/raid1/www/Hosts/bankrupt/TCR_Public/170223.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, February 23, 2017, Vol. 21, No. 53
Headlines
2519 AQUA VISTA: Taps Van Horn Law Group as Legal Counsel
ALLEN CONSTRUCTION: Hires D'Agostino, Jr. as Counsel
AMERICAN POWER: Looks to Rebuild Company After Oil Crisis
ASARCO LLC: Suit Against Union Pacific Railroad Continues
AT YOUR SERVICE: Taps Franklin Deleno Henderson as Legal Counsel
AVERY LAND: Hires Armory's James Wong as Restructuring Officer
BAILEY HILL: Hires Maltz as Real Estate Broker and Auctioneer
BCL ONE: Seeks to Hire Ferguson Hayes as Legal Counsel
BIOPLANET CORP: Allowed to Use Cash Collateral Until March 10
BLUEHIPPO FUNDING: Former CEO Files for Chapter 7
BOXWOOD LLC: Seeks to Hire Ferguson Hayes as Legal Counsel
CALIFORNIA RESOURCES: Reports Q4 and Year End 2016 Results
CALIFORNIA RESOURCES: To Invest $250-Mil. in Oil & Gas Properties
CARAVAN II LLC: Has Until April 15 to File Disclosures, Plan
COCRYSTAL PHARMA: Walt Linscott Quits as Gen. Counsel & Secretary
COLONEL HOSPITALITY: Wants to Use Plains Capital Cash Collateral
COSI INC: Has Court OK to Use Cash Collateral for Another 2 Months
CS360 TOWERS: Intends to Use Cash Collateral Through August 31
CS360 TOWERS: Seeks to Hire Bankruptcy Group as Legal Counsel
CTJH INVESTMENTS: Has Interim Approval to Use Cash Collateral
DEMAY INC: U.S. Trustee Unable to Appoint Committee
DEWEY & LEBOEUF: Ex-Finance Director Admits to Improper Accounting
DEWEY & LEBOEUF: Outside Auditors Reviewed Transactions, Attorney S
DIRECT MEDIA: Allowed to Continue Using Cash Until March 14
EM LODGINGS: Hires Rafool, Bourne & Shelby as Counsel
ENERGY FUTURE: Court Confirms Eight Amended Joint Plan
FIRST PHOENIX-WESTON: All-Lines Leasing to be Paid in 7 Yrs. at 4%
FISKER AUTOMOTIVE: Court Declines to Dismiss Suit on Equity Sale
FREDDIE MAC: Reports Net Income of $7.81 Billion for 2016
FUNCTION(X) INC: Borrows Additional $406K from Sillerman
FUNCTION(X) INC: Defaulted Under $4.44 Million Debentures Anew
GREAT BASIN: Agrees to Redeem $2.01 Million of 2016 Notes
GROUP MIDLAND: Wants to Use Pacific Premier Bank Cash Collateral
HAMPSHIRE GROUP: Committee Opposes Drozdowski Retention as CFO
HARRINGTON & KING: Can Continue Using Inland Bank Cash Collateral
IMAGEWARE SYSTEMS: Amends Bylaws to Provide Exclusive Forum
INSIGHTRA MEDICAL: U.S. Trustee Unable to Appoint Committee
INTERNATIONAL SHIPHOLDING: BMO Harris' Objection Thwarts Plan OK
J. COPELLO INTERNATIONAL: Proposes to Use Cash Collateral
JAYUYA MEMORIAL: Unsecureds to Recoup 50% Over 48 Months Under Plan
JORDAN BUILDERS: Taps Bryan Mickler as Legal Counsel
JPE HOME: Unsecureds to Recover 10% Over 5 Years
KEMET CORP: BRC Partners Ceases to be 5% Shareholder
LADERA PARENT: Hires Phillips Nizer as Real Estate Counsel
LEHMAN BROTHERS: Settlement With JPMorgan Chase Gets Court's Nod
LEO AUTO BROKER: Seeks to Hire Macey Wilensky as Legal Counsel
LIME ENERGY: Suspending Filing of Reports with SEC
MARBLES HOLDINGS: Seeks to Hire Gordon Brothers to Sell Assets
MAXUS ENERGY: Amended Committee Appointment Notice Corrects Address
MIDWEST QUALITY: Jerry Fogt to Contribute $50,000
MIX 1 LIFE: Steve Loo Resigns as Director
NATIVE GAMES: Taps Larson & Zirzow as Legal Counsel
NAVIDEA BIOPHARMACEUTICALS: Declared in Default Under CRG Loan
NICKLAS LLC: Disclosures OK'd; Plan Confirmation Hearing on April 6
NORDIC INTERIOR: Creditors' Panel Hires Sussman as Counsel
NORTHERN POWER: Kevin Kopczynski Joins Board of Directors
OUTER HARBOR: Committee Hires Brinkman Portillo as Primary Counsel
OUTER HARBOR: Creditors' Panel Hires Rosner Law as Counsel
PFO GLOBAL: U.S. Trustee Forms 3-Member Committee
PHOENIX COMPANIES: A.M. Best Affirms B FSR, Off Review Watch
PRIME GLOBAL: Poh Chai Ham Resigns as Director
ROLLOFFS HAWAII: Ch. 11 Trustee Taps KMH as Financial Consultant
SHAWERMA EXPRESS: Hires Metropolitan as Broker
SINCLAIR'S RESTAURANT: U.S. Trustee Unable to Appoint Committee
SMILES AND GIGGLES: Taps Berkshire Hathaway as Real Estate Agent
SNAP INTERACTIVE: Signs Indemnification Agreements with Directors
SPI ENERGY: Amends 2014 Convertible Bond Financing
SULLIVAN VINEYARDS: Taps Michael C. Fallon as Legal Counsel
TANNER COMPANIES: Has Interim Approval to Use Cash Collateral
TEMPLE OF HOPE: Seeks Court Permission to Use Cash Collateral
THIRD COAST INDUSTRIAL: U.S. Trustee Unable to Appoint Committee
TOWN SPORTS: Incurs $259,000 Net Loss in Fourth Quarter
TOWNCENTER PLAZA: Taps Flowers Realty as Real Estate Broker
TRANSMAR COMMODITY: Committee Hires Tarter Krinksy as Counsel
TUMBLEWEED CENTER: Seeks to Hire Allen Barnes as Conflicts Counsel
UNIQUE VENTURES: Hires RudovLaw as Counsel
UNITED ROAD: Amended Committee Appointment Notice Corrects Fax No.
VANGUARD HEALTHCARE: Creditors' Committee Opposes Plan Confirmation
VEROS PARTNERS: Investors' Bid to Revise Distribution Plan Junked
WET SEAL: Hires Berkeley Research Group as Financial Advisors
WET SEAL: Hires Hilco Streambank as Consultant
WET SEAL: Hires Young Conaway as Bankruptcy Counsel
WGC INC: Hires Richar & Associates as Accountant
WHEATON LLC: Hires Drescher & Associates as Attorney
WK CAPITAL: Court Approves $400K Interim Financing
[*] Hearing on Judge Neil Gorsuch's Nomination Set For March 20
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
2519 AQUA VISTA: Taps Van Horn Law Group as Legal Counsel
---------------------------------------------------------
2519 Aqua Vista Boulevard LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to hire Van Horn Law Group P.A. to give legal
advice regarding its duties under the Bankruptcy Code, negotiate
with creditors in the preparation of a bankruptcy plan, and provide
other legal services.
The hourly rates charged by the firm are:
Chad Van Horn $400
Jay Molluso $350
Associates $300
Lead Paralegal $185
Paralegals $175
Law Clerks $175
Chad Van Horn, Esq., at Van Horn Law Group, disclosed in a court
filing that his firm does not represent any interest adverse to the
Debtor or its bankruptcy estate.
The firm can be reached through:
Chad T. Van Horn, Esq.
Van Horn Law Group P.A.
330 N. Andrews Ave., Suite 450
Fort Lauderdale, FL 33301
Tel: 954-765-3166
Fax: 954-756-7103
Email: Chad@cvhlawgroup.com
About 2519 Aqua Vista Boulevard
2519 Aqua Vista Boulevard LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S. D. Fla. Case No. 17-11521) on
February 8, 2017. The petition was signed by Cullan F. Meathe,
managing member. The case is assigned to Judge John K. Olson.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
ALLEN CONSTRUCTION: Hires D'Agostino, Jr. as Counsel
----------------------------------------------------
Allen Construction International, LLC, seeks authority from the
U.S. Bankruptcy Court for the District of Connecticut to employ
Attorney Joseph J. D'Agostino, Jr., LLC, as its counsel.
Allen Construction requires D'Agostino to:
a. advise the Debtor regarding its rights, duties and powers
as a debtor and a debtor-in-possession operating and
managing his affairs;
b. advise and assist the Debtor with respect to financial
agreements, debt restructuring, cash collateral orders and
other financial transactions;
c. review and advise the Debtor regarding the validity of
liens asserted against property of the Debtor;
d. advise the Debtor as to actions to collect and recover
property for the benefit of the Debtor's estate;
e. prepare on behalf of the Debtor the necessary applications,
motions, complaints, answers, pleadings, orders, reports,
notices, schedules, and other documents, as well as
review all financial reports and other reports filed in
the Chapter 11 case;
f. counsel the Debtor in connection with all aspects of a plan
of reorganization and related documents; and
g. perform all other legal services for the debtor which may
be necessary in the Chapter 11 case.
D'Agostino will be paid at these hourly rates:
Attorney $350
Support Staff $100
D'Agostino will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph J. D'Agostino, Jr., a member of the firm, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
D'Agostino can be reached at:
Joseph J. D'Agostino, Jr., Esq.
JOSEPH J. D'AGOSTINO, JR., LLC
88 Ryders Lane, Bldg. 1, 2nd Floor
Stratford, CT 06614
Tel: (203) 377-9994
Fax: (203) 774-1269
About Allen Construction International
Allen Construction International, LLC, based in Milford, CT, filed
a Chapter 11 petition (Bankr. D. Conn. Case No. 17-30134) on Feb.
1, 2017. The Hon. Ann M. Nevins presides over the case. In its
petition, the Debtor estimated $3.64 in assets and $361,517 in
liabilities. The petition was signed by Jesse Allen, managing
member.
AMERICAN POWER: Looks to Rebuild Company After Oil Crisis
---------------------------------------------------------
American Power Group Corp held a telephonic conference call to
provide an update on the Company to investors. The call was held
in concert with the Company's disclosure of its Dec. 31, 2016, Q1
fiscal 2017 results. Joining the call were Chuck Coppa, chief
financial officer of the Company and Chief Executive Officer Lyle
Jensen.
Mr. Coppa said, "Over the last 90 days, we've successfully raised
approximately $2.6 million of additional capital from existing
investors, members of management and affiliates of several board
members. This is a very committed group of investors who've
collectively have invested almost $20 million over the last four to
five years in APG, speaking to their level of commitment and belief
in APG. In September 2016, we restructured our $3.5 million of
Iowa State Bank long-term debt back whereby we reduced interest
rate by 50% from 8% to 4% and gained access to $500,000 of
additional capital. Two weeks ago, we also re-negotiated $1.8
million of long-term debt with another lender whereby we've been
able to defer all payments due until such time as our Board of
Directors determines we have adequate capital to commence repayment
or we have two consecutive quarters at positive EBITDA at the
corporate level. This initiative will save us almost $700,000 in
cash outflows annually.
"We remain very optimistic as we enter 2017 ... and as noted in the
past, we are committed to do whatever we need to do to ensure the
future viability of American Power Group and truly believe we've
positioned ourselves as the most viable cost-effective dual fuel
solution out there, surviving where others have not," he
continued.
According Mr. Jensen, During 2017 the Company expects to see a
transition in Canada from the evaluation phase to the
implementation phase in several provinces in the coming months.
The Company also expects Mexico will be a strong emerging dual fuel
market for APG in 2017.
Chuck said, in summary, "[W]e're strong believers in the long-term
economic and environmental benefits of domestically abundant
natural gas. We're definitely seeing federal, state, local
regulations beginning to be more supportive by providing more and
more incentives to move fleets from diesel to cleaner burning
natural gas. We believe 2017 could be the year we start to rebuild
from where we were before the oil crisis. As noted, we expect our
March 2017 quarter to be the best in almost two years so I think we
are on the right path."
A transcript of the conference call is available for free at:
https://is.gd/vszF8p
About American Power Group
American Power Group's alternative energy subsidiary, American
Power Group, Inc. -- http://www.americanpowergroupinc.com/--
provides a cost-effective patented Turbocharged Natural Gas
conversion technology for vehicular, stationary and off-road mobile
diesel engines. American Power Group's dual fuel technology is a
unique non-invasive energy enhancement system that converts
existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time. The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent. The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures. Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market.
American Power reported a net loss available to common stockholders
of $10.40 million on $1.86 million of net sales for the year ended
Sept. 30, 2016, compared to a net loss available to common
stockholders of $1.04 million on $2.95 million of net sales for the
year ended Sept. 30, 2015.
As of Sept. 30, 2016, American Power had $9.79 million in total
assets, $8.16 million in total liabilities and $1.62 million in
total stockholders' equity.
Schechter Dokken Kanter Andrews & Selcer, Ltd., in Minneapolis,
Minnesota, issued a "going concern" qualification on the
consolidated financial statements for the year ended Sept. 30,
2016, citing that the Company has suffered recurring losses from
operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern.
ASARCO LLC: Suit Against Union Pacific Railroad Continues
---------------------------------------------------------
Juan Carlos Rodriguez, writing for Bankruptcy Law360, reports that
an Idaho federal judge on Feb. 16 declined to dismiss the lawsuit
filed by Asarco LLC seeking to establish Union Pacific Railroad's
liability for part of a $482 million environmental cleanup. Law360
relates that the Company is seeking remediation costs for damage
caused by historical mining activities in the Coeur d'Alene River
Basin area in northern Idaho under the Comprehensive Environmental
Response, Compensation and Liability Act. The report says that the
federal government had asserted the Company was jointly and
severally liable.
About Asarco LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection (Bankr. S.D. Tex. Case
No. 05-21207) on Aug. 9, 2005. Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.
On Dec. 9, 2009, Asarco Incorporated and Americas Mining
Corporation's Seventh Amended Plan of Reorganization for the
Debtors became effective and the ASARCO Asbestos Personal Injury
Settlement Trust was created and funded with nearly $1 billion in
assets, including more than $650 million in cash plus a $280
million secured note from Reorganized ASARCO. The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
ASARCO LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.
AT YOUR SERVICE: Taps Franklin Deleno Henderson as Legal Counsel
----------------------------------------------------------------
At Your Service, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Maryland to hire legal counsel.
The Debtor proposes to hire Franklin Deleno Henderson, Esq., to
give legal advice regarding its duties under the Bankruptcy Code,
and provide other legal services related to its Chapter 11 case.
Mr. Henderson will charge $300 per hour for time spent in court,
and $250 per hour for time spent out of court. Meanwhile, the rate
charged by paralegals assisting him is $75 per hour.
In a court filing, Mr. Henderson disclosed that he does not hold or
represent any interest adverse to the Debtor's bankruptcy estate.
Mr. Henderson maintains an office at:
Franklin Deleno Henderson, Esq.
42 Castleton Drive
Upper Marlboro, MD 20774-1439
Email: hotep13.frank@gmail.com
About At Your Service
At Your Service, LLC, filed for Chapter 11 bankruptcy protection
(Bankr. D. Md. Case No. 17-10436) on Jan. 12, 2017. Franklin
Deleno Henderson, 1st, Esq., serves as the Debtor's bankruptcy
counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
AVERY LAND: Hires Armory's James Wong as Restructuring Officer
--------------------------------------------------------------
Avery Land Group, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Nevada to employ James Wong of Armory
Consulting Co. as independent restructuring officer to the Debtor.
Avery Land requires Mr. Wong of Armory to manage the Debtor's
intercompany issues with affiliates, involving business
transactions, agreements, financial analyses, proceedings, and
negotiations.
Armory anticipates that James Wong will render the restructuring
services, working in tandem with Avery's existing management and
employees, and also with other professionals engaged by the
Debtor.
Armory will be paid a flat fee of $5,000 per month.
Armory will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Because Armory is not being employed as a "professional" under
Section 327(a) of the Bankruptcy Code, it need not demonstrate
"disinterestedness" as a prerequisite to its engagement.
Mr. Wong nonetheless assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code as Wong and the firm's personnel (a) are not
creditors, equity security holders or insiders of the Debtor; (b)
have not been, within two years before the date of the filing of
the Debtor's chapter 11 petition, directors, officers or employees
of the Debtor; and (c) do not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtor, or
for any other reason.
Armory can be reached at:
James Wong
ARMORY CONSULTING CO.
3943 Irvine Blvd, Suite 253
Irvine, CA 92602
Tel: (714) 222-5552
About Avery Land Group
Avery Land Group, LLC, based in Las Vegas, NV, filed a Chapter 11
petition (Bankr. D. Nev. Case No. 16-14995) on Sept. 9, 2016. The
case is assigned to Judge August B. Landis. The Debtor estimated
assets at $500,000 to $1 million and liabilities at $1 million to
$10 million. The petition was signed by James M. Rhodes, manager.
The Debtor tapped Brett A. Axelrod, Esq., at Fox Rothschild, LLP,
as bankruptcy counsel, and The Bach Law Firm, LLC as conflicts
counsel.
No official committee of unsecured creditors has been appointed in
the case.
BAILEY HILL: Hires Maltz as Real Estate Broker and Auctioneer
-------------------------------------------------------------
Bailey Hill Management, LLC, filed with the U.S. Bankruptcy Court
for the District of Connecticut its second amended application to
employ Maltz Auctions, Inc., as real estate broker and auctioneer
to the Debtor.
Bailey Hill requires Maltz to market and sell by public auction the
Debtor's real properties located at 963 Bailey Hill Road, East
Killingly, CT and 291 Slater Hill Road, East Killingly, CT.
Maltz will be paid a commission of 6% of the sales price.
Maltz will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Richard B. Maltz, a member of Maltz Auctions, 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.
Maltz can be reached at:
Richard B. Maltz
MALTZ AUCTION, INC., d/b/a MALTZ AUCTION
39 Windsor Place
Central Islip, NY 11722
Tel: (516) 349-7022
Fax: (516) 349-0105
About Bailey Hill Management
Bailey Hill Management, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Conn. Case No. 16-20005) on Jan. 4, 2016. The Hon. Ann
M. Nevins presides over the case. Groob Ressler & Mulqueen, P.C.,
serves as counsel to the Debtor. In its petition, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.
The petition was signed by Edward R. Eramian, managing member of
the Debtor.
BCL ONE: Seeks to Hire Ferguson Hayes as Legal Counsel
------------------------------------------------------
BCL One, LLC seeks approval from the U.S. Bankruptcy Court for the
Middle District of North Carolina to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Ferguson, Hayes, Hawkins & DeMay, PLLC,
to give legal advice regarding its duties under the Bankruptcy
Code, assist in the preparation of a bankruptcy plan, and provide
other legal services.
Brian Hayes, Esq., at Ferguson Hayes, disclosed in a court filing
that he and other members of the firm do not hold any interest
adverse to the Debtor or its bankruptcy estate.
The firm can be reached through:
Brian Hayes, Esq.
Ferguson, Hayes, Hawkins & DeMay, PLLC
45 Church Street South
P.O. Box 444
Concord, NC 28026-0444
Tel: 704-788-3211
Email: bphafd@fspa.net
About BCL One LLC
Headquartered in Salisbury, North Carolina, BCL One, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. M.D. N.C. Case No.
17-50141) on Feb. 13, 2017, estimating its assets and liabilities
at between $1 million and $10 million each. The petition was
signed by B. Clay Lindsay, Jr., authorized representative.
Judge Lena M. James presides over the case.
No official committee of unsecured creditors has been appointed in
the case.
BIOPLANET CORP: Allowed to Use Cash Collateral Until March 10
-------------------------------------------------------------
Judge Karen K. Brown of the U.S. Bankruptcy Court for the Southern
District of Texas authorized BioPlanet Corp. to use cash collateral
on an interim basis until March 10, 2017.
The Debtor is directed to collect, receive and maintain any and all
cash collateral received post-petition in the debtor-in-possession
account. The Debtor is authorized to use cash collateral in
accordance with the cash collateral and to make expenditures only
for the purposes and in the amounts set forth in the Budget.
Amegy Bank, Mercanil Commercebank, Strategic Outsourcing Solutions,
LiftForward, Inc., Corporation Service Company, and Fox Capital
Group were granted valid and automatically perfected priority
replacement and additional liens and security interests, in the
same priority as existed prior to the commencement of the Debtor's
case, as partial adequate protection against any diminution in the
value of their respective collateral.
Beginning March 1, 2017, the Debtor will make monthly cash payments
of $750 to Amegy Bank, which is sufficient to adequately protect
Amegy Bank's interest in the Debtor's property and cash
collateral.
A full-text copy of the Interim Order, dated Feb. 14, 2017, is
available at
https://is.gd/dyv1KE
About BioPlanet Corp.
BioPlanet Corp., a corporation with its main office in Katy, Texas,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. 17-30684) on Feb. 5, 2017. The petition was
signed by Bernardo Herrero, director. The case is assigned to
Judge Karen K. Brown. At the time of the filing, the Debtor
estimated its assets and debts at $1 million to $10 million.
The Debtor is represented by Adelita Cavada, Esq. at The Perez Law
Firm.
BLUEHIPPO FUNDING: Former CEO Files for Chapter 7
-------------------------------------------------
Ryan Boysen, writing for Bankruptcy Law360, reports that Joseph
Rensin, former CEO of BlueHippo Funding, LLC, filed for personal
Chapter 7 bankruptcy in Florida on Feb. 15, 2017, listing roughly
$1 million in total assets, claims exemptions of about $240,000,
and liabilities consisting mainly of the $13.4 million owed to the
Federal Trade Commission.
Law360 says that the bankruptcy filing came two days before Mr.
Rensin was required to respond to a motion to hold him in contempt
for failing to pay $13.4 million for breaching an order that the
Company cease deceptive practices.
About Bluehippo
BlueHippo sells computers and plasma TVs nationwide to people
without access to traditional credit. Consumers pay through
electronic debits to their bank accounts over one year. They
were promised the merchandise after completing three months'
payments worth hundreds of dollars. But early on, consumers
complain, the company reneged on the promise.
In March 2006, two Californians filed a class suit against
Maryland-based BlueHippo Funding LLC alleging they didn't get
their computers and weren't able to get refunds.
BOXWOOD LLC: Seeks to Hire Ferguson Hayes as Legal Counsel
----------------------------------------------------------
Boxwood, LLC seeks approval from the U.S. Bankruptcy Court for the
Middle District of North Carolina to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Ferguson, Hayes, Hawkins & DeMay, PLLC,
to give legal advice regarding its duties under the Bankruptcy
Code, assist in the preparation of a bankruptcy plan, and provide
other legal services.
Brian Hayes, Esq., at Ferguson Hayes, disclosed in a court filing
that he and other members of the firm do not represent any interest
adverse to the Debtor or its bankruptcy estate.
The firm can be reached through:
Brian Hayes, Esq.
Ferguson, Hayes, Hawkins & DeMay, PLLC
45 Church Street South
P.O. Box 444
Concord, NC 28026-0444
Tel: 704-788-3211
Email: bphafd@fspa.net
About Boxwood LLC
Headquartered in Salisbury, North Carolina, Boxwood, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. M.D. N.C. Case No.
17-50142) on Feb. 13, 2017, estimating its assets and liabilities
at between $1 million and $10 million. The petition was signed by
B. Clay Lindsay, Jr., authorized representative.
Judge Lena M. James presides over the case. The Debtor listed
Yadkin Bank as its unsecured creditor holding a claim of $63,517.
No official committee of unsecured creditors has been appointed in
the case.
CALIFORNIA RESOURCES: Reports Q4 and Year End 2016 Results
----------------------------------------------------------
California Resources Corporation reported a net loss of $77 million
on $452 million of total revenues for the quarter ended Dec. 31,
2016, compared to a net loss of $3.28 billion on $566 million of
total revenues for the same period during the prior year.
For the full year of 2016 net income was $279 million on $1.54
billion of total revenues compared with a net loss of $3.6 billion
on $2.40 billion of total revenues for the year ended Dec. 31,
2015.
Additionally, CRC announced 2016 reserves of 568 million barrels of
oil equivalent (BOE) and 2017 capital investment plans of $300
million.
Adjusted EBITDAX for the fourth quarter and the full year of 2016
was $168 million and $616 million, respectively, compared with $226
million and $906 million for the fourth quarter and the full year
of 2015.
CRC had annual operating cash flow of $130 million in 2016 and
capital investments of $75 million. This financial discipline
allowed CRC to generate $49 million of free cash flow after working
capital1.
Highlights Include:
* Received sixth bank amendment removing capital investment
limitations and allowing additional joint ventures, among
other changes
* Initial 2017 capital investment plan of $300 million
* 2016 capital investment of $75 million with only $31 million
of drilling and workover capital
* Quarterly production of 135,000 BOE per day
-- A 2.2% sequential decline
-- A 10% year-over-year decline, excluding PSC effects
* Annual production of 140,000 BOE per day
* Annual production costs down 16% from prior year
* Annual operating cash flow of $130 million
* 2016 Annual free cash flow after working capital of $49
million
* 2016 Organic reserve replacement ratio of 71% with minimal
drilling and workover capital
* 2016 Adjusted Organic F&D costs of $3.42 per BOE3 excluding
price adjustments
Todd Stevens, president and chief executive officer, said, "We are
pleased with our 2016 performance as we strengthened our balance
sheet, continued to live within our cash flows, managed our base
production to a minimal decline and increased our probable and
possible reserves significantly. These achievements reflect the
diligence of our team as well as the resiliency of our operations
and complementary infrastructure.
"Our planned 2017 capital budget of about $300 million should allow
us to increase activity, enhance margins and return to a growth
profile beginning in the second half of the year. Additionally, we
expect to further expand our actionable inventory. We are pleased
to have received our sixth bank amendment which removed capital
investment limitations. We will continue to align our investments
with our cash flow."
2016 Proved Reserves and PV-10 Value
CRC's proved reserves estimates for the year ended Dec. 31, 2016,
as audited by Ryder Scott, were 568 million BOE, consisting of 72
percent oil and 71 percent proved developed volumes. The Company
achieved a total organic reserves replacement ratio (RRR)(4) of 71
percent of 2016 production, excluding price adjustments.
Price-related adjustments reduced overall reserves by 60 million
BOE. Volumes that have been removed from the reserves base due to
lower prices are expected to return to CRC's proved base at higher
prices of crude oil.
The present value of CRC's proved reserves as of Dec. 31, 2016, was
approximately $2.8 billion, on a pre-tax basis, discounted at 10
percent (PV-10)(6). The reduction from the prior year amount of
$5.1 billion, resulted from a 23-percent and 4-percent decrease in
crude oil prices and natural gas prices, respectively. The effect
of price decreases was partially offset by reserves additions, cost
reductions and efficiencies identified in the Company's
life-of-field plans. Utilizing current costs, a flat $55 Brent
crude oil price deck and $3.30/Mcf Henry Hub natural gas price,
which is similar to the 2015 SEC pricing and the current strip
prices, CRC's proved reserves would be approximately 686 million
barrels. Using these same assumptions, the PV-10 would be nearly
$5.4 billion for proved reserves and $9.7 billion for proved,
probable and possible reserves.
