/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170804.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 4, 2017, Vol. 21, No. 215 Headlines 23 FARMS LLC: Sixth Interim Cash Collateral Order Entered 2SOURCE MANUFACTURING: Files for Bankruptcy in Ontario 7 BAY CORP: National Lumber Added as Secured Claimant in New Plan A. AMBRA: Taps Names David Herzog as Attorneys A.D.K. ARMS: Cash Collateral Access Through Aug. 4 Granted A.M. CASTLE: Court Confirms Prepackaged Ch. 11 Plan ADAMS RESOURCES: Exclusive Plan Filing Period Extended to Nov. 17 ADVANCED PRECISION: Second Interim Cash Use Order Entered AFFATATO 1 SERVICES: Court Refuses to Extend Exclusivity Period ALTAMONTE VETERINARY: U.S. Trustee Unable to Appoint Committee APOLLO ENDOSURGERY: Incurs $6.85 Million Net Loss in 2nd Quarter ARMADA LEASING: Taps BVA Group as Financial Advisor ATHANAS FENCE: Can Use JPMorgan Cash Collateral Until Sept. 30 BENCHMARK POST: Wants to Extend Exclusive Plan Filing to Dec. 1 BENFER STORAGE: Plan Proposes to Pay Unsecureds in Full in 60 Days BILL BARRETT: Reports $18.4 Million Net Loss for Second Quarter BLACKMAN COMMUNITY WATER: Wants to Use USDA/Rural's Cash Collateral BOSTWICK LABORATORIES: Plan Filing Deadline Extended to Oct. 11 BRUCE FINDER: Proposes to Liquidate Assets to Pay Creditors CATASYS INC: Expands OnTrak-A Program to Include Anxiety Disorder CECIL BANCORP: Disclosures Approved; Oct. 3 Plan Hearing Set CITYGOLF: Plan to Pay $26,100 to Dept. of Unemployment Insurance CLARKE PROJECT: Plan Exclusivity Period Extended Through Nov. 29 COMSTOCK MINING: Reports $2.93 Million Net Loss for Second Quarter CONFIRMATRIX LABORATORY: Tiger Accepting Sealed Bids Until Aug. 14 CRYSTAL SPOON: Unsecureds to Get First Payment in December 2019 CST INDUSTRIES: Taps FTI Consulting as Financial Advisor CYPRESS ASSOCIATES: Unsecureds to be Paid 20%, Plus 4%, Over 60 Mos DIT PROPERTIES: Voluntary Chapter 11 Case Summary DON ROSE: DOJ Watchdog, Creditors Seek Ch. 11 Trustee Appointment DONALD NIX: Taps Michael Viscount as Special Counsel EAC ENTERPRISE: Taps Lain Faulkner as Accountant ENERGY FUTURE: Court Fixes Plan-Related Deadlines ERGON CARIBBEAN: Sept. 6 Plan Confirmation Hearing FAMILY WORKS: Proposed Plan to Pay $52,250 to Unsecured Creditors FIAC CORP: Court Extends Exclusive Plan Filing Period to August 29 FLORIDA ORGANIC: Hearing on Disclosure Statement Set for Aug. 30 FREDDIE MAC: Posts Net Income of $1.66 Billion in Second Quarter GARBER BROS: Wants to Continued Cash Access Through Nov. 3 GARDENS LLC: U.S. Trustee Unable to Appoint Committee GARLOCK SEALING: Taps Rust Consulting as Disbursing Agent GARY D. TISCH: Siblings Seek Appointment of Ch. 11 Trustee GREAT FOOD: Final Hearing on Cash Collateral Motion Aug. 14 HAIE INVESTMENTS: U.S. Trustee Unable to Appoint Committee HANCOCK FABRICS: Plan Deemed Effective on July 28 HARRINGTON & KING: May Use Cash Collateral Until Aug. 4 HIGH COUNTRY: Court OKs $2.5-Mil Financing, Cash Collateral Use HOAG URGENT: Case Summary & 20 Largest Unsecured Creditors HOUSTON AMERICAN: Initial Production Rate on Johnson #1H Well IGNITE RESTAURANT: Committee Taps FTI as Financial Advisor INTERPACE DIAGNOSTICS: Fails to Comply With Nasdaq Listing Rule INTERPACE DIAGNOSTICS: Maxim Opts to Buy 875,000 Common Shares INTREPID POTASH: Eliminates SVP of Strategic Initiatives Post IREP MONTGOMERY-MRF: Needs Time to Conclude 363 Sale, File Plan KING'S PEAK: U.S. Trustee Unable to Appoint Committee L&N TWINS: Taps Coldwell Banker as Real Estate Agent LA HABICHUELA: Unsecureds to Get 15% for 60 Months Under Plan LARKIN EXCAVATING: May Continue Using Cash; Hearing on Aug. 11 LEHMAN BROTHERS: Ruling on Bonus Shows Risk of Deferred Payment LLOYD M. HUGHES: Inland Bank Seeks to Stop Use of Cash Collateral MANIX HOLDINGS: U.S. Trustee Unable to Appoint Committee MASON'S TRANSPORT: Unsecureds to Get 48% in 20 Quarterly Payments MICHIGAN SPORTING: Plan Outline Okayed, Plan Hearing on Sept. 8 MINT LEASING: Seeks Emergency Approval to Use Cash Collateral MONAKER GROUP: Will Raise $3 Million in Private Placement NORTHSTAR