/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160908.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, September 8, 2016, Vol. 20, No. 252 Headlines 10SCHALK LLC: Hires Levitt & Slafkes as Counsel 1729 27TH ST SE: Hires William Johnson, Jr. as Counsel 8110 AERO DRIVE: Hires Randy Hulce as Hospitality Consultant ACCURIDE CORP: Moody's Retains B3 CFR Over CrestView Deal ACELITY LP: Moody's Assigns Ba3 Rating on New Extended Revolver ADINATH CORP: Trustee Hires KapilaMukamal as Financial Advisor AFFINITY HEALTH: PCO Clarifies Aug. 5 Report on Resident Discharge ALLIANCE FOOD SERVICES: Hires Seth Myers as Accountant AMERICAN CONTAINER: Can Borrow $27K from CS Sterling AMERICAN CONTAINER: Renasant Cash Collateral Agreement OK ANTERO MIDSTREAM: Moody's Assigns Ba2 CFR, Outlook Negative ANTERO MIDSTREAM: S&P Assigns 'BB' CCR, Outlook Stable ARCH COAL: Announces Proposed New Board of Directors ARCH COAL: Unveils Proposed Composition of New Board of Directors ASAD QAMAR: Trying to Sell Practice After Medicare Accusations ATLAS RESOURCE: Can Use Cash Collateral Until Sept. 30 BANDERA POINTE: Voluntary Chapter 11 Case Summary BLACKBOARD INC: S&P Affirms 'B' CCR & Rates 2nd Lien Debt 'CCC+' BLANCHETTE ROCKEFELLER: Hires Finnegan Henderson as Counsel BLUEGREENPISTA ENTERPRISES: Ch.11 Trustee Hires Belden as Counsel BMC STOCK: Moody's Assigns B2 Corp. Family Rating, Outlook Pos. BMC STOCK: S&P Assigns 'BB-' Rating on Proposed $325MM Sr. Notes C&J ENERGY: Seeks Approval of Non-Insider Compensation Program CAPITAL INVESTMENT: Tranzon to Auction Miami-Dade Condo Unit CAPITOL BC RESTAURANTS: Hires DJM as Real Estate Consultant CAT CONNECTION: Court OKs Continued Cash Use Through January 2017 CAYOT REALTY: Can Use Colony AMC Cash Collateral on Final Basis CDR STRAINERS: Hires William G. West as Accountant CERRITOS REFERENCE: PCO to Discontinue Ongoing Monitoring COMPCARE MEDICAL: Hires Langwasser as Accountant COMPCARE MEDICAL: PCO Files 1st Interim Report CONNEAUT LAKE PARK: Bankruptcy Court Approves Ch. 11 Exit Plan CT WALKER HOUSING: Hires Windels Marx as Counsel D.J. SIMMONS: Hires Mercer Capital as Financial Advisor DARIOHEALTH CORP: Needs More Capital to Continue as a Going Concern DEJEAN AUTOMOTIVE: Hires David Sticker as Accountant DELAWARE MOTEL: US Trustee Unable to Appoint Creditors' Committee DOMINION STEEL: U.S. Trustee Forms 3-Member Committee DORAL FINANCIAL: Court Approves Committee-FDIC Settlement DORAN LOFTS: Creditors Consent to Interim Cash Use EAST COAST: Ch. 11 Trustee, Ch. 7 Conversion Sought EL VOLCAN: Wants to Use MODOR Cash Collateral ENBRIDGE ENERGY: DBRS Puts 'BB' Jr. Subordinated Notes on Review ENBRIDGE ENERGY: Moody's Affirms Ba1 Jr. Subordinated Bond Rating ESSAR STEEL: Creditors Panel Hires Zolfo as Financial Advisor ESSAR STEEL: Creditors' Panel Hires Kasowitz as Counsel ESSAR STEEL: Panel Hires Hogan McDaniel as Delaware Counsel FORT WALKER HOLDINGS: U.S. Trustee Unable to Appoint Committee FREEDOM COMMS: Wants Plan Exclusivity Extended to Nov. 29 FRONTIER STAR: Ch. 11 Trustee Hires McGrath as Accountant GARDEN OF EDEN: Cause for Non-Entry of Cash Collateral Order Sought GARDEN OF EDEN: Seeks Authorization to Use Cash Collateral GEO V. HAMILTON: Hires Jeffrey L. Cornish as Part-Time Consultant GOD'S UNIVERSAL: Case Summary & 9 Unsecured Creditors GREENEDEN US: S&P Puts 'B' CCR on CreditWatch Negative HANJIN SHIPPING: Judge Allows Ships to Dock Safely in U.S. Ports HEARING HELP: Taps Sergei Kochkin as Expert Witness HORIZON GLOBAL: S&P Affirms 'B' CCR, Outlook Stable HORSHAM VALLEY: Seeks Sale Contract Approval for 7 Horsham Lots IRELAND NEEDLECRAFT: Asks for Approval to Use Cash Collateral IRON BRIDGE TOOLS: Continued Cash Use on Interim Basis OK ITT EDUCATIONAL: Employees Sue Over Sudden Mass Layoff JENNIE STUART: S&P Cuts Underlying 2006 Debt Rating (SPUR) to BB+ JOHN Q. HAMMONS: Taps Seyferth Blumenthal as Special Counsel JPS COMPLETION: Hires Armando Avalos as Real Estate Broker KATOURA INC: Has Until Oct. 22 to File Plan, Assume Contracts KATTOUR INC: Has Until Oct. 22 to File Plan, Assume Contracts KID'S FIRST: Case Summary & 3 Unsecured Creditors LA ROSA TRUST: Hires Stanley Bowman as Bankruptcy Counsel LAW-DEN NURSING: U.S. Trustee Names Deborah Fish as PCO LKN PROPERTIES: Voluntary Chapter 11 Case Summary LOURIE FOLLAND: Plan Confirmation Hearing Set for Oct. 26 MAGNETATION LLC: Exclusive Plan Filing Period Extended to Sept. 30 MARRONE BIO: Covenant Problems Raise Going Concern Doubt MESA MARKETPLACE: Cathay Bank Withholds Consent to Cash Use MOLYCORP MINERALS: Proposes DIP Financing From Lexon Insurance MOSAIC MANAGEMENT: Creditors' Committee Calls for Ch. 11 Trustee MRI INTERVENTIONS: Financing Uncertainty Raise Going Concern Doubt NANOVIBRONIX, INC: Insufficient Funds Raise Going Concern Doubt NEW DAWN: Keen-Summit Sells Two Assisted Living Facilities NEXTSTEP DEVELOPMENT: Case Summary & 15 Unsecured Creditors NOB HILL: U.S. Trustee Unable to Appoint Committee NORTEL NETWORKS: Reports Progress in Bankruptcy Settlement Talks OLGA'S KITCHEN: Court Denies 4 Employees' Bonus Plan Claims OMNI LOOKOUT: Voluntary Chapter 11 Case Summary ORANGE PEEL: Hires Shraiberg Ferrara as Bankruptcy Counsel P & G FITTINGS: U.S. Trustee Unable to Appoint Committee PACIFIC SUNWEAR: Court Confirms Revised Joint Plan PACIFIC SUNWEAR: Golden Gate Completes Acquisition of Business PACIFIC SUNWEAR: Wins Court Approval of Golden Gate Takeover PANAMA CITY INVESTMENTS: Hires Zalkin Revell as Counsel PARKER PRECISION: U.S. Trustee Unable to Appoint Committee PAROLE BESTGATE: Needs Until Nov. 24 to File Chapter 11 Plan PENINSULA HOLDINGS: Files Amended Contract for Colorado Properties PHOENIX MANUFACTURING: DLS Hires Gallagher as Special Counsel PICO HOLDINGS: Daniel Silvers Named Chair of Compensation Committee PIZZARIA CINY: Hires Heath to Auction South Elgin Assets POWIN CORP: Needs More Financing to Continue as a Going Concern PRECISION ENVIRONMENTAL: Hires De Lorenzo as Attorney PREMIER DENTAL: Moody's Affirms Caa1 CFR & Changes Outlook to Pos. PUERTO RICO: Failed to Make $9.9-Mil. Bond Payment on Sept. 1 RECOVERY CENTERS: Hires Varner Sytsma as Accountant RED MOUNTAIN: Asks for Plan Exclusivity Extension Thru Oct. 7 REDBOX AUTOMATED: Moody's Assigns B1 CFR, Outlook Stable ROADHOUSE HOLDING: Hires Hilco as Real Estate Advisor RXI PHARMACEUTICALS: Limited Cash Raises Going Concern Doubt SAWTELLE PARTNERS: Hires Totaro as General Insolvency Counsel SEAPORT AIRLINES: Taps Cash Flow Management as Collection Agent SILO GOLF: Hires Kavitz Law as Attorney SKYPEOPLE FRUIT: Receives Nasdaq Listing Non-Compliance Notice STAR COMPUTER: Liquidating Trustee Taps Stearns Weaver as Counsel STAR COMPUTER: Trustee Hires Development Specialists as Consultant STAR COMPUTER: Trustee Taps Genovese Joblove for Claims vs D&Os STRIKEFORCE TECH: Stockholders' Deficit Casts Going Concern Doubt TAVERNA OUZO: Hires John Concannon as Accountant TEARN DEVELOPMENT: Hires Hemish Kapadia as Accountant TRINITY RIVER: Can Use Cash Collateral Until August 29 UNREIN & COMPANY: Needs Until Nov. 7 to File Plan and Disclosure VDH DEVELOPMENT: Approval of D. Goodrich as Ch. 11 Trustee Sought VEGAS MANAGEMENT: Court Permits Use of Cash Collateral WARREN RESOURCES: U.S. Trustee Files Limited Objection to Plan WAYNE DAHL: Selling Maserati to Pay Bank Monthly Shortfall WEST LANE PROPERTIES: Wants to Use Cash Collateral YONKERS CENTRAL: Court Extends Plan Filing Deadline Until Nov. 10 [*] B3 Neg. and Lower Corporate Ratings List Declines in August [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 10SCHALK LLC: Hires Levitt & Slafkes as Counsel ----------------------------------------------- 10Schalk, LLC, seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ Levitt & Slafkes, P.C. as attorney to the Debtor. 101Schalk, LLC requires Levitt & Slafkes to represent the Debtor in all aspects of the Chapter 11 case. Levitt & Slafkes will be paid at these hourly rates: Partners $400 Associates $250-$350 Paralegals $100 Levitt & Slafkes will paid a retainer in the amount of $12,000. Levitt & Slafkes will also be reimbursed for reasonable out-of-pocket expenses incurred. Bruce H. Levitt, member of Levitt & Slafkes, 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 estates. Levitt & Slafkes can be reached at: Bruce H. Levitt, Esq. LEVITT & SLAFKES, P.C. 515 Valley Street, Suite 140 Maplewood, NJ 07040 Tel: (973) 313-1200 E-Mail: blevitt@lsbankruptcylaw.com About 10Schalk, LLC 10SCHALK, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 16-25700) on August 16, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Bruce H Levitt, Esq., at Levitt & Slafkes, P.C. No official committee of unsecured creditors has been appointed in the case. 1729 27TH ST SE: Hires William Johnson, Jr. as Counsel ------------------------------------------------------ 1729 27th St. SE, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Columbia to employ William C. Johnson, Jr., Esq., as counsel. The Debtor requires William C. Johnson, Jr., to: a. advice and counsel concerning compliance with the requirements of Chapter 11; b. prepare any necessary amendments to the debtor's schedules of assets and liabilities, statement of financial affairs, and related documents as appropriate; c. represent the debtor in possession in all contested matters; d. represent as appropriate in any related matters in other Courts; e. advice and counsel concerning the structure of a plan and any required amendments thereto; f. advice concerning the feasibility of confirmation of a plan and represent in connection with the confirmation process; g. liaise, consult, and where appropriate, negotiate with creditors and other parties in interest; h. review relevant financial information; i. review claims with a view to determining which claims are allowable and in what amounts; j. prosecute claims objections, as appropriate; k. represent at the section 341 meeting of creditors and at any hearings or status conferences in court; and l. represent as may be necessary and appropriate to the case. The Debtor will compensate Mr. Johnson his regular hourly fee of $305. Debtor entered a retainer agreement with attorney William Johnson with the initial retainer for post petition services and expenses in the amount of $8,283.00. As of August 15, 2016, the debtor's managing-member, Kevin Green, paid the initial retainer in the amount of $283.00 to secure the payment of post-petition fees and expenses. He also paid the filing fee in the amount of $1,717.00 on the behalf of the debtor. William C. Johnson, Jr., of Law offices of William C. Johnson, Jr., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. William C. Johnson, Jr. may be reached at: William C. Johnson, Jr., Esq. 1101 15th St., NW, Suite 203 Washington DC 20005 Tel: (202)525-2958 About 1729 27th St. SE  1729 27th St. SE, LLC filed a chapter 11 petition (Bankr. D.D.C. Case No. 16-00402-SMT) on Aug. 16, 2016. The Debtor is represented by William C. Johnson, Jr., Esq., at the Law Office of William Johnson. The Debtor's assets and liabilities are both below $1 million. 8110 AERO DRIVE: Hires Randy Hulce as Hospitality Consultant ------------------------------------------------------------ 8110 Aero Drive Holdings, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of California to employ Randy Hulce as hospitality consultant to the Debtor. 8110 Aero Drive requires Randy Hulce to: -- perform hospitality consulting services for the Four Points by Sheraton, Aero Drive, San Diego, CA; and -- analyze revenue management, group and transient pace performance, weekly market share analysis, monthly financial statement review and remainder of the year forecast. Randy Hulce will be paid at a monthly rate of $1,000. Randy Hulce 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 Debtor and its estate. Randy Hulce can be reached at: Randy Hulce 33181 Christina Drive Dana Point, CA 92629 About 8110 Aero Drive 8110 Aero Drive Holdings, LLC, based in San Diego, California, filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 16-03135) on May 25, 2016. The Hon. Margaret M. Mann presides over the case. William M. Rathbone, Esq., at Gordon & Rees LLP, serves as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Luz Burni, authorized representative. No official committee of unsecured creditors has been appointed in the case. ACCURIDE CORP: Moody's Retains B3 CFR Over CrestView Deal --------------------------------------------------------- Moody's Investors Service says Accuride Corporation's proposed purchase by Crestview Partners, LLC is credit positive because it alleviates its concerns about the company's ability to refinance its 9.5% $310 million senior secured notes due 08/01/2018. The transaction nevertheless does not impact the company's ratings, including Accuride's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B3 senior secured notes rating or its negative rating outlook because of our expectations for negative free cash flow and the highly cyclical nature of Accuride's end markets. The sale of Brillion Iron Works, Inc. is credit positive because it enhances Accuride's overall profitability and improves its liquidity position. With the proceeds from the sale of Brillion Iron Works, the company will have $39.7 million in cash and approximately $40 million available under the asset-based lending revolver. Brillion Iron Works division has been putting pressure on Accuride's revenue and earnings since the second quarter of 2015. Accuride, headquartered in Evansville, Indiana, is a North American and European manufacturer and supplier of commercial vehicle components including wheels and wheel-end components. Accuride's sales for last 12 months June 2016 were approximately $642 million. ACELITY LP: Moody's Assigns Ba3 Rating on New Extended Revolver --------------------------------------------------------------- Moody's Investors Service announced that it assigned ratings of Ba3 to Acelity L.P. Inc.'s new extended revolver, Caa1 to its new second lien notes and Caa2 to its new third lien notes. Moody's affirmed all other ratings including the B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), Ba3 rating on the first lien senior secured credit facilities, Caa2 rating on its senior unsecured notes and the SGL-2 Speculative Grade Liquidity Rating. Uses of proceeds include refinancing existing debt and fees and expenses. Collectively, the $1.75 billion senior secured second lien notes and $450 million senior secured third lien notes will help Acelity circumvent the triggering of a springing maturity with its first lien term loan. Moreover, these issuances in concert with the $171 million senior secured revolving credit facility extension will alleviate virtually all of Acelity's near-term refinancing risk and create greater runway for augmenting operating performance. The transaction, which includes $100 million of fresh sponsor equity, will be leverage-neutral. Ratings assigned: Senior secured first lien extended revolving credit facility due 2019 at Ba3 (LGD 2) Senior secured second lien notes due 2021 at Caa1 (LGD 5) Senior secured third lien notes due 2021 at Caa2 (LGD 6) Ratings affirmed: CFR at B3 PDR at B3-PD Speculative Grade Liquidity Rating at SGL-2 Senior secured first lien non-extended revolving credit facility due 2016 at Ba3 (LGD 2) Senior secured first lien extended revolving credit facility due 2017 at Ba3 (LGD 2) Senior secured first lien U.S. term loan due 2020 at Ba3 (LGD 2) Senior secured first lien European term loan due 2020 at Ba3 (LGD 2) Senior secured second lien notes due 2018 at Caa1 (LGD 5) Senior unsecured notes due 2019 at Caa2 (LGD 6) The outlook is stable. RATINGS RATIONALE The B3 Corporate Family Rating reflects Acelity's very high financial leverage, limited free cash flow and modest interest coverage. Moody's does not expect a meaningful reduction in leverage in the near-term as the company is facing challenges in its core negative pressure wound therapy franchise and is still required to make significant cash outlays related to litigation settlements. The ratings also reflect Acelity's considerable scale and the strong market presence of its Vacuum Assisted Closure products. The ratings are also supported by the company's healthy margins and the expectation that growth in newer product offerings will help offset headwinds in the V.A.C. business. The stable outlook reflects Moody's expectation that Acelity will be able to maintain earnings levels despite headwinds from reimbursement issues and competitive pressures. Moody's could upgrade Acelity's ratings if free cash flow improves and leverage is meaningfully reduced. Specifically, debt to EBITDA would need to approach 6.0 times before Moody's would consider an upgrade. Moody's could downgrade the ratings if competitive or pricing/reimbursement pressures result in material top-line deterioration or margin contraction. The ratings could also be downgraded if liquidity weakens. The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's expectation that Acelity's cash balances and availability on its extended portion of its revolver expiring in August 2019 will allow the firm to maintain good liquidity over the next 12 to 18 months. The principal methodology used in these ratings was Global Medical Product and Device Industry published in October 2012. Headquartered in San Antonio, Texas, Acelity is a global medical technology company with leadership positions in advanced wound care and regenerative medicine. Acelity reported revenues of approximately $1.9 billion for the twelve months ended June 30, 2016. Acelity is owned by a private equity consortium, including Apax Partners and affiliates of the Canada Pension Plan Investment Board and Public Sector Pension Investment Board. ADINATH CORP: Trustee Hires KapilaMukamal as Financial Advisor -------------------------------------------------------------- Charles M. Berk, the Liquidating Trustee of Adinath Corp., and SFS, Ltd. f/k/a Simply Fashion Stores, Ltd., seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ KapilaMukamal, CPA as transitionary financial advisors, to the Liquidating Trustee, nunc pro tunc to July 13, 2016. Mr. Berk requires KapilaMukamal to: a. assist in the transition of the Debtor's records to the Liquidating Trustee; b. provide information on records in connection with the final audit and termination of the 410(k) Plan; c. other miscellaneous tasks requested by the Liquidating Trustee to assist in the transition of information, documents and financial records of the Debtors and Debtors- in-Possession. KapilaMukamal will be paid at the hourly rate of $475. KapilaMukamal will also be reimbursed for reasonable out-of-pocket expenses incurred. Soneet Kapila, partner of KapilaMukamal, 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. KapilaMukamal can be reached at: Soneet Kapila KAPILAMUKAMAL, CPA 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 About Simply Fashion Stores Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. The Committee of Unsecured Creditors of Adinath hires Robert A. Schatzman and the law firm GrayRobinson, P.A. as local counsel. CBIZ Accounting, Tax & Advisory of New York, LLC and CBIZ, Inc. as financial advisors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. * * * On Aug. 20, 2015, the Court entered an order authorizing the Debtors to sell their intellectual property assets. Pursuant to Section 5.1(b) of the Asset Purchase Agreement, the Debtors have changed the legal name of "Simply Fashion Stores, Ltd." to "SFS, Ltd." AFFINITY HEALTH: PCO Clarifies Aug. 5 Report on Resident Discharge ------------------------------------------------------------------ Nancy Shaffer, the Patient Care Ombudsman for Affinity Health Care Management, Inc., et al., filed a report in response to the affidavit filed by William Pond concerning the PCO Interim Report dated August 5, 2016, specifically regarding the reported discharge of the last remaining Alexandria Manor resident. The PCO stated on the concerned Report that the facility sent the resident with soiled clothing on the day the resident was discharged from Alexandria Manor to its sister facilities. In response, the PCO assured the Court that all of the statements in the August August 5 Interim Report were confirmed through direct communications with the Regional Ombudsman, the Connecticut Department of Social Services, Money Follows the Person Program Director, and the MFP Closure Manager. Following the discussion with the Court and the persons involved in the discharge of the last remaining resident, the PCO admitted that she was not aware of the Alexandria Manor administrator's report that the resident refused to allow the facility to do his laundry. About Affinity Health Care Management Affinity Health Care Management, Inc., Health Care Investors, Inc. d/b/a Alexandria Manor, Health Care Alliance, Inc. d/b/a Blair Manor, Health Care Assurance, L.L.C. d/b/a Douglas Manor and Health Care Reliance, L.L.C. d/b/a Ellis Manor, are a nursing home management company. They filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case Nos. 16-30043 to 16-30047) on January 13, 2016. Hon. Julie A. Manning presides over the cases. Elizabeth J. Austin, Esq., Irve J. Goldman, Esq. and Jessica Grossarth, Esq., at Pullman & Comley, LLC, serve as counsel to the Debtors. In its petition, Affinity Health Care Management estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. The Debtors noted in a court filing that their total secured and unsecured debt exceeding $16 million. The Debtors' petitions were signed by Benjamin Fischman, president. A committee of unsecured creditors has been appointed and Neubert Pepe & Monteith, P.C. has been retained as the committee's counsel. ALLIANCE FOOD SERVICES: Hires Seth Myers as Accountant ------------------------------------------------------ Alliance Food Services, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Seth Myers as accountant to the Debtor. Alliance Food requires Mr. Myers to: -- conduct an examination of the Debtor's finances; -- develop a plan of reorganization for the repayment of arrearage and refinance of the debts in the bankruptcy case; -- work on other general accounting matters which may arise. Mr. Seth Myers assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Mr. Myers can be reached at: Seth Myers 339 N., First Street Albemarle, NC 28002 About Alliance Food Services Alliance Food Services Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D.N.C. Case No. 16-50713) on July 14, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Brian Hayes, Esq., at Ferguson Hayes Hawkins & Demay, PLLC. No official committee of unsecured creditors has been appointed in the case. AMERICAN CONTAINER: Can Borrow $27K from CS Sterling ---------------------------------------------------- Judge Paulette J. Delk of the U.S. Bankruptcy Court for the Western District of Tennessee authorized American Container, Inc., to obtain secured credit from CM Sterling, LLC on an interim basis. The Debtor is indebted to CM Sterling in the amount of $173,334, plus interest, fees and costs, as of the Petition Date. The indebtedness is secured by liens and security interests in all the Debtor's personal property. The Debtor ceased operations and has filed or intends to file a motion for an 11 U.S.C. Sec. 363 sale of its assets. The Debtor represented that it must obtain secured financing from CM Sterling to pay post-Petition Date obligations under an approved budget through the conclusion of the 363 sale. Judge Delk authorized the Debtor to borrow up to $27,250 from CS Sterling on an out of formula basis, according to the Debtor's expense budget. Judge Delk ordered that all proceeds and collections of the Pre-Petition Collateral and the DIP Collateral, including the proceeds and collections of the receivables pledged to CS Sterling under the Interim Order, must be forwarded to the CS Sterling's lockbox. CS Sterling was granted a first lien on the Debtor's personal property, and all proceeds, rents or profits thereof, including all of the Pre-petition Collateral. The Debtor was authorized to borrow up to $7,200 pending the final hearing. The Final Hearing on the Debtor's Motion is scheduled on Sept. 20, 2016 at 11:00 a.m. The deadline for the filing of objections is set on Sept. 12, 2016. A full-text copy of the Interim Order, dated Aug. 29, 2016, is available at https://is.gd/OZXm2C CM Sterling, LLC, is represented by: Thomas E. Coughlin, Esq. JAFFE, RAITT, HEUER & WEISS 27777 Franklin Road, Suite 2500 Southfield, MI 48034 Telephone: (248) 351-3000 About American Container American Container, Inc., filed a chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-26399) on July 15, 2016. The petition was signed by Steve Harris, president. The Debtor is represented by Russel W. Savory, Esq., at Beard & Savory, PLLC. The case is assigned to Judge Paulette J. Delk. The Debtor disclosed total assets at $2.55 million and total debts at $4.30 million at the time of the filing. AMERICAN CONTAINER: Renasant Cash Collateral Agreement OK --------------------------------------------------------- Judge Paulette J. Delk of the U.S. Bankruptcy Court for the Western District of Tennessee approved the agreement executed between American Container, Inc., and Renasant Bank, resolving Renasant Bank's Motion which sought to prohibit the Debtor from using cash collateral. The Debtor is indebted to Renasant Bank by virtue of a Commercial Promissory Note in the amount of $2,231,600. To secure the indebtedness due under the Note, Renasant obtained a first valid and perfected lien encumbering certain real property located at 8530 W. Sandidge Road, Olive Branch, Desoto County, Mississippi, 38654, as well as improvements thereon which includes the Debtor's the 144,000 sq. ft. manufacturing facility, as well as a separate Assignment of Leases and Rents, among others. Pursuant to the Assignment of Leases and Rents, the Debtor granted, transferred, assigned and set over to Renasant Bank all right, title and interest in and to all rents, issues, profits and privileges arising from or related to the Real Property, which constitute cash collateral. D&D Packaging, Inc., a Tennessee Corporation wholly owned by minority shareholders of the Debtor, Mark and Yolanda Harris, formally leased a portion of the Real Property for its own business enterprise, with a monthly rental of $10,800.00, which constitutes Renasant Bank’s Cash Collateral. The relevant terms that Debtor and Renasant Bank agreed to are: (a) D&D Packaging is authorized and directed by the Debtor to pay Renasant Bank all future Monthly Rent until further ordered by the Court; (b) Beginning with Aug. 5, 2016, D&D Packaging will pay Renasant Bank the Monthly Rent, in good and sufficient funds, until further ordered by the Court. A full-text copy of the Agreed Order, dated Aug. 29, 2016, is available at https://is.gd/5gl4aX About American Container American Container, Inc. filed a chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-26399) on July 15, 2016. The petition was signed by Steve Harris, president. The Debtor is represented by Russel W. Savory, Esq., at Beard & Savory, PLLC. The case is assigned to Judge Paulette J. Delk. The Debtor disclosed total assets at $2.55 million and total debts at $4.30 million at the time of the filing. ANTERO MIDSTREAM: Moody's Assigns Ba2 CFR, Outlook Negative ----------------------------------------------------------- Moody's Investors Service assigned first time ratings to Antero Midstream Partners LP (AMPLP), including a Ba2 Corporate Family Rating, a Ba2-PD Probability of Default Rating (PDR) and a B1 rating to the company's proposed senior unsecured notes due 2024. Moody's also assigned a SGL-3 Speculative Grade Liquidity Rating reflecting adequate liquidity through 2017. The rating outlook is negative. Net proceeds from this note offering will be used to repay borrowings under AMPLP's revolving credit facility. Assignments: Issuer: Antero Midstream Partners LP Corporate Family Rating, Assigned Ba2 Probability of Default Rating, Assigned Ba2-PD Speculative Grade Liquidity Rating, Assigned SGL-3 Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD5) RATINGS RATIONALE AMPLP's Ba2 CFR reflects its stand-alone credit profile of Ba3 with one notch of uplift to reflect its strategic and operational importance to Antero Resources Corporation (Antero, Ba2 negative). AMPLP has long term fee-based gathering, compression and water handling contracts with Antero, and substantially all of Antero's current as well as all future acreage in West Virginia, Pennsylvania and Ohio has been dedicated to AMPLP. The Ba2 CFR also reflects AMPLP's low financial leverage of 2.4x and excellent organic growth prospects. Antero is the most active E&P operator in Appalachia, one of the lowest cost natural gas producing regions in the United States. Antero plans to grow production in excess of a 20% annual rate over the next several years and has significant commodity price hedge protection. The Ba2 CFR is constrained by AMPLP's small scale relative to higher rated midstream Master Limited Partnerships (MLPs), reliance on a single customer, narrow geographic focus, significant growth capital requirements through 2018, and higher business risks involving its water handling and gathering and compression businesses that are dependent on volatile drilling cycles. The Ba2 rating also considers AMPLP's limited operating history, Master Limited Partnership (MLP) structure as well as Antero's credit profile. AMPLP was formed by Antero, completed an IPO in November 2014, and 61% of AMPLP's limited partnership units were owned by Antero as of early-September 2016. AMPLP has high strategic importance to Antero since continued midstream infrastructure build-out is crucial to Antero's own production growth. Antero has dedicated substantially all of its current and future acreage to AMPLP, and all six of Antero's active rigs are drilling in areas that are dedicated to AMPLP. Additionally, AMPLP has the "right of first offer" on Antero's future processing, fractionation, transportation and marketing needs. However, although AMPLP's relationship with Antero is a key credit strength, AMPLP is unlikely to be rated above Antero's level without greater customer, geographic and business diversification. The proposed unsecured notes are rated B1, two notches below AMPLP's Ba2 CFR because of the significant size of its secured revolving credit facility. The $1.5 billion revolver has an all-asset pledge and has a priority claim to all of the partnership's assets. For the difference between the CFR and the notes' rating to be a single notch, the relative proportion of secured and unsecured claims in AMPLP's capital structure would need to be roughly balanced. AMPLP should have adequate liquidity through 2017, which is reflected in the assigned SGL-3 rating. The partnership will spend large sums of growth capital to keep pace with Antero's aggressive development plans, significantly outspending its operating cash flow over the next several years. Moody's expects the projected funding gap to be financed with a balanced mix of debt and equity. AMPLP may also have to pay Antero up to $250 million in earn-out payments if the fresh water delivery business achieves significantly higher pre-established volume thresholds through 2020. AMPLP has a $1.5 billion revolving credit facility, which will have about $1.24 billion available after issuance of the proposed notes. The credit agreement has two financial covenants -- a minimum interest coverage ratio of 2.5x and a maximum total leverage ratio of 5x. The revolver expires in November 2019 and we don't anticipate any covenant violation issues through 2017. The partnership has limited alternate liquidity given all of its assets are encumbered. AMPLP's negative outlook is consistent with Antero's negative outlook. Greater scale and diversification will be the primary driver of any potential upgrade. An upgrade would also depend on Antero's CFR moving to a higher rating level. Moody's could consider an upgrade if the partnership can achieve annual EBITDA of about $600 million while maintaining a debt to EBITDA ratio below 3x and a distribution coverage ratio (FFO -- Maintenance capex / Distributions) above 1.1x. The CFR could be downgraded if leverage approaches 4x, the distribution coverage falls below 1x or Antero's CFR is downgraded. The principal methodology used in this rating was the Global Midstream Energy published in December 2010. Antero Midstream Partners LP is a Denver, Colorado based publicly traded MLP with gathering, compression, and water handling and treatment assets in northwest West Virginia and southern Ohio. ANTERO MIDSTREAM: S&P Assigns 'BB' CCR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'BB' corporate credit rating to master limited partnership (MLP) Antero Midstream Partners LP. The outlook is stable. S&P also assigned its 'BB' issue-level rating and '4' recovery rating to Antero Midstream's $500 million senior unsecured notes due 2023. The '4' recovery rating indicates that lenders can expect average (30% to 50%; higher half of the range) recovery in the event of a payment default. "Our 'BB' corporate credit rating on Antero Midstream reflects our assessment of a fair business risk profile and significant financial risk profile," S&P Global Ratings analyst Stephen Scovotti said. Antero Midstream is a publicly traded MLP that exploration and production company (E&P) Antero Resources formed to own, operate, and develop midstream assets in the Marcellus and Utica shales. Antero Resources owns approximately 61% of Antero Midstream's units, and has dedicated substantially all of its current and future acreage to Antero Midstream under long-term fixed fee gathering compression, and water services contracts. Antero Midstream receives the vast majority of volumes from Antero Resources in relatively concentrated areas in the Marcellus and Utica shales. S&P views Antero Midstream as strategically important to Antero Resources. The stable outlook on Antero Midstream Partners LP reflects S&P's expectation that the company will continue to grow volumes due to growth in production at Antero Resources S&P expects the company to maintain debt to EBITDA of about 3x and FFO to debt of about 30% over the next year, while maintaining S&P's view of adequate liquidity. S&P could lower the ratings if debt to EBITDA increased above 4x and FFO to debt decreased below 20% on a sustained basis. This could occur if the company adopts a more aggressive financial profile or undertakes a debt financed acquisition. Although unlikely in the near-term, S&P could raise the ratings if the company adopts a more conservative financial profile, including debt to EBITDA below 2x and FFO to debt above 45% on a sustained basis, while increasing the size, scale, and diversity of the business. ARCH COAL: Announces Proposed New Board of Directors ---------------------------------------------------- BankruptcyData.com reported that Arch Coal announced the proposed composition of its new board of directors. Subject to the U.S. Bankruptcy Court's confirmation of the Company's Plan of Reorganization, the term of the new board members will begin upon the Company's emergence from Chapter 11 protection. John W. Eaves will serve as chief executive officer, along with a team of board members that includes the following individuals: Patrick J. Bartels, Jr. - managing principal at Monarch Alternative Capital; James N. Chapman - an investment banker; Sherman K. Edmiston, III - former C.R.O. of Xinergy; Patrick A. Kriegshauser - principal owner of Sachs Electric Company; Richard A. Navarre - an accomplished senior executive and Scott D. Vogel - partner at Vogel Partners. The reported notes that Mr. Eaves commented, "We look forward to welcoming a new board of independent directors with the right mix of experience and business acumen to help guide Arch in a rapidly evolving and highly dynamic market environment. These directors bring proven track records and diverse perspectives from both inside and outside our industry. I am confident that their leadership will contribute to Arch's future success. I look forward to working with the new board to create value, to achieve operational excellence, to maintain our leadership in mine safety and environmental stewardship, and to serve the needs of our customers in the metallurgical and power generation industries." About Arch Coal Founded in 1969, Arch Coal, Inc., is a producer and marketer of coal in the United States, with operations and coal reserves in each of the major coal-producing regions of the Country. As of January 2016, it was the second-largest holder of coal reserves in the United States, owning or controlling over five billion tons of proven and probable reserves. As of the Petition Date, Arch employed approximately 4,600 full and part-time employees. Arch Coal, Inc., and 71 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to 16-40191) on Jan. 11, 2016. The petition was signed by Robert G. Jones as senior vice president-law, general counsel and secretary. The Debtors disclosed total assets of $5.84 billion and total debt of $6.45 billion. Judge Charles E. Rendlen III has been assigned the case. The Debtors have engaged Davis Polk & Wardwell LLP as counsel, Bryan Cave LLP as local counsel, FTI Consulting, Inc. as restructuring advisor, PJT Partners as investment banker, and Prime Clerk LLC as notice, claims and solicitation agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee has retained Kramer Levin Naftalis & Frankel LLP as counsel; Spencer Fane LLP as local counsel; Berkeley Research Group, LLC as financial advisor; Jefferies LLC as investment banker; and Blackacre LLC as coal consultant. ARCH COAL: Unveils Proposed Composition of New Board of Directors ----------------------------------------------------------------- Arch Coal, Inc., on Sept. 6, 2016, announced the proposed composition of its new board of directors. Subject to the Court's confirmation of the company's Plan of Reorganization, the term of the new board members will begin upon the company's emergence from Chapter 11. In addition to John W. Eaves, Arch's chief executive officer, the Arch board will be comprised of the following six directors: -- Patrick J. Bartels, Jr. is a managing principal at Monarch Alternative Capital LP, which focuses on investing in stressed and distressed companies across various industries and geographies. He has served as a director of WCI Communities, Inc. since 2009. Prior to joining Monarch in 2002, Mr. Bartels was a high-yield investments analyst at Invesco. He began his career at PricewaterhouseCoopers LLP. Mr. Bartels holds the Chartered Financial Analyst designation. -- James N. Chapman brings more than 30 years of investment banking experience across a wide range of industries, including metals and mining, energy, and natural resources, as