Hedging Update
CRC continues to opportunistically add hedges to protect its cash
flow, margins and capital program and to maintain liquidity. For
example, currently the Company has hedges in place covering over
45% of its projected first quarter 2017 oil production.
Operational Update and 2017 Capital Investment Plan
CRC operated two drilling rigs at year end 2016 with one in the San
Joaquin basin and one in the Los Angeles basin. In the fourth
quarter, CRC drilled 4 waterflood wells and 17 steamflood wells. By
the end of the first quarter of 2017, the Company anticipates
having four rigs running (three in the San Joaquin basin and one in
the Los Angeles basin).
Consistent with prior years, CRC expects to align its capital
investment with its operational cash flow, and adjust its capital
plan accordingly. Based on the current market conditions, CRC will
start the year with a capital investment plan of $300 million,
consisting of approximately $150 million for drilling and
completions, $50 million for capital work-overs, $50 million for
facilities, $25 million for exploration and $25 million primarily
for mechanical integrity projects. The Company's 2017 development
program will focus primarily on its core fields- Elk Hills,
Wilmington, Kern Front, Buena Vista, and the delineation of
Kettleman North Dome. The Company has developed a dynamic plan
which can be scaled up or down depending on the price environment.
For 2017, the Company has action plans that allow it to reduce its
capital investment to under $100 million or increase it to as high
as $500 million based on conditions during the year. Going
forward, the Company will continue to focus on identifying,
evaluating and pursuing value creation opportunities that
strengthen its balance sheet and reduce its financial leverage.
CRC Analyst Day and Site Tour
"We are pleased to announce that CRC is hosting a 2017 Analyst Day
and Site Tours in the Bakersfield and Long Beach areas in
California on March 22-23. Due to the length of the event,
logistical considerations and safety requirements, space will be
limited. We will be webcasting the formal presentations and will
post them to CRC's investor relations page on our website at
www.crc.com. The event will be archived for play later on the day
of the presentations."
A full-text copy of the press release is available for free at:
https://is.gd/HYpETz
About California Resources
California Resources Corporation is an independent oil and natural
gas exploration and production company operating properties
exclusively within the State of California. The Company was
incorporated in Delaware as a wholly-owned subsidiary of Occidental
on April 23, 2014, and remained a wholly-owned subsidiary of
Occidental until the Spin-off. On Nov. 30, 2014, Occidental
distributed shares of the Company's common stock on a pro rata
basis to Occidental stockholders and the Company became an
independent, publicly traded company, referred to in the annual
report as the Spin-off. Occidental retained approximately 18.5% of
the Company's outstanding shares of common stock which it has
stated it intends to divest on March 24, 2016.
As of Sept. 30, 2016, California Resources had $6.33 billion in
total assets, $6.82 billion in total liabilities and a total
deficit of $493 million.
* * *
In September 2016, S&P Global Ratings raised its corporate credit
rating on California Resources to 'CCC+' from 'SD'. "We raised
the corporate credit rating on CRC to reflect our reassessment of
its credit profile following the tender for its senior unsecured
notes," said S&P Global Ratings credit analyst Paul Harvey. "The
rating reflects our expectation that debt leverage will remain at
what we consider unsustainable levels over the next 24 months
despite the net-debt reduction of about $625 million from the
tender," he added.
In August 2016, Moody's Investors Service downgraded California
Resources' Corporate Family Rating to 'Caa2' from 'Caa1' and
Probability of Default Rating to 'Caa2-PD' from 'Caa1-PD'.
CALIFORNIA RESOURCES: To Invest $250-Mil. in Oil & Gas Properties
-----------------------------------------------------------------
California Resources Corporation announced a joint venture with
Benefit Street Partners L.L.C. to invest in CRC's oil and gas
properties in California, with a focus on development opportunities
in multiple CRC producing fields. CRC will operate the
properties.
The Joint Venture calls for Benefit Street Partners to invest up to
$250 million for development opportunities in both conventional and
unconventional assets of CRC in California. BSP will make an
initial $50 million investment to be directed toward drilling
activities across properties subject to the JV. BSP will make
subsequent investments in tranches up to $50 million at the
discretion of the JV partners over a two year investment window.
Subject to customary conditions, the parties anticipate that the
initial investment will fund in approximately two weeks.
Todd Stevens, president and CEO of CRC, noted, "This joint venture
is an excellent opportunity for CRC to accelerate development of
CRC's vast underdeveloped resource base and advance our long term
deleveraging efforts. We look forward to partnering with Benefit
Street Partners for our mutual benefit."
Tim Murray, managing director of BSP said, "We are proud to partner
with CRC and their quality management team. We view CRC's diverse
asset base as an excellent opportunity to structure a joint venture
to focus on the primary and secondary development opportunities to
enhance CRC's portfolio."
About California Resources
California Resources Corporation is an independent oil and natural
gas exploration and production company operating properties
exclusively within the State of California. The Company was
incorporated in Delaware as a wholly-owned subsidiary of Occidental
on April 23, 2014, and remained a wholly-owned subsidiary of
Occidental until the Spin-off. On Nov. 30, 2014, Occidental
distributed shares of the Company's common stock on a pro rata
basis to Occidental stockholders and the Company became an
independent, publicly traded company, referred to in the annual
report as the Spin-off. Occidental retained approximately 18.5% of
the Company's outstanding shares of common stock which it has
stated it intends to divest on March 24, 2016.
As of Sept. 30, 2016, California Resources had $6.33 billion in
total assets, $6.82 billion in total liabilities and a total
deficit of $493 million.
For the full year of 2016 net income was $279 million on $1.54
billion of total revenues compared with a net loss of $3.6 billion
on $2.40 billion of total revenues for the year ended Dec. 31,
2015.
* * *
In September 2016, S&P Global Ratings raised its corporate credit
rating on California Resources to 'CCC+' from 'SD'. "We raised
the corporate credit rating on CRC to reflect our reassessment of
its credit profile following the tender for its senior unsecured
notes," said S&P Global Ratings credit analyst Paul Harvey. "The
rating reflects our expectation that debt leverage will remain at
what we consider unsustainable levels over the next 24 months
despite the net-debt reduction of about $625 million from the
tender," he added.
In August 2016, Moody's Investors Service downgraded California
Resources' Corporate Family Rating to 'Caa2' from 'Caa1' and
Probability of Default Rating to 'Caa2-PD' from 'Caa1-PD'.
CARAVAN II LLC: Has Until April 15 to File Disclosures, Plan
------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
has extended until April 15, 2017, the deadline for Caravan II LLC
to file its Plan and Disclosure Statement and Chapter 11 small
business plan.
About Caravan II
Caravan II LLC filed a Chapter 11 petition (Bankr. W.D. Pa. Case
No. 16-21471), on April 18, 2016, disclosing an estimated assets of
less than $50,000 and estimated liabilities ranging from $100,000
to $500,000. The Petition was signed by one of the Company's
member, Linda J. Menichino. The Debtor counsel is represented by
Robert 0 Lampl, Esq., at Robert 0 Lampl, Attorney at Law, 960 Penn
Avenue, Suite 1200, Pittsburgh, Pennsylvania.
COCRYSTAL PHARMA: Walt Linscott Quits as Gen. Counsel & Secretary
-----------------------------------------------------------------
Walt A. Linscott informed the Board of Directors of Cocrystal
Pharma, Inc. of his resignation as general counsel and secretary of
the Company, effective March 1, 2017. Mr. Linscott has accepted a
position as president, chief operating officer and general counsel
of a start-up biotechnology company.
About Cocrystal Pharma
Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,
Inc., is a pharmaceutical company with a mission to discover novel
antiviral therapeutics as treatments for serious and/or chronic
viral diseases. Cocrystal Pharma employs unique technologies and
Nobel Prize winning expertise to create first- and best-in-class
antiviral drugs. These technologies and the Company's market-
focused approach to drug discovery are designed to efficiently
deliver small molecule therapeutics that are safe, effective and
convenient to administer.
The Company's primary business going forward is to develop novel
medicines for use in the treatment of human viral diseases.
Cocrystal has been developing novel technologies and approaches to
create first-in-class and best-in-class antiviral drug candidates
since its initial funding in 2008. Subsequent funding was
provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals
Industries, Ltd., or Teva, in 2011. The Company's focus is to
pursue the development and commercialization of broad-spectrum
antiviral drug candidates that will transform the treatment and
prophylaxis of viral diseases in humans. By concentrating the
Company's research and development efforts on viral replication
inhibitors, the Company plans to leverage its infrastructure and
expertise in these areas.
Cocrystal Pharma reported a net loss of $50.1 million on $78,000
of grant revenues for the year ended Dec. 31, 2015, compared to a
net loss of $99,000 on $9,000 of grant revenues for the year ended
Dec. 31, 2014.
As of Sept. 30, 2016, Cocrystal Pharma had $220.90 million in total
assets, $53.07 million in total liabilities and $167.82 million in
total stockholders' equity.
COLONEL HOSPITALITY: Wants to Use Plains Capital Cash Collateral
----------------------------------------------------------------
Colonel Hospitality, LLC, seeks authorization from the U.S.
Bankruptcy Court for the Northern District of Texas to use cash
collateral.
The Debtor intends to use cash collateral so that it may continue
to carry on the operations of the insurance practice, pay its
obligations and provide adequate protection to Plains Capital Bank
for their legitimate lien interests. The Debtor avers that
operations of the practice will provide the foundation for its plan
of reorganization.
The Debtor owns the property for a 250-room hotel plus receivables,
inventory and depository accounts in Dallas, TX. The Debtor
believes that Plains Capital Bank holds a first lien on the
practice. The Debtor estimates the balance due on Plains Capital
is approximately $3.4 million.
The Debtor proposes to provide Plains Capital a continuing lien on
post-petition acquired cash collateral to the same extent and
priority as held by Plains Capital prior to the Petition Date.
Additionally, the Debtor will demonstrate that the ongoing value of
the practice is far greater than the value produced by its
liquidation value and that the stream of cash will likely remain at
an even level over a sustained period, with new proceeds replacing
the old. The Debtor will also demonstrate a viable prospect or
reorganization, and the continued operation of its business and
management of its property will provide adequate protection to
Plains Capital Bank.
The proposed Budget provides total monthly expenses of
approximately $191,000 which includes current utility and payroll
expenses.
A full-text copy of the Debtor's Motion, dated Feb. 14, 2017, is
available at https://is.gd/ht1QvZ
About Colonel Hospitality
Colonel Hospitality, LLC, owner of Regency Hotel, a 250-room hotel
in Dallas, Texas, filed a Chapter 11 petition (Bankr. N.D. Tex.
Case No. 17-30572) on Feb. 14, 2017. The petition was signed by
Teja S. Khela, owner. The case is assigned to Judge Stacey G.
Jernigan. At the time of filing, the Debtor had total assets of
$2.46 million and total liabilities of $4.96 million. The Debtor
is represented by Daniel C. Durand, III, Esq. at Durand &
Associates, PC.
COSI INC: Has Court OK to Use Cash Collateral for Another 2 Months
------------------------------------------------------------------
Joyce Hanson, writing for Bankruptcy Law360, reports that the Hon.
Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of
Massachusetts has authorized Cosi Inc. to use cash collateral in
its Chapter 11 bankruptcy case for another two months.
According to Law360, Judge Hoffman ruled that spending the cash is
in the best interest of the estate. The Debtor requires the use of
cash collateral to preserve its operations and the value of its
assets, the report says, citing Judge Hoffman.
No objection to the cash collateral use has been filed, Law360
states.
About Cosi Inc.
Cosi, Inc., is an international fast-casual restaurant company
featuring its crackly-crust flatbread and specializing in a variety
of made-to-order hot and cold sandwiches, salads, bowls, breakfast
wraps, "Squagels" (square bagels), melts, soups, flatbread pizzas,
S'mores, snacks, deserts and a large offering of handcrafted,
coffee-based, and specialty beverages.
The company was first established in New York in 1996 and
incorporated in Delaware in 1998. In 2002, Cosi became publicly
traded company on the Nasdaq exchange under the symbol "COSI".
Cosi and its subsidiaries filed Chapter 11 petitions (Bankr. D.
Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016. The cases are
assigned to Judge Melvin S. Hoffman.
Prior to the petition date, the Debtors had 72 debtor-owned
locations and 35 franchised locations and employed 1,555 people.
The Debtors tapped Joseph H. Baldiga, Esq., and Paul W. Carey,
Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel; DLA
Piper LLP (US) as special counsel; The O'Connor Group as financial
consultant; BDO USA, LLP, as auditor and accountant; and Randy
Kominsky of Alliance for Financial Growth, Inc., as chief
restructuring officer.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The committee is represented by Lee
Harrington, Esq., at Nixon Peabody LLP. Deloitte Financial
Advisory Services LLP serves as its financial advisor.
CS360 TOWERS: Intends to Use Cash Collateral Through August 31
--------------------------------------------------------------
CS360 Towers, LLC, requests the U.S. Bankruptcy Court for the
Eastern District of California for authority to use cash collateral
through Aug. 31, 2017.
The Debtor intends to use cash collateral which consists of rents
collected from tenants at their rental real properties, to pay
specific expenses: to pay HOA dues, property management fees,
property taxes, certain utilities, maintenance, repairs for
ordinary wear-and-tear, and insurance expenses incurred in
connection with those properties. Accordingly, the Debtor will
strictly account for the rents received from each of the Real
Properties and the expenses paid for each of the Real Properties,
by way of detailed monthly reports to be filed with the Court.
The Debtor holds title or an equitable interest pursuant to a
buy-back agreement to various real properties, consisting of
residential condominium and commercial units located at 500 N
Street, Sacramento, CA. The Debtor believes that these entities
may assert security interests on various residential condominium
and certain commercial units, including rents derived therefrom:
(a) California Capital Loans, Inc. holds a Deed of Trust and
First Deed of Trust;
(b) Manmohan S. Passi holds a First Deed of Trust and Second
Deed of Trust;
(c) Michael Gilles holds a First Deed of Trust;
(d) Passi Realty LLC holds a Deed of Trust;
(e) Polycomp Trust Company holds a Second Deed of Trust;
(f) Ratib Norzei & Shomisa Naizi Norzei holds a First Deed of
Trust;
(g) Ronald Elvidge holds a First Deed of Trust;
(h) Sacramento County Assessor holds a County Tax Lien; and
(i) Tri-Point Corporation holds a First Deed of Trust and
Second Deed of Trust.
The Debtor contends that the Secured Creditors' respective
interests will be adequately protected by its use of cash
collateral to maintain the Real Properties, since it will be able
to maximize the value of its assets. The Debtor proposes use of
cash in accordance with the outlined purposes and the Debtor will
retain the remaining cash after payment of necessary expenses and
costs. The Debtor projects that the use of cash collateral will
result in an increase in the amount of cash collateral held in the
Rental Account.
A hearing will be held on the Debtor's Motion on March 1, 2017 at
10:00 a.m.
A full-text copy of the Debtor's Motion, dated Feb. 15, 2017, is
available at https://is.gd/ldUC5x
About CS360 Towers, LLC
CS360 Towers, LLC filed a Chapter 11 petition (Bankr. E.D. Cal.
Case No. 17-20731), on February 3, 2017. The petition was signed
by Mark D. Chisick, manager. The case is assigned to Judge Robert
S. Bardwil. The Debtor is represented by Stephan M. Brown, Esq. at
the Bankruptcy Group, P.C. At the time of filing, the Debtor had
total assets of $18.46 million and total liabilities of $5.72
million.
CS360 TOWERS: Seeks to Hire Bankruptcy Group as Legal Counsel
-------------------------------------------------------------
CS360 Towers, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of California to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire The Bankruptcy Group, P.C. to give
legal advice regarding its duties under the Bankruptcy Code, assist
in the preparation of a bankruptcy plan, and provide other legal
services.
The hourly rates charged by the firm are:
Edward Smith $400
Stephan Brown $300
Dan Griffin $200
Legal Administrators $240
Law Clerks/Paralegals $160
Administrative Staff $90
Bankruptcy Group does not hold or represent any interest adverse to
the Debtor's bankruptcy estate, and is a "disinterested person" as
defined in section 101(14) of the Bankruptcy Code, according to
court filings.
The Firm can be reached through:
The Bankruptcy Group, P.C.
Stephan M. Brown, Esq.
Edward A. Smith, Esq.
3300 Douglas Blvd., Suite 100
Roseville, CA 95661
Tel: (800) 920-5351
Fax: (916) 242-8588
Email: eric@thebklawoffice.com
About CS360 Towers
CS360 Towers, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 17-20731) on February
3, 2017. The petition was signed by Mark D. Chisick, manager. The
case is assigned to Judge Robert S. Bardwil.
At the time of the filing, the Debtor disclosed $18.46 million in
assets and $5.72 million in liabilities.
CTJH INVESTMENTS: Has Interim Approval to Use Cash Collateral
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized CTJH Investments, LLC dba Party Plus Warehouse, d/b/a
Gayle's Wedding & Party Rentals, d/b/a First Class Tuxedos to use
cash collateral on an interim basis.
As adequate protection for creditors claiming an interest in
Debtor's cash collateral, the Debtor was directed to provide such
creditors a lien on postpetition assets of the same class as those
in which there exists a properly perfected prepetition security
interest, which would secure the allowed secured claims of such
creditors. Should a creditors' secured amount be diminished by the
Debtor's use of cash collateral, such creditor will be allowed an
administrative claim in the amount that the claimant secured claim
was diminished.
The Court directed the Debtor to send copies of its monthly
operating reports as well as copies of its monthly financial
statements to the secured claimants. The Court further directed
the Debtor to maintain its current level of inventory at a level of
no less than $210,111. The Debtor is also required to file all tax
returns as they come due and pay any liability due.
The Debtor is authorized to use cash collateral consisting of the
Debtor's inventory, accounts receivables, and proceeds derived from
the sale or rent of Debtor's inventory, to pay normal and ordinary
expenses incurred in continuing its operations until the date of
the final hearing.
The final hearing on the Debtor's Motion for use cash collateral
will be conducted on March 22, 2017 at 1:30 p.m. The deadline for
parties to file objections to the Motion will be Feb. 26, 2017.
A full-text copy of the Order, dated Feb. 14, 2017, is available at
https://is.gd/pCKjqP
About CTJH Investments
CTJH Investments, LLC, d/b/a Party Plus Warehouse, d/b/a Gayle's
Wedding & Party Rentals, dba First Class Tuxedos sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
17-50019) on Jan. 23, 2017. The petition was signed by David
Hodges, Managing Member. The case is assigned to Judge Robert L.
Jones. The Debtor is represented by Max R. Tarbox, Esq. at Tarbox
Law, P.C. At the time of filing, the Debtor had $100,000 to
$500,000 in estimated assets and $500,000 to $1 million in
estimated liabilities.
DEMAY INC: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The Office of the U.S. Trustee on Feb. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of DeMay, Inc.
About DeMay
DeMay, Inc., based in Jacksonville, Florida, filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 17-00012) on Jan. 3, 2017.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP, to serve as bankruptcy counsel.
In its petition, the Debtor estimated $549,710 in assets and $1.83
million in liabilities. The petition was signed by Barry DeMay,
president.
DEWEY & LEBOEUF: Ex-Finance Director Admits to Improper Accounting
------------------------------------------------------------------
Jody Godoy, writing for Bankruptcy Law360, reports that Alison
Clifford, former international finance director at Dewey & LeBoeuf
LLP, told the Manhattan criminal court on Feb. 16 that one of two
former executives in the fraud case asked her to make accounting
entries she thought were improper. According to Law360, Ms.
Clifford said that she knew there was no legitimate way to record
certain U.K. tax refunds as income, but that she did so anyway
after the Dewey's former Chief Financial Officer Joel Sanders and
former controller Thomas Mullikan made her.
About Dewey & LeBoeuf
Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations. The firm had struggled with high debt and partner
defections. Dewey disclosed debt of $245 million and assets of
$193 million in its chapter 11 filing late evening on May 29,
2012.
Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP
â€â€Â
originally founded in 1929. In recent years, more than 1,400
lawyers worked at the firm in numerous domestic and foreign
offices.
At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.
Dewey's offices in Hong Kong and Beijing are being wound down. The
partners of the separate partnership in England are in process of
winding down the business in London and Paris, and administration
proceedings in England were commenced May 28. All lawyers in the
Madrid and Brussels offices have departed. Nearly all of the
lawyers and staff of the Frankfurt office have departed, and the
remaining personnel are preparing for the closure. The firm's
office in Sao Paulo, Brazil, is being prepared for closure and the
liquidation of the firm's local affiliate. The partners of the
firm in the Johannesburg office, South Africa, are planning to wind
down the practice.
The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million. The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.
Judge Martin Glenn oversees the case. Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy
Solutions LLC serves as claims and notice agent. The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.
JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP. JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors. The Noteholders hired
Bingham McCutchen LLP as counsel.
The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners. The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel. The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.
FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.
Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March. The plan created
a trust to collect and distribute remaining assets. The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.
DEWEY & LEBOEUF: Outside Auditors Reviewed Transactions, Attorney S
-------------------------------------------------------------------
Jody Godoy, writing for Bankruptcy Law360, reports that former
Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders' defense
attorney showed a New York jury on Feb. 17, 2017, evidence that
outside auditors had reviewed transactions.
Law360 relates that the defense attorney questioned the Firm's
former overseas finance director's assertion that certain
accounting maneuvers Mr. Sanders had pursued were improper.
About Dewey & LeBoeuf
Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations. The firm had struggled with high debt and partner
defections. Dewey disclosed debt of $245 million and assets of
$193 million in its chapter 11 filing late evening on May 29,
2012.
Dewey & LeBoeuf LLP operated as a prestigious, New York City-based,
law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in
1929. In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.
At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.
Dewey's offices in Hong Kong and Beijing are being wound down. The
partners of the separate partnership in England are in process of
winding down the business in London and Paris, and administration
proceedings in England were commenced May 28. All lawyers in the
Madrid and Brussels offices have departed. Nearly all of the
lawyers and staff of the Frankfurt office have departed, and the
remaining personnel are preparing for the closure. The firm's
office in Sao Paulo, Brazil, is being prepared for closure and the
liquidation of the firm's local affiliate. The partners of the
firm in the Johannesburg office, South Africa, are planning to wind
down the practice.
The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million. The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.
Judge Martin Glenn oversees the case. Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy
Solutions LLC serves as claims and notice agent. The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.
JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP. JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors. The Noteholders hired
Bingham McCutchen LLP as counsel.
The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners. The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel. The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.
FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.
Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March. The plan created
a trust to collect and distribute remaining assets. The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.
DIRECT MEDIA: Allowed to Continue Using Cash Until March 14
-----------------------------------------------------------
Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Direct Media Power, Inc.,
to use cash collateral on an interim basis through a continued
hearing on March 14, 2017.
The Debtor is authorized to use cash collateral for only those
categories of expenses and in the amounts listed on the Budget.
The approved budget covers the period from Nov. 28, 2016 through
Jan. 15, 2017, and provides for total expenses in the amount of
$238,460.
The Debtor is prohibited from using any of the other Direct Media
Power, Inc. DMP, Teleservices and Teldebt Solutions, Inc. bank
accounts for any purpose. The Debtor was further prohibited from
making any transfers to affiliate companies owned in whole or in
party by Dean Tucci, including but not limited to: Dang Enterprises
LLC, Federal Tax Relief, and Teldebt Solutions, Inc.
Beginning on Feb. 13, 2017, the Debtor is directed to provide to
Stephen Rosenfeld, Radio One, Inc.'s counsel, weekly reports from
the previous week from Bank of America account ending in #6530 and
U.S. Bank account ending in #7452 showing all the transactions in
and out of those account. He also directed the Debtor to provide to
Stephen Rosenfeld the January 2017 bank statements for the DMP
Companies and their affiliates.
The Debtor is also directed to close U.S. Bank account ending in
#6556 and transfer all remaining funds into the #6330 account.
The Debtor's Motion will be continued for final hearing on March
14, 2017 at 10:30 a.m. Any objections to the entry of a final order
will be due no later than March 13, 2017.
A full-text copy of the Interim Order, dated Feb. 14, 2017, is
available at
https://is.gd/JmUwBO
About Direct Media Power
Established in 2010 and located Wood Dale, Illinois, Direct Media
Power, Inc., also known as DMP Teleservices, Inc., is a large
privately owned liquidator of unsold prime commercial radio airtime
nationwide.
Direct Media Power sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 16-36934) on Nov. 21, 2016. The petition was signed by
Dean Tucci, president. Judge Timothy A. Barnes is assigned to the
case. At the time of filing, the Debtor estimated assets of
$100,000 to $500,000 and debt of $1 million to $10 million.
Initially, the Debtor was represented by Adam S. Tracy, Esq., at
The Tracy Firm, Ltd. The Debtor hired Neal L. Wolf, Esq. and Paul
H. Deese, Esq., at Tetzlaff Law Offices, LLC to replace its former
counsel.
EM LODGINGS: Hires Rafool, Bourne & Shelby as Counsel
-----------------------------------------------------
EM Lodgings, LLC seeks authorization from the U.S. Bankruptcy Court
for the Central District of Illinois to employ Rafool, Bourne &
Shelby, PC as counsel.
The Debtor requires Rafool, Bourne & Shelby to:
a. provide legal advice with respect to its rights, powers
and duties as debtor-in-possession in connection with the
administration of its bankruptcy estate and the disposition of its
property;
b. take action as may be necessary with respect to claims
that may be asserted against the Debtor and property of its
estate;
c. prepare applications, motions, complaints, orders and
other legal documents as may be necessary in connection with the
appropriate administration of this case;
d. represent the Debtor with respect to inquiries and
negotiations concerning creditors of its estate and property;
e. initiate, defend or otherwise participate on behalf of
Debtor in all proceedings before this Court or any other court of
competent jurisdiction; and
f. perform any and all other legal services on behalf of
Debtor which may be required to aid in the proper administration of
its bankruptcy estate.
Rafool, Bourne & Shelby is charging $300 per hour for its
services.
Prior to the date of filing these proceedings, the Debtor provided
Rafool, Bourne & Shelby with a $20,000 retainer which amount was
deposited into the Firm's trust account as a security retainer.
Prior to the filing of the bankruptcy petition, the sum of $3,517
was transferred to the Firm's business account for attorney time
prior to the filing of the petition ($1,800) and the court costs
required to file the voluntary petition ($1,717). The balance of
$16,483 is being held in its trust account to secure the payment of
its fees for services rendered in these proceedings and additional
costs and expenses advanced for the Debtor, which amounts will be
applied for in this proceeding.
Rafool, Bourne & Shelby will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Sumner A. Bourne, Esq., member of the law firm of Rafool, Bourne &
Shelby, 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.
Rafool, Bourne & Shelby may be reached at:
Rafool, Bourne & Shelby, P.C
Sumner A. Bourne, Esq.
411 Hamilton Blvd, Suite 1600
Peoria, IL 61602
Phone: (309) 673-5535
Fax: (309) 673-5537
About EM Lodgings L.L.C.
EM Lodgings L.L.C. dba Fairfield Inn & Suites East Peoria filed a
Chapter 11 petition (Bankr. C.D. Ill., Case No. 17-80150), on
February 6, 2017. The Petition was signed by Gary E. Matthews,
manager. The case is assigned to Judge Thomas L. Perkins. The
Debtor is represented by Sumner Bourne, Esq., at Rafool, Bourne &
Shelby, P.C. At the time of filing, the Debtor had both assets and
liabilities estimated at $1 million to $10 million each.