OFFSHORE: Taps Winston & Strawn as Legal Counsel NORTHWEST PEDIATRIC: Obligations to East Park Added in Latest Plan ONCOBIOLOGICS INC: Signs Exclusivity Agreement With Third Party ORBITE TECHNOLOGIES: Quebec Court Extends Stay of CCAA Proceedings PARKER DEVELOPMENT: U.S. Trustee Opposes Approval of Plan PARKER PORK: Exclusive Plan Filing Deadline Moved to Aug. 7 PHOTOMEDEX INC: Enters Into $145,000 P-Note with First Capital PLASCO TOOLING: Has Access to Cash Collateral Until Sept. 30 PLASTIC2OIL INC: Signs New MOU After Current MOU Expired PRADO MANAGEMENT: To Pay Claims from Sale of Scottsdale Property PRECIPIO INC: Proposes Underwritten Public Offering of Shares PRO ENTERPRISES: Plan Outline Okayed, Plan Hearing on Sept. 28 PUERTO RICO: Creditors Panel Opposes Committee Reconstitution Bid PUERTO RICO: Oversight Board to Probe Debt, Fiscal Crisis PUERTO RICO: Retirees Panel Objects to Additional Appointments REBUILTCARS CORP: Can Continue Using Cash Through Aug. 31 REBUILTCARS CORP: Has Interim Nod to Continue Using AFC Cash RECYCLING INC: Unsecureds to Recoup Up to $800K Under Amended Plan RXI PHARMACEUTICALS: Amends 8 Million Shares Resale Prospectus SERGEY POYMANOV: Court Recognizes Russian Insolvency Proceeding SUNEDISON INC: Court Confirms 2nd Amended Reorganization Plan TALLAHASSEE INDOOR: Revenue from Business Operations to Fund Plan TANGO TRANSPORT: Mont. Court Narrows Claims in Suit vs. Dan Dooley TECHNOLOGY WAY: Can Use Cash Collateral Until Oct. 16 TEMPLE SHOLOM: Unsecureds to Get Full Payment with No Interest TOISA LIMITED: Taps Zolfo Cooper as Special Financial Advisor TRIAD GUARANTY: Disclosure Statement Filed; Aug. 28 Hearing Set TVR INC: Exclusive Plan Filing Period Moved to Sept. 12 TWIN MILLS: U.S. Trustee Unable to Appoint Committee UNITY COURIER: Court Moves Exclusive Plan Filing Period to Oct. 27 UPLIFT RX: Gets Approval to Hire GlassRatner as Financial Advisor UPLIFT RX: Taps BMC Group as Noticing Agent US STEEL: U.S. Court Enforces CCAA Sanction Order and Plan VIRGINIA HIGH TECH: Wants Exclusive Periods Extended Until Dec. 31 WALTER INVESTMENT: Enters Into Restructuring Support Agreement WORCESTER RE: Has Approval to Use Cash Collateral Through Oct. 31 [*] Resilience Capital's DG3 Group Merges with Leycol Printers [^] BOOK REVIEW: The Money Wars ********* 23 FARMS LLC: Sixth Interim Cash Collateral Order Entered --------------------------------------------------------- The Hon. Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida has entered a sixth interim order granting 23 Farms, LLC, authorization to use cash collateral of Regions Bank through Aug. 3, 2017. The Debtor will pay $10,000 to Regions Bank by close of business on July 14, 2017. There will be a seven-day grace period as to this payment. The Debtor will continue to provide to Regions Bank a monthly report by the end of each month of the anticipated crop yield for the following month. The Debtor will continue to provide to Regions Bank copies of all forward/future contracts for purchases of crops. All other terms of the original cash collateral court order including, but not limited to, a replacement lien for Regions Bank in cash collateral to the extent in existence as of the date of the filing of the petition and an assignment of the proceeds from the Debtor's 2017 peanut crop not to exceed $300,000, will continue to be in effect and carried forward. A copy of the court order is available at: http://bankrupt.com/misc/flnb17-10015-104.pdf As reported by the Troubled Company Reporter on June 22, 2017, the Court entered a fifth interim order granting the Debtor authorization to use cash collateral through July 13, 2017. About 23 Farms, LLC 23 Farms, LLC, a Newberry, Florida-based company with a farming operation, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 17-10015) on Jan. 20, 2017. The petition was signed by Joey D. Langford, II, managing member. The case is assigned to Judge Karen K. Specie. The Debtor is represented by Lisa Caryl Cohen, Esq., at Ruff & Cohen, P.A. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. An official committee of unsecured creditors has not been appointed in the Chapter 11 case of 23 Farms, LLC, as of March 3, according to the court docket. 2SOURCE MANUFACTURING: Files for Bankruptcy in Ontario ------------------------------------------------------ The bankruptcy of 2Source Manufacturing Inc. formerly carrying on business at 5261 Bradco Boulevard, Mississauga, Ontario, occurred on July 21, 2017, and the first meeting of creditors will be held on Aug. 10, 2017, at 2:00 p.m., at the offices of the licensed insolvency trustee, Deloitte Restructuring Inc. The trustee can be reached at: Deloitte Restructuring Inc. 22 Adelaide Street West, Suite 200 Toronto, Ontario M5H 0A9 Attention: Anna Koroneos Tel: (416) 775-8846 Fax: (416) 601-6690 Email: akoroneos@ deloitte.ca 7 BAY CORP: National Lumber Added as Secured Claimant in New Plan ----------------------------------------------------------------- 7 Bay Corp. filed with the U.S. Bankruptcy Court for the District of Massachusetts a third amended disclosure statement in support of its third amended plan of liquidation, dated July 28, 2017. This third amended disclosure statement adds that On Dec. 11, 2016, the Debtor entered into a purchase and sale agreement for Unit #7 in the amount of $515,000 with Ellen Hartman. On Dec. 15, 2016, the Debtor filed a Motion for Order Authorizing Private Sale of Property of the Estate. The Court allowed the sale motion on Dec. 20, 2016. In accordance with the Stipulation, the Debtor was required to close on the sale of Unit #7 by March 1, 2017, or otherwise, default on the Stipulation with United Bank. Debtor was unable to meet the March 1, 2017deadline and UB filed a Certificate of Non Compliance . On April 20, 2017, the debtor entered into a purchase and sale agreement for Unit #11 in the amount of $545,000 and on March 31, 2017, Debtor entered into a purchase and sale agreement for Unit #8 in the amount of $705,000. Despite these additional agreements, UB scheduled a foreclosure sale of the property for May 12, 2017, and paid off the outstanding DIP Facility to AE Kingsley (approximately $35,000) prior to the foreclosure sale date. On April 26, 2017, with the foreclosure sale pending, Debtor assented with the U.S. Trustee to convert this chapter 11 reorganization case to chapter 7. On April 27, 2017, Donald Lassman was appointed the chapter 7 trustee. Immediately prior to the foreclosure sale, on or about May 12, 2017, National Lumber purchased the UB notes, mortgages, and liens on any additional collateral. National Lumber thereafter cancelled the foreclosure sale. On May 18, 2017, the Debtor filed a Motion to Convert Case to Chapter 11, which was granted by the Court on June 2, 2017. National Lumber has agreed to allow the chapter 11 Debtor to continue construction of the units and will provide the funds necessary under a revolving loan facility, similar to the AE Kingsley facility, to continue construction, subject to Court approval. On May 28, 2017, Debtor entered into a purchase and sale agreement for Unit #6 in the amount of $545,000. Class 1 under the new plan now consists of the National Lumber DIP Facility. The holder of the Allowed National Lumber DIP Facility Secured Claim shall receive payment in accordance with the terms of the, the Loan Documents and the DIP Financing Motion, as approved by entry of a court order dated June 13, 2017 and the Closing of the Loan Documents, or (ii) treatment as agreed between the respective Debtor and the holder of the Allowed National Lumber DIP Facility Secured Claim. Class 2 consists of the National Lumber First Secured Claim. The holder of the Allowed National Lumber First Secured Claim shall receive payments in accordance with the Settlement Agreement approved by this Court on Nov. 15, 2016, until the Allowed National Lumber First Secured Claim is paid in full. Class 1 in the previous version of the plan consisted of the allowed AE Kingsley Secured Claim, while Class 2 consisted of the Allowed UB Properties, LLC Secured Claim. A full-text copy of the Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/mab15-14885-440.pdf About 7 Bay Corp 7 Bay Corp, based in Hull, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 15-14885) on Dec. 17, 2015. The petition was signed by Steven Buckley, president. Judge Frank J. Bailey presides over the case. John M. McAuliffe, Esq., at McAuliffe & Associates, P.C., serves as the Debtor's counsel. At the time of the filing, 7 Bay estimated $1 million to $10 million in both assets and liabilities. A. AMBRA: Taps Names David Herzog as Attorneys ---------------------------------------------- A. Ambra, Inc. seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to employ David R. Herzog and the law firm of Herzog & Schwartz, P.C. as attorneys, effective as of June 20, 2017 petition date. The Debtor requires Herzog & Schwartz to: (a) provide it legal advice with respect to its duties, powers and responsibilities as a debtor-in-possession; (b) assist it in the negotiation, formulation and drafting of a plan of reorganization; (c) appear for, prosecute, defend and represent its interests in matters arising in or related to this case; (d) prepare all necessary pleadings, orders, applications, reports and other legal papers as may be necessary in connection with this case; and (e) perform such other legal services as may be required. Herzog & Schwartz will be reimbursed for reasonable out-of-pocket expenses incurred. David R. Herzog assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Herzog & Schwartz can be reached at: David R. Herzog, Esq. HERZOG & SCHWARTZ, P.C. 77 West Washington St., Ste 1400 Chicago, IL 60602 Tel: (312) 977-1600 Fax: (312) 977-9936 About A. Ambra Inc. A. Ambra, Inc. was organized as an Illinois corporation in 1998 and has operated an upscale beauty salon and European spa. It provides services to its customers throughout the Chicago area. A. Ambra filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code on June 20, 2017 (Bankr. N.D. Ill., Case No. 17-18557). Judge Janet Baer presides over the case. The Debtor tapped Herzog & Schwartz, P.C., as counsel. A.D.K. ARMS: Cash Collateral Access Through Aug. 4 Granted ---------------------------------------------------------- Judge Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois authorized A.D.K. Arms, Inc. to use cash collateral, including any and all funds on deposit in its bank accounts at First Bank & Trust, on an interim basis through Aug. 4, 2017 to the extent set forth on the Budget. The approved Budget provides total expenses of approximately $54,255 for week ending July 28, 2017 and $38,705 for week ending Aug. 4, 2017. Midwest Community Bank, purported secured creditor of the Debtor, has consented to the Debtor's use of cash collateral. In return for the Debtor's continued interim use of cash collateral, Midwest Community Bank is granted the following adequate protection for its purported secured interests in the property of the Debtor: (1) The Debtor will permit Midwest Community Bank to inspect its books and records; (2) The Debtor will maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; (3) The Debtor will make available to Midwest Community Bank evidence of that which constitutes their collateral or proceeds; (4) The Debtor will properly maintain its assets in good repair and properly manage its business; and (5) Midwest Community Bank will be granted valid, perfected, enforceable security interests in and to the Debtor's post-petition assets to the extent and priority of its alleged pre-petition liens, but only to the extent of any diminution in the value of such assets during the Debtor's use of cash collateral. A final evidentiary hearing on the Debtor's use of cash collateral is scheduled on August 7, 2017 at 10:00 a.m. A full-text copy of the Interim Order, dated July 26, 2017, is available at https://is.gd/gLB7gq About A.D.K. Arms, Inc. Based at 2301 Estes Avenue, Elk Grove Village, Illinois, A.D.K. Arms, Inc., is a holder of a federal firearms license, operating as a premium supplier of tactical firearm components. A.D.K. Arms filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-21679) on