional 1.0% per annum PIK coupon), plus an additional principal amount resulting from the capitalization of accrued and unpaid interest on the Notes held by those holders; and (iii) warrants to be issued on the date the Exchange Offer is consummated, to acquire an amount of newly issued Common Units equal to 4.5% of the total outstanding units of FELP (including Common Units and subordinated units) outstanding on the date of a Note Redemption (after giving effect to the full exercise of the warrants and with certain other anti- dilution protections), exercisable only upon and after a Note Redemption and until the tenth anniversary of the Note Redemption. * Investors in Reserves purchasing, through a tender offer (conditioned upon the contemporaneous consummation of the Exchange Offer described above), up to $105.4 million principal amount of the Notes held by holders that are not Reserves, the Reserves Investor Group or their affiliates, which shall settle contemporaneously with the settlement of the Exchange Offer. Reserves Investor Group will then exchange the New Affiliate Notes, together with $83 million principal amount of Notes currently held by them, for: (a) up to $180 million principal amount of New Exchangeable PIK Notes and (b) up to $9.9 million principal amount of New Second Lien Notes. An additional principal amount of New Second Lien Notes equal to the accrued and unpaid interest on the New Affiliate Notes as of the Effective Date will be issued to the holders tendering in the Tender Offer. An additional principal amount of New Second Lien Notes equal to the accrued and unpaid interest on the Notes held by Reserves Investor Group as of the Effective Date will be issued to Reserves Investor Group; * The Partnership and the Consenting Lenders will amend and restate the Credit Agreement to effect the following amendments: (i) a $75 million reduction in aggregate lender commitments under the revolving credit facility (with an additional $25 million reduction to occur on December 31, 2016); (ii) a 1.00% increase in the interest rates applicable to borrowings under the Credit Agreement; (iii) the implementation of an "excess cash flow sweep" provision (to be applicable in the second half of 2016 and in 2017), requiring prepayment of the term loans thereunder with 50% of "excess cash flow" (to be defined in a manner consistent with the existing Credit Agreement definition, subject to any mutually agreed upon modifications); (iv) the amendment of the consolidated interest coverage ratio and senior secured leverage ratio financial covenants to make such covenants applicable to both the term loan facility and the revolving credit facility (instead of only the revolving credit facility); (v) the amendment of the senior secured leverage ratio applicable to the financial maintenance covenant to be as follows: (a) 3.5 to 1 through the end of 2016; (b) 3.5 to 1 during 2017; (c) 3.5 to 1 during 2018; (d) 3.25 to 1 during 2019; (e) 3.00 to 1 during 2020; and (f) 2.75 to 1 during 2021 (vi) the prohibition of certain restricted payments in 2016, 2017 and the first six months of 2018 (or such later date as the revolving credit facility is refinanced) (subject to limited tax-related exceptions in 2017 and thereafter); (vii) the implementation of an "anti-hoarding" provision, prohibiting borrowings under the revolving credit facility (other than letters of credit) when FELLC's unrestricted cash exceeds $35 million; (viii) other amendments to the Credit Agreement for the purpose of implementing the other transactions contemplated in the proposed Restructuring; and (ix) other amendments to the covenants, representations and warranties, events of default and other provisions of the Credit Agreement; * Certain proposed amendments and waivers to Foresight Receivables LLC's receivables financing agreement to (among other things) address existing defaults; * The proposed execution of a new intercreditor agreement among the first-lien creditors and the proposed new second-lien creditors; * The proposed execution of certain release agreements among the Partnership, its principal equityholders and holders of the Notes; * Certain proposed operational and corporate governance changes, including the appointment of a Chief Accounting Officer of the Partnership's general partner that is not affiliated with its significant equityholders, the appointment of a board observer mutually agreed upon by the holders of the Notes and the Partnership and the establishment of a "Synergy and Conflicts Committee" tasked with review and oversight of affiliate transactions; and * Proposed modifications or amendments to the Partnership's other operational or financing documents, including equipment financings, as may be necessary to address existing defaults and/or events of default and permit the other proposed Restructuring transactions. Full-text copies of the Amended and Restated Transaction Support Agreements are available for free at: https://is.gd/wPCM1g https://is.gd/4zlCYx About Foresight Energy Foresight Energy mines and markets coal from reserves and operations located exclusively in the Illinois Basin. As of Dec. 31, 2015, the Company has invested over $2.3 billion to construct state-of-the-art, low-cost and highly productive mining operations and related transportation infrastructure. The Company controls over 3 billion tons of proven and probable coal in the state of Illinois, which, in addition to making the Company one of the largest reserve holders in the United States, provides organic growth opportunities. The Company's reserves consist principally of three large contiguous blocks of uniform, thick, high heat content (high Btu) thermal coal which is ideal for highly productive longwall operations. Thermal coal is used by power plants and industrial steam boilers to produce electricity or process steam. Foresight Energy reported a net loss attributable to limited partner units of $39.47 million on $984.85 million of total revenues for the year ended Dec. 31, 2015, compared to net income attributable to limited partner units of $70.19 million on $1.10 billion of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Foresight Energy had $1.76 billion in total assets, $1.78 billion in total liabilities and a $17.99 million total partners' deficit. Ernst & Young LLP, in St. Louis, Missouri, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, noting that the Partnership is in default of certain provisions of its long-term debt and capital lease obligations, resulting in a working capital deficit as of Dec. 31, 2015. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. * * * The Troubled Company Reporter on March 22, 2016, reported that Standard & Poor's Ratings Services said it lowered its corporate rating on St. Louis-based Foresight Energy to 'D' from 'CCC-'. As reported by the TCR on March 29, 2016, Moody's Investors Service downgraded all ratings of Foresight Energy, including the corporate family rating to 'Caa3' from 'Caa1'. FORT WALKER HOLDINGS: Hires Robert Lampl as Attorneys ----------------------------------------------------- Fort Walker Holdings LLC seeks authorization from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Robert O Lampl and his firm as attorneys. The Debtor is in need of services of legal counsel to assist in, among other things, the administration of its Estate and to represent the Debtor on matters involving legal issues that are present or are likely to arise in the case, to prepare any legal documentation on behalf of the Debtor, to review reports for legal sufficiency, to furnish information on legal matters regarding legal actions and consequences and for all necessary legal services connected with Chapter 11 proceedings including the prosecution and/or defense of any adversary proceedings. The firm will be paid at these hourly rates: Robert O Lampl $450 John P. Lacher $400 David L. Fuchs $375 Ryan J. Cooney $275 Paralegal $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert O Lampl 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 Debtors and their estates. The firm can be reached at: Robert O Lampl, Esq. ROBERT O LAMPL, ATTORNEY AT LAW 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: (412) 392-0330 Fax: (412) 392-0335 E-mail: rlampl@lampllaw.com About Fort Walker Fort Walker Holdings LLC, based in Pittsburg, Pa., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-22609) on July 14, 2016. The Hon. Gregory L. Taddonio presides over the case. Robert O Lamp, Esq. as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by William E. Connolly, principal. FOUNDATION BUILDING: Moody's Affirms B3 CFR, Outlook Stable ----------------------------------------------------------- Moody's Investors Service affirmed LSF9 Cypress Holdings LLC's aka Foundation Building Materials B3 Corporate Family Rating and B3-PD Probability of Default Rating following Foundation's announcement that it is acquiring Winroc, a division of Superior Plus Corp. In related rating actions, Moody's assigned a Caa1 rating to the proposed $575 million senior secured notes. Proceeds from the proposed notes, along with a $150 million draw under the revolving credit facility, and an equity contribution by Lone Star Funds and management in the form of common stock, will be used to acquire Winroc, and to refinance existing revolver and term loan debt. At that time, the rating assigned to the company's existing term loan will be withdrawn. The rating outlook is stable. Following the closing of the proposed transaction, Foundation's debt capital structure will consist of a $250 million asset-based senior secured revolving credit facility expiring 2021 (unrated), of which about $150 million will be outstanding at closing, $575 million senior secured notes due 2021, and approximately $10 million in capital lease assumed in the acquisition. Current revolver borrowings are due to prior usage for working capital needs, and past acquisitions. Foundation is acquiring Winroc from Superior Plus Corp., a publicly traded Canadian company, for approximately $325 million, excluding fees and expenses. Winroc is a distributor of building materials and a distributor and fabricator of insulation for industrial end markets. The acquisition of Winroc expands Foundation's existing footprint within the US, establishes a presence in Canada, provides insulation-related products to new end markets, and creates a sizeable entity based on revenues, giving Foundation greater buying power with suppliers. On a pro forma basis, Foundation will have now about $1.8 billion in sales, inclusive of Winroc and previous acquisitions. These ratings/assessments are affected by this action: Corporate Family Rating affirmed at B3; Probability of Default Rating affirmed at B3-PD; and, Senior Secured Notes due 2021 assigned Caa1 (LGD4). RATINGS RATIONALE Foundation's B3 Corporate Family Rating remains appropriate at this time despite increased levels of debt and resulting credit metrics. Balance sheet debt at closing of the Winroc acquisition is almost doubling to $735 million from 1Q16 levels, the greatest amount of debt Foundation has ever carried. Cash interest payments are approaching $52 million per year, making it difficult for Foundation to generate significant levels of free cash flow that would be used to pay down revolver borrowings. Leverage is worsening but remaining supportive of current ratings. Moody's estimates debt leverage, defined as debt-to-EBITDA, increasing to the range of 5.75x -6.25x on a pro forma basis from 5.2x as of March 30, 2016. Pro forma analysis includes revenues and earnings from recent acquisitions such as Gypsum Supply Co., acquired in December 2015, and the recently announced Winroc purchase, as well as some cost savings from synergies. Moody's standard adjustments add about $50 million of additional debt for operating lease commitments, resulting in total adjusted balance sheet debt of approximately $785 million on a pro forma basis at 1Q16. The rating also considers the potential for integration challenges. Foundation is entering new markets within Canada, representing 13% of pro forma revenues, where labor laws and building codes are different from the US. Further, the company now has insulation-related products, accounting for about 16% of pro forma revenues, which have different demand drivers and vendors from Foundation's core products. Providing offset to the large amount of debt in Foundation's capital structure are Moody's expectations of steady operating performance and good operating margins relative to other similarly rated distributors. Pro forma interest coverage, another key credit metric and defined as EBITA-to-interest expense, will remain around 2.0x. Foundation is benefitting from modest interest expense despite higher debt balances. Expanding branch network and scale enables the company to benefit from ongoing strength in US non-residential construction, both new and repair and remodeling, and new housing construction, main revenue drivers. Revolving credit facility and resulting availability and an extended maturity profile support the company's liquidity profile, affording some financial flexibility in a downturn. Assuming an equity contribution of $75.0 million, the mid-range equity contribution the Lone Star Funds through its affiliates expects to contribute, total equity invested in the company by Lone Star would be about $347 million. Sizeable equity contributions show continued support by Lone Star. The stable rating outlook reflects Moody's expectations that Foundation will integrate Winroc and other acquisitions with minimal disruption, realize expected cost synergies, and sustain operating performance over the next 12-18 months, resulting in key debt credit metrics that support the B3 Corporate Family Rating. The Caa1 rating assigned to the $575 million Senior Secured Notes due 2021, one notch below the Corporate Family Rating, results from their effective subordination to the company's $250 million asset-based senior secured revolving credit facility. The notes are the preponderance of debt and are secured by a first lien on the company's domestic non-current assets and any assets not pledged to the revolver. They also have a second lien on the assets securing the revolver. The residual value of second lien collateral limits recovery in a distressed scenario. The Senior Secured Notes are the junior debt in Foundation's capital structure, placing them in in a first-loss position in a recovery scenario. Over the near-term, upward rating migration is unlikely until Foundation exhibits successful integration of its acquisitions. However, positive rating actions could ensue if the company's operating performance exceeds Moody's expectations and yields the following credit metrics (ratios include Moody's standard adjustments) and characteristics: Operating margins sustained near 7.5% Debt-to-EBITDA sustained around 5.0x Permanent debt reduction or a better liquidity profile Negative rating pressures could result if operating performance falling below Moody's expectations, resulting in the following credit metrics (ratios include Moody's standard adjustments) and characteristics: Debt-to-EBITDA sustained above 7.0x EBITA-to-interest expense remains below 1.0x (2.0x pro forma at 1Q16) Significant deterioration in the company's liquidity profile Sizeable dividends Large debt-financed acquisitions Foundation Building Materials, headquartered in Tustin, CA, is a North American distributor of building materials. Foundation sells its products to diverse customers for non-residential construction, both new and repair and remodeling, and new housing construction. It also distributes and fabricates insulation for industrial end markets. Lone Star Funds, through its affiliates, is the majority owner of Foundation. Pro forma revenues for the 12 months through March 30, 2016, approximate $1.8 billion. The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. G-I HOLDINGS: 3rd Cir. Affirms Plan Injunction on NYCHA Claims -------------------------------------------------------------- The United States Court of Appeals for the Third Circuit affirmed the district court's judgment, which rejected the New York City Housing Authority's arguments as to why its complaint against G-I Holdings, Inc., was not barred by the latter's finalized Eighth Amended Joint Plan of Reorganization. The Plan disposed of all covered claims against G-I Holdings and barred the holders of such claims from reasserting them against the reorganized G-I Holdings. However, NYCHA filed a complaint against G-I Holdings in which it sought an injunction to compel G-I Holdings to remove Asbestos Containing Material (ACM) from hundreds of NYCHA's buildings. In its complaint, NYCHA put forward two reasons why the claim was not barred by the now-finalized Plan. First, NYCHA argued that its request for an injunction was not a "claim" as defined by the Plan and thus was not barred by the res judicata effect of the district court's Confirmation Order. Second, NYCHA argued that as a governmental entity, it should be allowed to use its inherent regulatory power to force G-I Holdings to remediate the environmental damage caused by the ACM. The bankruptcy and district courts rejected both of these arguments. In affirming the district court, the Third Circuit held that NYCHA's claim is properly characterized as a "repackaging of a forfeited claim for damages." "NYCHA is not a regulatory agency seeking to enforce a state or local law; it is simply a creditor seeking to circumvent the limitations on its recovery of monetary damages from G-I Holdings under the Plan," the Third Circuit said. The case is In re: G-I HOLDINGS INC, f/k/a GAF Corporation, et al., Debtors. NEW YORK CITY HOUSING AUTHORITY, Appellant, v. G-I HOLDINGS, INC., No. 15-2164 (3rd Cir.). A full-text copy of the Third Circuit's July 18, 2016 opinion is available at https://is.gd/DVfsW1 from Leagle.com. About G-I Holdings Based in Wayne, New Jersey, G-I Holdings, Inc., is a holding company that indirectly owns Building Materials Corporation of America, a manufacturer of premium residential and commercial roofing products. The Company filed for bankruptcy after already spending $1.5 billion paying asbestos claims from the 1967 acquisition of Ruberoid Co. G-I Holdings, Inc., fka GAF Corporation, filed a chapter 11 petition (Bankr. D.N.J. Case No. 01-30135) on Jan. 5, 2001, and continued to operate its business as a debtor-in-possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. ACI, Inc., a subsidiary of G-I Holdings, filed a voluntary chapter 11 petition (Bankr. D.N.J. Case No. 01-38790) on Aug. 3, 2001. On Oct. 10, 2001, the Bankruptcy Court entered an Order directing the joint administration of the G-I Holdings and ACI bankruptcy cases. Dennis J. O'Grady, Esq., and Mark E. Hall, Esq., at Riker, Danzig, Scherer, Hyland & Perretti, LLP, serve as co-counsel to the Reorganized Debtors. Andrew J. Rossman, Esq., and Jacob J. Waldman, Esq., at Quinn Emanuel, Urquhart & Sullivan, LLP, serve as special counsel to Reorganized Debtors. An Official Committee of Unsecured Creditors was appointed on Jan. 18, 2001, by the U.S. Trustee to represent those individuals who allegedly suffered injuries related to asbestos exposure from products manufactured by the predecessors of G-I Holdings. Lowenstein Sandler PC represents the Unsecured Creditors Committee. On Oct. 10, 2001, the Bankruptcy Court appointed C. Judson Hamlin as the Legal Representative, a fiduciary to represent the interests of persons who hold present and future asbestos-related claims against G-I. Keating, Muething & Klekamp, P.L.L., is the principal counsel to the Legal Representative of Present and Future Asbestos-Related Demands. G-I Holdings is the successor-in-interest to GAF Corporation, an entity named in approximately 500,000 asbestos-related lawsuits. The Committee submitted that, as successor-in-interest to GAF, G-I Holdings remained liable for roughly 150,000 asbestos-related lawsuits filed, but unresolved, as of the Petition Date and for unknown numbers of asbestos-related claims that would be filed in the future. In early 1994, GAF Building Materials Corporation, an indirect subsidiary of GAF, formed a new corporation as a wholly-owned subsidiary known as Building Materials Corporation of America. Pursuant to that transaction, BMCA received substantially all of the assets of GAF's roofing products business and expressly assumed $204 million of asbestos-related liability, with G-I indemnifying BMCA against any additional such liability. BMCA, also an indirect subsidiary of G-I Holdings, is the primary operating subsidiary and principal asset of G-I Holdings. In early 2007, the Debtors, the Committee and the Legal Representative commenced mediation under the auspices of former United States District Judge Nicholas H. Politan in an effort to resolve the asbestos-related lawsuits. Subsequently, the Parties outlined the principal terms of a global settlement and endeavored to complete a final global settlement with comprehensive documentation in the form of a proposed Chapter 11 plan and its ancillary documents. To preserve the status quo, the Parties mutually agreed to request a stay of all litigation which would be covered under the final global settlement from this Court and other courts of competent jurisdiction. Although lengthy and initially unsuccessful, the negotiations continued until the parties reached a settlement culminating in an agreement in early August 2008. On Aug. 21, 2008, the Parties filed the Joint Plan of Reorganization of G-I Holdings Inc. and ACI Inc. Pursuant to Chapter 11 of the Bankruptcy Code that implemented the Global Settlement of all asbestos-related lawsuits naming G-I Holdings and any other related entities as defendant(s). The Joint Plan of Reorganization provided for the creation of an asbestos trust pursuant to Section 524(g) of the Bankruptcy Code, to which all asbestos-related lawsuits against the Debtors now and in the future would be channeled. Pursuant to the Global Settlement, the Asbestos Trust would assume the Debtors' liability for asbestos- related lawsuits, in exchange for cash on the effective date of the Joint Plan of Reorganization in an amount not to exceed $215 million, and a note in the amount of $560 million issued by the reorganized Debtors and secured by a letter of credit. The Bankruptcy Court and Chief Judge Garrett Brown of the U.S. District Court for the District of New Jersey, by Order dated Nov. 12, 2009, jointly approved the Debtors' Eighth Amended Joint Plan of Reorganization. GAIL BALMER ROUMELL: Unsecured Creditors to Get 3% Under Plan ------------------------------------------------------------- General unsecured creditors of Gail Balmer Roumell will get 3% of their claims under the Debtor's proposed Chapter 11 plan of reorganization. Under the plan, a general unsecured creditor that holds a claim of more than $1,000 will get 3% of its claim to be paid over five years in 20 equal quarterly installments. Meanwhile, any general unsecured creditor whose claim is $1,000 or less will receive a single payment of $317 on the effective date of the plan, according to the disclosure statement filed with the U.S. Bankruptcy Court for the Northern District of California. A copy of the disclosure statement detailing the restructuring plan is available for free at https://is.gd/3m9hD4 The Debtor is represented by: Richard Sturdevant, Esq. Financial Relief Law Center Tel: (714) 442-3335 Fax: (714) 361-5376 Email: rich@bwlawcenter.com About Gail Balmer Roumell Gail Balmer Roumell sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 15-31470) on November 24, 2015. GARY HOUSTON SHULER: Files Plan to Exit Chapter 11 Protection ------------------------------------------------------------- Gary Houston Shuler filed with the U.S. Bankruptcy Court for the Northern District of Florida his proposed plan to exit Chapter 11 protection. Under the plan, a dividend of 100% will be paid to general unsecured creditors pro rata in 16 quarterly payments. The quarterly payment will be $3,913, including interest. General unsecured creditors, which assert a total of $56,472 in claims, will receive distributions after administrative claims are paid, according to the disclosure statement detailing the plan. A copy of the disclosure statement detailing the restructuring plan is available for free at https://is.gd/Q1Nwo7 The Debtor is represented by: Thomas B. Woodward, Esq. Thomas Woodward Law Firm PLLC P.O. Box 10058 Tallahassee, FL 32302 Phone: (850) 222-4818 Fax: 1-844-741-5720 Email: woodylaw@embarqmail.com About Gary Houston Shuler Gary Houston Shuler sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-50018) on January 22, 2016. GILLESPIE OFFICE: Wants Dec. 31 Extension of Plan Filing Date ------------------------------------------------------------- Gillespie Office and Systems Furniture, Inc., asks the U.S. Bankruptcy Court for the District of Nevada to extend its exclusive periods to file and confirm a plan of reorganization to December 31, 2016, and to March 1, 2017, respectively. The Debtor submits that the extension would alleviate the potential for both estate and judicial resources to be spent needlessly, and ultimately increase their likelihood to successfully reorganize by avoiding the need to respond to a competing plan at what is still an early state of the Chapter 11 Case. The Debtors adds that the formation of its plan is largely dependent on the outcome of the Council's claim that is currently pending in the State Court action under Case No. A-14-696265-C and scheduled on a trial stack commencing October 11, 2016. The Debtor anticipates filing a plan of reorganization within 30 days if the conclusion of said trial. Proposed Counsel for Gillespie Office and Systems Furniture, Inc: Candace C. Carlyon, Esq. Matthew R. Carlyon, Esq. MORRIS POLICH & PURDY, LLP 3800 Howard Hughes Pkwy, Suite 110 Las Vegas, NV 89169 Telephone: (702) 862-8300 Facsimile: (702) 862-8400 Email: ccarlyon@mpplaw.com mcarlyon@mpplaw.com About Gillespie Office and Systems Furniture Gillespie Office and Systems Furniture, Inc., does business as A&B Printing, located at 2908 South Highland Drive, Set. B, Las Vegas, Nevada. The Company has been providing printing and mailing services to customers in the Las Vegas since 1979. Gillespie Office and Systems Furniture, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.Nev. Case No. 16-11943) on April 11, 2016. Zachariah Larson, Esq., at Larson & Zirzow as bankruptcy counsel. GOD'S ANGELS: Needs Until October 12 to Obtain Acceptance of Plan ----------------------------------------------------------------- God’s Angels In The Field, LLC, asks the U.S. Bankruptcy Court for the Middle District of Louisiana to extend the exclusive period within which the Debtor has to obtain acceptance of its plan for reorganization to October 12, 2016. The Debtor tells the Court that although it has already filed its plan and disclosure statement, it will be technically impossible for the Debtor to meet the August, 19, 2016, deadline for the Debtor is currently barred from soliciting creditors’ approval of its plan since the Court has reset the hearing on the Debtor’s disclosure statement to August 17. The Troubled Company Reporter has reported earlier that Judge Dodd has previously extended the exclusive period for the Debtor to obtain acceptance of its plan is extended from June 13, 2016, to August 19, 2016. Attorney for God’s Angels In The Field, LLC: Daniel Frazier, Jr., Esq. FRAZIER LAW OFFICES, P.L.C. 4242 Government St., Suite 107 P.O. BOX 1748 Baton Rouge, Louisiana 70821 Telephone: (225) 938-3506 Email: dfrazierloi@aol.com GREEN FIELD: Moreno, Turbine Can't File 3rd Party Complaint vs GE ----------------------------------------------------------------- In the adversary proceeding captioned ALAN HALPERIN, AS TRUSTEE OF THE GFES LIQUIDATION TRUST, Plaintiff, v. MOR MGH HOLDINGS, LLC, et al., Defendants, and MICHEL B. MORENO and TURBINE GENERATION SERVICES, LLC; Defendants/Third-Party Plaintiffs, v. GENERAL ELECTRIC CO. and GE OIL & GAS, INC., Third-Party Defendants, Adv. Proc. No. 15-50262(KG) (Bankr. D. Del.), Judge Kevin Gross of the United States Bankruptcy Court for the District of Delaware denied the motion filed by Michael B. Moreno and Turbine Generation Services, LLC, for leave to file a third party complaint against General Electric Co. and GE Oil & Gas, Inc. A full-text copy of Judge Gross' July 11, 2016 memorandum opinion is available at https://is.gd/1vdKsm from Leagle.com. The bankruptcy case is IN RE: GREEN FIELD ENERGY SERVICES, INC. et al., Chapter 11, Debtors, Case No. 13-12783 (KG) (Jointly Administered) (Bankr. D. Del.). Alan Halperin, as Trustee of the GFES Liquidation Trust, is represented by: Thomas M. Horan, Esq. SHAW FISHMAN GLANTZ & TOWBIN, LLC 919 N Market Street, Suite 600 Wilmington, DE 19801 Tel: (302)480-9412 Email: thoran@shawfishman.com -- and -- Steven K. Kortanek, Esq. Morgan L. Patterson, Esq. WOMBLE CARLYLE SANDRIDGE & RICE, LLP 222 Delaware Avenue Suite 1501 Wilmington, DE 19801 Tel.: (302)252-4320 Fax: (302)252-4330 Email: skortanek@wcsr.com mpatterson@wcsr.com -- and -- Thomas G. Macauley, Esq. MACAULEY LLC 300 Delaware Ave., Suite 760 Wilmington, DE 19801 Tel: (302)656-0100 Alan Halperin, as Liquidation Trustee for the GFES Liquidation Trust, is represented by: Joseph N. Argentina, Jr., Esq. Steven K. Kortanek, Esq. DRINKER BIDDLE & REATH LLP 222 Delaware Ave., Ste. 1410 Wilmington, DE 19801-1621 Tel: (302)467-4200 Fax: (302)467-4201 Email: joseph.argentina@dbr.com steven.kortanek@dbr.com Michel B. Moreno is represented by: Alison R Ashmore, Esq. Jeffrey R. Fine, Esq. Aaron M Kaufman, Esq. Deborah D. Williamson, Esq. DYKEMA COX SMITH Comerica Bank Tower 1717 Main Street Suite 4200 Dallas, TX 75201 Tel: (214)462-6400 Fax: (214)462-6401 Email: aashmore@dykema.com jfine@dykema.com akaufman@dykema.com dwilliamson@dykema.com -- and -- Marc J. Phillips, Esq. MANION GAYNOR & MANNING LLP 1007 North Orange St., 10th Floor Wilmington, DE 19801 Tel: (302)657-2100 Fax: (302)657-2104 Email: mphillips@mgmlaw.com Dynamic Group Holdings, LLC is represented by: Geoffrey G. Grivner, Esq. BUCHANAN INGERSOLL & ROONEY PC 919 North Market Street, Suite 1500 Wilmington, DE 19801-3046 Tel: (302)442-4207 Fax: (302)552-4295 Email: geoffrey.grivner@bipc.com -- and -- Mark A. Mintz, Esq. JONES WALKER LLP 201 St. Charles Ave. New Orleans, LA 70170-5100 Tel: (504)582-8368 Fax: (504)589-8368 Email: mmintz@joneswalker.com Mark Knight is represented by: Michael Joseph Custer, Esq. Kay Standridge Kress, Esq. PEPPER HAMILTON LLP 4000 Town Center, Suite 1800 Southfield, MI 48075-1505 Tel: (248)359-7300 Fax: (248)359-7700 Email: custerm@pepperlaw.com kressk@pepperlaw.com Enrique Fontova is represented by: William D. Sullivan, Esq. SULLIVAN HAZELTINE ALLINSON LLC 901 North Market Street, Suite 1300 Wilmington, DE 19801 Tel: (302)428-8191 Fax: (302)428-8195 Email: bsullivan@sha-llc.com About Green Field Energy Green Field Energy Services, Inc., is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Bankr. D. Del. Case No. 13-bk-12783). The Debtors hired Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois, as attorneys. Carl Marks Advisory Group LLC was hired as investment banker, and Thomas E. Hill, from Alvarez & Marsal North America, LLC, was hired as the Debtors' chief restructuring officer. In its schedules, Green Field disclosed $306,960,039 in total assets and $447,199,869 in total liabilities. Roberta A. DeAngelis, The U.S. Trustee for Region 3, appointed six members to the official committee of unsecured creditors in the Chapter 11 cases of Green Field Energy Services, Inc., et al. The Bankruptcy Court authorized the U.S. Trustee to appoint Steven A. Felsenthal, Esq., as examiner. He retained The Hogan Firm as his counsel. Leslie Turk, writing for Theind.com, reports that the case was later converted to a Chapter 7 and its assets liquidated in a sale. GSE ENVIRONMENTAL: Unpaid Stock Compensation Is Equity Security --------------------------------------------------------------- In the adversary proceeding captioned GSE ENVIRONMENTAL, INC., and GSE HOLDING, INC., Plaintiffs, v. CHARLES A. SORRENTINO, Defendant, Adversary No. 16-50377 (MFW) (Bankr. D. Del.), Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware granted the motion filed by GSE Environmental, Inc., and GSE Holding, Inc., for judgment on the pleadings, which sought a declaration that the claim filed by Charles Sorrentino constitutes an equity security. The Defendant contends that the value of stock owed to him constitutes a claim because the stock component of his compensation was calculated as a fixed dollar amount rather than a fixed number of shares. The Court disagrees. Although the quantity of stock owed to the Defendant under the amended employment agreement was based on a fixed dollar amount, the fact remains that the agreement entitled the Defendant only to company stock, not cash, the Court held. Further, the stock rights received under the amended employment agreement constitute a purchase and sale of a security because they were given in exchange for the Defendant's labor, the Court further held. Therefore, the Court concludes that the Defendant's stock-based compensation fits squarely within the Code's definition of equity security. For the foregoing reasons, the Courts finds that the unpaid stock-based compensation constitutes an equity security. The bankruptcy case is IN RE: GSE ENVIRONMENTAL, INC., et al., Chapter 11, Debtors, Case No. 14-11126 (MFW) Jointly Administered (Bankr. D. Del.). A full-text copy of Judge Walrath's July 18, 2016 memorandum opinion is available at https://is.gd/SLwh9S from Leagle.com. GSE Environmental, Inc. is represented by: Kurt F. Gwynne, Esq. REED SMITH LLP 1201 Market Street – Suite 1500 Wilmington, DE 19801 Tel: (302)778-7500 Fax: (302)778-7575 Email: kgwynne@reedsmith.com Charles A. Sorrentino is represented by: Carl N. Kunz, III, Esq. MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19899-2306 Tel: (302)888-6800 Fax: (302)571-1750 Email: ckunz@morrisjames.com About GSE Environmental GSE Environmental -- http://www.gseworld.com-- is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture. Headquartered in Houston, Texas, USA, GSE maintains sales offices throughout the world and manufacturing facilities in the US, Chile, Germany, Thailand, China and Egypt. GSE Environmental, Inc. and its affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-11126) on May 4, 2014 as part of a restructuring support agreement with their lenders. The Debtors are seeking joint administration of their Chapter 11 cases. GSE announced an agreement with its lenders to restructure its balance sheet by converting all of its outstanding first lien debt to equity, leaving the Company well-positioned for long-term growth and profitability. The Company has tapped Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Moelis & Company, as financial advisor. The first lien lenders are represented by Wachtell, Lipton, Rosen & Katz. Prime Clerk is the Debtors' claims agent. Cantor Fitzgerald Securities as agent for a consortium of DIP lenders is represented by Nathan Z. Plotkin, Esq., at Shipman & Goodwin LLP, in Hartford, Connecticut. The DIP Lenders are represented by Scott K. Charles, Esq., Emily D. Johnson, Esq., and and Neil K. Chatani, Esq., at Wachtell, Lipton, Rosen & Katz, in New York. The local Delaware counsel to the DIP Lenders and the DIP Agent is Russell C. Silberglied, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. GSE Environmental's non-U.S. subsidiaries are not included in the U.S. Chapter 11 filings and will continue to operate in the ordinary course without interruption. * * * GSE Environmental on July 28 disclosed that it has received confirmation of its Plan of Reorganization from the Bankruptcy Court for the District of Delaware. The Plan received full support from all of the Company's major stakeholders. HAJ INC: Hires Garvey Schubert as General Bankruptcy Counsel ------------------------------------------------------------ HAJ, Inc., dba Christenson Oil, seeks permission from the U.S. Bankruptcy Court for the District of Oregon to employ Garvey Schubert Barer as general bankruptcy counsel. The Debtor requires Garvey Schubert to: (a) assist the Debtor in the preparation and filing of the schedules, statement of financial affairs, and related documents; (b) assist the Debtor in the preparation and submission of the Debtor's initial disclosures and monthly financial reports to the U.S. Trustee's office and preparing for and attending the initial Debtor interview and preparing for and attending the Section 341 meeting of creditors; (c) advising Debtor of its rights, powers and duties as the Debtor-In-Possession, in continuing to operate and manage its business and property under Chapter 11 of the Bankruptcy Code; (d) provide legal advice and assistance to the Debtor with respect to matters relevant to case administration including appointment of professionals, motions for use, sale, or lease of property, use of cash collateral, investigation regarding valuation and recovery of assets and avoidance of liens, review of and objection to claims, and other necessary and appropriate case administration; (e) review the nature and validity of any liens asserted against Debtor's property and advise Debtor concerning the enforceability of such liens; (f) advise Debtor regarding actions to collect and recover property for the benefit of the estate, disposition of estate property and issues relating to executory contract and unexpired lease assumption, assignments and rejections; (g) assist the Debtor in the formulation and filing of a disclosure statement and plan, plan confirmation proceedings, and post-confirmation matters; and (h) perform all other legal services for the Debtor which may be necessary to the effective administration of the Debtor's estate. Garvey Schubert will be paid at these hourly rates: John Rothermich, owner $405 Larry Brant, owner $565 Nancy Cooper, owner $420 Charles C. Robinson, owner $490 Daniel Vecchio, associate $380 Garvey Schubert will also be reimbursed for reasonable out-of-pocket expenses incurred. Garvey Schubert 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 Debtors and their estates. Garvey Schubert can be reached at: John C. Rothermich, Esq. Charles C. Robinson, Esq. GARVEY SCHUBERT BARER 121 SW Morrison, 11th Floor Portland, OR 97204 Tel: (503) 228-3939 E-mail: jrothermich@gbslaw.com crobinson@gsblaw.com About HAJ, Inc. dba Christenson Oil HAJ, Inc. dba Christensen Oil filed a chapter 11 petition (Bankr. D. Or. Case No. 16-32787) on July 18, 2016. The petition was signed by Lawrence W. Lesniak, CEO. The Debtor is represented by John Carten Rothermich, Esq., at Garvey Schubert Barer. The case is assigned to Judge Randall L. Dunn. The Debtor discloses total assets in the amount of $2.79 million and total liabilities in the amount of $1.72 million. HALCON RESOURCES: Restructuring Plan Gets Overwhelming Support -------------------------------------------------------------- On June 9, 2016, Halcon Resources Corporation entered into a restructuring support agreement with respect to the terms of a Chapter 11 plan of reorganization with certain of its stakeholders, pursuant to which, among other things, the Company agreed to (a) commence a solicitation for acceptance of a pre-packaged plan of reorganization based on the restructuring transactions contemplated by the RSA, (b) if certain approval levels are attained from the stakeholders, file voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware, and (c) seek approval of the Plan by the Bankruptcy Court. On June 20, 2016, the Company commenced a solicitation for acceptance of the Plan. As previously disclosed, the solicitation was completed on July 20, 2016, and the final results are noted below: % of Class In Favor Of Restructuring Plan ------------------------ % of Face % of Affected Stakeholder Class Value Holders -------------------------- --------- ------- 3L Notes 99.997% 99.350% Unsecured Notes 99.860% 97.970% Convertible Note 100.00% 100.00% Preferred Equity 99.300% Not Applicable Threshold levels needed for acceptance under the Bankrupty Code are at least 66.67% of the value of voting stakeholders in each Affected Stakeholder class and more than 50% of the number of voting holders in each affected debt class (50% threshold does not apply to Preferred Equity class). In connection with the Restructuring Transactions, on July 22, 2016, the Company entered into a lockup agreement with holders of an aggregate 51% of its 8.625% Senior Secured Notes issued under that certain indenture, dated as of May 1, 2015, by and among Halcon, as issuer, each of the guarantors named therein, and U.S. Bank National Association, as trustee and 12.0% Senior Secured Notes issued under that certain indenture, dated as of Dec. 21, 2015, by and among Halcon, as issuer, each of the guarantors named therein, and U.S. Bank National Association, as trustee, pursuant to which, in exchange for a consent fee, the parties agreed to consent to an amendment of the Second Lien Note Indentures and any other applicable Note Documents to modify the incurrence of indebtedness and lien covenants, as well as certain restricted payments covenants and support the Restructuring Transactions. A copy of the Lockup is available for free at https://is.gd/eK6Nk1 Pursuant to a Consent and Amendment dated July 22, 2016, the RSA was amended to provide (i) that the interest payments contemplated to be made on the Company's 13% senior secured notes due 2022, 8.875% senior unsecured notes due 2021, 9.25% senior unsecured notes due 2022 and 9.75% senior unsecured notes due 2020, prior to any Chapter 11 filing, would be made no later than two business days prior to such filing and (ii) that the Plan shall not specify how distributions will be allocated between principal and interest. Pursuant to the RSA Amendment, the requisite stakeholders have also given their consent with respect to the Amendment. About Halcon Resources Halcon Resources Corporation acquires, produces, explores and develops onshore liquids-rich assets in the United States. This independent energy company operates in the Bakken/Three Forks, El Halcon and Tuscaloosa Marine Shale formations. Halcon Resources reported a net loss available to common stockholders of $2 billion on $550 million of total operating revenues for the year ended Dec. 31, 2015, compared to net income available to common stockholders of $283 million on $1.14 billion of total operating revenues for the year ended Dec. 31, 2014. * * * As reported by the TCR on Jan. 27, 2015, Moody's Investors Service downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'. The downgrade reflects growing risk for Halcon's business profile because of high financial leverage and limited liquidity as its existing hedges roll-off and stop contributing to its borrowing base over the next 12-18 months. In September 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Oklahoma City-based Halcon Resource Corp. to 'SD' (selective default) from 'B-'. "The downgrade follows Halcon's announcement that it reached an agreement with holders of portions of its senior unsecured notes to exchange the notes for new senior secured third-lien notes," said Standard & Poor's credit analyst Ben Tsocanos. HALIFAX REGIONAL: Fitch Affirms 'BB+' Rating on 1998 Hospital Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed its 'BB+' rating on the following North Carolina Medical Care Commission bonds issued on behalf of Halifax Regional Medical Center (HRMC): -- $11.5 million hospital revenue bonds, series 1998. HRMC has an additional $6.1 million in series 2011 direct placement bonds that are not rated by Fitch. The Rating Outlook remains Positive. SECURITY The bonds are secured by a pledge of gross receipts, a negative mortgage lien, and a debt service reserve. KEY RATING DRIVERS IMPROVED PROFITABILITY: Maintenance of the Positive Outlook, as well as the upgrade to 'BB+' during the last review cycle, reflects HRMC's continued profitability improvement in fiscal 2015 (year ended Sept. 30) and through the nine-month interim (ended June 30, 2016). HRMC's 4.5% operating and 9.7% operating EBITDA margins through the interim were sustained from fiscal 2015 and improved over fiscal 2014 results. Fitch notes that fiscal 2015 and interim results were bolstered by several supplemental funding programs for which the reimbursement is not certain over the medium term. Although HRMC's operating profile continues to improve, Fitch notes that its small revenue base, heavy reliance on a small medical staff and vulnerability to future reimbursement remain credit concerns at this time. GROWING LIQUIDITY POSITION: Improved profitability and modest capital spending over the last three years has helped HRMC grow its liquidity position to 156.3 days cash on hand (DCOH), 76.5x cushion ratio and 156.1% cash to debt, all of which were above Fitch's below investment grade (BIG) medians. Fitch notes that HRMC's average age of plant is somewhat elevated at 12.7 years and may be indicative of deferred capital spending, which may impact HRMC's ability to continue growing liquidity over the longer term. LOW DEBT BURDEN: HRMC's debt burden remains light with maximum annual debt service (MADS) at 2.8% of fiscal 2015 revenues, ahead of the BIG median of 4.4%. Additionally, debt service coverage has improved to 4.0x in fiscal 2015 due to the improved operating performance. MIXED SERVICE AREA CHARACTERISTICS: HRMC has maintained its leading market share (57% in fiscal 2015) and status as a sole community provider, which enables it to receive enhanced reimbursement. However, HRMC's service area has a generally unfavorable socioeconomic profile and HRMC's payor mix has high exposure to governmental payors (52.7% Medicare and 18.6% Medicaid) and self-pay (8.7%). NOVANT RELATIONSHIP: HRMC has had a management agreement with Novant Health (rated 'AA-'/Stable Outlook) since 2014, after a full merger was called off. The management agreement has been extended to March 1, 2017. Fitch believes that the management agreement gives HRMC access to expertise and resources not typically available to organizations of similar size. RATING SENSITIVITIES SUSTAINED FINANCIAL PERFORMANCE: Fitch expects Halifax Regional Medical Center to produce solid operating results which support good debt service coverage, in the absence of one-time items. Continued strong operating performance and further liquidity growth may lead to an upgrade. CREDIT PROFILE HRMC is a 204 licensed-bed (133 operated-bed) community medical center providing primary and secondary care services. The medical center is located in Roanoke Rapids, approximately 75 miles northeast of Raleigh. The system also includes a medical group and a foundation. In fiscal 2015 (Sept. 30 year-end) HRMC had $92.1 million in total operating revenue. Fitch uses the consolidated financial data in its analysis. The obligated group includes the medical center, which makes up substantially all assets and 95.1% of total revenues in fiscal 2015. IMPROVED FINANCIAL PROFILE HRMC's operating margin has improved to 4.5% through the nine-month interim period of 2016 from a negative 1.4% operating margin in fiscal 2013. Operating EBITDA margin has improved to 9.7% from 4.3% over the same time period. The improvement is attributed to robust cost controls and incremental revenue growth. In addition, profitability in fiscal 2015 and through the fiscal 2016 interim has been supplemented by several non-recurring items. One-time payments included Meaningful Use funds of $2.3 million, as well as a $1.4 million payment under the Medicare Low-Volume program. Performance through the interim has been bolstered by approximately $1.4 million from a Medicare Cost Report settlement. HRMC is expecting additional Meaningful Use and Low-Volume payments in fiscal 2016, but the long-term availability of these supplemental payments remains uncertain. HMRC's $38.4 million in unrestricted liquidity at June 30, 2016 has grown from $19 million at Sept. 30, 2013. HMRC's 156.3 days cash on hand (DCOH), 76.5x cushion ratio and 156.1% cash to debt, all compared well to Fitch's BIG medians. Liquidity growth has been supported by stronger operating performance and tempered capital spending over the last three years, which has averaged 69% of annual depreciation expense. HMRC's average age of plant of 12.7 years is indicative of some deferred capital spending and may necessitate increased capital spending over the longer term. HRMC's leverage is low with MADS representing just 2.8% of fiscal 2015 revenues, favorable to Fitch's BIG median of 4.4%. Debt service coverage has averaged 2.6x over the last four fiscal years and improved to 4.1x through the interim period due to better operating performance. DEBT PROFILE Total debt equaled $18.9 million at fiscal 2015, including $1.3 million in capital leases and notes payable. HRMC's debt profile is manageable and conservative, with 100% fixed-rate debt and no swaps/derivatives. Including approximately $500,000 in capital lease payments, maximum annual debt service equals $2.6 million. HRMC is contemplating a refinancing of its currently outstanding bonds for interest rate savings. Total savings are currently estimated at $2.7 million, which is likely to be used to fund a portion of a $6 million generator and boiler replacement project over the medium term. DISLCOSURE Disclosure to Fitch has been adequate including annual (within 120 days) and quarterly disclosure, although only audited annual disclosure is required in the bond documents. HRMC does provide quarterly disclosure upon request to other third parties. Fitch notes that quarterly disclosure includes a balance sheet and income statements; however, a statement of cash flows and management discussion and analysis is not provided. HEARING HELP: 17% to 84% Recovery in BHL's Revised Disclosures -------------------------------------------------------------- Better Hearing, LLC, Inc., on July 18, 2016, filed a Fourth Amended Disclosure Statement for its Second Amended Disclosure Statement dated June 6, 2016, for debtor Hearing Help Express, Inc. The BHL's Plan provides that: -- Holders of miscellaneous secured claims aggregating $10,000, the secured claim of GFC leasing of $6,021, the secured claim of Dell ($9,744) will be paid in full within 30 days of the Effective Date. -- CAN Capital's claims of $119,250 and BHL's secured claims of $2,475,454 will have a 73% recovery. -- Holders of general unsecured claims totaling $2,015,295 will have a 17.3% to 84.7% recovery. -- Holders of general unsecured claims classified as convenience claims (each in an amount not to exceed $1,000) will have a full recovery. -- Holders of equity interests won't receive anything. The prior iteration of Better Hearing's Disclosure Statement, which was reported in the June 14, 2016 edition of the TCR, projected a 73% recovery for holders of the secured senior claims and 7.9% to 84.7% recovery for general unsecured claimants. A copy of Better Hearing's Fourth Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/Hearing_Help_394_4th_Am_DS.pdf About Hearing Help Hearing Help Express, Inc., dba Hearing Help Express, dba Hear Direct, dba Simply Batteries, dba Moolah by Mail, dba Eco-Gold Batteries, dba Eco-Gold Hearing Products, dba Lotus Express, is reputedly the largest United States mail order company marketing hearing aids, batteries and related accessories directly to senior citizens. HHE is an Illinois C-Corp. The family-controlled private corporation has 90 shareholders, with the Hovis family owning the majority (52.2%) of the shares. Hearing Help Express sought protection under Chapter 11 of the Bankruptcy Code on July 14, 2014 (Bankr. N.D. Ill. Case No. 14-82161). The bankruptcy case is assigned to Judge Thomas M. Lynch. The petition was signed by James E. Hovis, CEO and chairman of the Board. The Debtor estimated assets of $0 to $50,000 and liabilities of $1 million to $10 million. The Debtor is represented by James E Stevens, Esq., at Barrick, Switzer, Long, Balsley & Van Evera, in Rockford, Illinois. Secured lender Better Hearing, LLC is represented by attorneys at Howard & Howard, PLLC. As of the Petition Date, BHL asserted secured claims exceeding $2.4 million. HECK INDUSTRIES: Creditors' Panel Hires Gordon Arata as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Heck Industries Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Louisiana to retain Gordon Arata McCollam Duplantis & Eagan, LLC as counsel for the Committee, nunc pro tunc to June 3, 2016. The Committee requires Gordon Arata to: a. assist and advise the Committee in its consultations with the Debtor and other parties relative to the overall administration of the estate; b. represent the Committee at hearings to be held before this Court and communicate with the Committee regarding matters heard and issues raised as well as decisions and considerations of this Court; c. assist and advise the Committee in its examination and analysis of the Debtor's conduct and financial affairs; d. assist the Committee in preparing appropriate legal pleadings and proposed orders as may be required in support of positions taken by the Committee and prepare witness and review documents relevant thereto; e. advise and assist the Committee in the negotiations with respect to any proposed plan or plans of reorganization; f. assist and advise the Committee with regard to communication to the unsecured creditors regarding the Committee's efforts, progress and recommendation with respect to matters arising in the case as well as any proposed plans of reorganization; and g. assist the Committee generally by providing such other services as may be in the best interest of the parties presented by the Committee. Gordon Arata will be paid at these hourly rates: David J. Messina $360 Armistead M. Long $290 Fernand L. Laudumiey $325 Meredith S. Grabill $275 Paul B. Simon $240 Armistead M. Long, Esq., an attorney with the law firm of Gordon Arata McCollam Duplantis & Eagan, LLC, 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 Debtors and their estates. Gordon Arata may be reached at: Armistead M. Long, Esq. Gordon Arata McCollam Duplantis & Eagan, LLC 400 East Kaliste Saloom Road, Suite 4200 Lafayette, LA 70508-8517 Tel: 337.237.0132 Fax: 337.237.3451 E-mail: along@gordonarata.com About Heck Industries Heck Industries, Inc., sought Chapter 11 protection (Bankr. M.D. La. Case No. 16-10516) on April 29, 2016, in Baton Rouge, Louisiana. The Hon. Douglas D. Dodd is the case judge. William E. Steffes, Esq., Noel Steffes Melancon, Esq., and Barbara B. Parsons, Esq., at Steffes, Vingiello & McKenzie, L.L.C., serve as the Debtor's bankruptcy counsel. The Debtor is the owner of a concrete supply business which has operated throughout Louisiana since 1957. The Debtor's chapter 11 case was precipitated by a severe strain on collection of its accounts receivable due to, among other things, unfortunate weather conditions hampering the Debtor's ability to complete numerous jobs awarded to it. The Debtor estimated $1 million to $10 million in assets and debt. HEYL & PATTERSON: Can Use Cash Collateral Until August 16, 2016 --------------------------------------------------------------- Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western District of Pennsylvania continued the final hearing of Heyl & Patterson, Inc.'s Cash Collateral Motion to August 16, 2016 at 10:00 a.m. Judge Bohm permitted the Debtor to use cash collateral on an interim basis until August 16, 2016 at 5:00 p.m. A full-text copy of the Order, dated July 22, 2016, is available at https://is.gd/7Wck8m About Heyl & Patterson, Inc. Heyl & Patterson, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21620) on April 29, 2016. The petition was signed by John R. Edelman, CEO. The case is assigned to Judge Carlota M. Bohm. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. III EXPLORATION: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: III Exploration II LP P.O. Box 70019 Boise, ID 83707 Case No.: 16-26471 Type of Business: The Debtor is engaged in the exploration and production of oil and natural gas deposits. Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. R. Kimball Mosier Debtor's Counsel: George Hofmann, Esq. Steven C. Strong, Esq. Adam H. Reiser, Esq. COHNE KINGHORN, P.C. 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 E-mail: ghofmann@cohnekinghorn.com sstrong@cohnekinghorn.com areiser@cohnekinghorn.com Estimated Assets: $50 million to $100 million Estimated Debts: $100 million to $500 million The petition was signed by Paul R. Powell, president. Debtor's List of 10 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ QEP Energy Company Operator $2,007,337 PO Box 204033 Dallas TX 75320-4033 Johnathan Peterson, Land Email: Johnathan.Peterson@ qepres.com Tel: (303) 405-6673 EP Energy E&P Company, L.P. Operator $262,943 PO Box 301244 Dallas TX 7503-1244 Michael J. Walcher, Land Email: Michael.Walcher@epenergy.com Tel: (713) 997-5476 EOG Resources, Inc. Operator $68,373 Email: jibinquiry@eogresources.com Badlands Production Company Operator $7,932 XTO Energy, inc. Email: jib_inquiry@xtoenergy.com; Operator $3,822 land_inquiry@xtoenergy.com Newfield Production Company Operator $1,758 Email: tlindsey@newfield.com; owner-relations@newfield.com Slawson Exploration Company, Inc. Operator $1,108 Email: chowell@slawsoncompanies.com; tslawson@slawsoncompanies.com Kerr-McGee Oil & Gas Onshore Operator $184 Wilmington Trust, N.A. Bank Loan Unknown Keybank N.A. Bank Loan Unknown JAMES ALVIN JOSEPH: Unsecured Creditors to Get Nothing Under Plan ----------------------------------------------------------------- General unsecured creditors will receive nothing under the Chapter 11 plan of reorganization proposed by nurse anesthetist James Alvin Joseph. Under the plan filed with the U.S. Bankruptcy Court for the District of South Carolina, general unsecured creditors in Class 6 will be paid zero percent of their claims. Meanwhile, the Internal Revenue Service, one of the largest secured creditors, will receive payments for its claim over a period of 240 months. The agency asserts a claim in the amount of $933,463, of which $851,479 is secured and $61,881 is priority. The rest is unsecured. The Debtor's restructuring plan proposes to make a monthly payment of $4,742 to IRS, which includes 3% fixed interest, until the full amount of its secured claim is paid. Meanwhile, the agency will receive a monthly payment of $257 until its priority claim is paid in full, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/wPtmt0 The Debtor is represented by: Alecia T. Compton, Esq. 212 Grace Street Greenwood, SC 29692 Phone: (864) 942-0518 About James Alvin Joseph James Alvin Joseph sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 15-06707) on December 18, 2015. JAMES FIFE JR: Plan Confirmation Hearing on Aug. 29 --------------------------------------------------- In the Chapter 11 case of debtors James W. Fife Jr. and Janet S. Fife, Judge Paul M. Glenn on July 18, 2016 ordered that: 1. The Disclosure statement filed by the Debtors on May 12, 2016 is approved. 2. Aug. 15, 2016 is fixed as the last day for filing acceptances or rejections of the plan. 3. A confirmation hearing will be held on Aug. 29, 2016 at 1:30 p.m., in 4th Floor Courtroom A, 300 North Hogan Street, Jacksonville, Florida. 4. Any objections to confirmation will be filed and served seven days before the confirmation hearing. 