ENERGY FUTURE: Court Confirms Eight Amended Joint Plan
------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware has confirmed Energy Future Holdings
Corp., et al.'s Eight Amended Joint Plan of Reorganization.
A copy of the court order and the Plan is available at:
http://bankrupt.com/misc/deb14-10979-10859.pdf
Matt Chiappardi, writing for Bankruptcy Law360, reports that Judge
Sontchi said on Feb. 16, 2017, that the Plan centered on an $18
billion sale to NextEra Energy Inc. meets all the standards for
confirmation.
Under the Plan, these General Unsecured Claims are impaired:
a. Class A9 General Unsecured Claims Against EFH Corp.
b. Class A10 - General Unsecured Claims Against the EFH
Debtors Other Than EFH Corp.
c. Class B6 General Unsecured Claims Against the EFIH Debtors
d. Class C5 General Unsecured Claims Against the TCEH Debtors
Other Than EFCH
e. Class C6 General Unsecured Claims Against EFCH
f. Class D3 General Unsecured Claims Against the EFH Shared
Services Debtors
Holders of Class A9 - General Unsecured Claims Against EFH Corp.
agree to a less favorable treatment of its allowed claim, in full
and final satisfaction, settlement, release, and discharge of and
in exchange for each allowed claim (i) its pro rata share
(calculated based on the aggregate amount of EFH Corp. Claims) of
the EFH Creditor Recovery Pool; and (ii) if the Class A9 Claims
constitute EFH Beneficiary Claims, and solely to the extent of any
portion of its allowed claim that is not paid in full pursuant to
the preceding clause, its pro rata share of up to $2 million of the
TCEH Settlement Claim Turnover Distributions, if any.
Holders of Class A10 - General Unsecured Claims Against the EFH
Debtors Other Than EFH Corp. agree to a less favorable treatment of
its Allowed Claim, in full and final satisfaction, settlement,
release, and discharge of and in exchange for each allowed claim in
Class A10, each holder will receive, up to the allowed amount of
its claim, its pro rata share (calculated based on the aggregate
amount of EFH Corp. Claims) of the EFH Creditor Recovery Pool.
Holders of Class B6 - General Unsecured Claims Against the EFIH
Debtors agree to a less favorable treatment of its allowed claim,
in full and final satisfaction, settlement, release, and discharge
of and in exchange for each allowed claim in Class B6, each holder
will receive, up to the allowed amount of its claim, its pro rata
share (calculated based on the aggregate amount of Allowed EFH LBO
Note Guaranty Claims and Allowed General Unsecured Claims Against
the EFIH Debtors) of the EFIH Unsecured Creditor Recovery Pool;
provided further that if Class B6 votes in favor of the Plan, all
holders of EFIH Unsecured Notes Claims will be bound by the terms
of the PIK Settlement and all Holders of EFIH Unsecured Notes
Claims will be barred from seeking additional recovery on account
of any Makewhole Claims or Claims arising in connection with the
accrual of postpetition interest.
Each holder of Class C5 - General Unsecured Claims Against the TCEH
Debtors Other Than EFCH will receive its pro rata (calculated based
on the aggregate amount of Allowed Class C4 Claims and allowed
class C5 Claims) share of the TCEH Cash Payment.
Holders of Class C6 - General Unsecured Claims Against EFCH will be
canceled and released without any distribution on account of the
claims.
Each holder of Class D3 - General Unsecured Claims Against the EFH
Shared Services Debtors will receive, at the option of the
applicable EFH Shared Services Debtor(s), either: (i) payment in
full in cash; (ii) reinstatement of the claim; or (iii) other
treatment rendering the claim unimpaired.
About Energy Future
Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.
Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.
The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.
On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.
The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).
As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion. The Debtors have $42
billion of funded indebtedness.
EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.
The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as
legal advisor, and Centerview Partners, as financial advisor. The
EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor. Epiq
Systems is the claims agent.
Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is represented
by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq. An Official Committee of
Unsecured Creditors has been appointed in the case. The Committee
represents the interests of the unsecured creditors of only Energy
Future Competitive Holdings Company LLC; EFCH's direct subsidiary,
Texas Competitive Electric Holdings Company LLC; and EFH Corporate
Services Company, and of no other debtors. The Committee has
selected Morrison & Foerster LLP and Polsinelli PC for
representation in this high-profile energy restructuring. The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster
LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq.,
Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC.
* * *
In December 2015, the Bankruptcy Court confirmed the Debtors'
reorganization plan, which contemplated a tax-free spin of the
company's competitive businesses, including Luminant and TXU
Energy, and the $20 billion sale of its holdings in non-debtor
electricity transaction unit Oncor Electric Delivery Co. to a
consortium of investors. But the Plan became null and void after
certain first lien creditors notified the occurrence of a "plan
support termination event."
The Debtors filed a new plan of reorganization on May 1, 2016, as
subsequently amended. The new Chapter 11 plan features
alternative options for dealing with the Company's stake in
electricity transmission unit Oncor.
On Aug. 29, 2016, Judge Sontchi confirmed the Chapter 11 exit
plans of two of Energy Future Holdings Corp.'s subsidiaries, power
generator Luminant and retail electricity provider TXU Energy Inc.
(the "T-Side Debtors"). The Plan became effective on Oct. 3,
2016.
On Sept. 21, 2016, the Debtors filed the E-Side Plan and the
Disclosure Statement for the Fourth Amended Joint Plan of
Reorganization of Energy Future Holdings Corp., et al., Pursuant
to Chapter 11 of the Bankruptcy Code as it Applies to the EFH
Debtors and EFIH Debtors.
FIRST PHOENIX-WESTON: All-Lines Leasing to be Paid in 7 Yrs. at 4%
------------------------------------------------------------------
First Phoenix-Weston, LLC, and affiliates filed with the U.S.
Bankruptcy Court for the Western District of Wisconsin a joint
disclosure statement dated Feb. 15, 2017, referring to the Debtors'
plan of reorganization.
Class 2 Priority Claims against FPG & LCD, L.L.C., are estimated at
$218,374. All prepetition tax Claims of Marathon County have been
paid in full by Weston during these cases; no amounts will be due
at confirmation. FPG will pay the civil penalty claim of CMS
within 5 years of the Effective Date with interest at 9.625%,
unless otherwise determined by the Court; however, FPG's cash flow
projections anticipate paying CMS' claims sooner than 5 years to
reduce the amount of interest to be paid on the claim.
Class 3C All-Lines Leasing against Weston are estimated at $7,171.
Weston will retain the equipment against which All-Lines holds a
lien position. All-Line's Claim will be paid by Weston in equal
monthly installments, amortized over 7 years at a rate of 4% per
annum.
Funding of the cash payments due on the Effective Date will be from
the Debtors' operations during the Chapter 11 cases. Funding of
the Plan's future installments to creditors will come from the
normal operations of the Debtors' business after confirmation of
the Plan.
The Disclosure Statement is available at:
http://bankrupt.com/misc/wiwb16-12820-233.pdf
As reported by the Troubled Company Reporter on Feb. 6, 2017, the
Debtors filed with the Court a joint disclosure statement dated
Jan. 30, 2017, referring to the Debtors' plan of reorganization,
which proposed that Class 3A Allowed Security Claim of Simplicity
Credit Union against Weston -- estimated at $31,182 -- retain the
vehicle against which Simplicity holds lien position. Simplicity's
Claim would be paid by Weston in equal monthly installments,
amortized over seven years at a rate of 4% per annum.
About First Phoenix-Weston
First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., were formed in
2010 to organize, develop, and manage an assisted living and
skilled nursing care facility near three major regional hospitals
in Central Wisconsin including St. Clare's Hospital, which is just
a block away. The Facility combines an assisted living facility
together with a skilled nursing facility in a resort-like
atmosphere for its patients. The business is commonly known as the
"Stoney River" assisted living and rehab. The Facility is
comprised of two integrated businesses: a 35-unit skilled nursing
rehabilitation center (commonly referred to as the skilled nursing
facility, or "SNF"), and a 60- unit assisted living facility (the
"ALF").
First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., filed Chapter 11
bankruptcy petitions (Bankr. W.D. Wisc. Case Nos. 16-12820 and
16-12821) on Aug. 15, 2016. The petitions were signed by Philip
Castleberg, as part-owner. The Debtors estimate assets and
liabilities in the range of $10 million to $50 million. Michael
Best & Friedrich LLP serves as counsel to the Debtors.
FISKER AUTOMOTIVE: Court Declines to Dismiss Suit on Equity Sale
----------------------------------------------------------------
Jeff Montgomery, writing for Bankruptcy Law360, the Hon. Kevin
Gross of the U.S. Bankruptcy Court for the District of Delaware has
declined to dismiss a lawsuit challenging an equity sale by Karma
Automotive LLC, a company spun off from Fisker Automotive Holdings,
Inc.'s bankruptcy, and rejected a related call to abstain from
hearing the case.
Law360 relates that the jurisdiction ruling blocked Wanxiang Clean
Energy USA LLC and Karma Automotive from shutting down a claim that
the equity sale diluted the share of Karma Automotive assigned to
the Debtor's liquidating trust to 4% from a 20% stake.
About Fisker Automotive
Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.
Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition. The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated. The cars were assembled in Finland.
Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets. The
company defaulted on its loan in April 2013.
Bankruptcy Judge Kevin Gross presides over the case. The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.
On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP. Emerald Capital Advisors Corp. is the
financial advisors for the Committee.
Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC. The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.
Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing. Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate. Hybrid also offered to pay real
estate taxes on the Delaware plant. Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.
Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash. However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.
After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.
In response, Hybrid raised its offer to $55 million.
Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.
Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.
On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation. The sale closed
on March 24. The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.
On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.
FA Liquidating Corp. fka Fisker Automotive, Inc., and FAH
Liquidating Corp. fka Fisker Automotive Holdings, Inc., notified
the U.S. Bankruptcy Court for the District of Delaware that their
Second Amended Chapter 11 Plan of Liquidation became effective as
of Aug. 13, 2014.
FREDDIE MAC: Reports Net Income of $7.81 Billion for 2016
---------------------------------------------------------
Federal Home Loan Mortgage Corporation better known as Freddie Mac
filed with the Securities and Exchange Commission its annual report
on Form 10-K reporting net income of $7.81 billion on $65.16
billion of total interest income for the year ended
Dec. 31, 2016, compared to net income of $6.37 billion on $67.09
billion of total interest income for the year ended Dec. 31, 2015.
Freddie Mac's 2016 net income of $7.8 billion and comprehensive
income of $7.1 billion increased $1.4 billion and $1.3 billion,
respectively, from 2015. The increase in the Company's full-year
2016 results was primarily driven by solid business results, as the
Company benefited from higher single-family guarantee fee income
driven by amortization of upfront fees, and two market-related
items.
The Company's fourth quarter 2016 net income of $4.8 billion and
comprehensive income of $3.9 billion increased $2.5 billion and
$1.6 billion, respectively, from the third quarter of 2016.
As of Dec. 31, 2016, Freddie Mac had $2.02 trillion in total
assets, $2.01 trillion in total liabilities and $5.07 billion in
total equity.
"2016 marked Freddie Mac's fifth consecutive year of profitability,
reflecting not only an improving economy but also the very
successful work we have done to transform the company. Our
single-family business continues to grow, and we were once again
the nation's leading multifamily lender. We have the best overall
credit quality in nearly a decade. Additionally, we are the
leading innovator in credit risk transfer and the efficient
reduction of legacy assets -- enabling us to systematically reduce
taxpayer exposure to mortgage risks.
"Alongside these improvements, we are more effectively delivering
on our community mission each year -- with new products and
programs which increase access to credit for more homebuyers and
which fund affordable rental housing across the nation.
"All of us at Freddie Mac are strongly dedicated to continuing this
momentum and, through it, to improving America's housing finance
system," said Donald H. Layton, chief executive officer.
Freddie Mac supports the U.S. housing market by executing its
charter mission to ensure credit availability for new and
refinanced mortgages as well as rental housing and helping
struggling homeowners avoid foreclosure.
Mortgage Funding -- Freddie Mac provided approximately $456 billion
in liquidity to the market in the full-year 2016, funding:
* Nearly 1.7 million single-family homes, approximately 937,000
of which were refinance loans.
* Approximately 739,000 multifamily rental units.
Since September 2008, Freddie Mac has been operating under
conservatorship, with FHFA as Conservator. The support provided by
Treasury pursuant to the Purchase Agreement enables the company to
maintain access to the debt markets and have adequate liquidity to
conduct its normal business operations.
Management hosted a conference call on Feb. 16, 2017, to discuss
the Company's results with the media. The conference call was
concurrently webcast.
For more information, including that related to Freddie Mac's
financial results, conservatorship and related matters, see the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2016, and the company's Financial Results Supplement at:
https://is.gd/SMp0Uy
About Fannie Mae and Freddie Mac
Federal National Mortgage Association (OTCQB: FNMA), commonly
known as Fannie Mae -- http://www.FannieMae.com/-- is a
government-sponsored enterprise (GSE) that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.
A brother organization of Fannie Mae is the Federal Home Loan
Mortgage Corporation (FHLMC), better known as Freddie Mac.
Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was
established by Congress in 1970 to provide liquidity, stability and
affordability to the nation's residential mortgage markets.
Freddie Mac supports communities across the nation by providing
mortgage capital to lenders.
During the time of the subprime mortgage crisis, on Sept. 6, 2008,
Fannie Mae and Freddie Mac were placed into conservatorship by the
U.S. Treasury. The Treasury committed to invest up to $200
billion in preferred stock and extend credit through 2009 to keep
the GSEs solvent and operating. Both GSEs are still operating
under the conservatorship of the Federal Housing Finance Agency
(FHFA).
In exchange for future support and capital investments of up to
$100 billion in each GSE, each GSE agreed to issue to the Treasury
(i) $1 billion of senior preferred stock, with a 10% coupon,
without cost to the Treasury and (ii) common stock warrants
representing an ownership stake of 79.9%, at an exercise price of
one-thousandth of a U.S. cent ($0.00001) per share, and with a
warrant duration of 20 years.
Financial Results
As of Sept. 30, 2016, Fannie Mae had $3.25 trillion in total
assets, $3.25 trillion in total liabilities and $4.17 billion in
total equity.
For the nine months ended Sept. 30, 2016, Fannie Mae reported net
income of $7.27 billion on $79.88 billion of total interest income
compared with net income of $8.48 billion on $82.07 billion of
total interest income for the nine months ended Sept. 30, 2015.
FUNCTION(X) INC: Borrows Additional $406K from Sillerman
--------------------------------------------------------
As previously disclosed by Function(x) Inc. in a Form 8-K filed on
June 12, 2015, Sillerman Investment Company IV, LLC, an affiliate
of Robert F.X. Sillerman, the Company's executive chairman and
chief executive officer of the Company, agreed to provide a Line of
Credit to the Company.
On Feb. 12, 2017, the Company borrowed an additional $220,814, and
on Feb. 15, 2017, the Company borrowed an additional $185,000 under
the Line of Credit. The principal amount now outstanding under the
Line of Credit is $4,770,400 and the Company is entitled to draw up
to an additional $229,600 under the Line of Credit.
About Function(x)Inc.
Based in New York, FunctionX Inc (NASDAQ:FNCX) is a diversified
media and entertainment company. The Company conducts three lines
of businesses, which are digital publishing through Wetpaint.com,
Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming
through DraftDay Gaming Group, Inc. (DDGG), and digital content
distribution through Choose Digital, Inc. (Choose Digital). The
Company's segments include Wetpaint, which is a media channel
reporting original news stories and publishing information content
covering television shows, music, celebrities, entertainment news
and fashion; Choose Digital, which is a business-to-business
platform for delivering digital content; DDGG, which is a
business-to-business operator of daily fantasy sports, and Other.
The Company's digital publishing business also includes Rant, which
is a digital publisher that publishes original content in over 13
verticals, such as in sports, entertainment, pets, cars and food.
The Company incurred a net loss of $63.68 million for the year
ended June 30, 2016, compared to a net loss of $78.53 million for
the year ended June 30, 2015. As of Sept. 30, 2016, Function(x)
had $33.07 million in total assets, $27.51 million in total
liabilities and $5.55 million in total stockholders' equity.
BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2016, citing that the Company has suffered recurring
losses from operations and at June 30, 2016, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.
FUNCTION(X) INC: Defaulted Under $4.44 Million Debentures Anew
--------------------------------------------------------------
As reported on Function(x) Inc.'s Current Report on Form 8-K filed
on July 13, 2016, on July 12, 2016, the Company closed a private
placement of $4,444,444 principal amount of convertible debentures
and common stock purchase warrants. The Debentures and Warrants
were issued pursuant to a Securities Purchase Agreement, dated July
12, 2016, by and among the Company and certain accredited investors
within the meaning of the Securities Act of 1933, as amended. Upon
the closing of the Private Placement, the Company received gross
proceeds of $4,000,000 before placement agent fees and other
expenses associated with the transaction. The Company used the net
proceeds from the transaction for general business and working
capital purposes.
As previously disclosed, the Company was in default under the
Debentures issued in the Private Placement for failure to make
certain amortization payments and for failure to maintain the
Minimum Cash Reserve. The Company also failed to make the February
2017 amortization payments, which constitutes another event of
default.
Pursuant to the terms of the Debentures, the failure to cure the
non-payment of amortization or failure to maintain the Minimum Cash
Reserve within three trading days after the due date constituted an
Event of Default. Following the occurrence of an event of default,
among other things: (1) at the Purchaser's election, the
outstanding principal amount of the Debentures, plus accrued but
unpaid interest, plus all interest that would have been earned
through the one year anniversary of the original issue date if such
interest has not yet accrued, liquidated damages and other amounts
owed through the date of acceleration, shall become, immediately
due and payable in either cash or stock pursuant to the terms of
the Debentures; and (2) the interest rate on the Debentures will
increase to the lesser of 18% or the maximum allowed by law. In
addition to other remedies available to the Purchasers, the
Company's obligation to repay amounts due under the Debentures is
secured by a first priority security interest in and lien on all of
the Company's assets and property, including the Company's
intellectual property, and such remedies can be exercised by the
Purchasers without additional notice to the Company.
Under terms of the $3,000,000 Secured Convertible Note issued in
connection with the acquisition of Rant, a default under other
indebtedness owed by the Company constitutes a default under the
Rant Note. As a result of such Event of Default, the holder of the
Rant Note has executed a waiver that provides that, until
May 15, 2017, the events of default arising out of the failure to
pay the amounts due under the Debentures as of the date of the
waiver and the failure by the Company to maintain the Minimum Cash
Reserve will not constitute events of default for purposes of the
Rant Note. As a result of the failure to make the January 2017 and
February 2017 amortization payments to the Debenture holders, the
Rant Note is also in default, and such default is not covered by
the foregoing waiver, according to a Form 8-K report filed with the
Securities and Exchange Commission.
About Function(x)Inc.
Based in New York, FunctionX Inc (NASDAQ:FNCX) is a diversified
media and entertainment company. The Company conducts three lines
of businesses, which are digital publishing through Wetpaint.com,
Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming
through DraftDay Gaming Group, Inc. (DDGG), and digital content
distribution through Choose Digital, Inc. (Choose Digital). The
Company's segments include Wetpaint, which is a media channel
reporting original news stories and publishing information content
covering television shows, music, celebrities, entertainment news
and fashion; Choose Digital, which is a business-to-business
platform for delivering digital content; DDGG, which is a
business-to-business operator of daily fantasy sports, and Other.
The Company's digital publishing business also includes Rant, which
is a digital publisher that publishes original content in over 13
verticals, such as in sports, entertainment, pets, cars and food.
The Company incurred a net loss of $63.68 million for the year
ended June 30, 2016, compared to a net loss of $78.53 million for
the year ended June 30, 2015. As of Sept. 30, 2016, Function(x)
had $33.07 million in total assets, $27.51 million in total
liabilities and $5.55 million in total stockholders' equity.
BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2016, citing that the Company has suffered recurring
losses from operations and at June 30, 2016, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.
GREAT BASIN: Agrees to Redeem $2.01 Million of 2016 Notes
---------------------------------------------------------
On June 29, 2016, Great Basin Scientific, Inc. entered into a
Securities Purchase Agreement in relation to the Company's issuance
and sale to certain buyers as set forth in the Schedule of Buyers
attached to the 2016 SPA of $75 million aggregate principal amount
of senior secured convertible notes.
On Feb. 16, 2017, the Company and one of the 2016 Note Buyers
entered into an agreement, pursuant to which the Company agreed to
redeem $2,011,170 of the 2016 Note held by such 2016 Note Buyer for
an aggregate redemption price of $2,011,170, which will satisfy
such Redemption Note in full. The Company will pay the Redemption
Price for the Redemption Notes from cash held in the restricted
accounts of the Company. After the redemption, the principal
amount of the remaining 2016 Notes will be reduced from $36.0
million to $33.9 million.
About Great Basin
Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections. The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals. The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.
Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.
As of Sept. 30, 2016, Great Basin had $83.40 million in total
assets, $144.9 million in total liabilities, and a total
stockholders' deficit of $61.47 million.
Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows. These
issues raise substantial doubt about its ability to continue as a
going concern, the auditors said.
GROUP MIDLAND: Wants to Use Pacific Premier Bank Cash Collateral
----------------------------------------------------------------
Group Midland Hotels, LLC, seeks authorization from the U.S.
Bankruptcy Court for the Western District of Texas to use the cash
collateral of Pacific Premier Bank.
The Debtor contends it has an immediate need to use the cash
collateral since it has no outside sources of funding available to
it and must rely on the use of cash collateral to continue its
operations. The Debtor operates a hotel formerly known as
Travelodge located in Midland, TX.
Pacific Premier Bank, the Debtor's secured creditor claiming liens
on the Debtor's personal property including rents. The Debtor
proposes to provide Pacific Premier Bank with post-petition liens,
a priority claim in the Chapter 11 bankruptcy case, and cash flow
payments.
The Debtor contends that the cash collateral will be used to
rearrange its affairs and needs to continue to operate its business
in order to pay its ongoing expenses, generate additional income
and to propose a plan in its Chapter 11 case.
The Debtor's proposed One-Month Budget for the month of February
reflects total expenses of $39,586.
A full-text copy of the Debtor's Motion, dated Feb. 14, 2017, is
available at https://is.gd/WBXOVJ
About Group Midland Hotels
Group Midland Hotels, LLC fka Travelodge filed a Chapter 11
petition (Bankr. W.D. Tex. Case No. 17-70021), on February 6, 2017.
The Petition was signed by Chetna Hira, managing member. The case
is assigned to Judge Tony M. Davis. The Debtor is represented by
Joyce W. Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC. At
the time of filing, the Debtor had both assets and liabilities
estimated to be between $1 million to $10 million each.
No request has been made for the appointment of a trustee or
examiner and no official committee has yet been appointed.
HAMPSHIRE GROUP: Committee Opposes Drozdowski Retention as CFO
--------------------------------------------------------------
BankruptcyData.com reported that Hampshire Group's official
committee of unsecured creditors filed with the U.S. Bankruptcy
Court an objection to the Debtors' motion to employ William
Drozdowski as chief financial officer. The committee asserts, "The
Debtors ask the Court to bless Mr. Drozdowski's retention under
section 327(b). They seek to grant him a raise of up to 37.5% over
his capped monthly prepetition fee. Such retention is
inappropriate under section 327(b) because Mr. Drazdowski was an
independent contractor prepetition and therefore his retention is
beyond the scope of section 327(b) (which permits only the
continued retention or replacement of salaried employees).
Moreover, to the extent the retention is appropriate under section
327(b), his proposed raise is nothing more than a thinly veiled --
and prohibited -- key employee retention plan (a 'KERP'). To be
clear, the Committee questions the need for a highly compensated
CFO in these cases given that the Debtors principally have to sell
inventory and collect receivables. However, the Committee does not
object to Mr. Drozdowski's retention through February based on the
same terms as his prepetition retention."
About Hampshire Group, Ltd.
New York-based Hampshire Group, Limited (OTC Markets: HAMP) is a
provider of fashion apparel across a broad range of product
categories, channels of distribution and price points. As a holding
company, the Company operates through its wholly-owned
subsidiaries, Hampshire Brands, Inc. and Hampshire International,
LLC.
Hampshire Group, Limited and two affiliates -- Hampshire Brands and
Hampshire International -- sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 16-12634 to 16-12636) on Nov. 23, 2016,
to facilitate the orderly wind-down of their business operations.
The petitions were signed by Paul Buxbaum, president and chief
executive officer.
Hampshire Group disclosed $25.9 million in assets and $41.8 million
in liabilities. Brands listed under $50 million in both assets and
debts. International listed under $50,000 in assets and under $50
million in liabilities.
Pachulski Stang Ziehl & Jones LLP and Blank Rome LLP have been
tapped as counsel to the Debtors. William Drozdowski of GRL
Capital Advisors LLC has also been tapped as the Debtors' chief
financial officer.
The U.S. Trustee for Region 3 has appointed five creditors to serve
in the official unsecured creditors committee in the case.
Gavin/Solmonese LLC serves as financial advisor to the Committee.
HARRINGTON & KING: Can Continue Using Inland Bank Cash Collateral
-----------------------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized The Harrington & King
Perforating Co., Inc. and its affiliated debtors to use cash
collateral on an interim basis.
As of the Petition Date, the Debtors were indebted to Inland Bank
and Trust in the amount of $4,057,788. Inland Bank consented to the
Debtors' use of cash collateral.
Pursuant to the Interim Order, Inland Bank is granted replacement
liens as security for payment of the Prepetition Debt, to the same
extent of the Inland Bank's priority in the Prepetition
Collateral.
The Debtors are authorized to use cash collateral through the
Termination Date solely in accordance with the terms and provisions
of the Order, to the extent required to pay those expenses
enumerated in the Budget as they fall due, or such additional
expenses approved by Inland Bank in advance.
At the election of Inland Bank, the Debtors' right to use cash
collateral will terminate the earliest to occur of:
(a) the date on which Inland Bank & Trust provides written
notice to counsel for the Debtors and counsel for the Official
Committee of Unsecured Creditors of the occurrence and continuance
of an Event of Default;
(b) the date on which the Prepetition Debt is indefeasible
paid in full in cash; and
(c) April 11, 2017.
A further hearing on the Debtors' Motion has been scheduled for
April 6, 2017 at 10:00 a.m.
A full-text copy of the Agreed Eighth Order, dated Feb. 14, 2017,
is available at https://is.gd/UZomzU
About The Harrington & King Perforating
The Harrington & King Perforating Co., Inc., and Harrington & King
South Inc. are in the business of manufacturing perforating metal
sheets and rolled coils of varying gauges and types to produce hole
patterns of various sizes, shapes, and spacing. Most of the work
is done to customer specifications and consists of high value-added
jobs, not typical of most metal punching. The products are used in
automotive, acoustics, architecture, food and pharmaceutical
straining and filtering, interior design, manufacturing, safety
flooring, pollution control, transportation and mining cleaning and
grading, electronics and other fields.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case Nos. 16-15650 and 16-15651) on May 7,
2016. The petitions were signed by Greg McCallister, chief
restructuring officer and chief operating officer. The cases are
jointly administered under Case No. 16-15650. The cases are
assigned to Judge Deborah L. Thorne. The Debtors estimated assets
and liabilities in the range of $1 million to $10 million.
The Debtors are represented by William J. Factor, Esq., at The Law
Office of William J. Factor, Ltd. The Debtors tapped Patricia A.