well as significant experience as a capital markets and strategic planning consultant. Since 2004, Chapman has served as a non-executive Advisory Director of SkyWorks Capital, LLC, an aviation and aerospace management consulting services company. -- Sherman K. Edmiston III has more than 20 years of experience working with companies undergoing major transitions as a principal investor, investment banker and advisor. He recently served as chief restructuring officer of Xinergy, Ltd., a Central Appalachian producer of thermal and metallurgical coal. Mr. Edmiston has served on a number of boards during his career and previously served as a member of the board of JL French Automotive Castings, Inc. -- Patrick A. Kriegshauser serves as executive vice president and chief financial officer and as a principal owner of Sachs Electric Company, a leading specialty electrical and design firm. He has considerable experience in the coal and energy industries, including a 15-year career at Arch, during which he served as senior vice president and chief financial officer. In addition, he served on the board of directors of Walter Energy for 10 years. -- Richard A. Navarre is an accomplished senior executive with more than 30 years of diverse international business and financial experience, including as president of Peabody Energy. In his 19 years with Peabody, Navarre had executive responsibility for virtually all areas of the company. During his tenure, Peabody's market cap grew from $480 million to more than $20 billion. He currently is a director on the boards of two publicly listed NYSE companies. -- Scott D. Vogel is a partner at Vogel Partners LP, a private investment firm, after serving as managing director at Davidson Kempner Capital Management LP. During his 14-year tenure at Davidson Kempner, Mr. Vogel invested in a diverse set of industries, including industrials and industrial services, business services, transportation, and metals and mining. Previously, Mr. Vogel worked at MFP Investors, investing in special situations and turnaround opportunities for the private investment firm of Michael F. Price, and at Chase Securities. Mr. Vogel has served on numerous boards during his career and is currently a member of the board of Merrill Corp. "We look forward to welcoming a new board of independent directors with the right mix of experience and business acumen to help guide Arch in a rapidly evolving and highly dynamic market environment," said Mr. Eaves. "These directors bring proven track records and diverse perspectives from both inside and outside our industry. I am confident that their leadership will contribute to Arch's future success. I look forward to working with the new board to create value, to achieve operational excellence, to maintain our leadership in mine safety and environmental stewardship, and to serve the needs of our customers in the metallurgical and power generation industries." "I would also like to thank Arch's outgoing board members for their exemplary service to the company over many years," Mr. Eaves continued. "Their leadership was instrumental in enabling Arch to become a top U.S. coal producer, a low-cost operator and a recognized leader in safety and environmental performance, and they have played a pivotal role in guiding us through our successful financial restructuring." A hearing to consider confirmation of the Plan by the U.S. Bankruptcy Court for the Eastern District of Missouri is scheduled to commence on Sept. 13, 2016. About Arch Coal Founded in 1969, Arch Coal, Inc., is a producer and marketer of coal in the United States, with operations and coal reserves in each of the major coal-producing regions of the Country. As of January 2016, it was the second-largest holder of coal reserves in the United States, owning or controlling over five billion tons of proven and probable reserves. As of the Petition Date, Arch employed approximately 4,600 full and part-time employees. Arch Coal, Inc., and 71 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to 16-40191) on Jan. 11, 2016. The petition was signed by Robert G. Jones as senior vice president-law, general counsel and secretary. The Debtors disclosed total assets of $5.84 billion and total debt of $6.45 billion. Judge Charles E. Rendlen III has been assigned the case. The Debtors have engaged Davis Polk & Wardwell LLP as counsel, Bryan Cave LLP as local counsel, FTI Consulting, Inc. as restructuring advisor, PJT Partners as investment banker, and Prime Clerk LLC as notice, claims and solicitation agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee has retained Kramer Levin Naftalis & Frankel LLP as counsel; Spencer Fane LLP as local counsel; Berkeley Research Group, LLC as financial advisor; Jefferies LLC as investment banker; and Blackacre LLC as coal consultant. ASAD QAMAR: Trying to Sell Practice After Medicare Accusations -------------------------------------------------------------- Katy Stech, writing for The Wall Street Journal Pro Bankruptcy, reported that a Florida cardiologist accused of charging Medicare for medically unnecessary procedures is preparing to sell his business. According to the report, citing court papers, lawyers for Asad Qamar asked a bankruptcy judge to set an Oct. 7 deadline for buyers to submit bids for the Institute for Cardiovascular Excellence's two locations in Ocala and Summerfield. Institute for Cardiovascular Excellence officials haven't been able to bill Medicare for patient care since the Justice Department accused Dr. Qamar and the practice of inserting stents in patients that weren't medically necessary and wrongly charging the government insurance program, the report related. Dr. Qamar denies wrongdoing, the report said. Dr. Qamar and his medical practice filed for chapter 11 protection on April 20, saying he risked losing one of its locations to foreclosure, the report further related. The practice, which provided outpatient cardiovascular services to more than 10,000 patients, has remained open after the bankruptcy filing, the report added. ATLAS RESOURCE: Can Use Cash Collateral Until Sept. 30 ------------------------------------------------------ Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York authorized the limited use of cash collateral by Atlas Resource Partners, L.P., and its affiliated Debtors, on a final basis. The Debtors are indebted to Wells Fargo Bank, National Association, as First Lien Agent, and the First Lien Lenders in the amount of $435,808,785, as of the Petition Date. The Debtors are also indebted to Wilmington Trust, National Association, as Second Lien Agent, and the Second Lien Lenders in the principal amount of $250,000,000, plus accrued and unpaid interest, fees and costs and expenses. The Debtors have granted the First Lien Agent, for the benefit of the First Lien Secured Parties, valid, binding, perfected, non- avoidable, and enforceable first priority liens upon, and security interests in, the Debtors' real and personal property. The Debtors have likewise granted the Second Lien Agent, for the benefit of the Second Lien Secured Parties, valid, binding, perfected, non-avoidable and enforceable second priority liens upon, and security interests in, the Prepetition Collateral. The Debtors contended that they needed to use cash collateral for working capital purposes, other general corporate purposes, and the satisfaction of costs and expenses of administering their cases. The approved Budget covers a period of 13 weeks, beginning with the week ending Aug. 19, 2016 and ending with the week ending Nov. 11, 2016. The Budget provides for total disbursements in the amount of $111,698,000. The First Lien Agent, for the benefit of the First Lien Secured Parties, was granted, among others, a valid, binding, continuing, enforceable, full-protected first priority senior priming security interest and lien on the Prepetition Collateral and all of the Debtor's real and personal property, assets, and rights, and all their proceeds, among others. The Debtors were directed to pay the First Lien Agent monthly adequate protection payments in an amount equal to all accrued and unpaid prepetition or postpetition interest, fees and costs due and payable under the First Lien Credit Agreement. The Second Lien Agent, for the benefit of the Second Lien Secured Parties, was granted, among others, security interests in and liens on the Collateral, subject to the Carve Out, the First Lien Adequate Protection Liens, and the liens and security interests securing the First Lien Prepetition Indebtedness. The Carve Out consists of: (i) all fees required to be paid to the Clerk of the Court and to the United States Trustee, plus interest at the statutory rate; (ii) fees and expenses up to $25,000 incurred by a trustee; (iii) all allowed unpaid fees and expenses, incurred by persons or firms retained by the Debtors; and (iv) the allowed fees and expenses of the Professionals in an aggregate amount not to exceed $1,000,000, incurred after the first business day following delivery by the First Lien Agent of the Carve Out Notice. The Debtor's right to use the cash collateral will terminate on the earliest to occur of: (i) Sept. 30, 2016; (ii) the occurrence of an Event of Default; or (iii) five business days following the delivery of a written Default Notice by the First Lien Agent to the Debtors, counsel to the Debtors, the United States Trustee, counsel to the Second Lien Agent, counsel for the Second Lien Secured Lenders, counsel to the Senior Notes Trustees and counsel to the Ad Hoc Group. A full-text copy of the Final Order dated Aug. 29, 2016, is available at https://is.gd/I67vxj About Atlas Resource Partners Atlas Resource Partners, L.P., a publicly-traded master-limited partnership, is an independent oil and natural gas company engaged in the exploration, development, and production of oil and natural gas properties with operations in basins across the United States. Atlas Resource Partners, L.P. and 23 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-12149) on July 27, 2016. The petitions were signed by Jeffrey M. Slotterback as chief financial officer. In the petition, the Debtors list total assets of $1.32 billion and total debts of $1.53 billion as of July 20, 2016. The Debtors have hired David M. Turetsky, Esq., Ron E. Meisler, Esq., Felicia Gerber Perlman, Esq., and Carl T. Tullson, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP as counsel; Perella Weinberg Partners LP as investment banker; and Epiq Bankruptcy Solutions, LLC as claims and noticing agent. BANDERA POINTE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Bandera Pointe Hospitality, LP 8122 Floating View San Antonio, TX 78255 Case No.: 16-52021 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Hon. Ronald B. King Debtor's Counsel: William B. Kingman, Esq. LAW OFFICES OF WILLIAM B. KINGMAN, PC 4040 Broadway, Suite 350 San Antonio, TX 78209 Tel: (210) 829-1199 E-mail: bkingman@kingmanlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Alpesh Patel, manager. The Debtor has no unsecured creditor. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txwb16-52021.pdf BLACKBOARD INC: S&P Affirms 'B' CCR & Rates 2nd Lien Debt 'CCC+' ---------------------------------------------------------------- S&P Global Ratings said that it affirmed its 'B' corporate credit rating on Washington, D.C.-based Blackboard Inc. The rating outlook is stable. At the same time, S&P affirmed its 'B+' issue-level rating on the company's senior secured first-lien term loan. The '2' recovery rating is unchanged, indicating S&P's expectation for substantial recovery (70%-90%; lower half of the range) of principal in the event of a payment default. S&P also assigned its 'CCC+' issue-level rating and '6' recovery rating to the company's proposed $365 million second-lien senior secured notes due November 2022. The '6' recovery rating indicates S&P's expectation for negligible recovery (0%-10%) of principal in the event of a payment default. The rating affirmation reflects S&P's view that Blackboard's risk tolerance is still high, with debt leverage in the high-6x area pro forma for its acquisition of Higher One Holdings Inc. in August 2016. "The stable outlook reflects our expectation that Blackboard's leading market position and significant recurring revenue base will support consistent revenue growth and operating margins over the next 12 months," said S&P Global Ratings credit analyst Tuan Duong. S&P could lower its corporate credit rating on the company if increased competition leads to deterioration in its market position or profitability, or if further debt-financed acquisitions cause its leverage to approach 8x. S&P believes an upgrade is unlikely over the next 12 months because of the company's highly leveraged capital structure. However, S&P could raise the rating if the company can maintain its debt leverage at or below 5x. BLANCHETTE ROCKEFELLER: Hires Finnegan Henderson as Counsel ----------------------------------------------------------- Blanchette Rockefeller Neurosciences Institute, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Finnegan Henderson Farabow Garrett & Dunner, LLP as special counsel to the Debtor. Blanchette Rockefeller requires Finnegan to represent the Debtor in relation to domestic and international patent prosecution and related counseling concerning the innovations in the general technological area of PKC-activating compounds and their use for the treatment of neurodegenerative diseases. Finnegan will be paid at these hourly rates: Attorneys $760-$910 Associates $520-$615 Paralegals $200-$335 In the one year period prior to the petition date, Finnegan received payments from the Debtor in the total amount of $1,031,713.24. Finnegan will also be reimbursed for reasonable out-of-pocket expenses incurred. James K. Hammond, member of the law firm of Finnegan Henderson Farabow Garrett & Dunner, 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 estates. Finnegan can be reached at: James K. Hammond, Esq. FINNEGAN HENDERSON FARABOW GARRETT & DUNNER, LLP 901 New York Avenue, NW Washington, DC 20001 Tel: (202) 408-4000 Fax: (202) 408-4400 About Blanchette Rockefeller Blanchette Rockefeller Neurosciences Institute, Inc., based in Morgantown, WV, filed a Chapter 11 petition (Bankr. N.D.W. Va. Case No. 16-00771) on July 28, 2016. The Hon. Patrick M. Flatley presides over the case. Rayford K. Adams, III, Esq. , at Spilman Thomas & Battle, PLLC, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Shana Kay Phares, president and chief executive officer. No official committee of unsecured creditors has been appointed in the case. BLUEGREENPISTA ENTERPRISES: Ch.11 Trustee Hires Belden as Counsel ----------------------------------------------------------------- Randell Parker, the Chapter 11 Trustee of Bluegreenpista Enterprises, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of California to employ Belden Blaine & Raytis, LLP as special counsel to the Trustee. Mr. Parker requires Belden to: a. represent the Trustee in all aspects of the Kern County Superior State Court Litigation Case No. S-1500-CV-284468, Randeep S. Dhillon vs. Joseph P. Romance, et al; b. oppose a motion for relief from stay filed by Randeep S. Dhillon on or about June 27, 2016 which relates to real property located at 8027 Martin Avenue, Bakersfield, CA 93314 and crops growing on the real property and is also the subject matter of the Litigation; c. analyze asserted security interests in the real property and growing crops, and, if necessary, represent the Trustee in litigation to determine the validity, priority or extent of the liens encumbering the real property; and d. review and object to claims filed by creditors regarding the asserted liens against the real property, if necessary. Belden will be paid at these hourly rates: T. Scott Belden $330 Paralegal $125 Belden will also be reimbursed for reasonable out-of-pocket expenses incurred. Randell Parker, the Chapter 11 Trustee, 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 their estates. Belden can be reached at: T. Scott Belden, Esq. BELDEN BLAINE RAYTIS, LLP 5016 California Avenue, Suite 3 Bakersfield, CA 93309 Tel: (661) 864-7826 About Bluegreenpista Enterprises Headquartered in Newark, California, Bluegreenpista Enterprises, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Calif. Case No. 15-12827) on July 18, 2015, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by Pinder Singh, president. Judge Fredrick E. Clement presides over the case. David R. Jenkins, Esq., at David R. Jenkins, PC, serves as the Debtor's bankruptcy counsel. On Dec. 29, 2015, Randell Parker was appointed as Chapter 11 Trustee. No official committee of unsecured creditors has been appointed in the case. BMC STOCK: Moody's Assigns B2 Corp. Family Rating, Outlook Pos. --------------------------------------------------------------- Moody's Investors Service assigned a B2 Corporate Family Rating and B2-PD Probability of Default Rating to BMC Stock Holdings Inc, and withdrew the ratings assigned to Building Materials Holding Corporation. In related rating actions, Moody's assigned a Speculative Grade Liquidity rating of SGL-3, and a B3 rating to BMC's proposed $325 million senior secured notes due 2024. Proceeds from the proposed notes will be used to redeem the company's existing 9.0% $250 million senior secured notes due 2018, at which time the rating will be withdrawn, to reduce borrowings under the revolving credit facility, and to pay make-whole premium and related fees and expenses. BMC anticipates a reduced rate for the proposed notes relative to the existing notes that are being refinanced. Moody's expects the proposed notes to have substantially the same terms and conditions as the existing senior secured notes due 2018. The rating outlook is positive. Strength in new housing construction, main driver of BMC's revenues and resulting earnings, will result in better debt credit metrics that could support higher ratings. Moody's views the proposed lower pricing and maturity date extension for the secured notes as credit positives. Cash interest savings would be in the range of $4 -- $5 million per year. The range of interest savings is dependent upon final notes amount. However, BMC will not begin to reap the benefits of these lower cash interest payments until mid-2019, since it needs to pay make-whole premium and related fees and expenses. Despite the interest savings and higher level of debt, Moody's anticipates only modest improvement in interest coverage and minimal deterioration in debt leverage characteristics. Upon closing of the proposed notes issuance, BMC will have about $500 million of total debt, inclusive of approximately $80 million of adjustments for operating lease commitments. By refinancing the existing notes, the company's asset-based revolving credit facility no longer has a springing maturity constraint. The revolver now expires on its stated maturity of December 2020, resulting in an extended maturity profile. The reduced size of the revolving credit facility to $375 million from $450 million is not a credit risk. The company did not have sufficient collateral to give it full access at the higher amount. The revolver will no longer have a second lien on the company's long-term assets. BMC will have a full access to its $375 million. Because of the terming out revolver borrowings previously used for acquisitions, we estimate revolver availability in the range of $240 - $290 million on a pro forma basis as of 2Q16. Assignments: Issuer: BMC Stock Holdings, Inc. Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Speculative Grade Liquidity Rating, Assigned SGL-3 Senior Secured Regular Bond/Debenture, Assigned B3 (LGD5) Outlook Actions: Outlook, Assigned Positive Withdrawals: Issuer: Building Materials Holding Corporation Probability of Default Rating, Withdrawn , previously rated B2-PD Corporate Family Rating, Withdrawn , previously rated B2 RATINGS RATIONALE BMC Stock Holdings, Inc.'s B2 Corporate Family Rating reflects its leveraged capital structure, though Moody's projects debt leverage metrics getting better over the next 12-18 months due to higher earnings. Expectations of better operating margins, albeit from low levels, and reasonable interest coverage provide some offset to the amount of debt utilized in BMC's capital structure. In addition, new housing construction, main revenue driver, is experiencing solid growth trends, which Moody's expects to continue over our time horizon. Good revolver availability provides flexibility to meet seasonal working capital demands. Moody's still anticipates operating leverage and cost synergies translating into operating margins expanding to 4.0% by year-end 2017 from 3.4% for LTM 2Q16. BMC's operating margins are solid relative to similarly rated distributors. Higher revenues, better operating performance, and lower cost of debt will translate into better coverage ratios. Moody's projects adjusted interest coverage (measured as EBITA-to-interest expense) improving towards 4.0x now over our time horizon from around 3.3x for LTM 2Q16, inclusive of only 6.5 months of the merged entities. Moody's forecasts adjusted debt-to-EBITDA near 3.0x by year-end 2017 from 3.4x at 2Q16 (all ratios include Moody's standard adjustments). The Speculative Grade Liquidity SGL-3 reflects Moody's expectations that BMC will be able to fund its operating requirements and capital expenditures over the next 12 months. The liquidity rating is currently constrained by our expectations of low levels of free cash flow throughout the year and a negligible amount of cash on hand. However, good revolver availability is more than sufficient to meet any potential shortfall in operating cash flow to cover its organic growth needs. The positive rating outlook reflects expectations of better debt credit metrics that could support higher ratings. The B3 rating assigned to the proposed senior secured notes due 2024, one notch below the Corporate Family Rating, results from their effective subordination to the company's asset-based revolving credit facility. These notes are the junior debt in the company's capital structure, placing them in a first-loss position if a recovery scenario were to ensue. The notes 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. BMC's operating subsidiaries guarantee the notes. An upgrade could ensue if BMC exhibits smooth integration between the merged companies and benefits from growth in its end markets, resulting in operating performance that validates and exceeds Moody's expectations and yields the following credit metrics (ratios include Moody's standard adjustments) and characteristics: Operating margin nearing 5.0% (3.4% for LTM 2Q16) Debt-to-EBITDA sustained below 4.0x (3.4x at 2Q16) Permanent debt reduction or a better liquidity profile Stabilization of the ratings could occur if BMC's operating performance falls below our expectations resulting in these credit metrics (ratios include Moody's standard adjustments) and characteristics: Operating margin contracting towards 2.5% Debt-to-EBITDA sustained above 5.0x EBITA-to-interest expense remains below 2.0x (3.3x for LTM 1Q16) Significant deterioration in the company's liquidity profile Sizeable dividends Large debt-financed acquisitions The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. BMC Stock Holdings, Inc., headquartered in Atlanta, GA, is the surviving entity following the all-stock merger on Dec. 1, 2015, between Stock Building Supply Holdings, Inc. and Building Materials Holding Corporation. BMC is a national distributor of lumber, trusses, millwork, and other building products, and provider of construction services for mainly the domestic residential new construction sector. Pro forma revenues for the 12 months through June 30, 2016, totaled approximately $3.0 billion. BMC STOCK: S&P Assigns 'BB-' Rating on Proposed $325MM Sr. Notes ---------------------------------------------------------------- S&P Global Ratings said it assigned its 'BB-' issue-level rating and '2' recovery rating to BMC Stock Holdings Inc.'s (BMCH) proposed offering of $325 million senior secured notes due 2024. The '2' recovery rating indicates S&P's expectation for substantial (70% to 90%; low end of the range) recovery to bondholders in the event of a payment default. The 'B+' corporate credit rating and stable outlook are unchanged. "As per company management, we expect the issue proceeds, net of fees, to be used to retire the company's existing $250 million senior secured notes (set to mature in 2018) and repay a portion of the outstanding balance on its asset-based lending facility," said S&P Global Ratings credit analyst Christopher Andrews. "Thus, we view the transaction as debt for debt and do not expect it to have a material impact on the company's credit rating. We forecast the company to achieve debt to EBITDA of 3x-4x on a run-rate basis." S&P's corporate credit rating on BMCH is 'B+' based on S&P's assessment of the company's financial risk profile as significant and business risk profile as weak. BMCH is a leading national distributor of lumber, building materials, trusses, doors, millwork, and construction services to the homebuilding industry. Formerly operating as Building Materials Holdings Corp., the company effectively doubled its size and market share when it merged with peer distributor Stock Building Supply Holdings Inc. in December 2015. BMCH's operational footprint now spans 42 major metropolitan areas in 17 states and includes 90 distribution yards, 34 truss and structures manufacturing facilities, and 47 millwork operations. A majority of the customer base comprises homebuilders and contractors, meaning its end markets are primarily tied to new home construction and, therefore, the cyclical nature of the U.S. housing market. C&J ENERGY: Seeks Approval of Non-Insider Compensation Program -------------------------------------------------------------- BankruptcyData.com reported that C&J Energy Services filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving non-insider compensation program. The motion explains, "This Motion seeks the approval, on a postpetition basis, of the Debtors' prepetition non-insider employee compensation program (the 'Non-Insider Compensation Program') applicable to the Debtors' critical non-insider key employees. The Non-Insider Compensation Program -- contemplates quarterly incentive compensation to 56 Participants, which payments are expected to total approximately $1.8 million for the third quarter payment due on or before Nov. 1, 2016 and approximately $1.8 million for the fourth quarter payment due on or before Feb. 1, 2017. All 56 Participants were eligible or became eligible for the Non-Insider Compensation Program prepetition. Due to the general uncertainty associated with the Debtors' chapter 11 restructuring process, the Debtors believe the Non-Insider Compensation Program mitigates these concerns and will motivate the Participants to remain with the Debtors, focused on ably executing their work throughout the Debtors' restructuring process." The Court scheduled a Sept. 26, 2016 hearing on the motion. About C&J Energy C&J Energy Services -- http://www.cjenergy.com/-- is a provider of well construction, well completions, well support and other complementary oilfield services to oil and gas exploration and production companies. As one of the largest completion and production services companies in North America, C&J offers a full, vertically integrated suite of services involved in the entire life cycle of the well, including directional drilling, cementing, hydraulic fracturing, cased-hole wireline, coiled tubing, rig services, fluids management services and other special well site services. C&J operates in most of the major oil and natural gas producing regions of the continental United States and Western Canada. C&J Energy Services Ltd. and 14 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-33590) on July 20, 2016. The Debtors' cases are pending before Judge David R Jones. The law firms Loeb & Loeb LLP and Kirkland & Ellis LLP serve as the Debtors' counsel. Fried, Frank, Harris, Shriver & Jacobson LLP acts as special corporate and tax counsel to the Debtors. Investment bank Evercore is the Debtors' financial advisor and AlixPartners is the Debtors' restructuring advisor. Ernst & Young Inc. is the proposed information officer for the Canadian proceedings. Donlin, Recano & Company, Inc. serves as the claims, noticing and balloting agent. CAPITAL INVESTMENT: Tranzon to Auction Miami-Dade Condo Unit ------------------------------------------------------------ Capital Investments, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Virginia to authorize the auction sale of a unit of residential condominium property located at 1021 NW 3rd Street, Unit 103, Miami-Dade County, Florida, Miami-Dade County Tax ID # 01-41-02-082-0070, to be conducted by Tranzon Fox and Tranzon Diggers ("Auctioneer"). The property is encumbered by (i) a lien to secure the payment of certain unpaid real estate taxes owed to the Miami-Dade County, Florida ("County") in the approximately amount of $1,751, and (ii) a lien to secure unpaid condominium assessments owed to the River Lofts Condominium Association, Inc. ("Condo Association") in the approximate amount of $2,831. There are no other known liens of record encumbering the property. The Debtor, by and through its designated representative, is charged with liquidating the assets of the bankruptcy estate and therefore has a sound business reason for selling the property. The Debtor believes that any sale of the property can only be efficiently and effectively accomplished by means of an auction conducted by a qualified auctioneer. The Debtor has concurrently filed its Application seeking to employ Auctioneer as an auctioneer for the purpose of conducting an auction sale of the property. The Auctioneer proposes to advertise for and conduct an on-line auction of the property on the later of Oct. 20, 2016 or 30 days from court approval. The Auctioneer will establish and advertise the procedures for the auction. Bidding will be managed by the Auctioneer and the highest and best bid will be determined at the Auctioneer's discretion, subject to a reserve bid amount of $25,000. The highest and best bidder will be required to tender a down payment of 10% of the purchase price, which price will be considered the highest and best bid. Within 14 days of the conclusion of the auction, the Court will hold a hearing ("Sale Hearing") to consider approval of the sale to the winning bidder and an order will be presented in connection with the Sale Hearing. Closing will occur within 10 days after the entry of an order approving the terms of the sale. Upon approval of the Motion, the Auctioneer will be paid a non-refundable sum of $4,000 to be applied to the Auctioneer's advertising and other expenses. The Auctioneer will be paid at closing a commission of 10% of the gross proceeds of sale and a 10% "Buyer's Premium" which will be added to the sale price and paid by the purchaser. Auctioneer will also be authorized to offer a fee of 2% of the high bid price to a buyer's broker who properly registers a client that subsequently closes on a sale of the property. This fee would be paid out of the Buyer's Premium. Liens of the County and the Condo Association will be paid in full at closing. About Capital Investments Capital Investments, LLC, sought Chapter 11 protection (Bankr. E.D. Va. Case No. 15-13600) on Oct. 15, 2015. The Hon Judge Robert G. Mayer is assigned to the case. The Debtor estimated assets of $1 million to $10 million and $1 million to $10 million in debt. The petition was signed by Abbas Ghassemi, manager. CAPITOL BC RESTAURANTS: Hires DJM as Real Estate Consultant ----------------------------------------------------------- Capitol BC Restaurants, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to employ DJM Realty Services, LLC as real estate consultants to the Debtor. In March 2011, the Debtor acquired the assets of Bugaboo Creek Holdings, Inc., consisting of the trade name "Bugaboo Creek", 18 leased restaurants, and the furniture, fixtures and equipment associated with the restaurants, from the bankruptcy of Bugaboo Creek. As of the petition date, the Debtor's assets consisted of leasehold rights in Nashua, New Hampshire, Newington, New Hampshire, South Portland, Maine, Bangor, Mane and Newark, Delaware. Capitol BC Restaurants requires DJM to: -- provide real estate consulting and advisory services in connection with the marketing and sale of the Leases; and -- advise with respect to the evaluation of the potential value of the Leases. DJM will be paid a fee of 6% of the gross proceeds of the transactions or sale of the Leases. DJM will be paid a retainer in the amount of $25,000. DJM will also be reimbursed for reasonable out-of-pocket expenses incurred. Lara Sessler, managing director of DJM Realty Services, 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 estates. DJM can be reached at: Lara Sessler DJM Realty Services, LLC 800 Boylston Street, 27th Floor Boston, MA 02199 Tel: (888) 424-1903 E-mail: lsessler@djmrealestate.com About Capitol BC, LLC Capitol BC, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D.N.C.. Case No. 15-10411) on June 10, 2016. Hon. Joan N. Feeney presides over the case. Murphy & King professionals represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10,000 million in assets and $10 million to $50 million in liabilities. The petition was signed by Bruce A. Erickson, CRO. No official committee of unsecured creditors has been appointed in the case. CAT CONNECTION: Court OKs Continued Cash Use Through January 2017 ----------------------------------------------------------------- Judge Brenda K. Martin of the U.S. Bankruptcy Court for the District of Arizona authorized Cat Connection LLC, doing business as New Cat Condos, to continue using cash collateral until Jan. 1, 2017. The Troubled Company Reporter has previously reported that the Debtor asked the Court for authority to continue using cash collateral in order for it to continue its operations uninterrupted, with a Budget providing for total expenses in the amount of $443,957 covering the months of August 2016 to December 2016. A full-text copy of the Cash Collateral Order, dated September 1, 2016, is available at https://is.gd/Fai9f1 CAT Connection LLC: Harold E. Campbell, Esq. Vincent R. Mayr, Esq. CAMPBELL & COOMBS, P.C. 1811 S. Alma School Road, Suite 225 Mesa, Arizona 85210 Tel: (480) 839-4828 Fax: (480) 897-1461 Email: heciii@haroldcampbell.com vincent@haroldcampbell.com About CAT Connection LLC CAT Connection LLC, in the business of manufacturing and selling pet products, filed a chapter 11 petition (Bankr. D. Ariz. Case No. 15-15217) on Nov. 30, 2015. The petition was signed by Robert Baker, Jr., owner. The Debtor is represented by Harold E. Campbell, Esq., at Campbell & Coombs, P.C. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. CAYOT REALTY: Can Use Colony AMC Cash Collateral on Final Basis --------------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York, authorized Cayot Realty, Inc., to use cash collateral of Colony AMC OPCO, LLC, as Special Servicer, for Wells Fargo Bank, National Association, as Trustee for the Registered Holders of Colony Multifamily Mortgage Trust 2014-1, Commercial Mortgage Pass-Through Certificates, Series 2014-1, and Sterling National Bank f/k/a Provident Bank on a final basis. Colony AMC asserted that the Debtor was indebted to it in the amount of $1,888,067.45. The Debtor listed the amount owed to Colony AMC in its schedules as $2,106,023. Colony AMC holds valid, perfected and enforceable blanket liens on and security interests on all of the Debtor's assets and proceeds thereof, including cash collateral. The Debtor owes Sterling National Bank the amount of $35,000 as of the Filing Date. The approved monthly Budget provides for total expenses in the amount of $26,124.02. Colony AMC was granted a replacement security interest on all of the right, title and interest of the Debtor in, to and under all present and after-acquired property and assets of the Debtor, of any nature whatsoever, except avoidance actions, and subject to a Carve Out. It was also granted an allowed superpriority administrative expense claim, having priority over all other administrative expense claims and unsecured claims against the Debtor's estate. The Debtor was directed to make monthly adequate protection payments to Colony AMC in the amount of $14,894. The Carve Out consists of: (a) fees under 28 U.S.C. Section 1930 and 31 U.S.C. Section 3717; (b) fees payable to the Clerk of the Bankruptcy Court; (c) unpaid fees, costs and expenses incurred by persons or firms retained by the Debtor; (d) the costs of administrative expenses not to exceed $10,000; and (e) proceeds of any recoveries of avoidance actions. A full-text copy of the Final Order, dated August 29, 2016, is available at https://is.gd/3awVUz A full-text copy of the Cash Collateral Budget, dated August 29, 2016, is available at https://is.gd/V7yyyq Cayot Realty, Inc., can be reached at: CAYOT REALTY, INC. 333 Route 202 Pomona, NY 10970 Cayot Realty, Inc. is represented by: Rosemarie E. Matera, Esq. KURTZMAN MATERA, P.C. 664 Chestnut Ridge Road Spring Valley, NY 10977 Telephone: (845) 352-8800 E-mail: rmatera@kmpclaw.com Wells Fargo, National Association is represented by: Thomas A. Draghi, Esq. WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN, LLP Uniondale, NY 11556 Telephone: (516)622-9200 E-mail: tdraghi@westermanllp.com Sterling National Bank f/k/a Provident Bank is represented by: Lance Portman, Esq. MCCABE & MACK, LLP 63 Washinton Street PO Box 509 Poughkeepsie, NY 12602-0509 E-mail: lportman@mccm.com About Cayot Realty Cayot Realty, Inc. filed a chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-22664) on May 16, 2016. The Debtor is represented by Rosemarie E. Matera, Esq., at Kurtzman Matera, P.C. CDR STRAINERS: Hires William G. West as Accountant -------------------------------------------------- CDR Strainers & Filters, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ William G. West, P.C. as accountant to the Debtor. CDR Strainers requires William G. West to: a. prepare the Federal 2015 tax return and State 2016 report year franchise tax return; and b. make adjustments to the books and records of the Debtor to the extent necessary to prepare the returns. William G. West will be paid at these hourly rates: William G. West, CPA $300 Roger D. Martin, CPA $260 William A. Potter, CPA $230 Paraprofessionals $125 William G. West will also be reimbursed for reasonable out-of-pocket expenses incurred. William G. West, member of the firm William G. West, 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 estates. William G. West can be reached at: William G. West WILLIAM G. WEST, P.C. 12345 Jones Road, Sute 214 Houston, TX 77070 Tel: (281) 807-7811 About CDR Strainers CDR Strainers & Filters, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-31997) on April 18, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Susan Tran, Esq., at Corral Tran Singh LLP. No official committee of unsecured creditors has been appointed in the case. CERRITOS REFERENCE: PCO to Discontinue Ongoing Monitoring --------------------------------------------------------- Constance Doyle, the Patient Care Ombudsman for Cerritos Reference Laboratory Inc., filed a Second Interim Report for the period July-August 2016. The Patient Care Ombudsman finds that all services provided by the Debtor are well within the standards. The Ombudsman notes that the Debtor has three full time and nine part-time staff. There are three phlebotomists that are in the field for blood draws at resident facilities. No patients are treated or enter the facility. Moreover, the Report stated that the laboratory is CLIA Certified (Clinical Laboratory Improvement Amendments) as well as maintaining certification from the American Association of Bio analyst (AAB) - the proficiency certification. The PCO says she will remain on the case and be available for return visits if there is an issue, but due to the verification that there is no treatment of patients/public/clients at the Debtor, the PCO will discontinue ongoing monitoring, unless requested to do so by the US Trustee or the Court and is available to respond to any concern or questions of the Court or interested party. Cerritos Reference Laboratory, Inc., filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-14824) on April 14, 2016, and is represented by Christopher P Walker, Esq. COMPCARE MEDICAL: Hires Langwasser as Accountant ------------------------------------------------ Compcare Medical, Inc., seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Langwasser & Company, CPA as accountant to the Debtor. Compcare Medical requires Langwasser to: a. prepare an analysis, including capital gains calculations related to tax attributes, and other considerations, of the estate's assets, to determine the appropriate treatment for tax purposes; b. assist the Debtor in preparation of Federal and California income tax returns; c. communicate with the taxing authorities on behalf of the estate; and d. perform any other financial analysis investigation, general or forensic accounting services, and address any other tax matters which may be required by the Debtor to properly administer the estate and maintain tax compliance. Langwasser will be paid at these hourly rates: Karin Langwasser $225 Manager $225 Staff Accountant $165 Administrative Assistant $125 Langwasser will also be reimbursed for reasonable out-of-pocket expenses incurred. Karin Langwasser, member of Langwasser & Company, 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 Debtor and its estates. Langwasser can be reached at: Karin Langwasser LANGWASSER & COMPANY, CPA 99 East C Street, Suite 100 Upland, CA 91786 Tel: (909) 931-9080 Fax: (909) 981-1761 E-mail: klangwasser@langwasser.com About CompCare Medical CompCare Medical Inc. filed a chapter 11 petition (Bankr. C.D. Cal. Case No. 16-15707) on June 27, 2016, disclosing under $1 million in both assets and liabilities. The petition was signed by Alphonso Benton, president. The Debtor is represented by Todd L. Turoci, Esq., at The Turoci Firm. No official committee of unsecured creditors has been appointed in the case. COMPCARE MEDICAL: PCO Files 1st Interim Report ---------------------------------------------- Constance Doyle, the Patient Care Ombudsman for Compcare Medical, Inc., has filed a First Interim Report for the period of July 22, 2016 through August 31, 2016. The Patient Care Ombudsman finds that all care provided to the patients by the Debtor is well within the standards of care. The PCO added the Debtor undertakes every effort to assure a warm and caring environment. The Debtor is a one Physician general/family practice that is located in Chino Hills since 2010. There are two Physician Assistants, four Medical Assistants, a front office receptionist and an Office Manager for a total of eight employees. All employees are full time. The Ombudsman observed a warm interaction between staff, families, and patients. Rooms were kept clean and all equipment were properly tested and calibrated. There is a cabinet/cooler in waiting room with small bottles of water for patients and families. Moreover, the results of the patient satisfaction surveys of the Department of Health (DHS) and Medicare/MediCal are positive with scores in the 90's. In general, the Ombudsman reported that there are no major corrections advised. About CompCare Medical CompCare Medical Inc. filed a chapter 11 petition (Bankr. C.D. Cal. Case No. 16-15707) on June 27, 2016. The petition was signed by Alphonso Benton, president. The Debtor is represented by Todd L. Turoci, Esq., at The Turoci Firm. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million. CONNEAUT LAKE PARK: Bankruptcy Court Approves Ch. 11 Exit Plan -------------------------------------------------------------- The American Bankruptcy Institute, citing Meadville Tribune, reported that the financial reorganization plan for Conneaut Lake Park has been confirmed in U.S. Bankruptcy Court for Western Pennsylvania. According to the report, the Chapter 11 reorganization plan filed by Trustees of Conneaut Lake Park was confirmed on Sept. 6, 2016, by Chief U.S Bankruptcy Judge Jeffery Deller following a more than one hour hearing in U.S. District Court. The Joint Plan provides: (a) for payment of the Allowed Secured Tax Claims in full from land sale proceeds in 2016 and 2017; (b) for payment of the Allowed Secured Non-Tax Claims from net available land sale proceeds and with quarterly distributions funded by operations, amortized over 20 years at 6.00% interest, with a balloon payment on the 10th anniversary of the initial distribution date; and (c) the potential that holders of Allowed Unsecured Claims may receive a modest recovery that would not exist in a liquidation of all of the Debtor's assets. According to the Disclosure Statement, the Debtor estimates Allowed Unsecured Claims to total $884,844: A. Amount Debtor Scheduled (Disputed and Undisputed) $884,844 B. Amount of Unscheduled Unsecured Claims $1,844,846 ---------------- C. Total Claims Scheduled or Filed $2,729,690 D. Amount Debtor Disputes $1,844,846 ---------------- E. Estimated Allowable Unsecured Claims $884,844 The Debtor estimates a total of between $50,000 and $100,000 will be distributed on account of Allowed Class 18 Claims between October 2018 and July 2020. Based upon an estimated Allowed Class 18 Claim pool of approximately $900,000, the Debtor estimates a 5% to 10% dividend will be made on account of Allowed Class 18 Claims. The Reorganized Debtor, however, does not guarantee the amount nor the timing of any Distribution to be made on account of Allowed Class 18 Claims. Additionally, any default by the Reorganized Debtor in payment of its DIP Loan obligations may result in a cessation of payments on account of Class 18 Allowed Unsecured Claims. About Conneaut Lake Park Conneaut Lake Park is a summer amusement resort, located in Conneaut Lake, Pennsylvania. Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania, on Dec. 4, 2014. The case is assigned to Judge Thomas P. Agresti. The Debtor estimated assets and debt of $1 million to $10 million. Trustees of Conneaut Lake Park filed for bankruptcy protection less than 20 hours before the Crawford County amusement park was scheduled to go to sheriff's sale for almost $930,000 in back taxes and related fees. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, in Pittsburgh, as counsel. CT WALKER HOUSING: Hires Windels Marx as Counsel ------------------------------------------------ Reverend C.T. Walker Housing Development Fund Corporation seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Windels Marx Lane & Mittendorf, LLP as counsel to the Debtor. Reverend C.T. Walker requires Windels Marx to: a. advise the Debtor regarding its powers and duties as debtor-in-possession in the continued management and operation of its business and property; b. attend meetings and negotiate with representatives of creditors and other parties-in-interest; c. take necessary action to protect and preserve the Debtor's estate, prosecute actions on the Debtor's behalf, defend any action commenced against the Debtor and represent the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, and object to claims filed against the estate; d. prepare motions, applications, answers, orders, reports and papers necessary to the administration of the estate; e. negotiate and prepare on behalf of the Debtor a plan of reorganization or liquidation and all related documents; f. represent the Debtor in obtaining any post-petition loans and authorization to use cash collateral; g. advise the Debtor in connection with the sale of assets; h. appear before the bankruptcy Court and any appellate courts and protect the interests of the Debtor's estate before the bankruptcy court; and i. perform other necessary legal services and provide other necessary legal advice to the Debtor in connection with the Chapter 11 case. Windels Marx will be paid at these hourly rates: Charles E. Simpson $675 Partners $375-$975 Associates $210-$495 Paraprofessionals $170 Windels Marx will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles E. Simpson, member of the law firm of Windels Marx Lane & Mittendorf, 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 estates. Windels Marx can be reached at: Charles E. Simpson, Esq. WINDELS MARX LANE & MITTENDORF, LLP 156 West 56th Street New York, NY 10019 Tel: (212) 237-1000 About Reverend C.T. Walker Reverend C.T. Walker Housing Development Fund Corporation, based in New York, NY, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-43014) on July 7, 2016. The Hon. Elizabeth S. Stong presides over the case. Charles E Simpson, Esq., at Windels Marx Lane & Mittendorf, LLP, serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Reginald L. Bachus, president. No official committee of unsecured creditors has been appointed in the case. D.J. SIMMONS: Hires Mercer Capital as Financial Advisor ------------------------------------------------------- D.J. Simmons Company Limited Partnership, Kimbeto Resources, LLC, and D.J. Simmons, Inc., seek authority from the U.S. Bankruptcy Court for the District of Colorado to employ Mercer Capital as financial advisor to the Debtors. D.J. Simmons requires Mercer Capital to: (a) review, advise, and make recommendations regarding projections, valuation consulting, market interest rates, and any other consultation or advisor role regarding aspects affecting Debtors' reorganization efforts; and (b) provide factual or expert testimony in conjunction with pending and potential litigation, including future adversary proceedings and contested matters, in the bankruptcy cases, and provide necessary reports, review of other experts' reports, work product, rebuttal issues, and any other similar tasks concerning litigation support services. Mercer Capital will be paid at these hourly rates: Bryce Erickson $395 Don Erickson $550 Officers $325-$750 Senior Analysts $250-$260 Research staff $165-$220 Mercer Capital will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryce Erickson, senior vice president of Mercer Capital, 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. Mercer Capital can be reached at: Bryce Erickson MERCER CAPITAL 12201 Merit Drive, Suite 480 Dallas, TX 75251 Tel: (214) 468-8400 Fax: (214) 468-8477 E-mail: ericksonb@mercercapital.com About D.J. Simmons Company Farmington, New Mexico-based D.J. Simmons Inc. -- http://www.djsimmons.com/-- is an independent oil and gas exploration and production company. D.J. Simmons and its affiliates have oil and natural gas reserves from 100 wells operated by DJS, Inc., and 500 wells operated by third parties in Colorado, New Mexico, Utah, and Texas. Kimbeto Resources, LLC, owns 13 wells in Rio Arriba County, New Mexico. DJS, Inc., also operates the wells owned by Kimbeto. D.J. Simmons Company Limited Partnership holds most of the oil and gas and other assets. Kimbeto holds oil, gas, and other related assets on land owned by the Jicarilla Apache Tribe. DJS, Inc, operates the assets and employs a small administrative staff. DJS Co. LP, Kimbeto and DJS, Inc., filed Chapter 11 petitions (Bankr. D. Colo. Case Nos. 16-11763, 16-11765 and 16-11767) on March 1, 2016. The cases are jointly administered under Lead Case No. 16-11763. The Hon. Joseph G. Rosania, Jr., presides over the case. The petitions were signed by John Byrom, president of DJS, Inc. DJS Co. LP disclosed $9.94 million in total assets and $12.9 million in total liabilities. Kimbeto disclosed $976,000 in total assets and $9.81 million in total liabilities. Ethan Birnberg, Esq., at Lindquist & Vennum LLP, serves as the Debtors' counsel. Richard L. Gerding, Esq., at Gerding & O'Loughlin P.C., as special counsel. No official committee of unsecured creditors has been appointed in the case. DARIOHEALTH CORP: Needs More Capital to Continue as a Going Concern ------------------------------------------------------------------- DarioHealth Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $2.72 million on $669,000 of revenues for the three months ended June 30, 2016, compared to a net loss of $2 million on $175,000 of revenue for the same period in 2015. As of June 30, 2016, the Company had $9.13 million in total assets, $3.93 million in total liabilities and a total stockholders' equity of $5.20 million. As of June 30, 2016, the Company had approximately $6,376 in cash and cash equivalents compared to $981 at June 30, 2015. The Company have experienced cumulative losses of $47,717 from inception (August 11, 2011) through June 30, 2016, and have a stockholders' equity of $5,205 at June 30, 2016. In addition, they have not completed their efforts to establish a stable recurring source of revenues sufficient to cover their operating costs and expects to continue to generate losses for the foreseeable future. There is no assurance that the Company will be able to obtain an adequate level of financing needed for the long-term development and commercialization of their product. These conditions raise substantial doubt about our ability to continue as a going concern. The Company has a significant present need for capital. If the Company is unable to scale up its commercial launch of DarioTM or meet its commercial sales targets (or if it is unable to generate any revenue at all), and if it is unable to obtain additional capital resources in the near term, the Company may be unable to continue activities absent material alterations in its business plans and the business might fail as a result. A copy of the Form 10-Q filed with the U.S. Securities and Exchange Commission is available at: https://is.gd/NGN2w8 DarioHealth Corp. (formerly: LabStyle Innovations Corp.) is a digital health company that is developing and commercializing a patented and proprietary technology providing consumers with laboratory-testing capabilities using smart phones and other mobile devices. The Company's flagship product, DarioTM, also referred to as the DarioTM Smart Diabetes Management Solution, is a mobile, real-time, cloud-based, diabetes management solution based on an innovative, multi-feature software application combined with a stylish, 'all-in-one', pocket-sized, blood glucose monitoring device, which the company calls the DarioTM Smart Meter. DEJEAN AUTOMOTIVE: Hires David Sticker as Accountant ---------------------------------------------------- Dejean Automotive, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Texas to employ David Sticker & Co. P.C. as accountant to the Debtor. Dejean Automotive requires David Sticker to: a. supervise and maintain separate books and accounts for the debtor in possession as of the petition date; b. assist in the preparation and execution all required monthly operating reports by the court; and c. perform any other standard accounting services needed from time to time throughout the Chapter 11 process, including but not limited to the preparation of tax returns and payroll tax reporting. David Sticker will be paid at these hourly rates: Partners $200 Staff Accountants $90 David Sticker will also be reimbursed for reasonable out-of-pocket expenses incurred. David Sticker, member of David Sticker & Co. 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 estates. David Sticker can be reached at: David Sticker DAVID STICKER & CO. P.C. 2180 Eastex Freeway Beaumont, TX 77703 Tel: (409) 899-3000 About DeJean Automotive, Inc. DeJean Automotive, Inc., based in Port Arthur, Tex., filed a Chapter 11 petition (Bankr. E.D. Tex. Case No.16-10372) on August 1, 2016. Frank J. Maida, Esq., at Maida Law Firm, P.C., as bankruptcy counsel. In its petition, the Debtor indicated $1.05 million in total assets and $798,239 in total liabilities. The petition was signed by Christopher DeJean, president. No official committee of unsecured creditors has been appointed in the case. DELAWARE MOTEL: US Trustee Unable to Appoint Creditors' 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 Delaware Motel Associates Inc. About Delaware Motel Associates Delaware Motel Associates Inc., based in Sunbury, Ohio, filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 16-51771) on July 24, 2016. The petition was signed by Champakbhai Patel, president. The Hon. Alan M. Koschik presides over the case. David A. Mucklow, Esq., serves as bankruptcy counsel. The Debtor estimated $1.78 million in assets and to $1.71 million in liabilities at the time of the filing. DOMINION STEEL: U.S. Trustee Forms 3-Member Committee ----------------------------------------------------- U.S. Trustee Judy A. Robbins on Sept. 6 appointed three creditors to serve on the official committee of unsecured creditors of Dominion Steel Specialties, Inc. The committee members are: (1) Dragon Trading, Inc. Attn: James Steindecker 211 East 70th Street, Suite 20D New York, NY 10021 Tel: (212) 717-1496 E-mail: james@dragonsteelproducts.com (2) KOS America, Inc. Attn: Stacie Jung 4600 Cantrell Road Flowery Branch, GA 30542 Tel: (770) 965-1145 x 307 Fax: (770) 965-1147 E-mail: stacie@kosamerica.com (3) US Rigging Supply Attn: R. T. Walker 1600 East McFadden Avenue Santa Ana, CA 92705 Tel: (714) 545-7444 Fax: (714) 545-3311 E-mail: twalker@usrigging.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. Headquartered in Houston, Texas, Dominion Steel Specialties, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 16-34107) on Aug. 18, 2016, listing $3.39 million in total assets and $3.09 million in total liabilities. The petition was signed by Robert R. Comeaux, Jr., president. Judge David R. Jones presides over the case. Kimberly Anne Bartley, Esq., at Waldron & Schneider, L.L.P., serves as the Debtor's bankruptcy counsel. DORAL FINANCIAL: Court Approves Committee-FDIC Settlement --------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved Doral Financial (DFC), Doral Properties and the official committee of unsecured creditors' joint motion to approve a settlement with the Federal Deposit Insurance Corporation in its capacity as receiver for Doral Bank Puerto Rico (FDIC-R) and related parties. As previously reported, "The Settlement Agreement provides the Debtors' estates with the following benefits: the settlement of the FDIC-R's servicing-related claims and allowance of the Doral Bank POC for significantly reduced amounts, solely to the extent of: an administrative expense claim of $700,000; and an unsecured claim of $4,250,000. DFC's entitlement to 100% of any recoveries up to $20 million on account of the Tax Assets, and 80% of any recoveries in excess of $20 million; DFC's entitlement to 80% of any recoveries on account of the DFC Overpayment; DFC's retention of 100% of the net proceeds of the sale of the OA Parking Lot (approximately $1.5 million); the disallowance of the Doral Recovery II POC; reservation of each of the parties' rights with respect to the proceeds of directors and officers insurance policies historically maintained by the DFC Group; mutual releases; and cessation and dismissal of the pending litigations." About Doral Financial Corp. Doral Financial Corp. (the "DFC") is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. The company has three wholly-owned subsidiaries: Doral Properties, Inc., Doral Insurance Agency, LLC, and Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. It estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. DORAN LOFTS: Creditors Consent to Interim Cash Use -------------------------------------------------- Doran Lofts, LLC asks the U.S. Bankruptcy Court for the Central District of California to approve its Stipulation with East West Bank, Dove Street Capital Lenders, LLC, Delovely Properties, LLC, and Neuman Properties & Development, LLC regarding the Debtor's use of cash collateral. The Debtor relates that it derives substantially all of its income from the property commonly known as 730 W. Doran Street, Glendale, California. The Debtor further relates that it requires the use of all of the cash collateral in order to continue the operation of its business, maintain the Property, pay operating expenses, and in order to further the reorganization of the Debtor's business. The Debtor is indebted to East West Bank in an aggregate amount not to exceed $6,100,000, pursuant to a Promissory Note. East West Bank has a lien that encumbers the Property and the revenues, or cash collateral, generated therefrom. Dove Street, Delovely and Neuman also assert an interest in the Property and in the cash collateral. The Debtor tells the Court that East West Bank, Dove Street, Neuman and Delovely have consented to the use of cash collateral through Sept. 6, 2016. The relevant terms of the Stipulation, among others, are: (a) The Debtor's secured creditors will be given replacement liens om all of the Debtor's property generated, created, arising, or received after the Petition Date, with the same validity and extent, and in the same priority as their interests presently attach to the Property and Cash Collateral. (b) The Debtor will pay to East West Bank, monthly adequate protection payments in the amount of $22,908. (c) Termination Events: (1) The confirmation of any plan of reorganization in the bankruptcy case; (2) The conversion of the case, for any reason, to a case under Chapter 7 of the Bankruptcy Code; (3) The appointment of a Trustee in the Chapter 11 case; (4) Failure to make adequate protection payment; (5) The dismissal of the Debtor's Chapter 11 case; or (6) Sept. 6, 2016. A full-text copy of the Debtor's Motion, dated Aug. 29, 2016, is available at https://is.gd/c7b8Tm A full-text copy of the Stipulation, dated Aug. 29, 2016, is available at https://is.gd/5cjkJN About Doran Lofts Doran Lofts, LLC filed a chapter 11 petition (Bankr. C.D. Cal. Case No. 16-10015) on Jan. 4, 2016. The Debtor is represented by James A. Tiemstra, Esq., at Tiemstra Law Group PC. EAST COAST: Ch. 11 Trustee, Ch. 7 Conversion Sought --------------------------------------------------- Judy A. Robbins, the United States Trustee for Region 4, filed an emergency motion asking the U.S. Bankruptcy Court to direct the appointment of a Chapter 11 Trustee for East Coast Beverages, Inc., or, in the alternative, convert the Chapter 11 case to one under Chapter 7 of the Bankruptcy Code. According to the report, the Debtor operates a single liquor store that goes by the name, "Crusader's Mart." Prior to the filing of the bankruptcy case, the Debtor ordered and received an unusually high amount of inventory on credit from its wholesalers, the U.S. Trustee said. Subsequent to the filing of the case, East Coast began attempting to liquidate its inventory at extreme discounts in exchange for cash-only payments. Moreover, East Coast is attempting to sell its inventory for cash in order to avoid reporting all of its income and to transfer that income to its principal, Ms. Yi, for her own personal use, including absconding with the cash to Korea, the U.S. Trustee told the Court. The U.S. Trustee asserted that the appointment of a Chapter 11 trustee would be in the best interests of creditors at this time because (a) the oversight of a trustee is needed to account for and protect the remaining inventory from dissipation, and (b) the trustee would be in the best position to determine whether liquidating East Coast's inventory and other assets or the continuing operation of East Coast would be in the best interests of creditors. East Coast Beverages, Inc. filed a Chapter 11 petition (Bankr. D. Md. Case No. 16-19436) on July 14, 2016, and is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. EL VOLCAN: Wants to Use MODOR Cash Collateral --------------------------------------------- El Volcan, LLC, asks the U.S. Bankruptcy Court for the Western District of Missouri for authorization to use cash collateral in the ordinary course of business. The Debtor's proposed Budget provides for monthly expenses in the amount of $54,255. The Debtor relates that the Missouri Department of Revenue, or MODOR, has a tax lien on the Debtor for unpaid taxes from previous years. The Debtor proposes to make monthly payments to MODOR prior to Plan confirmation, in the amount of $1,000. The Debtor further proposes to grant MODOR with replacement liens on all of the Debtor's right, title and interest in, to and under the collateral. A full-text copy of the Debtor's Motion, dated August 29, 2016, is available at https://is.gd/JkNBvI El Volcan, LLC is represented by: Bradley D. McCormack, Esq. THE SADER LAW FIRM 2345 Grand Boulevard, Suite 2150 Kansas City, MO. 64108-2663 Telephone: (816) 595-1802 E-mail: bmccormack@saderlawfirm.com About El Volcan El Volcan, LLC filed a chapter 11 petition (Bankr. W.D. Mo. Case No. 16-42362) on August 29, 2016. The Debtor is represented by Bradley D. McCormack, Esq., at The Sader Law Firm. The Debtor is a Missouri Limited Liability Company. Its sole member is Ms. Ramona Galindo. The Debtor operates as a Mexican food restaurant in Independence, Missouri. ENBRIDGE ENERGY: DBRS Puts 'BB' Jr. Subordinated Notes on Review ---------------------------------------------------------------- DBRS Limited placed all ratings of Enbridge Inc. (ENB), Enbridge Income Fund (EIF), Enbridge Pipelines Inc. (EPI), Enbridge Gas Distribution Inc. (EGD) and Enbridge Energy Partners, L.P. (EEP) Under Review with Developing Implications, as follows: -- ENB, Issuer Rating of BBB (high) -- ENB, Medium-Term Notes & Unsecured Debentures rated BBB (high) -- ENB, Cumulative Redeemable Preferred Shares rated Pfd-3 (high) -- ENB, Commercial Paper rated R-2 (high) -- EIF, Issuer Rating of BBB (high) -- EIF, Senior Unsecured Long-Term Notes rated BBB (high) -- EPI, Issuer Rating of "A" -- EPI, Medium-Term Notes and Unsecured Debentures rated -- EPI, Commercial Paper rated R-1 (low) -- EGD, Issuer Rating of "A" -- EGD, Unsecured Debentures & Medium-Term Notes rated "A" -- EGD, Commercial Paper rated R-1 (low) -- EGD, Cum. & Cum. Redeemable Convertible Preferred Shares rated Pfd-2 (low) -- EEP, Issuer Rating of BBB -- EEP, Senior Unsecured Notes rated BBB -- EEP, Junior Subordinated Notes rated BB (high) -- EEP, Commercial Paper rated R-2 (middle) The rating actions follow ENB's announcement that it has entered into a definitive merger agreement with Spectra Energy Corporation (SEC), a Houston, Texas-based energy company that indirectly owns and operates a large and diversified portfolio of predominantly natural gas-related assets in North America, including pipelines, storage and processing operations in the Northeastern and Southwestern United States and Western Canada and natural gas distribution and storage in Ontario through its wholly owned subsidiary, Spectra Energy Capital, LLC (Spectra Capital, rated BBB; see DBRS rating report dated August 4, 2016, for details). Spectra Capital's subsidiaries include 79%-owned Spectra Energy Partners, 100%-owned Westcoast Energy Inc. (Westcoast, rated A (low)), Union Gas Limited (Union, rated “A”; 100% owned by Westcoast) and a 50% investment in DCP Midstream, LLC (Phillips 66 is the other 50% owner). ENB will acquire all of the common shares of SEC in a stock-for-stock transaction (the Transaction) that values SEC common stock at approximately $37 billion (USD 28 billion) based on the closing price of ENB's common shares on September 2, 2016. ENB will also assume consolidated SEC debt of approximately $22 billion (USD 14.8 billion). The Transaction, which is expected to close in Q1 2017, has been unanimously approved by the boards of directors of both companies, but remains subject to ENB and SEC shareholder approval and certain regulatory approvals. Upon closing, SEC will become an indirect wholly-owned subsidiary of ENB and will cease to be a publicly held corporation. ENB plans a 15% annualized dividend increase in 2017 and annual 10% to 12% dividend growth thereafter through 2024. This is expected to result in a common dividend payout of 50% to 60% of available cash flow from operations (ACFFO), compared with ENB's current 50% target payout ratio. ENB also plans to divest of approximately $2 billion of non-core assets over the next 12 months to provide additional financial flexibility. Annual run-rate synergies of $540 million (USD 415 million) are expected, the majority of which is expected to be achieved in the latter part of 2018. In addition, approximately $260 million (USD 200 million) of tax savings are anticipated commencing in 2019. On a combined basis, ENB will have a secured project and risked development inventory of $74 billion (USD 56 billion) currently in execution, with a very strong contractual profile. With respect to the financial risk profile, ENB stated that it expects to fund future growth in a manner that is consistent with maintaining a strong investment-grade credit profile with key target metrics of 15% funds from operations (FFO) to debt and five times debt-to-EBITDA. DBRS notes that both ENB and SEC have significant capex programs over the medium term, with ENB's being back-end loaded and SEC's being front-end loaded, with the combination smoothing out the overall pattern somewhat over the 2017 to 2019 period. DBRS expects near-term pressure on ENB's credit metrics to continue as a result of assumption of SEC's existing debt and the relatively high near-term capex ($12.9 billion in 2017), partly offset by issuance of substantial common equity. Execution risk with respect to generating expected proceeds from the proposed asset sales is also present. In its August 23, 2016, press release, DBRS's confirmation of ENB ratings incorporated DBRS's assessment of ENB's strong business risk profile, which was expected to benefit over the medium term from completion of its current large portfolio of low-risk capital projects, combined with an aggressive financial risk profile that continued to pressure its credit metrics and has resulted in increased structural subordination at the ENB level over time. The Stable trends incorporated DBRS's expectation that any incremental investments in new projects would be consistent with maintaining a strong overall business risk profile and medium-term improvement in key credit metrics with the completion of the current large capital expenditure (capex) program. Note: All figures are in Canadian dollars unless otherwise noted. ENBRIDGE ENERGY: Moody's Affirms Ba1 Jr. Subordinated Bond Rating ----------------------------------------------------------------- Moody's Investors Service has affirmed the Baa2 senior unsecured ratings for Enbridge Inc. and its subsidiaries Enbridge Income Fund (EIF) and Enbridge Energy Limited Partnership (EELP). Moody's also affirmed the Baa3 senior unsecured rating for Enbridge Energy Partners, L.P. (EEP) and the Prime-2 commercial paper rating for Enbridge (U.S.) Inc. The rating outlooks for ENB, EIF, EELP and EEP remain negative. Moody's rating action follows the announcement that Enbridge and Spectra Energy Corp (Spectra) have agreed to merge in a transaction that assigns an enterprise value of about C$60 billion to Spectra. The companies expect to close the transaction around the end of the first quarter of 2017. RATINGS RATIONALE "The transaction is credit positive for Enbridge because Spectra brings increased size and scale, and helps create the largest midstream company in North America with a more diverse asset portfolio," said Gavin MacFarlane, Moody's Vice President -- Senior Credit Officer. "But the company's combined leverage remains elevated. We are maintaining a negative rating outlook for Enbridge until we see the company execute the transaction, the large capital program in 2017 and deleveraging plans." The combination of Enbridge with Spectra will enhance the market positions for both companies, and create the largest midstream company in North America. Both companies have extensive pipeline networks (mostly natural gas for Spectra, mostly liquids for Enbridge) in Canada and the US and the combined entity will benefit from this diversity. Enbridge owns the largest gas distribution utility in Canada, while Spectra owns the second-largest. Both companies have comparable low business risk profiles, with assets that are mostly contracted or regulated and have little exposure to commodity prices or sales volumes. The acquisition is expected to be financed with equity, not debt, which helps the transaction support credit quality, and Spectra's lower leverage benefits the over-all credit profile of the combined entities. Moody's maintains a negative rating outlook for Enbridge based on the company's very high levels of leverage. As of June 2016, Enbridge's ratio of debt-to-EBITDA was 7.2x, while Spectra's was about 5.8x and on a combined last twelve months basis their leverage was about 6.7x. The higher combined leverage is owing to the larger size of Enbridge relative to Spectra, as Spectra accounts for roughly 40% of the combined entities' EBITDA. Moody's continues to expect the financial metrics of both companies to improve as they progress with their capital programs. At the same time, Enbridge has announced $2 billion of asset monetizations that Moody's expects will incrementally reduce leverage at ENB. Moody's views the prospect of asset monetizations as credit positive and considers this as a meaningful change from a financial strategy perspective, as this represents the first time this decade that management has sought to sell assets out of the group to fund its capital program. The combination of the two entities provides more levers for management to pull in order to manage pressure on credit quality. The negative outlook on ENB reflects its high leverage and execution risk associated with its plan to delever in a timely fashion. ENB has a plan to do so by the end of 2017 and a number of options at its disposal to reduce leverage. However, if the company fails to execute and debt-to-EBITDA of about 5.5x is unlikely to be achieved by the end of FY2017, the company could be downgraded. At this stage, EEP and EIF are largely unaffected by the proposed combination of parent ENB with Spectra. There are a number of issues before special committees at EEP that could lead to a change in its rating independent of developments at ENB. Headquartered in Calgary, Alberta, Canada, Enbridge Inc. is a North American liquids and gas pipeline and distribution holding company. The principal methodology used in these ratings was Global Midstream Energy published in December 2010. Outlook Actions: Issuer: Enbridge Energy Limited Partnership Outlook, Remains Negative Issuer: Enbridge Energy Partners, L.P. Outlook, Remains Negative Issuer: Enbridge Inc. Outlook, Remains Negative Issuer: Enbridge Income Fund Outlook, Remains Negative Affirmations: Issuer: Enbridge (U.S.) Inc. Senior Unsecured Commercial Paper, Affirmed P-2 Issuer: Enbridge Energy Limited Partnership Subordinate Shelf, Affirmed (P)Baa3 Senior Unsecured Shelf, Affirmed (P)Baa2 Senior Unsecured Regular Bond/Debenture, Affirmed Baa2 Issuer: Enbridge Energy Partners, L.P. Issuer Rating, Affirmed Baa3 Junior Subordinated Regular Bond/Debenture, Affirmed Ba1 Subordinated Shelf, Affirmed (P)Ba1 Senior Unsecured Shelf, Affirmed (P)Baa3 Senior Unsecured Commercial Paper, Affirmed P-3 Senior Unsecured Regular Bond/Debenture, Affirmed Baa3 Issuer: Enbridge Inc. Issuer Rating, Affirmed Baa2 Preferred Shelf, Affirmed (P)Ba1 Senior Unsecured Shelf, Affirmed (P)Baa2 Subordinate Shelf, Affirmed (P)Baa3 Pref. Stock Preferred Stock, Affirmed Ba1 Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa2 Senior Unsecured Regular Bond/Debenture, Affirmed Baa2 Issuer: Enbridge Income Fund Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa2 Senior Unsecured Shelf, Affirmed (P)Baa2 Senior Unsecured Regular Bond/Debenture, Affirmed Baa2 ESSAR STEEL: Creditors Panel Hires Zolfo as Financial Advisor ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Essar Steel Minnesota LLC, and ESML Holdings, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Zolfo Cooper, LLC as financial advisor to the Committee, nunc pro tunc to August 3, 2016. The Committee requires Zolfo to: a. advise the Committee regarding any financing or sale of the Debtor's business or assets; b. monitor the Debtors' use of cash and restructuring efforts, compare actual expenditures to budgets, evaluate the adequacy of historical financial and operating controls, track the status of the Debtor's professionals progress relative to developing and implementing programs such as preparation of a business plan, identify and dispose of non-productive assets, and prepare periodic presentations to the Committee summarizing findings and observations resulting from Zolfo's monitoring activities; c. analyze and comment on projections, business plans, financial statements, other documents and information provided by the Debtors professionals, and other information and data pursuant to the Committee's request; d. advise the Committee concerning interfacing with the Debtors, other constituencies and their respective professionals; e. prepare for and attend meetings of the Committee; f. analyze claims and perform investigations of potential preferential transfers, fraudulent conveyances, related- party transactions and such other transactions as may be requested by the Committee; g. analyze and advise the Committee about any proposed plans of reorganization, underlying business plans, including the related assumptions and rationale, and the related disclosure statements; h. prepare an expert report and provide testimony, as required; and i. provide other services as requested by the Committee. Zolfo will be paid at these hourly rates: Managing Directors $810-$1,010 Professional Staff $280-$810 Support Personnel $60-$275 Zolfo will