5. All applications for allowance of costs of administration pursuant to Section 503 of the Bankruptcy Code (including fee applications pursuant to Section 330 of the Bankruptcy Code) will be filed 14 days before the confirmation hearing. The case is In re James W. Fife, Jr. and Janet S. Fife (Bankr. M.D. Fla. Case No. 15-03681), filed Aug. 17, 2015 The Debtors' attorneys: Jason A Burgess THE LAW OFFICES OF JASON A. BURGESS, LLC 1855 Mayport Road Atlantic Beach, FL 32233 Tel: 904-372-4791 Fax: 904-853-6932 E-mail: jason@jasonaburgess.com JOANNA MARIE LUCAS: Exit Plan to Pay $10K to Unsecured Creditors ---------------------------------------------------------------- Joanna Marie Lucas filed with the U.S. Bankruptcy Court for the Western District of Missouri a Chapter 11 plan of reorganization that will set aside $10,000 to pay unsecured creditors. Under the proposed plan, unsecured creditors in Class 3 will receive a total distribution of $10,000 to be paid over five years. The Debtor will make a fixed quarterly payment of $500 to unsecured creditors who will receive a pro rata share of each payment. Payments under the restructuring plan will be funded by the Debtor from her future earnings and social security benefits, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/1kJXLk The Debtor is represented by: David E. Schroeder, Esq. 1524 E. Primrose, Suite A Springfield, MO 65804 Phone: (417) 890-1000 Fax (417) 886-8563 About Joanna Marie Lucas Joanna Marie Lucas sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Mo. Case No. 15-61029) on September 15, 2015. JOSEPH KOKROKO: Plan Offers 62% Recovery for Unsecureds ------------------------------------------------------- Joseph E. Kokroko on July 18, 2016, filed an Amended Plan of Reorganization and Amended Disclosure Statement. The Debtor estimate unsecured claims totaling $33,628, which does not include any deficiency amounts for secured creditors. The class is unimpaired. Under the Amended Plan, all allowed and approved claims under this Class shall be paid the sum of $1,050 on a quarterly basis, pro rata, from the Debtors' disposable income, to be paid on the last day of each quarter, beginning with the quarter ending after the Effective Date and anticipated to be Dec. 31, 2016, and continuing each quarter thereinafter for five years. Secured creditors will be paid in installments until paid in full. The equity holder, Mr. Kokroko, is unimpaired under the Plan. The source of the funds will come from the Debtor's earned postpetition income. A copy of the Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/J_Kokroko_196_DS.pdf About Joseph Kokroko Joseph Kokroko is originally from Ghana, West Africa and English is his second language. He came to the United States with his wife who worked for the Peace Corp. He and his wife had two children and also adopted one child. Over a period of years the Debtor has acquired nine residential properties. All of the properties are rented and two were recently used as an Assisted Living Facility. The Chapter 11 case was filed to prevent a foreclosure on his property at 2927 E. 4th Street, Tucson, AZ. Joseph E. Kokroko filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-06782) on June 15, 2016. Eric Slocum Sparks, Esq., at Eric Slocum Sparks PC, serves as counsel to the Debtor. JOYUDA SEA FOOD: Hires Acevedo as Accountant -------------------------------------------- Joyuda Sea Food, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Heriberto Reguero Acevedo as accountant to the Debtor. Joyuda Sea Food requires Acevedo to: a. provide assistance to the Debtor in preparing the Monthly Reports of Operation; b. prepare the necessary financial statements; c. assist Debtor in preparing the cash flow projections and or any other projection needed for the Disclosure Statement; d. assist Debtor in any/all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist Debtor in the preparation and filing of federal, state and municipal tax returns; and f. assist Debtor in any other assignment that might be properly delegated by management. Acevedo will be paid at these hourly rates: Heriberto Reguero Acevedo $150 Associates $75 Acevedo will also be reimbursed for reasonable out-of-pocket expenses incurred. Heriberto Reguero Acevedo, CPA, 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 Debtors and their estates. Acevedo can be reached at: Heriberto Reguero Acevedo 105 Ave. Borinquen Base Ramey, Aguadilla, PR 00603 Tel: (787) 890-3980 Email: heribereg@aol.com About Joyuda Sea Food Joyuda Sea Food Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-03770) on May 10, 2016. The Debtor is represented by Gloria Justiniano Irizarry, Esq. JVJ PHARMACY: Hires Paragon Ventures as Business Broker ------------------------------------------------------- JVJ Pharmacy d/b/a University Chemists seeks authorization from the U.S. Bankruptcy Court for the Southern District of New York to employ Paragon Ventures, LLC as business brokers to sell the Debtor's business. The Debtor operates a "specialty pharmacy", maintaining contracts to provide pharmaceutical products to different health care facilities, including clinics, hospitalss, medical practices and individual physicians. The Debtor wants to sell it operations as a going concern to maximize creditor recovery in this case. In furtherance of this, after extensive due diligence, the Debtor now desires to retain Paragon. Paragon has agreed to payment of the following commissions for its services in the form of 7% of the sale based upon the Total Economic Valuation of the Debtor on the date of the sale. Jonathan M. Sadock, managing partner of Paragon Ventures, LLC, 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 estate. Paragon may be reached at: Jonathan M. Sadock Paragon Ventures, LLC 104 South Wayne Avenue, Suite 415 Wayne, PA 19087 Phone: 610-331-6900 Fax: 610-500-5100 E-mail: jsadock@paragonventures.com About JVJ Pharmacy Inc. Headquartered in New York, New York, JVJ Pharmacy Inc. dba University Chemists filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10508) on March 3, 2016, listing $6.88 million in total assets and $5.61 million in total liabilities. The Debtor operates a "specialty pharmacy", maintaining contracts to provide pharmaceutical products to different health care facilities, including clinics, hospitalss, medical practices and individual physicians. The petition was signed by James F. Zambri, president. Judge Stuart M. Bernstein presides over the case. Avrum J. Rosen, Esq., at The Law Offices of Avrum J. Rose, PLLC, serves as the Debtor's bankruptcy counsel. K & C LV INVESTMENTS: Hires Ballstaedt as Counsel ------------------------------------------------- K & C LV Investments, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ The Ballstaedt Law Firm as attorney to the Debtor. K & C LV Investments requires Ballstaedt to: 1. institute, prosecute, or defend any contested matters arising out of the bankruptcy proceeding in which the Debtor may be a party; 2. assist in the recovery and liquidation of estate assets, and to assist in protecting and preserving the same when necessary; 3. assist in determining the priorities and statuses of claims and in filing objections thereto when necessary; 4. assist in preparation of a disclosure statement and Chapter 11 plan of reorganization; and 5. advise the Debtor and perform all other legal services for the Debtor which may be or become necessary in this bankruptcy proceeding. Ballstaedt will be paid at these hourly rates: Attorneys $295 Paralegals $195 Ballstaedt will be paid a retainer in the amount of $2,000, of which the amount of $1,717 has been used to pay the court filing fee. Ballstaedt will also be reimbursed for reasonable out-of-pocket expenses incurred. Seth D. Ballstaedt, member of The Ballstaedt Law Firm, 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 estate. Ballstaedt can be reached at: Seth D. Ballstaedt, Esq. THE BALLSTAEDT LAW FIRM 9555 S. Eastern Ave, Ste 210 Las Vegas, NV 89123 Tel: (702) 715-0000 Fax: (702) 666-8215 E-mail: help@ballstaedtlaw.com About K & C LV Investments K & C LV Investments, Inc., based in Las Vegas, NV, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 16-13605) on June 30, 2016. The Hon. Mike K. Nakagawa presides over the case. Seth D Ballstaedt, Esq., at The Ballstaedt Law Firm, as bankruptcy counsel. In its petition, the Debtor estimated $827,210 to $2.69 million in both assets and liabilities. The petition was signed by Wagih Kamar, president. KARL STAUFFER: Disclosure Statement Hearing on Sept. 7 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona is set to hold a hearing on September 7, at 10:00 a.m., to consider the disclosure statement detailing the Chapter 11 plan of Karl Stauffer. The hearing will take place at the U.S. Bankruptcy Court, Courtroom No. 601, 6th Floor, 230 North First Avenue, Phoenix, Arizona. Objections must be filed no later than five business days prior to the hearing. The Debtor is represented by: Blake D. Gunn, Esq. Law Office of Blake D. Gunn P.O. Box 22146 Mesa, Arizona 85277 Telephone: (480) 270-5073 Fax 480-393-7162 Email: Blake.Gunn@gunnbankruptcyfirm.com About Karl B. Stauffer Karl B. Stauffer sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 13-05646). The case is assigned to Judge Paul Sala. KENAN ADVANTAGE: Moody's Lowers CFR to B2, Outlook Stable --------------------------------------------------------- Moody's Investors Service downgraded the ratings of Kenan Advantage Group, Inc., including the Corporate Family Rating to B2 from B1, and Probability of Default Rating to B2-PD from B1-PD. Concurrently, Moody's downgraded the rating on the senior secured back credit facilities to B1 from Ba3, and the senior unsecured notes to Caa1 from B3. The ratings outlook was changed to stable from negative. Downgrades: Issuer: Kenan Advantage Group, Inc. Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B2-PD from B1-PD Senior Secured Bank Credit Facilities, Downgraded to B1 (LGD3) from Ba3 (LGD3) Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD5) from B3 (LGD5) Outlook Actions: Issuer: Kenan Advantage Group, Inc. Outlook, Changed To Stable From Negative RATINGS RATIONALE The ratings downgrade is driven by lower than expected operating performance relative to Moody's expectations, following the leveraging acquisition by OMERS Private Equity in July 2015. Operating margins contracted below the anticipated level of 6-6.5% (all metrics inclusive of Moody's standard adjustments) over the past few quarters, mainly as a result of challenging energy and industrial end-market conditions affecting Kenan's chemical, industrial gas and crude/shale-related energy services in the US and Canada. The lower margins, coupled with a higher interest and debt burden, resulted in leverage (Debt/EBITDA) of about 6 times and weak interest coverage (EBIT/Interest) below 1 times. The downgrade also reflects Moody's expectation that leverage will likely remain elevated over the next year, amidst a continuing difficult operating environment. The B2 CFR reflects Kenan's high leverage for the rating category, at about 6 times, and Moody's expectation that leverage will remain high and margins under pressure due primarily to an anticipated slow recovery in the industrial end markets and, to a lesser extent, continued sluggishness in crude hauling and hydraulic fracking activity. As well, FX headwinds related to the Canada operations (about 15% of revenues) and volatility in the shipment of chemicals will likely continue to weigh on results over the near term. Moody's estimates the company will sustain EBITDA margins in the mid-teens range, aided by ongoing cost rationalization measures, and generate moderately positive free cash flow and credit metrics that support the B2 rating level over the next year. However, given Kenan's acquisitive growth strategy, Moody's also anticipates that any accumulating cash balances will primarily be deployed towards acquisitions rather than debt repayment, except for mandatory amortization of about $8 million. The B2 CFR also considers Kenan's position as a leading truck-transporter of liquid bulk products across the U.S. and western Canada. Kenan's scale, geographic footprint and end-market exposure are enhanced by its growth through acquisitions, but sizeable acquisitions are likely to be funded with additional debt and reduce the pace of any moderation in leverage. Moody's believes that Kenan's fuels delivery business and food sector transportation services make it less susceptible to economic down cycles relative to other trucking companies. The rating also anticipates the company will maintain an adequate liquidity profile, supported by revolver availability of $32 million and C$15 million, respectively, under the USD and CAD revolving credit facilities, net of letters of credit, as of March 31, 2016. The B1 rating of the senior secured credit facility is one notch above the B2 CFR, reflecting the senior position of this class of debt in the capital structure. This results in a higher estimated recovery rate for this secured facility. The Caa1 rating of the senior unsecured notes due 2023 is two notches below the CFR, reflecting the preponderance of secured debt in claim to these notes. Moody's estimates that the notes would incur substantial loss in the event of default. The ratings could be downgraded if Moody's expects debt-to-EBITDA to exceed 6 times on a sustained basis, FFO+Interest/Interest below 2.0 times, or if Moody's expects availability under the revolving credit facility to diminish. Operational challenges that pressure margins and result in free cash flow below Moody's expectation of at least $12-$15 million over the next 12-18 months, could also pressure the ratings. Ratings could be upgraded if the company demonstrates improving margins, cash flow and leverage through earnings growth or reduction of debt by using free cash flow. Debt-to-EBITDA approaching 4.5 times and FFO+Interest/Interest approaching 3 times could provide upward ratings momentum. The principal methodology used in these ratings was Global Surface Transportation and Logistics Companies published in April 2013. Kenan is a provider of liquid bulk transportation and logistics services to the fuels, chemicals, liquid food and merchant gas markets. Utilizing a dedicated contract carriage model, Kenan offers transportation services throughout the U.S. and in western Canada. Revenues for the last 12 months ended March 2016 were approximately $1.4 billion. Kenan is owned by OMERS Private Equity, a manager of the private equity investments of Canadian pension fund, Ontario Municipal Employees Retirement System (OMERS). KIRK LLC: Case Summary & 11 Unsecured Creditors ----------------------------------------------- Debtor: The Kirk LLC 57 W. Vine St. Tooele, UT 84074 Case No.: 16-26470 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Kevin R. Anderson Debtor's Counsel: T. Edward Cundick, Esq. PRINCE, YEATES & GELDZAHLER 15 West South Temple, Suite 1700 Salt Lake City, UT 84101 Tel: 801-524-1000 Fax: 801-524-1098 E-mail: tec@princeyeates.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew H. Patten, chief restructuring officer. A copy of the Debtor's list of 11 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb16-26470.pdf KLEEN LAUNDRY: Wants to Use $1.886 -Mil. in Cash Until Oct. 21 -------------------------------------------------------------- Kleen Laundry and Drycleaning Services, Inc. asks the U.S. Bankruptcy Court for the District of New Hampshire for authorization to use cash collateral until October 21, 2016. The Debtor wants to use cash collateral, limited to the amount of $1,886,161, to pay the costs and expenses incurred by the Estate in the ordinary course of business. The Debtor's proposed Budget utilizes a proposed debtor in possession line of credit from TD Bank, N.A. in the amount of $150,000. The Budget projects sufficient cash to pay the budgeted costs and expenses. In addition, the Budget pays utility deposits in the amount of $107,000. The Budget includes a line item described as "Other BK Costs” with a one-time expense of $132,000. That item covers Attorney's fees and retainer fees, and utility deposits for water and electricity, among others. The Debtor relates that TD Bank and the Internal Revenue Service assert liens on the Debtor's cash collateral. The Debtor proposes to grant TD Bank and the IRS replacement liens on the Estate's cash collateral, its proceeds and all post petition accounts receivable and inventory of the same kind and character. The Debtor tells the Court that it is currently in negotiations with TD Bank, the largest secured creditor in the case, for a stipulation relating to the use of cash collateral. It requests that the Court schedule a preliminary hearing on its motion before August 1, 2016. A full-text copy of the Debtor's Motion, dated July 25, 2016, is available at https://is.gd/Wnj2Kz A full-text copy of the Debtor's proposed Budget, dated July 25, 2016, is available at https://is.gd/HW7jlP Kleen Laundry and Drycleaning Services, Inc. is represented by: Richard J. McPartlin, Esq. Edmond J. Ford, Esq. FORD & MCPARTLIN, P.A. Portsmouth, NH 03801 Telephone: (603) 433-2002 Email: eford@fordlaw.com About Kleen Laundry and Drycleaning Services, Inc. Kleen Laundry and Drycleaning Services, Inc. filed a chapter 11 petition (Bankr. D.N.H. Case No. 16-11079) on July 25, 2016. The Debtor is represented by Richard J. McPartlin, Esq. and Edmond J. Ford, Esq., at Ford & McPartlin, P.A. KOMODIDAD DISTRIBUTORS: Hires Vallejo as Real Estate Appraiser -------------------------------------------------------------- Komodidad Distributors, Inc., et al., seek authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Vallejo & Vallejo as real estate appraiser to the Debtors. Komodidad Distributors requires Vallejo to: -- appraise the Six Commercial Properties, Two Residential Condo Unit, One Mixed use property in Caguas and One Commercial Property in San Juan for a total of ten (10) real properties; -- appear in court and attorney/appraiser meetings should they be necessary. Vallejo will be paid at these hourly rates: Jorge Vallejo $250 Vallejo will be paid a retainer in the amount of $24,375, of which $12,187.50 and applicable taxes will be payable upon authorization of the retainer, and the remaining $12,187.50 and applicable taxes will be payable upon delivery of the completed appraisals. Jorge Vallejo, licensed real estate appraiser of Vallejo & Vallejo, 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 Debtors and their estates. Vallejo can be reached at: Jorge Vallejo VALLEJO & VALLEJO Santa Ana Building No. 1610 Ponce de Leon Avenue Santurce, PR 00909 Tel: (787) 723-2121 Fax: (787) 724-3949 E-mail: jivallejo@vallejopr.com About Komodidad Distributors Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The petition was signed by Jorge Galliano, president. The Hon. Enrique S. Lamoutte Inclan presides over the case. The Debtor estimated assets of $50 million to $100 million and estimated debts of $10 million to $50 million. Komodidad Distributors' Chapter 11 case is jointly administered with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A. Investors, S.E., and G.A. Property Development, Corp., under (Bankr. D.P.R. Case No. 16-04164). KORNGIP LLC: Combined Plan, Disclosure Statement Hearing on Aug. 30 ------------------------------------------------------------------- The U.S. Bankruptcy Court in New Jersey is set to hold a hearing on August 30, at 2:00 p.m., to consider approval of the disclosure statement and the Chapter 11 plan of reorganization proposed by Korngip LLC. The hearing will take place at the U.S. Bankruptcy Court, Courtroom 3, 402 East State Street, Trenton, New Jersey. Objections must be filed no later than seven days prior to the hearing. About Korngip LLC Korngip LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 15-29726) on October 20, 2015. The case is assigned to Judge Christine M. Gravelle. The Debtor is represented by Andre L. Kydala, Esq., at the Law Firm of Andre L. Kydala. LA SCALA NYC: Hires DelBello as Bankruptcy Counsel -------------------------------------------------- La Scala NYC Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as counsel to the Debtor. La Scala NYC requires DelBello to: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor's protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential sale of its assets; g. represent the Debtor in connection with obtaining post- petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estates and to promote the best interests of the Debtor, its creditors and its estates. DelBello will be paid at these hourly rates: Attorneys $375-$595 Paraprofessionals $150 DelBello will be paid a retainer in the amount of $5,000. DelBello will also be reimbursed for reasonable out-of-pocket expenses incurred. Jonathan S. Pasternak, member of the law firm DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, 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 estate. DelBello can be reached at: Jonathan S. Pasternak, Esq. DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP One North Lexington Avenue White Plains, NY 10601 Tel: (914) 681-0200 About La Scala NYC La Scala NYC Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-12030) on July 18, 2016, listing under $1 million in both assets and liabilities. LANDMARK HOSPITALITY: Proposes 15% Recovery to Unsecured Creditors ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona is set to hold a hearing on September 7, at 10:45 a.m., to consider approval of the disclosure statement detailing the Chapter 11 plan of reorganization of Landmark Hospitality, LLC. The hearing will take place at the U.S. Bankruptcy Court, Courtroom 446, 38 S. Scott, Tucson, Arizona. Objections must be filed no later than five business days prior to the hearing. Under the proposed plan, creditors in Class 20 will be paid 15% of their unsecured claims or unsecured deficiency claims against Landmark Hospitality at 2.5% interest on the unpaid balance in equal monthly installments. Any liens held by the Class 20 creditors will be null and void, and removed as of the effective date of the plan, according to court filings. A copy of the latest version of the disclosure statement is available for free at https://is.gd/YSzWCi The Debtor is represented by: Eric Slocum Sparks, Esq. Law Offices of Eric Slocum Sparks, P.C. 110 South Church Avenue #2270 Tucson, Arizona 85701 Telephone (520) 623-8330 Facsimile (520) 623-9157 Email: law@ericslocumsparkspc.com Email: eric@ericslocumsparkspc.com About Landmark Hospitality Landmark Hospitality, LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Arizona (Tucson) (Case No. 16-02826) on March 21, 2016. The petition was signed by Jyotindra Patel, member. The case is assigned to Judge Brenda Moody Whinery. The Debtor is represented by Eric Slocum Sparks, Esq., at Eric Slocum Sparks PC. The Debtor disclosed total assets of $2.78 million and total debts of $3.75 million. LEGEND INT'L: Chapter 11 Case Dismissed --------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order granting the cross motion of the U.S. Trustee assigned to the Legend International Holdings case to dismiss the Chapter 11 proceeding. The order states, "It is hereby ordered, adjudged and decreed that the motion is granted pursuant to 11 U.S.C. section 305 (a)(1). The adversary proceeding styled Legend International Holdings vs. Indian Farmers Fertiliser Cooperative and vs. Queensland Phosphate PTY are hereby Dismissed." Court-appointed liquidators previously argued, "The Liquidators now seek dismissal in order to avoid unnecessary expense and distraction as they administer the Debtor (in Liquidation)'s estate in Australia. Insolvency proceedings are ongoing in Australia, and this chapter 11 case is not necessary to obtain a just and equitable solution. In fact, Australian insolvency law is well-developed and the Liquidators can pursue a wide array of in- and out-of-court options to maximize return to creditors, ranging from reorganization to liquidation." About Legend International Holdings Headquartered in Melbourne, Victoria, phosphate company Legend International Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11131) on May 8, 2016, listing $7.24 million in total assets as of April 30, 2016, and $13.2 million in total debt as of April 30, 2016. The petition was signed by Joseph Gutnick, chairman of the Board/President & CEO. Steven K. Kortanek, Esq., at Drinker Biddle & Reath LLP serves as the Debtor's bankruptcy counsel. Leib Lerner, Esq. at Alston & Bird LLP acts as co-counsel and Drinker Biddle & Reath LLP acts as Delaware co-counsel. LEI MACHINING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of LEI Machining, LLC. LEI Machining, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 16-07089) on June 22, 2016. The Debtor tapped The Turnaround Team PLLC to serve as its legal counsel. M. SANNUTI DEVELOPMENT: Hires Adelstein & Kaliner as Counsel ------------------------------------------------------------ M. Sannuti Development, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Adelstein & Kaliner, LLC as counsel to the Debtor. M. Sannuti Development requires Adelstein to: a. prepare records and reports as required by the Bankruptcy Rules and Local Bankruptcy Rules; b. prepare applications, motions and proposed orders to be submitted to the Court; c. give the Debtor legal advice with respect to its powers and duties in general and under the bankruptcy laws in particular; d. identify and prosecute claims and causes of action assertable by the Debtor, including but not limited to taking necessary action to avoid any liens against the Debtor's property where appropriate, to represent the Debtor in connection with proceeding to protect and reclaim the Debtor's assets; e. examine proofs of claim previously filed and to be filed herein and the possible prosecution of objections to certain of such claims; f. prepare on behalf of the Debtor the necessary applications, answers, orders, reports and other legal papers and documentations as is required or necessary; and g. perform any and all other legal services for the Debtor as may be necessary. Adelstein will be paid at these hourly rates: Counsel $380 Adelstein will also be reimbursed for reasonable out-of-pocket expenses incurred. Jon M. Adelstein, member of Adelstein & Kaliner, LLC, 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 Debtors and their estates. Adelstein can be reached at: Jon M. Adelstein, Esq. ADELSTEIN & KALINER, LLC Penn's Court 350 South Main Street, Suite 105 Doylestown, PA 18901 Tel: (215) 230-4250 Fax: (215) 230-4251 E-mail: jadelstein@adelsteinkaliner.com About M. Sannuti Development M. Sannuti Development, Inc., based in Southampton, PA, filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 16-15123) on July 20, 2016. The Hon. Ashely M. Chan presides over the case. Jon M. Adelstein, at Adelstein & Kaliner, LLC, as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $10 million in both assets and liabilities. The petition was signed by Michael L. Sannuti, member of Faith SSP, LLC, shareholder. MARK CLARK: Unsecured Creditors to Get 10% Under Plan ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California is set to hold a hearing on August 11, at 2:00 p.m., to consider approval of the disclosure statement detailing the Chapter 11 plan of reorganization of Mark and Juanette Clark. The Clarks on July 14 filed the restructuring plan, which proposes 10% recovery to general unsecured creditors. Under the plan, each general unsecured creditor in Class 4(b) will be paid 10% of its claim over 5 years in equal monthly installments. These creditors assert a total of $142,264 in claims. The plan will be funded by the Debtors' social security benefits, retirement income and rents paid from their investment properties. A copy of the restructuring plan is available for free at https://is.gd/OULcqu The Debtors are represented by: Javier H. Castillo, Esq. Heritage Pacific Law Group, PC 41185 Golden Gate Cir., Suite 103 Murrieta, CA 92562 Tel: (951)296-5492 Fax:(951) 639-6063 About Mark and Juanette Clark Mark and Juanette Clark sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Calif. Case No. 15-07321). MARTHA GARCIA: To Set Aside $13,500 to Pay Unsecured Claims ----------------------------------------------------------- Martha Garcia filed with the U.S. Bankruptcy Court for the District of Nevada a Chapter 11 plan of reorganization that will set aside $13,500 to pay administrative claims and general unsecured claims. Under the restructuring plan, the Debtor will begin making payments of $225 per month for a total of 60 months on the effective date of the plan. The payments will first be used to pay administrative claims for attorney fees. Once completed, the balance of the funds will be disbursed, on a pro-rata basis, to general unsecured creditors in Class 2. Payments will continue until the Debtor has paid a total of $13,500, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/auE8B5 The Debtor is represented by: Seth D. Ballstaedt, Esq. Ballstaedt Law Firm 9555 S. Eastern Ave. Suite 210 Telephone (702) 715-0000 Facsimile (702) 666-8215 Email: help@ballstaedtlaw.com About Martha L. Garcia Martha L. Garcia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 15-11168) on March 5, 2015. MICHAEL J. MALPERE CO: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Michael J. Malpere Co., Inc. PO Box 187 Cranford, NJ 07016 Case No.: 16-24283 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtor's Counsel: John F. Bracaglia, Jr., Esq. MAURO, SAVO, CAMERINO, GRANT & SCHALK, P.A. 77 North Bridge Street Somerville, NJ 08876 Tel: (908) 526-0707 Fax: (908) 725-8483 E-mail: brokaw@maurosavolaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Malpere, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. MICHAEL RICHMOND: Plan Offers 100% Dividend to Unsec. Creditors --------------------------------------------------------------- Michael D. Richmond and Yancie M. Richmond have filed a reorganization plan that says holders of general unsecured claims, which total approximately $29,540, are entitled to receive a 100% dividend based upon the existence of equity in the real property in excess of all secured claims and the homestead claim of the Debtors in the amount of $100,000. The unsecured creditors will be paid interest on the principal amount of their claims at the rate of 2% annual interest. They will be paid the full amount of principal and interest which is due to them over a period of 60 months by way of monthly payments made pro rata in the aggregate amount of approximately $500, or alternatively, if the Debtors refinance their real property, then the proceeds of the refinance will include funds sufficient to pay in full the unsecured creditor claims. The refinancing, if it is to occur, would be, by Dec. 31, 2016. Payment of the $500 per month will commence on Sept. 15, 2016 and thereafter on the 15th of each successive month. The current fair market value of the Debtors' real property is approximately $2,800,000. The first-lien creditor, Deutsche Bank, owed $1,583,340, including arranges of $466,389, will be paid with reduced monthly payments of $7,120 or less. If the proposed reduction is denied, the Debtors will pay the arrearage amount in full no later than Dec. 31, 2016, by means of either a refinance of the property, a sale or payment form a private party loan. The holder of the second deed of trust on the property, Bosco Credit, LLC, is owed $337,029 and will be paid in full by Dec. 31, 2016. The principal source of the Debtors' funds to pay their living expenses, their mortgage payments and the dividends described in the plan to creditors are from their monthly pension and disability payments which total approximately $14,000.00 and contributions from three of their four adult children totaling not less than $7,750.00 per month. During the course of the Chapter 11, the Debtors' monthly personal living expenses have averaged approximately $12,000.00 to $13,500.00 per month. A copy of the Fourth Amended Disclosure Statement filed July 18, 2016, explaining the Debtor's Amended Plan of Reorganization dated June 1, 2016, is available for free at: http://bankrupt.com/misc/M_Richmond_76_4th_Am_DS.pdf About Michael and Yancie Richmond Michael Dewayne Richmond and Yancie Marie Richmond filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 15-50867) on March 16, 2015. The Richmonds are married to one another and presently reside at 221 Highland Terrace, Los Gatos, California. Neither of the Debtors is presently employed. Both of the Debtors are on disability from their respective employments. Attorney for the Debtors: CHARLES B. GREENE 84 W. Santa Clara Street, Suite 800 San Jose, CA 95113 Tel: (408) 279-3518 MID CITY TOWER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Mid City Tower, LLC 5700 Florida Blvd. Baton Rouge, LA 70806 Case No.: 16-10877 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Middle District of Louisiana (Baton Rouge) Judge: Hon. Douglas D. Dodd Debtor's Counsel: Brandon A. Brown, Esq. STEWART ROBBINS & BROWN, LLC 620 Florida Street, Suite 1 P.O. Box 2348 Baton Rouge, LA 70821-2348 Tel: 225-231-9998 Fax: 225-709-9467 E-mail: bbrown@stewartrobbins.com - and - Ryan James Richmond, Esq. STEWART ROBBINS & BROWN, LLC 620 Florida Street, Suite 100 Baton Rouge, LA 70801 Tel: 225-231-9998 Fax: 225-709-9467 E-mail: rrichmond@stewartrobbins.