Shlonsky, Esq., and Ulmer & Berne LLP as Special Counsel; Miles P.
Cahill, Esq. at Spiegel & Cahill, P.C. as Special Workers'
Compensation Counsel; Vito Mitria and the Beacon Management
Advisors LLC as Financial Advisor; Larry Goldwasser and Cushman &
Wakefield of Illinois, Inc. as real estate broker
The Official Committee of Unsecured Creditors of The Harrington &
King Perforating Co., Inc. and Harrington & King South Inc. retains
Thomas R. Fawkes, Esq. and Brian J. Jackiw, Esq. of Goldstein &
McClintock LLLP as its legal counsel. The Committee tapped John B.
Pidcock and Conway MacKenzie, Inc. as its financial advisor.
IMAGEWARE SYSTEMS: Amends Bylaws to Provide Exclusive Forum
-----------------------------------------------------------
The Board of Directors of ImageWare Systems, Inc. unanimously
approved and adopted an amendment to the Bylaws of the Company,
which Bylaw Amendment resulted in an amendment and restatement of
the Company's previous Bylaws in their entirety. The Bylaw
Amendment provides that all derivative and other claims regarding
the internal affairs of the Company must be filed in the courts of
the State of Delaware. A copy of the amended and restated Bylaws
is available for free at https://is.gd/RNK0QP
About ImageWare Systems
Headquartered in San Diego, California, ImageWare Systems, Inc.,
is a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization. Its "flagship" product
is the IWS Biometric Engine. Scalable for small city business or
worldwide deployment, the Company's biometric engine is a multi-
biometric platform that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes. The Company's identification products are used to manage
and issue secure credentials, including national IDs, passports,
driver licenses, smart cards and access control credentials. Its
law enforcement products provide law enforcement with integrated
mug shot, fingerprint LiveScan and investigative capabilities.
The Company also provides comprehensive authentication security
software.
Imageware Systems reported a net loss available to common
shareholders of $9.59 million on $4.76 million of revenues for the
year ended Dec. 31, 2015, compared to a net loss available to
common shareholders of $7.99 million on $4.15 million of revenues
for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Imageware had $5.87 million in total assets,
$6.05 million in total liabilities and a total shareholders'
deficit of $186,000.
INSIGHTRA MEDICAL: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The Office of the U.S. Trustee on Feb. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Insightra Medical, Inc.
Insightra Medical, Inc., and Modulare, Inc., filed Chapter 11
petitions (Bankr. D. Del. Case No. 17-10179) on Jan. 27, 2017. The
Debtors are represented by Justin R. Alberto, Esq., and GianClaudia
Finizio, Esq., at Bayard, P.A.
INTERNATIONAL SHIPHOLDING: BMO Harris' Objection Thwarts Plan OK
----------------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that the U.S.
Bankruptcy Court for the Southern District of New York forced
International Shipholding Corporation, et al., to engage in a
separate hearing with BMO Harris Equipment Finance Co. over a $6.25
million administrative priority claim. Law360 relates that the
Debtor was unable to resolve BMO Harris' objection to its amended
plan to restructure more than $200 million in debt.
About International Shipholding
International Shipholding Corp. filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 16-12220) on July 31, 2016. Its affiliated
debtors also filed separate Chapter 11 petitions. The petitions
were signed by Manuel G. Estrada, vice president and chief
financial officer.
International Shipholding Corp. was engaged in waterborne cargo
transportation and maintained a diversified customer base with
emphasis on medium and long term contracts. ISH was founded in
1947 when the Johnsen family purchased a Liberty Ship after the
establishment of the War Ship Act of 1946 and became a public
company in 1979. Through its Debtor and non-Debtor subsidiaries,
International Shipholding now operates a diversified fleet of 21
U.S. and foreign flag vessels that provide domestic and
international maritime transportation services to commercial and
governmental customers primarily under medium to long-term
contracts. As of the Petition Date, International Shipholding
maintained offices in Mobile, Alabama, New Orleans, Louisiana, New
York, New York, and Tampa, Florida, as well as a network of
agencies in major cities worldwide.
ISH, which was formed as a Delaware corporation in 1978 and became
a public company in 1979, is the ultimate corporate parent of the
International Shipholding family of companies. International
Shipholding's fleet is operated by ISH's principal Debtor and
non-Debtor subsidiaries, including Central Gulf Lines, Inc.,
Waterman Steamship Corporation, Enterprise Ship Company, Inc.,
U.S. United Ocean Services, LLC, CG Railway, Inc., LCI
Shipholdings, Inc., Sulphur Carriers, Inc., and East Gulf
Shipholding, Inc. Certain other of ISH's Debtor subsidiaries,
including LMS Shipmanagement, Inc. and N. W. Johnsen & Co., Inc.,
provide ship management, ship charter brokerage, agency and other
specialized services. C.G. Railway Inc., Cape Holding LTD, Dry
Bulk
Cape Holding, Inc., East Gulf Shipholding, Inc., MPV Netherlands
C.V., MPV Netherlands Cooperatief U.A., MPV Netherlands B.V., Bulk
Shipholding Inc., and Terminales Transgolfo S.A. de C.V. are not
debtors in these Chapter 11 cases.
The Debtors are represented by David H. Botter, Esq., Sarah Link
Schultz, Esq., and Travis A. McRoberts, Esq., at Akin Gump Strauss
Hauer & Feld LLP. The Debtors' Restructuring Advisor is Blackhill
Partners, LLC. Their Claims, Noticing & Balloting Agent is Prime
Clerk LLC.
The Debtors disclosed total assets at $305.1 million and total
debts at $226.8 million as of March 31, 2016.
William K. Harrington, the U.S. Trustee for the Southern District
of New York, on Sept. 1, 2016, appointed three creditors to serve
on the official committee of unsecured creditors of International
Shipholding Corporation. The committee hires Pachulski Stang Ziehl
& Jones LLP as counsel, and AMA Capital Partners, LLC as financial
advisor.
On Dec. 28, 2016, the Debtors filed their first amended joint
Chapter 11 plan of reorganization. Class 7 general unsecured
creditors are expected to recover 7% of their claims, according to
the filing.
J. COPELLO INTERNATIONAL: Proposes to Use Cash Collateral
---------------------------------------------------------
J. Copello International Corporation seeks authority from the U.S.
Bankruptcy Court for the Northern District of California to use
cash collateral.
The Internal Revenue Service has levied on the Debtor's bank
accounts and accounts receivable because of its tax debt, making it
virtually impossible for Debtor to carry on in business. The IRS
filed a claim in the case asserting a secured claim of $863,335 and
a priority claim of $204,802.
In addition, the Employment Development Department filed a
prepetition Notice of State Tax Lien in October 2016, listing a
debt of $36,802, but the EDD has not filed a claim or otherwise
appeared in the Debtor's bankruptcy case.
The Debtor is not aware of any other creditors asserting a lien
against its assets and it does not have any traditional loans from
lenders.
At the time it filed its case, the Debtor has listed funds on
account of approximately $56,000 and accounts receivable of
approximately $620,000.
The Debtor proposes to use the cash collateral in accordance with
its budget that is based on projected cash flow of $78,000 in
revenue and projected expenses of approximately $46,000.
A full-text copy of the Debtor's Motion, dated Feb. 16, 2017, is
available at https://is.gd/3Dw26s
About J. Copello International Corporation
J Copello International Corporation is a California corporation
that operates as an electrical contractor from leased premises in
South San Francisco.
J Copello International Corporation, based in Millbrae, CA, filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 16-31345) on Dec.
16, 2016. The petition was signed by Jack Copello, president. The
Hon. Dennis Montali presides over the case. Stephen D. Finestone,
Esq., at Finestone Hayes LLP, to serve as bankruptcy counsel. The
Debtor hires Richard N. Hill, Esq. at Littler Mendelson, PC as
special counsel. In its petition, the Debtor estimated $744,622 in
assets and $2.90 million in liabilities.
JAYUYA MEMORIAL: Unsecureds to Recoup 50% Over 48 Months Under Plan
-------------------------------------------------------------------
Jayuya Memorial, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a first disclosure statement filed on Feb.
15, 2017, for the Debtor's plan of reorganization dated Feb. 15,
2017.
Class 2 Claims of General Unsecured Creditors are impaired by the
Plan. Holders of Allowed Class 2 Claims will receive a
distribution $14,400. This distribution is projected to equal a
50.00% distribution on the Allowed Class 2 Claims. These claims
will be paid via 48 monthly payments in the amount of $300.
Payments on the Class 2 Claims will commence on the first day of
the 74th month following the Effective Date of the Plan and
continue, on a monthly basis, through the last day of the 120th
month following the Effective Date of the Plan.
The Plan establishes that the Plan will be funded from the
cash-flows generated by the Reorganized Debtor. The Debtor's
cash-flows consist of the business income generated by the Debtor's
business. The Debtor will contribute its cash flows to fund the
Plan commencing on the Effective Date of the Plan and continue to
contribute through the date that Holders of Allowed Class 1 and 2
Claims receive the payments specified for in the Plan.
The Disclosure Statement is available at:
http://bankrupt.com/misc/prb16-06235-50.pdf
Jayuya Memorial, Inc, is managed and operated by its president,
Juan Morales. It is a mortuary services company which offers
funerary services.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 16-06235) on Aug. 5, 2016, listing under $1 million in
assets and debts.
The Batista Law Group, P.S.C., serves as the Debtor's bankruptcy
counsel.
The Debtor hired Manuel E. Feliciano Rios, CPA, as financial
consultant.
JORDAN BUILDERS: Taps Bryan Mickler as Legal Counsel
----------------------------------------------------
Jordan Builders Inc. & Mortgage seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire legal
counsel.
The Debtor proposes to hire Bryan Mickler, Esq., to give legal
advice regarding its duties under the Bankruptcy Code, and provide
other legal services related to its Chapter 11 case.
Mr. Mickler's standard hourly rate ranges from $225 to $300.
In a court filing, Mr. Mickler disclosed that he does not hold any
interest adverse to the Debtor, and that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
Mr. Mickler maintains an office at:
Bryan K. Mickler, Esq.
5452 Arlington Expressway
Jacksonville, FL 32211
Phone: (904) 725-0822
About Jordan Builders
Jordan Builders Inc. & Mortgage sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-00495) on
February 15, 2017. The case is assigned to Judge Paul M. Glenn.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.
JPE HOME: Unsecureds to Recover 10% Over 5 Years
------------------------------------------------
JPE Home Care LLC filed with the U.S. Bankruptcy Court for the
District of New Jersey an amended disclosure statement filed on
Feb. 15, 2017, describing the Debtor's Chapter 11 plan.
Under the Plan, general unsecured creditors will be paid 10% of
their claims in monthly payments pro rata over a period not to
exceed five years.
The Plan will be funded by the continued operations of the
Non-Medical in home companion and personal care service.
The Debtor's managing member, Jennifer Ellsworth, will act as the
disbursing agent for the purpose of making all distributions
provided for under the Plan.
The Amended Disclosure Statement is available at:
http://bankrupt.com/misc/paeb16-12609-126.pdf
As reported by the Troubled Company Reporter on Nov. 15, 2016, the
Debtor filed with the Court a disclosure statement describing the
Debtor's Chapter 11 plan, which proposed that all general unsecured
claims be paid 25% of their allowed claim amount in quarterly
installments over a period of time not to exceed 60 months.
About JPE Home Care
JPE Home Care LLC; dba At Home Certified Senior HealthCare filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No.
16-12609) on April 13, 2016, estimating its assets at between
$50,001 and $100,000 and its liabilities at between $500,001 and $1
million. Paul Gregory Lang, Esq., at Gallant And Parlow, PC,
serves as the Debtor's bankruptcy counsel.
KEMET CORP: BRC Partners Ceases to be 5% Shareholder
----------------------------------------------------
As of Dec. 31, 2016, BRC Partners Opportunity Fund, L.P
beneficially owned 1,523,205 shares of common stock of Kemet Corp.
representing 3.28% of the outstanding shares of Common Stock.
B. Riley Capital Management, LLC, as the investment advisor and
general partner of BPOF, may be deemed to beneficially own the
1,523,205 shares of Common Stock directly owned by BPOF.
As of Dec. 31, 2016, BRCM beneficially owned 1,524,555 shares of
Common Stock. BRCM, as the investment advisor and general partner
of BPOF, may be deemed to beneficially own the 1,523,205 shares of
Common Stock directly owned by BPOF. BRCM, as the investment
advisor of certain Separately Managed Accounts, may be deemed to
beneficially own the 1,350 shares of Common Stock directly owned by
the SMA Accounts. B. Riley Financial, Inc., as the parent company
of BRCM, may be deemed to beneficially own the aggregate of
1,524,555 shares of Common Stock owned by BRCM.
As of Dec. 31, 2016, B. Riley & Co., LLC beneficially owned 16,028
shares of Common Stock. BRF, as the parent company of BRC, may be
deemed to own the 16,028 shares of Common Stock directly owned by
BRC.
Accordingly, as of the close of business on Dec. 31, 2016, BRF may
be deemed to beneficially own the aggregate of 1,540,583 shares of
Common Stock.
As of Dec. 31, 2016, the Robert Antin Children Trust directly owned
78,800 shares of Common Stock. Bryant R. Riley, as the Trustee of
the Robert Antin Children Trust, may be deemed to beneficially own
the 78,800 shares of Common Stock directly owned by the Robert
Antin Children Trust by virtue of his power to vote and dispose of
such shares.
As of Dec. 31, 2016, Mr. Riley directly owned 73,684 shares of
Common Stock in his 401(k) plan. In addition, Mr. Riley may be
deemed to own 10,000 shares of Common Stock held in his children's
custodial accounts of which he is the Custodian.
Accordingly, as of Dec. 31, 2016, Mr. Riley may be deemed to own
the aggregate of 162,484 shares of Common Stock.
A full-text copy of the Schedule 13G/A filed with the Securities
and Exchange Commission is available for free at:
https://is.gd/kYSbqb
About KEMET
KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors. KEMET's common stock is listed on the NYSE
under the symbol "KEM."
KEMET reported a net loss of $53.6 million on $735 million of net
sales for the fiscal year ended March 31, 2016, compared with a
net loss of $14.1 million on $823 million of net sales for the
fiscal year ended March 31, 2015.
As of Dec. 31, 2016, Kemet Corporation had $662.5 million in total
assets, $572.1 million in total liabilities and $90.44 million in
total stockholders' equity.
* * *
KEMET carries a 'Caa1' corporate family rating, with stable
outlook, from Moody's and a 'B-' issuer credit rating with stable
outlook from Standard and Poor's.
LADERA PARENT: Hires Phillips Nizer as Real Estate Counsel
----------------------------------------------------------
Ladera Parent LLC and Ladera, LLC seek permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Phillips Nizer LLP as their special corporate and real estate
counsel.
The Debtors require Phillips to represent them with respect to any
proposed real estate and/or financing transactions regarding their
real estate development project located at 300 West 122nd Street,
in New York, New York.
Phillip lawyers and professionals who will work on the Debtors'
cases and their hourly rates are:
Marc A. Landis $670
Karen E. Schwimmer $365
Paraprofessionals $275
Marc A. Landis, managing partner of Phillips Nizer LLP, assured the
Court that the firm does not represent any interest adverse to the
Debtors and their estates.
Phillips may be reached at:
Phillips Nizer LLP
Marc A. Landis
666 Fifth Avenue
New York, NY 10103
Tel No: (212)841-0705
Fax No: (212)262-5152
E-mail: mlandis@phillipsnizer.com
About Ladera Parent LLC
Ladera Parent LLC, based in New York, NY, and Ladera, LLC filed
Chapter 11 petitions (Bankr. S.D.N.Y., Lead Case No. 16-13382) on
December 4, 2016. The petitions were signed by Hans Futterman,
manager.
A. Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese
& Gluck P.C., serves as bankruptcy counsel while Phillips Nizer LLP
serves as special real estate & corporate counsel.
Ladera Parent listed $21 million in assets and $21.02 million in
liabilities while Ladera LLC listed $75 million in assets and
$45.75 million in liabilities.
No trustee, examiner or committee has been appointed in the case.
LEHMAN BROTHERS: Settlement With JPMorgan Chase Gets Court's Nod
----------------------------------------------------------------
Rick Archer, writing for Bankruptcy Law360, reports that the Hon.
Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern
District of New York on Feb. 16 signed off on JPMorgan Chase Bank
NA's $797.5 million settlement with Lehman Brothers Holdings Inc.
Law360 relates that the settlement resolves the last of its
disputes with JPMorgan Chase, its largest secured creditor.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases were assigned to Judge James M.
Peck. Judge Shelley Chapman took over the case after Judge Peck
retired from the bench to join Morrison & Foerster.
A team of Weil, Gotshal & Manges, LLP, lawyers led by the late
Harvey R. Miller, Esq., serve as counsel to Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, served
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., served as the
Committee's investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)). James W. Giddens was appointed as trustee for
the SIPA liquidation of the business of LBI. He is represented by
Hughes Hubbard & Reed LLP.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.
* * *
According to a report by Wall Street Journal Pro Bankruptcy, the
team winding down Lehman Brothers Holdings Inc. was slated to pay
out $3.8 billion to creditors in October 2016. This was the 11th
distribution since Lehman failed in 2008, and brought the total
payout to more than $113.6 billion. The bulk of the cash -- $83.6
billion -- has gone to pay so-called third-party, or non-Lehman
claims, WSJ related.
Bondholders were projected to receive about 21 cents on the dollar
when Lehman's bankruptcy plan went into effect in early 2012.
According to the WSJ report, Lehman said in a court filing that the
bondholders will have recovered more than 40 cents on the dollar
after the 11th distribution is completed; while general unsecured
creditors of Lehman's commodities unit will have received nearly 79
cents on the dollar following the latest distribution.
LEO AUTO BROKER: Seeks to Hire Macey Wilensky as Legal Counsel
--------------------------------------------------------------
Leo Auto Broker Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Macey, Wilensky & Hennings, LLC to give
legal advice regarding its duties under the Bankruptcy Code,
examine claims of creditors, assist in the preparation of a
bankruptcy plan, and provide other legal services.
The hourly rates charged by the firm are:
Frank Wilensky $450
Todd Hennings $425
William Rountree $395
Todd Surden $240
James Jones $195
Law Clerk $150
Paralegal $120
Macey Wilensky does not represent any interest adverse to the
Debtor or its bankruptcy estate, according to court filings.
The firm can be reached through:
William A. Rountree
Macey, Wilensky & Hennings LLC
Suite 4420, 303 Peachtree Street, NE
Atlanta, GA 30308
Phone: 404-584-1200
Fax: 404-681-4355
Email: swenger@maceywilensky.com
About Leo Auto Broker
Based in Lawrenceville, Georgia, Leo Auto Broker Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D.
Ga. Case No. 17-52777) on February 13, 2017. The case is assigned
to Judge C. Ray Mullins.
At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of less than $500,000.
LIME ENERGY: Suspending Filing of Reports with SEC
--------------------------------------------------
Lime Energy Co. filed a Form 15 with the Securities and Exchange
Commission notifying the termination of registration of its common
stock, par value $.0001 per share, under Section 12(g) of the
Securities Exchange Act of 1934. As a result of the Form 15
filing, the Company is not anymore obligated to file periodic
reports with the SEC.
About Lime Energy
Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com/-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals. The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation. The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.
Lime Energy reported a net loss available to common stockholders of
$4.44 million on $113 million of revenue for the year ended Dec.
31, 2015, compared to a net loss available to common stockholders
of $5.60 million on $58.8 million of revenue for the year ended
Dec. 31, 2014.
As of Sept. 30, 2016, Lime Energy had $49.72 million in total
assets, $42.87 million in total liabilities, $11.78 million in
contingently redeemable series C preferred stock, and a total
stockholders' deficit of $4.93 million.
MARBLES HOLDINGS: Seeks to Hire Gordon Brothers to Sell Assets
--------------------------------------------------------------
Marbles Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to hire Gordon Brothers
Retail Partners, LLC.
The Firm will provide these services in connection with the store
closing sales to be conducted by Marbles Holdings and its
affiliates at their retail stores:
(a) consult with the Debtors on how to effectively sell
their retail inventory;
(a) provide a supervisor to oversee the conduct of the
sale;
(b) coordinate with store-level employees regarding
strategy for the sale, and communicating with customers;
(c) establish and monitor accounting functions for the
sale in order to evaluate sales and expenses;
(d) assess and recommend appropriate staffing levels at
the Debtors' retail stores;
(e) recommend loss prevention initiatives; and
(f) assist the Debtors with the rebalancing of inventory.
Gordon Brothers will receive an incentive fee based upon the
outcome of the sale. The incentive fee will range from a minimum
of $25,000 to 0.75%, 1% or 1.25% of the gross proceeds of all
merchandise sold at the retail stores.
In addition to the incentive fee, the Firm will receive a
commission of 17% of the gross proceeds from the sale of furniture,
fixtures and equipment.
Mackenzie Shea, associate general counsel of Gordon Brothers,
disclosed in a court filing that the Firm does not hold or
represent any interest adverse to the Debtors or their bankruptcy
estates.
The Firm can be reached through:
Brothers Retail Partners, LLC
Mackenzie L. Shea
Prudential Tower
800 Boylston Street, 27th Floor
Boston, MA 02199
Phone: (888) 424-1903
Fax: (617) 422-6222
Email: info@gordonbrothers.com
About Marbles Holdings
Marbles LLC is a privately-held company engaged in the development,
curating, wholesaling and retail sale of unique brain-stimulating
games, puzzles, software, and books. Its principal place of
business and principal office are located at 1918 North Mendell
Street, Chicago, Illinois.
Marbles Holdings, LLC, along with Marbles LLC and Marbles Brain
Workshop, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Lead Case No. 17-03309) on Feb. 3, 2017. Adelman & Gettleman
LTD. serves as bankruptcy counsel, while Garden City Group LLC acts
as noticing, claims and solicitation agent. The Debtor has also
tapped Hilco IP Services LLC dba Hilco Streambank to help monetize
its intellectual property.
At the time of the filing, Marbles Holdings and Marbles LLC
estimated assets of $1 million to $10 million and liabilities of
$10 to $50 million. Marbles Brain Workshop estimated assets of
less than $500,000 and liabilities of less than $50,000.
On February 13, 2017, the Office of the U.S. Trustee named five
creditors to serve in the official committee of unsecured
creditors.
MAXUS ENERGY: Amended Committee Appointment Notice Corrects Address
-------------------------------------------------------------------
Maxus Energy Corp. filed with the U.S. Bankruptcy Court for the
District of Delaware on Feb. 21 an amended notice of the second
amended appointment of the Committee of Unsecured Creditors, to
correct the address for Mallinckrodt Pharmaceuticals.
As reported by the Troubled Company Reporter on Feb. 21, 2017,
Andrew Vara, acting U.S. trustee for Region 3, on Feb. 17 appointed
Mallinckrodt Pharmaceuticals to the Committee, replacing Brown and
Caldwell, which resigned as member of the committee.
The unsecured creditors' committee is now composed of:
(1) Mallinckrodt Pharmaceuticals
Attn: Karen Burke
675 McDonnell Boulevard
Hazelwood, MO 63042
Tel: (314) 654-5838
Fax: (314) 654-3156
(2) Lower Passaic River Study Area Cooperating Parties Group.
Attn: Mackenzie Shea, Esq.
K&L Gates, LLP
State Street Financial Center, 1 Lincoln Street
Boston, MA 02111
Tel: (617) 261-3250
Fax: (617) 261-3175
(3) Occidental Chemical
Attn: Mike Anderson
5 Greenway Plaza
Houston, TX 77046-0521
Tel: (713) 350-4925
Fax: (713) 485-5808
About Maxus Energy Corporation
Maxus Energy Corporation and four of its subsidiaries filed
voluntary petitions for reorganization under Chapter 11 (Bankr. D.
Del., Case No. 16-11501) on June 17, 2016. The Debtors intend to
use the breathing spell afforded by the Bankruptcy Code to decide
whether their existing environmental remediation operations and oil
and gas operations can be restructured as a sustainable,
stand-alone enterprise.
The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as
local counsel, Morrison & Foerster LLP as general bankruptcy
counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC
as claims and noticing agent, all are subject to the Bankruptcy
Court's approval.
The Debtors hired Keen-Summit Capital Partners LLC as real estate
broker. The Debtors also engaged Hilco Steambank to market and sell
their internet protocol numbers and other internet number
resources, and EnergyNet.com to market and sell the Debtors'
rights, title, and interest in and to the oil and gas properties.
On July 7, 2016, the United States Trustee for the District of
Delaware filed Notice of Appointment of Committee of Unsecured
Creditors. The Committee selected Schulte Roth & Zabell LLP as
counsel, and Cole Schotz as Delaware co-counsel. Berkeley Research
Group, LLC, serves as financial advisor for the Committee.
Andrew Vara, acting U.S. Trustee for Region 3, appointed the
following to a committee of retirees: John Leslie Jackson, Sr.,
Gerald G. Carlton, and Robert E. Garbesi. The Retirees Committee
retained Akin Gump Strauss Hauer & Feld LLP as counsel and Ashby &
Geddes, P.A., as co-counsel.
* * *
On Dec. 29, 2016, the Debtors filed their Plan of Liquidation and
the Disclosure Statement related thereto. The Bankruptcy Court will
hold a hearing to consider approval of the Disclosure Statement on
March 7, 2017, at 10:00 a.m. (ET).
MIDWEST QUALITY: Jerry Fogt to Contribute $50,000
-------------------------------------------------
Midwest Quality Bedding, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Ohio a second amended disclosure
statement filed on Feb. 15, 2017, for the Debtor's plan of
reorganization.
Class 4 Allowed Interests consists of allowed interests of equity
interest holders of the Debtor. All Allowed Interests will receive
no distributions under the Plan. The equity interest holders of
the Debtor are Ken Hoffman and Jerry Fogt. Mr. Fogt will
contribute the amount of $50,000 in favor of the Reorganized
Debtor. This amount will serve as Mr. Fogt's contribution of new
value pursuant to Sec. 1129(B)(2)(b) in the Reorganized Debtor.
Neither Mr. Hoffman nor Mr, Fogt will be paid any monies pursuant
to the Plan on account of their interests but only Mr. Fogt will
retain equity interest in the Reorganized Debtor.
Previous version of the Plan provided that Messrs. Hoffman will
execute separate notes each in the amount of $25,000 in favor of
the Reorganized Debtor. These loans will serve as Mr. Hoffman's
and Mr. Fogt's contribution to new value pursuant in the
Reorganized Debtor.
The Second Amended Disclosure Statement is available at:
http://bankrupt.com/misc/ohsb15-57113-159.pdf
As reported by the Troubled Company Reporter on Jan. 30, 2017, the
Debtor filed with the Court a first amended disclosure statement
for the Debtor's plan of reorganization, which proposed that
holders of Class 3 Allowed General Unsecured Claims receive, on a
pro rata basis, a share of $50,000, which would be paid to Holders
of Allowed Class 3 claims by the Reorganized Debtor within 30 days
of the Effective Date of the Plan.
About Midwest Quality Bedding
Headquartered in Plain City, Ohio, Midwest Quality Bedding, Inc.,
dba Mattress Mart, is a privately-owned corporation. The Debtor's
primary source of income derives from the sale of mattresses and
bedding supplies in its two stores. The Debtor's income fluctuates
from month to month as mattress sales are a seasonal item. The
Debtor's main assets are its stock of mattresses at its two
stores.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Ohio Case No. 15-57113) on Nov. 3, 2015, listing $61,000 in total
assets and $1.73 million in total liabilities. The petition was
signed by Jerry S. Fogt, president.