also be reimbursed for reasonable out-of-pocket expenses incurred. David MacGreevey, managing director of the firm Zolfo Cooper, 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. Zolfo can be reached at: David MacGreevey ZOLFO COOPER, LLC 101 Eisenhower Parkway, 3rd Floor Roseland, NJ 07068 Tel: (973) 618-5000 Fax: (973) 618-9430 About Essar Steel Minnesota LLC Essar Steel Minnesota LLC and ESML Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11627 and 16-11626) on July 8, 2016. The bankruptcy petition was signed by Madhu Vuppuluri, president and chief executive officer. The Debtors are represented by Craig H. Averich, Esq., at White & Case LLP and John L. Bird, Esq. and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP. Epic Bankruptcy Solutions, LLC, serves as claims and noticing agent. The cases are assigned to Judge Brendan Linehan Shannon. ESML Holdings Inc. estimated assets at $1 billion to $10 billion and debts at $500 million to $1 billion. Essar Steel Minnesota LLC estimated assets and debts at $1 billion to $10 billion. Andrew Vara, acting U.S. trustee for Region 3, on July 20 appointed the official committee of unsecured creditors of ESML Holdings, Inc. and its affiliates. The Committee hired Andrew K. Glenn, at Kasowitz Benson Torres & Friedman LLP, to act as counsel; David MacGreevey, at Zolfo Cooper, LLC., to serve as financial advisor; and Garvan F. McDaniel, at Hogan McDaniel, to act as Delaware counsel. ESSAR STEEL: Creditors' Panel Hires Kasowitz as Counsel ------------------------------------------------------- The Official Committee of Unsecured Creditors of Essar Steel Minnesota LLC, and ESML Holdings, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Kasowitz Benson Torres & Friedman LLP as counsel to the Committee, nunc pro tunc to July 21, 2016. The Committee requires Kasowitz to: a. provide the Committee with legal advice with respect to its rights, duties and powers as an official committee appointed under the Bankruptcy Code; b. assist the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors; c. take all necessary actions to protect and preserve the interests of the Committee and the interests of those represented by the committee during the administration of the case, prosecute and defend actions on behalf of the estate, to the extent standing is sought by the Committee and granted by the bankruptcy Court; d. prepare pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; e. participate in formulating a plan suitable for the Debtors; f. assist the Committee in considering and requesting the appointment of a trustee or examiner or conversion, should such actions become necessary; g. consult with the Debtors, their professionals and the U.S. Trustee concerning the administration of the Debtor's estates; h. represent the Committee in hearings and other judicial proceedings; i. perform other legal services as may be required and as are deemed to be in the best interest of the Committee and the constituency which it represents. Kasowitz will be paid at these hourly rates: Andrew K. Glenn, Partner $1,000 Adam L. Shiff, Partner $1,000 Robert M. Novick, Partner $950 Stephen W. Tountas, Partner $750 Jeffrey A. Alexander, Associate $495 Shai Schmidt, Associate $475 Isaac Sasson, Associate $290 Kasowitz will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: a. Kasowitz advised the Committee that its fees will be commensurate with the fees charged to its other clients and fees charged in similar cases; b. None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; c. Kasowitz did not represent the Committee prior to the petition date; and d. Kasowitz, in conjunction with the Committee, is developing a prospective budget and staffing plan for the Chapter 11 case. Andrew K. Glenn, partner in the law firm of Kasowitz Benson Torres & Friedman 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. Kasowitz can be reached at: Andrew K. Glenn, Esq. KASOWITZ BENSON TORRES & FRIEDMAN LLP 1633 Broadway New York, NY 10019 Tel: (212) 506-1700 Fax: (212) 506-1800 About Essar Steel Minnesota LLC Essar Steel Minnesota LLC and ESML Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11627 and 16-11626) on July 8, 2016. The bankruptcy petition was signed by Madhu Vuppuluri, president and chief executive officer. The Debtors are represented by Craig H. Averich, Esq., at White & Case LLP and John L. Bird, Esq. and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP. Epic Bankruptcy Solutions, LLC, serves as claims and noticing agent. The cases are assigned to Judge Brendan Linehan Shannon. ESML Holdings Inc. estimated assets at $1 billion to $10 billion and debts at $500 million to $1 billion. Essar Steel Minnesota LLC estimated assets and debts at $1 billion to $10 billion. Andrew Vara, acting U.S. trustee for Region 3, on July 20 appointed the official committee of unsecured creditors of ESML Holdings, Inc. and its affiliates. The Committee hired Andrew K. Glenn, at Kasowitz Benson Torres & Friedman LLP, to act as counsel. David MacGreevey, at Zolfo Cooper, LLC., to serve as financial advisor. Garvan F. McDaniel, at Hogan McDaniel, to act as Delaware counsel. ESSAR STEEL: Panel Hires Hogan McDaniel as Delaware Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Essar Steel Minnesota LLC, and ESML Holdings, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Hogan McDaniel as Delaware counsel to the Committee, nunc pro tunc to July 21, 2016. The Committee requires Hogan to: a. assist, advise, and represent the Committee in its consultations with the Debtors regarding the administration of the bankruptcy Cases; b. assist, advise and represent the Committee with respect to the Debtors' retention of professionals and advisors with respect to the Debtor's business and the bankruptcy Cases; c. assist, advise and represent the Committee in analyzing the Debtor's assets and liabilities, investigate the extent and validity of liens and participate in and review any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; d. assist, advise and represent the Committee in any manner relevant to review and determine the Debtor's rights and obligations under leases and other executor contracts; e. assist, advise and represent the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtors, the Debtor's operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to the Cases or to the formulation of a plan; f. assist, advise and represent the Committee in connection with any sale of the Debtor's assets; g. assist, advise and represent the Committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; h. assist, advise and represent the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the best interest of those represented by the Committee; i. assist, advise and represent the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and j. provide other services to the Committee as may be necessary in the bankruptcy Cases. Hogan will be paid at these hourly rates: Daniel K. Hogan $455 Garvan F. McDaniel $435 Karen E. Harvey $210 Michelle D. Rust $210 Hogan will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: a. Hogan advised the Creditors' Committee that its fees will be commensurate with the fees charged to its other clients and fees charged in similar cases; b. None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; c. Hogan did not represent the Creditors' Committee prior to the petition date; and d. Hogan, in conjunction with the Creditors' Committee and Kasowitz, is developing a prospective budget and staffing plan for the Chapter 11 Cases. Garvan F. McDaniel, member of the law firm of Hogan McDaniel, 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. Hogan can be reached at: Garvan F. McDaniel, Esq. HOGAN MCDANIEL 1311 Delaware Avenue Wilmington, DE 19806 Tel: (302) 656-7540 About Essar Steel Minnesota LLC Essar Steel Minnesota LLC and ESML Holdings Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11627 and 16-11626) on July 8, 2016. The bankruptcy petition was signed by Madhu Vuppuluri, president and chief executive officer. The Debtors are represented by Craig H. Averich, Esq., at White & Case LLP and John L. Bird, Esq. and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP. Epic Bankruptcy Solutions, LLC, serves as claims and noticing agent. The cases are assigned to Judge Brendan Linehan Shannon. ESML Holdings Inc. estimated assets at $1 billion to $10 billion and debts at $500 million to $1 billion. Essar Steel Minnesota LLC estimated assets and debts at $1 billion to $10 billion. Andrew Vara, acting U.S. trustee for Region 3, on July 20 appointed the official committee of unsecured creditors of ESML Holdings, Inc. and its affiliates. The Committee hired Andrew K. Glenn, at Kasowitz Benson Torres & Friedman LLP, to act as counsel. David MacGreevey, at Zolfo Cooper, LLC., to serve as financial advisor. Garvan F. McDaniel, at Hogan McDaniel, to act as Delaware counsel. FORT WALKER HOLDINGS: 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 Fort Walker Holdings LLC. 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. FREEDOM COMMS: Wants Plan Exclusivity Extended to Nov. 29 --------------------------------------------------------- Freedom Communications, Inc. and its affiliated debtors and the Official Committee of Unsecured Creditors ask the U.S. Bankruptcy Court for the Central District of California for another 90-day extension of the periods during which the Debtors and the Committee have exclusive right to file and solicit acceptances to their joint chapter 11 plan, through and including Nov. 29, 2016 and through and including Jan. 28, 2017, respectively. According to the Movants, since the beginning of these chapter 11 cases, the Debtors have directed their efforts toward marketing their assets and soliciting offers for the purchase of their assets, and consequently were able to close a sale with MediaNews Group, Inc., d/b/a Digital First Media ("DFM"), on March 31, 2016. As reported by the Troubled Comopany Reporter, Tribune Publishing won an auction for the assets of Freedom Communications in March. However, at a hearing on March 21, the bankruptcy judge approved the sale of Freedom to Digital First Media, Inc., the stalking horse bidder. Tribune Publishing was ultimately declared the winning bidder at the March 16 bankruptcy auction. The $56 million deal, however, was challenged by the U.S. government, which filed a lawsuit on March 17 in U.S. District Court in Los Angeles, Calif. The goverment sought to block Tribune from closing its acquisition of Freedom's assets, saying the sale poses antitrust issues. Because Freedom Communications was to run out of operating capital by the end of March, it asked the Court to be allowed to name Digital First Media as the successful bidder. DFM's offer was about $52 million. In their motion to extend the Exclusivity Periods, the Debtors said they were not in a position to file a plan and disclosure statement prior to the conclusion of the sale of their assets, as the proceeds from the sale is the source of funding for the plan, Movants further claim. Currently, the Movants have been focusing their attention on negotiating and preparing a joint chapter 11 plan of liquidation pursuant to which, among other things, the proceeds of the sale will be distributed, and in order to assist the Debtors and the Committee in formulating a plan an accurate amount of estimated liabilities needs to be determined, so that the Debtors have filed four omnibus objections to claims, scheduled to be heard on September 26, 2016, and are continuing to review other claims filed against the Debtors' estates for other potential objections. Further, the Movants assert that the Debtors have filed amended schedules regarding employee priority and general unsecured claims, anticipating another round of claim objections to be prepared and filed relating to employee claims. Moreover, the Movants relate that the Debtor, SPV II, has initiated and resolved an adversary proceeding against Angelo, Gordon Management, LLC regarding the amount of Angelo Gordon's allowed unsecured claim in certain of these chapter 11 cases, and the resolution of such claim is critical to formulation of any plan. About Freedom Communications Headquartered in Santa Ana, California, Freedom Communications, Inc., owns two daily newspapers -- The Press-Enterprise in Riverside, Calif. and The Orange County Register in Santa Ana, Calif. Freedom Communications and 24 of its affiliates sought Chapter 11 bankruptcy protection in California with the intention of selling their assets to a group of local investors led by Rich Mirman, Freedom's chief executive officer and publisher. Headquartered in Santa Ana, California, Freedom owns two daily newspapers -- The Press-Enterprise in Riverside, Calif. and The Orange County Register in Santa Ana, Calif. Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy petitions (Bankr. C.D. Cal. Proposed Lead Case No. 15-15311) on Nov. 1, 2015. Richard E. Mirman signed the petition as chief executive officer. Lobel Weiland Golden Friedman LLP serves as the Debtors' counsel. The Debtors employed GlassRatner Advisory & Capital Group LLC as their financial advisor and consultant. Freedom Communications Holdings estimated both assets and liabilities in the range of $10 million to $50 million. The Official Committee of Unsecured Creditors is represented in the case by Robert J. Feinstein, Esq. and Jeffrey W. Dulberg, Esq., at PACHULSKI STANG ZIEHL & JONES LLP. FRONTIER STAR: Ch. 11 Trustee Hires McGrath as Accountant --------------------------------------------------------- P. Gregg Curry, the Chapter 11 Trustee of Frontier Star, LLC, et al., seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ Charles W. McGrath Jr., CPA, PC as accountant to the Debtors. Mr. Curry requires McGrath to provide necessary tax return preparation services for the tax years 2015 and 2016. McGrath will be paid at these hourly rates: Charles W. McGrath Jr. $300l Paul Nothman $150 Other Support Staff $60 McGrath will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles W. McGrath Jr., member of Charles W. McGrath Jr., CPA, PC, 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. McGrath can be reached at: Charles W. McGrath Jr. CHARLES W. MCGRATH JR., CPA, PC 11000 N Scottsdale Road 220 Scottsdale, AZ 85254 Tel: (480) 951-1040 About Frontier Star Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ LLC are large Carl's Jr. and Hardee's franchisees operated by three grandchildren of Carl Karcher, who founded the Carl's Jr. hamburger chain, now owned by parent company CKE Restaurants, Inc. The grandchildren include the LeVecke siblings Carl, Margaret and Jason, who is listed as chief executive officer/manager of both companies. The LeVecke siblings had more than 130 Carl's Jr. and Hardee's franchises in seven states and Puerto Vallarta, Mexico, as of late 2013. Frontier Star, LLC, and Frontier Star CJ, LLC, filed Chapter 11 bankruptcy petitions (Bankr. D. Ariz. Lead Case No. 15-09383) on July 27, 2015. The petitions were signed by Jason LeVecke as CEO/manager. The Cavanagh Law Firm serves as counsel to the Debtors. On Nov. 19, 2015, P. Gregg Curry was appointed as the Debtors' Chapter 11 trustee. Frontier Star disclosed $71.9 million in assets and $27.3 million in debt in its schedules. No official committee of unsecured creditors has been appointed in the case. GARDEN OF EDEN: Cause for Non-Entry of Cash Collateral Order Sought ------------------------------------------------------------------- Judge James L. Garrity Jr. of the U.S. Bankruptcy Court for the Southern District of New York ordered the Prepetition Lenders, Perishable Agricultural Commodity Act, Noah Bank and American Express Bank, FSB, all other secured creditors, the Office of the U.S. Trustee, and the unsecured creditors of Garden of Eden Enterprises, Inc. and its affiliated Debtors to show cause, at an interim hearing scheduled on August 31, 2016, why an interim order should not be entered authorizing the Debtor to use Cash Collateral. About Garden of Eden Enterprises, Inc. Garden of Eden Enterprises, Inc., Broadway Specialty Food, Inc., , Coskun Brothers Specialty, and Garden of Eden Gourmet Inc. filed chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-12488, 16-12490, 16-12491, 16-12492, respectively) on Aug. 29, 2016. The petitions were signed by Mustafa Coskun, president. The cases are assigned to Judge James L. Garrity Jr. Doing business as Garden of Eden, the Debtors operate three upscale full-service specialty-food retail stores at leased premises in New York. Debtor Garden of Eden Enterprises is the parent operating company of the Debtors, and maintains its place of business at 720 Anderson Avenue, Cliffside Park, New Jersey 07010. Clifford A. Katz, Esq. and Scott K. Levine, Esq. of Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP, serve as counsel to the Debtors. At the time of filing, the Debtors disclosed $8.05 million in assets and $8.29 million in liabilities. A copy of the Debtors' list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/nysb16-12488.pdf The Debtors have asked the Court to enter an order directing joint administration of their Chapter 11 cases for procedural purposes only under the case of Garden of Eden Enterprises. GARDEN OF EDEN: Seeks Authorization to Use Cash Collateral ---------------------------------------------------------- Garden of Eden Enterprises, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the Southern District of New York for authorization to use cash collateral. The Debtors relate that they want to use cash collateral in order to maintain their liquidity and to fund and continue their business operations and reorganization efforts including, but not limited to, funding the payroll and payroll tax obligations for their approximately 175 employees. The Debtors further relate that without the use of cash collateral, they will not have sufficient liquidity to continue their operations and reorganize their businesses during the pendency of the Chapter 11 cases. The Debtors' assets consist primarily of inventory and accounts receivables, certain fixed assets, investments and intercompany receivables which secure the Debtors' obligations to repay indebtedness in the amount of approximately $2,984,000 to Noah Bank. The Debtors are likewise indebted to American Express Bank in the amount of approximately $1,632,000 and various sellers who have certain rights under the Perishable Agricultural Commodities Act of 1930, or the PACA Creditors, in the amount of $360,000. The Debtors estimate that in accordance with their Interim Budget they will require the use of at least $50,000 for the two days pending a hearing seeking the entry of an Interim Order and thereafter seek to use approximately $514,000 which represents the Debtors' projected cash expenditures for a 14 day period, pending the entry of a Final Order. The Debtors' proposed Budget covers a period of 9 weeks, and provides for total disbursements in the amount of $487,214 for the week ending Sept. 4, 2016; $101,115 for the week ending Sept. 11, 2016; $243,630 for the week ending Sept. 18, 2016; and $85,325 for the week ending Sept. 25, 2016. The Debtors propose to grant Noah Bank, the PACA Creditors, and American Express replacement liens to the extent of any diminution in the value of their respective interests. The Debtors further propose to grant Noah Bank and American Express with a super-priority administrative expense claim. The Debtors say that they will make monthly interest-only payments to Noah Bank in the amount of $15,000. The Debtors also say that American Express will receive 6% of the Debtors' accounts receivables places through the American Express charge account. A full-text copy of the Debtors' Motion, dated Aug. 29, 2016, is available at https://is.gd/4mKGZ4 A full-text copy of the Debtors' proposed Budget, dated Aug. 29, 2016, is available at https://is.gd/VUunzB About Garden of Eden Enterprises Garden of Eden Enterprises, Inc. d/b/a Garden of Eden, Broadway Specialty Food, Inc. d/b/a Garden of Eden, Coskun Brothers Specialty Food, Inc. d/b/a Garden of Eden, and Garden of Eden Gourmet Inc. d/b/a Garden of Eden filed chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-12488, 16-12490, 16-12491, and 16-12492, respectively) on August 29, 2016. The petitions were signed by Mustafa Coskun, presidnet. The Debtors are represented by Clifford A. Katz, Esq., Scott K. Levine, Esq., and Teresa Sadutto-Carley, Esq., at Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP. The case is assigned to Judge James L. Garrity, Jr. The Debtors disclosed consolidated assets at $8.05 million and consolidated liabilities at $8.29 million. GEO V. HAMILTON: Hires Jeffrey L. Cornish as Part-Time Consultant ----------------------------------------------------------------- Geo V. Hamilton, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Jeffrey L. Cornish as part-time consultant to the Debtor. Geo V. Hamilton requires Mr. Cornish to: -- assist the Debtor with the preparation of timely and accurate financial reporting and projections on an ongoing basis; and -- provide the Debtor with advice, analyses, and recommendations with respect to finance, operations, management of existing debt, restructuring, and other business matters. Mr. Cornish will be paid at the hourly rate of $250, subject to a cap of $1,000.00 per day. Mr. Cornish will devote approximately three to four days per month on his engagement as part-time consultant. Mr. Cornish will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey L. Cornish, 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. He may be reached at: Jeffrey L. Cornish 208 Burkhart St. Bentleyville, PA 15314 Tel: (865) 803-2224 E-mail: JCORNISH@GMAIL.COM About Geo. V. Hamilton Formed in 1947, Geo. V. Hamilton, Inc. is based in McKees Rocks, Pennsylvania, its home of nearly seventy years. Hamilton is a distributor of insulation products and an insulation contractor serving a wide variety of industrial, energy and commercial facilities in the Pittsburgh area and elsewhere. Hamilton filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 15-23704) on Oct. 8, 2015, for the purpose of resolving all existing and future personal injury and wrongful death claims arising from alleged exposure to asbestos-containing product distributed or installed by Hamilton more than 40 years ago. Judge Gregory L. Taddonio is assigned to the case. The petition was signed by Joseph Linehan, the Company's general counsel. The Debtor has engaged Reed Smith LLP as counsel and Logan & Company, Inc., as claims and noticing agent. Schneider Downs & Co., Inc., as accounting consultant. On Oct. 23, 2015, the United States Trustee appointed the Official Committee of Asbestos Personal Injury Claimants to represent the shared interests of holders of current asbestos-related claims for personal injury or wrongful death against the Debtor. The Committee is represented by Douglas A. Campbell, Esq., at CAMPBELL & LEVINE, LLC, and Ann C. McMillan, Esq., Jeffrey A. Liesemer, Esq., and Kevin M. Davis, Esq., at CAPLIN & DRYSDALE, CHARTERED. On Dec. 8, 2015, the U.S. Trustee filed its statement that an unsecured creditors committee has not been appointed to represent the interests of unsecured creditors of the Debtor. On Dec. 23, 2015, the Court entered its order appointing Gary Philip Nelson as the Legal Representative of Holders of Future Asbestos Demands. The FCR is represented by Beverly A. Block, Esq., at Sherrard German & Kelly, PC. GOD'S UNIVERSAL: Case Summary & 9 Unsecured Creditors ----------------------------------------------------- Debtor: God's Universal Kingdom Christian Church, Inc. aka God's Universal Kingdom Christian Churches, Inc. aka God's Mainline Universal Prayer Congress, Inc. 4350 Branch Avenue Marlow Heights, MD 20748 Case No.: 16-21952 Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court District of Maryland (Greenbelt) Judge: Hon. Wendelin I. Lipp Debtor's Counsel: Michael G. Wolff, Esq. GOREN, WOLFF & ORENSTEIN, LLC 15245 Shady Grove Road Suite 465 North Lobby Rockville, MD 20850 Tel: 301-984-6266 Fax: 301-816-0592 E-mail: mwolff@gwolaw.com Total Assets: $2.66 million Total Liabilities: $924,570 The petition was signed by Jennifer Robinson, treasurer. A copy of the Debtor's list of nine unsecured creditors is available for free at http://bankrupt.com/misc/mdb16-21952.pdf GREENEDEN US: S&P Puts 'B' CCR on CreditWatch Negative ------------------------------------------------------ S&P Global Ratings placed its 'B' corporate credit rating and issue-level ratings on, Daly City, Calif.-based Greeneden U.S. Holdings II LLC (Genesys) on CreditWatch with negative implications. Following the close of the acquisition of Interactive Intelligence Group Inc. (unrated), S&P will likely withdraw the ratings on Genesys' existing facilities because S&P expects that it will refinance them as part of this transaction. "The CreditWatch placement follows Genesys' announcement that it has entered into an agreement to acquire Interactive Intelligence Group Inc. for a total consideration of $1.4 billion," said S&P Global Ratings credit analyst Kenneth Fleming. "Genesys is planning to fund this transaction through a combination of cash and debt," he added. While the business combination improves Genesys' position in the rapidly growing cloud software market for contact centers, S&P believes this transaction could result in Genesys' leverage increasing from current levels given Interactive's relatively low EBITDA margin. S&P's corporate credit rating on Genesys reflects S&P's assessment of the company's leverage in the low-5x area, its financial sponsor ownership, and participation in the fragmented contact center market. Partly offsetting these factors are Genesys' leading market position in the high end call center market, diversified customer base with high renewal rates, and stable free cash flow generation. The final outcome will largely depend on details of the financing, the expected cost synergies from the merger and cross-selling opportunities, and how quickly they can be realized. S&P will also need to assess the potential impact of the acquisition on the combined group's business risk profile. S&P aims to resolve the CreditWatch within the next 90 days. The resolution will include S&P's review of the company's business plan for the combined group, including the expected cost synergies and how quickly they can materialize, a review of the company's new capital structure, and the company's long-term financial policy. On completion of the transaction, S&P could lower the ratings to 'B-' if it thinks leverage or cash flow adequacy prospects will remain weaker than 'B' rated issues. S&P could also affirm the ratings if it sees sustainable rapid deleveraging thanks to meaningful merger-related synergies, limited execution risks, and solid free cash flow generation. HANJIN SHIPPING: Judge Allows Ships to Dock Safely in U.S. Ports ---------------------------------------------------------------- Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy, reported that container ships operated by South Korea's Hanjin Shipping Co., now stranded at sea, soon should be able to dock in U.S. ports, but it remains unclear if the company can afford to pay the army of workers needed to unload the ships. According to the report, after a hearing on Sept. 6, 2016, U.S. Bankruptcy Judge John Sherwood agreed to bring Hanjin under the umbrella of U.S. bankruptcy law, temporarily preventing creditors in the U.S. from seizing assets. But the judge's order doesn't guarantee that the ships' cargo -- which includes children's toys, tires, clothes and computers -- will make it to shore and onto store shelves soon, the report related. Since the carrier filed for bankruptcy in Seoul, ports, cargo handlers, truckers and railways have refused to touch Hanjin's containers, fearing they won't get paid, the report said. "The logistical issues here are pretty substantial," Judge Sherwood said at Hanjin's debut appearance in U.S. Bankruptcy Court. "There's a lot of manpower, time and expense that goes into bringing a cargo ship into port and unloading it," the judge said at the hearing. About Hanjin Shipping Hanjin Shipping Co., Ltd. is mainly engaged in the transportation business through containerships, transportation business through bulk carriers and terminal operation business. The Debtor is a stock-listed corporation with a total of 245,269,947 issued shares (common shares, KRW 5000 per share) and paid-in capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee shareholders' association. The Company operates approximately 60 regular lines worldwide, with 140 container or bulk vessels transporting over 100 million tons of cargo per year. It also operates 13 terminals specialized for containers, two distribution centers and six Off Dock Container Yards in major ports and inland areas around the world. The Company is a member of "CKYHE," a global shipping conference and also a partner of "The Alliance," another global shipping conference to be launched in April 2017. Hanjin Shipping listed total current liabilities of KRW 6,028,543 million and total current assets of KRW 6,624,326 million as of June 30, 2016. The Chapter 15 case is pending in the U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly appointed foreign representative of Hanjin Shipping. HEARING HELP: Taps Sergei Kochkin as Expert Witness --------------------------------------------------- Hearing Help Express, Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Dr. Sergei Kochkin, PhD as expert witness. Dr. Kochin was the Executive Director of the Better Hearing Institute from 2004 to 2012. Dr. Kochin agreed to act as an expert witness and testify with respect to confirmation hearing on the Debtor's Third Amended Plan of Reorganization. The Debtor agreed to compensate Dr. Kochin a flat fee of $4,000 for his services. Dr. Kochin 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. About Hearing Help Express 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. HORIZON GLOBAL: S&P Affirms 'B' CCR, Outlook Stable --------------------------------------------------- S&P Global Ratings said it affirmed its 'B' corporate credit rating on Horizon Global Corp. The rating outlook is stable. At the same time, S&P affirmed its 'B' issue-level rating on the company's first-lien term loan. The '3' recovery rating is unchanged, indicating S&P's expectation for meaningful (50%-70%; upper half of the range) recovery of principal in the event of payment default. "The stable outlook reflects our expectation that Horizon will lower its debt to EBITDA below 5x within one year of the acquisition and generate positive free operating cash flow after the initial year of the acquisition," said S&P Global Ratings credit analyst David Binns. S&P would lower the rating if the company's debt to EBITDA stays above 5x on a sustained basis, or if its free operating cash flow generation is likely to turn negative in 2017. This could be because of integration issues with Westfalia, a weaker-than-expected U.S. or European economy that stifles demand, or managerial action to continue pursuing debt-financed acquisitions before improving leverage metrics. This could also occur if Horizon's EBITDA margins stay below 9% on a sustained basis as a result of greater-than-anticipated competitive pressure from lower-priced, private label brands in the highly profitable retail channel. Although unlikely, S&P could raise the rating during the next 12 months if Horizon is able to generate incremental cash and lower its debt faster than planned and S&P believes its debt to EBITDA will remain below 5x over a normal economic cycle. This could occur if its end markets grow faster than currently forecast, possibly by expanding its distribution channels and marketing Westfalia products in the U.S. Another factor that could lead S&P to consider an upgrade would be if Horizon were to achieve its synergies with Westfalia faster than anticipated and at a greater rate, leading to EBITDA margins to well over 11% on a sustained basis. HORSHAM VALLEY: Seeks Sale Contract Approval for 7 Horsham Lots --------------------------------------------------------------- Horsham Valley Golf Club asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to authorize the assumption of an executory contract with Total Custome Homes, Inc. ("TCH") in connection with the sale of 7 residential lots in Horsham, Pennsylvania. As of the Petition Date, the Debtor owns 7 lots in the Final Subdivision Plans for Horsham Valley Estates date July 11, 2011 as follows: (a) lot 5 known as 481 Barrington St., Horsham PA; (b) lot 7 known as 485 Barrington St., Horsham PA; (c) lot 8 known as 487 Barrington St., Horsham PA; (d) lot 9 known as 489 Barrington St., Horsham PA; (e) lot 10 known as 491 Barrington St., Horsham PA; (f) lot 11 known as 493 Barrington St., Horsham PA; and (g) lot 12 known as 495 Barrington St., Horsham PA. To sell the lots in a manner that maximized the value to the Debtor, the Debtor and its partners entered into an Agreement with Toal Custom Contractors, LLC ("TCC") dated May 27, 2015 as amended by a certain Addendum dated Oct. 31, 2015 ("TCH Agreement") (pursuant to the Addendum, among other things, TCH was added as a party to replace TCC under the Agreement). Generally, pursuant to the TCH Agreement, the Debtor contracted TCH to construct single-family homes on lots as they were sold to the general public, with an allocation of expenses and income related to the lots and realized from sales. In connection with and in furtherance of the TCH Agreement, the Debtor retained Joanna Bellinger from Long & Foster Real Estate, Inc. ("Realtor") as its exclusive real estate agent to sell lots. In April 7, 2016, the Royal Bank of America (a) obtained a judgment by confession against the Debtor and others in the amount of $1,567,006 in the Court of Common Pleas of Montgomery County Pennsylvania in the matter styled Royal Bank of America v. Horsham Valley Golf Club, et al. ("COJ Action"); and (b) filed a civil action the Debtor and others also in the Court of Common Pleas of Montgomery County Pennsylvania in the matter styled Royal Bank of America v. Horsham Valley Golf Club et al. ("Quiet Title Action") seeking relief in the nature of, among other things, quieting title to the lots. With respect to the Quiet Title Action, the Royal Bank of America filed a lis pendens indexed in the real property and also sought injunctive relief, which relief was ultimately denied. On March 25, 2016, HRC, LLC ("HRC") substituted itself for the Royal Bank of America as the plaintiff in the Quiet Title Action. With respect to the COJ Action, the Debtor and other named defendants petitioned to strike or open the confessed judgment, which was still pending and had not been ruled upon by the presiding court as of the Petition Date. On May 17, 2016, the COJ Action was marked assigned by Royal Bank of America to HRC. The combined effect of the Quiet Title Action, including the filed lis pendens, as well as the judgment against the Debtor in the COJ Action effectively prevented the Debtor from selling the lots and ultimately precipitated the filing of the within bankruptcy case. The filing of the Debtor's bankruptcy case stayed both the Quiet Title Action as well as the COJ Action, at least as to the Debtor. Subsequent to the Petition Date, the Debtor reached certain understandings with HRC and TCH that are memorialized in a certain Stipulation by and between those three parties that will enable the Debtor to continue to market and sell the lots pursuant to the TCH Agreement as otherwise set forth in the Stipulation. The Stipulation will enable the lots to be sold once the terms are agreed to by each of the Debtor, HRC and TCH and free and clear of any liens, claim or encumbrances, including any cloud on title that existed by virtue of the Quiet Tile Action and the COJ Action. Also in connection with the Stipulation, any proceeds from the sale of lots, as well as any tail payments arising from the sale of lots that occurred prepetition, will escrowed subject to a judicially-approved determination or resolution. To effectively market the sale of the lots, contemporaneously with the filing of the Motion, the Debtor intends to apply to retain the Realtor as its listing agent/broker, with the consent and support of the TCH and HRC. The Realtor has familiarity with the lots given her involvement in the sale of lots at the location prepetition. The Realtor will subject the lots to true market conditions, thereby maximizing the value thereof. Given the described proposed procedure for the sale of lots, the Debtor believes that a piecemeal procedure to seek approval for each individual sale agreement, not to mention a procedure soliciting higher and better offers, is both impractical and unnecessary under the circumstances. The sale of lots pursuant to the TCH Agreement and Stipulation is within the Debtor's sound business judgment because it will maximize the value of the lots well beyond any attempted sale of the lots in their present unbuilt condition. In addition, getting approval of the sale procedure set forth without the burden and expense of seeking individual, piecemeal approval of sales will be the most efficient and cost effective way for the Debtor to sell the real property. The Debtor believes that assuming the TCH Agreement is the best interest of the Debtor's estate insofar as it will enable the Debtor to sell the lots pursuant to a relationship that the Debtor believes has a track record of maximizing the value of the lots, and, thus, maximizing the return to creditors of the Debtor. If the Court finds that the TCH Agreement is not an executory contract, then the Debtor asks confirmation that it can continue to perform under the TCH Agreement in the ordinary course of its business pursuant to Section 363(c)(1) of the Bankruptcy Code. Alternatively, if performing under the TCH Agreement is outside the ordinary course of business, then the Debtor seeks the Court's approval pursuant to Section 363(b)(1). The Debtor submits that the Stipulation is less of a settlement or compromise and more in the nature of a reservation of rights as between the Debtor and HRC, and therefore should be approved outright by the Court. A copy of the TCH Agreement and the Stipulation attached to the Motion is available for free at: http://bankrupt.com/misc/Horsham_Valley_35_Sales.pdf About Horsham Valley Horsham Valley Golf Club sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 16-14764) on July 5, 2016. The petition was signed by Harry C. Barbin, III, partner. The case is assigned to Judge Eric L. Frank. At the time of the filing, the Debtor estimated assets and liabilities at $1 million to $10 million. IRELAND NEEDLECRAFT: Asks for Approval to Use Cash Collateral ------------------------------------------------------------- Ireland Needlecraft, Inc., doing business as H&S Bicycles, asks the U.S. Bankruptcy Court for the Central District of California for authorization to use cash collateral. The Debtor relates that it seeks authorization to use its monies to operate its business. The Debtor further relates that if it cannot use its cash collateral, the Debtor would need to cease its business operation and let its employees go. Creditors asserting secured claims in the Debtor's monies and receivables are: (a) Giant Bicycle Inc., to whom the Debtor owes $74,870 for retail and $458,276 for demo bikes, and which asserts an interest in proceeds in money, but expressly limited to the sale of all inventory, equipment and goods provided to the Debtor by Giant, and all receivable which may exist from the sale of Giant supplied inventory, equipment and goods. (b) Cycling Sports Group, Inc., to whom the Debtor owes $220,880, and which asserts an interest in money but expressly limited to proceeds and receivables received from the sale of the creditor's bicycle and bicycle related products in the Debtor's possession. The Debtor proposes to grant replacement liens to Giant Bicycle and Cycling Sports Group to the extent their prepetition liens attached to the Debtor's property prepetition. The Debtor tells the Court that it does not propose to make adequate protection payments until later in the case so that the Debtor can start to get its finances on a firmer basis. A full-text copy of the Debtor's Motion, dated August 29, 2016, is available at https://is.gd/fXAjGX About Ireland Needlecraft Ireland Needlecraft, Inc. filed a chapter 11 petition (Bankr. C.D. Cal. Case No. 16-12518) on August 29, 2016. The petition was signed by Robert Stotts, Jr., vice president. The Debtor is represented by Steven R. Fox, Esq., at the Law Offices of Steven R. Fox. The case is assigned to Judge Maureen Tighe. The Debtor estimated assets at $500,001 to $1 million and liabilities at $1 million to $10 million at the time of the filing. IRON BRIDGE TOOLS: Continued Cash Use on Interim Basis OK --------------------------------------------------------- Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern District of Florida authorized Iron Bridge Tools, Inc., to use cash collateral on an interim basis. The Court had previously entered its Third Interim Cash Collateral Order, authorizing the Debtor to use cash collateral. Bridgeport Capital Funding, LLC, and Gateway Trade Funding II, LLC2, have agreed to a further interim order. A continued hearing on the Debtor's Motion is scheduled on Oct. 5, 2016 at 10:00 a.m. A full-text copy of the Interim Order, dated Aug. 29, 2016, is available at https://is.gd/JCwHnV About Iron Bridge Tools Iron Bridge Tools, Inc. filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-17505) on May 25, 2016. The petition was signed by Glenn Robinson, president. The Debtor is represented by Craig A. Pugatch, Esq., at Rice Pugatch Robinson Storfer & Cohen, PLLC. The case is assigned to Judge Raymond B. Ray. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million. ITT EDUCATIONAL: Employees Sue Over Sudden Mass Layoff ------------------------------------------------------ Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy, reported that a laid-off teacher and an office staffer at ITT Educational Services filed a lawsuit on Sept. 6, 2016, seeking class-action status on behalf of the 8,000 employees caught up in the closure of the embattled for-profit school operator. According to the report, the lawsuit seeks to hold the Indiana company to account for failing to give the 60-days notice required under federal law when large numbers of employees are terminated en masse. ITT suddenly announced it was closing some 130 locations, due to a decision by the federal government to cut off financial aid to new students, the report related. ITT blamed government action for its sudden decision to close its doors immediately, and called the federal funding cutoff for new students "inappropriate and unconstitutional," the report further related. The closure affected some 40,000 students, as well as thousands of employees, the report said. About ITT Educational ITT Educational Services, Inc., is a proprietary provider of post-secondary degree programs in the United States based on revenue and student enrollment. As of Dec. 31, 2015, ITT was offering: (a) master, bachelor and associate degree programs to approximately 45,000 students at ITT Technical Institute and Daniel Webster College locations; and (b) short-term information technology and business learning solutions for individuals. ITT Educational reported net income of $23.3 million in 2015 following net income of $23.3 million on 2014. As of June 30, 2016, ITT Educational had $585 million in total assets, $420 million in total liabilities and $165 million in total shareholders' equity. ED Letter On Aug. 25, 2016, ITT Educational received a letter from the U.S. Department of Education citing the Aug. 17, 2016 letter from the Accrediting Council for Independent Colleges and Schools to the Company, which continued ACICS' show-cause directive against the Company. The ED Letter summarizes the ACICS standards that ACICS has indicated the Company has not yet demonstrated full compliance with, and related concerns of ACICS. The ED Letter states that the Company has failed to meet the requirements established by ACICS, as required by the Company's Program Participation Agreement with the ED. The ED Letter provides that as a result of those facts and other information, including as detailed in previous communications from the ED to the Company, the ED is imposing several conditions on the Company's continued participation in funding under the federal student financial aid programs under Title IV. JENNIE STUART: S&P Cuts Underlying 2006 Debt Rating (SPUR) to BB+ ----------------------------------------------------------------- S&P Global Ratings lowered its underlying rating (SPUR) to 'BB+' from 'BBB-' on Christian County, Ky.'s $60.1 million series 2006 fixed-rate debt, issued for Jennie Stuart Medical Center (Jennie Stuart or JSMC) and insured by Assured Guaranty Corp. The outlook is negative. "The downgrade reflects our view of Jennie Stuart's significant operating losses incurred in fiscal 2015 of about $7 million; soft volumes, with inpatient admissions declining by 10.1% to 4,799 compared with the previous year; small revenue base ($111 million), a limited medical staff size, and a challenging payor mix; and moderately high leverage and comparatively lower unrestricted reserve-to-long-term debt metrics," said S&P Global Ratings analyst Aamna Shah. The negative outlook reflects S&P's view of Jennie Stuart's year-over-year operational losses, especially at the medical group, for both fiscal 2015 and fiscal 2014. Although, Jennie Stuart appears to be improving its financial performance on a month-by-month basis (as of July 31, 2016), S&P believes that maintaining expense control diligence and revenue cycle improvement, in addition to growing the overall top-line, will be essential in restoring profitability over time. S&P could consider a lower rating if Jennie Stuart's operations fail to improve as articulated to S&P Global in its long-term forecasts. If fiscal 2016 operating performance deteriorates such that losses approach those in fiscal 2015, S&P could lower the rating. Similarly, if there is any unexpected balance sheet deterioration of a significant nature, S&P could also lower the rating. Given Jennie Stuart's overall weak financial profile, a higher rating is unlikely during the one-year outlook period. However, over time S&P could consider a positive rating action with sustained improvements in operations and stability in key balance sheet metrics. Jennie Stuart is a 139-staffed-bed hospital located in Hopkinsville, Ky. Jennie Stuart's primary service area consists of Christian, Todd, and Trigg counties. JOHN Q. HAMMONS: Taps Seyferth Blumenthal as Special Counsel ------------------------------------------------------------ John Q. Hammons Fall 2006, LLC and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the District of Kansas to employ Seyferth Blumenthal & Harris LLC as special counsel. Prior to the Commencement Date, on September 30, 2015, the United States Equal Employment Opportunity Commission commenced a lawsuit against John Q. Hammons Hotels Management, LLC in the United States District Court for the Central District of Illinois, Case No. 15-cv-01415. Seyferth Blumenthal will perform work in the EEOC Lawsuit. Seyferth Blumenthal will be paid at these hourly rates: Partners $350 Associates $250 Paralegals $100 Seyferth Blumenthal will also be reimbursed for reasonable out-of-pocket expenses incurred. Charlie J. Harris, Jr., partner of Seyferth Blumenthal, 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. Seyferth Blumenthal can be reached at: Charlie J. Harris, Jr., Esq. SEYFERTH BLUMENTHAL & HARRIS LLC 4801 Main Street, Suite 310 Kansas City, MO 64112 Tel: (816) 285-0556 E-mail: charlie@sbhlaw.com About John Q. Hammons Springfield, Mo.-based John Q. Hammons Hotels & Resorts (JQH) -- http://www.jqhhotels.com/-- is a private, independent owner and manager of hotels in the United States, representing brands such as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG, Chateau on the Lake Resort / Spa & Convention Center, and Plaza Hotels Collection. It has portfolio of 35 hotels representing approximately 8,500 guest rooms/suites in 16 states. John Q. Hammons Hotels & Resorts on June 27, 2016, disclosed that the family of companies, the Revocable Trust of John Q. Hammons, and their related affiliates, filed voluntary petitions (Bankr. D. Kan. Case No. 16-21139 to Case No. 16-21208) to restructure under Chapter 11 of the U.S. Bankruptcy Code in Kansas City. The Debtors are represented by Mark A. Shaiken, Esq., Mark S. Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard Street LLP, in Kansas City, Missouri. The Debtors' conflict counsel is Victor F Weber, Esq., at Merrick Baker and Strauss PC, in Kansas City, Missouri. At the time of filing, the Debtors had $100 million to $500 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Greggory D Groves, vice president. JPS COMPLETION: Hires Armando Avalos as Real Estate Broker ---------------------------------------------------------- JPS Completion Fluids, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ Armando Avalos Realty, Inc. as real estate broker to the Debtor. JPS Completion requires Armando Avalos to provide real estate services with respect to the sale of Debtor's property at 10312 IH 37 Access Road, Mathis, Texas; 10644 IH 37 Access Road, Mathis, Texas; 15 West Kansas Ave, Big Wells, Texas; 12 S. Franklin St., Big Wells, Texas; 1904 Cotton Flat Rd., Midland, Texas; 3215 Bert Kouns Industrial Loop, Shreveport, Louisiana; and 301 E. San Patricio, Mathis, Texas. Armando Avalos will be paid a commission of 6% from the sales price. Armando G. Avalos, member of Armando Avalos Realty, 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 Debtor and its estates. Armando Avalos can be reached at: Armando G. Avalos ARMANDO AVALOS REALTY, INC. 555 N. Carancahua Street, Suite 1540 Corpus Christi, TX 78401 Tel: (361) 857-2220 About JPS Completion Fluids JPS Completion Fluids, Inc., a domestic corporation with principal place of business in Mathis, San Patricio County, Texas, provided chemicals and other completion fluids for the oil and gas industry. JPS sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 16-51110) on May 11, 2016. The petition was signed by Sergio Garza, vice president. Judge Craig A. Gargotta is assigned to the case. Nathaniel Peter Holzer, Esq., at the Jordan Hyden Womble Culbreth & Holzer PC, serves as the Debtor's counsel. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. No official committee of unsecured creditors has been appointed in the case. KATOURA INC: Has Until Oct. 22 to File Plan, Assume Contracts ------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended Katoura, Inc.'s exclusive period to file a plan of reorganization, as well as time to assume or reject executory contracts, to October 22, 2016. The Debtor previously sought the extension of its exclusive period to file a plan through December 30, 2016. The Debtor contended that it needed more time to negotiate with creditors for a consensual plan and disclosure and sale and lease assumption. The Debtor's exclusive period was set to expire on October 1, 2016. Its claims bar was on September 27, 2016. About Katoura, Inc. Katoura Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-18005) on June 3, 2016. The petition was signed by Mike Kattoura, president. The Debtor is represented by Joel M. Aresty, Esq., at Joel M. Aresty PA. The Debtor estimated assets and liabilities at $500,001 to $1 million at the time of the filing. KATTOUR INC: Has Until Oct. 22 to File Plan, Assume Contracts ------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended Kattour Inc.'s exclusive period to file a plan and its time to assume or reject executory contracts to October 22, 2016. The Debtor previously sought the extension of its exclusive period to file a plan and time within which to assume or reject executory contracts, which were set to expire on September 24, 2016. The Debtor said that it needed more time to negotiate with creditors for a consensual plan and disclosure and sale and lease assumption. About Kattour Inc. Kattour Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 16-17647) on May 27, 2016. The petition was signed by Mike Kattoura, president. Joel M. Aresty, Esq., at Joel M. Aresty, P.A., serves as the Debtor's bankrupty counsel. The Debtor estimated assets and liabilities at $100,001 to $500,000 at the time of the filing. KID'S FIRST: Case Summary & 3 Unsecured Creditors ------------------------------------------------- Debtor: Kid's First Enrichment Center, LLC 3525 Hickory Hill Road Memphis, TN 38115 Tel: 901-363-1500 Case No.: 16-28149 Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court Western District of Tennessee (Memphis) Judge: Hon. David S. Kennedy Debtor's Counsel: Brian L Davis, Esq. DAVIS LAW FIRM, PLLC 254 Court Avenue, Suite 300 Memphis, TN 38103 Tel: 662-393-8542 E-mail: davislaw@davislawfirmpc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Harry L. Smith, member. A copy of the Debtor's list of three unsecured creditors is available for free at: http://bankrupt.com/misc/tnwb16-28149.pdf LA ROSA TRUST: Hires Stanley Bowman as Bankruptcy Counsel --------------------------------------------------------- La Rosa Trust, LLC seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Stanley D. Bowman as general bankruptcy counsel, effective July 19, 2016. The Debtor requires Mr. Bowman to: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assistance in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and defense of all actions; (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization; Mr. Bowman will be compensated $300 per hour for services rendered. Mr. Bowman will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bowman, president of Allegiance Law Offices, APC, 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. Mr. Bowman can be reached at: Stanley D. Bowman, Esq. ALLEGIANCE LAW OFFICES, APC 700 N. Pacific Coast Hwy, Suite 202a Redondo Beach, CA 90277 Tel: (310) 937-4529 Fax: (310) 937-4440 E-mail: sb@stanleybowman.com The Chapter 11 bankruptcy case is, La Rosa Trust, LLC (Bankr. C.D. Cal. Case No. 15-27731). LAW-DEN NURSING: U.S. Trustee Names Deborah Fish as PCO ------------------------------------------------------- Daniel M. McDermott, United States Trustee for Region 9, submitted a Notice of Appointment of Patient Care Ombudsman before the United States Bankruptcy Court for the Eastern District of Michigan naming Deborah L. Fish as the Patient Care Ombudsman in the bankruptcy case of Law-Den Nursing Home, Inc. Section 333(b) of the Bankruptcy Code provides that the Patient Care Ombudsman will: (1) monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; (2) not later than 60 days after the date of this appointment, and not less frequently than at 60 day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and (3) if such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination. In addition, Section 333(c)(1) generally provides that the Patient Care Ombudsman will maintain any information she obtains by virtue of her appointment in this case that relates to patients (including information relating to patient records) as confidential information. Law-Den Nursing Home, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich Case No. 16-52058) on August 30, 2016, and is represented by Clinton J. Hubbell, Esq., at Hubbell Duvall PLLC, in Southfield, Michigan. At the time of filing, the Debtor estimated its assets at $0 to $50,000 and liabilities at $1 million to $10 million. The case is assigned to Judge Phillip J. Shefferly. The petition was signed by Todd Johnson, administrator. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/mieb16-52058.pdf LKN PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: LKN Properties, Inc. 3762 Hendrix Street Irvine, CA 92614 Case No.: 16-13734 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Catherine E. Bauer Debtor's Counsel: James C Bastian, Jr., Esq. SHULMAN HODGES & BASTIAN LLP 100 Spectrum Ctr Dr., Suite 100 Irvine, CA 92618 Tel: 949-340-3400 E-mail: jbastian@shbllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lien Nguyen, president. The Debtor has no unsecured creditor. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb16-13734.pdf LOURIE FOLLAND: Plan Confirmation Hearing Set for Oct. 26 --------------------------------------------------------- Judge Fredrick E. Clement of the U.S. Bankruptcy Court for the Eastern District of California approved the disclosure statement explaining the Chapter 11 plan filed by Lourie Folland, and set these dates and deadlines in relation to the Debtor's Combined Plan and Disclosure: (a) Acceptances or Rejections of the Plan: September 20, 2016 (b) Objections to Confirmation: September 27, 2016 (c) Responses to Objections, Tabulation of Ballots, and Brief: October 11, 2016 (d) Challenges to Ballots: October 18, 2016 (e) Confirmation Hearing: October 26, 2016 at 1:30 p.m. A full-text copy of the Order Approving Disclosure Statement dated August 10, 2016, is available at https://is.gd/Jh9G39 The Plan of Reorganization proposes to pay creditors from the Debtor's business earnings, where the Debtor will continue to work as a real estate agent. Likewise, the Debtor's spouse, Brian Folland, will continue to practice law to fund the payments required by this Plan. All assets of the Debtor and Mr. Folland are community property assets, all income of Debtor and Mr. Folland is community property income, and all claims against both Debtor and Mr. Folland are community claims under the Bankruptcy Code. Specifically, the Plan provides that the allowed general unsecured claims will be paid a total of $65,000, which amounts to approximately 7.5% of the total claimed. The Debtor estimates that the total amount of general unsecured claims is $838,994, and beginning in the 46th month following the Effective Date, the Debtor will set aside $4,333.33 per month to make these payments to Class 3 creditors, A full-text copy of the Disclosure Statement dated August 9, 2016 is available at https://is.gd/XCdVg5 Counsel for the Debtor: Peter L. Fear, Esq. Gabriel J. Waddell, Esq. Fear Waddell, P.C. 7750 North Fresno Street, Suite 101 Fresno, CA 93720 Telephone: (559) 436-6575 Facsimile: (559) 436-6580 Email: pfear@fearlaw.com About Lourie Folland Lourie Lanett Folland is a real estate agent based in Fresno, California. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 15-14274) on October 30, 2015. The case is assigned to Judge Fredrick E. Clement. MAGNETATION LLC: Exclusive Plan Filing Period Extended to Sept. 30 ------------------------------------------------------------------ BankruptcyData.com reported that the U.S. Bankruptcy Court approved Magnetation's fifth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 30, 2016 and November 29, 2016, respectively. As previously reported, "Most importantly, the Debtors have successfully assumed the AK Steel Contract after a three-day evidentiary hearing that required a tremendous amount of the Debtors' and their professionals' resources. The level of diligence and energy that the Debtors have brought to these chapter 11 cases is reflected by, with the exception of the assumption of the AK Steel Contract, the almost total absence of contested matters in these chapter 11 cases. Specifically, an extension of the Debtors' Exclusive Periods is required to enable the Debtors, among other things, to: (a) continue to refine their business model to deliver both a more efficient cost structure and future revenue growth so that the Debtors' business can continue to compete effectively in the iron ore industry; (b) further implement specific restructuring initiatives; (c) defend the AK Steel Assumption Order; (d) complete the analysis of the Debtors' executory contracts and leases; (e) secure adequate liquidity upon emergence from chapter 11 or negotiate a sale of substantially all of the Debtors' assets; (f) finalize the emergence costs and continue negotiating with counterparties regarding such costs; (g) analyze and determine allowance of claims; and (h) further develop support for a plan of reorganization or sale process reflecting the initiatives set forth above and others that are underway." About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. MARRONE BIO: Covenant Problems Raise Going Concern Doubt -------------------------------------------------------- Marrone Bio Innovations, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $6.78 million on $5.05 million of total revenues for the three months ended June 30, 2016, compared with a net loss of $10.98 million on $3.36 million of total revenues for the same period last year. The Company's balance sheet at June 30, 2016, showed $58.17 million in total assets, $74.91 million in total liabilities, and a stockholders' deficit of $16.74 million. As of June 30, 2016, Company's cash and cash equivalents totaled $21.2 million, and it had additional $3.0 million of restricted cash that the Company is contractually obligated to maintain in accordance with its debt agreements. Unless Five Star Bank extends its waiver of the applicable covenant, or the Company enters into strategic agreements that include significant cash payments upfront, significantly increase revenues from sales or raise additional capital through the issuance of equity, the Company will exceed the maximum debt-to-worth requirement under its promissory note to them upon the expiration of the current waiver on December 31, 2016. As of June 30, 2016, the Company has an accumulated deficit of $219.5 million, and the Company estimates that it will continue to incur losses, which will further increase its accumulated deficit. These circumstances raise substantial doubt about the Company's ability to continue as a going concern, which depends on its ability to obtain further waivers of its covenants, enter into strategic agreements that include significant cash payments upfront and/or raise additional capital. There is no assurance that the Company will be able to obtain waivers of our debt covenants or raise capital, or if we are able to raise capital, that it will be on favorable terms. Adequate funds for these and the other purposes may not be available to them when needed or on acceptable terms, and they may need to raise capital that may not be available on favorable or acceptable terms, if at all. Since the Company's inception, it has incurred significant net losses, and expects to incur additional losses related to the continued development and expansion of its business. The Company's liquidity may be negatively impacted as a result of slower than expected adoption of its products. The Company had certain strategic collaboration and distribution agreements under which it receive payments for the achievement of certain testing validation, regulatory progress and commercialization events. As of June 30, 2016, the Company has received an aggregate of $3.9 million in payments under these agreements. In addition, there will be an additional $0.3 million in payments due on certain anniversaries of regulatory approval and an additional $1.1 million in payments under these agreements that the Company could potentially receive if the testing validation, regulatory progress and commercialization events occur. A copy of the Form 10-Q is available at: https://is.gd/cfFFMj About Marrone Bio Innovations Marrone Bio Innovations, Inc. -- http://www.marronebio.com-- is a provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets. MESA MARKETPLACE: Cathay Bank Withholds Consent to Cash Use ----------------------------------------------------------- Cathay Bank, a secured Creditor of Mesa Marketplace Center LLC gives notice to the U.S. Bankruptcy Court for the District of Arizona that it does not consent to any use of funds constituting its cash collateral, and demands that the Debtor account for and segregate the cash collateral from August 31, 2016. Cathay Bank tells the Court that it has extended credit to the Debtor, and as of August 05, 2016, Cathay Bank is owed at least $3,040,690, under the Loan Documents. Cathay Bank wants the Debtor to provide adequate protection of its interest in the cash collateral, to the extent that the Debtor desires to use Cathay Bank's cash collateral. Cathay Bank is represented by: Christopher H. Bayley, Esq. Rebekah L.W. Elliott, Esq. SNELL & WILMER L.L.P. One Arizona Center 400 E. Van Buren St., Ste. 1900 Phoenix, AZ 85004-2202 Telephone: (602) 382-6000 Facsimile: (602) 382-6070 E-Mail: cbayley@swlaw.com relliott@swlaw.com About Mesa Marketplace Center LLC Mesa Marketplace Center LLC dba Mesa Marketplace Center filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-10094), on August 31, 2016. The petition was signed by Kenny Eng, manager. The case is assigned to Judge Scott H. Gan. The Debtor's counsel is Kelly G. Black, Esq., at Kelly G. Black, PLC. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. A copy of the Debtor's list of two unsecured creditors is available for free at http://bankrupt.com/misc/azb16-10094.pdf MOLYCORP MINERALS: Proposes DIP Financing From Lexon Insurance -------------------------------------------------------------- Paul E. Harner, Chapter 11 Trustee of Molycorp Minerals, LLC, et al., asks the U.S. Bankruptcy Court for the District of Delaware for authorization to obtain both secured and unsecured postpetition loans, advances and other credit accommodations from Lexon Insurance Inc. and one or more of its affiliates. Mr. Harner relates that there potentially is substantial value to be unlocked in the Mountain Pass mine assets, particularly in light of the relatively recent investment of more than $1.5 billion in converting the facility to a state-of-the-art rare earth minerals mining and processing plant, and especially if a "turnkey" buyer for the facility can be identified. He further relates that the recovery of that value will require the pursuit of an orderly marketing and sale process, with the assistance of an expert investment advisor -- a process that will likely take up to six months. Mr. Harner tells the Court that the process will require material additional financing, above and beyond the "wind-down reserve" initially made available to him. Mr. Harner further tells the Court that after engaging in good faith discussions with the sureties, regulators, and other interested parties, and after negotiating multiple proposals over the past several weeks, he was able to reach an agreement in principle with Lexon Insurance for postpetition financing. The material terms of the Financing Agreement are: (a) Borrowing Limits: The Lender has agreed to provide to the Borrower: (i) a $1,500,000 secured administrative expense facility, to meet the professional and other fees, costs, and expenses associated with administration of the chapter 11 cases; and (ii) a $2,700,000 unsecured operating expense facility, to meet the fees, costs, and expenses, required to abate any nuisance or pollution that may exist, or to maintain the Mountain Pass Mine in its current state of "cold idle." (b) Interest Rate: The Facilities will be non-interest bearing, and there will be no commitment or other fees associated therewith. (c) Increase in Amount of the Commitment: The total amount of the Facilities may be increased in the Lender's sole and absolute discretion up to $5,000,000, allocated between the Facilities as the Lender shall determine. The total amount of the Operating Expense Facility will be increased by such amount, if any, as may be necessary for the Borrower to maintain insurance covering casualty loss and other customary risks associated with the Mountain Pass Mine; provided that the Borrower will use reasonable efforts to minimize the costs associated therewith. (d) The Lender will receive the following collateral security: (i) As collateral security for the Administrative Expense Facility, the Lender shall receive a first priority lien on and security interest in all proceeds payable under AIG Policy Number 64588766 and related policies with respect to the failure of certain leach tanks to which the Borrower is or becomes entitled, subject to any pre-existing and valid liens on such proceeds. (ii) The Sureties' Advance, currently secured by the Minerals Wind-Down Expense Reserve, will instead be secured by a replacement security interest in the Insurance Proceeds, junior to the security interest securing the Administrative Expense Facility as adequate protection for the use by the Minerals Debtors of the Minerals Wind-Down Expense Reserve; and (iii) As additional collateral security for the Bonds, the Lender will receive a first priority lien on and security interest in one-half of any Insurance Proceeds received by the Borrower that are not paid to the Lender in connection with repayment of the Administrative Expense Facility and the Sureties’ Advance and that are not subject to Senior Claims. (e) Maturity: The obligation of the Lender to make advances under the Facilities will terminate on the date that is the earliest of: (i) March 31, 2017; (ii) the closing of a sale of all or substantially all of the Borrower's assets; (iii) the failure of the Borrower to file a motion to approve a Sale to a stalking horse bidder on or before January 31, 2017; (iv) the conversion or dismissal of the Borrower's chapter 11 cases; or (v) the acceleration or termination of the Facilities upon the occurrence of an Event of Default. A full text copy of the Debtor's Motion, dated August 30, 2016, is available at https://is.gd/zki88n A full-text copy of the DIP Term Sheet, dated August 30, 2016, is available at https://is.gd/BI3tef About Molycorp Minerals Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent are earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior management members are located at its U.S. corporate headquarters in Greenwood Village, Colorado. Molycorp reported a net loss of $623 million in 2014, a net loss of $377 million in 2013 and a net loss of $475 million in 2012. As of March 31, 2015, the Company had $2.49 billion in total assets, $1.78 billion in total liabilities, and $709 million in total stockholders' equity. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. Secured creditor Oaktree Capital Management L.P., consented to the use of cash collateral and to extend postpetition financing. On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of Molycorp Inc. appointed eight creditors of the company to serve on the official committee of unsecured creditors. The Creditors Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as attorneys. * * * Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization has been confirmed by the U.S. Bankruptcy Court for the District of Delaware. The Plan contemplates two possible outcomes: (1) the sale of substantially all of the Debtors' assets if certain conditions set forth in the Plan are satisfied and (2) (a) the sale of the assets associated with the Debtors' Mountain Pass mining facility in San Bernardino County, California; and (b) the stand-alone reorganization around the Debtors' other three business units. Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware on April 8, 2016, issued a findings of fact, conclusions of law, and order confirming the Fourth Amended Joint Plan of Reorganization of Molycorp, Inc., and its debtor affiliates. The Plan has yet to be declared effective. On April 13, 2016, Judge Sontchi directed the appointment of a Chapter 11 trustee to oversee the operations of Industrial Minerals LLC, Molycorp Advance Water Technologies LLC, Molycorp Minerals LLC, PP IV Mountain Pass II Inc., PP IV Mountain Pass Inc., and RCF Speedwagon Inc. Each of the bankruptcy cases of the companies are no longer jointly administered with Molycorp's case under Case No. 15-11357. On May 2, 2016, the Court entered an order in the Molycorp Minerals Debtors' cases approving the appointment of Paul E. Harner as chapter 11 trustee for Molycorp Mineral Debtors' bankruptcy estates. MOSAIC MANAGEMENT: Creditors' Committee Calls for Ch. 11 Trustee ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Mosaic Alternative Assets Ltd. filed an emergency motion asking the United States Bankruptcy Court for the Southern District of Florida to appoint a Chapter 11 Trustee in the bankruptcy case. According to the Creditors' Committee, 100% of the equity in the Debtor was sold to Andrew Murphy, a former, terminated officer of the Debtor for $10. The Committee believes Mr. Murphy was an officer of the Debtor until 2013 and had a personal relationship with the former 100% equity owner of the Debtor. Mr. Murphy is currently the CEO of Reliant Life Shares, LLC, a California based competitor of the Debtor, which, according to the Committee, creates a direct and inherent conflict between Mr. Murphy and the Debtor, especially in light of the fact that Mr. Murphy also advised the Committee that Reliant would be a strong merger candidate for the Debtors. The Committee adds that Mr. Murphy also advised the Committee that he did not have a firm grasp on the operations of the Debtor as it has been some years since his employment was terminated. Thus, there is no guarantee that Mr. Murphy will still have an interest in the efforts of the Debtor to maximize recovery to creditors at the end of his requested week-long analysis, which could result in the Debtor once more having no management and losing another week of preparation for the upcoming sale. The Committee, and other creditors, then submit that an independent, conflict-free, experienced party is required to proceed with the sales process while simultaneously pursuing other options. About Mosaic Management Group Mosaic Management Group, Inc. (S.D. Fla. Case No. 16-20833), Mosaic Alternative Assets Ltd. (S.D. Fla. Case No. 16-20834), and Paladin Settlements, Inc. (S.D. Fla. Case No. 16-20835), filed Chapter 11 petitions on August 4, 2016. Judge Erik P. Kimball presides over the case. Leslie Gern Cloyd, at Berger Singerman LLP, serves as bankruptcy counsel. Mosaic Management Group, Inc. estimated under $50,000 in assets and $50,000 to $100,000 in liabilities. Mosaic Alternative Assets Ltd. estimated $50 million to $100 million in assets and $1 million to $10 million in liabilities. The petitions were signed by Charles Thomas Ryals, president and chief executive officer. MRI INTERVENTIONS: Financing Uncertainty Raise Going Concern Doubt ------------------------------------------------------------------ MRI Interventions, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $1.78 million on $1.10 million of total revenues for the three months ended June 30, 2016, compared with a net loss of $3.06 million on $825,741 of total revenues for the same period last year. The Company's balance sheet at June 30, 2016, showed $6.44 million in total assets, $10.41 million in total liabilities, and a stockholders' deficit of $3.96 million. The cumulative net loss from the Company's inception through June 30, 2016 was $89.6 million. Net cash used in operations was $3.3 million and $5.7 million for the six months ended June 30, 2016 and 2015, respectively. Since inception, the Company has financed its operations principally from the sale of equity securities, the issuance of notes payable and license arrangements. The Company's plans for the next twelve months reflect management's anticipation of increases in revenues from sales of the ClearPoint system and related disposable products as a result of greater utilization at existing installed sites and the installation of the ClearPoint system at new sites. Management also anticipates maintaining recurring operating expenses at historical levels, with expected decreases in general and administrative expenses resulting primarily from the 2015 operational restructuring, being offset by increases in selling and marketing expenses associated with the anticipated growth in revenues. However, there is no assurance that the Company will be able to achieve its anticipated results, and even in the event such results are achieved, the Company expects to continue to consume cash in its operations over at least the next twelve months. As a result of the foregoing, the Company believes it will be necessary to seek additional financing from the sale of equity or debt securities, which would result in dilution to the Company's current stockholders, the establishment of a credit facility, or the entry into an agreement with a strategic partner of some other form of collaborative relationship. There is no assurance, however, that the Company will be able to obtain such additional financing on commercially reasonable terms, if at all, and there is no assurance that any additional financing that the Company does obtain will be sufficient to meet its needs. If the Company is not able to obtain the additional financing on a timely basis, the Company may be unable to achieve its anticipated results, and the Company may not be able to meet its other obligations as they become due. As such, there is substantial doubt as to the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://bit.ly/2bTMlES Based in Irvine, Calif., MRI Interventions, Inc., is a medical device company. The Company develops and commercializes platforms for performing minimally invasive surgical procedures in the brain and heart under direct, intra-procedural magnetic resonance imaging (MRI) guidance. It has two product platforms: ClearPoint system, which is used to perform minimally invasive surgical procedures in the brain and ClearTrace system, which is under development, to be