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mathew S. Thomas, manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/lamb16-10877.pdf MILLENNIUM SUPER: Case Summary & 2 Unsecured Creditors ------------------------------------------------------ Debtor: Millennium Super Stop II, LLC 1601 W 12th Street Kansas City, MO 64101 Case No.: 16-41972 Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Western District of Missouri (Kansas City) Judge: Hon. Dennis R. Dow Debtor's Counsel: Nancy S. Jochens, Esq. JOCHENS LAW OFFICE, INC. 1001 E. 101st Terrace, Suite 200 Kansas City, MO 64131 Tel: 816-994-6959 Fax: 816-994-6951 E-mail: Nancy@jochenslaw.com Total Assets: $3.01 million Total Liabilities: $1.90 million The petition was signed by Ray A. Perrin, member/manager. A copy of the Debtor's list of two unsecured creditors is available for free at http://bankrupt.com/misc/mowb16-41972.pdf MISSISSIPPI PHOSPHATES: Taps Meadowlark as Restructuring Advisor ---------------------------------------------------------------- Mississippi Phosphates Corporation, et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire a restructuring advisor in connection with its Chapter 11 case. The Debtor proposes to hire Meadowlark Advisors, LLC and designate Jonathan J. Nash as its chief restructuring officer. The firm will provide these services: -- assist the Debtors obtain confirmation of the First Amended Joint Chapter 11 Plan; -- oversee the relationship with Debtors creditors and parties in interest in the Bankruptcy Cases; -- oversee the management of Debtors' liquidity issues; -- oversee the implementation of Board-approved bankruptcy efforts of the Debtors, including being the Debtors' witness in the bankruptcy court on matters incident to the Client's bankruptcy cases; and -- perform the day to day functions customarily and reasonably associated with the position of a Chief Restructuring Officer in companies of similar size and complexity. Meadowlark will be paid as follows: (a) Fees. Meadowlark's professional fees for the engagement including the CRO function will be at the flat rate of $25,000 from the Retention Date to earlier of: (i) the Effective Date of the Plan; (ii) December 1, 2016; or (iii) the date the Bankruptcy Cases are converted to chapter 7 cases. Meadowlark will receive $25,000 as a retainer from the Debtors for its Services. (b) Expenses. Meadowlark also will be entitled to reimbursement of reasonable expenses incurred in connection with this engagement, including travel, meals and lodging, and delivery services. (c) Payment. The retainer will be paid at the time the Bankruptcy Court approves this Application. All expenses will be billed to Client monthly and are payable upon receipt. To the best of the Debtor's knowledge 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 Debtors and their estates. Meadowlark can be reached at: Jonathan J. Nash MEADOWLARK ADVISORS, LLC Austin, TX 78703 Tel: (512) 527-4111 About Mississippi Phosphates Mississippi Phosphates Corporation is a major United States producer and marketer of diammonium phosphate ("DAP"), one of the most common types of phosphate fertilizer. MPC, which was formed as a Delaware corporation in October 1990, owns a DAP facility in Pascagoula, Mississippi, which was acquired from Nu-South, Inc., in its 1990 bankruptcy. Phosphate rock, the primary raw material Used in the production of DAP, is being supplied by OCP S.A., a corporation owned by the Kingdom of Morocco. The parent, Phosphate Holdings, Inc., was formed in December 2004 in connection with the bankruptcy reorganization of MPC and its then-parent Mississippi Chemical Corporation, the first fertilizer cooperative in the United States. As of Oct. 27, 2014, MPC has a work force of 250 employees, broken into 224 regular employees and 26 "nested" third-party contract employees. MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc., and Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11 bankruptcy protection (Bankr. S.D. Miss. Lead Case No. 14-51667) on Oct. 27, 2014. Judge Katharine M. Samson is assigned to the cases. Mississippi Phosphates disclosed in its amended schedules, assets of $98,949,677 and liabilities of $140,941,276 plus unknown amounts. Affiliates Ammonia Tank and Sulfuric Acid Tanks each estimated $1 million to $10 million in both assets and liabilities. The Debtors have tapped Stephen W. Rosenblatt, Esq., at Butler Snow LLP as counsel. The U.S. Trustee for Region 5 appointed seven creditors of Mississippi Phosphates Corp. to serve on the official committee of unsecured creditors. The Committee tapped to retain Burr & Forman LLP as its counsel. MJ NOVELTY CREATION: Hires Fromme as Bankruptcy Counsel ------------------------------------------------------- MJ Novelty Creation, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Douglas L. Fromme, P.C. as counsel to the Debtor. MJ Novelty Creation requires Fromme to represent the Debtor in a state court matter involving a claim, dispute or dealings with or relating to defending the Tenant and Guarantor to the Lease for the Premises: 27-17 24th Avenue, Astoria, NY11102 against the Landlord, George Vrusis. Fromme will be paid at these hourly rates: Douglas L. Fromme $475 Associate Attorney $150-250 Paralegal $100-125 Fromme will be paid a retainer in the amount of $2,500, of which the first $500 shall constitute the minimum fee for the services rendered. Fromme will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge 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 Debtors and their estates. Fromme can be reached at: Douglas L. Fromme, Esq. 462 Seventh Avenue, 12th Floor New York, NY 10018 Tel: (212) 791-1409 Fax: (212) 697-4512 E-mail: douglas.fromme@gmail.com About MJ Novelty Creation MJ Novelty Creation, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-41110) on March 18, 2016. The Debtor is represented by Vivian M Williams, Esq. MJ NOVELTY CREATION: Hires Williams P.C. as Counsel --------------------------------------------------- MJ Novelty Creation, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Vivian Williams, P.C. as counsel to the Debtor. MJ Novelty Creation requires Williams to: (a) prepare the Debtor's pleadings and documents for filing in this court and to review and submit supporting documents. (b) counsel the Debtor with respect to his powers and duties as a debtor and debtor in possession in the continued operation of his business and management of his properties; (c) represent the Debtor in proceedings or hearings in the Bankruptcy Court involving matters of bankruptcy law and adversary proceedings in bankruptcy court if necessary; (d) appear on the Debtor's behalf is necessary in state court proceedings regarding foreclosure or other litigation involving the Debtor's properties; (e) assist the Debtor in the preparation of applications, accounts, answers, orders and reports; (f) assist the Debtor in the negotiation, preparation, confirmation and implementation of a Plan of Reorganization; and (g) perform other legal services for the Debtor as debtor in possession which may be necessary in this case. Williams is providing pro bono assistance to the Debtor except for a $1,000 paid for pre-petition review, research, and consultation. Williams will also be reimbursed for reasonable out-of-pocket expenses incurred. Vivian M. Williams, of Vivian M. Williams, P.C., 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 estate. Williams can be reached at: Vivian M. Williams, Esq. VIVIAN M. WILLIAMS, P.C. 535 5th Avenue, 4th Floor New York, NY 10011 Tel: (212) 561-5312 About MJ Novelty Creation MJ Novelty Creation, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-41110) on March 18, 2016. The Debtor is represented by Vivian M Williams, Esq. MJC AMERICA: Has Until September 27, 2016 to Use Cash Collateral ---------------------------------------------------------------- Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central District of California authorized MJC America, Ltd. to use cash collateral until September 27, 2016. The Debtor and East West Bank had previously entered into a Stipulation of the use of cash collateral, which was approved by the Court. Judge Klein ordered that all terms and conditions of the Stipulation will remain in full force and effect, except that the Debtor will not be required to make further adequate protection payments. A further hearing on the Debtor's Cash Collateral Motion is scheduled on September 20, 2016 at 10:00 a.m. A full-text copy of the Order, dated July 25, 2016, is available at https://is.gd/4OxUoR About MJC America, Ltd. MJC America, Ltd., doing business as Soleus Air System – http://www.soleusair.com/-- which sells Soleus-branded air conditioners and heaters in the U.S., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 13-39097) in Los Angeles on Dec. 10, 2013. The petition was signed by Simon Chu, an authorized individual. The Debtor selected David A. Tilem, Esq., at the Law Offices of David A. Tilem ("TILEM") as its general bankruptcy counsel. Winston & Strawn LLP serves as special litigation counsel. The case is assigned to Judge Sandra R. Klein. MJC disclosed $13.98 million in total assets and $15.92 million in liabilities in its schedules. Accounts receivable of $9.22 million and inventory of $4.12 million comprise most of the assets. East West Bank has a scheduled secured claim of $2.1 million on a line of credit, and Hong Kong Gree Electric Appliances Sales, Ltd., is owed $4.07 million, but only $288,000 is secured. ML HOSPITALITY: Hires T.R. Flournoy as Accountants -------------------------------------------------- ML Hospitality, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ T.R. Flournoy & Co. as accountants to the Debtor. ML Hospitality requires T.R. Flournoy to: a. prepare of the Debtor's United States Income Tax Returns; b. adjust in-house accounting records to reflect year end adjustments; c. assist and supervise in establishing and maintaining systems of bookkeeping, accounting and financial reporting during the period of the bankruptcy case; d. assist and supervise in the preparation of the Debtor's monthly operating reports as required by the Bankruptcy Code; e. provide information, support, analysis and documentation in the preparation of the Debtor's Plan of Reorganization and Disclosure Statement; and f. provide other and further accounting services as may be necessary or advisable. T.R. Flournoy will be paid at these hourly rates: Thomas R. Flournoy $75 T.R. Flournoy will be paid a retainer in the amount of $5,635. T.R. Flournoy will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas R. Flournoy, owner of T.R. Flournoy & Co., 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 estate. T.R. Flournoy can be reached at: Thomas R. Flournoy T.R. FLOURNOY & CO. 12011 Huebner Rd., #210 San Antonio, TX 78230 Tel: (210) 696-6046 About ML Hospitality ML Hospitality, Inc., operates a Red Roof Inn in San Antonio, Tex. The company filed a chapter 11 petition (Bankr. W.D. Tex. Case No. 16-51282) on June 6, 2016. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor. At the time of the filing the Debtor estimated its assets and liabilities at less than $10 million. MO'TREES LLC: Exit Plan to Pay Unsecured Creditors in Full ---------------------------------------------------------- Mo'Trees, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida a Chapter 11 plan of reorganization, which proposes to pay unsecured creditors 100% of their claims. The plan will be funded through the sale of its real property to a joint venture between the company and Forty-Four Investments, LLC. The property located in Pace, Florida, consists of approximately 313-acre of undeveloped property and three adjacent residential properties. A copy of the disclosure statement detailing the plan is available for free at https://is.gd/F1DeXV About Mo'Trees LLC Mo'Trees, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-30442) on May 11, 2016. The petition was signed by James C. Moulton, manager. The case is assigned to Judge Jerry C. Oldshue Jr. The Debtor is represented by Richard Michael Colbert, Esq., at Richard M. Colbert PLLC. At the time of the filing, the Debtor disclosed $8.78 million in total assets and $3.89 million in total liabilities. MOTEL TROPICAL: Unsecured Creditors to Get 10% Dividend Payments ---------------------------------------------------------------- Motel Tropical Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico its proposed plan to exit Chapter 11 protection. Under the restructuring plan, general unsecured creditors in Class 3 will receive 10% dividend payments from proceeds generated from the operation of the company's motel business after payment to priority and administrative expenses. A copy of the disclosure statement detailing the plan is available for free at https://is.gd/qkZRf7 Motel Tropical is represented by: Isabel M. Fullana, Esq. Garcia-Arregui & Fullanan PSC 252 Ponce de León Ave. Citibank Tower, Suite 1101 Hato Rey, PR 00918 Tel.: (787) 766-2530 Fax: (787) 756-7800 Email: ifullana@garciaarreguifullanalaw.com isabelfullana@gmail.com About Motel Tropical Motel Tropical Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00966) on February 11, 2016. The Debtor manages a motel business located at Carr 2.KM 110.7 Ave. Militar, Isabel Puerto Rico. The property on which the Debtor operates is leased to Manuel Gonzalez Valeting. MOTORS LIQUIDATION: 2nd Cir. Vacates Decision Enforcing Sale Order ------------------------------------------------------------------ The United States Court of Appeals for the Second Circuit affirmed, reversed, and vacated in part the decision of the United States Bankruptcy Court for the Southern District of New York to enforce the sale order against the plaintiffs in the appeals case captioned CELESTINE ELLIOTT, LAWRENCE ELLIOTT, BERENICE SUMMERVILLE, Creditors-Appellants-Cross-Appellees, SESAY AND BLEDSOE PLAINTIFFS, IGNITION SWITCH PLAINTIFFS, IGNITION SWITCH PRE-CLOSING ACCIDENT PLAINTIFFS, DORIS POWLEDGE PHILLIPS, Appellants-Cross-Appellees, GROMAN PLAINTIFFS, Appellants, v. GENERAL MOTORS LLC, Appellee-Cross-Appellant, WILMINGTON TRUST COMPANY, Trustee-Appellee-Cross-Appellant, PARTICIPATING UNITHOLDERS, Creditors-Appellees-Cross-Appellants, Docket Nos. 15-2844-bk(L), 15-2847-bk(XAP), 15-2848-bk(XAP) (Bankr. S.D.N.Y.), and vacated as advisory its decision on equitable mootness. The Second Circuit, with respect to the bankruptcy court's decisions, ruled as follows: (1) Affirmed the decision not to enforce the Sale Order as to the independent claims; (2) Reversed the decision to enforce the sale order as to the Used Car Purchasers' claims and claims relating to the ignition switch defect, including pre-closing accident claims and economic loss claims; (3) Vacated the decision to enforce the sale order as to claims relating to other defects; and (4) Vacated the decision on equitable mootness as advisory. A full-text copy of the Second Circuit's July 13, 2016 ruling is available at https://is.gd/AVrLKV from Leagle.com. Celestine Elliott, Lawrence Elliott, Berenice Summerville, and Sesay and Bledsoe Plaintiffs were represented by: Gary Peller, Esq. 1718 Connecticut Avenue, N.W., 6th Floor Washington, D.C. 20009 Ignition Switch Plaintiffs were represented by: Steven W. Berman, Esq. Andrew M. Volk, Esq. HAGENS BERMAN SOBOL SHAPIRO LLP 1918 8th Avenue, Suite 3300 Seattle, WA 98101 Tel: (206)623-7292 Fax: (206)623-0594 Email: steve@hbsslaw.com andrew@hbsslaw.com -- and –- Elizabeth J. Cabraser, Esq. LIEFF CABRASER HERIMANN & BERNSTEIN, LLP 275 Batter Street, 29th Floor San Francisco, CA 94111-3339 Tel: (415)956-1000 Fax: (415)956-1008 Email: ecabraser@lchb.com -- and -- Rachel J. Geman, Esq. LIEFF CABRASER HEIMANN & BERNSTEIN, LLP 250 Hudson Street, 8th Floor New York, NY 10013-1413 Tel: (212)355-9500 Fax: (212)355-9592 Email: rgeman@lchb.com -- and -- Edward S. Weisfelner, Esq. David J. Molton, Esq. Howard S. Steel, Esq. BROWN RUDNICK LLP 7 Times Square New York, NY 10036 Tel: (212)209-4800 Fax: (212)209-4801 Email: eweisfelner@brownrudnick.com dmolton@brownrudnick.com hsteel@brownrudnick.com -- and -- Sandra L. Esserman, Esq. STUTZMAN, BROMBERG, ESSERMAN & PLIFKA, P.C. 2323 Bryan Street, Suite 2200 Dallas, TX 75201-2689 Tel: (214)969-4900 Fax: (214)969-4999 Email: esserman@sbep-law.com Ignition Switch Pre-Closing Accident Plaintiffs are represented by: William P. Weintraub, Esq. Gregory W. Fox, Esq. GOODWIN PROCTER LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 Tel: (212)813-8800 Email: wweintraub@goodwinlaw.com gfox@goodwinlaw.com Doris Powledge Phillips is represented by: Joshua P. Davis, Esq. JOSH DAVIS LAW FIRM 1010 Lamar St., Suite 200 Houston, TX 77002 Groman Plaintiffs are represented by: Alexander H. Schmidt, Esq. WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP 270 Madison Avenue New York, NY 10016 Tel: (212)545-4600 Email: schmidt@whafh.com -- and -- Jonathan L. Flaxer, Esq. GOLENBOCK EISEMAN ASSOR BELL & PESKOE LLP 711 Third Avenue New York, NY 10017 Tel: (212)907-7327 Fax: (212)754-0777 Email: jflaxer@golenbock.com General Motors LLC is represented by: Arthur J. Steinberg, Esq. Scott Davidson, Esq. KING & SPALDING LLP 1185 Avenue of the Americas New York, NY 10036 Tel: (212)556-2100 Fax: (212)556-2222 Email: asteinberg@kslaw.com sdavidson@kslaw.com -- and -- Merritt E. McAlister, Esq. KING & SPALDING LLP 1180 Peachtree Street Atlanta, GA 30309 Tel: (404)572-4600 Fax: (404)572-5100 Email: mmcalister@kslaw.com -- and -- Edward L. Ripley, Esq. KING & SPALDING LLP 1100 Louisiana, Suite 4000 Houston, TX Tel: (713)751-3200 Email: eripley@kslaw.com -- and -- Richard C. Godfrey, Esq. Andrew B. Bloomer, Esq. KIRKLAND & ELLIS LLP 300 North LaSalle Chicago, IL 60654 Tel: (312)862-2000 Fax: (312)862-2200 Email: richard.godfrey@kirkland.com andrew.bloomer@kirkland.com Wilmington Trust Company is represented by: Adam H. Offenhartz, Esq. Aric H. Wu, Esq. Lisa H. Rubin, Esq. Gabriel K. Gillett, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166-0193 Tel: (212)351-4000 Fax: (212)351-4035 Email: aoffenhartz@gibsondunn.com awu@gibsondunn.com lrubin@gibsondunn.com ggillett@gibsondunn.com Participating Unitholders are represented by: Pratik A. Shah, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP Robert S. Strauss Building 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036-1564 Tel: (202)887-4000 Fax: (202)887-4288 Email: pshah@akingump.com -- and –- Daniel H. Golden, Esq. Deborah J. Newman, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park Bank of America Tower New York, NY 10036-6745 Tel: (212)872-1000 Fax: (212)872-1002 Email: dgolden@akingump.com djnewman@akingump.com About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. Motors Liquidation had $669 million in total assets, $56.4 million in total liabilities and $613 million in net assets in liquidation as of Dec. 31, 2015. MOUNTAIN GLACIER: Nestle's Bid to Withdraw Reference Denied ----------------------------------------------------------- In the case captioned MOUNTAIN GLACIER LLC, v. NESTLE' WATERS NORTH AMERICA, INC., Case No. 3-16-0996 (M.D. Tenn.), Judge Todd J. Campbell of the United States District Court for the Middle District of Tennessee, Nashville Division, denied Nestle' Waters North America, Inc.'s motion to withdraw the reference. Prior to the commencement of Mountain Glacier LLC's Chapter 11 bankruptcy case, the Mountain Glacier and Nestle were parties to an arbitration administered by the Judicial Arbitration and Mediation Services in Chicago, Illinois. After confirmation of the Mountain Glacier's Chapter 11 Plan by the U.S. Bankruptcy Court, the Mountain Glacier sought to pursue further its claims asserted against Nestle in the arbitration. Nestle has argued that the arbitration should be dismissed because the confirmation Order was res judicata on determination of the claims in the arbitration. The adversary proceeding sought a declaratory judgment as to whether the Mountain Glacier retains a cause of action against Nestle following confirmation of Mountain Glacier's Reorganization Plan or whether its cause of action against Nestle is subject to res judicata by entry of the confirmation order by the U.S. Bankruptcy Court. In other words, the issue is whether Mountain Glacier's claims against Nestle are preserved in Mountain Glacier's Confirmation Plan. Judge Campbell found that the matter is a "core proceeding" because it involves interpretation of the Chapter 11 Reorganization Plan and Confirmation Order to determine whether the Mountain Glacier's claims against Nestle are preserved. In other words, deciding this dispute would require the district court to interpret another court's order, which the district court, under the circumstances, declined to do. For this reason, Judge Campbell held that the court is not required to withdraw the reference under the mandatory provision of Section 157(d), and the court declines to withdraw the reference under the non-mandatory provision of Section 157(d). A full-text copy of Judge Campbell's July 18, 2016 memorandum is available at https://is.gd/c7veaS from Leagle.com. Mountain Glacier LLC is represented by: William L Norton, III, Esq. BRADLEY ARANT BOULT CUMMINGS LLP Nashville, TN 37203 Tel: 615 252-2397 Fax: 615-252-6397 Email: bnorton@babc.com Nestle Waters North America, Inc. is represented by: John H. Rowland, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC Baker Donelson Center, Suite 800 211 Commerce Street Nashville, TN 37201 Tel: (615)726-5600 Fax: (615)726-0464 Email: jrowland@bakerdonelson.com -- and -- Robert S. Hertzberg, Esq. PEPPER, HAMILTON LLP 4000 Town Center, Suite 1800 Southfield, MI 48075-1505 Tel: (248)359-7300 Fax: (248)359-7700 Email: hertzbergr@pepperlaw.com NATIONWIDE PARTS: Use of Snap Advances, Strybuc's Cash Sought ------------------------------------------------------------- Nationwide Parts & Hardware, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida for authorization to use cash collateral. The Debtor relates that it is indebted to Snap Advances LLC, in the amount of $95,382, and Strybuc in the amount of $1,500,000 plus interest at the statutory rate beginning May 18, 2016. The Debtor further relates that Snap Advances and Strybuc may have a security interest and lien right, respectively, in the cash collateral. The Debtor tells the Court that it has an immediate and critical need to use cash collateral in order to preserve and protect the value of its assets and conduct its operations in the ordinary course of business, including but not limited to payment of rent, purchase supplies and inventory, payroll obligations, and sales taxes. The Debtor's proposed Budget covers a six-week period, from the week beginning July 15, 2016 up to the week beginning August 19, 2016. The Budget provides for total expenses in the amount of $4,462.99 for the weeks beginning July 15, 2016 and July 22, 2016; $12,766.84 for the week beginning July 29, 2016; $6,693.84 for the week beginning August 5, 2016; $9,303.84 for the week beginning August 12, 2016; and $10,403.84 for the week beginning August 19, 2016. The Budget includes weekly payments to Snap Advances in the amount of $500, beginning on July 25, 2016. The Debtor proposes to provide replacement liens on Snap Advances and Strybuc's prepetition collateral, to the same extent as their prepetition liens, as adequate protection for the Debtor's use of cash collateral. A full-text copy of the Debtor's Motion, dated July 25, 2016, is available at https://is.gd/iuTM8x A full-text copy of the Debtor's proposed Budget, dated July 25, 2016, is available at https://is.gd/eZTguz About Nationwide Parts & Hardware, Inc. Nationwide Parts & Hardware, Inc. filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-19878) on July 15, 2016. The petition was signed by Christopher E. Ortiz, president. The Debtor is represented by Mary Jo Rivero, Esq., at Mary Jo Rivero, P.A. The case is assigned to Judge Paul G. Hyman, Jr. The Debtor estimated assets at $50,000 to $100,000 and debts at $1 million to $10 million. NJK HOSPITALITY: Hires MKK Realty as Business Broker ---------------------------------------------------- NJK Hospitality, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ MKK Realty LLC as business broker for the Debtor. The Debtor requires MKK Realty to market and sale of the Debtor's business, Geets Diner & Sports Bar, at 15 N. Black Horse Pike Williamstown, New Jersey. The Debtor agreed to pay MKK Realty a commission of 5%. Mary Kalomira Koutantos, member with the firm of MKK Realty LLC, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. MMK Realty may be reached at: Mary Kalomira Koutantos MKK Realty LLC 6 West End Court Second Floor, Suite 1-A Long Branch, NJ 07740 About NJK Hospitality, LLC NJK Hospitality, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 15-19655) on May 22, 2015. The Hon. Andrew B, Altenburg presides over the case. Beran & Beran represents the Debtor as counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Vasilios Patouhas, authorized individual. NORTEL NETWORKS INDIA: Case Summary & 2 Unsecured Creditors ----------------------------------------------------------- Debtor: Nortel Networks India International Inc. fka Nortel Networks RIHC Inc. aka Nortel Networks aka Nortel 4001 E. Chapel Hill - Nelson Hwy. Research Triangle Park, NC 27709 Case No.: 16-11714 Type of Business: Acted as a supplier of hardware and software for contracts with certain Nortel customers in India. Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Kevin Gross Debtor's James L. Bromley, Esq. General Lisa M. Schweitzer, Esq. Bankruptcy CLEARY GOTTLIEB STEEN & HAMILTON LLP Counsel: One Liberty Plaza New York, New York 10006 Tel: (212) 225-2000 Fax: (212) 225-3999 Email: jbromley@cgsh.com lschweitzer@cgsh.com Debtor's Tamara K. Minott, Esq. Delaware Derek C. Abbott, Esq. Counsel: Eric D. Schwartz, Esq. Andrew R. Remming, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street PO BOX 1347 Wilmington, DE 19866 Tel: 302-658-9200 Fax: 302-658-3989 Email: tminott@mnat.com dabbott@mnat.com aremming@mnat.com eschwartz@mnat.com Estimated Assets: $10 million to $50 million Estimated Debts: $500 million to $1 billion The petition was signed by Luis Fernando Guerra Sanz, president. List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Pension Benefit Guaranty Pension $707,994,472 Corporation Liabilities Attn: Vincent Matias Murrell Attorney 1200 K Street, N.W., Suite 340 Washington, DC 20005-4026 Tel: (202) 326-4020 Ext. 3580 India Department of Revenue Taxes Unknown NORTEL NETWORKS INDIA: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------------------- Nortel Networks India International Inc., a subsidiary of Nortel Networks Corporation, filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 16-11714) on July 26, 2016, as part of NNC's larger restructuring efforts. In its petition, the Debtor estimates assets in the range of $10 million to $50 million and liabilities of up to $1 billion. Headquartered in North Carolina, NNIII acted as a supplier of hardware and software for contracts with certain Nortel customers in India. It sold hardware and software in conjunction with other Nortel affiliates within existing Nortel business units. On Jan. 14, 2009, Nortel Networks Inc. and certain of its affiliates sought for Chapter 11 bankruptcy protection. The Original Debtors have sold or wound down all of their business operations. As a result, NNIII assigned or settled all of its customer relationships and ceased operations in 2009. According to Court documents, NNIII has no employees or customers. Aside from certain legal and accounting service providers, it has no suppliers or vendors. Its primary asset is cash and equivalents held in U.S. accounts. NNIII's main creditors are the Pension Benefit Guaranty Corporation which is owed an unsecured amount of $707,994,472 and its Nortel affiliates, including NNI. Certain tax authorities in India have asserted disputed claims against NNIII for the years 2002 through 2010. The current status is that NNIII received a positive decision from the High Court on May 4, 2016, in respect of 2002-2003, 2003-2004, 2004-2005 and 2007-2008 tax years. NNIII believes that this decision should be controlling precedent for the remaining tax years that are pending before a lower tribunal. According to the Company, the proceedings for certain open tax years are subject to ongoing appellate review and likely will require a period of years to resolve. "Given that [the Company] has ceased operations, and given the likely length of the outstanding appeals and potential financial exposure stemming from its Indian tax appeals, NNIII has concluded that seeking chapter 11 protection at this time would best preserve and administer its assets in a manner consistent with the Debtors' larger restructuring efforts..." Luis-Fernando Guerra Sanz, president of NNIII, maintained. Contemporaneously with the petition, NNIII is seeking joint administration of its Chapter 11 case with that of the Original Debtors for procedural purposes only. NNIII seeks Court permission to use its existing bank accounts in order to make ongoing payments to satisfy post-petition obligations to certain vendors. NNIII maintains one bank account in the U.S. for general corporate purposes and settling accounts payable, and a second account in the U.S. to hold United States treasury notes. NNIII also seeks to retain Mr. John Ray as principal officer in order to administer its assets and conduct the remaining management functions to maximize recoveries for NNIII's creditors. Mr. Ray has indicated his agreement to serve in this function for NNIII on the same terms under which he serves as principal officer of the Original Debtors. Moreover, NNIII proposes to provide a notice of automatic stay provisions to its creditors in India. Because NNIII served as a supplier for Nortel's customers in India, certain creditors may be based in India and in other foreign countries, where there is limited understanding of the provisions of the Bankruptcy Code. In the absence of specific notice of the automatic stay provisions, the Company said there is a possibility of inadvertent violations of the automatic stay. The Debtor has hired Cleary Gottlieb Steen & Hamilton LLP as general bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel. The case is assigned to Judge Kevin Gross. About Nortel Networks Corporation Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. The Office of the United States Trustee for the District of Delaware has appointed an Official Committee of Unsecured Creditors in respect of the Original Debtors, and an ad hoc group of bondholders has participated in these cases since the Original Petition Date. A consortium of creditors holding trade claims has also been organized. No trustee or examiner has been appointed in the Original Debtors' cases. On the Original Petition Date, the Debtors' ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited, and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada), seeking relief from their creditors and a Monitor, Ernst & Young Inc., was appointed by the Canadian Court. Also on the Original Petition Date, the High Court of England and Wales placed nineteen of Nortel's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. NORTEL NETWORKS INDIA: Files Schedules of Assets & Liabilities -------------------------------------------------------------- Nortel Networks India International Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: Schedule A/B: Assets-Real and Personal Property 1a. Real property: $0 1b. Total personal property: $44,532,978 ----------------- 1c. Total of all property: $44,532,978 Summary of Liabilities Schedule D: Creditors Who Have Claims Secured by Property $0 Schedule E/F: Creditors Who Have Unsecured Claims 3a. Total claim amounts of priority unsecured claims $0 3b. Total amount of claims of nonpriority amount of unsecured claims $781,654,947 ----------------- Total liabilities $781,654,947 A full-text copy of the Schedules is available for free at: http://bankrupt.com/misc/9_NORTEL_SCHEDULES.pdf About NNIII Headquartered in North Carolina, Nortel Networks India International Inc., a subsidiary of Nortel Networks Corporation, acted as a supplier of hardware and software for contracts with certain Nortel customers in India. It sold hardware and software in conjunction with other Nortel affiliates within existing Nortel business units. NNIII ceased operations in 2009. NNIII filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 16-11714) on July 26, 2016, as part of NNC's larger restructuring efforts. In its petition, the Debtor estimates assets in the range of $10 million to $50 million and liabilities of up to $1 billion. The Debtor has hired Cleary Gottlieb Steen & Hamilton LLP as general bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel. The case is assigned to Judge Kevin Gross. About Nortel Networks Corporation Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc. and certain of its affiliates sought for Chapter 11 bankruptcy protection. The Original Debtors have sold or wound down all of their business operations. The Office of the United States Trustee for the District of Delaware has appointed an Official Committee of Unsecured Creditors in respect of the Original Debtors, and an ad hoc group of bondholders has participated in these cases since the Original Petition Date. A consortium of creditors holding trade claims has also been organized. No trustee or examiner has been appointed in the Original Debtors' cases. On the Original Petition Date, the Debtors' ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited, and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada), seeking relief from their creditors and a Monitor, Ernst & Young Inc., was appointed by the Canadian Court. Also on the Original Petition Date, the High Court of England and Wales placed nineteen of Nortel's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. NORTEL NETWORKS INDIA: Proposes Sept. 19 as General Bar Date ------------------------------------------------------------ Nortel Networks India International Inc., Nortel Networks Inc. and certain of their affiliates ask the Bankruptcy Court to establish: (i) Sept. 19, 2016, as the deadline for the Non-Canadian NNIII creditors, other than governmental units, to file proofs of claim against NNIII; (ii) Jan. 23, 2017, as the deadline for governmental units to file proofs of claim against NNIII. Non-Canadian NNIII Creditors proposed to be subject to the Non-Canadian NNIII Bar Dates include: (i) intercompany creditors of NNIII other than the Debtors, the Canadian Debtors and the majority owned subsidiaries and (ii) officers and directors of NNIII who assert claims against NNIII including with respect to indemnification or contribution arising from such officer's or director's service to NNIII or NNIII's non- debtor affiliates. Any Non-Canadian NNIII Creditor that is required to file a proof of claim against NNIII in its Chapter 11 case with respect to a particular claim against NNIII, but fails to do so by the applicable Non-Canadian NNIII Bar Date, will be forever barred, estopped and enjoined from asserting any claim against NNIII or its estate. According to the Debtors, it is possible, but not likely, that certain Non-Canadian NNIII Creditors may assert claims against NNIII in connection with the Debtors' rejection of executory contracts or unexpired leases pursuant to Section 365 of the Bankruptcy Code. The Debtors propose that for any claim that arises from a rejection that is approved by an order of the Court or the service of a notice in accordance with rejection procedures that have been or may be established by the Court, in either case entered or noticed after entry of the order approving this Motion but before confirmation of an NNIII plan of reorganization, the NNIII Rejection Bar Date will be the latter of: (a) the General Non-Canadian NNIII Bar Date or Governmental NNIII Bar Date, as applicable, or (b) the date that is either (i) 30 days after entry of an order authorizing that rejection, or (ii) where entry of an order is not required pursuant to the Rejection Procedures Order, 35 days after the Debtors file or serve by email, first class U.S. mail or overnight courier a notice of the rejection of such executory contract or unexpired lease pursuant to the Rejection Procedures Order, whichever is applicable. Each Non-Canadian NNIII Creditor holding a claim against NNIII that is required to file proof of such claim will be required to deliver the Non-Canadian NNIII Proof of Claim Form (or a proof of claim form substantially similar to Official Form No. 410) or a Section 503(b)(9) Claim Form for claims asserted under Section 503(b)(9) of the Bankruptcy Code, together with supporting documents, if any, by first class U.S. mail, postage prepaid to: Nortel Networks Inc. Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC FDR Station, P.O. Box 5075 New York, NY 10150-5075 or, if sent by hand delivery or overnight courier, to: Nortel Networks Inc. Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC 757 Third Avenue, 3rd Floor New York, NY 10017 About NNIII Headquartered in North Carolina, Nortel Networks India International Inc., a subsidiary of Nortel Networks Corporation, acted as a supplier of hardware and software for contracts with certain Nortel customers in India. It sold hardware and software in conjunction with other Nortel affiliates within existing Nortel business units. NNIII ceased operations in 2009. NNIII filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 16-11714) on July 26, 2016, as part of NNC's larger restructuring efforts. In its petition, the Debtor estimates assets in the range of $10 million to $50 million and liabilities of up to $1 billion. The Debtor has hired Cleary Gottlieb Steen & Hamilton LLP as general bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel. The case is assigned to Judge Kevin Gross. About Nortel Networks Corporation Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc. and certain of its affiliates sought for Chapter 11 bankruptcy protection. The Original Debtors have sold or wound down all of their business operations. The Office of the United States Trustee for the District of Delaware has appointed an Official Committee of Unsecured Creditors in respect of the Original Debtors, and an ad hoc group of bondholders has participated in these cases since the Original Petition Date. A consortium of creditors holding trade claims has also been organized. No trustee or examiner has been appointed in the Original Debtors' cases. On the Original Petition Date, the Debtors' ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited, and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada), seeking relief from their creditors and a Monitor, Ernst & Young Inc., was appointed by the Canadian Court. Also on the Original Petition Date, the High Court of England and Wales placed nineteen of Nortel's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. NORTH GATEWAY CORE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of North Gateway Core Acreage Investors, LLC. North Gateway Core Acreage Investors, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-07286) on June 27, 2016. The petition was signed by Gary White, co-manager of managing member. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $500,000 to $1 million. ODYSSEY CONTRACTING: Seeks Oct. 24 Extension of Plan Filing Date ---------------------------------------------------------------- Odyssey Contracting Corp. asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend the period by which it has exclusive right to filed a plan through October 24, 2016, and the period for obtaining acceptances of that plan through December 20, 2016. The Debtor avers that filing of a Plan prior to the finalization/formalization of an agreement with the primary secured creditor would likely result in a Plan with terms that are premature, speculative and subject to amendment and change. Counsel for Odyssey Contracting Corp: Robert O Lampl, Esq. John P. Lacher, Esq. David L. Fuchs, Esq. 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 392-0330 Facsimile: (412) 392-0335 Email: rlampl@lampllaw.com OLLARD SQUARE: Hires Adelstein & Kaliner as Counsel --------------------------------------------------- Ollard Square, Ltd., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Adelstein & Kaliner, LLC as counsel to the Debtor. Ollard Square requires Adelstein to: a. prepare records and reports as required by the Bankruptcy Rules and Local Bankruptcy Rules; b. prepare applications, motions and proposed orders to be submitted to the Court; c. give Debtor legal advice with respect to its powers and duties in general and under the bankruptcy laws in particular; d. identify and prosecute claims and causes of action assertable by Debtor, including but not limited to taking necessary action to avoid any liens against Debtor's property where appropriate, to represent Debtor in connection with proceeding to protect and reclaim the Debtor's assets; e. examine proofs of claim previously filed and to be filed herein and the possible prosecution of objections to certain of such claims; f. prepare on behalf of the Debtor the necessary applications, answers, orders, reports and other legal papers and documentations as is required or necessary; and g. perform any and all other legal services for Debtor as may be necessary herein. Adelstein will be paid at these hourly rates: Counsel $380 Adelstein will also be reimbursed for reasonable out-of-pocket expenses incurred. Jon M. Adelstein, member of Adelstein & Kaliner, LLC, 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 Debtors and their estates. Adelstein can be reached at: Jon M. Adelstein, Esq. ADELSTEIN & KALINER, LLC Penn's Court 350 South Main Street, Suite 105 Doylestown, PA 18901 Tel: (215) 230-4250 Fax: (215) 230-4251 E-mail: jadelstein@adelsteinkaliner.com About Ollard Square Ollard Square, Ltd., based in Southampton, PA, filed a Chapter 11 petition (Bankr. Bankr. E.D. Pa. Case No. 16-15124) on July 20, 2016. The Hon. Stephen Raslavich presides over the case. Jon M. Adelstein, at Adelstein & Kaliner, LLC, as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $10 million in both assets and liabilities. The petition was signed by Michael L. Sannuti, member, Gen'l Partner Faith Forty-Four Realty, LLC. ONE BREWERY PLACE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- No committee of unsecured creditors has been appointed by the U.S. Trustee in the Chapter 11 case of One Brewery Place, Inc., because the Debtor's schedules reflect only two unsecured creditors, according to a notice filed with the Court. About One Brewery Place One Brewery Place, Inc. is the owner of a real estate located in Pennsylvania, which is being rented by Beaver Valley Bowling, Inc. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No. 16-22314) on June 23, 2016. ONTARIO CENTURY: Hires Beermann Pritikin as Special Counsel ----------------------------------------------------------- Ontario Century Property, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ William Woloshin and Howard L. Teplinsky of Beermann Pritikin Mirabelli Swerdlove LLP as special counsel. At the date of filing, the Debtor was the recorded title owner of one commercial condominium unit and three residential condominium units. The Debtor need Woloshin and Teplinsky to represent the bankruptcy estate in connection with the sale of the Debtor's condominium units. The Debtor requires Woloshin and Teplinsky to: a. give legal advice with respect to various contracts for sale; b. review the various contracts for sale and make recommended changes thereto; and c. perform legal services and prepare necessary documents to convey title to the units on behalf of the Debtor to close the transactions. Beermann will be paid at these hourly rates: William Woloshin $500 Howard L. Teplinsky $500 Paralegal $150 Beermann will charge the Debtor a flat fee of $1,000 per residential unit. William Woloshin and Howard L. Teplinsky of Beermann Pritikin Mirabelli Swerdlove LLP, 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 Debtors and their estates. Beermann may be reached at: William Woloshin, Esq. Howard L. Teplinsky, Esq. Beerman Pritikin Mirabelli Swerdlove LLP 161 North Clark St., Suite 2600 Chicago, IL 60601 Tel: 312.621.9700 Fax: 312.262.0909 E-mail: wwoloshin@beermannlaw.com About Ontario Century Property Ontario Century Property, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-34713) on Oct. 13, 2015. At the date of filing, the Debtor was the recorded title owner of one commercial condominium unit and three residential condominium units. Joel A. Schechter, Esq., at Law Offices of Joel Schechterm, serves as the Debtor's counsel. The Debtor estimated assets of $0 to $50,000 and $500,001 to $1 million in liabilities. ORACLE PROJECT I: Plan Offers 66% Recovery for Unsecured Creditors ------------------------------------------------------------------ Oracle Project 1, LLC filed on July 18, 2016, a First Amended Plan of Reorganization and First Amended Disclosure Statement. Holders of general unsecured non-priority claims estimated to total $30,000 each receive a pro rata share of $20,000 which is to be contributed by the Debtor on the Effective Date. Holders of unsecured deficiency claims will receive a total of $10,000 as full satisfaction of their claim. The Debtor will be allowed to retain its current percentage of interest or a percentage thereof unless participating investors are required to contribute substantial capital required to fund this Plan and/or make capital improvements to the subject property. The Plan contemplates that claims secured by real property will be reduced to the fair market value of the real property their lien(s) encumber. The infusion of monies (new value) into the reorganized Debtor through its principals is required to retain their interest in the Debtor since the First Amended Plan does not propose to pay general unsecured claims in full. New monies will be used to pay off the reduced claims of the secured creditors in full, and continue with the conversion of the Oracle Property into a Guest Ranch. A copy of the First Amended Disclosure Statement is available for free at http://bankrupt.com/misc/Oracle_77_Am_DS.pdf About Oracle Project I Oracle Project I, LLC's most significant asset is what is commonly known as the historic "3C Ranch" in Oracle, Arizona. The property is specifically located at 36033 South Mount Lemmon Road, Oracle, Arizona 85623. Additionally, Oracle owns four small vacant parcels. Oracle's members are Darimont Ranch, LLC (75%) and Turnkey Opportunity, LLC (25%). Oracle Project I, LLC, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 15-08330) on July 2, 2015. Attorneys for Debtor: NEFF & BOYER, P.C. Jeffrey M. Neff Amanda C. Fife Camp Lowell Corporate Center 4568 E. Camp Lowell Drive Tucson, AZ 85712 Tel: (520) 722-8030 Fax: (520) 722-8032 E-mail: jeff@nefflawaz.com amanda@nefflawaz.com OUTERWALL INC: Moody's Puts Ba3 CFR on Review for Downgrade ----------------------------------------------------------- Moody's Investors Service placed Outerwall Inc.'s Ba3 Corporate Family rating, Ba3-PD Probability of Default rating and the B1 senior unsecured notes ratings on review for downgrade following the company's announcement that it has entered into an agreement with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC, pursuant to which Apollo will acquire Outerwall in an all-cash transaction, valued at approximately $1.6 billion (including net debt). Apollo will pay $52 per share in cash for each outstanding share of Outerwall, which represents a premium of around 11% relative to the company's last closing price. Following completion of the transaction, Outerwall will become a privately held company. The rating outlook for Outerwall was changed from negative to ratings under review for downgrade. RATINGS RATIONALE The review for downgrade is based on Moody's expectation that the proposed private equity transaction, which we believe will be financed with higher debt levels, will lead to an increase in the company's debt-to-EBITDA beyond the 2.25x range expected for the current Ba3 CFR. The review also reflects uncertainties regarding the new owners' fiscal policies and operating strategies with respect to Outerwall's long term business prospects as it faces a secular decline in its Redbox division, its largest business. Moody's review would typically focus on the final mix of capital used to fund the acquisition, financial leverage that will result from the planned deal, Outerwall's ongoing operating trends and strategic and operating plans under the new ownership. However, the two series of outstanding bonds in Outerwall's capital structure -- specifically its 6% $321 million senior unsecured notes due 2019 and 5.875% $231 million senior unsecured notes due 2021- benefit from a change of control put option. The bond indentures consist of a change of control provision which protects bondholders from a leveraged buyout. The change of control put/make whole is triggered if greater than 50% of the voting power of the company is acquired by any investor. Accordingly, Moody's anticipates that the company will repay the bonds following completion of the transaction and since the senior unsecured bonds represent the only rated debt issued by the company, Moody's will withdraw all of Outerwall's present credit ratings following the debt redemption. Outerwall Inc. (formerly named Coinstar, Inc.), with its headquarters in Bellevue, Washington, is a leading provider of automated retail solutions through its network of self-service kiosks. Its offerings include Redbox, the company's largest business, where consumers can rent movies and video games, its Coinstar business where consumers can convert their coins to cash or stored value cards, and its ecoATM business where consumers can sell electronic devices for cash at self-service kiosks. Outerwall's total revenue in FY 2015 was $2.2 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. PEABODY ENERGY: Advocates Gain Ground Self-Bonding Fight -------------------------------------------------------- The American Bankruptcy Institute, citing Kari Lydersen of Midwestern Energy News, reported that environmental groups won a partial victory in their campaign to make sure Peabody Energy cleans up its coal mines, a growing concern as the company is going through Chapter 11 bankruptcy proceedings. According to the report, a federal bankruptcy judge found that the Environmental Law & Policy Center and the Western Office of Resource Councils can proceed in petitioning the federal Office of Surface Mining Reclamation and Enforcement (OSMRE) regarding Peabody's use of "self-bonding" for eventual clean-up of its coal mines. The groups had asked the bankruptcy court to be exempted from the automatic stay on the self-bonding issue, the report related. Peabody had strongly objected, but the judge ruled in the groups' favor, deciding they can continue sending information to the federal enforcement office and demanding regulators take action to limit Peabody's self-bonding, the report further related. The groups have been arguing that Peabody should have to put up real capital ahead of time or invest in an insurance policy or surety bonds to clean up mines, rather than be allowed to "self-bond," or essentially promise that it will have enough money when the time comes, the report said. "The question will be, where do Peabody's mine reclamation and environmental cleanup responsibilities fall within the competing demands of creditors and vendors and Peabody's plans for future," as hashed out in bankruptcy proceedings, ELPC executive director Howard Learner Learner said. About Peabody Energy Corporation Headquartered in St. Louis, Missouri, Peabody Energy Corporation claims to be the world's largest private-sector coal company. As of Dec. 31, 2014, the Company owned interests in 26 active coal mining operations located in the United States (U.S.) and Australia. The Company has a majority interest in 25 of those mining operations and a 50% equity interest in the Middlemount Mine in Australia. In addition to its mining operations, the Company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, Singapore, the United Kingdom and the U.S. Peabody posted a net loss of $1.988 billion for 2015, wider from the net loss of $777 million in 2014 and the $513 million net loss in 2013. At Dec. 31, 2015, the Company had total assets of $11.02 billion against $10.1 billion in total liabilities, and stockholders' equity of $919 million. On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The 154 cases are pending joint administration before the Honorable Judge Barry S. Schermer under Case No. 16-42529 in the U.S. Bankruptcy Court for the Eastern District of Missouri. As of the Petition Date, PEC has approximately $4.3 billion in outstanding secured debt obligations and $4.5 billion in outstanding unsecured debt obligations. The Debtors tapped Jones Day as general counsel; Armstrong, Teasdale LLP as local counsel; Lazard Freres & Co. LLC and investment banker Lazard PTY Limited as investment banker; FTI Consulting, Inc., as financial advisors; and Kurtzman Carson Consultants, LLC, as claims, ballot and noticing agent. PEABODY ENERGY: Reaches Superpriority Agreements with States ------------------------------------------------------------ Peabody Energy on July 26, 2016, disclosed that it reached agreements with three state regulatory agencies regarding financial assurances in support of coal mine restoration. Superpriority settlement agreements have been reached with Wyoming, New Mexico and Indiana, states in which Peabody has self-bonding obligations. These agreements, which are subject to bankruptcy court approval, would provide the relevant state authorities with the ability to receive cash first in priority as additional assurance for Peabody's performance before distribution to any lender or other pre-petition creditor, up to the full amount of the company's $200 million bonding accommodation facility. Each state is entitled to a percentage of the company's $200 million bonding accommodation facility based on a proportion of self-bonding relative to the company's total obligation as of April 12, 2016. Peabody's $800 million Debtor-in-Possession financing facility, which includes the bonding accommodation facility, provides financing for up to 18 months during the Chapter 11 process as described further in the company's SEC filings on Form 8-K on April 13 and May 24, 2016. "Peabody is continuing our actions to restore coal mined lands using best-in-class practices, and we are committed to our reclamation as we have been for decades," said Peabody President – Americas Kemal Williamson. "We are pleased to reach agreements that provide additional security toward our reclamation obligations and look forward to ongoing discussions regarding Peabody's reclamation bonding long term." In addition to providing supplemental financial assurances to these states, the company has agreed to, among other things, quarterly reclamation activity status meetings as well as targeting reductions in the amount of bonds outstanding with the states. Motions for the agreements are expected to be heard by the court in August and are available online at http://www.kccllc.net/Peabody Land restoration continues to be an essential part of the coal mining process. Over the past decade, Peabody has spent approximately $185 million to restore 48,000 acres. As of June 30, the company had approximately $1.14 billion of self-bonding and $320 million of surety bonds supporting reclamation activities outstanding. Due to the conservative nature of bonding estimates, the total amount of required reclamation bonding in the United States for Peabody exceeds the related financial-statement liability by approximately $1 billion. Self-bonding amounts are calculated based on a reclamation scenario that assumes the company's current personnel, equipment and expertise do not exist; the coal mines immediately shut down and third parties step in to complete the reclamation, without taking into account the expected lifespan of the coal mine. On the other hand, accounting practices require companies to account for the estimated financial liability based on the projected lifespan of individual mine plans and future costs to complete final reclamation. Based on these estimates, the company's GAAP financial statements reflect U.S. asset retirement obligations of approximately $450 million, with recent typical annual cash outlays of approximately $20 million. In addition to paying for every dollar of its own coal mine restoration, the company has paid nearly $560 million in the past decade to the Abandoned Mine Lands (AML) program, and contributed more than $45 million in 2015. AML, which has an unappropriated balance of $2.5 billion, is intended for the restoration of lands that other coal producers operated, does not reclaim any Peabody lands and was due to sunset years ago. About Peabody Energy Corporation Headquartered in St. Louis, Missouri, Peabody Energy Corporation claims to be the world's largest private-sector coal company. As of Dec. 31, 2014, the Company owned interests in 26 active coal mining operations located in the United States (U.S.) and Australia. The Company has a majority interest in 25 of those mining operations and a 50% equity interest in the Middlemount Mine in Australia. In addition to its mining operations, the Company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, Singapore, the United Kingdom and the U.S. Peabody posted a net loss of $1.988 billion for 2015, wider from the net loss of $777 million in 2014 and the $513 million net loss in 2013. At Dec. 31, 2015, the Company had total assets of $11.02 billion against $10.1 billion in total liabilities, and stockholders' equity of $919 million. On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The 154 cases are pending joint administration before the Honorable Judge Barry S. Schermer under Case No. 16-42529 in the U.S. Bankruptcy Court for the Eastern District of Missouri. As of the Petition Date, PEC has approximately $4.3 billion in outstanding secured debt obligations and $4.5 billion in outstanding unsecured debt obligations. The Debtors tapped Jones Day as general counsel; Armstrong, Teasdale LLP as local counsel; Lazard Freres & Co. LLC and investment banker Lazard PTY Limited as investment banker; FTI Consulting, Inc., as financial advisors; and Kurtzman Carson Consultants, LLC, as claims, ballot and noticing agent. PENN ENGINEERING: Moody's Retains B1 CFR on Add-On Term Loan ------------------------------------------------------------ Moody's Investors Service said that Penn Engineering & Manufacturing Corp.'s plan to raise an incremental $100 million term loan as part of the financing of its announced acquisition of Heyco Products, Inc., a New Jersey-based manufacturer of engineered plastic components, has no impact on Penn's debt ratings including its B1 Corporate Family Rating. The financing is credit negative due to the incremental debt being used to finance the acquisition but the company's ratings are unchanged since leverage remains within the expected range for the ratings given Penn's operating profile. The outlook remains stable. Moody's maintains these ratings on Penn Engineering & Manufacturing Corp.: -- Corporate Family Rating, at B1 -- Probability of Default Rating, at B2-PD -- Senior Secured Revolver due August 2019, at B1 (LGD-3) -- USD Senior Secured Term Loan due August 2021 (including add- on), at B1 (LGD-3) -- EUR Senior Secured Term Loan due August 2021, at B1 (LGD-3) -- Outlook, remains stable The ratings are subject to receipt and review of final transaction documentation. The $100 million incremental term loan, together with $30 million of revolver borrowings will be used to finance the $130 million Heyco acquisition. Penn also plans to concurrently upsize its multi-currency revolver to $125 million from $75 million. Pro forma for the acquisition, revolver outstandings are expected to total $59 million. Most terms in the credit agreement are expected to remain substantially unchanged. The acquisition is anticipated to close in mid-September 2016. The transaction raises debt/EBITDA (including Moody's standard adjustments) to 3.8 times from 3.2 times and a degree of operational risk is present from the company's entrance into the plastics side of the fastener business. However, acquiring Heyco diversifies Penn's revenue stream by increasing the breadth of its product mix and broadening the company's industry end-market and geographic presence. Furthermore, the acquisition should contribute to a slight improvement in the EBITDA margin. The company's track record of generating healthy free cash flow levels should allow for de-leveraging. Despite the benefits of the transaction and 3.8x pro-forma debt/EBITDA remaining in line with Moody's expectations for the B1 rating category, the high degree of cyclicality in the company's business requires leverage that is lower relative to most other B1-rated peers. In addition, the company's modest revenue size, slowdown in economic growth in China, high degree of cyclicality in the consumer electronics business and meaningful automotive exposure (approximately 40% of pro forma revenues) given the current high point in the automotive industry cycle create credit risk. Partially mitigating integration risk is the company's successful track record of integrating its recent acquisitions. Penn's good near-term liquidity is supported by solid positive free cash flow generation, ample cash balances (albeit largely located abroad), sufficient revolver availability and headroom under the company's springing financial covenant that is currently applicable. Moody's expects the company to deploy its free cash flow towards debt repayment and bolt-on acquisitions over the intermediate term. Penn Engineering & Manufacturing Corp., headquartered in Danboro, Pennsylvania is a manufacturer of high performance, specialty fasteners used in a diversified range of industries. Penn is majority owned by Tinicum Capital Partners II-2, LP. For the last twelve month period ended June 30, 2016, revenues pro forma for the November 2015 Link Tool acquisition totaled $439 million. Additionally, pro-forma for the proposed acquisition of Heyco, revenues would approximate $477 million. PIONEER HEALTH: Wants 90 Days Extension of Exclusivity Period ------------------------------------------------------------- Pioneer Health Services, Inc., asks the Bankruptcy Court for an additional 90 days within which to file Plans and Disclosure Statements, and a similar extension to obtain Plan confirmation. The Debtor tells the Court that it has been unable to formulate and finalize matters with regard to Disclosure Statements and proposed Plans of Reorganization by July 28, 2016, deadline for some of the consolidated cases because of the ongoing numerous negotiations with various creditors in these administratively consolidated bankruptcy cases. Attorneys for Pioneer Health Services, Inc.: Craig M. Geno, Esq. Jarret P. Nichols, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: 601-427-0048 Facsimile: 601-427-0050 Email: cmgeno@cmgenolaw.com jnichols@cmgenolaw.com About Pioneer Health Pioneer Health Services, Inc., and its debtor-affiliates, including Medicomp Inc., filing separate Chapter 11 bankruptcy petitions (Bankr. S.D. Miss. Case No. 16-01119 to 16-01126) on March 30, 2016. The Debtors provide healthcare services to rural communities, and own and manage rural critical access hospitals. Judge Hon. Neil P. Olack presides over the Debtors' cases. The Law Offices of Craig M. Geno PLLC serves as the Debtors' counsel. The Debtors hired Healthcare Management Partners, LLC, as financial advisor. Pioneer Health Services estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Joseph S. McNulty III, president. The Official Committee of Unsecured Creditors of Pioneer Health Services, Inc., et al., retained Arnall Golden Gregory LLP as counsel, and Brunini, Grantham, Grower & Hewes, PLLC, as co-counsel. PLE MANAGEMENT: Involuntary Chapter 11 Case Summary --------------------------------------------------- Alleged Debtor: PLE Management, LLC 450 S. Melrose Drive, Suite 110 Vista, CA 92081 Case Number: 16-04508 Type of Business: Single Asset Real Estate Involuntary Chapter 11 Petition Date: July 26, 2016 Court: United States Bankruptcy Court Southern District of California (San Diego) Judge: Hon. Christopher B. Latham Petitioners' Counsel: Kyle Yaege, Esq. HICKMAN & ROBINSON, LLP 701 "B" Street, Suite 1310 San Diego, CA 92101 Tel: 619-819-8383 E-mail: kyle@hickmanrobinsonlaw.com Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ Jalali Family Trust Secured $12,500 700 W. Harbor Dr., Unit 1901 San Diego, CA 92101 Jalali Family Trust dated 08/31/05 Secured $12,500 765 Kendall Dr. Laguna Beach, CA 92651 POINTON PROPERTIES: Hires B David Sisson as Bankruptcy Counsel -------------------------------------------------------------- Pointon Properties Inc., seeks authorization from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ the Law Offices of B David Sisson as attorney. The Debtor requires B David Sisson to: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continuing operation of its business and management of their property; b. prepare on behalf of the Debtor as debtor-in-possession all necessary applications, answers, orders, pleadings, reports and other legal papers; and c. perform all other legal services for the Debtor as debtor-in-possession that may be necessary. The Debtor will compensate B David Sisson $250 per hour. B David Sisson, Esq., of the Law Offices of B David Sisson, assured the Court that the firm does not represent any interest adverse to the Debtor and its estate. B David Sisson can be reached at: B David Sisson, Esq. Law Offices of B David Sisson 24 W Gray, Suites 101/PO Box 534 Norman, OK 73070-0534 Tel: 405.447.2521 Fax: 405.447.2552 E-mail: sisson@sissonlawoffice.com About Pointon Properties, Inc. Pointon Propertiea, Inc filed a Chapter 11 bankruptcy petition (Bankr. D. Okla. Case No. 16-12416) on June 22, 2016. The Hon. Sarah A. Hall presides over the case. The Law Offices of B David Sisson represents the Debtor as counsel. In its petition, the Debtor estimated $2.26 million in assets and $406,457 in liabilities. The petition was signed by William Pat Pointon, president. POMEROY PARTNERS: Hires Jon G. Brooks as Bankr. Counsel ------------------------------------------------------- Pomeroy Partners, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Offices of Jon G. Brooks as counsel to the Debtor. Pomeroy Partners requires Brooks to: - prepare amended schedules and lists, negotiations with creditors and holders of interests; - conduct all litigation that does not require special counsel; - draft a Disclosure Statement and Plan of Reorganization; - obtain necessary consent and Court approval of the Plan; - perform any further services which appear necessary and which the Debtor desires Law Offices of Jon G. Brooks to perform. Brooks will