Judge John E. Hoffman Jr. presides over the case.
Matthew J Thompson, Esq., at Nobile & Thompson Co., L.P.A., serves
as the Debtor's bankruptcy counsel.
MIX 1 LIFE: Steve Loo Resigns as Director
-----------------------------------------
Steve Vande Loo resigned from his position as a member of the Board
of Directors of Mix 1 Life, Inc. on Feb. 7, 2017. Mr. Vande Loo's
resignation did not involve any disagreement with the Company on
any matter relating to the Company's operations, policies,
practices, or otherwise, according to a Form 8-K report filed with
the Securities and Exchange Commission.
About Mix 1 Life
Mix 1 Life, Inc., formerly Antaga International Corp, was
incorporated under the laws of the State of Nevada, U.S. on
June 10, 2009. The Company's operations are based in Scottsdale,
Arizona.
On Aug. 27, 2013, Antaga International Corp. entered into a
Definitive Agreement with Mix1 LLC, an Arizona corporation, under
which the Company acquired 100% of certain assets owned by Mix in
exchange for 3,333,333, post reverse, newly issued shares of common
stock in the Company.
Mix 1 is an emerging beverage and nutritional supplements company
currently with a product line of natural, ready-to-drink protein
shakes. The Company's shakes offer a complete and balanced
macronutrient mix and are intended to be consumed as a post work
out, snack replacement, meal supplement or a meal replacement. Mix
1 beverages have a high protein content (on average 26 grams per
serving) and are unique due to their fruit-based flavors,
relatively low calorie count and superior taste. The Company's
shakes have a twelve month shelf life with no need for
refrigeration and are currently served in a twelve ounce PET
(polyethylene terephthalate) bottle.
As of May 31, 2016, Mix 1 Life had $20.97 million in total assets,
$8.16 million in total liabilities and $12.81 million in total
shareholders' equity.
The Company reported a net loss of $17.7 million for the year ended
Aug. 31, 2015, compared to a net loss of $1.99 million for the year
ended Aug. 31, 2014.
KWCO, PC, in Odessa, TX, the Company's independent accounting firm,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Aug. 31, 2015, citing that
the Company's operating losses since inception raise substantial
doubt about its ability to continue as a going concern.
NATIVE GAMES: Taps Larson & Zirzow as Legal Counsel
---------------------------------------------------
Native Games America, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to hire Larson & Zirzow, LLC to give legal
advice regarding its duties under the Bankruptcy Code, assist in
the preparation of a bankruptcy plan, and provide other legal
services.
The hourly rates charged by the firm for its attorneys range from
$210 to $500. Paraprofessionals will charge $175 per hour.
Larson & Zirzow does not hold any interest adverse to the Debtor's
bankruptcy estate or creditors, and is a "disinterested person" as
defined in section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached through:
Zachariah Larson, Esq.
Matthew Zirzow, Esq.
Larson & Zirzow, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: (702) 382-1170
Fax: (702) 382-1169
Email: zlarson@lzlawnv.com
Email: mzirzow@lzlawnv.com
About Native Games America
Native Games America, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-10356) on January 27,
2017. The petition was signed by Jeff Martinez, manager.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
NAVIDEA BIOPHARMACEUTICALS: Declared in Default Under CRG Loan
--------------------------------------------------------------
The District Court of Harris County, Texas entered an interlocutory
order on Feb. 9, 2017, declaring that Navidea Biopharmaceuticals,
Inc. and its subsidiary, Macrophage Therapeutics, Inc., committed
one or more events of default under its loan agreement with Capital
Royalty Partners II L.P., as Secured Party and as Control Agent,
Capital Royalty Partners II -- Parallel Fund "A" L.P., as Secured
Party, and Parallel Investment Opportunities Partners II L.P., as
Secured Party, as of May 8, 2015. As part of the Order, the Court
granted CRG the right to exercise its remedies provided in Section
11.01 of the loan agreement and 4.05 of the related security
agreement. The Order is not final. The Company is exploring its
options with respect to the Order, including without limitation
filing a motion to set aside the Order or to clarify the Order, as
disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.
About Navidea
Navidea Biopharmaceuticals, Inc. is a biopharmaceutical company
focused on the development and commercialization of precision
immunodiagnostic agents and immunotherapeutics. Navidea is
developing multiple precision-targeted products based on our
Manocept platform to help identify the sites and pathways of
undetected disease and enable better diagnostic accuracy, clinical
decision-making, targeted treatment and, ultimately, patient care.
Navidea reported a net loss of $27.56 million in 2015, a net loss
of $35.72 million in 2014 and a net loss of $42.69 million in
2013. As of Sept. 30, 2016, Navidea had $11.18 million in total
assets, $74.96 million in total liabilities and a total
stockholders' deficit of $63.77 million.
NICKLAS LLC: Disclosures OK'd; Plan Confirmation Hearing on April 6
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
has approved Nicklas, LLC's third amended disclosure statement
filed on Feb. 13, 2017, in support of the Debtor's plan of
reorganization filed on Feb. 13, 2017.
A hearing to consider the confirmation of the Plan will be held on
April 6, 2017, at 9:30 a.m.
March 22, 2017, is the last day for filing objections to the
confirmation of the Plan.
March 22, 2017, at 4:00 p.m. prevailing time is the last day for
filing written acceptances or rejections of the Plan.
March 29, 2017, is the last day for the Debtor to file with the
Court a tabulation of ballots accepting or rejecting the Plan.
As reported by the Troubled Company Reporter on Feb. 20, 2017, the
Debtor filed with the Court the Third Amended Disclosure Statement,
which states that Lehman Family Foundation has been granted a
second priority mortgage lien on the property located at 100 Sunset
Boulevard W., Chambersburg, in Franklin County, Pennsylvania, to
collateralize the sum of approximately $566,000. The amount known
as the New Lehman Loan will be then paid in full, together with
interest at the rate of 3% per annum, over a 25-year amortization.
Regular monthly payments will start as of the Effective Date. It
is believed that these monthly payments will be approximately
$2,685 per month. The amount of the New Lehman Loan is believed to
be approximately $566,000.
About Nicklas LLC
Nicklas LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Pa. Case No. 15-02742) on June 26, 2015. The
Petition was signed by one of its member, Rebecca D. Nicklas.
The Debtor's counsel is Robert E. Chernicoff, Esq. at Cunningham,
Chernicoff & Warshawsky P.C. of 2320 North Second Street,
Harrisburg, PA.
At the time of filing, the Debtor had $500,000 to $1 million in
estimated assets and $500,000 to $1 million in estimated
liabilities.
NORDIC INTERIOR: Creditors' Panel Hires Sussman as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Nordic Interior,
Inc., seeks authority from the U.S. Bankruptcy Court for the
Eastern District of New York to retain The Law Offices of Jeremy S.
Sussman as counsel to the Committee.
The Committee requires Sussman to:
(a) advise the Committee with respect to its rights, duties
and powers in the Chapter 11 case;
(b) assist and advise the Committee in its consultations with
the Debtor relative to the administration of the Chapter
11 case;
(c) assist the Committee in its investigation of the acts,
conduct, assets, liabilities and financial condition of
the Debtor and of the operation of the Debtor's business;
(d) assist the Committee in its analysis of, and negotiations
with, the Debtor or any third party concerning matters
related to, among other things, the assumption or
rejection of certain leases of non-residential real
property and executory contracts, and the terms of one or
more plans of reorganization for the Debtor and
accompanying disclosure statements and related plan
documents;
(e) assist and advise the Committee as to its communications
to the general creditor body regarding significant matters
in the Chapter 11 case;
(f) represent the Committee at all hearings and other
proceedings before the Court and other courts;
(g) review and analyze applications, orders, statements of
operations and schedules filed with the Court and advise
the Committee as to their propriety, and to the extent
deemed appropriate by the Committee support, join or
object thereto;
(h) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the
Committee's interests and objectives;
(i) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda,
complaints, adversary complaints, avoidance actions,
objections or comments in connection with any of the
foregoing;
(j) investigate and analyze any claims against held by the
Debtor's estate; and
(k) perform such other legal services as may be required or
are otherwise deemed to be in the interests of the
Committee in accordance with the Committee's powers and
duties as set forth in the Bankruptcy Code, Bankruptcy
Rules or other applicable law.
Sussman will be paid at these hourly rates:
Attorney $350
Associates $250 to $325
Paralegals $100
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Jeremy S. Sussman, a member of the firm, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and (a) are not creditors,
equity security holders or insiders of the Debtor; (b) have not
been, within two years before the date of the filing of the
Debtor's chapter 11 petition, directors, officers or employees of
the Debtor; and (c) do not have an interest materially adverse to
the interest of the estate or of any class of creditors or equity
security holders, by reason of any direct or indirect relationship
to, connection with, or interest in, the Debtor, or for any other
reason.
Sussman can be reached at:
Jeremy S. Sussman, Esq.
THE LAW OFFICES OF JEREMY S. SUSSMAN
225 Broadway, 38th Floor
New York, NY 10007
Tel: (646) 322-8373
About Nordic Interior
Nordic Interior, Inc., was founded in 1973 as a drywall and small
woodworking company. At the time of the bankruptcy filing, the
Company had approximately 50 employees, 35 of whom are carpenters
and project managers who are subject to a collective bargaining
agreement with the Carpenters' Union.
Nordic Interior filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 16-43163) on July 18, 2016. The case is pending
before Judge Elizabeth S. Stong. Rosen & Associates, P.C., serves
as counsel to the Debtor.
William K. Harrington, the U.S. Trustee for Region 2, on Oct. 6,
2016, appointed three creditors of Nordic Interior, Inc., to serve
on an official committee of unsecured creditors. The committee
members are New York City District Council of Carpenters Benefit
Fund; Bomboy Incorporated; and Admat Construction Inc.
NORTHERN POWER: Kevin Kopczynski Joins Board of Directors
---------------------------------------------------------
Northern Power Systems Corp., announced that Mr. Kevin Kopczynski
has been appointed to the Company's Board of Directors, replacing
Marcus Baker, president of the Baker Companies, Inc.
Mr. Kopczynski is senior director of Research and Development at
First Solar. Mr. Kopczynski previously served from 2013 to 2016 as
president and CEO of Enki Technology, a solar materials company.
He successfully guided Enki from the early development stage to the
revenue generation stage and as part of that growth, established
key customer partnerships in the US and China. This growth
culminated with Enki's acquisition by First Solar.
Mr. Kopczynski's extensive background includes having been a
Partner at RockPort Capital Partners, where he led a number of
venture investments in the power generation, oil & gas and
agriculture technology markets, including investments in Northern
Power Systems. Mr. Kopczynski also serves on the Board of
Directors for Ascension Industries a long-standing fabrication
machining and assembly business.
"Kevin's extensive experience in the global power generation
markets and renewables, as well as his history with Northern Power
Systems, will be a great asset to our Board of Directors," stated
Ciel Caldwell, president and chief operating officer of Northern
Power Systems. "As we continue our strategic direction of focusing
on integrated distributed energy solutions including Battery Energy
Storage and Hybrid Systems, Kevin will bring us direct perspective
on Solar trends within these solutions."
"Our goal has been to add strength to Northern Power System's Board
of directors in the form of relevant industry and manufacturing
experience," added Bill Leimkuhler, chairman of the board of
Northern Power Systems. "I'm confident that Kevin is going to make
an important and positive impact on our company."
"I thank Marc for his eight years of service on our Board of
Directors and Executive Committee of the Board. His contributions
have been immeasurable in the form of strategic advice in advancing
Northern Power's business," reflected Ciel Caldwell, president and
chief operating officer of Northern Power Systems. "Marc's service
will truly be missed."
Also, the Company announced that June Morris resigned from her
position as vice president, general counsel and secretary of the
Company. There were no disagreements between the Company and Ms.
Morris that led to her decision to resign, which was effective as
of Feb. 17, 2017.
About Northern Power Systems
Northern Power Systems designs, manufactures, and sells wind
turbines and power technology products, and provides engineering
development services and technology licenses for energy
applications, into the global marketplace from its U.S.
headquarters and European offices.
Northern Power reported a net loss of $7.79 million in 2015, a net
loss of $8.78 million in 2014 and a net loss of $14.57 million in
2013. As of Sept. 30, 2016, Northern Power had $20.18 million in
total assets, $21.95 million in total liabilities and a total
shareholders' deficit of $1.76 million.
RSM US LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company incurred recurring
losses from operations, used cash in operations and has an
accumulated deficit of $168.4 million as of Dec. 31, 2015. The
Company's credit agreement is due to expire on Sept. 30, 2016.
This raises substantial doubt about the Company's ability to
continue as a going concern.
OUTER HARBOR: Committee Hires Brinkman Portillo as Primary Counsel
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Outer Harbor
Terminal, LLC, seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Brinkman Portillo Ronk, APC,
as counsel nunc pro tunc to January 30, 2017.
The Committee requires BPR to:
a. provide legal advice as necessary with respect to the
Committee's powers and duties as an official committee appointed
under 11 U.S.C. § 1102;
b. assist in investigating the acts, conduct, assets,
liabilities, and financial condition of the Debtor, the operation
of the Debtor's business, potential claims, and any other matters
relevant to the case, to the sale of assets or to the formulation
of a plan of reorganization;
c. participate in the formulation of a Plan;
d. provide legal advice as necessary with respect to any
disclosure statement and Plan filed in this case and with respect
to the process for approving or disapproving disclosure statements
and confirming or denying confirmation of a Plan;
e. prepare on its behalf, as necessary, applications,
motions, complaints, answers, orders, agreements and other legal
papers;
f. appear in Court to present necessary motions,
applications, and pleadings, and otherwise protecting the interests
of those represented by the Committee;
g. assist in requesting the appointment of a trustee or
examiner, should such action be necessary; and
h. perform other legal services as may be required and that
are in best interests of the Committee and creditors.
BPR lawyers and professionals who will work on the Debtor's cases
and their hourly rates are:
Daren Brinkman, Partner $645
Laura Portillo, Partner $565
Kevin Ronk, Partner $490
Kelsi Hunt, Associate $390
Paralegals and Law Clerks $145-$325
BPR will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Daren Brinkman, Esq., member of of the firm Brinkman Portillo Ronk,
APC, 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.
BPR may be reached at:
Daren Brinkman, Esq.
Brinkman Portillo Ronk, APC, LLC
4333 Park Terrace Drive, Suite 205
Westlake Village, CA 91361
Tel: (818) 597-2992
Fax: (818) 597-2998
E-mail: dbrinkman@brinkmanlaw.com
About Outer Harbor Terminal
Outer Harbor Terminal, LLC -- aka Ports America Outer Terminal,
LLC, PAOH, and PAOHT -- is an Oakland, California-based port
operator. It is a joint venture between Ports America and Terminal
Investment Ltd.
Outer Harbor is winding down operations. Ports America is leaving
Oakland to concentrate its investments in other terminals that the
company operates in Tacoma, Los Angeles-Long Beach, New York-New
Jersey and Baltimore.
Oakland, California-based port operator Outer Harbor Terminal, LLC
filed for Chapter 11 protection (Bankr. D. Del. Case No. 16-10283)
on Feb. 1, 2016. The petition was signed by Heather Stack, chief
financial officer. The case is assigned to Judge Laurie Selber
Silverstein.
The Debtor disclosed $103 million in assets and $370 million in
debt.
Milbank, Tweed, Hadley & Mccloy LLP is the Debtor's general
counsel. Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as its Delaware counsel. Prime Clerk LLC is the
claims and noticing agent.
The U.S. Trustee for Region 3 has appointed three creditors to
serve in the Debtor’s official committee of unsecured creditors.
Brinkman Portillo Ronk, APC, and Rosner Law Group LLC represent the
Committee.
OUTER HARBOR: Creditors' Panel Hires Rosner Law as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Outer Harbor
Terminal, LLC, seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain The Rosner Law Group LLC as
counsel, nunc pro tunc to January 30, 2017.
The Committee requires RLG to:
a. provide legal advice regarding local rules, practices,
and procedures and provide substantive and strategic advice on how
to accomplish the Committee's goals in connection with the
prosecution of this case, bearing in mind that the Court relies on
Delaware counsel such as RLG to be involved in all aspects of the
bankruptcy case;
b. review, comment upon and/or prepare drafts of documents
to be filed with the Court as Delaware counsel to the Committee;
c. appear in Court and at any meeting with the U.S. Trustee
and any meeting of creditors at any given time on behalf of the
Committee as its Delaware counsel;
d. perform various services in connection with the
administration of the case including, without limitation, (i)
preparing certificates of no objection, certifications of counsel,
notices of fee applications and hearings, and hearing binders of
documents and pleadings, (ii) monitoring the docket for filings and
coordinating with BPR on pending matters that need responses, (iii)
preparing and maintaining critical dates memoranda to monitor
pending applications, motions, hearing dates and other matters and
the deadlines associated with the same, and (iv) handling inquiries
and calls from creditors and counsel to interested parties
regarding pending matters and the general status of the case and
coordinating with BPR on any necessary responses; and
e. perform all other services assigned by the Committee, in
consultation with BPR, to RLG as Delaware counsel to the
Committee.
RLG lawyers and professionals who will work on the Debtor's cases
and their hourly rates are:
Frederick B. Rosner $325
Scott J. Leonhardt $300
Jason A. Gibson $275
Frederick Sassler (paralegal) $200
RLG will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Frederick B. Rosner, Esq., sole member of Rosner Law Group, 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.
In a separate application, the Committee asked the Court to approve
the retention of Brinkman Portillo Ronk, PC as primary counsel with
respect to the Debtor's chapter 11 case.
RLG may be reached at:
Frederick B. Rosner, Esq.
Rosner Law Group, LLC
824 North Market Street, Suite 810
Wilmington, DE 19801
Phone: 302-319-6300
Email: rosner@teamrosner.com
About Outer Harbor Terminal
Outer Harbor Terminal, LLC -- aka Ports America Outer Terminal,
LLC, PAOH, and PAOHT -- is an Oakland, California-based port
operator. It is a joint venture between Ports America and Terminal
Investment Ltd.
Outer Harbor is winding down operations. Ports America is leaving
Oakland to concentrate its investments in other terminals that the
company operates in Tacoma, Los Angeles-Long Beach, New York-New
Jersey and Baltimore.
Oakland, California-based port operator Outer Harbor Terminal, LLC
filed for Chapter 11 protection (Bankr. D. Del. Case No. 16-10283)
on Feb. 1, 2016. The petition was signed by Heather Stack, chief
financial officer. The case is assigned to Judge Laurie Selber
Silverstein.
The Debtor disclosed $103 million in assets and $370 million in
debt.
Milbank, Tweed, Hadley & Mccloy LLP is the Debtor's general
counsel. Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as its Delaware counsel. Prime Clerk LLC is the
claims and noticing agent.
The U.S. Trustee for Region 3 has appointed three creditors to
serve in the Debtor’s official committee of unsecured creditors.
Brinkman Portillo Ronk, APC, and Rosner Law Group LLC represent the
Committee.
PFO GLOBAL: U.S. Trustee Forms 3-Member Committee
-------------------------------------------------
U.S. Trustee William T. Neary on Feb. 21 appointed three creditors
of PFO Global, Inc., and five of its wholly owned subsidiaries to
serve on the official committee of unsecured creditors.
The committee members are:
(1) Commercial Real Estate Lenders Inc.
Interim Committee Chair
Attn: Harry Hahamovitch
President
2214 West Atlantic Avenue
Delray Beach, Florida 33445
Tel: (561) 994-2233
Fax: (561) 994-2199
E-mail: nancyungar@hhhcompanies.com
(2) Hong Kong Optical Lens Company Limited
Attn: Wayne Ling
Director of Business Development - Overseas Department
No. 311 Flat 01, 11/F Kwong San Hong Centre
151 Hoi Bun Road, Kwun Tong
Hong Kong
Tel: (852) 36100552
Direct Line: (852) 36100552
Mobile: (852) 69989189
Fax: (852) 25625524
E-mail: wayneling@hkoptlens.com
(3) Howard Glancy
5280 Chandley Farm Circle
Centreville, VA 20120
Tel: (703) 932-0488
E-mail: 1gl4noy@gmail.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About PFO Global
PFO Global, Inc., and each of its affiliates Pro Fit Optix Holding
Company, LLC, Pro Fit Optix, Inc., PFO Technologies, LLC, PFO
Optima, LLC, and PFO MCO, LLC, filed their respective Chapter 11
petitions (Bankr. N.D. Tex. Case No. 17-30355, Bankr. N.D. Tex.
Case No. 17-30358, Bankr. N.D. Tex. Case No. 17-30361, Bankr. N.D.
Tex. Case No. 17-30362, Bankr. N.D. Tex. Case No. 17-30363 and
Bankr. N.D. Tex. Case No. 17-30365, respectively) on Jan. 31,
2017.
The Debtors are represented by Rosa R. Orenstein, Esq. and Nathan
M. Nichols, Esq., at Orenstein Law Group, P.C.
The Debtors are a consolidated group of companies that operate in
the eyewear and lenses industry worldwide. Global owns 100% of the
equity interests in Holding. In turn, Holding owns 100% of the
equity interests in Optix, Technologies, Optima and MCO.
Global is headquartered in Farmers Branch, Texas where primarily
all corporate functions are performed as well as the support, sales
and warehousing for all MCO and Technologies' products and
services.
Global, a publicly traded company, manufactures and delivers
complete eyewear, prescription lenses and related services to the
managed care insurance industry, which services the Medicaid and
Medicare entitlement programs, independent eye care providers and
accountable care organizations. Optima distributes distortion free
polycarbonate lenses under the Resolution brand name. Technologies
focus is on the development of disruptive technologies for the
eyewear industry and supports the research and development of the
other business units of Global.
PFO Global reported a net loss of $15.66 million in 2015 following
a net loss of $8.45 million in 2014.
As of Sept. 30, 2016, PFO Global disclosed $1.75 million in total
assets, $30.96 million in total liabilities and a total
stockholders' deficit of $29.21 million.
"As of Sept. 30, 2016, the Company had cash of $130,413. As
reflected in the accompanying condensed consolidated financial
statements, the Company had a net loss of $4,735,782 and net cash
and cash equivalents used in operations of approximately $3.01
million for the nine month period ended September 30, 2016. The
Company has a working capital deficit of approximately $23 million
and stockholders' deficit of approximately $29 million as of Sept.
30, 2016. These factors raise substantial doubt about the
Company's ability to continue as a going concern," the Company
stated in its quarterly report for the period ended Sept. 30, 2016.
PHOENIX COMPANIES: A.M. Best Affirms B FSR, Off Review Watch
------------------------------------------------------------
A.M. Best has removed from under review with developing
implications and affirmed the Financial Strength Rating (FSR) of B
(Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of
"bb+" of the key life/health subsidiaries of The Phoenix Companies,
Inc. (Phoenix) (headquartered in Hartford, Connecticut).
Additionally, the Long-Term ICR of "b" of Phoenix and its existing
Long-Term Issue Credit Ratings (Long-Term IR) have been removed
from under review with developing implications and affirmed.
Concurrently, A.M. Best has removed from under review with
developing implications and downgraded the FSR to B (Fair) from B++
(Good) and the Long-Term ICR to "bb+" from "bbb" of The Pyramid
Life Insurance Company (Pyramid Life) (Overland Park, KS) and also
downgraded the FSR to B (Fair) from B+ (Good) and the Long-Term ICR
to "bb+" from "bbb-" of Constitution Life Insurance Company
(Constitution Life) (Houston, TX).
The outlook assigned to all of these Credit Ratings (ratings) is
stable.
The ratings of Phoenix and its subsidiaries were placed under
review with developing implications in September 2015 following the
public announcement by Phoenix that it had entered into a
definitive agreement to be acquired by Nassau Reinsurance Group
Holdings L.P. (Nassau Re) for $37.50 per share in cash or an
aggregate equity purchase price of $217.2 million. The transaction
closed in June 2016 with the receipt of insurance regulatory
approvals and Phoenix is now a privately held, wholly-owned
subsidiary of Nassau Re, serving as its primary U.S. life and
annuity platform. Nassau Re was founded in 2015 with an equity seed
capital commitment of $750 million provided by Golden Gate Capital,
a private investment firm, which owns a majority of Nassau Re
through its private funds.
The ratings of Phoenix primarily reflect the historical impact of
its one-time expenses tied to the restatement process, as well as
other events that include statutory net losses due to reserve
charges in its universal life insurance block of business and
sizeable charges taken related to the settlement of significant
long-running legacy litigation, which have largely been resolved.
In addition, Phoenix has also experienced an uptick in mortality in
recent periods that has added pressure on earnings.
Overall sales have generally declined in recent periods due to a
combination of capital constraints prior to its acquisition by
Nassau Re and a transition to a new streamlined product offering.
A.M. Best notes that Phoenix has ceded approximately 50% of its
inforce fixed-indexed annuity business and will reinsure 50% of new
fixed-indexed annuity sales to an unrated affiliated offshore
reinsurance company, Nassau Re Cayman, in order to improve
capitalization of the domestic companies. While overall
capitalization at the company currently remains adequate, any
further material "one-time events" could result in a diminished
level of risk-adjusted capital. Going forward, A.M. Best will
continue to monitor the appropriateness of the risk-adjusted
capitalization on an entity level and consolidated basis.
Partially offsetting these negative rating factors is the
additional liquidity and financial flexibility provided to Phoenix
and its operating subsidiaries by Nassau Re. A.M. Best notes that
post-acquisition closing, assau Re contributed $100 million of new
equity capital into Phoenix. Additionally, Phoenix returned to
current filer status on its SEC financial statement filings in
November 2014 and has remediated the majority of internal control
weaknesses that were identified during the restatement process.
Furthermore, while operating results have been significantly
impacted by high expenses and several one-time events on both a
GAAP and statutory accounting basis, A.M. Best expects a general
improvement in the company's operating performance over the near to
medium-term as the new management team implements its new business
plan focused on streamlining operations and reducing expenses.
The ratings of Pyramid Life and Constitution Life were placed under
review with developing implications in October 2015 following the
public announcement that Universal American Corp. (Universal
American) had entered into a definitive agreement to sell its
traditional insurance business to Nassau Re. The downgrade of both
entities reflects the fact that they are now part of a less
creditworthy organization. These entities had historically been
utilized by Universal American to write Medicare supplement,
Medicare Advantage and long-term care insurance, but had not
written any new business since June 2012 (December 2004 for
long-term care). The companies will continue to operate in run-off
under the Constitution Life brand as a privately held, wholly-owned
subsidiary of Nassau Re.
A.M. Best notes that both Pyramid Life and Constitution Life
maintain just over $200 million of long-term care reserves that
have been in run-off since 2004. These products are mostly
guaranteed renewable, which allows the company to seek premium
increases based on claims experience. Both Pyramid Life and
Constitution Life have significant reinsurance on their long-term
care business, however, in order to improve capitalization, just
under half of the net retained long-term care reserves were ceded
to Nassau Re Cayman, along with other individual accident and
health business. A.M. Best will monitor the operating/claims
experience, capitalization and reserving requirements of this block
of business carefully over the near to medium-term for these
entities as they operate in run-off.