used to perform minimally invasive surgical procedures in the heart. NANOVIBRONIX, INC: Insufficient Funds Raise Going Concern Doubt --------------------------------------------------------------- NanoVibronix, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $1.10 million on $119,000 of revenues for the three months ended June 30, 2016, compared with a net loss of $1.06 million on $68,000 of revenues for the same period last year. The Company's balance sheet at June 30, 2016, showed $1.24 million in total assets, $2.40 million in total liabilities, and a stockholders' deficit of $1.16 million. The Company's ability to continue to operate is dependent mainly on its ability to successfully market and sell its products and the receipt of additional financing until profitability is achieved. The Company has incurred losses in the amount of $1,105 during the six month period ended June 30, 2016, has an accumulated deficit of $20,839 as of June 30, 2016 and has accumulated negative cash flow from operating activities amounted to $840 for the six month period ended June 30, 2016. The Company expects to continue incurring losses and negative flows from operations. As a result, the Company may not have sufficient resources to fund its operations for the next twelve months. These conditions raise substantial doubts about the Company's ability to continue as a going concern. During the next twelve months management expects that the Company will need to raise additional capital to finance its losses and negative cash flows from operations and may continue to be dependent on additional capital raising as long as its products do not reach commercial profitability. A copy of the Form 10-Q is available at: http://bit.ly/2bKi3UY NanoVibronix, Inc., is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy. The Company's products include PainShield, WoundShield and UroShield. Its products under development include Renooskin and Endotrachshield. The Company's principal research and development activities are conducted in Israel, through its subsidiary, NanoVibronix (Israel 2003) Ltd. NEW DAWN: Keen-Summit Sells Two Assisted Living Facilities ---------------------------------------------------------- On behalf of New Dawn Assisted Living Holding Company DIP and its affiliates, Keen-Summit Capital Partners LLC on Sept. 7, 2016, announced the $19,000,000 sale of two assisted living facilities in Virginia. On Aug. 30, 2016, New Dawn sold its Richmond, VA facility to New Dawn Acquisitions, LLC for $11,500,000, and New Dawn sold its Williamsburg, VA facility to WMD Jamestown, LLC for $7,500,000. Both sales were approved by an Order of the United States Bankruptcy Court for the District of Arizona dated August 5, 2016, approving the sale pursuant to Section 363 of the Bankruptcy Code, as well as by an Order of the Bankruptcy Court dated August 11, 2016, approving New Dawn's First Amended Plan of Reorganization. New Dawn Assisted Living was the owner, operator and developer of assisted living memory care facilities located in Arizona, Colorado and Virginia. Construction on its Richmond and Williamsburg VA properties abruptly halted after financial irregularities were discovered and the lender failed to release late phase construction draws at each property. The properties were left unfinished without a certificate of occupancy and therefore no ability to get licensed in the Commonwealth of Virginia. In November and December 2015, New Dawn and its affiliates filed Chapter 11 bankruptcy in Phoenix, Arizona. Before the Richmond and Williamsburg Virginia properties could be sold, Harold Bordwin, Keen's Principal and Managing Director, as sell-side advisor to New Dawn, noted that New Dawn had to eliminate, on each property, a springing purchase option in favor of New Dawn's senior secured creditor. In early March 2016, New Dawn and its senior secured creditor reached a global settlement that, among other things, provided for the release of such purchase options so long as the sale of the Virginia properties was accomplished by means of a plan of reorganization. With that settlement in place, Keen commenced marketing the Virginia facilities in mid-March 2016. New Dawn established an April 27, 2016 bid deadline for offers. At the bid deadline, New Dawn received multiple offers for the properties. After contract negotiations with several parties hit roadblocks, New Dawn successfully negotiated to sell the Richmond property to New Dawn Acquisitions, LLC for $11,500,000 and the Williamsburg property to WMD Jamestown, LLC for $7,500,000. On July 6, 2016, New Dawn filed a motion with the Bankruptcy Court to sell the Richmond and Williamsburg properties to New Dawn Acquisitions, LLC and to WMD Jamestown, LLC, respectively. That motion also sought to designate the contract vendees as "stalking horses" and to provide them with standard bid protections. Following a long evidentiary hearing in Bankruptcy Court on July 20, 2016, the Court entered an Order approving the contract vendees as stalking horses, approving the bid protections, and approving an auction process. The auction process required the submission of qualifying overbids by August 1, 2016. No overbids were submitted and, following a Bankruptcy Court hearing on August 4, the Court entered the sale approval orders on August 5, 2016. "In addition to enabling New Dawn to effectuate its plan of reorganization," Mr. Bordwin added that "the sales were particularly noteworthy for the prices achieved. Selling unopened, non-income producing, non–licensed facilities for $198,000 per bed is an exceptionally favorable outcome. We were able to accomplish this by means of our proprietary marketing techniques, which yielded over 100 signed confidentiality agreements and multiple competitive offers per property." Saan P. O'Brien, Esq., Kent Cammack, Esq., and Laura Sever Blanco, Esq. attorneys with Gust Rosenfeld, provided legal counsel during the transaction and served as bankruptcy counsel to New Dawn. About New Dawn Assisted New Dawn Assisted Living Operating Company, LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 15-14558) on Nov. 13, 2015. Dennis R. Haydon signed the petition as manager. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. Gust Rosenfeld P.L.C. represents the Debtor as counsel. Judge Daniel P. Collins is assigned to the case. NEXTSTEP DEVELOPMENT: Case Summary & 15 Unsecured Creditors ----------------------------------------------------------- Debtor: Nextstep Development, Inc. dba Quality Inn Downtown South dba Econo Lodge Downtown South 12010 Lamar Bridge San Antonio, TX 78249 Case No.: 16-52019 Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court Western District of Texas (San Antonio) Judge: Hon. Craig A. Gargotta Debtor's Counsel: William B. Kingman, Esq. LAW OFFICES OF WILLIAM B. KINGMAN, PC 4040 Broadway, Suite 350 San Antonio, TX 78209 Tel: (210) 829-1199 E-mail: bkingman@kingmanlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Niraj Patel, director. A copy of the Debtor's list of 15 unsecured creditors is available for free at http://bankrupt.com/misc/txwb16-52019.pdf NOB HILL: 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 Nob Hill Real Estate Partners, LLC. Nob Hill Real Estate Partners, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 16-02656) on August 18, 2016. The petition was signed by Steve Strosahl. The Debtor is represented by Roger William Bailey, Esq., at Bailey & Busey LLC At the time of the filing, the Debtor estimated assets and liabilities of $500,001 to $1 million. NORTEL NETWORKS: Reports Progress in Bankruptcy Settlement Talks ---------------------------------------------------------------- Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy, reported that a settlement could be reached within a month in one of the longest running and most expensive bankruptcies on record, a lawyer for Nortel Networks Corp.'s U.S. unit told an appeals court on Sept. 7, 2016. "There is progress being made," James Bromley, Esq., lawyer for Nortel U.S., told the appeals court. "Our hope is that we will be able to resolve this." Nortel U.S. has been battling Canadian parent Nortel and British pensioners over how to divide $7.3 billion raised in the bankruptcy liquidation of the onetime telecommunications giant, the report related. A settlement would break an impasse that has lasted more than five years, the report further related. Speaking at a hearing in the Third U.S. Circuit Court of Appeals, Mr. Bromley said the Nortel combatants will know by Oct. 7 whether the latest in a long series of mediation efforts will produce a deal, the report said. If there is no settlement by Oct. 7, Nortel Canada, Nortel U.S. and European creditors will continue the court fights that have, over the years, pushed the professional fee totals to the $2 billion mark, the report noted. OLGA'S KITCHEN: Court Denies 4 Employees' Bonus Plan Claims ----------------------------------------------------------- Judge Walter Shapero of the United States Bankruptcy Court for the Eastern District of Michigan, Southern Division - Detroit denied the claims filed by Loredana Gianino, Deborah Jefferson, Howard Hardy, and Douglas Hetherington against Olga's Kitchen, Inc., under a 2015 RSC Management Bonus Plan. The claimants are employees of the debtor who each filed proofs of claim, alleging among other things they are each entitled to payment of bonuses incident to the Bonus Plan dated November 1, 2014. Judge Shapero found that Olga's Kitchen did not meet the financial target provided for in the Bonus Plan. As to the bonus portions of the claims, the Bonus Plan states in relevant part: The PLAN bonus will be based on the Company meeting or exceeding its budgeted financial targets for the defined fiscal year. If the Company meets or exceeds the EBITDA target, the Gatekeeper is open and the PLAN will be funded for Bonus payout. The financial target used for determination is “Bonus EBITDA” as defined below. PLAN Bonus Calculation EBITDA minus Reorganization & Restructuring Expenses and Shareholder Expenses. Judge Shapero found that the evidence showed that Debtor did not meet the financial target provided for in the Bonus Plan. The Debtor's Preliminary Cash Flow Projections dated August 27, 2014, indicates a projected EBITDA for fiscal year 2015 of $2,839,749. Eric Sloan, who was involved and consulted in Debtor's reorganization, testified that he was familiar with the Debtor’s books and records, and used those records to calculate the referred-to financial target figure. There was no evidence presented or argument made that these figures were inaccurate and the Court finds Mr. Sloan's testimony and calculations to be credible, Judge Shapero said. Thus, pursuant to the quoted plain terms of the Bonus Plan itself, the Debtor's financial operations did not meet the financial targets. On that basis alone, this Court must disallow Claimants' bonus claims. A full-text copy of Judge Warren's September 2, 2016 order is available at http://bankrupt.com/misc/mieb15-49008-914.pdf About Olga's Kitchen Olga's Kitchen Inc. is headquartered in Troy, Michigan, and is best known for its Mediterranean-inspired pita wraps, curly fries and quirky offerings, like an orange creme cooler. The Company filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 15-49008) on June 11, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Robert Solomon, principal. Judge Walter Shapero presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney, serves as the Company's bankruptcy counsel. OMNI LOOKOUT: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Omni Lookout Ridge, LP aka Omni G.P., LLC, General Partner 201 Lookout Ridge Blvd. Harker Heights, TX 76548 Case No.: 16-11048 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: September 6, 2016 Court: United States Bankruptcy Court Western District of Texas (Austin) Debtor's Counsel: Frank B. Lyon, Esq. FRANK B. LYON - ATTORNEY AT LAW Two Far West Plaza #170 3508 Far West Blvd. Austin, TX 78731 Tel: (512) 345-8964 Fax: 512-697-0047 E-mail: frank@franklyon.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Gregory Hall, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. ORANGE PEEL: Hires Shraiberg Ferrara as Bankruptcy Counsel ---------------------------------------------------------- Orange Peel Enterprises, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bradley S. Shraiberg of Shraiberg, Ferrara, Landau & Page, P.A. as general bankruptcy counsel, nunc pro tunc to the August 9, 2016 petition date. The Debtor requires Shraiberg Ferrara to: (a) advise the Debtor generally regarding matters of bankruptcy law in connection with this Case; (b) advise the Debtor of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the Case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; (c) represent the Debtor in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in the Case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtor with implementation of any plan; and (f) perform all other legal services for the Debtor, which may be necessary herein. Shraiberg Ferrara will be paid at these hourly rates: Bradley S. Shraiberg $500 Attorneys $295-$500 Legal Assistants $175 Shraiberg Ferrara will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to filing this case, on August 2, 2016, the Debtor paid Shraiberg Ferrara a retainer in the amount of $40,000 and on August 9, 2016 a retainer in the amount of $3,000, which includes the filing fee of $1,717. Of the Retainer, $5,000 was applied by Shraiberg Ferrara as an earned on receipt flat fee for pre-bankruptcy matters, including the preparation of all paperwork required to file the bankruptcy. Mr. Shraiberg 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. Shraiberg Ferrara can be reached at: Bradley S. Shraiberg, Esq. SHRAIBERG, FERRARA, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, Ste. 300 Boca Raton, FL 33431 Tel: (561) 443-0800 Fax: (561) 998-0047 Orange Peel Enterprises, Inc. dba GREENS+, based in Vero Beach, Fla., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-21023) on August 9, 2016. The Hon. Erik P. Kimball presides over the case. Bradley S. Shraiberg, Esq., at Shraiberg Ferrara Landau & Page PA, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $100 million to $500 million in liabilities. The petition was signed by by Jude A. Deauville, CEO. P & G FITTINGS: 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 P & G Fittings, Inc. P & G Fittings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-23033) on August 17, 2016. The petition was signed by Paul Marshall, president. The Debtor is represented by Francis E. Corbett, Esq. At the time of the filing, the Debtor estimated assets and liabilities of less than $50,000. PACIFIC SUNWEAR: Court Confirms Revised Joint Plan -------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court confirmed Pacific Sunwear of California's Revised Joint Plan of Reorganization. As previously reported, "The Plan provides for the issuance of 100% of the new common stock in Reorganized Parent (the 'New Parent Interests') to PS Holdings of Delaware - Series A and PS Holdings of Delaware - Series B, in their capacity as Holders of Term Loan Claims (the 'Term Loan Lenders'), in exchange for a portion of the Term Loan Claims, with the remaining portion of the Term Loan Claims to be converted into a New Term Loan. In addition, the Term Loan Lenders will consummate a minimum of a $20 million investment upon consummation of the Plan to fund ongoing operations, in the form of debt, equity, or a combination of debt and equity. The Plan provides for the payment in full of all Administrative Claims, Allowed Priority Tax Claims, and Priority Non-Tax Claims, and the satisfaction of all Other Secured Claims, consistent with section 1129 of the Bankruptcy Code. The Plan also provides for the reinstatement of the Mortgage Notes Claims, and for payment in full of Qualified Unsecured Trade Claims, subject to entry into a Qualified Support Agreement. The Plan further provides for a Cash payment to Holders of Allowed General Unsecured Claims of $400,000 to be distributed Pro Rata among Holders of Allowed General Unsecured Claims. The Debtors will into a New ABL Facility to fund ongoing operations and obligations under the Plan, including to pay or re-finance the DIP Facility Claims." About Pacific Sunwear Founded in 1982 in Newport Beach, California as a surf shop, Pacific Sunwear of California, Inc. operates in the teen and young adult retail sector, selling men's and womens apparel, accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its e-commerce business, the Company operates an e-commerce site at http://www.pacsun.com/ Pacific Sunwear of California, Inc., and two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on April 7, 2016. The cases are pending before the Honorable Laurie Selber Silverstein. The Debtors sought Chapter 11 protection with a Chapter 11 plan that would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc., as financial advisor; Guggenheim Securities, LLC, as investment banker; and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on April 19 appointed seven creditors of Pacific Sunwear of California, Inc., to serve on the official committee of unsecured creditors. The official committee of unsecured creditors retained Cooley LLP and Bayard, P.A. as counsel; and Province Inc. as its financial advisor. PACIFIC SUNWEAR: Golden Gate Completes Acquisition of Business -------------------------------------------------------------- Golden Gate Capital and Pacific Sunwear of California, Inc., and all of its subsidiaries on Sept. 7, 2016, disclosed that Golden Gate Capital has completed its acquisition of PacSun, which concluded its restructuring after completing all required actions and satisfying all closing conditions to its Joint Plan of Reorganization. The Plan was confirmed by the United States Bankruptcy Court for the District of Delaware on Sept. 6, 2016. PacSun has significantly restructured and reduced its long-term debt and annual occupancy costs, as well as improved its capital structure. Pursuant to the Plan, Golden Gate Capital has converted more than 65% of its term loan debt into the equity of the reorganized Company and has provided a minimum of $20 million in additional capital to the reorganized Company to support PacSun's long-term growth objectives. Wells Fargo has also provided a five-year $100 million revolving line of credit, subject to certain conditions. Josh Olshansky, Managing Director at Golden Gate Capital, said: "PacSun offers consumers the most compelling and desirable mix of brands celebrating the California lifestyle. Now, with a strengthened balance sheet, reduced long-term debt and reduced annual occupancy costs, the Company is well-positioned to build a stronger future and achieve long-term success. We look forward to continuing to partner with PacSun and its experienced management team as the Company executes its strategic plan, enhances its omni-channel customer experience and pursues growth opportunities." Gary H. Schoenfeld, PacSun President and Chief Executive Officer, stated: "We are excited to be emerging from a quick and efficient Chapter 11 process as a stronger and more competitive company. We thank Golden Gate Capital for their partnership, which enabled PacSun to navigate the restructuring process in only five months, and we look forward to continuing our strong working relationship as we embark on our next chapter. For more than 20 years, PacSun has been the largest retail partner for many of our industry's most dynamic emerging brands, and we are very pleased to have had Golden Gate Capital's full support in ensuring that all branded partners -- both large and small -- are to be paid in full as part of our Plan. We would also like to thank our many customers, vendors and partners for their loyalty during the restructuring. We have received resounding recognition of PacSun's attractiveness from our landlords, and the important role we play as a distinctive retail partner to them, and we deeply appreciate their support." Mr. Schoenfeld continued, "This is a true testament to the hard work and support of our dedicated employees, as well as an affirmation of a shared confidence among our key stakeholders that PacSun is on the right path to success during this period of unprecedented change in the marketplace. Looking ahead, we plan to continue our brand transformation and deliver our customers the most relevant specialty apparel and sneakers along with the best brands and great style that define PacSun and our unique 34 year heritage. Our entire team is energized as we enter the important holiday season and look further ahead to 2017." Guggenheim Securities is acting as investment banker for PacSun and Klee, Tuchin, Bogdanoff & Stern LLP is the Company's legal counsel in connection with the debt restructuring, and RCS Real Estate Advisors is the Company's real estate advisor. FTI Consulting serves as its restructuring advisor. Perella Weinberg Partners is acting as financial advisor for Golden Gate Capital, and Kirkland & Ellis is Golden Gate Capital's legal counsel. Choate Hall & Stewart LLP is Wells' legal counsel. About Golden Gate Capital Golden Gate Capital -- http://www.goldengatecap.com/-- is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. In addition to PacSun, retail investments sponsored by Golden Gate Capital include California Pizza Kitchen, Eddie Bauer, Express, Payless Shoes, Red Lobster, and Zales. About Pacific Sunwear Founded in 1982 in Newport Beach, California as a surf shop, Pacific Sunwear of California, Inc. operates in the teen and young adult retail sector, selling men's and womens apparel, accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its e-commerce business, the Company operates an e-commerce site at http://www.pacsun.com/ Pacific Sunwear of California, Inc., and two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on April 7, 2016. The cases are pending before the Honorable Laurie Selber Silverstein. The Debtors sought Chapter 11 protection with a Chapter 11 plan that would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc., as financial advisor; Guggenheim Securities, LLC, as investment banker; and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on April 19, 2016, appointed seven creditors of Pacific Sunwear of California, Inc., to serve on the official committee of unsecured creditors. The official committee of unsecured creditors retained Cooley LLP and Bayard, P.A. as counsel; and Province Inc. as its financial advisor. PACIFIC SUNWEAR: Wins Court Approval of Golden Gate Takeover ------------------------------------------------------------ Lillian Rizzo, writing for The Wall Street Journal Pro Bankruptcy, reported that the reorganization plan of Pacific Sunwear of California Inc. has received a judge's approval, moving the teen retailer closer to exiting from bankruptcy protection. According to the report, citing court papers, Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., approved the plan on Sept. 6. The Plan allows Pacific Sunwear to convert $88 million of its debt into equity and hand control of the company to private-equity lender Golden Gate Capital, the report related. The report noted that Pacific Sunwear filed for chapter 11 protection in April with a restructuring plan already negotiated with Golden Gate. As part of the deal, Golden Gate will convert 65% of its debt into equity, and invest at least $20 million into the company after it emerges from bankruptcy. Golden Gate had provided a $60 million term loan to Pacific Sunwear that would have come due this year, the report related. About Pacific Sunwear Founded in 1982 in Newport Beach, California as a surf shop, Pacific Sunwear of California, Inc. operates in the teen and young adult retail sector, selling men's and womens apparel, accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its ecommerce business, the Company operates an e-commerce site at http://www.pacsun.com/ Pacific Sunwear of California, Inc., and two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on April 7, 2016. The cases are pending before the Honorable Laurie Selber Silverstein. The Debtors sought Chapter 11 protection with a Chapter 11 plan that would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc., as financial advisor; Guggenheim Securities, LLC, as investment banker; and Prime Clerk LLC as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, on April 19, 2016, appointed seven creditors of Pacific Sunwear of California to serve on the official committee of unsecured creditors. The official committee of unsecured creditors retained Cooley LLP and Bayard, P.A. as counsel; and Province Inc. as its financial advisor. PANAMA CITY INVESTMENTS: Hires Zalkin Revell as Counsel ------------------------------------------------------- Panama City Investments, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Florida to employ Zalkin Revell, PLLC as counsel to the Debtor. Panama City Investments requires Zalkin Revell to: a. prepare schedules and statements, as well as various pleadings, applications, motions, responses, objections, and notices related to the administration of the case and conduct examinations incidental to the administration of the bankruptcy case and any proceedings therein; b. protect the interests of the Debtor in all matters pending before the bankruptcy Court; c. analyze and develop the relationship of the Debtor to the claims of creditors and other parties in interest in the bankruptcy case; d. advise the Debtor of its rights, duties and obligations as a Debtor-in-Possession operating under Chapter 11 of the United States Bankruptcy Code; e. take any and all other necessary action incidental to the proper preservation and administration of the Chapter 11 case; f. appear at various hearings on administrative and contested matters and in any adversary proceedings; and g. advise and assist the Debtor in the formation and drafting of a disclosure statement and plan of reorganization and negotiate with its creditors in relation to a plan and any and all matters related thereto. Zalkin Revell will be paid at these hourly rates: Natasha Z. Revell $300 Teresa M. Dorr $265 Legal Assistant $90 Zalkin Revell has been paid the amount of $2,717, of which $1,000 was used for pre-petition services, and $1,717 for filing fee. Following the filing of the petition, Zalkin Revell received from an affiliated third party, Charles Cottle, Manager of the Debtor, the sum of $2,000. Zalkin Revell will also be reimbursed for reasonable out-of-pocket expenses incurred. Natasha Z. Revell, member of Zalkin Revell, 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 estates. Zalkin Revell can be reached at: Natasha Z. Revell, Esq. ZALKIN REVELL, PLLC 2410 Westgate Drive Albany, GA 31707 Tel: (229) 435-1611 About Panama City Investments Panama City Investments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 16-50200) on July 26, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Teresa M. Dorr, Esq., at Zalkin Revell, PLLC. No official committee of unsecured creditors has been appointed in the case. PARKER PRECISION: 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 Parker Precision Molding Inc. Parker Precision Molding Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-22825) on July 29, 2016. The petition was signed by Linda Parker, president. The Debtor is represented by Donald R. Calaiaro, Esq., at Calaiaro Valencik. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of $500,001 to $1 million. PAROLE BESTGATE: Needs Until Nov. 24 to File Chapter 11 Plan ------------------------------------------------------------ Parole Bestgate LLC requests the U.S. Bankruptcy Court for the District of Maryland to extend the period within which the Debtor has the exclusive right to file a Chapter 11 plan to and including Sept. 26, 2016, and the period within which the Debtor has the exclusive right to solicit acceptances on a Chapter 11 plan to and including Nov. 24, 2016, without prejudice to the Debtor's right to seek further extensions. The Debtor contends that the extension is necessary given the additional time the Debtor and its secured creditor, EF SBC 2015-1 LLC still need to agree upon a consensual plan or some other mutually agreeable resolution of this case. Attorneys for Parole Bestgate LLC: Michael J. Lichtenstein, Esq. Megan A. Raker, Esq. SHULMAN, ROGERS, GANDAL, PORDY & ECKER, P.A. 12505 Park Potomac Avenue, Sixth Floor Potomac, MD 20854 Tel: (301) 230-5231 (Lichtenstein) Tel: (301) 945-9291 (Raker) Fax: (301) 230-2891 Email: mjl@shulmanroges.com mraker@shulmanrogers.com About Parole Bestgate James Joseph Sokolis filed an Involuntary Chapter 11 petition for Parole Bestgate LLC (Bankr. D. Md. Case No. 16-11840) on February 17, 2016. The case is assigned to Judge David E. Rice. PENINSULA HOLDINGS: Files Amended Contract for Colorado Properties ------------------------------------------------------------------ Peninsula Holdings, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a second supplement to its motion to sell its properties located at 8080 S. Broadway, Littleton, CO; 8787 E. Dry Creek, Centennial, CO; 7505 Parkway Dr., Lone Tree, CO; 3755 Chambers Rd., Aurora, CO to Erie Partners II, LLC for $12,900,000. On July 5, 2016, the Debtor filed the First Supplement seeking, among other things, approval of, and authorization to close under, the Contract to Buy and Sell Real Estate (Commercial) ("Contract"), dated July 1, 2016, by and between Debtor and the Purchaser. The Debtor and the Purchaser have entered into 2 amendments ("Amended Contract") regarding the Contract as follows: (a) Agreement to Amend/Extend Contract, dated Aug. 3, 2016; and (b) Second Amendment of Contract to Buy and Sell Real Estate (Commercial) made to be effective as of the Aug. 9, 2016. According to the second supplement, pursuant to the Contract, the Purchaser made certain objections regarding title, inspection, survey, due diligence, environmental, and tenant estoppels, among other things ("Objection Letter"). By letter dated Aug. 3, 2016, from the Purchaser's attorney, the Purchaser revised its Objection letter and removed certain objections ("Revised Objections"). The Purchaser and Seller have reached certain resolutions regarding the Revised Objections and desire to amend the Contract accordingly. The legal description concerning 8787 Dry Creek Road is deleted and replaced in its entirety. Seller agrees the title company reflect the easement on the title commitment and policy. The partied acknowledge that the legal descriptions attached to the Contract are more general in nature than provided in the Title Commitment, as amended, provided by Stewart Title ("Title Commitment"). The parties agree that the deed conveying the property will use the legal descriptions as set forth in the Title Commitment. The purchase price in Section 4.1 of the Contract is amended to $12,765,000. At closing, the Seller will deliver to Purchaser a cashier's check in the exact amount received from Travelers Casualty Insurance Company of America ("The Travelers") in satisfaction for a portion of the claims held by the Purchaser against The Travelers. The travelers has indicated that it will pay additional amount on completion of the repairs of the damages associated with the claims and upon its approval of the repair invoices. The Buyer represents that it intends to performs the repairs related to the claims within 120 days of the closing. The Debtor further supplements the First Supplement and seeks, among other things, approval of, and authorization to close under, the Amended Contract. A copy of the Amended Contract and the list of claims attached to the Motion is available for free at: http://bankrupt.com/misc/Peninsula_Holdings_180_Sales.pdf About Peninsula Holdings Peninsula Holdings, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 16-11466) on Feb. 23, 2016. In its petition, the Debtor listed under $50,000 in estimated assets and $10 million to $50 million in estimated liabilities. Peninsula Holdings has hired FTI Consulting as an expert witness to assist the Debtor's special counsel, Appel, Lucas & Christensen, P.C. PHOENIX MANUFACTURING: DLS Hires Gallagher as Special Counsel ------------------------------------------------------------- DLS Precision Fab, LLC, d/b/a Di-Matrix Precision Manufacturing, seeks authority from the U.S. Bankruptcy Court for the District of Arizona to employ Gallagher & Kennedy, P.A. as special counsel to the Debtor. Gallagher has represented DLS Precision Fab, LLC in the remaining issues in the 9th Circuit Court of Appeals regarding the decision entered in favor of the U.S. Immigration and Customs Enforcement department. DLS Precision Fab, LLC requires Gallagher to perform legal services in relation to the bankruptcy proceeding, which includes: a. advise and represent the Debtor in connection with the Immigration and Customs Litigation, including pending appeal; b. appear before the bankruptcy Court and any appellate courts in relation to the Immigration and Customs Litigation; and c. perform other services related to the Immigration and Customs Litigation as may be requested by the Debtor or its general bankruptcy counsel. Gallagher will be paid at these hourly rates: Donald P. Johnsen $550 Christopher Thompson $385 Gallagher will be paid a retainer in the amount of $15,000. Gallagher will also be reimbursed for reasonable out-of-pocket expenses incurred. Donald P. Johnsen, member of Gallagher & Kennedy, P.A., 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 its estates. Gallagher can be reached at: Donald P. Johnsen, Esq. GALLAGHER & KENNEDY, P.A. 2575 E Camelback Road, Suite 1100 Phoenix, AZ 85016 Tel: (602) 530-8075 About Phoenix Manufacturing Phoenix Manufacturing Partners LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-04898) on May 3, 2016. Its affiliates Joined Alloys, LLC, and DLS Precision Fab, LLC, filed for Chapter 11 protection (Case Nos. 16-06107 and 16-06109) on May 27, 2016. The petitions were signed by Joe Yockey, president & managing member. The cases are jointly administered under Case No. 16-04898 and are assigned to Hon. Edward P. Ballinger, Jr. Phoenix Manufacturing estimated assets of $0 to $50,000 and debts of $10 million to $50 million. Joined Alloys and DLS Precision estimated both assets and liabilities in the range of $1 million to $10 million. No official committee of unsecured creditors has been appointed in the case. PICO HOLDINGS: Daniel Silvers Named Chair of Compensation Committee ------------------------------------------------------------------- PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $662 million in assets and $426 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO. Other activists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause. The activist bloggers celebrate the appointment of Daniel Silvers to Chair of the PICO Compensation Committee. "We were overjoyed to learn that Daniel Silvers was named Chair of the PICO Compensation Committee. After several years of despicable compensation measures, PICO is finally poised to implement remuneration practices that are fair to all parties. Mr. Silvers is a true friend to PICO shareowners and his ascension to Chair of the Comp Committee is the ideal outcome for value creation at PICO. Readers should not underestimate the importance of this development - it is probable that Mr. Silvers will have the opportunity to create millions of dollars of value for PICO shareowners - and we look forward to reporting on his future success. "The youthful Mr. Silvers is well-suited to navigate the treacherous PICO Boardroom. He toughened his knuckles in the gaming industry - where there is no shortage of con men and shady characters. Mr. Silvers has banking experience, an enormous plus in our view. Bankers think differently from other businesspeople and their presence improves decision-making at the corporate level. Our research indicates that Mr. Silvers has a reputation as a tireless advocate of shareholder interests, a reputation which has endured during his short time at PICO. "Working against the admirable efforts of Mr. Silvers on the Comp Committee is Michael "Desperado" Machado - a true enemy of shareowners. This man is completely unfit to serve on a Compensation Committee, or a Board of Directors. Desperado Machado shamelessly signed his name to the criminal Hart Compensation Scheme and participated in every measure of Director entrenchment since his appointment to the PICO Board in 2013. Desperado Machado is a politician - which as RPN sees the world, places him one rung beneath drug dealers (who at least present a transparent agenda - unlike politicians)." PIZZARIA CINY: Hires Heath to Auction South Elgin Assets -------------------------------------------------------- Pizzeria Ciny, Inc., is asking Judge Jacqueline P. Cox of the U.S. Bankruptcy Court for the District of Illinois for approval to employ Heath Industrial, Inc., to conduct a publicly advertised auction sale of its equipment, furnishings and other tangible personal property now located at 464 Redington Drive, South Elgin, Illinois. The Debtor formerly operated Wok N' Hot, a high-end Asian fusion restaurant, on the Premises. The Debtor began operating on April 27, 2015, and terminated its business operations as of the close of business on Aug. 6, 2016. The Debtor had suffered operating losses of at least $25,000 a month since opening. The losses were financed and subsidized by the credit and personal assets of its owners, Carrie (60%) and James Thomason (40%), who ultimately became unable to continue financing and subsidizing the Debtor's unprofitable operations. In addition, Carrie Thomason, who worked for the Debtor on a full-time basis, was never able to take a paycheck from the Debtor. The Thomasons intend to also file related small business chapter 11 cases in the court as affiliates of the Debtor, each owning more than 25% of the Debtor. Prior to the commencement of the Debtor's case, the Debtor obtained an auction proposal from Heath, an experienced and disinterested auctioneer, with whom the Debtor's attorneys had previously worked on matters unrelated to the Debtor's case. The Debtor, upon the advice of their attorneys, believes that Heath is well-qualified to conduct the proposed auction and that the terms of the Proposal from Heath are fair and reasonable given the nature and value of the sale assets. The proposed sale assets are no longer needed for the Debtor's business operations and represent all of the Debtor's remaining assets that can be devoted to the payment of administrative expenses and claims of creditors. The assets are valued at less than $100,000, net of auction expenses, and perhaps as little as $45,000. If it is allowed to proceed immediately, Heath will be able to advertise the auction, set up the sale assets and conduct the auction, supervise the removal of the sale property, collect the amounts bid, and leave the Premises in broom-clean condition by Oct. 31, 2016. The Debtor intends to vacate the Premises and reject the lease for the Premises as soon as possible, unless it (or its landlord) is able to locate a suitable subtenant. The Debtor believes that an immediate publicly advertised auction sale of its remaining assets will maximize the value of those assets for the benefit of all creditors. At this time, absent an insider loan from the Thomasons, the Debtor does not have funds on hand to pay current rent, which is approximately $7,000 to $7,800 per month, depending on real estate taxes and CAM charges. The Debtor proposes to pay any allowed rental claim from the net proceeds of the auction after payment of the amount due Heath under the Proposal. The Debtor also proposes to provide the landlord with a superpriority and secured administrative expense claim under 11 U.S.C. Section 364(c)(1) and Section 364(c)(2), subject only to the amounts due Heath under the Proposal. In addition, the Debtor proposes to grant the landlord a lien secured by the sale assets, which are now unencumbered, for such administrative rent claim that the court may allow the landlord. The Debtor has timely paid all of its rent obligations through Aug. 31, 2016, but used all of its remaining liquidity to satisfy employee and other obligations that accrued after the Aug. 6, 2016 shutdown. A copy of the Proposal and the lease attached to the Motion is available for free at: http://bankrupt.com/misc/Pizzeria_Ciny_5_Sales.pdf The Auctioneer: HEATH INDUSTRIAL AUCTION SERVICES, INC. Jake Josko Director 1288 Industrial Drive Lake in the Hills, IL 60156 United States Phone: 847-380-1755 Fax: 224-757-7577 Http://www.heathindustrial.com Counsel for the Debtor: Steven B. Towbin, Esq. David R. Doyle, Esq. SHAW FISHMAN GLANTZ & TOWBIN, LLC 321 North Clark Street, Suite 800 Chicago, Illinois 60654 Telephone: (312) 541-0151 Facsimile: (312) 980-3888 Pizzeria Ciny, Inc., doing business as Wok n' Hot, sought Chapter 11 protection (Bankr. N.D. Ill. Case No, 16-27668) on Aug. 29, 2016. POWIN CORP: Needs More Financing to Continue as a Going Concern --------------------------------------------------------------- Powin Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $1.35 million on $2.65 million of total net sales for the three months ended June 30, 2016, compared with a net loss of $1.28 million on $3.14 million of total net sales for the same period last year. The Company's balance sheet at June 30, 2016, showed $6.73 million in total assets, $2.10 million in total liabilities, $2.69 million in non-controlling interest, and a stockholders' deficit of $7.32 million. The Company sustained net loss attributable to Powin Corporation of $2,736,786 and $2,766,373 during the six months ended June 30, 2016 and 2015. The Company has accumulated deficit of$24,447,776 as of June 30, 2016. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required. A copy of the Form 10-Q is available at: https://is.gd/NYXKwy Tualatin, Oregon-based Powin Corporation has very strong relationships with eight plants located in The People's Republic of China and one in Taiwan and, coordinate all the manufacturing of over 4,000 products plus the coordination of all product shipments and delivery to its distribution channels. However, the Company does not own the manufacturing facilities in China or Taiwan; it only facilitates the manufacturing and distribution of the products for the Company's customers. Products include gun safes, outdoor cooking and cookware products, fitness and recreational equipment, truck parts, furniture products and cabinets, plastic products, rubber products, electrical parts and components and appliances. The Company also manufactures metal products in Tualatin, Oregon through its wholly owned subsidiary, Quality Bending and Fabrication Inc. PRECISION ENVIRONMENTAL: Hires De Lorenzo as Attorney ----------------------------------------------------- Precision Environmental Solutions, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of New York to employ The De Lorenzo Law Firm, LLP as attorney to the Debtor. Precision Environmental requires De Lorenzo to: a. evaluate various claims and offsets; b. prepare the Disclosure Statement and Plan; c. recover voidable transfers and fraudulent conveyances, if any; d. attend at preliminary hearing, 341 hearing and valuation hearings, if any; e. negotiate and litigate with secured creditors. De Lorenzo will be paid at the hourly rate of $350, and a retainer in the amount of $15,000. De Lorenzo will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard H. Weiskopf, member of the law firm of The De Lorenzo Law Firm, 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 estates. De Lorenzo can be reached at: Richard H. Weiskopf, Esq. THE DE LORENZO LAW FIRM, LLP 670 Franklin Street, Suite 100 Schenectady, NY 12305 Tel: (518) 374-8450 About Precision Environmental Precision Environmental Solutions, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y. Case No. 16-11454) on August 8, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Richard H. Weiskopf, Esq., at The De Lorenzo Law Firm, LLP. No official committee of unsecured creditors has been appointed in the case. PREMIER DENTAL: Moody's Affirms Caa1 CFR & Changes Outlook to Pos. ------------------------------------------------------------------ Moody's Investors Service affirmed Premier Dental Services, Inc.'s ("PDS") Caa1 Corporate Family Rating, its Caa1-PD Probability of Default rating, and Caa1 senior secured credit facilities' rating. The rating outlook has been changed to positive from negative. The revision of the outlook to positive reflects recently improved operating and financial performance attributable to the successful execution of strategic initiatives implemented by the company's new management team. Among these include an increase in patient revenue-per-visit through focusing on higher margin procedures including orthodontics, and improved accounts receivable collection rates due to the increased utilization of third-party financing. Additionally, the reduced pace of de novo office openings allows the company to focus efforts on the profitability of existing office locations. Following is a summary of Moody's rating actions: Premier Dental Services, Inc. Ratings affirmed: Caa1 Corporate Family Rating Caa1-PD Probability of Default Rating Caa1 (LGD 4) senior secured credit facilities' rating The rating outlook has been changed to positive from negative. RATINGS RATIONALE Premier Dental Services' Caa1 Corporate Family Rating reflects the company's small absolute revenue size, its high financial leverage, and considerable bad debt expense. The ratings also reflect the company's very high geographic concentration in California, which has demonstrated its willingness to cut reimbursement rates. Supporting the ratings, the company has recently reduced capital expenditures to build new dental centers in order to focus on improving operating margins and cash flow. Moody's also favorably views the introduction of third-party patient financing, which it expect will reduce bad debt expense. The positive rating outlook reflects Moody's expectation that the company's earnings and cash flow metrics will continue to benefit from recent strategic initiatives. In addition, the positive outlook incorporates Moody's expectation that the company's liquidity profile will remain at least adequate, and does not reflect any significant debt-funded acquisitions shareholder distributions. The ratings could be upgraded if Moody's expects operating performance improvement to appear sustainable, including adjusted debt to EBITDA sustained below 6 times over the next few quarters on a Moody's adjusted basis. An upgrade would also require the company to maintain good liquidity. The ratings could be downgraded if there is a material contraction in the level of operating cash flow, such that free cash flow turns negative, or if the company's liquidity deteriorates. While highly unlikely, the ratings could be lowered if the company faces any regulatory restrictions in making dividend payments from its regulated subsidiaries to service the debt held at Premier Dental Services, Inc. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. Headquartered in Orange, California, Premier Dental Services, Inc., and its subsidiaries and affiliates, including Western Dental Services, Inc., is a leading provider of full service general, specialty and orthodontic dentistry services in the United States, and the largest provider of dentistry services in the State of California. As a regulated and licensed HMO/health plan under California's Knox-Keene Health Care Service Plan Act of 1975, and as permitted under Arizona law, Western Dental operates predominantly under the staffing model, whereby the company directly employs its dentists. Western Dental operates approximately 201 dental centers throughout California, Arizona, Nevada and Texas. The company is owned by private-equity firm, New Mountain Capital, and generated total revenues of approximately $542 million for the twelve months ended June 30, 2016. PUERTO RICO: Failed to Make $9.9-Mil. Bond Payment on Sept. 1 ------------------------------------------------------------- Michelle Kaske, writing for Bloomberg News, reported that Puerto Rico's Government Development Bank, which served as the island's financial adviser and lender before being placed in a state of emergency, failed to pay investors $9.9 million of interest due Sept. 1. 2016, according to a regulatory filing. The bank, whose regulator says is insolvent and faced a cash shortfall of as much as $1.3 billion in June, has been defaulting on debt payments since May, the report said. September's missed payment was disclosed in a filing on Sept. 6 on the Municipal Securities Rulemaking Board's website, called EMMA, the report noted. According to the report, President Barack Obama has selected seven people from lists provided by congressional leaders from both parties to serve on a federal control board that will oversee any restructuring of Puerto Rico's $70 billion of outstanding debt and monitor the island's budgets. Puerto Rico defaulted on nearly $1 billion on July 1, including $780 million on general-obligation bonds, the largest such payment failure in the $3.7 trillion municipal-bond market, the report further noted. The island's economy has shrunk in the past 10 years and residents are leaving at record levels to find work on the U.S. mainland, the report related. RECOVERY CENTERS: Hires Varner Sytsma as Accountant --------------------------------------------------- Recovery Centers of King County, seeks authority from the U.S. Bankruptcy Court for the Western District of Washington to employ Varner Sytsma Herdon as accountant to the Debtor. Recovery Centers requires Varner Sytsma to assist the Debtor in reviewing employment records and calculating wage claims in connection with the mediation process in the class action of Lisa Rogers, et al., Class Action No. 14-2-32248-8 SEA, with the Superior Court of the State of Washington. Varner Sytsma will be paid at the hourly rate of $300, and a retainer in the amount of $7,000. Varner Sytsma will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Sytsma, Varner Sytsma Herdon, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Varner Sytsma can be reached at: Robert Sytsma VARNER SYTSMA HERDON 2200 Rimland Drive, Suite 205 Bellingham, WA 98226 Tel: (360) 734-8715 About Recovery Centers Recovery Centers of King County -- http://www.rckc.org/-- provided Central Seattle and South King County residents with a continuum of care for those who suffer with alcoholism or other drug addiction. RCKC filed a Chapter 11 case (Bankr. W.D. Wash. Case No. 15-13060)on May 15, 2015. Judge Timothy W. Dore presides over the case. The Debtor tapped Jeffrey B Wells, Esq., at Wells and Jarvis, P.S., in Seattle, as counsel. The Debtor disclosed total assets of $32,462,383 and total liabilities of $17,184,837 as of the Chapter 11 filing. The Debtor's Chapter 11 plan contemplates the sale of its real estate located at 464 - 12th Ave S, Seattle, Washington, 1701 18th Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington. The Debtor will sell real property located at 464 12th Avenue, in Seattle, Washington, to Low Income Housing Institute for $4.1 million. Bank of America, N.A., is the Debtor's secured lender. The U.S. Trustee for Region 18 appointed five creditors to serve In the Official Unsecured Creditors Committee. The Committee is represented by Nagler Law Group, P.S. RED MOUNTAIN: Asks for Plan Exclusivity Extension Thru Oct. 7 ------------------------------------------------------------- BankruptcyData.com reported that Red Mountain Resources filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 7, 2016 and December 9, 2016, respectively. The motion explains, "The Bidding Procedures Order established the groundwork for a sale process culminated in a sale hearing on August 9, 2016. The closing of such sale on August 31, 2016 to Black Mountain Operating, LLC has resulted in the satisfaction of substantially all of the Debtors' secured indebtedness. Because closing did not occur until the end of August, it has not been possible for the Debtors to formulate a plan of reorganization before the currently-established expiration of exclusivity three business days later." About Red Mountain Based in Farmers Branch, Texas, Red Mountain Resources, Inc. has oil and natural gas properties in the Permian Basin of West Texas and Southeast New Mexico, the onshore Gulf Coast of Texas and Kansas. The Company filed for bankruptcy on March 8, 2016 (Bankr. N.D. Tex. Case No. 16-30989). Howard Marc Spector, Esq. of Spector & Johnson, PLLC, represents the Debtor. REDBOX AUTOMATED: Moody's Assigns B1 CFR, Outlook Stable -------------------------------------------------------- Moody's Investors Service assigned to Redbox Automated Retail, LLC a first-time B1 Corporate Family Rating and B2-PD Probability of Default Rating. Moody's also assigned a Ba3 rating to the company's proposed first-lien credit facility, consisting of a $40 million senior secured revolving credit facility and a $400 million senior secured term loan. The outlook is stable. On July 26, 2016, Apollo Global Management, LLC entered into an agreement to acquire Outerwall, Inc., Redbox's parent company, in an all-cash transaction valued at roughly $1.6 billion (including net debt). Outerwall's two main subsidiaries, Redbox and Coinstar, will be split up and operated, financed and managed independently going forward. As there are no cross guarantees or free flowing of cash or common management or services between the subsidiaries, the debt financing for these entities is separate and non-recourse from one another. Proceeds from the aforementioned credit facility along with equity will be used by Apollo to finance the portion of the acquisition associated with Redbox. The current ratings at Outerwall, including the company's Ba3 CFR, Ba3-PDR, and B1 unsecured rating, are expected to be withdrawn at the close of this transaction, with all outstanding debt to be repaid. Assignments: Issuer: Redbox Automated Retail, LLC Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B1 Senior Secured Bank Credit Facility (Local Currency), Assigned Ba3 (LGD2) Outlook Actions: Outlook, Assigned Stable RATINGS RATIONALE Redbox's B1 CFR reflects its conservative leverage of approximately 1.3x (incorporating Moody's standard adjustments and pro forma as of 6/30/2016). The rating is also supported by Redbox's good cash flow generating capabilities and we estimate it will generate annual free cash flows of over $100 million going forward, which should provide sufficient liquidity to cover $60 million of annual term loan amortization and facilitate deleveraging of an already moderately leveraged balance sheet. Mitigating the company's very strong credit metrics are its lack of business segment diversification and challenged industry environment given to Redbox's secular decline in its DVD rental business. Redbox provides consumers with physical movie and video game daily rentals through one of its nearly 40,000 kiosks across the country. However, the company is experiencing secular pressure for the demand of its services, as the industry continues to face unprecedented changes with consumers increasingly moving towards video-on-demand (VOD) and subscription video-on-demand (SVOD) services. The longevity of the company's business depends upon sustaining its current position as one of only two major providers of DVD rental companies (including Netflix's (B1 CFR) deemphasized DVD by-mail business) that continue to distribute new theatrical content in early distribution windows. Subscription streaming services have secured much less new theatrical content and have become focused more on serialized television content. The rating also incorporates the company's limited future growth prospects and higher business risks. Rating Outlook The stable outlook reflects our expectation that the company will reduce and sustain leverage under 1.0 times (Moody's adjusted) within two years, and continue to use a majority of its excess cash flow for debt repayment due to the mandatory term loan amortization. The outlook also assumes that Redbox will improve the cost structure in its DVD rental business and thereby push out secular top line pressure on cash flow. What Could Change the Rating -- Up Given the secular pressure faced by the company's business, an upgrade from the current ratings is unlikely. However, ratings could be upgraded if the company shows a willingness and ability to maintain leverage below 0.5x (Moody's adjusted) and the slope of the secular decline in revenue is sustained under 5%. What Could Change the Rating -- Down Ratings could be downgraded if there is an acceleration of losses or rental volume and revenues of DVDs; if leverage were to be sustained above 1.25x beyond the next 24 months, or if there is a deterioration in liquidity. It also could be downgraded if the major studios begin providing their new theatrical content to streaming services more aggressively. Redbox, headquartered in Bellevue, Washington, operates over 40,000 self-service kiosks providing physical DVD and video game rentals to consumers across the United States. Redbox's total revenue for the last twelve months ended June 30, 2016, was approximately $1.5 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. ROADHOUSE HOLDING: Hires Hilco as Real Estate Advisor ----------------------------------------------------- Roadhouse Holding Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Hilco Real Estate, LLC as real estate advisor, nunc pro tunc to August 8, 2016. The Debtors require Hilco to: a. meet with the Debtors to ascertain the Debtors' goals, objectives, and financial parameters; b. mutually agree with the Debtors with respect to a strategic plan for restructuring or terminating the Leases; c. on the Debtors' behalf, negotiate the terms of restructuring and termination agreements with third parties and the Landlords under the Leases, in accordance with the Strategic Plan; d. provide written reports periodically to the Debtors regarding the status of such negotiations; and e. assist the Debtors in closing the pertinent Lease restructuring and termination agreements. The Debtors have agreed to pay Hilco: a. Assigned/Terminated Lease Savings Fee. For each Lease that becomes an Assigned/Terminated Lease, Hilco shall earn an amount equal to the Assigned/Terminated Lease Savings multiplied by 10%; provided, further, that in the event of a unitary lease (i.e. a lease with one landlord/counter-party for more than one location), Hilco shall receive an Assigned/Terminated Lease Savings Fee in connection with any location (not just lease) for which Assigned/Terminated Leases Savings are received (whether assigned or terminated) in connection with such unitary lease. For the avoidance of doubt and notwithstanding in the Agreement to the contrary, no lease that is rejected by the Debtors in a chapter 11 proceeding shall be treated as an Assigned/Terminated Lease or Restructured Lease hereunder, and no fees shall be payable hereunder in connection with any lease that is rejected. b. Restructuring Fee: For each Lease that becomes a Restructured Lease, Hilco shall earn a fee equal to an amount equal to the aggregate Restructured Lease Savings multiplied by 5.5% but in no event less than $1,500 for any Restructured Lease; provided that in the event a Lease is restructured to include a shortened term, the Restructured Lease Savings Fee for the Restructured Lease Savings attributable to the shortened term only shall be reduced to 1.75%, and the balance of any Restructured Lease Savings shall be calculated based on 5.5%; provided, further, that in the event of a unitary lease (i.e. a lease with one landlord/counter-party for more than one location), Hilco shall receive a Restructured Lease Savings Fee in connection with any location (not just lease) addressed (whether terminated or restructured) in connection with such unitary lease. c. Court Appearances. Hilco shall be compensated at a rate of $500 per hour for executive management appearances and $300 per hour for non- executive management appearances in any court or bankruptcy proceeding, in each case should such appearance be required or requested by the Debtors. Travel time for court appearances will be billed at 50% of the applicable hourly rate. The Debtors have paid Hilco a non-refundable retainer fee in the amount of $150,000, which is to be applied to the fees due under the Agreement. Ryan Lawlor, managing member of Hilco Real Estate, 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. Hilco can be reached at: Ryan Lawlor Hilco Real Estate, LLC 5 Revere Drive, Siute 206 Northbrook, IL 60062 Tel: (847)418-2086 E-mail: rlawlor@hilcoglobal.com About Roadhouse Holding   Roadhouse Holding Inc. was founded in 2010 and is based in New  York. Roadhouse Holding, along with seven affiliates, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11819) on Aug. 8, 2016.    Roadhouse Holding, et al. are represented by Robert S. Brady, Esq., Edmon L. Morton, Esq., Ryan M. Bartley, Esq., Elizabeth S. Justison, Esq., and Norah M. Roth-Moore, Esq., at Young Conaway Stargatt & Taylor, LLP.    Andrew Vara, acting U.S. trustee for Region 3, on August 19  appointed five creditors of Roadhouse Holding Inc. to serve on the official committee of unsecured creditors.    Dechert LLP and Ashby & Geddes, P.A., serve as counsel to (a) BOKF, NA, as successor to Wells Fargo Bank, National Association, as trustee and collateral agent under that certain Senior Secured Notes Indenture, dated as of Oct. 4, 2010; (b) Carl Marks Management Company, LLC; and (c) Marblegate Asset Management, LLC. RXI PHARMACEUTICALS: Limited Cash Raises Going Concern Doubt ------------------------------------------------------------ RXi Pharmaceuticals Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $2.21 million on $9,000 of net revenues for the three months ended June 30, 2016, compared to a net loss of $2.19 million on $nil of net revenues for the same period in 2015. For the six months ended June 30, 2016, the Company listed a net loss of $4.44 million on $19,000 of net revenues, compared to a net loss of $5.11 million on $34,000 of net revenues for the same period in the prior year. As of June 30, 2016, the Company had $6.52 million in total assets, $1.55 million in total liabilities and a total stockholders' equity of $4.97 million. The Company has limited cash resources, has reported recurring losses from operations since inception and has not yet received revenues from sales of products. These factors raise substantial doubt regarding the Company's ability to continue as a going concern, and the Company's current cash resources may not provide sufficient capital to fund operations for at least the next twelve months. Historically, the Company's primary source of financing has been through the sale of its securities. The continuation of the Company as a going concern depends upon the Company's ability to raise additional capital through an equity offering, debt offering or strategic opportunity to fund its operations. There can be no assurance that the Company will be successful in accomplishing these plans in order to continue as a going concern. A copy of the Form 10-Q filed with the U.S. Securities and Exchange Commission is available at: https://is.gd/M5e5RQ RXi Pharmaceuticals Corporation, a biotechnology company, focuses on discovering and developing therapies primarily in the areas of dermatology and ophthalmology. The company develops therapies based on siRNA technology and immunotherapy agents. Its clinical development programs include RXI-109, a self-delivering RNAi compound, which is in Phase IIa clinical trial that is used to prevent or reduce dermal scarring following surgery or trauma, as well as for the management of hypertrophic scars and keloids; and Samcyprone, an immunomodulation agent, which is in Phase IIa clinical trial for the treatment of various disorders, such as alopecia areata, warts, and cutaneous metastases of melanoma. The company's preclinical program includes the development of products for ocular indications with RXI-109, including retinal and corneal scarring. Its discovery stage development programs include a dermatology franchise for the discovery of collagenase and tyrosinase targets for its RNAi platform; and ophthalmology franchise, a program for the discovery of sd-rxRNA compounds for oncology indications, including retinoblastoma. The company was incorporated in 2011 and is headquartered in Marlborough, Mass. SAWTELLE PARTNERS: Hires Totaro as General Insolvency Counsel ------------------------------------------------------------- Sawtelle Partners, LLC, seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ Totaro & Shanahan as general insolvency counsel to the Debtor. Sawtelle Partners requires Totaro to: a. counsel several lengthy meetings and numerous phone calls, discussions concerning the various chapters, benefits and disadvantages of each filing of a chapter 11 case and debtor's rights and responsibilities as chapter 11 debtor in possession, including the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the United States Trustee Guidelines; b. prepare the petition and schedules, status reports, and personal attendance at all hearings, included but not limited to the Status Conference, Initial Debtor Interview the meeting of creditors pursuant to Bankruptcy Code section 341(a) or any continuance thereof, all status conferences; preparation of any first day motions and employment applications and all hearings on motions, the disclosure statement and plan; c. consult with the Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; d. assist the Debtor in the preparation of documents for compliance with the requirements of the Office of the United States Trustee; e. negotiate with secured and unsecured creditors regarding the amount and payment of their claims; f. discuss with the Debtor's representative concerning the Disclosure Statement and plan of reorganization; g. prepare the Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same; h. submit ballots to creditors, tally of ballots and submit to the Court; i. respond to any objections to disclosure statement and/or plan; j. negotiate with creditors as to values, etc and the plan of reorganization; k. respond to any motions for relief from stay, motions to dismiss or any other motions or contested matters; Totaro will be paid at these hourly rates: Attorney $550 Paralegal $150 Totaro will be paid a retainer in the amount of $2,200. Totaro will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael R. Totaro, member of the law firm Totaro & Shanahan, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Totaro can be reached at: Michael R. Totaro, Esq. TOTARO & SHANAHAN Pacific Palisades, CA 90272 Tel: (310) 573-0276 Fax: (310) 496-1260 E-mail: Ocbkatty@aol.com About Sawtelle Partners Sawtelle Partners, LLC, based in Los Angeles, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-21234) on August 23, 2016. The Hon. Barry Russell presides over the case. Michael R. Totaro, at Totaro & Shanahan, serves as bankruptcy counsel. In its petition, the Debtor estimated $9.59 million in assets and $13.05 million in liabilities. The petition was signed by Ethan Margalith, managing member. No official committee of unsecured creditors has been appointed in the case. SEAPORT AIRLINES: Taps Cash Flow Management as Collection Agent --------------------------------------------------------------- SeaPort Airlines, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Oregon to employ Cash Flow Management, Inc.'s Bill Stine as collection agent. The Debtor requires the collection agent to: (a) search and locate current contact information for individuals owing the Debtor; (b) contact these individuals and attempt to work out voluntary repayment of outstanding debts; (c) if necessary, follow up voluntary collection efforts with legal demands, litigation, and execution. The collection agent will retain a commission percentage of the amounts actually collected by them. For collection accomplished without litigation, the percentage retained by the collection agent for fees is 33.3%; for collection requiring litigation, the percentage fee is 40%-45%, depending on where the collection activity occurs and whether litigation is outside the state of Oregon. Cash Flow Management 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. The collection agent can be reached at: Bill Stine CASH FLOW MANAGEMENT, INC. P.O. Box 42407 Portland, OR 97242 Tel: (503) 774-1399 Fax: (503) 771-4202 About SeaPort Airlines Portland, Oregon-based SeaPort Airlines, Inc. -- fdba Wings of Alaska and fka Alaska Juneau Aeronautics, Inc. -- filed for Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 16-30406) on Feb. 5, 2016. The Hon. Randall L. Dunn presides over the case. Douglas R Ricks, Esq., and Robert J Vanden Bos, Esq., at Vanden Bos & Chapman, LLP, serve as the Debtor's counsel. In its petition, SeaPort estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Timothy F. Sieber, SeaPort's president. A list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/orb16-30406.pdf SILO GOLF: Hires Kavitz Law as Attorney --------------------------------------- The Silo Golf Course, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Kavitz Law PLLC as attorney. The Debtor requires Kavitz Law to: (a) give the Debtor legal advice with respect ot its powers and duties as Debtor-in Possession and in the management of its properties; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor as Debtor- in-Possession which may be necessary herein. Elizabeth G. Kavitz will undertake the representation at her standard rate of $200 per hour. Kavitz Law will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid a retainer to Kavitz Law in the sum of $15,000 on July 20, 2016; $5,000 of the retainer has been paid to Kavitz Law and applied to the services rendered and expenses incurred relating to conferences with the Debtor and the preparation and filing of the Debtor's Chapter 11 Petition, Schedules, Statement of Financial Affairs, and other required filings. The remaining $10,000 will be maintained in the Counsel's Client Trust Account. Elizabeth G. Kavitz, solo attorney of Kavitz Law, 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. Kavitz Law can be reached at: Elizabeth G. Kavitz, Esq. KAVITZ LAW PLLC 22 Capitol Street, 2nd Floor Charleston, WV 25301 Tel: (304) 932-9800 Fax: (304) 553-7443 E-mail: beth@kavitzlaw.com The Silo Golf Course LLC, based in Lavalette, W. Va., filed a Chapter 11 bankruptcy petition (Bankr. S.D. W. Va. Case No. 16-30369) on August 12, 2016. The Hon. Frank W. Volk presides over the case. Elizabeth G. Kavitz, Esq., at Kavitz Law PLLC, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Dennis Ray Johnson II, majority member. SKYPEOPLE FRUIT: Receives Nasdaq Listing Non-Compliance Notice -------------------------------------------------------------- SkyPeople Fruit Juice, Inc., a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, on Sept. 6, 2016, disclosed that on Sept. 2, 2016, the Company received a letter from the Nasdaq Listing Qualifications Staff. The letter states that Nasdaq Staff has determined to continue the exception that the Company has been granted to file its annual report on Form 10-K for the period ended Dec., 31, 2015 (the "Form 10-K") and its quarterly report on Form 10-Q for the period ending March 31, 2016, to also include its quarterly report on Form 10-Q for the period ending June 30, 2016 (the "Forms 10-Q"). The terms of the exception are that on or before Oct. 11, 2016, the Company must file the Form 10-K and Forms 10-Q so as to regain compliance with Nasdaq Rule 5250(c)(1). The letter was sent in response to the updated plan of compliance that the Company submitted to Nasdaq Staff. In the event that the Company does not file its Form 10-K and Forms 10-Q on October 11, 2016, Nasdaq Staff has stated that it will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal the Nasdaq Staff's determination to a Hearing Panel under Listing Rule 5815(a). The Company expects to file its Form 10-K and Forms 10-Q on or before October 11, 2016. About SkyPeople Fruit Juice SkyPeople Fruit Juice, Inc. -- http://www.skypeoplefruitjuice.com/ -- a Florida company, through its wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople Juice International Holding (HK) Ltd., a company organized under the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly owned subsidiary of Pacific, holds 73.42% ownership interest in SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in SkyPeople Foods (China) Co., Ltd. ("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together with their operating subsidiaries in China, are engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in the PRC and overseas markets. The Company's fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Fruit juice concentrates are used as a basic ingredient component in the food industry. Its brands, "Hedetang" and "SkyPeople," which are registered trademarks in the PRC, are positioned as high quality, healthy and nutritious end-use juice beverages. STAR COMPUTER: Liquidating Trustee Taps Stearns Weaver as Counsel ----------------------------------------------------------------- Joseph J. Luzinski, the liquidating trustee of Star Computer Group, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ Patricia A. Redmond and Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. as general counsel for Trustee Luzinski, nunc pro tunc to July 8, 2016. Trustee Luzinski requires Stearns Weaver to: (a) assist, advise and represent Trustee Luzinski on all general matters relative to the administration of Creditors Trust; (b) investigate, analyze, arbitrate or mediate, prosecute or defend, and exercise rights, powers and privileges with respect to the Creditor Trust assets; (c) other that the matters against BankUnited and Directors & Officers for which Genovese Joblove & Battista, P.A., is being retained, avoiding and recovering transfers of the Debtor's property as may be permitted by applicable law, the Plan and Creditor Trust Agreement; (d) protect and enforce the rights of the Creditors Trust; (e) generally prepare on behalf of Trustee Luzinski all necessary motions, applications, answers, orders, reports and papers in support of positions taken Trustee Luzinski; (f) appear, as appropriate, before this Court, the appellate courts and other courts in which matters may be heard and protecting the interests of the Creditors Trust before such courts; and (g) perform all other necessary legal services in this case. Stearns Weaver will be paid at these hourly rates: Patricia A. Redmond $500 Kristopher E. Pearson $395 Paraprofessionals $100-$150 Stearns Weaver will also be reimbursed for reasonable out-of-pocket expenses incurred. Patricia A. Redmond, partner of Stearns Weaver, 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. Stearns Weaver can be reached at: Patricia A. Redmond, Esq. STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. Museum Tower, Suite 2200 150 West Flagler Street Miami, FL 33130 Tel: (305) 789-3200 Fax: (305) 789-3395 E-mail: predmond@stearnsweaver.com About Star Computer Group Star Computer Group, Inc., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-28100) on Oct. 12, 2015. The petition was signed by James S. Howard as chief restructuring officer. The Debtor listed assets of $22.7 million and liabilities of $68.3 million. Founded in 1994 with its office located at 2175 N.W. 115 Avenue, Miami, FL 33172, the Company was engaged in the business of supplying wholesale computers, smart phones, and related equipment and software to dealers and wholesales in Latin America. The Company is jointly owned by Henry Waissmann (54%) and Henry Aguilar (46%). The Debtor has engaged Kozyak, Tropin & Throckmorton, P.A., as bankruptcy counsel, GlassRatner as financial advisor, Fuerst Ittleman David & Joseph PL as special tax counsel, and Cherry Bekaert, LLP as accountants. Judge Jay Cristol is assigned to the case. The U.S. Trustee for Region 21, appointed five creditors to serve in the official committee of unsecured creditors. The Committee is represented by Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., as counsel. STAR COMPUTER: Trustee Hires Development Specialists as Consultant ------------------------------------------------------------------ Joseph J. Luzinski, the liquidating trustee of Star Computer Group, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ Joseph J. Luzinski, and Development Specialists, Inc., as financial consultant to Trustee Luzinski, nunc pro tunc to July 8, 2016. Trustee Luzinski requires Development Specialists to: (a) assist in the implementation and administration of the Creditors Trust; (b) assist and cooperate in the administration of the assets transferred to the Creditors Trust, including prosecution of litigation and preparation of necessary reports; (c) assist with the review and analysis of Creditors Trust records relating to claims objections and preserved causes of action as defined in the Confirmation Order; (d) assist in the final wind down of the Creditors Trust including the review and fling of the final tax return; and (e) provide other agreed upon services as requested consistent with the Creditors Trust. Development Specialists will be paid at these hourly rates: Yale Scott Bogen $460 Daniel J. Stermer $450 Staff Consultants $150-$295 Development Specialists will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph J. Luzinski, senior managing director with Development Specialists, 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. Development Specialists can be reached at: Joseph J. Luzinski DEVELOPMENT SPECIALISTS, INC. 500 West Cypress Creek Road, Suite 400 Fort Lauderdale, FL 33309-6156 Tel: (305) 374-2717 Fax: (305) 374-2718 About Star Computer Group Star Computer Group, Inc., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-28100) on Oct. 12, 2015. The petition was signed by James S. Howard as chief restructuring officer. The Debtor listed assets of $22.7 million and liabilities of $68.3 million. Founded in 1994 with its office located at 2175 N.W. 115 Avenue, Miami, FL 33172, the Company was engaged in the business of supplying wholesale computers, smart phones, and related equipment and software to dealers and wholesales in Latin America. The Company is jointly owned by Henry Waissmann (54%) and Henry Aguilar (46%). The Debtor has engaged Kozyak, Tropin & Throckmorton, P.A., as bankruptcy counsel, GlassRatner as financial advisor, Fuerst Ittleman David & Joseph PL as special tax counsel, and Cherry Bekaert, LLP as accountants. Judge Jay Cristol is assigned to the case. The U.S. Trustee for Region 21, appointed five creditors to serve in the official committee of unsecured creditors. The Committee is represented by Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., as counsel. STAR COMPUTER: Trustee Taps Genovese Joblove for Claims vs D&Os --------------------------------------------------------------- Joseph J. Luzinski, the liquidating trustee of Star Computer Group, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ David C. Cimo, Esq., and Genovese Joblove & Battista, P.A. as special litigation counsel for Trustee Luzinski, nunc pro tunc to July 8, 2016. Trustee Luzinski requires Genovese Joblove to investigate, and if appropriate, to prosecute claims and causes of action against the former and current officers and directors of the Debtor, as well as other potential third parties. Genovese Joblove agreed to undertake the representation on these terms: (a) compensation to be paid based upon any value recovered or achieved for the Estate in connection with the Litigation Claims, whether based on funds recovered or claims waived at the following contingency fee rates: -- 18% of any value recovered or achieved through the date of the filing of a complaint; -- 25% of any value recovered or achieved following the filing of a complaint and through trial; -- 31% of any value recovered or achieved after the completion of the trial and through any appeal. (b) reimbursement of out of pocket expenses, including expert fees if applicable, incurred in connection with prosecuting the Litigation Claims, subject to the terms of the Creditor Trust, will be invoiced to Trustee Luzinski on a monthly basis, and the Genovese Firm will apply for Court approval of reimbursement of expense on a quarterly basis in accordance with the Creditor Trust Agreement and Confirmation Order. David C. Cimo, shareholder of Genovese Joblove, 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. Genovese Joblove can be reached at: Davi C. Cimo, Esq. GENOVESE JOBLOVE & BATTISTA, P.A. 100 Southeast Second Street, Ste 4400 Miami, FL 33131 Tel: (305) 372-2439 E-mail: dcimo@gjb-law.com About Star Computer Group Star Computer Group, Inc., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-28100) on Oct. 12, 2015. The petition was signed by James S. Howard as chief restructuring officer. The Debtor listed assets of $22.7 million and liabilities of $68.3 million. Founded in 1994 with its office located at 2175 N.W. 115 Avenue, Miami, FL 33172, the Company was engaged in the business of supplying wholesale computers, smart phones, and related equipment and software to dealers and wholesales in Latin America. The Company is jointly owned by Henry Waissmann (54%) and Henry Aguilar (46%). The Debtor has engaged Kozyak, Tropin & Throckmorton, P.A., as bankruptcy counsel, GlassRatner as financial advisor, Fuerst Ittleman David & Joseph PL as special tax counsel, and Cherry Bekaert, LLP as accountants. Judge Jay Cristol is assigned to the case. The U.S. Trustee for Region 21, appointed five creditors to serve in the official committee of unsecured creditors. The Committee is represented by Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., as counsel. STRIKEFORCE TECH: Stockholders' Deficit Casts Going Concern Doubt ----------------------------------------------------------------- StrikeForce Technologies, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $272,254 on $126,890 of revenues for the three months ended June 30, 2016, compared with a net loss of $326,876 on $76,076 of revenues for the same period last year. The Company's balance sheet at June 30, 2016, showed $1.83 million in total assets, $9.39 million in total liabilities, and a stockholders' deficit of $7.56 million. For the six months ended June 30, 2016, the Company incurred a loss from operations of $989,724 and at June 30, 2016, the Company had a stockholders' deficit of $7,565,507. These factors raise substantial doubt about the Company's ability to continue as a going concern. In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2015 financial statements, has raised substantial doubt about the Company's ability to continue as a going concern. At June 30, 2016, the Company had cash on hand in the amount of $1,667,607. The Company's ability to continue as a going concern is dependent upon its ability to implement its business plan. Currently, management is attempting to increase revenues and improve gross margins by a revised sales strategy. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing. A copy of the Form 10-Q is available at: http://bit.ly/2cy0g9g StrikeForce Technologies, Inc., is a software development and services company. The Company offers a suite of integrated computer network security products using its technology. The Company develops identification protection software products to protect computer networks from unauthorized access and to protect network owners and users from cyber security attacks and data breaches. The Company's suite of products is targeted to the financial, e-commerce, corporate, government, healthcare, legal, insurance, technology and retail sectors. TAVERNA OUZO: Hires John Concannon as Accountant ------------------------------------------------ Taverna Ouzo Group, Inc. asks for permission from the U.S. Bankruptcy Court for the District of New Jersey to employ John Concannon, CPA, LLC as accountant. The Debtor requires the accountant to provide monthly bookkeeping with Quickbooks, prepare monthly sales tax reporting to NJ DOR, prepare annual income tax 1120 and annual 1040, monthly meetings and discussions. The accountant will be compensated at $1,500 per month. The accountant will also be reimbursed for reasonable out-of-pocket expenses incurred. John Concannon assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The accountant can be reached at: John Concannon JOHN CONCANNON, CPA, LLC 4 Calgery Lane Bedminster, NJ 07921 Tel: (908) 326-3344 About Taverna Ouzo Group, Inc. Taverna Ouzo Group, Inc., is a restaurant located at 146 Applegarth Road, Monroe Township, New Jersey 08831. It filed a Chapter 11 petition (Bankr. D.N.J. Case No. 15-21509) on June 19, 2015. The petition was signed by Anastasios Stefanopoulos, president. The Debtor is represented by Brian W. Hofmeister, Esq. -- bwh@hofmeisterfirm.com -- at the Law Firm of Brian W. Hofmeister, LLC. The Debtor estimated assets and liabilities at $0 to $50,000 at the time of the filing. TEARN DEVELOPMENT: Hires Hemish Kapadia as Accountant ----------------------------------------------------- Tearn Development LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Hemish Kapadia, CPA as accountant. The Debtor requires Mr. Kapadia to provide accounting services on an as needed basis such as assistance filling out monthly operating reports. Mr. Kapadia will be paid a yearly fee for his service. Mr. Kapadia, a member of Phyphar 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 Debtor and its estate. Mr. Kapadia can be reached at: Hemish Kapadia PHYPHAR, INC. 29 Walter Hammond Place Waldwick, NJ, 07463 Phone: (201) 444-0210 Headquartered in Bayonne, New Jersey, Tearn Development LLC filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 16-21672) on June 15, 2016, listing $2.25 million in total assets and $2.24 million in total liabilities. The petition was signed by Richard Cirminello, partner. Judge Stacey L. Meisel presides over the case. Nicholas Fitzgerald, Esq., at Fitzgerald & Associates, P.C., serves as the Debtor's bankruptcy counsel. TRINITY RIVER: Can Use Cash Collateral Until August 29 ------------------------------------------------------ Judge Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas authorized Trinity River Resources, LP, to use cash collateral on an interim basis, until August 29, 2016, pursuant to the stipulation executed by the Debtor and GE Capital EFS Financing, Inc. Previously, the Debtor and GE Capital agreed to extend the Debtor's use of cash collateral, which had expired on August 10, 2016. The approved Budget which covers the weeks ending August 19, 2016 and September 2, 2016, providing for total disbursements in the amounts of $85 and $1,261, respectively. A full-text copy of the Fifth Stipulated Interim Cash Collateral Order, dated August 11, 2016, is available at http://tinyurl.com/jqo5m65 About Trinity River Resources, LP. Trinity River filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 16-10472) on April 21, 2016. The petition was signed by Matthew J. Telfer as manager of Trinity River Resources, GP, LLC. The Debtor estimated assets in the range of $50 million to $100 million and liabilities of up to $500 million. The Debtor has hired Bracewell LLP as counsel, Bridgepoint Consulting, LLC, as financial advisor, and Scotiabank as investment banker. Judge Tony M. Davis is assigned to the case. UNREIN & COMPANY: Needs Until Nov. 7 to File Plan and Disclosure ---------------------------------------------------------------- Unrein & Company, Inc. and its affiliated debtors submit a motion to the U.S. Bankruptcy Court District of Kansas, seeking a 2-month extension of their exclusive periods to file Plan and Disclosure Statement and solicit plan acceptances from Sept. 7, 2016 up to and including Nov. 7, 2016. The Debtors tell that their current 180-day deadline for exclusivity imposed on small business debtors under Chapter 11 expires on Sept. 7, 2016, however, a plan is likely to be confirmed in a reasonable time as the Debtors are still currently making progress on a business deal with a main unsecured creditor Midas. In addition, the Debtors note that there has been no motion to dismiss or stay relief motion filed by any creditor, and the Debtors' operating reports show profitability since the filing of the bankruptcy case, indicating cash flow is available to pay plan payments. About Unrein & Company Unrein & Company, Inc. and its four affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 16-20399) on March 11, 2016. The petition was signed by Eric Unrein, owner and president. The Debtors' counsel is Jeffrey A. Deines, Esq. at Lentz Clark Deines PA. At the time of the filing, Unrein & Company, Inc. estimated its assets and debts at $500,000 to $1 million. VDH DEVELOPMENT: Approval of D. Goodrich as Ch. 11 Trustee Sought ----------------------------------------------------------------- The United States Trustee asks the U.S. Bankruptcy Court for the Central District of California to approve the appointment of David Goodrich as the Chapter 11 Trustee for VDH Development, Inc. The U.S. Trustee told the Court that he has consulted with the attorneys for the Debtor; Mark E. Brenner, Esq., the state court counsel for secured creditor First Street Gmbh; and Brian David Lally, Esq., the bankruptcy counsel for secured creditor First Street Gmbh, regarding the appointment of the Chapter 11 Trustee. The U.S. Trustee said that the appointed Chapter 11 Trustee's connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the United States Trustee, and persons employed in the Office of the United States Trustee are limited to the connections set forth in the Chapter 11 Trustee's verified statement. In a verified statement, Mr. Goodrich said he has complied with the requirement of Section 322 as he has filed a bond with the Bankruptcy Court that is conditioned on his faithful performance of his official duties. Mr. Goodrich related that he has extensive experience in bankruptcy and adversary proceedings and post-judgment collection matters. He said he currently serves on the panel of Chapter 7 Trustees for Region 16 - Los Angeles Division and has done so continuously since he was first appointed in 2011. Mr. Goodrich assured the Court that he is a "disinterested person" within the meaning of Section 101(14) and does not hold any interest materially adverse with the Debtor, the Debtor's creditors, and other party in interest. Mr. Goodrich can be reached through: David M. Goodrich, Esq. SulmyerKupetz, APC 333 S. Hope Street, Thirty-Fifth Floor Los Angeles, CA 90071 Tel: 213.617.5297 Email: dgoodrich@sulmeyerlaw.com About VDH Development VDH Development filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 16-19246) on July 13, 2016. The Hon. Deborah J. Salesman presides over the case. AOE Law & Associates 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 Brigitte M. Von Dem Hagen, president. VEGAS MANAGEMENT: Court Permits Use of Cash Collateral ------------------------------------------------------ Judge K. Rodney May of U.S. Bankruptcy Court for the Middle District of Florida authorized Vegas Management, LLC to use cash collateral. The Court authorized the use of cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the US Trustee for quarterly fees; (b) the current and necessary expenses set forth in the approved Budget, plus an amount not to exceed 10% for each line item; and (c) such additional amounts as may be expressly approved in writing by L.V. Liquor LLC. The Court granted each creditor with a security interest in the cash collateral with a Replacement Lien, and a lien on the proceeds from the sale of that certain real property located at 6950 Seminole Boulevard, Seminole, Florida in the amount of $250,000. L.V. Liquor was granted a perfected lien on all inventory at the Seminole Location, and replacement lien on all inventory located at 10568 & 10570 Gandy Boulevard, St. Petersburg, Florida 33702, as well as the Seminole Location. The Debtor was directed to provide L.V. Liquor with proof of insurance on the mortgaged premises (Gandy Location) including casualty, general liability and liquor sales coverage. The Debtor was also directed make monthly payments to L.V. Liquor in the amount of $2,056, commencing on October 1, 2016, which will be held by L.V. Liquor in a tax escrow account on the real property component of the Gandy Location. A full-text copy of the Cash Collateral Motion, dated September 1, 2016, is available at https://is.gd/3D7zOb About Vegas Management Vegas Management, LLC, dba Vegas Showgirls, dba Spirits 365, dba Rocket Bar, based in Redington Beach, Fla., filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-04856) on June 3, 2016. The petition was signed by James F. Lowy, manager. The Debtor is represented by Joel S. Treuhaft, Esq., at Palm Harbor Law Group, P.A. The Debtor estimated $1 million to $10 million in assets and liabilities at the time of the filing. The case is assigned to Judge K. Rodney May. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-04856.pdf 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 Vegas Management, LLC. WARREN RESOURCES: U.S. Trustee Files Limited Objection to Plan -------------------------------------------------------------- BankruptcyData.com reported that the U.S. Trustee (UST) assigned to the Warren Resources case filed with the U.S. Bankruptcy Court a limited objection to the Debtors' Amended Plan of Reorganization. The objection explains, "The UST requests that the Court deny confirmation of the plan. Alternatively, the UST requests that the debtors be required to amend their Plan to address the issues raised in this objection or to provide in the confirmation order the following: 1) exemption of Classes 5 and 6 from the release provisions set forth in the plan without their having to take any action to 'opt out' of the plan, 2) limitations on the release and exculpation of bankruptcy professionals beyond the terms previously approved by the Court for their retention, and 3) the above quoted specific language regarding financial reporting and payment of UST fees." About Warren Resources Warren Resources Inc., is an independent energy company engaged in the exploration, development and production of domestic onshore crude oil and natural gas reserves. It is primarily focused on the development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, its position in the Marcellus Shale gas in northeastern Pennsylvania and its coalbed methane, or CBM, natural gas properties located in Wyoming. Warren Resources, Inc., Warren E&P, Inc., Warren Resources of California, Inc., Warren Marcellus LLC, Warren Energy Services, LLC, and Warren Management Corp. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Proposed Lead Case No. 16-32760) on June 2, 2016. The Debtors listed total assets of $230 million and total debt of $545 million. The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLC as investment banker, Deloitte Transactions and Business Analytics LLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC as claims, balloting and noticing agent. Judge Marvin Isgur has been assigned the cases. WAYNE DAHL: Selling Maserati to Pay Bank Monthly Shortfall ---------------------------------------------------------- Wayne Earl Dahl asks the U.S. Bankruptcy Court for the Northern District of Florida to authorize the sale of his Maserati Mistral with chassis number AM109.A1.1416 for $70,000 to Daniel Rapley. Lake Legion Bank holds a security interest in the vehicle. The proceeds of the sale have been placed in an escrow account at Lake Region Bank and with agreement of the secured creditor that the funds will be used toward any shortfall the Debtor may have his regular monthly payments to Lake Region Bank under the Debtor's Plan. Lake Region Bank's security interest continues in the sale proceeds of the vehicle pursuant to Minnesota Statutes Section 336.9-315(a)(2). Lake Region Bank is not waiving any security interest in the net sale proceeds to cover any monthly shortfall. About Wayne Earl Dahl Wayne Earl Dahl sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 15-50144) on April 22, 2015. The Debtor is represented by Charles M. Wynn, Esq., at Charles M. Wynn Law Offices P.A. WEST LANE PROPERTIES: Wants to Use Cash Collateral -------------------------------------------------- West Lane Properties Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of California to use Cash Collateral. The Debtor submits that it owns a real property located at 4629 West Lane, Stockton CA 95210, San Joaquin County, containing a commercial building, which generates an income in rent in the amount of $6,500 per month. The Debtor relates that its principal is actively seeking new tenants for the two empty spaces in the commercial building, and anticipates that the monthly rental from these two empty spaces would generate $3,600.00. The Debtor contends that Rushmyfile Inc., Linda Banks and Shabbir A. Khan, may claim liens and security interests on the property. The Debtor proposes to make the following adequate protection by payments to the following creditors: CREDITOR AMOUNT -------- ------ Rushmyfile Inc. $3,215,.25 Linda Banks $1,438.09 Shabbir A. Khan $1,514.34 The Debtor tells the Court that the real property is listed for sale, for $1,200,000.00, and if sold, these creditors would be fully paid. A hearing is scheduled on October 3, 2016 at 10:00 a.m. to consider the Debtor's request. A full-text copy of the Cash Collateral Motion, dated September 1, 2016, is available at https://is.gd/CBHETM West Lane Properties Inc. is represented by: Mark J Hannon, Esq. Attorney At Law 1114 West Fremont Stockton CA 95203 Telephone: (209) 942-2229 About West Lane Properties West Lane Properties Inc. filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 16-25217), on August 9, 2016. The petition was signed by Hoc C. Ma, president. The case is assigned to Judge Michael S. McManus. The Debtor's counsel is Mark J. Hannon, Esq. At the time of filing, the Debtor disclosed $1 million in assets and $818,172 in liabilities. YONKERS CENTRAL: Court Extends Plan Filing Deadline Until Nov. 10 ----------------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York granted Yonkers Central Avenue Snack Mart, Inc. with a 60-day extension of the Debtor's period to exclusively file a chapter 11 plan, through and including Nov. 10, 2016, with a 60-day extension thereafter of the Debtor's exclusive right to solicit acceptances of a chapter 11 plan and its time to confirm a chapter 11 plan. About Yonkers Central Avenue Yonkers Central Avenue Snack Mart, Inc. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 15-22824), on June 11, 2015. The Debtor's counsel is Michael J. Cox, Esq. at Michael J. Cox, Attorney at Law, LLC. The case is assigned to Judge Robert D. Drain. [*] B3 Neg. and Lower Corporate Ratings List Declines in August --------------------------------------------------------------- The number of companies on its B3 Negative and Lower Corporate Ratings List dropped in August, continuing a five-month decline, Moody's Investors Service says in a new data report. And while usually a decrease would be considered benign, last month it reflected a mix of rating upgrades, rating withdrawals and rating downgrades due to defaults. "Moody's B3 Negative and Lower Corporate Ratings List numbered 271 companies at the end of August, a 3.2% decline since July," noted Moody's analyst, Julia Chursin. "Last month, six rating actions related to a bankruptcy and limited defaults, with the defaults again concentrated mainly in the oil and gas sector." In August, Moody's also recorded one bankruptcy in the restaurant industry and one distressed exchange in retail. On the upside, rating upgrades and outlook revisions from negative to stable picked up speed, with four companies leaving the list as a result. Among energy companies on Moody's list, the number of rating downgrades continues to more than double the number of upgrades, Chursin says. The oil and gas sector makes up almost 27% of the list, by far exceeding the next-most predominating sector, consumer/business services, at 14%. Meanwhile, Moody's broader portfolio of speculative-grade companies with corporate family ratings of Ba1 or lower continues to demonstrate that the largest percentage of companies that end up on the B3 Negative and Lower Corporate Ratings List come from energy-related industries. Oil and gas companies account for 45% of this cohort, and coal and electricity production/distribution companies for 42%. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Alphonse Williams Bankr. D.N.J. Case No. 16-25609 Chapter 11 Petition filed August 12, 2016 Filed Pro Se In re Recon Oil Co. Inc. Bankr. D. Ariz. Case No. 16-09516 Chapter 11 Petition filed August 17, 2016 See http://bankrupt.com/misc/azb16-09516.pdf represented by: J. Kent Mackinlay, Esq. WARNOCK, MACKINLAY & CARMAN, PLLC E-mail: kent@mackinlaylawoffice.com In re Julie Ann Lewis Bankr. C.D. Cal. Case No. 16-12427 Chapter 11 Petition filed August 19, 2016 represented by: Richard H Gibson, Esq. GIBSON LAW, PC E-mail: Rick@GibsonLawLA.Com In re Tania Elissia Batache Bankr. C.D. Cal. Case No. 16-21078 Chapter 11 Petition filed August 19, 2016 represented by: Anthony Obehi Egbase, Esq. LAW OFFICES OF ANTHONY O EGBASE & ASSOC E-mail: info@aoelaw.com In re CT Geriatric Specialty Group, P.C. Bankr. D. Conn. Case No. 16-21334 Chapter 11 Petition filed August 19, 2016 See http://bankrupt.com/misc/ctb16-21334.pdf represented by: Elizabeth J. Austin, Esq. PULLMAN AND COMLEY E-mail: eaustin@pullcom.com In re Mark Edward Antista Bankr. S.D. Fla. Case No. 16-21467 Chapter 11 Petition filed August 19, 2016 represented by: Aaron A Wernick, Esq. E-mail: awernick@furrcohen.com In re Larry D. Hembree Bankr. S.D. Ind. Case No. 16-70779 Chapter 11 Petition filed August 19, 2016 represented by: David M. Cantor, Esq. SEILLER WATERMAN LLC E-mail: cantor@derbycitylaw.com In re Teresa Montanez Bankr. D. Mass. Case No. 16-13235 Chapter 11 Petition filed August 19, 2016 represented by: John A. Ullian, Esq. LAW OFFICES OF ULLIAN & ASSOC. E-mail: john@ullianlaw.com In re Karlton F Morris, Jr. and Carolyn Jane Morris Bankr. D. Md. Case No. 16-21188 Chapter 11 Petition filed August 19, 2016 represented by: Richard M. McGill, Esq. LAW OFFICES OF RICHARD M. MCGILL E-mail: mcgillrm@aol.com In re Six-S Holdings, LLC Bankr. W.D.N.Y. Case No. 16-11617 Chapter 11 Petition filed August 19, 2016 See http://bankrupt.com/misc/nywb16-11617.pdf represented by: Ingrid S. Palermo, Esq. BOND, SCHOENECK & KING, PLLC E-mail: ipalermo@bsk.com In re Darina Mary Heavey Bankr. D. Or. Case No. 16-33230 Chapter 11 Petition filed August 19, 2016 represented by: Garrett S. Garfield, Esq. E-mail: serve.gsg@hklaw.com In re Robert Wendell Agee Bankr. E.D. Tenn. Case No. 16-13456 Chapter 11 Petition filed August 19, 2016 represented by: W. Thomas Bible, Jr., Esq. E-mail: wtbibleecf@gmail.com In re Charles Aushby Jenkins, Jr. Bankr. E.D. Va. Case No. 16-12867 Chapter 11 Petition filed August 19, 2016 Filed Pro Se In re Sean T Connor and Maria G Connor Bankr. W.D. Wis. Case No. 16-12878 Chapter 11 Petition filed August 19, 2016 represented by: Jennifer M. Schank, Esq. KREKELER STROTHER, S.C. E-mail: jschank@ks-lawfirm.com In re James R Sandberg and Peggy D Sandberg Bankr. D. Neb. Case No. 16-41287 Chapter 11 Petition filed August 21, 2016 represented by: Wayne E. Griffin, Esq. WAYNE E. GRIFFIN LAW OFFICE E-mail: wgriffinlaw@hotmail.com In re James See Bankr. S.D. Cal. Case No. 16-05103 Chapter 11 Petition filed August 22, 2016 represented by: Michael Avanesian, Esq. AVANESIAN LAW FIRM E-mail: michael@avanesianlaw.com michael@ecf.inforuptcy.com In re Adams Tractor & Landscaping Services, Inc. Bankr. M.D. Fla. Case No. 16-03191 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/flmb16-03191.pdf represented by: Thomas C. Adam, Esq. ADAM LAW GROUP, P.A. E-mail: tadam@adamlawgroup.com In re Cornerstone Dentistry, PC Bankr. N.D. Ga. Case No. 16-64635 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/ganb16-64635.pdf represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. E-mail: paul@paulmarr.com In re Get Green Ltd, Inc. Bankr. N.D. Ill. Case No. 16-26897 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/ilnb16-26879.pdf represented by: David P Lloyd, Esq. DAVID P. LLOYD, LTD. E-mail: courtdocs@davidlloydlaw.com In re Timothy Michael Clark Bankr. N.D. Ind. Case No. 16-40390 Chapter 11 Petition filed August 22, 2016 represented by: Thomas B. O'Farrell, Esq. E-mail: ecf@mcclureofarrell.net In re Dane Andrew Clark Bankr. N.D. Ind. Case No. 16-40391 Chapter 11 Petition filed August 22, 2016 represented by: Thomas B. O'Farrell, Esq. E-mail: ecf@mcclureofarrell.net In re Ross Michael Clark Bankr. N.D. Ind. Case No. 16-40392 Chapter 11 Petition filed August 22, 2016 represented by: Thomas B. O'Farrell, Esq. E-mail: ecf@mcclureofarrell.net In re Jensen Industries, Inc. Bankr. E.D. Mich. Case No. 16-31959 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/mieb16-31959.pdf represented by: Peter T. Mooney, Esq. SIMEN, FIGURA & PARKER E-mail: pmooney@sfplaw.com In re Custom Hardscapes, Inc. Bankr. E.D.N.C. Case No. 16-04383 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/nceb16-04383.pdf represented by: J.M. Cook, Esq. J.M. COOK, P.A. E-mail: J.M.Cook@jmcookesq.com In re Englewood Women's Services, LLC Bankr. D.N.J. Case No. 16-26129 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/njb16-26129.pdf represented by: Donald Troy Bonomo, Esq. PEREZ AND BONOMO E-mail: dbonomo123@gmail.com In re Maria D De La Rosa Bankr. D. Nev. Case No. 16-14599 Chapter 11 Petition filed August 22, 2016 represented by: Michael J. Harker, Esq. Email: notices@harkerlawfirm.com In re Eduardo Mendoza Corporation Bankr. D.P.R. Case No. 16-06672 Chapter 11 Petition filed August 22, 2016 See http://bankrupt.com/misc/prb16-06672.pdf represented by: Nelson Robles Diaz, Esq. NELSON ROBLES DIAZ LAW OFFICES PSC E-mail: nroblesdiaz@gmail.com In re William Frederick Kemp, Jr. Bankr. W.D. Mich. Case No. 16-04343 Chapter 11 Petition filed August 22, 2016 Filed Pro Se In re Meng Cheng Jin Bankr. C.D. Cal. Case No. 16-12465 Chapter 11 Petition filed August 23, 2016 represented by: Giovanni Orantes, Esq. ORANTES LAW FIRM PC E-mail: go@gobklaw.com In re Mark Feathers Bankr. N.D. Cal. Case No. 16-52430 Chapter 11 Petition filed August 23, 2016 Filed Pro Se In re Robert M Ehnow and Colette K Ehnow Bankr. S.D. Cal. Case No. 16-05122 Chapter 11 Petition filed August 23, 2016 represented by: Craig E. Dwyer, Esq. E-mail: craigedwyer@aol.com In re SEFCAK, LLP Bankr. D. Mont. Case No. 16-60845 Chapter 11 Petition filed August 23, 2016 See http://bankrupt.com/misc/mtb16-60845.pdf represented by: James A Patten, Esq. PATTEN PETERMAN BEKKEDAHL E-mail: apatten@ppbglaw.com In re Excelium Managment, LLC Bankr. S.D. Fla. Case No. 16-21680 Chapter 11 Petition filed August 24, 2016 See http://bankrupt.com/misc/flsb16-21608.pdf represented by: Paul Decailly, Esq. DECAILLY LAW GROUP, PA E-mail: pdecailly@dlg4me.com In re M&L Auto Services Corp. Bankr. N.D. Ill. Case No. 16-27126 Chapter 11 Petition filed August 24, 2016 See http://bankrupt.com/misc/ilnb16-27126.pdf represented by: Ben L Schneider, Esq. SCHNEIDER & STONE E-mail: ben@windycitylawgroup.com In re Scott Harris Blackman Bankr. D. Md. Case No. 16-21364 Chapter 11 Petition filed August 24, 2016 represented by: Marc A. Ominsky, Esq. THE LAW OFFICES OF MARC A. OMINSKY E-mail: marc@mdlegalfirm.com In re Marissa Legarda Bankr. N.D. Cal. Case No. 16-30924 Chapter 11 Petition filed August 25, 2016 represented by: Vinod Nichani, Esq. NICHANI LAW FIRM E-mail: vinod@nichanilawfirm.com In re TLA Tanning Corp Bankr. N.D. Ga. Case No. 16-64819 Chapter 11 Petition filed August 25, 2016 See http://bankrupt.com/misc/ganb16-64819.pdf represented by: Howard P. Slomka, Esq. SLOMKA LAW FIRM E-mail: shawn@slomkalawfirm.com In re Scott E. Condon Bankr. D. Mass. Case No. 16-13289 Chapter 11 Petition filed August 25, 2016 represented by: Timothy M. Mauser, Esq. LAW OFFICE OF TIMOTHY MAUSER, ESQ. E-mail: tmauser@mauserlaw.com In re 2 BROKE, LLC Bankr. D. Mont. Case No. 16-60852 Chapter 11 Petition filed August 25, 2016 See http://bankrupt.com/misc/mtb16-60852.pdf represented by: Edward A. Murphy, Esq. MURPHY LAW OFFICES, PLLC E-mail: murphylawecf@gmail.com In re APS-OROVADA PLACE, LLC Bankr. D. Nev. Case No. 16-14727 Chapter 11 Petition filed August 25, 2016 See http://bankrupt.com/misc/nvb16-14727.pdf represented by: Seth D. Ballstaedt, Esq. THE BALLSTAEDT LAW FIRM E-mail: seth@ballstaedtlaw.com In re Mastroianni Bros., Inc. Bankr. N.D.N.Y. Case No. 16-11536 Chapter 11 Petition filed August 25, 2016 See http://bankrupt.com/misc/nynb16-11536.pdf represented by: Richard L. Weisz, Esq. HODGSON RUSS LLP E-mail: Rweisz@hodgsonruss.com In re Robert J Zartler Bankr. E.D. Pa. Case No. 16-15992 Chapter 11 Petition filed August 25, 2016 represented by: John Everett Cook, Esq. THE LAW OFFICES OF EVERETT COOK, P.C. E-mail: bankruptcy@everettcooklaw.com In re Juan Carlos Prado Nicasio Bankr. D.P.R. Case No. 16-06747 Chapter 11 Petition filed August 25, 2016 represented by: Ruben Gonzalez Marrero, Esq. E-mail: rgmattorney1@hotmail.com In re Jarret Tucker Corn and Autumn Dawn Corn Bankr. N.D. Tex. Case No. 16-50182 Chapter 11 Petition filed August 25, 2016 represented by: David R. Langston, Esq. MULLIN, HOARD & BROWN E-mail: drl@mhba.com In re Anisa Ahmadi Bankr. E.D. Va. Case No. 16-12945 Chapter 11 Petition filed August 25, 2016 represented by: Daniel M. Press, Esq. CHUNG & PRESS, P.C. E-mail: dpress@chung-press.com In re Lonnie John Benson Bankr. W.D. Wash. Case No. 16-14377 Chapter 11 Petition filed August 25, 2016 Filed Pro Se In re Allen Ford Lewis Bankr. S.D. Ala. Case No. 16-02905 Chapter 11 Petition filed August 26, 2016 represented by: Irvin Grodsky, Esq. E-mail: igpc@irvingrodskypc.com In re Weir Trucking, Inc. Bankr. W.D. Ark. Case No. 16-72026 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/arwb16-72026.pdf represented by: Lyndsey D. Dilks, Esq. DILKS LAW FIRM E-mail: ldilks@dilkslawfirm.com In re Faracas Finest Family Trust Bankr. M.D. Fla. Case No. 16-07371 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/flmb16-07371.pdf Filed Pro Se In re Tallahassee Indoor Shooting Range LLC Bankr. N.D. Fla. Case No. 16-40407 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/flnb16-40407.pdf represented by: Robert C. Bruner, Esq. E-mail: RobertCBruner@hotmail.com In re Michael David Cohen and Shari Lee Cohen Bankr. D. Md. Case No. 16-21513 Chapter 11 Petition filed August 26, 2016 represented by: Paul Sweeney, Esq. YUMKAS, VIDMAR, SWEENEY & MULRENIN, LLC E-mail: psweeney@yvslaw.com In re Richard W. Morgan Bankr. M.D.N.C. Case No. 16-80769 Chapter 11 Petition filed August 26, 2016 represented by: John A. Northen, Esq. E-mail: jan@nbfirm.com In re Vladimir Tsipen Bankr. E.D.N.Y. Case No. 16-43853 Chapter 11 Petition filed August 26, 2016 represented by: Alla Kachan, Esq. E-mail: alla@kachanlaw.com In re 2676 Marion Avenue, LLC Bankr. E.D.N.Y. Case No. 16-43862 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/njb16-43862.pdf represented by: David Carlebach, Esq. THE CARLEBACH LAW GROUP E-mail: david@carlebachlaw.com In re Patriot One, Inc. Bankr. W.D. Pa. Case No. 16-23160 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/pawb16-23160.pdf represented by: Robert O Lampl, Esq. E-mail: rol@lampllaw.com In re David W. Yurkovich Bankr. W.D. Pa. Case No. 16-23164 Chapter 11 Petition filed August 26, 2016 represented by: Robert O Lampl, Esq. E-mail: rol@lampllaw.com In re William Harry Fryar Bankr. E.D. Tenn. Case No. 16-13559 Chapter 11 Petition filed August 26, 2016 represented by: David J. Fulton, Esq. SCARBOROUGH & FULTON E-mail: djf@sfglegal.com In re Solid Drejp, LLC Bankr. D. Utah Case No. 16-27504 Chapter 11 Petition filed August 26, 2016 See http://bankrupt.com/misc/utb16-27504.pdf represented by: E. Kent Winward, Esq. E-mail: utahbankruptcyfirm@gmail.com In re JA Family Enterprises, Inc. Bankr. E.D. Mich. Case No. 16-51947 Chapter 11 Petition filed August 28, 2016 See http://bankrupt.com/misc/mieb16-51947.pdf represented by: David G. Dragich, Esq. THE DRAGICH LAW FIRM PLLC E-mail: ddragich@dragichlaw.com In re I.T.M Garden Inc. Bankr. S.D.N.Y. Case No. 16-12478 Chapter 11 Petition filed August 28, 2016 See http://bankrupt.com/misc/nysb16-12478.pdf represented by: Lawrence Morrison, Esq. E-mail: lmorrison@m-t-law.com In re 117 S. San Francisco Group, LLC Bankr. D. Ariz. Case No. 16-09957 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/azb16-09957.pdf represented by: Aubrey Laine Thomas, Esq. DAVIS MILES MCGUIRE GARDNER, PLLC E-mail: athomas@davismiles.com In re Souleymane Diallo Bankr. D.D.C. Case No. 16-00446 Chapter 11 Petition filed August 29, 2016 Filed Pro Se In re Pizzeria Ciny, Inc. Bankr. N.D. Ill. Case No. 16-27668 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/ilnb16-27668.pdf represented by: Steven B Towbin, Esq. SHAW FISHMAN GLANTZ & TOWBIN LLC E-mail: stowbin@shawfishman.com In re Eastern Funding & Investment, Inc. Bankr. D. Mass. Case No. 16-41502 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/mab16-41502.pdf Filed Pro Se In re El Volcan, LLC Bankr. W.D. Mo. Case No. 16-42362 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/mowb16-42362.pdf represented by: Bradley D. McCormack, Esq. THE SADER LAW FIRM, LLC E-mail: bmccormack@saderlawfirm.com In re Kathy Drive Realty Trust Bankr. D.N.H. Case No. 16-11223 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/nhb16-11223.pdf represented by: Raymond J. DiLucci, Esq. RAYMOND J. DILUCCI, P.A. E-mail: info@nhbankruptcy.com In re Franklin H. Alarcon and Gloria L. Alarcon Bankr. S.D.N.Y. Case No. 16-23177 Chapter 11 Petition filed August 29, 2016 represented by: Anne J. Penachio, Esq. PENACHIO MALARA LLP E-mail: apenachio@pmlawllp.com In re Jose R Baez Cortines Bankr. D.P.R. Case No. 16-06853 Chapter 11 Petition filed August 29, 2016 See http://bankrupt.com/misc/prb16-06853.pdf represented by: Maria Soledad Lozada Figueroa, Esq. MS LOZADA LAW E-mail: msl@lozadalaw.com In re Leo Rito Sandoval, Jr. Bankr. C.D. Cal. Case No. 16-11624 Chapter 11 Petition filed August 30, 2016 represented by: Matthew D Metzger, Esq. BELVEDERE LEGAL APC E-mail: belvederelegalecf@gmail.com In re Antonio Pereyra Garcia Bankr. C.D. Cal. Case No. 16-21552 Chapter 11 Petition filed August 30, 2016 represented by: Onyinye N Anyama, Esq. ANYAMA LAW FIRM E-mail: onyi@anyamalaw.com In re David MacMillan Bankr. C.D. Cal. Case No. 16-21559 Chapter 11 Petition filed August 30, 2016 represented by: Robert S Altagen, Esq. LAW OFFICES OF ROBERT S ALTAGEN E-mail: rsaink@earthlink.net In re Neavi Inc. Bankr. N.D. Ill. Case No. 16-27889 Chapter 11 Petition filed August 30, 2016 See http://bankrupt.com/misc/ilnb16-27889.pdf represented by: Bradley H Foreman, Esq. LAW OFFICES OF BRADLEY H FOREMAN, P.C. E-mail: Brad@BradleyForeman.com In re Stuart Auld Bankr. D. Kan. Case No. 16-21695 Chapter 11 Petition filed August 30, 2016 Filed Pro Se In re Olaide Daramola Bankr. D. Md. Case No. 16-21657 Chapter 11 Petition filed August 30, 2016 represented by: Richard S. Basile, Esq. E-mail: rearsb@gmail.com In re Teri J. Berkshire Bankr. D. Nev. Case No. 16-14781 Chapter 11 Petition filed August 30, 2016 represented by: Thomas E. Crowe, Esq. E-mail: tcrowe@thomascrowelaw.com In re Christopher Anthony Payne and Alyce Rygiel Payne Bankr. E.D. Tex. Case No. 16-41533 Chapter 11 Petition filed August 30, 2016 represented by: Dennis Olson, Esq. OLSON NICOUD & GUECK, LLP E-mail: denniso@dallas-law.com In re The Law Office of Christopher A. Payne, PLLC Bankr. E.D. Tex. Case No. 16-41535 Chapter 11 Petition filed August 30, 2016 See http://bankrupt.com/misc/txeb16-41535.pdf represented by: Dennis Olson, Esq. OLSON NICOUD & GUECK, LLP E-mail: denniso@dallas-law.com In re CNC Fabrication and Maintenance Inc. Bankr. N.D. Tex. Case No. 16-43247 Chapter 11 Petition filed August 30, 2016 See http://bankrupt.com/misc/txnb16-43247.pdf represented by: Alice Bower, Esq. LAW OFFICE OF ALICE BOWER E-mail: bknotice@alicebower.com In re Henry Saint John Fitzgerald Bankr. E.D. Va. Case No. 16-12991 Chapter 11 Petition filed August 30, 2016 represented by: Henry S. Fitzgerald, Esq. E-mail: hstjf1@aol.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 ***