be paid at these hourly rates: Jon G. Brooks $375 Gregory S. Hartman $375 Brooks will be paid an initial retainer of $15,000 including $1,717 for the court filing fee. On June 23, 2016, Debtor paid Brooks $12,667 from that retainer for pre-petition legal fees incurred for bankruptcy analysis, debt and lien review and investigation, and preparation for filing, as well as for the filing fee of $1,717. Additionally, Debtor deposited an additional pre-petition retainer with Brooks in the amount of $10,000 leaving a retainer balance of $12,333. Brooks will also be reimbursed for reasonable out-of-pocket expenses incurred. Jon G. Brooks, owner of the Law Offices of Jon G. Brooks, 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 Debtors and their estates. Brooks can be reached at: Jon G. Brooks, Esq. LAW OFFICES OF JON G. BROOKS 1900 The Alameda, Suite 520 San Jose, CA 95126 Tel: (408) 286-2766 About Pomeroy Partners Pomeroy Partners filed a chapter 11 petition (Bankr. N.D. Cal. Case No. 16-51859) on June 23, 2016. The petition was signed by David C. Shaw, managing member. The Debtor is represented by Jon G. Brooks, Esq., at the Law Offices of Jon G. Brooks. The case is assigned to Judge Dennis Montali. At the time of the filing, the Debtor disclosed assets of $5.04 million and debts of $8.80 million. PREMIER CARE: SSG Acted as Investment Banker in Debt Sale --------------------------------------------------------- SSG Capital Advisors, LLC acted as the investment banker to Premier Care in Bathing(TM) and its affiliates in the sale of all of their outstanding debt to Premier Care Holdings, Inc. The transaction closed in March 2016. Premier is a provider of bathroom mobility solutions, primarily in bathing, designed to address the growing needs of the aging, obese and disabled populations. The Company manufactures, markets and installs specialty bathing equipment such as walk-in baths, easy-access showers and a range of accessories and special features for consumers with reduced mobility. Premier was slow to reallocate its marketing spend to the internet and direct mail channels when the effectiveness of print marketing started to decline. As the Company faced liquidity issues due to the resultant margin compression, marketing spend was curtailed and profitability further deteriorated. In response, the Company cut unnecessary overhead costs and reallocated marketing spend to the channels that yielded more attractive returns. Despite these efforts, Premier's liquidity position remained constrained, causing the Company to default on its debt obligations. Premier retained SSG as its exclusive investment banker in November 2015 to explore strategic alternatives including a refinancing or sale of the Company's existing indebtedness or a sale of the Company. SSG conducted a comprehensive, discreet marketing process, soliciting offers from a broad universe of both financial and strategic buyers. Premier Care Holdings, Inc. ultimately put forth an offer that provided the highest value to the Company's stakeholders. The transaction was effectuated through a sale of all of the Company's outstanding debt. Other professionals who worked on the transaction include: Lawrence Hirsh of Alvarez & Marsal, Independent Board Member; Roy Grist, Russell Hill, Geoff Perry and Mark A. Salzberg of Squire Patton Boggs, counsel to Premier Care in Bathing(TM); and Alan N. Noskow and Brian E. Ashin of Manatt, Phelps & Phillips, LLP, counsel to the buyer. About SSG Capital Advisors, LLC SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions. It provide its clients with investment banking services in the areas of mergers and acquisitions, private placements, financial restructurings, valuations, litigation and strategic advisory. PREMIER EXHIBITIONS: 1987 Artifacts Sale Needs Adversary Proceeding ------------------------------------------------------------------- Premier Exhibitions, Inc., a presenter of quality touring exhibitions around the world, on July 27, 2016, announced a corporate update regarding board and management changes and an update from the Company's Chapter 11 proceedings. Management and Board Changes Jerome Henshall, the Company's Audit Committee Chair, has been appointed Chief Financial Officer of the Company, to replace Mr. Michael Little who was terminated by the Company effective July 21, 2015. Mr. Henshall brings over 40 years of financial expertise and public accounting experience. As a former partner of a global accounting firm, he has advised entrepreneurial businesses on audit processes and tax structures. He holds a Bachelor of Science degree from the University of Western Ontario and is a Chartered Professional Accountant and Certified Financial Planner in Canada. The Board of Directors of the Company is pleased to announce the appointment of two independent directors: Mr. Mark Bains and Mr. Guo Ding. Mark Bains has been Chief Executive Officer of privately-owned MJB Technology Solutions Ltd. since 2007. He has extensive financial and operational experience and has served on various private and public sector boards. Mr. Bains is Chartered Professional Accountant and has a Bachelor of Arts from Simon Fraser University. Mr. Bains will take Mr. Henshall's place as Audit Committee Chair. Guo Ding has extensive experience as a political, cultural, and media correspondent for various national and international news agencies. He has appeared on television, print, and radio in Canada, China, US, and Hong Kong among many other countries. He has also authored several books published in both Chinese and English. Mr. Ding holds a Master of Arts from Rikyo University (Tokyo, Japan) and a Bachelor of Arts degree from Shanghai Normal University. Finally, the Board has accepted Mingcheng Tao's resignation from our Board in order for him to focus on his business activities. One of the Board appointments fills a pre-existing vacancy while the second appointment replaces Mingcheng Tao's position. "Jerome is a welcome addition to the management team in his role as CFO. We will be working together closely throughout the Chapter 11 process where our goal is to emerge as a financially stable and sound company. His other immediate priority will be to ensure the Company achieves current status with our annual and quarterly filings," commented Daoping Bao, Executive Chairman, CEO and President. "As Chair and on behalf of the Board, we welcome the addition of Mark and Guo as they both contribute extensive and broad international experience which complements very well with our current Board. We also would like to thank Mingcheng for his time and wish him well on his future endeavors." Chapter 11 Proceedings On June 14, 2016, the Company and each of its wholly-owned United States subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida (the "Bankruptcy Court"). On June 20, 2016, the Company filed a motion seeking permission to market and sell a portion of the Titanic artifacts awarded to the Company pursuant to a 1993 French administrative decree, which are from time to time referred to as the 1987 Artifacts in Company filings (the "Motion to Sell Artifacts"). On July 22, the Bankruptcy Court issued an order denying the Motion to Sell Artifacts without prejudice. In the Order, the Bankruptcy Court ruled that the Company must pursue its request to sell the 1987 Artifacts through an adversarial proceeding in the Bankruptcy Court, not as a contested matter in the Bankruptcy Court. The Order did not address the merits of the Company's request to sell artifacts. The Company plans to immediately pursue a sale of the 1987 Artifacts through an adversarial proceeding. About Premier Exhibitions Premier Exhibitions, Inc. (Nasdaq:PRXI), located in Atlanta, Georgia, is a foremost presenter of museum quality exhibitions throughout the world. Premier is a recognized leader in developing and displaying unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES . . . The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions, Inc. lies in its ability to produce, manage, and market exhibitions. Additional information about Premier Exhibitions, Inc. is available at the Company's Web site http://www.PremierExhibitions.com/ RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Florida (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. The Chapter 11 cases are assigned to Judge Paul M. Glenn. PULTEGROUP INC: Moody's Assigns Ba1 Rating on $300MM Sr. Notes -------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to the proposed $300 million of new senior unsecured notes due 2027 of PulteGroup, Inc., proceeds of which will be used for general corporate purposes, including debt repayment and share repurchases. In the same rating action, Moody's affirmed all of Pulte's existing ratings, including its Ba1 Corporate Family Rating, Ba1-PD Probability of Default, Ba1 on its various series of senior unsecured notes, which include a $300 million add-on to Pulte's 2021 notes, and SGL-1 Speculative Grade Liquidity rating. The outlook is stable. Issuer: PulteGroup, Inc. Assignments: Senior Unsecured Regular Bond/Debenture, Assigned Ba1(LGD4) Affirmations: Probability of Default Rating, Affirmed Ba1-PD Speculative Grade Liquidity Rating, Affirmed SGL-1 Corporate Family Rating, Affirmed Ba1 Senior Unsecured Regular Bond/Debenture, Affirmed Ba1(LGD4) Outlook Actions: Outlook, Remains Stable RATINGS RATIONALE The Ba1 corporate family rating reflects Pulte's healthy pro forma adjusted debt leverage of about 39% as of June 30, 2016, strong gross margins and interest coverage, robust liquidity, and solid momentum in the underlying business. Despite the sizable increase in its share repurchase program, Moody's expects Pulte's debt leverage will remain in the low-to-mid-40% range, as the incremental share buy-backs will be mostly offset by healthy net income generation in 2016 and 2017. The rating also takes into account the company's disciplined land and investment strategies and its broad geographic, product, and price point diversity. At the same time, the Ba1 rating considers the company's increasingly shareholder-friendly activities. Pulte's recent decision to spend $250 million per quarter on share buy-backs through 2017 makes it the most aggressive capital distributor in the homebuilding space. This will keep its adjusted debt leverage in the 40-45% range in the next 12-18 months, which is a notable increase compared to the company's recent levels. Moody's notes that if a downturn were to materialize in 2017 or 2018, Pulte's ratings could be in jeopardy because of its increased debt leverage. However, Moody's expects revenues in the second half of 2016 and full-year 2017 to grow more substantially than in prior years, as several years of increased land investment and growth in community openings come to fruition. The stable outlook reflects Moody's expectation that Pulte will continue expanding its size and scale and grow its revenues at a healthy pace over the next 12 to 18 months, which will benefit many of its credit metrics, as the industry experiences positive demand and pricing trends. However, the stable outlook also recognizes that Pulte is unlikely to re-attain its former very low debt leverage (below 30%), as it takes advantage of investment opportunities, including returning capital to its shareholders. Nevertheless, Moody's expects that Pulte's adjusted debt leverage will stay in the 40-45% range, which is consistent with a Ba1 homebuilding rating. Pulte's very good liquidity profile is reflected in its SGL-1 Speculative Grade Liquidity rating. The company's liquidity is supported by its $229 million unrestricted cash position as of June 30, 2016, a $750 million unsecured revolver maturing in July 2019 that was undrawn and had about $523 million available, and a diversified and unencumbered lot supply of about eight years. Pulte, however, has recently started to burn cash and will continue to do so at least through 2016, as it accelerates its share repurchase program and spends on replenishing its inventory. Pulte's Revolving Credit Facility contains financial covenants that require it to maintain a minimum tangible net worth, a minimum interest coverage ratio, and a maximum debt-to-capitalization ratio. As of June 30, 2016, Pulte had substantial headroom in maintaining compliance with all of its covenants. The outlook and/or ratings are unlikely to be raised in the near-to-mid-term, owing to the company's expanded share repurchase program. Longer term, the outlook and/or ratings could benefit if the company further improves its profitability, maintains its strong liquidity, and manages to keep debt leverage well below the 40% level. Specifically, the upgrade triggers would include GAAP gross margins approaching 28% and an adjusted EBIT interest coverage well above 6.0x - all on a sustained basis. In addition, if the company can continue to maintain debt leverage at or near the industry lows, that would be given strong consideration and could offset modest shortfalls from some of the other key credit metrics. Finally, and just as importantly, Moody's would need to feel confident that Pulte's metrics could withstand a financial shock and that its financial policy would be consistent with that of a company wanting both to attain and maintain an investment grade rating. The rating could be downgraded if the company jeopardized its strong liquidity position by engaging in very large land purchases or substantial share buy-backs, experienced a material erosion in its GAAP gross margins to below 20%, or if its debt leverage began to increase and remained above 50%. The principal methodology used in these ratings was Homebuilding and Property Development Industry published in April 2015. Founded in 1950 and headquartered in Atlanta, Georgia, Pulte is the country's third largest homebuilder, with operations in 50 markets and 26 states. Through its brand names that include Centex, Pulte Homes, and Del Webb, it targets entry-level buyers, move-up buyers and active adults. Homebuilding revenues for the 12 months ending on June 30, 2016, were approximately $6.6 billion. QRS RECYCLING: Committee Taps GGG Partners as Financial Advisor --------------------------------------------------------------- The Official Committee of Unsecured Creditors of QRS Recycling of Georgia, LLC, seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to retain GGG Partners, LLC as financial advisor to the Committee. The Committee requires GGG Partners to: a) assist with the review and analysis of the Debtor's "first day" orders and the budgets relating to those orders; b) assist with the review of the Debtor's business models, operations, liquidity, properties, assets and liabilities, financial condition, and prospects; c) assist in the review of financial information distributed by the Debtor to the Committee, its advisors, and/or creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analyses, and analyses of various asset and liability accounts; d) attend meetings with the Debtor, the Debtor's lenders and creditors, the Committee, any other official committees organized in the chapter 11 case, the United States Trustee, and other parties in interest, as requested; e) gain an understanding of the Debtor's and non-Debtor's corporate structure; f) analyze pre-petition transfers and potential avoidance actions by the Debtor's estate; g) analyze the prepetition solvency of the Debtor; h) track the conduct and results of the Debtor's equipment auction; i) attend hearings before the Court as requested by the Committee or its counsel; j) assist with the review and analysis of the Debtor's proposed key employee retention and other critical employee benefit programs; k) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan of reorganization or liquidation in the chapter 11 case; l) prepare and update a recovery analysis of unsecured claims; m) communicate findings to the Committee and its counsel, and; n) render other general business consulting or other assistance as the Committee or its other retained professionals may deem necessary, consistent with the role of a financial advisor, that are not duplicative of services provided by other professionals in the chapter 11 cases. GGG Partners will be paid at these hourly rates: Joseph V. Pegnia $325.00 Scott D. Yates $350.00 GGG Partners will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph V. Pegnia, partner of GGG Partners, LLC, 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 Debtors and their estates. GGG Partners can be reached at: Joseph V. Pegnia GGG PARTNERS, LLC 3155 Roswell Road, Suite 120 Atlanta, GA 30305 Tel: (404) 256-0003 Fax: (404) 256-4555 About QRS Recycling QRS Recycling of Georgia, LLC, operator of a recycling facility located at 120 Hollow Tree Lane SW, Atlanta, Georgia, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-58837) on May 20, 2016, to liquidate its assets. The case is pending before Judge James R. Sacca. DLA Piper LLP (US) and Bingham Greenbaum Doll LLP represent the Debtor as counsel. Upshot Services LLC serves as the Debtor's claims and noticing agent. The Debtor estimated assets of up to $10 million and liabilities in the range of $10 million to $50 million. RESPONSE BIOMEDICAL: Amends Schedule 13-E with SEC -------------------------------------------------- An amended Schedule 13E-3 transaction statement was filed with the U.S. Securities and Exchange Commission pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended, by: (i) Response Biomedical Corp., a British Columbia, Canada corporation and the issuer of the shares of common stock, without par value that are subject to the Rule 13e-3 transaction; (ii) 1077801 B.C. Ltd. (the "Purchaser"); (iii) OrbiMed Asia Partners, L.P.; (iv) Orbimed Private Investments III, LP; (v) Orbimed Associates III, LP; (vi) OrbiMed Advisors LLC, (vii) OrbiMed Advisors Limited, (viii) Samuel D. Isaly, and (ix) Shanghai Runda Medical Technology Co., Ltd. In this Transaction Statement OrbiMed Asia Partners, L.P., Orbimed Private Investments III, LP, Orbimed Associates III, L.P., OrbiMed Advisors LLC, OrbiMed Advisors Limited, Samuel D. Isaly, and Shanghai Runda Medical Technology Co., Ltd. are referred to collectively as the "Purchaser Group." The Purchaser Group owns all outstanding shares of the Purchaser. The Transaction Statement relates to the Arrangement Agreement, dated June 16, 2016, among the Company and the Purchaser. Pursuant to the Arrangement, the Purchaser will, among other things, acquire all of the issued and outstanding common shares of the Company. The Board (other than Peter A. Thompson and Jonathan J. Wang, who recused themselves from the vote of the Board), based in part on the unanimous recommendation of the Special Committee, has (a) determined unanimously that the Arrangement is advisable, and in the best interests of, the Company's shareholders (other than the members of the Purchaser Group any rollover shareholders or any person that the Company has determined to be a Section 16 Officer of the Company pursuant to Rule 16a-1(f) of the Exchange Act) and including the unaffiliated shareholders, (b) approved unanimously the Arrangement, and (c) resolved unanimously to recommend that the Company's shareholders vote "FOR" the proposal to adopt the Arrangement Agreement and approve the Arrangement. A full-text copy of the amended transaction statement is available for free at https://is.gd/W4HXjI About Response Biomedical Based in Vancouver, Canada, Response Biomedical Corporation develops, manufactures and sells diagnostic tests for use with its proprietary RAMP(R) System, a portable fluorescence immunoassay- based diagnostic testing platform. The RAMP(R) technology utilizes a unique method to account for sources of error inherent in conventional lateral flow immunoassay technologies, thereby providing the ability to quickly and accurately detect and quantify an analyte present in a liquid sample. Consequently, an end-user on-site or in a point-of-care setting can rapidly obtain important diagnostic information. Response Biomedical currently has thirteen tests available for clinical and environmental testing applications and the Company has plans to commercialize additional tests. Response Biomedical reported a net loss of C$150,000 on C$15.41 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss of C$2.09 million on C$11.01 million of total revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Response had C$11.80 million in total assets, C$12.51 million in total liabilities and a total shareholders' deficit of C$711,000. PricewaterhouseCoopers LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the company has incurred recurring losses from operations and has an accumulated deficit at Dec. 31, 2015, that raises substantial doubt about its ability to continue as a going concern. RIVER BEND GEO: Hires Stasio & Stasio as Counsel ------------------------------------------------ River Bend Geo Services, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stasio & Stasio P.C. as counsel to the Debtor. River Bend Geo requires Stasio & Stasio to: (a) give Debtor legal advice with respect to its powers and duties as debtor in possession in the continued management of its property; (b) take necessary action to avoid any liens against Debtor's property obtained by attachment within 90 days before the filing of said petition, under Chapter 11; (c) represent the Debtor as debtor in possession in connection with any reclamation proceedings which have been instituted in this court; (d) prepare on behalf of the applicant as debtor in possession necessary applications, answers, orders, reports and other legal papers; and (e) perform of all other legal services for debtor as debtor in possession which may be necessary. Stasio & Stasio will be paid at these hourly rates: Steve Stasio $350 Stasio & Stasio will also be reimbursed for reasonable out-of-pocket expenses incurred. Steve Stasio, of Stasio & Stasio P.C., 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 Debtors and their estates. Stasio & Stasio can be reached at: Steve Stasio, Esq. STASIO & STASIO P.C. The Plaza Building 303 Main Street, Suite 302 Fort Worth, TX 76102-4069 Tel: (817) 332-5113 Fax: (817) 870-0335 E-mail: steve.stasio@stasiolawfirm.com About River Bend Geo River Bend Geo Services, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-42751) on July 20, 2016. Judge Mark X Mullin presides over the case. RMS TITANIC: Hires McGuireWoods as Special Litigation Counsel ------------------------------------------------------------- RMS Titanic, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the Middle District of Florida to employ McGuireWoods LLP as special litigation counsel. The Debtors require McGuireWoods to render legal services relating to the Debtors and to continue to advise and represent the Debtors in litigation matters in which McGuireWoods represented the Debtors before the Bankruptcy Case. The Debtors anticipate that McGuireWoods will render legal services to the Debtors for discrete projects and on an as needed basis through the course of this Chapter 11 cases, including, without limitation, bankruptcy and litigation-related matters, but only to the extent Debtors' other counsel are conflicted and cannot handle the matter, or to the extent the matter can be more efficiently handled by McGuireWoods. McGuireWoodswill be paid at these hourly rates: Partners $845 Paralegals $270 Robert W. McFarland, partner of the firm of McGuireWoods LLP, 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 Debtors and their estates. McGuireWoodsmay be reached at: Robert W. McFarland McGuireWoods LLP 101 West Main Street, Suite 9000 Norfolk, VA 23510 Tel: (757)640-3716 Fax: (757)640-3966 E-mail: rmcfarland@mcguirewoods.com About RMS Titanic RMS Titanic, Inc., a wholly owned subsidiary of Premier Exhibitions, Inc., is the only company permitted by law to recover objects from the wreck of Titanic. The Company was granted Salvor-In-Possession rights to the wreck of Titanic by the United States District Court for the Eastern District of Virginia, Norfolk Division in 1994 and has conducted eight research and recovery expeditions to Titanic recovering approximately 5,000 artifacts. In the summer of 2010, RMS Titanic, Inc. conducted a ground-breaking expedition to Titanic 25 years after its discovery, to undertake innovative 3D video recording, data gathering and other technical measures so as to virtually raise Titanic, preserving the legacy of the ship for all time. About Premier Exhibitions Premier Exhibitions, Inc. (Nasdaq:PRXI) -- http://www.PremierExhibitions.com/-- located in Atlanta, Georgia, is a presenter of museum quality exhibitions throughout the world. Premier develops and displays unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES...The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions, Inc. lies in its ability to produce, manage, and market exhibitions. RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. The Chapter 11 cases are assigned to Judge Paul M. Glenn. ROBERT HIGHSMITH: Amended Disclosures Hearing on Aug. 16 -------------------------------------------------------- A hearing to consider approval of the Amended Disclosure Statement filed by Robert Highsmith and Lynn B. Highsmith will be held on Aug. 16, 2016, at 10:45 a.m. before Judge George B. Nielsen, in Phoenix, Arizona. Written objections to the Disclosure Statement are due five days before the hearing date. The Debtors had filed their First Amended Disclosure Statement and Amended Plan of Reorganization on July 15, 2016. The case is in re Robert Highsmith and Lynn B. HIghsmith (Bankr. D. Ariz. Case No. 12-05374), filed March 16, 2012. The Debtor's attorneys: Allan D. NewDelman, Esq. Roberta J. Sunkin, Esq. ALLAN D. NEWDELMAN, ESQ. 80 East Columbus Avenue Phoenix, Arizona 85012 Tel: (602) 264-4550 E-mail: anewdelman@adnlaw.net ROGER ALLEN MCCRACKEN: U.S. Trustee Forms 3-Member Committee ------------------------------------------------------------ Gail Brehm Geiger, acting U.S. trustee for Region 18, on July 25 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Roger Allen McCracken. The committee members are: (1) Tom Reese Pacific Continental Bank 805 S.W. Broadway, Suite 780 Portland, OR 97205 Phone: 503-350-5340 Fax: 503-796-0101 Email: tom.reese@therightbank.com (2) David Cottler Paramount Hotels, LLC 2003 Western Avenue, Suite 500 Seattle, WA 98121 Phone: 206-826-2703 Fax: 206-826-2702 Email: davec@paramounthotels.com (3) Michael Bashaw 2569 Magnolia Blvd. W. Seattle, WA 98199 Phone: 206-849-8660 Email: mikeb@paramounthotels.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Roger Allen McCracken Roger Allen McCracken sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-13561) on July 6, 2016. The Debtor is represented by Jamie J. McFarlane, Esq., at The Tracy Law Group PLLC. ROTARY DRILLING: U.S. Trustee Forms 7-Member Committee ------------------------------------------------------ The Office of the U.S. Trustee on July 25 appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Rotary Drilling Tools USA, LLC, and its affiliates. The committee members are: (1) MC Tubular Products, Inc. Attn: Mario Prats 757 N. Eldridge Parkway, Suite 650 ouston, TX 77079 Telephone: 281-588-6502 Facsimile: 281-588-6589 Email: mprats@mctp.com (2) SMS Technical Services LLC Attn: Patrick Ward 210 st Kensinger Drive, Suite 300 Cranberry Township PA 16066-3435 Telephone: 724-553-3455 Facsimile: 724-741-0612 Email: Patrick.Ward@sms-group.com (3) Emerald Metals, LLC Attn: Sean O'Boyle 14340 Torrey Chase Blvd., Suite 370 Houston, TX 77014 Telephone: 713-591-1000 Facsimile: 281-895-6618 Email: soboyle@emeraldmetals.com Attorney: Jeff Carruth Email: jcarruth@wkpz.com (4) Tubular Mill Inspections, LLC Attn: Ryan Franco 4203 Montrose Boulevard, Suite 200 Houston, TX 77006 Telephone: 832-900-2238 Facsimile: 832-210-0049 Email: rfranco@altosenergypartners.com (5) Heating Induction Services Attn: H. William Burdett, Jr. 14950 East Jefferson, Suite 200 Grosse Pointe Park, Michigan 48230 Telephone: 313-344-4000 Facsimile: 313-344-4001 Email: Burdett@boyleburdett.com (6) Venom Inspection Services Attn: Charles Coleman P.O. Box 567 Richmond, TX 77406 Telephone: 936-776-0997, Email: Charlie@venominspectionservices.com (7) Hunting Energy Services, Inc. Attn: Klane Kirby 3817 Melancon Road Broussard, LA 70518 Telephone: 337-367-9296 Facsimile 337-364-6431 Email: klane.kirby@hunting-Intl.