A.M. Best also notes that the FSR of B (Fair) and the Long-Term ICR
of "bb+" of Phoenix Life and Annuity Company have been removed from
under review with developing implications and assigned a stable
outlook. No new business has been written from this entity for a
number of years. Operating results have fluctuated over the past
few years due to higher expenses and the need to increase asset
adequacy reserves. A.M. Best expects moderate operating results to
continue over the near to medium-term as the company continues to
operate in run-off.
The FSR of B (Fair) and Long-Term ICR of "bb+" of American Phoenix
Life and Reassurance Company (Hartford, CT) have been withdrawn due
to this entity being an inactive shell with no business/reserves.
This shell was sold on Feb. 1, 2017.
The following ratings have been removed from under review with
developing implications and the FSR of B (Fair) and the Long-Term
ICRs of "bb+" have been affirmed. A stable outlook has been
assigned for the ratings of the following life/health subsidiaries
of The Phoenix Companies, Inc.:
Phoenix Life Insurance Company
PHL Variable Insurance Company
Phoenix Life and Annuity Company
The ratings of The Pyramid Life Insurance Company have been removed
from under review with developing implications and the FSR has been
downgraded to B (Fair) from B++ (Good) and the Long-Term ICR has
been downgraded to "bb+" from "bbb". A stable outlook has been
assigned.
The ratings of Constitution Life Insurance Company have been
removed from under review with developing implications and the FSR
has been downgraded to B (Fair) from B+ (Good) and the Long-Term
ICR has been downgraded to "bb+" from "bbb-". A stable outlook has
been assigned.
The following Long-Term IRs have been removed from under review
with developing implications and affirmed:
The Phoenix Companies, Inc. --
-- "b" on $300 million 7.45% senior unsecured notes, due 2032
(approx. $253 million outstanding)
Phoenix Life Insurance Company --
-- "b+" on $175 million 7.15% surplus notes, due 2034 (approx.
$126 million outstanding)
PRIME GLOBAL: Poh Chai Ham Resigns as Director
----------------------------------------------
Poh Chai Ham resigned from his position as a director of Prime
Global Capital Group Incorporated, a Nevada corporation on
Feb. 13, 2017. His resignation was not due to any dispute or
disagreement with the Company on any matter relating to the
Company's operations, policies or practices, as disclosed in a
filing with the Securities and Exchange Commission.
Also on that date, Jeremy Chia Pei Chai was appointed to serve as
the director of the Company until his successor will be duly
elected or appointed, unless he resigns, is removed from office or
is otherwise disqualified from serving as a director of the
Company. Mr. Chia will serve on the Company's Board of Directors
in accordance with the terms and conditions of its standard
Director Retainer Agreement.
Dato' Jeremy Chia Pei Chai, age 30, is the director of Marathon
Capital Management Limited, HK, an international investment fund
focusing on early and development stage private companies spanning
the entertainment, security, real estate and investment industries.
His fund has made investments in Hong Kong, Macau, China,
Philippines and Singapore. Dato' Jeremy has also started to build
his business as a founder of flea market in 2012 at The Mines, Seri
Kembangan, Selangor. Prior to founding the fund, from 2009 to 2011
Dato' Jeremy was a branch manager at Melilea, a prioneering global
green corporation that has won numerous industry and global awards
for its innovative management as a health and wellness
multinational corporation. From 2008 to 2009, Dato' Jeremy served
as a client advisor for United Overseas Bank.
Dato' Jeremy was a major shareholder in XYEC HOLDINGS CO., LTD, a
Japan limited company, that was listed on the Catalist market on
the Singapore Exchange on Sept. 18, 2013. XYEC was taken private
by its controlling shareholder Mamezou Holdings Co. Ltd (TYO:3756)
in the second quarter of 2016.
In appreciation of his contributions to the state of Pahang, Dato'
Jeremy was conferred the honourable title of Darjah Indera Mahkota
Pahang on 29th April 2014. In addition to his business, Dato'
Jeremy has devoted himself to philanthropy. On September of 2016,
Dato' Jeremy received a Corporate and Social Responsibilty award
from Asia Pacific CSR in recognition of his contributions to
society.
Dato' Jeremy received his bachelors degree in finance and
investment from TAR College in Malaysia in 2007. The Company
believes that Dato' Jeremy will bring to the Board of Directors his
experience in international business operations as well as banking
and finance expertise.
Dato' Jeremy will receive a monthly compensation of 3,000 Malaysian
Ringgit, or approximately US$752, in connection with his service on
our Board of Directors. Dato' Jeremy will serve as an independent
director on each of the Company's audit, compensation and
nomination and corporate governance committees.
Dato' Jeremy does not have a direct family relationship with any of
the Company's directors or executive officers, or any person
nominated or chosen by the Company to become a director or
executive officer.
About Prime Global
Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the operation
of a durian plantation, leasing and development of the operation of
an oil palm plantation, commercial and residential real estate
properties in Malaysia.
Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.
As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.
Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.
ROLLOFFS HAWAII: Ch. 11 Trustee Taps KMH as Financial Consultant
----------------------------------------------------------------
Dane S. Field, the Chapter 11 Trustee of Rolloffs Hawaii, LLC,
seeks authority from the U.S. Bankruptcy Court for the District of
Hawaii to employ KMH LLP as accounting and financial consultant to
the Trustee.
The Trustee requires KMH to:
a. provide forensic accounting services;
b. prepare the Debtor's federal and state tax returns; and
c. provide such other accounting and consulting services as
may be requested by the Trustee.
KMH will be paid at these hourly rates:
Partner $400
Specialty Partner $330
Senior Manager $250
Manager $210
Supervisor $180
Senior Consultant $150
Staff Consultant $110
KMH will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Ross Murakami, member of KMH 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.
KMH can be reached at:
Ross Murakami
KMH LLP
1003 Bishop Street, Suite 2400
Honolulu, HI 96813
Tel: (808) 526-2255
Fax: (808) 536-5817
About Rolloffs Hawaii
Rolloffs Hawaii, LLC, owns and operates a refuse collection and
trash disposal business in the State of Hawaii.
Rolloffs Hawaii filed a chapter 11 petition (Bankr D. Hawaii Case
No. 16-01294) on Dec. 9, 2016. In its petition, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Debtor tapped Jerrold K. Guben, Esq. and Jeffrey S. Flores,
Esq., at O'Connor Playdon & Guben LLP, as counsel; and Lincoln
International LLC as its investment banker.
By other dated Jan. 17, 2017, the Court appointed Dane S. Field as
the Chapter 11 trustee for the Debtor. The Chapter 11 Trustee
engaged Klevansky Piper, LLP, as counsel, and KMH LLP as accounting
and financial consultant.
SHAWERMA EXPRESS: Hires Metropolitan as Broker
----------------------------------------------
Shawerma Express, Inc., seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Metropolitan
Restaurant Brokers, LLC, as broker.
Shawerma Express requires Metropolitan to assist the Debtor in
valuing the assets to be sold, identify a potential purchaser,
qualify a potential purchaser, and assist in the consummation of
any sale.
Metropolitan will be paid the amount of $10,000 for any consummated
sale. In the event of no consummated sale, Metropolitan will not
be entitled to any payment.
The fee structure through which MRB operates in similar situations
would be to provide the same services in exchange for a payment of
the higher of (a) $12,000 or (b) 10 percent of the sale price, and
in such a similar situation, MRB would ordinarily require a
non-refundable retainer as to which the seller would be entitled to
receive a credit in the event of a consummated sale.
Sam Saa, sole member and managing member of MRB, 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.
Metropolitan can be reached at:
Sam Saa
METROPOLITAN RESTAURANT BROKERS, LLC
Clifton, VA
Tel: (703) 472-1646
About Shawerma Express
Shawerma Express, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Va. Case No. 16-10936) on March 15, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor tapped
John Paul Forest II, Esq., at Allred Bacon Halfhill & Young, PC, as
counsel.
SINCLAIR'S RESTAURANT: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------------
The Office of the U.S. Trustee on Feb. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Sinclair's Restaurant, LLC.
About Sinclair's Restaurant
Sinclair's Restaurant, LLC, operates a restaurant at 1402 NW
Highway 7, Blue Springs, Missouri.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mo. Case No. 16-43488) on Dec. 27, 2016. The
petition was signed by Shane Miller, member.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
Colin N. Gotham, Esq., at Evans & Mullinix, P.A., serves as the
Debtor's bankruptcy counsel.
SMILES AND GIGGLES: Taps Berkshire Hathaway as Real Estate Agent
----------------------------------------------------------------
Smiles and Giggles Health Plaza, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire a real
estate agent.
The Debtor proposes to hire Berkshire Hathaway Homeservices Florida
Properties Group in connection with the sale of its property
located at 17020 County Line Road, Spring Hill, Florida.
Berkshire will receive a commission of 6% of the gross sales price
for the property. The Debtor wants the property sold for $900,000.
David Rabon, a real estate agent employed with Berkshire, disclosed
in a court filing that he does not hold any interest adverse to the
Debtor.
Berkshire can be reached through:
David Rabon
Berkshire Hathaway Homeservices
Florida Properties Group
7916 Evolutions Way, Suite 210
Trinity, FL 34655
Office: 813-739-5700
Fax: 813-739-5703
About Smiles and Giggles
Smiles and Giggles Health Plaza, LLC, filed a Chapter 11 petition
(Bankr. M.D. Fla. Case No. 16-08203) on Sept. 23, 2016. The Debtor
is represented by David W. Steen, Esq., at David W. Steen, P.A.
SNAP INTERACTIVE: Signs Indemnification Agreements with Directors
-----------------------------------------------------------------
Snap Interactive, Inc., entered into indemnification agreements
with each of the members of the Company's board of directors
effective Feb. 9, 2017.
Pursuant to the Indemnification Agreements, the Company agreed to
indemnify each Indemnitee (as defined in the Indemnification
Agreements) to the fullest extent permitted by applicable law
against any and all Expenses (as defined in the Indemnification
Agreements) arising from any Proceeding (as defined in the
Indemnification Agreements) in which an Indemnitee was, or is, or
is threatened to be a party by reason of any Indemnitee's Corporate
Status (as defined in the Indemnification Agreements) if the
Indemnitee acted in Good Faith. Following a request by an
Indemnitee, the Company is required to advance (within thirty (30)
days of receipt of such request) any and all Expenses relating to
such Indemnitee's defense of such Proceeding.
The Company is not obligated to indemnify an Indemnitee or advance
any amounts for, among other things, certain judgments where
indemnification is prohibited by the Delaware General Corporation
Law or public policy. Additionally, any costs and Expenses that an
Indemnitee is entitled to receive under his or her Indemnification
Agreement will not be exclusive to any other rights to which the
Indemnitee may currently or in the future be entitled under any
provision of applicable law, the Company's organizational documents
or under any agreement, vote of stockholders or disinterested
directors or otherwise.
Each of the Indemnification Agreements continue until and terminate
upon the later of: (i) 10 years after the date that the Indemnitee
shall have ceased to serve as a Representative (as defined in the
Indemnification Agreements) of the Company or of any other
Enterprise (as defined in the Indemnification Agreements) which the
Indemnitee served at the request of the Company; (ii) the final
termination of all pending Proceedings in respect of which the
Indemnitee is granted rights of indemnification or advancement of
Expenses and of any proceeding commenced by the Indemnitee pursuant
to Article VIII of his or her Indemnification Agreement; or (iii)
the expiration of the statute of limitations with respect to any
claim that may be brought against the Indemnitee with respect to
which indemnification may be available (in whole or in part).
About Snap Interactive
Snap Interactive, Inc. -- http://www.snap-interactive.com/--
develops, owns and operates dating applications for social
networking websites and mobile platforms. The Grade is a
patent-pending mobile dating application catering to high-quality
singles. SNAP's flagship brand, FirstMet, is a multi-platform
online dating site with a large user database of approximately 30
million users.
As of June 30, 2016, Snap Interactive had $2.86 million in total
assets, $6.58 million in total liabilities, and a total
stockholders' deficit of $3.71 million.
The Company reported a net loss of $1.29 million in 2015 following
a net loss of $1.65 million in 2014.
Marcum LLP, in New York, NY, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2015, citing that the Company has incurred net losses and needs
to raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SPI ENERGY: Amends 2014 Convertible Bond Financing
--------------------------------------------------
SPI Energy Co., Ltd., announced that it entered into an amendment
agreement in connection with the Company's convertible bond
financing announced in December 2014.
On Dec. 15, 2014, the Company disclosed that it had entered into a
definitive agreement with Union Sky Holdings Group Limited pursuant
to which the Company issued a convertible promissory note with a
principal amount of US$20 million to a special purpose vehicle of
the investor in December 2014 with a maturity date of June 28,
2016. The Company has not made any repayment on that note as of
Feb. 14, 2017. As a result, the Company entered into an amendment
agreement with the SPV to extend the maturity date of the note,
pursuant to which agreement the repayment of US$6.6 million, US$6.7
million and US$6.7 million of the principal amount of the note will
be due by April 2017, January 2018 and January 2019, respectively.
The SPV has the option to convert the outstanding amounts under the
note into equity interest in the Company at a conversion price per
ordinary share that equals the weighted average daily closing price
of the Company's American depositary shares from Jan. 30, 2016, to
Feb. 10, 2016.
About SPI Energy Co.
SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors. SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America. The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers. The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.
SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014. As of Dec. 31, 2015, SPI Energy had $710 million in
total assets, $493 million in total liabilities and $216.6 million
in total stockholders' equity.
KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and its
subsidiaries have suffered significant losses from operations and
have a negative working capital as of Dec. 31, 2015. In addition,
the Group has substantial amounts of debts that will become due for
repayment in 2016. The auditors said these factors raise
substantial doubt about the Group's ability to continue as a going
concern.
SULLIVAN VINEYARDS: Taps Michael C. Fallon as Legal Counsel
-----------------------------------------------------------
Sullivan Vineyards Partnership seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to hire
legal counsel.
The Debtor proposes to hire the Law Offices of Michael C. Fallon to
give legal advice regarding its duties under the Bankruptcy Code,
and provide other legal services related to its Chapter 11 case.
The hourly rates charged by the firm are:
Michael Fallon $500
Michael Fallon, Jr. $250
Legal Assistant $150
Michael Fallon, Esq., disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The Firm can be reached through:
Law Offices of Michael C. Fallon
Michael Fallon, Esq.
Michael Fallon, Jr., Esq.
100 E. Street, Suite 219
Santa Rosa, CA 95404
Tel: (707) 546-6770
About Sullivan Vineyards Partnership
Sullivan Vineyards Partnership sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Calif., Case No. 17-10067) on
February 2, 2017. The petition was signed by Ross Sullivan,
general partner. The case is assigned to Judge Alan Jaroslovsky.
At the time of the filing, the Debtor disclosed $18.99 million in
assets and $14.27 million in liabilities.
TANNER COMPANIES: Has Interim Approval to Use Cash Collateral
-------------------------------------------------------------
Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western
District of North Carolina authorized Tanner Companies, LLC, to use
cash collateral on an interim basis through March 21, 2017.
The Debtor is authorized to use cash collateral to satisfy the to
satisfy obligations or expenses due and payable in the ordinary
course of its business substantially consistent with the Revised
Budget. The Revised Budget covers the week ending Feb. 3, 2017,
through week ending March 24, 2017 provides total cash payout
amounting to $4,151,776.
While the Revised Budget contemplates $200,000 payment to U.S.
Customs and Border Protection for the purpose of posting a bond to
secure the Debtor's ongoing payment obligations to the CBP, Judge
Whitley held, however, that the Customs Bond may not be necessary.
As such, he prohibited the Debtor from using cash collateral to
post the Customs Bond without further authorization from the Court.
Salem Investment Partners III, Limited Partnership asserted a
security interest in substantially all of the Debtor's tangible and
intangible assets, including without limitation real estate,
deposit accounts, inventory, accounts receivable, general
intangibles, and the proceeds thereof.
Salem Investment was granted a valid, attached, choate, continuing,
perfected, and enforceable security interest and replacement liens
in post-petition assets acquired using the cash collateral to the
same extent and priority as existed pre-petition, subject only to
valid liens existing as of the Petition Date.
The final hearing on the Debtor's use of cash collateral which will
be held on March 21, 2017 at 2:00 p.m.
A full-text copy of the Interim Order, dated February 14, 2017, is
available at https://is.gd/aBWbDb
About Tanner Companies
Tanner Companies, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. W.D.N.C. Case No. 17-40029) on Jan. 27, 2017. The petition
was signed by Elaine T. Rudisill, chief restructuring officer. The
case is assigned to Judge Craig J. Whitley. The Debtor is
represented by Joseph W. Grier, III, Esq. at Grier Furr & Crisp,
PA. The Debtor disclosed total assets of $4.30 million and total
liabilities of $18.12 million.
An Official Committee of Unsecured Creditors has been formed in the
case. The Committee members are (1) Design One, Inc.; (2) INK4,
Inc.; (3) William A. Joyner; (4) Laura Kendall; and (5) Catherine
Schepis.
TEMPLE OF HOPE: Seeks Court Permission to Use Cash Collateral
-------------------------------------------------------------
Temple of Hope Baptist Church, Inc., seeks authorization from the
U.S. Bankruptcy Court for the Northern District of Alabama to use
cash collateral during the course of its bankruptcy case.
The Debtor asserts that the use of cash collateral is necessary and
essential to its business operations and reorganization efforts in
order to avoid immediate and irreparable harm to its estate and
creditors. The Debtor contends that without such use of cash
collateral, the Debtor will not be able to pay its necessary
operating expenses such as utility bills, property taxes,
insurance, post-petition vendors and other necessary expenses.
The Debtor's proposed Budget contemplates the Debtor's operating
expenses for the period from January 1 through Jan. 31, 2017,
providing a total of approximately $103,696.
The Debtor recounts it has executed various loan documents with
Alamerica Bank in the original loan amount of $161,500.
Subsequently, the Loan was sold and assigned to Opportunity Real
Estate, LLC. The principal balance owed under the Loan is
approximately $73,732 as of January 13, 2017, which is secured by a
Mortgage Deed and Assignment of Rents in the Debtor's commercial
real property, and/or rents and proceeds thereof.
The Debtor believes that the real and personal property securing
the Loan has an approximate gross value in excess of $140,000 as of
the Petition Date. As such, the Debtor opines that secured position
of Opportunity Real Estate is over-secured.
The Debtor proposes to provide Opportunity Real Estate with
adequate protection, in part by:
(a) extending its pre-petition mortgage and security interest
liens to a "rollover lien" including future receivables, rents,
profits, proceeds, inventory, fixtures, furnishings, equipment and
the proceeds therefrom; and
(b) if necessary, resuming monthly payments to Opportunity
Real Estate in an amount that is reasonable and feasible that will
reasonably preserve Opportunity Real Estate's position as of the
Petition Date.
A full-text copy of the Debtor's Motion, dated Feb. 16, 2017, is
available at https://is.gd/nFQsL0
Temple of Hope Baptist Church, Inc., is represented by:
Frederick Mott Garfield, Esq.
Spain & Gillon
2117 2nd Avenue North
Birmingham, AL 35203
Phone: 205-581-6259
-- and --
Gina H. McDonald, Esq.
Gina H. McDonald & Associates, LLC
2057 Valleydale Road, Suite 202
Birmingham, AL 35244
Phone: 205-982-3325
About Temple of Hope Baptist Church
Temple of Hope Baptist Church, Inc., is a religious organization
which operates exclusively for religious, charitable, and distinct
ecclesiastical purposes in Birmingham, Alabama.
Temple of Hope Baptist Church filed a Chapter 11 petition (Bankr.
N.D. Ala. Case No. 17-00415) on Feb. 1, 2017. The petition was
signed by Oliver L. Jones, Pastor. At the time of filing, the
Debtor had $100,000 to $500,000 in estimated assets and $50,000 to
$100,000 in estimated liabilities.
The Debtor is represented by Frederick Mott Garfield, Esq. at Spain
& Gillon and Gina H. McDonald, Esq. at Gina H. McDonald &
Associates, LLC.
THIRD COAST INDUSTRIAL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------------
The Office of the U.S. Trustee on Feb. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Third Coast Industrial
Coatings, Inc.
About Third Coast Industrial Coatings
Third Coast Industrial Coatings, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S. D. Texas Case No.
17-30118) on Jan. 3, 2017. The petition was signed by Felipe
Antonio Ibarra, president.
The case is assigned to Judge David R. Jones.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.
Nelson M. Jones, III, Esq., at the Law Office of Nelson M. Jones
III serves as the Debtor's bankruptcy counsel.
TOWN SPORTS: Incurs $259,000 Net Loss in Fourth Quarter
-------------------------------------------------------
Town Sports International Holdings, Inc., reported financial
results for its fourth quarter and year-ended Dec. 31, 2016.
Town Sports reported a net loss of $259,000 on $96.10 million of
revenues for the three months ended Dec. 31, 2016, compared to net
income of $86.99 million on $100.83 million of revenues for the
three months ended Dec. 31, 2015.
For the 12 months ended Dec. 31, 2016, the Company reported net
income of $8.04 million on $693.92 million of revenues compared to
net income of $21.15 million on $424.32 million of revenues for the
12 months ended Dec. 31, 2015.
As of Dec. 31, 2016, Town Sports had $235.87 million in total
assets, $321.54 million in total liabilities and a total
stockholders' deficit of $85.67 million.
Patrick Walsh, chairman and chief executive officer of TSI,
commented: "2016 was an extraordinary year for our Company. I want
to thank the 7,500 plus TSI team members that delivered exceptional
results this past year. During the fourth quarter, Adjusted EBITDA
increased 23.7% from the prior year to $12.3 million. The
Company's profitability continued to improve throughout the year
with the fourth quarter's Adjusted EBITDA margin increasing to
12.8%. The Company's improvement in profitability is a material
achievement given the margin pressure from declining revenues. The
annual Chairman's letter will be released on February 27, 2017 and
posted on the Company's website and will provide further commentary
on the business."
Total cash and total debt as of Dec. 31, 2016, was $45.6 million
and $202 million, respectively, and total cash and total debt as of
Dec. 31, 2015, was $76.2 million and $275.4 million, respectively.
The decrease in both total cash and total debt was primarily due to
the purchases of long-term debt. In Q2 2016, TSI Holdings
purchased a total of $71.1 million principal amount of debt
outstanding under the 2013 Senior Credit Facility for $29.8
million, or an average of 42% of face value. The purchased debt
was transferred to Town Sports International, LLC and canceled upon
settlement.
A full-text copy of the press release is available at:
https://is.gd/J8sY53
About Town Sports
New York-based Town Sports International Holdings, Inc. is one of
the leading owners and operators of fitness clubs in the Northeast
and mid-Atlantic regions of the United States and, through its
subsidiaries, operated 151 fitness clubs as of March 31, 2016,
comprising 104 New York Sports Clubs, 27 Boston Sports Clubs, 12
Washington Sports Clubs (one of which is partly-owned), five
Philadelphia Sports Clubs, and three clubs located in Switzerland,
and three BFX Studio locations. In addition, the Company also has
one partly-owned club that operated under a different brand name in
Washington, D.C. as of March 31, 2016. These clubs collectively
served approximately 553,000 members as of March 31, 2016.
* * *
As reported by the TCR on March 14, 2016, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Town Sports
International Holdings to 'CCC+' from 'SD'.
Town Sports carries a 'Caa2' corporate family rating from Moody's
Investors Service.
TOWNCENTER PLAZA: Taps Flowers Realty as Real Estate Broker
-----------------------------------------------------------
Towncenter Plaza, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire a real estate
broker.
The Debtor proposes to hire The Flowers Realty, Inc. in connection
with the sale of various vacant land lots in Calexico, California.
The firm will receive a 6% commission.
Flowers Realty does not represent any interest adverse to the
Debtor or its bankruptcy estate, according to court filings.
The Firm can be reached through:
Luz Maria Garcia
The Flowers Realty, Inc.
138 E. Cole Blvd., Suite 7
Calexico, CA 92231
Phone: (760) 357-7111
The Debtor is represented by:
John L. Smaha, Esq.
Gustavo E. Bravo, Esq.
Smaha Law Group, APC
2398 San Diego Avenue
San Diego, CA 92110
Tel: (619) 688-1557
Fax: (619) 688-1558
About TownCenter Plaza
Towncenter Plaza, LLC, a single asset real estate company based in
San Marino, California, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. Calif. Case No. 17-00623) on February
2, 2017. The petition was signed by Rebecca Chiu, administrator.
The case is assigned to Judge Louise DeCarl Adler. The Debtor is
represented by John L. Smaha, Esq., of Smaha Law Group, APC.
At the time of the filing, the Debtor disclosed $19.16 million in
assets and $12.28 million in liabilities.
TRANSMAR COMMODITY: Committee Hires Tarter Krinksy as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Transmar Commodity
Group Ltd. seeks authorization from the U.S. Bankruptcy Court for
the Southern District of New York to retain Tarter Krinsky &
Drogin, LLP as counsel, nunc pro tunc to January 25, 2017.
The Committee requires TKD to:
a. assist, advise, and represent the Committee in its
consultation with the Debtor and secured creditors regarding the
administration of this case;
b. 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 poposed asset
sales, any asset dispositions, financing arrangements and cash
collateral stipulations or proceedings;
c. appear in this Court to represent the interest of the
Committee;
d. assist, advise, and represent the Committee in any manner
relevant to reviewing and determining the Debtor's right and
obligations under leases and other executory contracts;
e. assist, advise, and represent the Committee in
investigating the acts, conduct, assets, liabilities, and
financial condition of the Debtor, the Debtor's operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to this case or to the formulation
of a plan;
f. assist, advise, and represent the Committee in its
participation in the negotiation, formulation, and drafting of a
plan of liquidation or reorganization;
g. assist, advise, and represent the Committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and perform other services as are in the
interest of those represented by the Committee;
h. assist, advise, and represent the Committee in the
evaluation of claims and on any litigation matters, including
avoidance actions and claims against directors and officers and any
other party; and
i. provide other services to the Committee as may be
necessary in this case.
TKD lawyers who will work on the Debtor's case and their hourly
rates are:
Scott Markowitz, partner $595
Rocco A. Cavaliere, partner $515
Michael Z. Brownstein, of Counsel $595
TKD professionals hourly rates for 2017:
Partners $485-$650
Attorneys $295-$595
Paralegal $225-$285
TKD will also be reimbursed for reasonable out-of-pocket expenses
incurred.
Scott Markowitz, Esq., partner in the firm of Tarter Krinsky &
Drogin, LLP, assured the Court that the firm does not represent any
interest adverse to the Debtor and its estates.
TKD may be reached at:
Scott Markowitz, Esq.
Tarter Krinsky & Drogin, LLP
1350 Broadway, 11th Floor
New York, NY 10018
Tel: (212)216-8000
Fax: (212)216-8001
About Transmar Commodity Group Ltd.
Transmar Commodity Group Ltd. filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 16-13625), on December 31, 2016. The Petition
was signed by was signed by Peter G. Johnson, chairman, president
and chief executive officer. At the time of filing, the Debtor had
estimated both assets and liabilities ranging between $100 million
to $500 million each.
The Debtor is represented by Joseph L. Schwartz, Esq., Tara J.
Schellhorn, Esq. and Rachel F. Gillen, Esq., at Riker Danzig
Scherer Hyland & Perretti LLP. The Debtor has engaged Tracy L.
Klestadt, Esq., Joseph C. Corneau, Esq., and Christopher J.
Reilly, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP
as local counsel; and GORG as German special counsel.
The Debtor has hired DeLoitte Transactions and Business Analytics
LLP as its restructuring advisor; and Donlin, Recano & Company,
Inc. as its claims & noticing agent.
The Office of the U.S. Trustee on Jan. 18 appointed three
creditors of Transmar Commodity Group Ltd. to serve on the official
committee of unsecured creditors.
TUMBLEWEED CENTER: Seeks to Hire Allen Barnes as Conflicts Counsel
------------------------------------------------------------------
Tumbleweed Center for Youth Development seeks approval from the
U.S. Bankruptcy Court for the District of Arizona to hire Allen
Barnes & Jones, PLC as conflicts counsel.
The Debtor tapped the firm to investigate Wells Fargo Bank, N.A.'s
purported liens in some of its assets and the amount it allegedly
owes to the secured lender. The firm will provide legal services
on a pro bono basis.
Perkins Coie LLP, the Debtor's bankruptcy counsel, cannot represent
the Debtor in matters involving Wells Fargo due to a conflict of
interest.
Allen Barnes does not represent any interest adverse to the Debtor
or its bankruptcy estate, according to court filings.
The Ffirm can be reached through:
Allen Barnes & Jones, PLC
Hilary L. Barnes, Esq.
Khaled Tarazi, Esq.
1850 N. Central Avenue, Suite 1150
Phoenix, AZ 85004
Office: (602) 256-6000
Fax: (602) 252-4712
Email: hbarnes@allenbarneslaw.com
Email: ktarazi@allenbarneslaw.com
About Tumbleweed Center
Tumbleweed Center for Youth Development sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
16-14181) on December 16, 2016. The petition was signed by Paula
Adkins, interim chief executive officer.
The case is assigned to Judge Paul Sala. The Debtor is represented
by Perkins Coie LLP.
At the time of the filing, the Debtor estimated its assets and
liabilities at $1 million to $10 million.
The U.S. Trustee has appointed two creditors, Onsite Technical
Services LLC and Accounting Rescue Inc., to serve on the official
committee of unsecured creditors.
UNIQUE VENTURES: Hires RudovLaw as Counsel
------------------------------------------
Unique Ventures Group, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
RudovLaw as its counsel.
Unique Ventures requires RudovLaw to represent the Debtor in the
Chapter 11 bankruptcy proceedings.
David K. Rudov, an attorney at RudovLaw has agreed to represent the
Debtor in connection with its chapter 11 case as co-counsel with
Scott M. Hare, Esq.
RudovLaw will be paid at these hourly rates:
Partners $400
Senior Counsel $280
Associates $185
Paralegal $80-$150
RudovLaw will be paid a retainer in the amount of $25,000.
RudovLaw will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Rudov 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.
RudovLaw can be reached at:
David K. Rudov, Esq.
RUDOVLAW
437 Grant Street, Suite 1806
Pittsburgh, PA 15219
Tel: (412) 223-5030
Fax: (412) 281-1121
E-mail: david@rudovlaw.com
About Unique Ventures Group
Unique Ventures Group, LLC, based in Pittsburgh, PA, filed a
Chapter 11 petition (Bankr. W.D. Pa. Case No. 17-20526) on February
13, 2017. The Hon. Thomas P. Agresti presides over the case. In
its petition, the Debtor estimated $10 million to $50 million in
both assets and liabilities. The petition was signed by Eric E.
Bononi, receiver, CEO and CRO.
UNITED ROAD: Amended Committee Appointment Notice Corrects Fax No.
------------------------------------------------------------------
United Road Towing, Inc., filed with the U.S. Bankruptcy Court for
the District of Delaware on Feb. 21 an amended notice of
appointment of committee of unsecured creditors, to correct the fax
number for First Service Credit Union.
As reported by the Troubled Company Reporter on Feb. 21, 2017,
Andrew R. Vara, Acting U.S. Trustee for Region 3, on Feb. 16
appointed five creditors to serve on the official committee of
unsecured creditors appointed in the Chapter 11 cases of the Debtor
and its affiliates.
The committee members are:
(1) Mission Wrecker, S.A., Inc.
Attn: Jim Champion
4535 FM 1510 N.
Con Verse, TX 78109
Tel: (210) 341-0333
Fax: (210) 651-5114
(2) First Service Credit Union
fka Right Choice as Class Representative
Attn: Michael Brooks, Esq.
Brooks Hubley, LLP
1645 Village Center Cir, Suite 60
Las Vegas, NV 89134
Tel: (702) 851-1191
Fax: (702) 851-1198
(3) M2 Development, LLC
Attn: Matthew Brady
1669 W. Horizon Ridge Parkway No. 120
Henderson, NV 89012
Tel: (702) 373-2834
Fax: (702) 441-8956
(4) Secure-24, LLC
Attn: Beth Mier, Esq.
26955 Northwestern Highway No. 200
Southfield, MI 48033
Tel: (248) 784-1021, Ext. 2696
Fax: (248) 630-3125
(5) FTM Corp, dba Fleet Technology & Maintenance Corp.
Attn: Sergio Aguirre
8500 NW 64th Street
Miami, FL 33166
Tel: (305) 219-8236
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About United Road Towing
Headquartered in Mokena, Illinois, United Road Towing, Inc. -- dba
Good Buy Auto Auction, UR Vehicle Management Solutions, Quality
Towing, United Road Vehicle Management Solutions, and dba United
Road Towing-San Antonio -- and its affiliates provide towing,
recovery, impound, and vehicle management solutions services to
both the private and public sector. Through a portfolio of local
and regional brands operating across 10 different regions in eight
different states, the Debtors dispatch approximately 500,000 tows,
manage over 200,000 impounds and sell over 38,000 vehicles
annually across the U.S.
United Road Towing, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 17-10249) on Feb. 6, 2017.
These affiliates filed separate Chapter 11 bankruptcy petitions on
the same day: URT Holdings, Inc. (Bankr. D. Del. Case No.
17-10250), City Towing, Inc. (Bankr. D. Del. Case No. 17-10251),
URS West, Inc. (Bankr. D. Del. Case No. 17-10252), Bill & Wag's,
Inc. (Bankr. D. Del. Case No. 17-10253), Export Enterprises of
Massachusetts, Inc. (Bankr. D. Del. Case No. 17-10254), Pat's
Towing, Inc. (Bankr. D. Del. Case No. 17-10255), Keystone Towing,
Inc. (Bankr. D. Del. Case No. 17-10256), Ross Baker Towing, Inc.
(Bankr. D. Del. Case No. 17-10257), URT Texas, Inc. (Bankr. D. Del.
Case No. 17-10258), Mart Caudle Corporation (Bankr. D. Del. Case
No. 17-10259), Signature Towing, Inc. (Bankr. D. Del. Case No.
17-10260), WHW Transport, Inc. (Bankr. D. Del. Case No. 17-10261),
URS Southeast, Inc. (Bankr. D. Del. Case No. 17-10262), URS
Northeast, Inc. (Bankr. D. Del. Case No. 17-10263), URS Southwest,
Inc. (Bankr. D. Del. Case No. 17-10264), Fast Towing, Inc. (Bankr.
D. Del. Case No. 17-10265), E&R Towing and Garage, Inc. (Bankr. D.
Del. Case No. 17-10266), Sunrise Towing, Inc. (Bankr. D. Del. Case
No. 17-10267), Ken Lehman Enterprises, Inc. (Bankr. D. Del. Case
No. 17-10268), United Road Towing of South Florida, Inc. (Bankr. D.
Del. Case No. 17-10269), Rapid Recovery Incorporated (Bankr. D.
Del. Case No. 17-10270), United Road Towing Services, Inc. (Bankr.
D. Del. Case No. 17-10271), Arri Brothers, Inc. (Bankr. D. Del.
Case No. 17-10272), Rancho Del Oro Companies, Inc. (Bankr. D. Del.
Case No. 17-10273), CSCBD, Inc. (Bankr. D. Del. Case No. 17-10274),
UR VMS, LLC (Bankr. D. Del. Case No. 17-10275), URS Leasing, Inc.
(Bankr. D. Del. Case No. 17-10276), and UR Vehicle Management
Solutions, Inc. (Bankr. D. Del. Case No. 17-10277).
The petitions were signed by Michael Mahar, chief financial
officer.
Judge Laurie Selber Silverstein presides over the case.
Daniel J. McGuire, Esq., Grace D. D'Arcy, Esq., and Carrie V.
Hardman, Esq., at Winston & Strawn LLP serve as Debtors' general
counsel.
M. Blake Cleary, Esq., Ryan M. Bartley, Esq., and Andrew
Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as
the Debtors' Delaware counsel.
Getzler Henrich & Associates LLC is the Debtors' financial
advisor.
SSG Advisors LLC is the Debtors' investment banker.
Rust Consulting/Omni Bankruptcy is the Debtors' noticing, claims
and balloting agent.
The Debtors estimated assets of between $10 million and $50
million and debts of between $50 million and $100 million.
VANGUARD HEALTHCARE: Creditors' Committee Opposes Plan Confirmation
-------------------------------------------------------------------
Vanguard Healthcare, LLC, et al., filed with the U.S. Bankruptcy
Court for the Middle District of Tennessee a disclosure statement
accompanying the Debtors' first amended joint plan of
reorganization dated Feb. 14, 2017.
Class 2 - AmerisourceBergen claim is impaired by the Plan. Class 2
is secured by a security interest in the accounts and inventory of
Elderscript. This security interest is junior to the interests of
Healthcare Financial Services in that same collateral, and thus
AmerisourceBergen does not hold a secured claim. Accordingly the
Allowed Claim of AmerisourceBergen (for the portion that is not
determined to be an Administrative Expense) is to be paid as an
Unsecured Claim in Class 5. To the extent that this claim is
determined to be a secured claim, the amount of the secured claim
will be paid in 12 monthly installments with interest accruing from
the Effective Date of the Plan at the fixed rate of 4.5%.
Class 5 - Unsecured Claims will be paid in the aggregate amount
equal to 100% percent of the Allowed Claim in 14 semi-annual
installments paid with interest at the fixed rate of 4.5% over a
period of seven years with the first installment beginning on the
later of (i) six months following the Effective Date of the Plan,
or (ii) the first day of the first full month following the
determination of the Allowed Claim, and then semi- annually for the
remaining seven year period thereafter. The Effective Date of the
Plan is estimated to be June 1, 2017.
The Official Committee of Unsecured Creditors opposes confirmation
of Debtors' Plan and recommends that unsecured creditors in Class 5
vote to reject the Plan. Among other reasons, the Committee
believes that the Plan does not treat unsecured creditors fairly
when compared to many other classes of creditors or with respect to
William Orand or Jere Ervin, the holders of the equity in the
Vanguard companies. For example, even though HFS is an over
secured creditor that has already received more than $5.0 million
in payments since the filing of these bankruptcies cases, the Plan
provides that HFS will receive on the effective date of the Plan at
least an additional $500,000 in partial payment of its professional
fees. Moreover, the loan covenants and fees in favor of HFS
provided for in the Plan are onerous and are likely to prevent
Debtors from making payments to unsecured and other creditors.
Additionally, certain Japanese limited partnerships for which Mr.
Orand serves as general partner will receive $820,000 on the
effective date of the Plan, and the amounts owed to the insider
captive insurance company will be paid over only a three year
period.
On the other hand, the holders of Allowed unsecured claims in Class
5 receive nothing on the Effective Date of the Plan and are being
asked to accept payment of their claims over an unacceptably long
period of at least 7.5 years and at a significantly lower interest
rate than is being paid to HFS, as an over secured creditor.
Moreover, during the 7.5 year period proposed for payment to
Allowed Class 5 unsecured creditors, the Plan places no
restrictions on distributions or salaries to Mr. Orand, Mr. Ervin
or other insiders, and under the Plan those individuals retain
their ownership interest without any infusion of new equity. The
Committee believes that these and other terms of the Plan mean that
it is in the best interests of Class 5 unsecured creditors to
oppose confirmation of the Debtors' Plan. Thus, the Committee
recommends that unsecured creditors vote to reject the Plan.
William D. Orand will continue to be the Chief Executive Officer of
Vanguard Healthcare and John T. Fick will continue to be the Chief
Financial Officer. Both officers will be paid the same annual
salary paid to them before the commencement of these Chapter 11
cases, which was $400,000 and $180,000 respectively. Benefits will
also be retained in the same amounts existing prepetition, which
include Key Man Insurance in the amount of $3 million and a car
lease for Orand and 50% payment of health insurance.
Upon the Effective Date of the Plan, the Committee will terminate
as to all of the cases under this Joint Plan, but will remain in
effect pending the completion of the Crestview and Poplar Point
liquidations. Under the Joint Plan, the Debtors will work with
counsel for the Committee and the U.S. Trustee to designate an ad
hoc committee of creditors of the Debtors to monitor the
implementation of the Plan after the Effective Date of the Plan
until payments to Class 5 are paid in full. If a consensus cannot
be reached with these parties, the matter may be presented to the
Court for appointment of the PostConfirmation Committee. During
the period of existence of the Post-Confirmation Committee, the
Reorganized Debtors will reimburse the Post-Confirmation Committee
fees and expenses reasonably incurred by counsel for the
Post-Confirmation Committee in assisting the PostConfirmation
Committee during the period of payments to class. After the
Effective Date of the Plan, each Reorganized Debtor will have the
power and authority to sell it assets and settle and compromise any
cause of action or the allowance of any claim without further
notice or court approval.
The Disclosure Statement is available at:
http://bankrupt.com/misc/tnmb16-03296-968.PDF
As reported by the Troubled Company Reporter on Dec. 21, 2016, the
Debtors filed with the Court a disclosure statement referring to
the Debtors' plan of reorganization dated Nov. 30, 2016. Under the
Plan, Class 5 Unsecured Claims are impaired. Unless earlier paid
upon a sale of a facility as provided under the Plan, allowed
claims within this class will be paid in the aggregate amount equal
to 100% of the allowed claim in 14 semi-annual installments paid
with interest at the fixed rate of 4.5% over a period of seven
years with the first installment starting on the later of (i) the
Effective Date of the Plan, or (ii) the first day of the first full
month following the determination of the allowed claim, and then
semi-annually for seven years.
About Vanguard Healthcare
Vanguard is a long-term care provider headquartered in Brentwood,
Tennessee, providing rehabilitation and skilled nursing services at
14 facilities in four states (Florida, Mississippi, Tennessee and
West Virginia).
Vanguard Healthcare, LLC, and 17 of its subsidiaries each filed a
Chapter 11 bankruptcy petition (Bankr. M.D Tenn. Lead Case No.
16-03296) on May 6, 2016. The petitions were signed by William D.
Orand, the CEO. The cases are assigned to Judge Randal S.
Mashburn.
Vanguard estimated assets in the range of $100 million to $500
million and liabilities of up to $100 million.
The Debtors have hired Bradley Arant Boult Cummings LLP as counsel
and BMC Group as noticing agent.
The U.S. Trustee for Region appointed seven creditors of Vanguard
Healthcare, LLC, to serve on the official committee of unsecured
creditors. The committee members are Kindred Nursing Centers East,
L.L.C., Medline Industries, Inc., Healthcare Services Group, Inc.,
Kirk F. Hebert, Signature Healthcare, LLC, et al., Express Courier,
and Rezult Group, Inc.
Laura E. Brown, Esq., is the Patient Care Ombudsman for Vanguard
Healthcare, LLC.
VEROS PARTNERS: Investors' Bid to Revise Distribution Plan Junked
-----------------------------------------------------------------
Cara Mannion, writing for Bankruptcy Law360, reports that U.S.
District Judge Jane Magnus-Stinson has refused an investor group's
attempt to shake up a court-appointed receiver's plan to distribute
Veros Partners Inc.'s allegedly ill-gotten gains.
The investor group, says Law360, wanted to split the investors into
different tiers for recovery.
Law360 relates that Judge Magnus-Stinson found that the original
plan to treat all investors from different offerings equally works
best in this case. The report states that under the receiver's
plan, recovered funds will be distributed to investors allegedly
misled about an asset manager's use of $15 million in farm loans.
Veros Partners Inc. is an Indianapolis-based financial planning
firm.
WET SEAL: Hires Berkeley Research Group as Financial Advisors
-------------------------------------------------------------
The Wet Seal, LLC, and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the District of Delaware to employ
Berkeley Research Group, LLC as their financial advisors, nunc pro
tunc to February 2, 2017.
The Debtors require Berkeley Research to:
a. develop restructuring plans and strategic alternatives
for maximizing enterprise value;
b. assist with working capital management and liquidity
forecasting;
c. assist management with developing programs to ensure the
retention of key employees and effective communication plans with
employees, vendors and other key stakeholders;
d. lead negotiations with liquidators and asset disposition
firms to maximize the liquidity and profitability from inventory
sales;
e. develop informational materials to support the Store
Closing Sales and related processes;
f. provide advice regarding the agency agreement entered
into in conjunction with the Store Closing Sales and leading
negotiations with the Debtors' retained liquidator;
g. assist with developing and implementing operational
improvement initiatives;
h. assist management and the Debtors' managing member in
contingency planning;
i. prepare financial information, including with respect to
the Debtors' Schedules of Assets and Liabilities and Statements of
Financial Affairs; and
j. prepare Monthly Operating Reports.
Berkeley Research will be paid at these hourly rates:
Managing Directors $825-$975
Directors $650-$775
Professional Staff $295-$655
Support Staff $125-$250
Berkeley Research received a retainer in the amount of $250,000.
Berkeley Research will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Stephen Coulombe, managing director with Berkeley Research Group,
LLC, assured the Court that his 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.
Berkeley Research may be reached at:
Stephen Coulombe
Berkeley Research Group, LLC
22000 Powell Street, Suite 1200
Emeryville, CA 94608
Tel: (510)285-3300
Fax: (510)654-7857
About The Wet Seal
The Wet Seal, LLC, and its affiliates are a national multi-channel
specialty retailer selling fashion apparel and accessory items
designed for female customers aged 18 to 24 years old. They are
currently comprised of two primary units: the retail store business
and an e-commerce business. Through their retail store business,
they operate approximately 142 retail locations in 37 states,
principally in lease-based mall locations. They also have
historically sold gift cards, which business has been primarily
operated through The Wet Seal Gift Card, LLC.
The Wet Seal, LLC, also known as The Wet Seal (2015), LLC, sought
Chapter 11 protection (Bankr. D. Del. Case No. 17-10229) on Feb. 2,
2017. The petitions were signed by Judd P. Tirnauer, executive
vice president and chief financial officer.
The case is assigned to Judge Christopher S. Sontchi.
The Debtors estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt.
The Debtors tapped Robert S. Brady, Esq., Michael R. Nestor, Esq.,
Jaime Luton Chapman, Esq., Andrew L. Magaziner, Esq., of the Young
Conaway Stargatt & Taylor, LLP as counsel. They also tapped
Berkeley Research Group, LLC as financial advisors; Hilco IP
Services, LLC d/b/a Hilco Streambank as intellectual property
disposition consultant; and Donlan, Recano & Company as claims and
noticing agent.
WET SEAL: Hires Hilco Streambank as Consultant
----------------------------------------------
The Wet Seal, LLC, and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the District of Delaware to employ
Hilco IP Services LLC d/b/a Hilco Streambank as intellectual
property disposition consultant, nunc pro tunc to February 2,
2017.
The Debtors require Hilco Streambank to:
a. collect and secure all of the available information and
other data concerning the Intellectual Property;
b. prepare marketing materials designed to inform potential
purchasers of the availability of the Intellectual Property for
sale, assignment, license, or other disposition;
c. develop and execute a sales and marketing program designed
to elicit proposals to acquire the Intellectual Property from
qualified acquirers with a view toward completing one or more
sales, assignments, licenses or other dispositions of the
Intellectual Property; and
d. assist them in connection with the transfer of the
Intellectual Property to the acquirer(s) who offer the highest or
otherwise best consideration for the Intellectual Property.
The Debtors have agreed to pay for Hilco Streambank's services in
this Fee Structure:
i. 5% of the amount of aggregate Net Proceeds up to
$1,000,000; plus
ii. 10% of the amount of aggregate Net Proceeds in
excess of $1,000,000 up to $5,000,000; plus.
iii. 5% of the amount by which the aggregate Net Proceeds
exceed $5,000,000 up to $10,000,000; plus
iv. 2.5% of the amount by which the aggregate Net
Proceeds exceed $10,000,000.
Hilco Streambank will also be reimbursed for reasonable
out-of-pocket expenses incurred, up to maximum aggregate amount of
$15,000.
David Peress, executive vice president of Hilco IP Services LLC
d/b/a Hilco Streambank, assured the Court that his 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 Streambank may be reached at:
David Peress
Hilco Streambank
980 Washington St., Suite 330
Dedham, MA 02026
Tel: 781.471.1239
E-mail: dperess@hilcoglobal.com
About The Wet Seal
The Wet Seal, LLC, and its affiliates are a national multi-channel
specialty retailer selling fashion apparel and accessory items
designed for female customers aged 18 to 24 years old. They are
currently comprised of two primary units: the retail store business
and an e-commerce business. Through their retail store business,
they operate approximately 142 retail locations in 37 states,
principally in lease-based mall locations. They also have
historically sold gift cards, which business has been primarily
operated through The Wet Seal Gift Card, LLC.
The Wet Seal, LLC, also known as The Wet Seal (2015), LLC, sought
Chapter 11 protection (Bankr. D. Del. Case No. 17-10229) on Feb. 2,
2017. The petitions were signed by Judd P. Tirnauer, executive
vice president and chief financial officer.
The case is assigned to Judge Christopher S. Sontchi.
The Debtors estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt.
The Debtors tapped Robert S. Brady, Esq., Michael R. Nestor, Esq.,
Jaime Luton Chapman, Esq., Andrew L. Magaziner, Esq., of the Young
Conaway Stargatt & Taylor, LLP as counsel. They also tapped
Berkeley Research Group, LLC as financial advisors; Hilco IP
Services, LLC d/b/a Hilco Streambank as intellectual property
disposition consultant; and Donlan, Recano & Company as claims and
noticing agent.
WET SEAL: Hires Young Conaway as Bankruptcy Counsel
---------------------------------------------------
The Wet Seal, LLC, and its debtor-affiliates seek permission from
the U.S. Bankruptcy Court for the District of Delaware to employ
Young Conaway Stargatt & Taylor, LLP as counsel for the Debtors.
The Debtors require Young Conaway to:
a. provide legal advice with respect to their powers and
duties as debtors-in-possession in the continued operation of their
business, management of their properties, and the potential sale of
their assets;
b. prepare and pursue confirmation of a plan and approval of a
disclosure statement;
c. prepare, on their behalf, necessary applications, motions,
answers, orders, reports, and other legal papers;
d. appear in Court and protect their interests before the
Court; and
e. perform all other legal services that may be necessary and
proper in these proceedings.
Young Conaway lawyers and professionals who will work on the
Debtors' cases and their hourly rates are:
Robert S. Brady $890
Michael R. Nestor $820
Jaime Luton Chapman $540
Andrew L. Magaziner $495
Travis G. Buchanan $430
Kenneth A. Listwak $300
Chad Corazza (paralegal) $240
On January 23, 2017, Young Conaway received a $150,000 retainer in
connection with the planning and preparation of initial documents
and the Firm's proposed postpetition representation of the Debtors,
including anticipated filing fees. On January 30, 2017, the
Retainer was supplemented with $100,000. At the Debtors' request,
the supplement to the Retainer was paid on behalf of the Debtors by
Crystal Financial, LLC, the Debtors' senior secured lender, as part
of an over-advance to the Debtors due the Debtors' liquidity
constraints. On February 1, 2017, the Retainer was further
supplemented with $150,000.
In addition, the Retainer has been reduced by $206,119.90 on
account of outstanding balances existing as of the Petition Date,
and Young Conaway will hold the balance of the Retainer in the
amount of $156,337.90 as a general retainer as security for
postpetition services and expenses.
Young Conaway will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael R. Nestor, Esq., partner in the firm of Young Conaway
Stargatt & Taylor, 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.
In a separate application, the Debtors have asked or will ask the
Court to approve the retentions of: (i) Berkeley Research Group,
LLC as financial advisors; (ii) Hilco IP Services, LLC d/b/a Hilco
Streambank ("Hilco Streambank") as intellectual property
disposition consultant; and (iii) Donlan, Recano & Company as
claims and noticing agent.
Young Conaway may be reached at:
Young Conaway Stargatt & Taylor, LLP
Michael R. Nestor, Esq.
Rodney Square, 1000 North King Street
Wilmington, DE 19801
Tel No: (302)571-6699
Fax No: (302)576-3321
E-mail: mnestor@ycst.com
About The Wet Seal
The Wet Seal, LLC, and its affiliates are a national multi-channel
specialty retailer selling fashion apparel and accessory items
designed for female customers aged 18 to 24 years old. They are
currently comprised of two primary units: the retail store business
and an e-commerce business. Through their retail store business,
they operate approximately 142 retail locations in 37 states,
principally in lease-based mall locations. They also have
historically sold gift cards, which business has been primarily
operated through The Wet Seal Gift Card, LLC.
The Wet Seal, LLC, also known as The Wet Seal (2015), LLC, sought
Chapter 11 protection (Bankr. D. Del. Case No. 17-10229) on Feb. 2,
2017. The petitions were signed by Judd P. Tirnauer, executive
vice president and chief financial officer.
The case is assigned to Judge Christopher S. Sontchi.
The Debtors estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt.
The Debtors tapped Robert S. Brady, Esq., Michael R. Nestor, Esq.,
Jaime Luton Chapman, Esq., Andrew L. Magaziner, Esq., of the Young
Conaway Stargatt & Taylor, LLP as counsel. They also tapped
Berkeley Research Group, LLC as financial advisors; Hilco IP
Services, LLC d/b/a Hilco Streambank as intellectual property
disposition consultant; and Donlan, Recano & Company as claims and
noticing agent.
WGC INC: Hires Richar & Associates as Accountant
------------------------------------------------
WGC, Inc., seeks authority from the U.S. Bankruptcy Court for the
Western District of Pennsylvania to employ Richar & Associates, as
its accountant.
WGC, Inc., requires Richar & Associates to:
a. perform advisory services;
b. perform all bookkeeping, accounting and payroll services;
c. continue to prepare the monthly operating reports; and
d. prepare the Debtor's federal, state, and local income tax
returns.
Richar & Associates will be paid $100 per week for payroll
services, and $2,200 per week for the other services.
Richar & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.
On the date of filing of the bankruptcy case, Richar & Associates
maintained an unsecured claim against the Debtor in the amount of
$4,385 for unpaid professional services. The firm has waived that
prepetition claim.
Ann Richar, member of Richar & Associates, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
The firm can be reached at:
RICHAR & ASSOCIATES
Ann Richer, CPA
3193 Route 257
Seneca, PA 16346
Tel: 814-670-0235
E-mail: ann@richarcpa.com
About WGC, Inc.
WGC, Inc., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No.
16-10347) on April 13, 2016. The petition was signed by Steven
Shingledecker, general manager.
The Debtor is represented by Brian C. Thompson, Esq., at Thompson
Law Group, P.C. The case is assigned to Judge Thomas P. Agresti.
The Debtor estimated assets of $0 to $50,000 and debt of $1 million
to $10 million.
WHEATON LLC: Hires Drescher & Associates as Attorney
----------------------------------------------------
Wheaton LLC seeks authorization from the U.S. Bankruptcy Court for
the District of Maryland to employ Drescher & Associates, PA, as
attorney.