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Rotary Drilling Tools USA Rotary Drilling Tools USA, LLC, manufactures and markets oilfield drilling tubular tools. Rotary Drilling Tools sought Chapter 11 protection (Bankr. S. D. Tex. Case No. 16-33435) on July 6, 2016. Judge Jeff Bohm is assigned to the case. The Debtor estimated assets and liabilities in the range of $10 million to $50 million. Brooke B Chadeayne, Esq. and Elizabeth M Guffy, Esq., at Locke Lord Bissell & Liddell, LLP, serve as the Debtor's counsel. The petition was signed by Bryan M. Gaston, chief restructuring officer. SBN FOG CAP: Hires Arthur Bell as Accountant -------------------------------------------- SBN Fog Cap II LLC and Fog Cap Retail Investors LLC , seek authority from the U.S. Bankruptcy Court for the District of Colorado to employ Arthur Bell CPAs as accountants to the Debtors. SBN Fog Cap requires Arthur Bell to assist the Debtors in preparing their tax returns, tax related documents and schedules, estimating taxable income and providing calculations, and to assist the Debtors in general accounting and tax consultation. Arthur Bell will be paid a flat fee payable biannually, in the amount of $18,000 to $21,000 total per year. As of the petition date, the Debtors paid Arthur Bell the amount of $10,500. For the remainder of 2016, the Debtors will need to provide only the second biannual payment. Arthur Bell will also be reimbursed for reasonable out-of-pocket expenses incurred. S. Aaron Michael, director and CPA with the firm Arthur Bell CPAs, 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 Debtors and their estates. Arthur Bell can be reached at: S. Aaron Michael ARTHUR BELL CPAS 201 International Circle, Suite 400 Hunt Valley, MD 21030 Tel: (410) 771-0001 E-mail: aaron.michael@arthurbellcpas.com About SBN Fog Cap SBN Fog Cap II LLC, based in Denver, Colorado, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-13815) on April 20, 2016. Hon. Thomas B. McNamara presides over the case. James T. Markus, Esq., at Markus Williams Young & Simmermann LLC, serves as counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by Steven C. Petrie, chief executive officer. Fog Cap Retail Investors LLC, based in Denver, Colorado, filed a separate Chapter 11 petition (Bankr. D. Colo. Case No. 16-13817) on April 20, 2016. Hon. Thomas B. McNamara presides over the case. James T. Markus, Esq., at Markus Williams Young & Zimmermann LLC, serves as counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition also was signed by Steven C. Petrie, chief executive officer. SCARBOROUGH-ST. JAMES: Order Directing Surrender of Property Upheld ------------------------------------------------------------------- Judge Richard G. Andrews of the United States District Court for the District of Delaware affirmed the final order of the United States Bankruptcy Court for the District of Delaware, which granted the motion of the landlord, 67500 South Main Street, Richmond, LLC, for an order deeming a nonresidential property lease terminated pursuant to Section 365(d)(4) of the Bankruptcy Code and directing the debtor, Scarborough-St. James Corporation, to immediately surrender possession of the property to the landlord. The bankruptcy case is IN RE: SCARBOROUGH-ST. JAMES CORPORATION, Chapter 11 Debtor, Bankr. Case No. 15-10625-LSS (Bankr. D. Del.). The appeals case is SCARBOROUGH-ST. JAMES CORPORATION, Appellant, v. 67500 SOUTH MAIN STREET, RICHMOND, LLC, Appellee, Civ. No. 15-809-RGA (D. Del.). A full-text copy of Judge Andrews' July 12, 2016 memorandum is available at https://is.gd/rIuk9w from Leagle.com. Scarborough-St. James Corporation is represented by: Ian Connor Bifferato, Esq. Thomas Francis Driscoll, III, Esq. BIFFERATO LLC 800 N. King Street Wilmington, DE 19899-2165 Tel: (302)225-7600 Fax: (302)254-5383 Email: cbifferato@bifferato.com tdriscoll@bifferato.com 67500 South Main Street Richmond, LLC is represented by: William D. Sullivan, Esq. William Anthony Hazeltine, Esq. SULLIVAN, HAZELTINE ALLINSON LLC 901 North Market Street, Suite 1300 Wilmington, DE 19801 Tel: (302)428-8191 Fax: (302)428-8195 Email: bsullivan@sha-llc.com whazeltine@sha-llc.com SCHOPFS HILLTOP: Exclusive Plan Filing Deadline Moved to Sept. 2 ---------------------------------------------------------------- The Hon. G. Michael Halfenger of the U.S. Bankruptcy Court for the Eastern District of Wisconsin has extended Schopf's Hilltop Dairy, LLC's exclusive period for filing a Chapter 11 plan to Sept. 2, 2016, and the deadline to solicit acceptances of the plan to Nov. 1, 2016. As reported by the Troubled Company Reporter on June 21, 2016, the Debtor asked the Court to extend the exclusive periods by 66 days to Aug. 19, 2016, for filing a Chapter 11 plan and Oct. 18, 2016, to solicit acceptances of the plan. Negotiations are ongoing regarding plan treatment of other creditors in an effort to resolve problems prior to filing the Plan. Schopf's Hilltop Dairy, LLC, based in Sturgeon Bay, Wisconsin, filed a Chapter 11 petition (Bankr. E.D. Wis. Case No. 15-33333) on Dec. 14, 2015. Hon. Michael G. Halfenger presides over the case. In its petition, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. The petition was signed by Dennis W. Schopf, member. The Debtor is represented by John W. Menn, Esq., Steinhilber, Swanson, Mares, Marone & McDermott. SEPCO CORP: Has Until November 9 to File Chapter 11 Plan -------------------------------------------------------- Judge Alan M. Koschik of the U.S. Bankruptcy Court for the Northern District of Ohio extends Sepco Corporation's exclusive period to file a plan of reorganization through and including November 9, 2016, and its exclusive period to obtain acceptance of a plan through and including January 10, 2017. The Troubled Company Reporter previously reported that the Debtor asked the Court for a 120-day extension of the exclusivity periods. The Debtor said it intends to work collaboratively with the Official Committee of Unsecured Creditors to formulate a consensual Chapter 11 plan, to the extent possible, and needs additional time to accomplish this. The Debtor still must determine, in consultation with the Committee, the most beneficial course of action relative to the claims the estate holds against the Debtor's insurance carriers. This, too, will require further discussion among the Debtor, the Committee, and, potentially, those insurance companies. Towards that end, the Committee recently applied to the Court for permission to employ special insurance counsel, Gilbert LLP, who will analyze and provide advice regarding various insurance related-matters and issues in this case. The Debtor's counsel can be reached at: Harry W. Greenfield, Esq. Jeffrey C. Toole, Esq. Heather E. Heberlein, Esq. BUCKLEY KING, LPA 1400 Fifth Third Center 600 Superior Avenue East Cleveland, Ohio 44114 Telephone: (216) 363-1400 Facsimile: (216) 579-1020 Email: greenfield@buckleyking.com toole@buckleyking.com heberlein@buckleyking.com About Sepco Corporation Aurora, Ohio-based Sepco Corporation filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ohio. Case No. 16-50058) on Jan. 14, 2016. The petition was signed by Richard J. Szekelyi as chief restructuring officer. Buckley King, LPA represents the Debtor as counsel. The case has been assigned to Judge Alan M. Koschik. SFX ENTERTAINMENT: Files Plan of Reorg & Disclosure Statement ------------------------------------------------------------- BankruptcyData.com reported that SFX Entertainment filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Plan proposes the issuance of two classes of securities: New Series A Preferred Stock and Reorganized SFXE Common Stock. The shares of New Series A Preferred Stock to be issued shall have a face amount equal to (i) the amounts outstanding under the Tranche B DIP Facility, including any advanced amounts under Incremental Tranche B DIP Loans, plus (ii) the amounts outstanding under the Foreign Loan Documents with respect to the Initial Foreign Loans, plus (iii) an additional amount, earned on the Effective Date, equal to 2% of the amount outstanding under the Tranche B DIP Facility and the amount outstanding under the Foreign Loan Documents with respect to the Initial Foreign Loans. The New Series A Preferred Stock will accrue PIK dividends at 15% per annum and shall be perpetual preferred with a mandatory redemption at the Liquidation Preference, upon a Liquidity Event, and have such other terms and conditions as set forth in the New Series A Preferred Stock Certificate. The shares of Reorganized SFXE Common Stock to be issued shall be issued pursuant to the Plan and the New Governance Documents. The Plan also proposes the issuance of two classes of CVRs: the Class A CVRs and the Class B CVRs." The Court scheduled an Aug. 30, 2016 hearing to consider the Disclosure Statement, with objections due by Aug. 23, according to the report. About SFX Entertainment SFX Entertainment, Inc., and 43 of its affiliates, a global producer of live events and digital entertainment content focused exclusively on the electronic music culture and other world-class festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016. The petitions were signed by Michael Katzenstein as chief restructuring officer. The Debtors disclosed total assets of $662 million and total debt of $490 million. Judge Mary F. Walrath is assigned to the case. Greenberg Traurig, LLP serves as the Debtors' counsel. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. The Debtor hired FTI Consulting Inc. to provide crisis and turnaround management services. An Official Committee of Unsecured Creditors has retained Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie, Inc., as financial advisor. SHIRLEY FOOSE MCCLURE: Bid to Convert Ch. 11 Suit Partly Granted ---------------------------------------------------------------- Judge Geraldine Mund of the United States Bankruptcy Court for the Central District of California, San Fernando Valley partially granted the motion filed by Pacific Mercantile Bank for an order converting Shirley Foose McClure's chapter 11 case to a case under chapter 7 of the Bankruptcy Code. Judge Mund will order the appointment of a Chapter 11 trustee, but the motion will otherwise be denied. The bankruptcy case is In re: Shirley Foose McClure, Chapter 11, Case No. 1:13-bk-10386-GM (Bankr. C.D. Cal.). A full-text copy of Judge Mund's July 12, 2016 memorandum is available at https://is.gd/x3vbIL from Leagle.com. Shirley Foose McClure is represented by: James R. Felton, Esq. Yi S. Kim, Esq. 16000 Ventura Boulevard, Suite 1000 Encino, CA 91436 Tel: (818)382-6200 Fax: (818)986-6534 Email: jfelton@greenbass.com ykim@greenbass.com -- and -- Andrew Goodman, Esq. 100 Wall Street, 20th Floor New York, NY 10005-3708 Tel: (212)431-8700 Fax: (212)334-1278 Email: agoodman@gsblaw.com -- and -- Faye C. Rasch, Esq. 1000 Wilshire Boulevard, 19th Floor Los Angeles, CA 90017-2427 Tel: (323)852-1000 Fax: (323)651-2577 Email: frasch@frandzel.com -- and -- Robert M. Scholnick, Esq. 17422 Chatsworth St Granada Hills, CA 91344 Tel: (818)368-9002 United States Trustee, U.S. Trustee, is represented by: S. Margaux Ross, Esq. OFFICE OF THE UNITED STATES TRUSTEE 915 Wilshire Blvd., Suite 1850 Los Angeles, CA 90017 Tel: (213)894-6811 SNUG HARBOR: Hires RE/MAX at the Shore as Realtor ------------------------------------------------- Snug Harbor Marina, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Brian Groetsch of RE/MAX at the Shore as realtor. The Debtor requires Brian Groetsch to render necessary services for proper transaction of marketing and sale of property located at 926 Ocean Drive, Cape May, NJ 08204-5400. RE/MAX at the Shore will receive the maximum real estate commission of 6% in the event that his firm is the only firm involved in the transaction. In the event that two brokers cooperate in the sale, 3% commission each broker. If no commission is earned and the Estate has sufficient funds available, Brian Groetsch will be paid $100 per hour for real estate consulting services, evaluation and testimony. Brian Groetsch, manager of RE/MAX at the Shore, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. RE/MAX at the Shore can be reached at: Brian Groetsch RE/MAX at the Shore 315 Ocean Street, Ste. 24 Cape May, NJ 08204 Phone: 609.972.6339 About Snug Harbor Marina Snug Harbor Marina, LLC, owns and operates a fishing marina located at 926 Ocean Drive, Cape May, New Jersey. The marina has been operating since 2002. The fishing marina is open all year providing boat slips, docks along with a store selling boating and fishing gear, located on the site. The Debtor owns the real estate on which the marina business operates. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 16-16895) on April 11, 2016, listing $6.46 million in total assets and $3.78 million in total liabilities. The petition was signed by Ralph P. Farrell, member. Judge Andrew B. Altenburg Jr. presides over the case. Scott M. Zauber, Esq., at Subranni Zauber LLC serves as the Debtor's bankruptcy counsel. SOUTHERN SEASON: Creditors' Panel Hires Ivey McClellan as Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Southern Season, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of North Carolina to retain Ivey McClellan Gatton & Siegmund, L.L.P. as counsel to the Committee. The Committee requires Ivey McClellan to: a. assist and advice the Committee in its consultation with the Debtor relative to the administration of the Chapter 11 case; b. attend meetings and negotiate with the Debtor's representatives; c. assist and advise the Committee in its examination and analysis of the conduct of the Debtor's affairs; d. assist the Committee in the review, analysis and negotiation of any financing agreements proposed by the Debtor; e. assist the Committee in the review, analysis and negotiation of any Chapter 11 plan that may be filed and to assist the Committee in the review, analysis and negotiation of the disclosure statements accompanying any Chapter 11 plan; f. take any and all necessary action to protect and preserve the interests of the Committee, including the prosecution of actions on its behalf, negotiations concerning all litigation in which the Debtor may be involved, and review and analysis of all claims filed against the Debtor's estate; g. prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports and papers in support of positions taken by the Committee; h. appear before the Court or any other court of competent jurisdiction and to protect and serve the interests of the Committee before the bankruptcy court and such other courts of competent jurisdiction; and i. represent and assist with regard to any and all other matters relating to the administration of the case, operation of the Debtor's business and protection of the rights and position of the Unsecured Creditors and the estate. Ivey McClellan will be paid at these hourly rates: Partners $325-$480 Associates $250-$280 Paralegals $100-$110 Ivey McClellan will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Committee's knowledge 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 Debtors and their estates. Ivey McClellan can be reached at: Charles M. Ivey III, Esq. IVEY MCCLELLAN GATTON & SIEGMUND, L.L.P. P.O. Box 3324 Greensbro, NC 27402 Tel: (336) 274-4658 Fax: (336) 274-4540 About Southern Season Southern Season, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 16-80558) on June 24, 2016. The petition was signed by Clay Hammer, CEO. The Debtor is represented by John Paul H. Cournoyer, Esq., at Northen Blue, LLP, and Richard M. Hutson, II, Esq., at Hutson Law Offices, P.A. The case is assigned to Judge Benjamin A. Kahn. At the time of the filing, the Debtor disclosed $9.82 million in assets and $18.33 million in liabilities. SPORTS AUTHORITY: No Lead Bidder for Mile High Stadium Name Rights ------------------------------------------------------------------ The American Bankruptcy Institute, citing Danika Worthington of The Denver Post, reported that the July 25 deadline for bids on the Mile High stadium naming rights set by Sports Authority's national liquidator Hilco Streambank came and went without a lead bidder -- although one likely will be identified by the end of the week. According to the report, Hilco Streambank executive vice president Jack Hazan said several interested parties have approached his firm, though he declined provide details or discuss how the company has been marketing the naming rights. The liquidator has extended the bid deadline to July 25 from July 19, saying that, until recently, it had been too busy selling the retailer's intellectual property and liquidating stores to focus on selling the naming rights, the report added. Hilco Streambank has to be quick, though, as Sports Authority is due to make a $3.6 million payment Aug. 1, the report noted. Missing the deadline starts a 30-day grace period after which the naming rights return to the Metropolitan Football Stadium District and Denver Broncos, the report said. Mr. Hazan said in an e-mail that potential buyers would receive better financial terms from the liquidator, than if they deal directly with the district, the report noted. Hilco Streambank has priced the deal at $3 million a year for the remaining five seasons left on Sports Authority's contract, the report added. About Sports Authority Holdings Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. SPORTS AUTHORITY: Top Executive Bonuses Draw Fire ------------------------------------------------- Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy, reported that Sports Authority's creditors and the Justice Department have challenged the fading retailer's plans to pay top executives as much as $2.85 million in bankruptcy bonuses. According to the report, as the liquidation entered its final weeks, Sports Authority unveiled plans for bonuses to four top executives, people the company doesn’t want to name. U.S. Trustee Andrew Vara, a Justice Department bankruptcy watchdog, and lawyers for the official committee of unsecured creditors protested the bonuses and the secrecy surrounding the rewards to top executives, the report related. "The debtors are seeking to allow payment of compensation, outside of the ordinary course of business, of a substantial amount of money, to a very few, select, insider executives." the report said, citing Mr. Vara's lawyer. The bonus money is needed to encourage the executives to do their best in the company's final days, the report said, citing Sports Authority's lawyers. Confidentiality is appropriate to protect morale, and prevent competitors from using the pay data to lure Sports Authority's leaders away, the company contends, the report related. Unsecured creditors called Sports Authority's argument about the need to protect morale "ridiculous," the Journal further related. Liquidators, not top management, are running the final effort to get dollars in the doors, the report said, citing creditor lawyers in papers filed with the U.S. Bankruptcy Court in Wilmington, Del. About Sports Authority Holdings Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. ST. LUKE BAPTIST: Hires Haberbush as General Bankruptcy Counsel --------------------------------------------------------------- St. Luke Baptist Church, dba St. Luke Holy Baptist Church, seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Haberbush & Associates, LLP as general bankruptcy counsel to the Debtor. St. Luke Baptist requires Haberbush to: a. advise, consult, prosecute for and defend Debtor concerning questions arising in the conduct of the estate, Debtor's rights and remedies with regard to the estate's assets and the claims of secured, priority and unsecured creditors; b. appear for and represent Debtor's interest in obtaining Court approvals for the hiring of professionals, and to assist and advise Debtor regarding the liquidation of the property of the estate; c. investigate and prosecute, if appropriate, preference, fraudulent transfer, and other actions arising under Debtor's avoiding powers, should such causes of action exist; d. assist in the preparation of such pleadings, applications and orders as are required for the orderly administration of the estate; e. advise, consult and represent Debtor in such legal actions as are necessary concerning the use and disposition of property of the estate including use of cash collateral, defense of motions to lift or modify the automatic stay, and the assumption or rejection of unexpired leases and executor contracts; f. advise, consult and prosecute for and defend Debtor concerning claims made against the estate, including any adversary proceedings related thereto; g. advise, consult and prosecute the approval of a plan of reorganization, including necessary disclosure statements; and h. advise, consult and assist Debtor with the Guidelines of the U.S. Trustee, the Local Bankruptcy Rules of the court, Title 11 of the U.S. Code, and the Federal Rule of Bankruptcy Procedure. Haberbush will be paid at these hourly rates: David R. Haberbush, Esq. $400 Louis H. Altman, Esq. $375 Vanessa M. Haberbush, Esq. $200 Lane K. Bogard, Esq. $175 Gaurav D. Datta, Esq. (of Counsel) $175 Alexander H. Haberbush $90 Haberbush will also be reimbursed for reasonable out-of-pocket expenses incurred. David R. Haberbush, member of the law firm Haberbush & Associates, LLP, 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 Debtors and their estates. Haberbush can be reached at: David R. Haberbush, Esq. HABERBUSH & ASSOCIATES, LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Tel: (562) 435-3456 Fax: (562) 435-6335 E-mail: dhaberbush@lbinsolvency.com About St. Luke Baptist Long Beach, California-based St Luke Baptist Church, dba St Luke Holy Baptist Church, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. 16-12468) on Feb. 29, 2016, and is represented by: Michele A Dobson, Esq. Law Offices of Michele A Dobson 4117 E 4th St Long Beach, CA 90814 Tel: 562-433-7718 Fax: 562-433-7719 STARCO VENTURES: Trustee Hires Cornerstone as Real Estate Agent --------------------------------------------------------------- Maynard D. Luetgert, Chapter 11 Trustee of Starco Ventures, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Cornerstone Realty Services, Inc. and Dana Connelly as agent to sell certain real property to the Trustee, nunc pro tunc to July 15, 2016. Mr. Luetgert requires Cornerstone and Connelly to market and sell the San Remo Condo Unit 104, located at 18320 Gulf Blvd 104, Redington Shores, FL 33708. Cornerstone and Connelly will be paid a commission of 1% of the sales price. Alternatively, if there is a co-operating broker, Cornerstone and Connelly, together with the cooperating broker, will receive as a commission the amount of 5% of the sales price. Richard Verderico, president and broker of Cornerstone Realty Services, Inc., 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 Debtors and their estates. Cornerstone can be reached at: Richard Verderico CORNERSTONE REALTY SERVICES, INC. 12945 Seminole Blvd. 1, Ste. 2 Largo, FL 33778 Tel: (727) 369-0788 About Starco Ventures Headquartered in Seminole, Florida, Starco Ventures, Inc., filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 13-05326) on April 24, 2013, estimating its assets at between $1 million and $10 million and debts at between $10 million and $50 million. The petition was signed by Antoinette Van Putte, president. Judge K. Rodney May presides over the case. Leon A. Williamson, Jr., Esq., at Leon A. Williamson, Jr., P.A., serves as the Debtor's bankruptcy counsel. STERLING ENGINEERING: Wants Plan Filing Extended by 120 Days ------------------------------------------------------------ Sterling Engineering Group of Companies, LLC, asks the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusive period to file a plan of reorganization and solicit approval of the plan by 120 days. According to the Debtor, the claim of one creditor, Suncoast Post-Tension, Ltd., constitutes the overwhelming percentage (more than 95%) of all financial claims asserted against the Debtor. Any successful plan of reorganization requires a resolution of Suncoast's claim. On July 14, 2016, the Debtor and Suncoast reached a conditional settlement of Suncoast's claim. A final settlement requires both this Court's consent and the execution of a final agreement between Suncoast and the Debtor, as well as the satisfaction of certain additional contingencies. The Debtor is confident that all issues will be resolved and the settlement can be integrated into a consensual reorganization presented to this Court for approval, within the next 120 days. It is to the benefit of the Debtor and the creditors to wait for final consummation of the settlement with Suncoast to file a reorganization plan, which would have to be amended even if it were filed within Debtor's Exclusive Period. The Court has already abated an adversary action filed by Suncoast in light of the announcement of the conditional settlement. The only other significant issue related to a final reorganization involves the claim and subsequent adversary action filed by Warwick Construction, Inc., which contends that Debtor is liable to Warwick related to a construction project located in Fort Bend County, Texas. The claims were originally asserted in a state court case that was subsequently removed to this Court. At the scheduling conference held before this Court on July 18, 2016, counsel for Debtor announced the conditional settlement with Suncoast and indicated that an expedited trial on the adversary action was preferable to allow for the prompt final resolution of the bankruptcy, in light of the settlement with the primary creditor. The Counsel for Warwick was in agreement and this Court indicated that the matter would be tried in October of this year. The Debtor's counsel can be reached at: Law Offices of Kevin Michael Madden, P.L.L.C. Kevin M. Madden, Esq. 5225 Katy Freeway, Suite 520 Houston, Texas 77007 Tel: (281) 888-9681 Fax: (832) 538-0937 E-mail: kmm@kmaddenlaw.com Headquartered in San Antonio, Texas, TNP Titan Plaza Fund, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 16-50780) on April 4, 2016, estimating its assets at between $1 million and $10 million and its liabilities at between $1 million and $10 million. The petition was signed by Anthony W. Thompson, CEO of managing member. Judge Craig A. Gargotta presides over the case. Thomas Rice, Esq., at Pulman, Cappuccio, Pullen, Benson & Jones, LLP, serves as the Debtor's counsel. STONE ENERGY: Provides Production Update ---------------------------------------- Stone Energy Corporation announced estimated production for the quarter ended June 30, 2016, of approximately 29 MBoe (174 MMcfe) per day, consisting of approximately 59% oil, 9% natural gas liquids and 32% natural gas. This rate is slightly above the upper end of guidance for the quarter. These production volumes included approximately 23 MBoe (138 MMcfe) per day from the Gulf of Mexico and 6 MBoe (36 MMcfe) per day from Appalachia. Appalachian volumes included 21 MMcfe per day from the Heather and Buddy fields, 11 MMcfe per day of intermittent production from the Mary field and 4 MMcfe per day attributed to a one-time adjustment of previous working interest. As reported on June 29, 2016, Stone entered into an interim gas gathering and processing agreement with Williams at the Mary field in Appalachia. Production from the Mary field has been substantially shut in since September 2015, except for intermittent production. The initial term of the interim agreement runs through Aug. 31, 2016, and it continues on a month to month basis thereafter unless terminated by either party. Production from the Mary field resumed in late June and has averaged over 75 MMcfe per day in July. The Company expects production rates from the Mary field to reach over 125 MMcfe per day in August. Currently, 57 wells representing over 60 MMcfe per day in potential volume remain shut in due to downstream liquids-handling capacity constraints. The Company expects most of this production to come online in late July and August. On June 28, 2016, the Enterprise Products Partners LP gas processing plant in Pascagoula, Mississippi experienced an explosion that shut down the facility, which is not expected to be back in operation for months. Although Stone has no direct interest in the plant, it processed approximately 20-25 MMcf per day (gross) of gas produced from the Pompano platform. This gas has been either shut in or re-injected since the incident, and the gas curtailment has restricted oil flow from the Pompano platform to approximately 70% of previous production rates. Prior to this curtailment, second quarter 2016 net production from the Pompano platform averaged approximately 11 MBbls of oil per day and approximately 21 MMcfe of gas and NGLs per day. On July 21, 2016, we negotiated an agreement to flow gas to an alternate market and are currently producing oil and gas from the Pompano platform at volumes similar to second quarter production rates. The Company's arrangement does not guarantee available capacity, so gas re-injection remains a fallback option if needed. As previously reported, production from the Company's Amethyst well was shut in during late April to allow for a technical evaluation. The Company has delayed intervention activities at Amethyst until it can secure a reliable gas sales market for the Pompano facility. Stone expects to release its second quarter 2016 results on Tuesday, Aug. 2, 2016, after the market close. Updated guidance for the remainder of 2016 will be provided in the second quarter earnings press release. A conference call will not be held for this quarter. About Stone Energy Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Stone is engaged in the acquisition, exploration, development and production of properties in the Gulf of Mexico and Appalachian basins. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com * * * The Troubled Company Reporter, on June 17, 2016, reported that S&P Global Ratings said it raised its corporate credit rating on oil and gas exploration and production company Stone Energy Corp. to 'CCC-' from 'D'. The outlook is negative. S&P also raised the issue-level rating on the company's senior unsecured debt to 'CCC-' from 'D'. The recovery rating is '3', indicating S&P's expectation of meaningful (high end of the 50% to 70% range) recovery if a payment default occurs. The 'CCC-' corporate credit rating reflects the risk that Stone could elect to file for Chapter 11 and/or restructure its debt within the next six months. S&P expects the borrowing base for the company's reserve-based lending facility to decrease in the fall, further pressuring liquidity on top of lower cash flows from operations. S&P also notes that the company has an upcoming $300 million maturity in March 2017, and S&P believes the company would have trouble accessing capital markets to refinance it given current market conditions. SULA INC: In Contempt of Court for Failure to Surrender Property ---------------------------------------------------------------- Judge Julia W. Brand of the United States Bankruptcy Court for the Central District of California - Los Angeles Division found Sula, Inc., Constantino Bandy, Jr., and Dennis Bandy in civil contempt of court for failing to take appropriate action to timely surrender possession of real property located at 3220 West Temple Avenue, in Pomona, California, to Investel Two, LLC, in violation of the court's April 25th order. Judge Brand imposed monetary sanctions against the debtor, Constantino and Dennis in the amount of $7.558.50. A full-text copy of Judge Brand's July 15, 2016 memorandum decision is available at https://is.gd/CbBfaE from Leagle.com. The bankruptcy case is In re: SULA, INC., CHAPTER 11, Case No. 2:15-bk-23350-WB (Bankr. C.D. Cal.). Sula, Inc. is represented by: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, APC 3435 Wilshire Blvd Ste 2920 Los Angeles, CA 90010 Tel: 888-619-8222 Fax: 877-789-5776 Email: go@gobklaw.com -- and -- David Samuel Shevitz, Esq. SHEVITZ LAW FIRM Equitable Life Bldg 3435 Wilshire Blvd #2920 Los Angeles, CA 90010 Tel: (213)863-0183 Fax: (213)788-4834 Email: david@shevitzlawfirm.com -- and -- Thomas B Ure, Esq. URE LAW FIRM 811 Wilshire Blvd, Suite 1000 Los Angeles, CA 90017 Tel: (800)250-5175 Fax: (213)202-6075 United States Trustee, U.S. Trustee, is represented by: Melanie Scott Green, Esq. OFFICE OF THE UNITED STATES TRUSTEE 915 Wilshire Blvd., Suite 1850 Los Angeles, CA 90017 Tel: (213)894-6811 SUNDEVIL POWER: Hires Bayard as Fee Examiner's Counsel ------------------------------------------------------- Justin R. Alberto, Esq., the court-appointed Fee Examiner in the chapter 11 cases of Sundevil Power Holdings, LLC and its debtor-affiliates, seeks permission from the U.S. Bankruptcy Court for the District of Delaware to employ Bayard, PA as his counsel, nunc pro tunc to June 21, 2016. Pursuant to the Fee Examine Order, the Fee Examiner is permitted to retain counsel, thus, seeks for employment of Bayard to assist the Fee Examiner in his analysis and preparation of attendant reports concerning the fees and expenses of the Retained Professionals in these case. Mr. Alberto is a director at Bayard PA. Bayard is required to: a. assist the Fee Examiner with the review of Fee Applications and related invoices for compliance with: - Sections 328, 329, 330 and 331 of the Bankruptcy Code, - Rule 2016-2 of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"), - Local Rule 2016-2 of the Local Rules for the United States Bankruptcy Court for the District of Delaware (the "Local Rules"), - the United States Trustee Guidelines for Reviewing Applications for Compensation & Reimbursement of Expenses Filed used 11 USC 330 (28 CFR Part 58, Appendix A and Appendix B (the "UST Guidelines") - the Order Establishing Procedures for Interim Compensation and Reimbursement of Expenses of Professionals [D.I. 137] (the "Compensation Order" and together with the Local Rules and the UST Guidelines, the "Guidelines") b. assist 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 to the extent that such positions are not resolved prior to the hearing; c. assist 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. attend meetings between the Fee Examiner and the Retained Professional, if necessary; e. assist the Fee Examiner with the preparation of Initial and Final Reports regarding professional fees and expenses; f. assist the Fee Examiner in developing protocols and making reports and recommendations; and g. provide such other services as the Fee Examiner may request. Bayard will be paid at these hourly rates: Gregory J. Flasser, Associate $274.50 Larry Morton, Paralegal $265.50 The Fee Examiner and Bayard have agreed to provide their services in these case at 10% discount from Bayard's standard hourly rates. Justin R. Alberto, director at Bayard PA, 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 Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- the Fee Examiner and Bayard agreed to provide services in these cases at a 10% discount from their standard hourly rates. -- the Fee Examiner and Bayard have submitted to counsel for the Debtors a total budget of $15,000 per month from June 21, 2016 through and including October 31, 2016 Bayard may be reached at: Justin R. Alberto Bayard PA 222 Delaware Avenue, Suite 900 Wilmington, DE 19801 Telephone: (302)655-5000 Facsimile: (302)658-6395 E-mail: jalberto@bayard.com About Sundevil Power Merchant power generators Sundevil Power Holdings, LLC and SPH Holdco LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 16-10369 and 16-10370, respectively), on Feb. 12, 2016. The petitions were signed by Blake M. Carlson as authorized signatory. Sundevil Power Holdings, LLC, owns natural gas-fired power plants. The Company was incorporated in 2010 and is based in Wayzata, MN. The Debtors are merchant power generators through Sundevil's ownership of two of the four 550 megawatt natural gas-fired power blocks of the Gila River Power Station, located in Gila Bend, Arizona. Sundevil and the other power block owners sell energy into the Southwest electric power market, specifically the sub-region of Arizona, New Mexico, and Southern Nevada known as the Desert Southwest. Most of Sundevil's output is sold at the Palo Verde hub and to California Independent System Operator. Sundevil also sells capacity to CAISO and is capable of reaching other market hubs like Mead (Southern Nevada) and Four Corners. The Debtors estimated assets in the range of $100 million to $500 million and liabilities of at least $100 million. The Debtors have engaged Vinson & Elkins LLP as legal counsel, Drinker Biddle & Reath LLP as Delaware counsel, and Garden City Group as claims and noticing agent. Judge Kevin J. Carey is assigned to the case. Bayard PA's Justin R. Alberto, Esq., has been appointed as Fee Examiner. SUNDEVIL POWER: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- Sundevil Power Holdings, LLC and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to retain professionals used in the ordinary course of business pursuant to sections 105(a), 327, and 328 of the Bankruptcy Code, as of the Petition Date and thereafter, subject to certain monthly expenditure limitations and subject to terms of the budget attached to the Court orders relating to debtor in possession financing and use of cash collateral. The Debtors desire to continue to employ Ordinary Course Professionals to render services to its estate similar to those services provided prior to the Petition Date. These services include representing the Debtors in ongoing property tax appeals. The Debtors agreed pay each Ordinary Course Professional, without prior application to the Court by that Professional, 100% of the fees and disbursements owed to the Ordinary Course Professional, upon the submission to and approval by the Debtors -- in consultation with the Debtors' advisors, in their discretion -- on 10 days' notice to the Debtors' DIP Lenders, of an appropriate invoice setting forth in reasonable detail the nature of the services rendered and disbursements actually incurred; provided, however, that if any given Ordinary Course Professional's fees and disbursements exceed $25,000 in a particular month. Notwithstanding the Individual Fee Cap, payments by the Debtors to Ordinary Course Professionals pursuant to the relief requested herein shall not exceed an aggregate amount of $50,000 per month -- Aggregate Fee Cap -- unless the Court orders otherwise. The Debtors do not believe that any of the Ordinary Course Professionals has an interest materially adverse to the Debtors, their creditors, or other parties in interest. In their request, the Debtors said they seek to hire Squire Patton Boggs (US) as OCP. Squire Patton Boggs (US) may be reached at: Squire Patton Boggs (US) Suite 2700 1 E. Washington St Phoenix, AZ 85004 Telephone: 602 528 4000 Facsimile: 602 253 8129 About Sundevil Power Merchant power generators Sundevil Power Holdings, LLC and SPH Holdco LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 16-10369 and 16-10370, respectively), on Feb. 12, 2016. The petitions were signed by Blake M. Carlson as authorized signatory. Sundevil Power Holdings, LLC, owns natural gas-fired power plants. The Company was incorporated in 2010 and is based in Wayzata, MN. The Debtors are merchant power generators through Sundevil's ownership of two of the four 550 megawatt natural gas-fired power blocks of the Gila River Power Station, located in Gila Bend, Arizona. Sundevil and the other power block owners sell energy into the Southwest electric power market, specifically the sub-region of Arizona, New Mexico, and Southern Nevada known as the Desert Southwest. Most of Sundevil's output is sold at the Palo Verde hub and to California Independent System Operator. Sundevil also sells capacity to CAISO and is capable of reaching other market hubs like Mead (Southern Nevada) and Four Corners. The Debtors estimated assets in the range of $100 million to $500 million and liabilities of at least $100 million. The Debtors have engaged Vinson & Elkins LLP as legal counsel, Drinker Biddle & Reath LLP as Delaware counsel, and Garden City Group as claims and noticing agent. Judge Kevin J. Carey is assigned to the case. Bayard PA's Justin R. Alberto, Esq., has been appointed as Fee Examiner. TENKORIS LLC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Tenkoris, LLC. Tenkoris, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-07290) on June 27, 2016. The petition was signed by Ken Olcher, managing member. The Debtor tapped Davis Miles McGuire Gardner, PLLC as its legal counsel, and Phillip Fitzekam as its accountant. At the time of the filing, the Debtor disclosed $305,855 in assets and $1.02 million in liabilities. THOMAS CHAE: Files Schedules of Assets and Liabilities ------------------------------------------------------ Thomas S. Chae filed with the U.S. Bankruptcy Court for the Northern District of Georgia its schedules of assets and liabilities, disclosing: Schedule A/B: Assets-Real and Personal Property 1a. Real property: $750,000 1b. Total personal property: $33,300 -------------- 1c. Total of all property: $783,300 Summary of Liabilities Schedule D: Creditors Who Have Claims Secured by Property $200,000 Schedule E/F: Creditors Who Have Unsecured Claims 3a. Total claim amounts of priority unsecured claims $0 3b. Total amount of claims of nonpriority amount of unsecured claims $6,942,104 -------------- Total liabilities $6,942,104 The Debtor's property, valued at $750,000 is located at 5534 Brendlynn Drive, in Suwanee, Georgia. The Debtor also owns stock in Chae's Group, Inc., Chae's Invesment #1, Inc., and Chae's Investment, Inc., but the value of the holdings is unknown, according to the Schedules. The lone secured creditor is RBS Citizens, N.A., which is owed $200,000. A copy of the Schedules, as well as the Statement of Financial Affairs, is available at no extra charge at: http://bankrupt.com/misc/T_Chae_15_Sked.pdf Thomas S Chae filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-61670) on July 2, 2016. The Debtor tapped Michael D. Robl, Esq., at The Spears & Robl Law Firm, LLC, as counsel. TNP TITAN: Wants Exclusive Plan Filing Deadline Moved to Nov. 1 --------------------------------------------------------------- TNP Titan Plaza Fund, LLC, asks the U.S. Bankruptcy Court for the Western District of Texas to extend the deadline (a) by which it must file a plan under Section 1121(c)(2) by an additional three months to Nov. 1, 2016, and (b) to confirm a plan under Section 1121(c)(3) by an approximately additional three months to Jan. 6, 2017. The Debtor's exclusivity period to file a plan in this case will lapse on Aug. 2, 2016, and the deadline to confirm a plan will lapse on Oct. 3, 2016. On June 16, 2016, the Court entered the order on the application to employ Endura Advisory Group as broker, whereby the Court approved the Debtor's retention of Endura Advisory Groupas real estate broker for the marketing and sale of the Debtor's commercial real estate located at 2700 NE Loop 410 and 8200 Perrin Beitel, San Antonio, Texas 78218. Since being employed, Endura has undertaken the marketing of the Real Property and on July 18, 2016, Endura received three offers for the purchase of the Real Property with a price range of $4,225,000 to $7,250,000. The Debtor expects at least two more offers to be received before Aug. 1, 2016. The Debtor has been negotiating with the potential purchasers to finalize an agreement for presentation to the Court in connection with the Plan; however, the Debtor may also proceed with a sale of the Real Property under 11 U.S.C. Section 363 with a plan of liquidation to follow. To propose a plan in a case of this size, the Debtor must finalize a sale agreement with one of the potential purchasers to proceed with the sale of the Real Property. Based on the current offers, there is a good chance that all of the creditors will get paid in full with a potential return to equity. Given that the offers were only received on Aug. 18, 2016, and the potential for additional offers before Aug. 1, 2016, the Debtors have not had time to explore negotiations with the potential purchasers to determine if additional value can be achieved from the sale of the Real Property. Once the Debtor has a final agreement in place, then a plan of reorganization can be proposed to allow for the sale. The Debtor may also seek to simply sell the property under 11 U.S.C. Section 363 before the exclusivity period runs, so that it can stop accruing fees and expenses owed to REO. Given the potential that Debtor could pay all creditors in full, the exclusivity period should be extended to allow Debtor to complete the negotiations and achieve the best result possible for all parties-in-interest. Not much time has elapsed in this case, in fact less than 120 days have passed between the Petition Date and the filing of this Motion. During that time period, however, Debtor has obtained several offers that, at a minimum, will provide payment in full to REO and provide a recovery to unsecured creditors. The Debtor has also continued to make the necessary adequate protection payments. The Debtor's counsel can be reached at: PULMAN, CAPPUCCIO, PULLEN, BENSON&JONES, LLP Randall A. Pulman, Esq. Thomas Rice, Esq. Ryan C. Reed, Esq. 2161 NW Military Highway, Suite 400 San Antonio, Texas 78213 Tel: (210) 222-9494 Fax: (210) 892-1610 E-mail: rpulman@pulmanlaw.com trice@pulmanlaw.com rreed@pulmanlaw.com Website: www.pulmanlaw.com Headquartered in San Antonio, Texas, TNP Titan Plaza Fund, LLC, owns and leases commercial real estate located at 2700 NE Loop 410 and 8200 Perrin Beitel, San Antonio, Texas 78218. It conducts no other business operations besides the management and leasing of the Real Property. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 16-50780) on April 4, 2016, estimating its assets at between $1 million and $10 million and liabilities at between $1 million and $10 million. The petition was signed by Anthony W. Thompson, CEO of managing member. Judge Craig A. Gargotta presides over the case. Thomas Rice, Esq., at Pulman, Cappuccio, Pullen, Benson & Jones, LLP, serves as the Debtor's counsel. TRINITY TOWN: Has Until Sept. 16 to File Amended Plan, Disclosures ------------------------------------------------------------------ Judge K. Rodney May of the U.S. Bankruptcy Court for the Middle District of Florida entered an order extending to and including September 16, 2016, Trinity Town Center, LLLP's exclusive period to file an Amended Plan of Reorganization and Amended Disclosure Statement The Troubled Company Reporter has previously reported that the Debtor submitted a Disclosure Statement in support of its Plan of Reorganization, which provides for the sale or auction of the property. The Debtors' property will be sold under the Plan by Colliers International Tampa Bay prior to Aug. 30, 2016, if possible, if not it will be auctioned by Oct. 30, 2016. The ultimate sale will establish the value of the collateral for the purpose of determining secured claims against the estate. Adversary Proceeding 8:16-ap-00288-KRM, and the confirmation process will establish the relative priorities of the various secured creditors against the collateral. The proceeds of the sale will be paid to the holders of the allowed secured claims as soon as is reasonably practical. The CRO will preserve and maintain the property of the estate. Trinity Town Center is represented by: Richard J. McIntyre, Esq. MCINTYRE THANASIDES BRINGGOLD ELLIOT GRIMALDI & GUITO, P.A. 500 E. Kennedy Blvd., Ste. 200 Tampa, FL 33602 Telephone: (813) 223-0000 Facsimile: (813) 899-6069 Email: rich@mcintyrefirm.com About Trinity Town Center Trinity Town Center LLLP is a Florida limited liability limited partnership, developing, owning and operating the Trinity Town Center, a real estate project located in Trinity, Florida, that is intended to be used as a life style center containing retail, restaurant, financial services, and offices for professional and medical. On Jan. 20, 2015, Trinity Town Center LLLP filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-00405) in Tampa, Florida. The petition was signed by Michael D. Luetgert, the CRO. The Debtor has scheduled $25,215,778 in total assets and $21,599,870 in total liabilities. The Debtor has tapped McIntyre Thanasides Bringgold Elliot as its legal counsel. UTE LAKE RANCH: Taps Markus Williams Young as Counsel ----------------------------------------------------- Ute Lake Ranch, Inc. and DVR, LLC seek authorization from the U.S. Bankruptcy Court for the District of Colorado to employ Markus Williams Young & Zimmerman LLC ("MWYZ") as counsel, nunc pro tunc to July 18, 2016. The Debtors require MWYZ to: (a) assist in the preparation and production of the Debtors' schedules and statement of financial affairs and other pleadings necessary to file these chapter 11 cases; (b) assist in the preparation of pleading and related documents to effect a sale of substantially all of Debtors' assets; (c) assist in the preparation of the Debtors' joint plan of reorganization and disclosure statement; (d) prepare on behalf of the Debtors all necessary applications, complaints, answers, motions, orders, reports, and other legal papers; (e) represent the Debtors in adversary proceedings and contested matters related to the Debtors' bankruptcy cases; (f) provide legal advice with respect to the Debtors' rights, powers, obligations and duties as chapter 11 debtor-in- possession in the continuing operation of the Debtors' business and the administration of the estate; and (g) provide other legal services for the Debtors as necessary and appropriate for the administration of the Debtors' estates. MWYZ will be paid at these hourly rates: James T. Markus $425 Matthew T. Faga $295 Paralegal $95 MWYZ will also be reimbursed for reasonable out-of-pocket expenses incurred. James T. Markus, member of MWYZ, 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 Debtors and their estates. MWYZ can be reached at: James T. Markus, Esq. MARKUS WILLIAMS YOUNG & ZIMMERMAN LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 E-mail: jmarkus@markuswilliams.com About Ute Lake Ranch, Inc. Ute Lake Ranch, Inc., based in Englewood, Colo., filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-17054) on July 18, 2016. The Hon. Elizabeth E. Brown presides over the case. Matthew T. Faga, Esq. and James T. Markus, Esq. at Markus Williams Young & Zimmerman LLC as bankruptcy counsels. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Edward B. Cordes, authorized representative. WCA WASTE: Moody's Affirms B2 CFR, Outlook Stable ------------------------------------------------- Moody's Investors Service affirmed WCA Waste Corporation's Corporate Family Rating at B2, upgraded the Probability of Default Rating to B2-PD from B3-PD and withdrew the Caa2 rating on the 7.5% senior unsecured notes (untendered notes following the LBO in 2012) due to the de minimis amount outstanding. At the same time, Moody's assigned B2 ratings to WCA Waste Systems, Inc.'s proposed senior secured term loan and revolving credit facility, the proceeds of which are expected to pay off the existing term loan and revolving credit facility now held at WCA Waste Corporation. With the change in bank agreement obligor, Moody's expects to withdraw the B1 senior secured ratings on the existing term loan and revolving credit facility at WCA Waste Corporation upon closing of the transaction. The rating outlook is stable. The CFR affirmation reflects Moody's expectation that WCA Waste Corporation will continue to experience solid price and volume growth in its key end markets and will generate steadily improving margins with the expansion of the revenue base and focused cost structure management. Free cash flow generation will remain constrained by growth capital expenditures, therefore improvement in leverage over the near-to-intermediate term will come via stronger earnings. Moody's took these rating actions on WCA Waste Corporation: -- Corporate Family Rating affirmed at B2 -- Probability of Default Rating upgraded to B2-PD from B3-PD -- 7.5% Senior Unsecured notes at Caa2 (LGD5) withdrawn -- Rating outlook is stable Moody's took these rating actions on WCA Waste Systems, Inc.: -- Senior Secured 1st Lien Revolving Credit Facility assigned at B2 (LGD3) -- Senior Secured 1st Lien Term Loan assigned at B2 (LGD3) -- Rating outlook is stable Moody's expects to take these rating actions on WCA Waste Corporation once the proposed transaction is completed: -- Withdraw the Senior Secured 1st Lien Revolving Credit Facility Rating of B1 (LGD3) -- Withdraw the Senior Secured 1st Lien Term Loan Rating of B1 (LGD3) RATINGS RATIONALE The B2 CFR reflects WCA Waste Corporation's small revenue base, weak free cash flow generation due to ongoing growth capital expenditures and fleet conversions and modest but improving interest coverage. Leverage, currently near 5.3x, is expected to remain in the 5x range as the company maintains an active tuck-in acquisition strategy. The high concentration of landfill assets in relation to collection operations and wide-ranging operating footprint constrict margins compared to peers who have EBITDA margins in the upper-twenty percent range. Competitive pressures, as well as the low inflation environment, will continue to constrict more robust, across-the-board price increases, however WCA's key markets including Houston, Texas, Kansas City, Missouri and the state of Florida are experiencing above average population and economic growth. Accordingly, Moody's expects WCA to generate solid revenue growth in 2016, maintaining the volume, price and acquisition-driven growth that began in late 2014. In the near term, Moody's expects free cash flow to remain near break-even as the company continues to make capital investments to build out its collection network as well as the steady conversion of its collection fleet to automated trucks and compressed natural gas engines. Longer term, as earnings increase and capital expenditures settle in the 12-15% range of revenues (still high relative to the industry), Moody's expects free cash flow to steadily build. The company's liquidity profile is adequate, characterized by minimal cash on hand but access to the upsized $125 million revolving credit facility set to expire in 2021. Pro forma for the proposed transaction, WCA Waste Corporation will have over $90 million of availability under the revolver, net of posted letters of credit, considerable capacity relative to the company's revenue base. The credit facility will feature a maximum senior secured net leverage covenant with no step-down provisions. Headroom under the covenant is expected to be consistent with standard initial cushion levels. While free cash flow is projected to be negative-to-break-even given the level of expected growth capital expenditures, any moderation of capital spending that enables positive cash flow generation is likely to be utilized for acquisitions versus debt reduction. The rating outlook is stable as Moody's expects WCA Waste Corporation to continue benefiting from the pick-up in economic/construction activity in certain key regions while increasing its more stable municipal solid waste revenue stream. Moody's expects debt-to-EBITDA to remain in the 5x range and EBIT-to-interest to trend towards 1.5x as price and volume growth continue along with normal run-rate EBITDA performances from more recent acquisitions. Free cash flow generation is weak and expected to remain constrained due to growth investments. Upward rating momentum would depend on EBIT-to-interest approaching 2x, free cash flow-to-debt in the mid-single digit percentage range or debt-to-EBITDA trending towards 4x. Material, sustained improvement in margins would also support a higher rating. The company's small scale remains a limiting factor to any upward rating action. Downward rating pressure would develop if EBIT-to-interest fell back below 1x or free cash flow turned materially negative for an extended period of time. Debt-to-EBITDA approaching 6x, which could be due to a large, transformative acquisition, or an erosion in the liquidity profile could also trigger a potential downgrade. WCA Waste Corporation, based in Houston, Texas, is a vertically-integrated provider of non-hazardous solid waste management services primarily in the Midwest and Southeast regions of the US. Revenues for the latest twelve months ended March 31, 2016 were approximately $285 million. The company is owned by Macquarie Infrastructure Partners II, an infrastructure investment fund managed by Macquarie Group Limited. The principal methodology used in these ratings was Environmental Services and Waste Management Companies published in June 2014. WPCS INTERNATIONAL: Charles Benton Holds 8% Stake as of July 25 --------------------------------------------------------------- Charles F. Benton, a member of the Board of Directors of WPCS International Incorporated since July 2012, disclosed that he beneficially owns 234,935 shares of Common Stock of the Issuer, comprised of options to purchase 234,935 shares of Common Stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 8.0% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016, and assuming that the shares of Common Stock underlying the stock options are deemed outstanding pursuant to SEC Rule 13d-3(d)(1)(i). A full-text copy of the regulatory filing is available for free at https://is.gd/7VVnZ0 About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. WPCS INTERNATIONAL: David Allen Holds 13.4% Stake as of July 25 --------------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, David R. Allen disclosed that he beneficially owns 420,000 shares of Common Stock of WPCS International Incorporated, comprised of options to purchase 420,000 shares of Common Stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 13.4% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016 and assuming that the shares of Common Stock underlying the stock options are deemed outstanding pursuant to SEC Rule 13d-3(d)(1)(i). Mr. Allen has served as the chief financial officer of WPCS since December 2014. The Reporting Person has served as the chief financial officer and a member of the Board of Directors of Bailey's Express, Inc. since June 2004, whose principal business address is 61 Industrial Park Road, Middletown, Connecticut 06457. A full-text copy of the regulatory filing is available at: https://is.gd/jS8wYL About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. WPCS INTERNATIONAL: Edward Gildea Reports 8% Stake as of July 25 ---------------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Edward J. Gildea reported that he beneficially owns 234,675 shares of Common Stock of WPCS International, comprised of options to purchase 234,675 shares of Common Stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 8.0% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016 and assuming that the shares of Common Stock underlying the stock options are deemed outstanding pursuant to SEC Rule 13d-3(d)(1)(i). Mr. Gildea has served as a member of the Board of Directors of the Issuer since February 2013. He is principally employed as a partner at the law firm of Fisher Broyles LLP, whose principal business address is 1200 Abernathy Road, Building 600, Northpark Town Center, Suite 1700, Atlanta, Georgia 30328. The Reporting Person also serves as a director for Worlds Online Inc. and Worlds Inc., whose principal business addresses are each 11 R A full-text copy of the regulatory filing is available at: https://is.gd/6k8wl6 About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. WPCS INTERNATIONAL: Giordano Has 24.1% Stake as of July 25 ---------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Sebastian Giordano disclosed that he beneficially owns 861,494 shares of Common Stock of WPCS International Incorporated, comprised of options to purchase 861,494 shares of common stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 24.1% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016, and assuming that the shares of Common Stock underlying the stock options are deemed outstanding pursuant to SEC Rule 13d-3(d)(1)(i). Mr. Giordano served as the interim chief executive officer of the WPCS from August 2013 until April 25, 2016, when the interim label was removed from his title. He has served as the chief executive officer of the Issuer since that time. The Reporting Person has served as a member of the Board of Directors of the Issuer since February 2013. Mr. Giordano also serves as the chief executive officer of Ascentaur LLC, a business consulting firm providing comprehensive strategic, financial and business development services to start-up, turnaround, and emerging growth companies, whose principal business address is 159 Schweitzer Lane, Bardonia, New York 10954. A full-text copy of the regulatory filing is available at: https://is.gd/88Oo6f About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. WPCS INTERNATIONAL: Norm Dumbroff Has 7.9% Stake as of July 19 -------------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Norm Dumbroff disclosed that he beneficially owns 232,598 shares of Common Stock of WPCS International Incorporated, comprised of options to purchase 232,598 shares of Common Stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 7.9% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016. Mr. Dumbroff has served as a member of the Board of Directors of the WPCS since November 2002. A full-text copy of the regulatory filing is available for free at https://is.gd/acjUXo About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. WPCS INTERNATIONAL: Robert Roller Reports 6.4% Stake as of July 25 ------------------------------------------------------------------ Robert Roller disclosed in a regulatory filing with the Securities and Exchange Commission that he beneficially owns 184,935 shares of common stock of WPCS International Incorporated, comprised of options to purchase 184,935 shares of Common Stock that are exercisable as of July 25, 2016, or within 60 days. The Reporting Person owns 6.4% of the Issuer's Common Stock, calculated based on 2,706,159 shares of Common Stock outstanding as of July 19, 2016 and assuming that the shares of Common Stock underlying the stock options are deemed outstanding pursuant to SEC Rule 13d-3(d)(1)(i). Mr. Roller has served as the president of WPCS's subsidiary, WPCS International - Suisun City, Inc., since Jan. 30, 2012. A full-text copy of the regulatory filing is available at: https://is.gd/vGD6Yr About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS reported a net loss attributable to the Company's common shareholders of $11.3 million on $24.4 million of revenue for the year ended April 30, 2015, compared with a net loss attributable to the Company's common shareholders of $11.2 million on $15.7 million of revenue for the year ended April 30, 2014. As of Jan. 31, 2016, WPCS had $6.94 million in total assets, $4.13 million in total liabilities and $2.81 million in total equity. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Jannet Aunty Rogers Bankr. D. Md. 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HODGSON RUSS LLP E-mail: Rweisz@hodgsonruss.com In re ESS Automotive, Inc. Bankr. N.D. Ohio Case No. 16-13944 Chapter 11 Petition filed July 20, 2016 See http://bankrupt.com/misc/ohnb16-13944.pdf represented by: Glenn E. Forbes, Esq. FORBES LAW LLC E-mail: bankruptcy@cooperandforbes.com In re Auto Pros LLC Bankr. D.P.R. Case No. 16-05762 Chapter 11 Petition filed July 20, 2016 See http://bankrupt.com/misc/prb16-05762.pdf represented by: Myrna L Ruiz Olmo, Esq. MRO ATTORNEYS AT LAW, LLC E-mail: mro@prbankruptcy.com In re River Bend Geo Services, LLC Bankr. N.D. Tex. Case No. 16-42751 Chapter 11 Petition filed July 20, 2016 See http://bankrupt.com/misc/txnb16-42751.pdf represented by: Stephen Michael Stasio, Esq. STASIO & STASIO E-mail: steve.stasio@stasiolawfirm.com In re Imelda Fuller Bankr. N.D. Cal. Case No. 16-42050 Chapter 11 Petition filed July 21, 2016 Filed Pro Se In re Jacqueline Henry-Salomon Bankr. D. Mass. Case No. 16-12791 Chapter 11 Petition filed July 21, 2016 represented by: John A. Ullian, Esq. LAW OFFICES OF ULLIAN & ASSOC E-mail: john@ullianlaw.com In re Raymond Henry Starkes III Bankr. D. Md. Case No. 16-19805 Chapter 11 Petition filed July 21, 2016 represented by: Marie Lott Pharaoh, Esq. E-mail: mariepharaoh@gmail.com In re Andover Covered Bridge, LLC Bankr. D. Me. Case No. 16-20423 Chapter 11 Petition filed July 21, 2016 See http://bankrupt.com/misc/meb16-20423.pdf represented by: Jeffrey P. White, Esq. JEFFREY P. WHITE AND ASSOCIATES, P.C. E-mail: jwhite@whitelawoffices.com In re Monica Jurado Bankr. D.N.J. Case No. 16-23963 Chapter 11 Petition filed July 21, 2016 Filed Pro Se In re Blanca Christina Peralta Bankr. D. Nev. Case No. 16-14022 Chapter 11 Petition filed July 21, 2016 represented by: Thomas E. Crowe, Esq. E-mail: tcrowe@thomascrowelaw.com In re Allen M. Schwartz Bankr. D. Nev. Case No. 16-14024 Chapter 11 Petition filed July 21, 2016 represented by: Samuel A. Schwartz, Esq. E-mail: sam@nvfirm.com In re Far Rockaway Blvd Realty Inc. Bankr. E.D.N.Y. Case No. 16-43223 Chapter 11 Petition filed July 21, 2016 See http://bankrupt.com/misc/nyeb16-43223.pdf represented by: Eric H Horn, Esq. VOGEL BACH & HORN, P.C. E-mail: ehorn@vogelbachpc.com In re More Than Masonry, Inc. Bankr. S.D.N.Y. Case No. 16-36347 Chapter 11 Petition filed July 21, 2016 represented by: Francis J. O'Reilly, Esq. E-mail: foreilly@bestweb.net In re Hector Ricardo Carmona Bankr. S.D. Tex. Case No. 16-50155 Chapter 11 Petition filed July 21, 2016 See http://bankrupt.com/misc/txnb16-36347.pdf represented by: Carl Michael Barto, Esq. LAW OFFICE OF CARL M. BARTO E-mail: cmblaw@netscorp.net In re Zarui Sarah Adjian Bankr. C.D. Cal. Case No. 16-12130 Chapter 11 Petition filed July 22, 2016 Represented by: Marvin Levy, Esq. LAW OFFICE OF MARVIN LEVY E-mail: l-levy@sbcglobal.net In re Geary Stephen Simon Bankr. D.D.C. Case No. 16-00365 Chapter 11 Petition filed July 22, 2016 Filed Pro Se In re Janet Greene-Tanger Bankr. D. Mass. Case No. 16-12806 Chapter 11 Petition filed July 22, 2016 represented by: Barry C. Richmond, Esq. LAW OFFICE OF BARRY C. RICHMOND E-mail: richmondlaw@hotmail.com In re Thirteen East Main Corporation Bankr. D. Mass. Case No. 16-41294 Chapter 11 Petition filed July 22, 2016 See http://bankrupt.com/misc/mab16-41294.pdf represented by: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. E-mail: ehrhard@ehrhardlaw.com In re Michael Brothers Bankr. D. Mass. Case No. 16-41295 Chapter 11 Petition filed July 22, 2016 represented by: John A. Ullian, Esq. LAW OFFICES OF ULLIAN & ASSOC. E-mail: john@ullianlaw.com In re Daniel Mckay Bankr. E.D. Mich. Case No. 16-31732 Chapter 11 Petition filed July 22, 2016 represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re Corned Beef Express, LLC Bankr. S.D.N.Y. Case No. 16-12096 Chapter 11 Petition filed July 22, 2016 See http://bankrupt.com/misc/nysb16-12096.pdf represented by: Arnold Mitchell Greene, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK, P.C. E-mail: amg@robinsonbrog.com In re Sigifredo Mendez Espinoza, Jr. Bankr. S.D. Tex. Case No. 16-33653 Chapter 11 Petition filed July 22, 2016 represented by: Jesse Aguinaga, Esq. AGUINAGA & ASSOCIATES E-mail: jfa@aguinagaandassociates.com In re Lava Enterprises, Inc. Bankr. W.D. Va. Case No. 16-61478 Chapter 11 Petition filed July 22, 2016 See http://bankrupt.com/misc/vawb16-61478.pdf represented by: Stephen E. Dunn, Esq. STEPHEN E. DUNN, PLLC E-mail: stephen@stephendunn-pllc.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***