The Debtor requires Drescher to:
a. consult with and and provide advice as to the Debtor's
powers and duties as debtor -in-possession in the operation of its
business and the management of their property;
b. respond, as necessary, to any effort of creditors to
appoint a trustee in lieu of the debtor-in-possession or to rescind
the automatic stay under Section 362 of the Bankruptcy Code as to
their property;
c. assist in the preparation of documents required by the
Bankruptcy Code, including the Statement of Financial Affairs, the
Schedules, the Statement of Exemptions and the Statement of
Executory Contracts;
d. represent it in the formulation and negotiation of a plan
of reorganization, including the drafting and filing of the plan of
reorganization and any amended or modified plans of reorganization
as may be required, and include attendance at and management of the
confirmation hearing;
e. attend the meeting of creditors, any adjourned meeting of
creditors, and such other bankruptcy court hearings as are
required;
f. assist in the preparation of a disclosure statement
adequate to the circumstances of this case; and
g. draft and file of applications, orders, reports,
complaints, and other bankruptcy court papers as are required of
the Debtor in the conduct of its case.
The Debtor will pay for Drescher's services at an hourly rate of
$350.
Drescher will receive $10,000 as retainer.
Ronald J. Drescher, Esq., president of Drescher & Associates, P.A.,
assured the Court that his 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.
Drescher may be reached at:
Drescher & Associates, P.A.
Ronald J. Drescher, Esq.
4 Reservoir Circle, Suite 107
Baltimore, MD 21208
Tel No: (410)484-9000
Fax No: (410)484-8120
E-mail: rondrescher@drescherlaw.com
About Wheaton LLC
Wheaton LLC filed a Chapter 11 bankruptcy petition (Bankr. D.MD.
Case No. 17-11789) on February 10, 2017. Hon. Thomas J. Catloita
presides over the case. Drescher & Associates, P.A. represents the
Debtor as counsel.
The Debtor disclosed total assets of $1.5 million and total
liabilities of $936,689. The petition was signed by Paul Palitti,
sole member.
WK CAPITAL: Court Approves $400K Interim Financing
--------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas on Feb. 14, 2017, entered an order extending
interim financing, authorizing WK Capital Enterprises, Inc. and its
affiliated debtors to obtain debtor-in-possession financing from
Intrust Bank, N.A., as lender and agent, in the amount of $400,000
on the terms set forth in the Amended Term Shee presented at the
initial court hearing on Jan. 25, 2017.
Judge Nugent also authorized the Debtors to use cash collateral and
proceeds of the DIP Loan for purposes set forth in the DIP
Financing Agreement, particularly, for working capital, general
corporate purposes, and payment of bankruptcy related expenses.
The Debtors' right to obtain loans, advances and/or other financial
accommodations from Intrust Bank and the Debtors' right to use cash
collateral will terminate on the earlier of the date that all or
substantially all of the Debtor's assets are sold, or March 31,
2017.
The Debtors believed that the use of cash collateral and the loans,
advances and financial accommodations will be sufficient to fund
all projected legitimate and allowable expenses of their Chapter 11
cases.
Pursuant to certain Loan Documents and Letter of Credit, the
Debtors were indebted to Intrust Bank, N.A., as Lender and as
agent, a sum of approximately $20,000,000 as of the Petition Date.
Intrust Bank claimed to have a security interest in the Debtors'
pre-petition collateral.
Intrust Bank was granted adequate post-petition claim against the
Debtors' estates for any post-petition diminution in value of
Intrust Bank's interest in the Pre-Petition Collateral. Judge
Nugent held that such adequate protection claim and all
post-petition obligations of the Debtors to Intrust Bank will be
allowed as administrative expenses of the Debtors' estates, having
priority in payment over any other indebtedness and/or obligations
of the Debtors and over all administrative expenses or charges
against the Debtors' property, subject only to the Carve-out.
As security for the Post-Petition Claim, Intrust Bank was granted a
valid, binding and enforceable lien, mortgage and/or security
interest in all of the Operating Entities' property and assets,
including Chapter 5 causes of action, including the proceeds and
products thereof. Such Post-Petition Liens will be
cross-collateralized between the respective Debtors and Operating
Entities.
The Carve-Out will consist of:
(a) the statutory fees of the U.S. Trustee, any unpaid fees
due and owing to the Clerk of Court, and interest due thereon;
(b) the allowed fees and expenses of the Debtors'
professionals, in aggregate amount not to exceed $130,000;
(c) the allowed fees and expenses of the professionals
retained by the Official Committee of Unsecured Creditors, in
aggregate amount not to exceed $25,000; and
(d) the fees and expenses of the Debtors' professionals and
the Committee's professionals incurred prior to the earlier to
occur of the giving of a Default Notice or the occurrence of the
Expiration Date, to the extent set forth in the Budget.
A final hearing with respect to the Debtors' Motion is scheduled
for Feb. 23, 2017 at 9:00 a.m. Objections were due Feb. 21, 2017.
A full-text copy of the Interim Order, dated Feb. 14, 2017, is
available at
https://is.gd/7Ue5PN
Intrust Bank, N.A. is represented by:
William B. Sorensen, Jr., Esq.
Morris Laing Evans Brock & Kennedy, Chtd.
300 North Mead, Suite 200
Wichita, KS 67202
Telephone: 316.262.5991
Facsimile: 316.262.6226
E-mail: Wsorensen@morrislainge.com
About WK Capital Enterprises
WK Capital Enterprises, Inc., and its subsidiaries Capital Pizza
Huts, Inc., Capital Pizza Huts of Vermont, Inc., Capital Pizza of
New Hampshire, Inc. are operators of 56 Pizza Hut restaurants in
six states. The central business office location for the operation
of the 56 restaurants is at 3445 North Webb Road, Wichita Kansas.
WK Capital Enterprises, and its three units sought Chapter 11
protection (Bankr. D. Kan. Case Nos. 17-10073 to 17-10076) on Jan.
23, 2017. The petitions were signed by Kenneth Jay Wagnon,
president. WK Capital disclosed $1.82 million in total assets and
$19.52 million in liabilities. The Debtors tapped Edward J. Nazar,
Esq. of Hinkle Law Firm LLC as Bankruptcy Counsel and Dan W.
Forker, Jr., Esq. at Forker Suter Robinson & Bell LLC as
co-counsel.
The Debtors hired Bradley Tidemann and JP Weigand & Sons, Inc. as
their a realtor; and Robert L. Simmons of MarshallMorgan, LLC as
Broker.
No trustee has been appointed and the Debtors remain in
possession.
The 11 U.S.C. Sec. 341 meeting of creditors is initially set for
Feb. 17, 2017.
[*] Hearing on Judge Neil Gorsuch's Nomination Set For March 20
---------------------------------------------------------------
The hearing on Judge Neil Gorsuch's nomination to the U.S. Supreme
Court will start on March 20, 2017, while questioning of the
associate justice-designate will commence on March 21, Chuck
Stanley, writing for Bankruptcy Law360, reports, citing Senate
Judiciary Committee Chairman Chuck Grassley.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re The 2003 Enea Family Trust
Bankr. N.D. Cal. Case No. 17-40038
Chapter 11 Petition filed January 6, 2017
See http://bankrupt.com/misc/canb17-40038.pdf
Filed Pro Se
In re Rigoberto Gonzalez
Bankr. D. Nev. Case No. 17-10065
Chapter 11 Petition filed January 6, 2017
represented by: Corey B. Beck, Esq.
E-mail: becksbk@yahoo.com
In re Michael Joseph Gordon
Bankr. D. Nev. Case No. 17-10066
Chapter 11 Petition filed January 6, 2017
represented by: Talitha B. Gray Kozlowski, Esq.
GTG,LLP
E-mail: tgray@gtg.legal
In re Roberto A. Godinez
Bankr. D. Nev. Case No. 17-10067
Chapter 11 Petition filed January 6, 2017
represented by: Michael J. Harker, Esq.
E-mail: notices@harkerlawfirm.com
In re Justino Hernandez
Bankr. C.D. Cal. Case No. 17-10107
Chapter 11 Petition filed January 14, 2017
represented by: Anthony Obehi Egbase, Esq.
LAW OFFICES OF ANTHONY O EGBASE & ASSOC
E-mail: info@aoelaw.com
In re Elmer 1 Partnership
Bankr. C.D. Cal. Case No. 17-10228
Chapter 11 Petition filed January 30, 2017
See http://bankrupt.com/misc/cacb17-10228.pdf
represented by: William H. Brownstein, Esq.
WILLIAM H. BROWNSTEIN & ASSOCIATES, P.C.
E-mail: Brownsteinlaw.bill@gmail.com
In re Bernice Morales
Bankr. C.D. Cal. Case No. 17-11076
Chapter 11 Petition filed January 30, 2017
represented by: Anthony Obehi Egbase, Esq.
LAW OFFICES OF ANTHONY O EGBASE & ASSOC
E-mail: info@aoelaw.com
In re Atkins Specialty Services, Inc.
Bankr. E.D. Cal. Case No. 17-10337
Chapter 11 Petition filed January 31, 2017
See http://bankrupt.com/misc/caeb17-10337.pdf
represented by: Jacob L. Eaton, Esq.
KLEIN, DENATALE, GOLDNER LLP
jeaton@kleinlaw.com
In re Florida Ear & Sinus Center, P.A.
Bankr. M.D. Fla. Case No. 17-01120
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/flmb17-01120.pdf
represented by: Harley E Riedel, Esq.
STICHTER RIEDEL BLAIN & POSTLER, P.A.
E-mail: hriedel.ecf@srbp.com
In re Juan M. Gomez
Bankr. S.D. Fla. Case No. 17-11733
Chapter 11 Petition filed February 13, 2017
represented by: Joel S. Wadsworth, Esq.
E-mail: thewadsworthfirm@outlook.com
In re Leo Auto Broker Inc.
Bankr. N.D. Ga. Case No. 17-52777
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/ganb17-52777.pdf
represented by: William A. Rountree, Esq.
MACEY, WILENSKY & HENNINGS LLC
E-mail: swenger@maceywilensky.com
In re Edwin Elzie Parker
Bankr. D. Kan. Case No. 17-20203
Chapter 11 Petition filed February 13, 2017
represented by: Jeffrey A. Deines, Esq.
LENTZ CLARK DEINES PA
E-mail: jdeines@lcdlaw.com
In re Lowman D Wheeler, Jr.
Bankr. D.N.J. Case No. 17-12750
Chapter 11 Petition filed February 13, 2017
represented by: Jerome M. Douglas, Esq.
LAW OFFICE OF JEROME M. DOUGLAS, LLC
E-mail: jdouglasatty@gmail.com
In re Kervin Vales
Bankr. E.D.N.Y. Case No. 17-40613
Chapter 11 Petition filed February 13, 2017
represented by: Carlos J. Cuevas, Esq.
E-mail: ccuevas576@aol.com
In re Negril Village, Inc.
Bankr. S.D.N.Y. Case No. 17-10319
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/nysb17-10319.pdf
represented by: James E. Hurley, Jr., Esq.
LAW OFFICES OF JAMES E HURLEY JR
E-mail: Jim@JEHurleylaw.com
In re RS Old Mill, LLC
Bankr. S.D.N.Y. Case No. 17-22218
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/nysb17-22218.pdf
represented by: Douglas J. Pick, Esq.
PICK & ZABICKI LLP
E-mail: dpick@picklaw.net
In re 250 Pixley Road LLC
Bankr. W.D.N.Y. Case No. 17-20125
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/nywb17-20125.pdf
represented by: Raymond C. Stilwell, Esq.
LAW OFFICES OF RAYMOND C. STILWELL
E-mail: rcstilwell@roadrunner.com
In re Pet Express USA Corp.
Bankr. D.P.R. Case No. 17-00914
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/prb17-00914.pdf
represented by: Noemi Landrau Rivera, Esq.
LANDRAU RIVERA & ASSOCIATES
E-mail: nlandrau@landraulaw.com
In re Texas Land & Cattle of Fairview, LLC
Bankr. E.D. Tex. Case No. 17-40300
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/txeb17-40300.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Lone Star Steakhouse & Saloon of Springfield, Inc.
Bankr. E.D. Tex. Case No. 17-40303
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/txeb17-40303.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Johns Trucking Inc.
Bankr. D. Utah Case No. 17-20905
Chapter 11 Petition filed February 13, 2017
See http://bankrupt.com/misc/utb17-20954.pdf
represented by: Andres Diaz, Esq.
DIAZ & LARSEN
E-mail: courtmail@adexpresslaw.com
In re John J. Trejo and Elsie Alfeche Baclayon
Bankr. C.D. Cal. Case No. 17-10529
Chapter 11 Petition filed February 13, 2017
represented by: Michael Jones, Esq.
M JONES & ASSOICATES, PC
E-mail: mike@mjthelawyer.com
In re Maria Elizabeth Roman
Bankr. C.D. Cal. Case No. 17-11722
Chapter 11 Petition filed February 13, 2017
represented by: Anthony Obehi Egbase, Esq.
LAW OFFICES OF ANTHONY O EGBASE & ASSOC
E-mail: info@aoelaw.com
In re Joel Ernest Elliott
Bankr. N.D. Cal. Case No. 17-30138
Chapter 11 Petition filed February 13, 2017
represented by: Matthew D. Metzger, Esq.
BELVEDERE LEGAL, APC
E-mail: belvederelegalecf@gmail.com
In re Barton Wayne Fishback
Bankr. C.D. Cal. Case No. 17-10240
Chapter 11 Petition filed February 14, 2017
Filed Pro Se
In re Norman Ivan Elloway
Bankr. N.D. Cal. Case No. 17-30140
Chapter 11 Petition filed February 14, 2017
represented by: Michael C. Fallon, Esq.
LAW OFFICES OF MICHAEL C. FALLON
E-mail: mcfallon@fallonlaw.net
In re David Lloyd Huelin
Bankr. N.D. Cal. Case No. 17-50349
Chapter 11 Petition filed February 14, 2017
represented by: Charles B. Greene, Esq.
LAW OFFICES OF CHARLES B. GREENE
E-mail: cbgattyecf@aol.com
In re Dave A. Barrows
Bankr. S.D. Fla. Case No. 17-11742
Chapter 11 Petition filed February 14, 2017
represented by: Trey E. Miller, III, Esq.
LAW OFFICE OF TREY E. MILLER III, P.A.
E-mail: trey@treymillerlaw.com
In re Due Corporation
Bankr. D.N.J. Case No. 17-12814
Chapter 11 Petition filed February 14, 2017
See http://bankrupt.com/misc/njb17-12814.pdf
represented by: Ronald I. LeVine, Esq.
E-mail: ronlevinelawfirm@gmail.com
In re Adeline Olmer Santiago
Bankr. S.D.N.Y. Case No. 17-22226
Chapter 11 Petition filed February 14, 2017
represented by: H. Bruce Bronson, Jr., Esq.
BRONSON LAW OFFICES, P.C.
E-mail: ecf@bronsonlaw.net
In re Outsourcing Storage, Inc.
Bankr. M.D. Pa. Case No. 17-00581
Chapter 11 Petition filed February 14, 2017
See http://bankrupt.com/misc/pamb17-00581.pdf
represented by: Robert E. Chernicoff, Esq.
CUNNINGHAM AND CHERNICOFF PC
E-mail: rec@cclawpc.com
In re Saqib Armughan Siddiqui
Bankr. S.D. Tex. Case No. 17-30944
Chapter 11 Petition filed February 14, 2017
represented by: Bruce W. Akerly, Esq.
MALONE AKERLY MARTIN PLLC
E-mail: bakerly@mamlaw.com
In re Casa Ranchero, Inc.
Bankr. C.D. Cal. Case No. 17-10554
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/cacb17-10554.pdf
represented by: Robert P. Goe, Esq.
GOE & FORSYTHE, LLP
E-mail: kmurphy@goeforlaw.com
In re Daniel L. Cochran and Kelley P. Cochran
Bankr. N.D. Cal. Case No. 17-40421
Chapter 11 Petition filed February 15, 2017
represented by: Ruth Elin Auerbach, Esq.
LAW OFFICES OF RUTH ELIN AUERBACH
E-mail: attorneyruth@sbcglobal.net
In re Amir E. Shenas and Azadeh Vaezizadeh
Bankr. N.D. Cal. Case No. 17-40427
Chapter 11 Petition filed February 15, 2017
represented by: Marc Voisenat, Esq.
LAW OFFICES OF MARC VOISENAT
E-mail: voisenatecf@gmail.com
In re Jordan Builders, Inc. And Mtg.
Bankr. M.D. Fla. Case No. 17-00495
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/flmb17-00495.pdf
represented by: Bryan K. Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
E-mail: court@planlaw.com
In re Anauel Catering Corp.
Bankr. S.D. Fla. Case No. 17-11807
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/flsb17-11807.pdf
represented by: Alberto Carrero, Esq.
LAW OFFICE OF ALBERTO CARRERO PA
E-mail: albertocarrero@gmail.com
In re Jacoby Enterprises, Inc. d/b/a The Station House Restaurant
Bankr. C.D. Ill. Case No. 17-80188
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/ilcb17-80188.pdf
represented by: Clinton A Block, Esq.
E-mail: blockcalaw@hotmail.com
In re Ellington Trucking LLC
Bankr. S.D. Ind. Case No. 17-00781
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/insb17-00781.pdf
represented by: David R. Krebs, Esq.
HESTER BAKER KREBS LLC
E-mail: dkrebs@hbkfirm.com
In re Life Improvement, LLC
Bankr. E.D.N.Y. Case No. 17-40649
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/nyeb17-40649.pdf
represented by: Michael A. King, Esq.
E-mail: Romeo1860@aol.com
In re Fabrica De Bloques Vega Baja, Inc.
Bankr. D.P.R. Case No. 17-00965
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/prb17-00965.pdf
represented by: Myrna L. Ruiz Olmo, Esq.
MRO ATTORNEYS AT LAW, LLC
E-mail: mro@prbankruptcy.com
In re CPSC Inc.
Bankr. E.D. Va. Case No. 17-30713
Chapter 11 Petition filed February 15, 2017
See http://bankrupt.com/misc/vaeb17-30713.pdf
Filed Pro Se
In re Loan Thi Thai and Hiep Van Doan
Bankr. C.D. Cal. Case No. 17-11889
Chapter 11 Petition filed February 16, 2017
represented by: Matthew D. Resnik, Esq.
SIMON RESNIK HAYES LLP
E-mail: matt@srhlawfirm.com
In re Ricardo Buendia Pascua
Bankr. S.D. Cal. Case No. 17-00807
Chapter 11 Petition filed February 16, 2017
represented by: Andrew Moher, Esq.
MOHER LAW GROUP
E-mail: amoher@moherlaw.com
In re Touchstone Home Health LLC
Bankr. D. Colo. Case No. 17-11134
Chapter 11 Petition filed February 16, 2017
See http://bankrupt.com/misc/cob17-11134.pdf
represented by: Robert J. Shilliday, III, Esq.
VORNDRAN SHILLIDAY, P.C.
E-mail: rob@vs-lawyers.com
In re Matthew S. Knowles and Sondra D. Knowles
Bankr. D. Mass. Case No. 17-40277
Chapter 11 Petition filed February 16, 2017
represented by: Stephan M. Rodolakis, Esq.
FLETCHER TILTON & WHIPPLE, P.C.
E-mail: srodolakis@ftwlaw.com
In re Dianna Guadagnino
Bankr. D.N.J. Case No. 17-12951
Chapter 11 Petition filed February 16, 2017
represented by: David Edelberg, Esq.
CULLEN AND DYKMAN LLP
E-mail: dedelberg@cullenanddykman.com
In re Monserat Gonzalez and Germania Gonzalez
Bankr. D.N.J. Case No. 17-12974
Chapter 11 Petition filed February 16, 2017
represented by: Thaddeus R. Maciag, Esq.
MACIAG LAW, LLC
E-mail: MaciagLaw1@aol.com
In re Jack Belluscio, Sr.
Bankr. D.N.J. Case No. 17-13033
Chapter 11 Petition filed February 16, 2017
represented by: Anthony Sodono, III, Esq.
TRENK, DIPASQUALE, DELLA FERA & SODONO, P.C.
E-mail: asodono@trenklawfirm.com
In re Las Vegas Yoga LLC
Bankr. D. Nev. Case No. 17-10676
Chapter 11 Petition filed February 16, 2017
See http://bankrupt.com/misc/nvb17-10676.pdf
represented by: Ryan A. Andersen, Esq.
ANDERSEN LAW FIRM, LTD.
E-mail: randersen@andersenlawlv.com
In re Mark Steven Josovitz
Bankr. M.D. Tenn. Case No. 17-01046
Chapter 11 Petition filed February 16, 2017
represented by: Steven L. Lefkovitz, Esq.
LAW OFFICES LEFKOVITZ & LEFKOVITZ
E-mail: slefkovitz@lefkovitz.com
In re Compaction Unlimited, LLC
Bankr. E.D. Tex. Case No. 17-40314
Chapter 11 Petition filed February 16, 2017
See http://bankrupt.com/misc/txeb17-40314.pdf
represented by: Daniel C. Durand, III, Esq.
DURAND & ASSOCIATES, P.C.
E-mail: bankruptcy@durandlaw.com
In re Daniel Kwok Cham
Bankr. C.D. Cal. Case No. 17-11931
Chapter 11 Petition filed February 17, 2017
represented by: Michael Y. Lo, Esq.
LAW OFFICE OF MICHAEL Y. LO
E-mail: bklolaw@gmail.com
In re 68 Yacht Club Land Tr
Bankr. S.D. Fla. Case No. 17-11976
Chapter 11 Petition filed February 17, 2017
See http://bankrupt.com/misc/flmb17-11976.pdf
represented by: Barry S. Mittelberg, Esq.
BARRY S MITTELBERG, P.A.
E-mail: barry@mittelberglaw.com
In re Alfa Medical Equipment & Supplies, Inc.
Bankr. E.D. Mich. Case No. 17-42144
Chapter 11 Petition filed February 17, 2017
See http://bankrupt.com/misc/mieb17-42144.pdf
represented by: Jay S. Kalish, Esq.
JAY S. KALISH & ASSOCIATES, P.C.
E-mail: JSKalish@aol.com
In re Metro Glass, Inc.
Bankr. D. Neb. Case No. 17-80183
Chapter 11 Petition filed February 17, 2017
See http://bankrupt.com/misc/neb17-80183.pdf
represented by: David Grant Hicks, Esq.
HICKS & ALHEJAJ, P.C.
E-mail: dhicks@bankruptcynebraska.com
In re Laura W McMahon
Bankr. D.N.J. Case No. 17-13082
Chapter 11 Petition filed February 17, 2017
represented by: David A. Kasen, Esq.
KASEN & KASEN
E-mail: dkasen@kasenlaw.com
In re Arthur Alexander Alfaro
Bankr. D.N.J. Case No. 17-13127
Chapter 11 Petition filed February 17, 2017
represented by: Javier L. Merino, Esq.
DANN & MERINO, P.C.
E-mail: jmerino@dannlaw.com
In re Lone Star Steaks, Inc.
Bankr. E.D. Tex. Case No. 17-40330
Chapter 11 Petition filed February 17, 2017
See http://bankrupt.com/misc/txeb17-40330.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re J & M FOOD SERVICES LLC
Bankr. D. Ariz. Case No. 17-01466
Chapter 11 Petition filed February 18, 2017
See http://bankrupt.com/misc/azb17-01466.pdf
represented by: Jonathan P. Ibsen, Esq.
CANTERBURY LAW GROUP, LLP
E-mail: jibsen@clgaz.com
In re Texas Land & Cattle Steak House of North Carolina, Inc.
Bankr. E.D. Tex. Case No. 17-40332
Chapter 11 Petition filed February 18, 2017
See http://bankrupt.com/misc/txeb17-40332.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re TXLC of Arlington II, LLC.
Bankr. E.D. Tex. Case No. 17-40333
Chapter 11 Petition filed February 18, 2017
See http://bankrupt.com/misc/txeb17-40333.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re OCELOTL DINER CORP.
Bankr. S.D.N.Y. Case No. 17-10357
Chapter 11 Petition filed February 19, 2017
See http://bankrupt.com/misc/nysb17-10357.pdf
represented by: Lawrence Morrison, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: lmorrison@m-t-law.com
In re Lone Star Steakhouse & Saloon of Southern Missouri, Inc.
Bankr. E.D. Tex. Case No. 17-40334
Chapter 11 Petition filed February 19, 2017
See http://bankrupt.com/misc/txeb17-40334.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Lone Star Steakhouse & Saloon of Florida, Inc.
Bankr. E.D. Tex. Case No. 17-40335
Chapter 11 Petition filed February 19, 2017
See http://bankrupt.com/misc/txeb17-40335.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re TXLC of Missouri, Inc.
Bankr. E.D. Tex. Case No. 17-40336
Chapter 11 Petition filed February 19, 2017
See http://bankrupt.com/misc/txeb17-40336.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Bryan Dearasaugh and Karen Dearasaugh
Bankr. E.D. Ark. Case No. 17-10969
Chapter 11 Petition filed February 20, 2017
represented by: Kevin P. Keech, Esq.
KEECH LAW FIRM, PA
E-mail: kkeech@keechlawfirm.com
In re LTS Nationwide, Inc.
Bankr. D. Mass. Case No. 17-10542
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/mab17-10542.pdf
represented by: Joseph P. Foley, Esq.
LAW OFFICES OF JOSEPH P. FOLEY
E-mail:
bostonbankruptcyattorneys@gmail.com
In re Boaz Alternative Energy and Technologies
Bankr. D. Md. Case No. 17-12218
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/mdb17-12218.pdf
represented by: Justin Schnitzer, Esq.
SCHNITZER ANDERSON
E-mail: Justin@plgmd.com
In re Todd R. Hille and Jennifer E. Hille
Bankr. E.D.N.C. Case No. 17-00819
Chapter 11 Petition filed February 20, 2017
represented by: Danny Bradford, Esq.
PAUL D. BRADFORD, PLLC
E-mail: dbradford@bradford-law.com
In re Crystal Clear Car Wash Inc.
Bankr. E.D.N.Y. Case No. 17-40738
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/nyeb17-40738.pdf
represented by: Lawrence Morrison, Esq.
MORRISON TENENBAUM PLLC
E-mail: lmorrison@m-t-law.com
In re Crystal Clear Hand Car Wash Inc.
Bankr. E.D.N.Y. Case No. 17-40739
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/nyeb17-40739.pdf
represented by: Lawrence Morrison, Esq.
MORRISON TENENBAUM PLLC
E-mail: lmorrison@m-t-law.com
In re Lone Star Steakhouse & Saloon of Michigan, Inc.
Bankr. E.D. Tex. Case No. 17-40339
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/txeb17-40339.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Lone Star Steakhouse & Saloon of Mississippi, Inc.
Bankr. E.D. Tex. Case No. 17-40340
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/txeb17-40340.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Lone Star Steakhouse & Saloon of Oklahoma, Inc.
Bankr. E.D. Tex. Case No. 17-40341
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/txeb17-40341.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.com
In re Lone Star Steakhouse & Saloon of Ohio, Inc.
Bankr. E.D. Tex. Case No. 17-40342
Chapter 11 Petition filed February 20, 2017
See http://bankrupt.com/misc/txeb17-40342.pdf
represented by: John P. Henry, Esq.
THE LAW OFFICES OF JOHN HENRY, P.C.
E-mail: jhenry@jhenrylaw.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.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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 2017. All rights reserved. ISSN: 1520-9474.
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