July 20, 2017. The case is assigned to Judge Donald R. Cassling. The Debtor is represented by David K. Welch, Esq. at Crane, Heyman, Simon, Welch & Clar. A.D.K. Arms is an affiliated entity of Advanced Precision Manufacturing, Inc. ("APMI") that filed its own Chapter 11 case (Bankr. N.D. Ill. Case No. 17-18961) on June 23, 2017. A.D.K. Arms is the sales agent, seller and distributor for APMI of such components manufactured by APMI. Both Chapter 11 cases are related and, as a result, A.D.K. Arms and APMI will seek the joint administration of these cases in the Court. A.M. CASTLE: Court Confirms Prepackaged Ch. 11 Plan --------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware, on Aug. 2, 2017, approved the disclosure statement and confirmed the amended joint prepackaged Chapter 11 plan of reorganization of Keystone Tube Company, LLC, A.M. Castle & Co., and their debtor affiliates. As previously reported by The Troubled Company Reporter, the Debtors' Prepackaged Plan provides that unsecured creditors owed an estimated $90 million to $100 million will receive payment in full and are unimpaired. According to the Plan, each holder of a general unsecured claim, in full satisfaction, settlement, discharge and release of, and in exchange for, such claim will receive cash in an amount equal to allowed amount of the claim on the later of: (a) the Effective Date, or as soon as practicable thereafter; or (b) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to claim. Moreover, the Debtors have proposed that certain unsecured creditors classified as "trade creditors" that are owed $27.5 million be paid in the ordinary course of business, even before the effective date of the Plan. Prior to the Aug. 2 plan confirmation hearing, the Debtors amended their Prepackaged Plan to, among other things, provide that holders of the following types of Equity Interests in Parent will not be entitled to participate in the resolution and settlement: (i) options, warrants or contractual rights to purchase or acquire any Equity Securities at any time with respect to Parent, and all rights arising with respect thereto; (ii) the rights of any Entity to purchase or demand the issuance of any of the foregoing and shall include: (1) conversion, exchange, voting, participation, and dividend rights; (2) liquidation preferences; (3) options, warrants, and put rights; and (4) stock-appreciation rights; and (iii) any Claim that is determined to be subordinated to the status of an Equity Security in Parent, whether under general principles of equitable subordination, section 510(b) of the Bankruptcy Code, or otherwise. Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy, reported that the bankruptcy judge's decision to confirm the Prepackaged Plan fulfills the Debtors' goal for a quick trip through chapter 11, winning final court approval of its plan within 60 days of filing for bankruptcy. Under the plan, second-lien lenders, owed about $177 million, are set to receive a 65% equity stake in the reorganized business, plus new debt and about $6.5 million in cash, the Journal related. The plan also reserves a 10% stake in the revamped business for the company's management and another small stake for current shareholders, the report said. Holders of $22.3 million in third-lien debt will receive $3.125 million in new second-lien convertible notes and 15% of the new equity, the report added. About $112 million in top-ranking debt will be paid in full, as will $90 million to $100 million in general unsecured debt, the report further related. PNC Bank, which provided an $85 million debtor-in-possession loan, has also committed to a $125 million exit facility, the report said. The plan also features an additional $40 million capital raise, the report further related. According to the Journal, lawyers for the Debtors smoothed over an objection from a U.S. Justice Department watchdog before the hearing. The watchdog, acting U.S. Trustee Andrew Vara, had said the company shouldn't be allowed to exit chapter 11 without making certain revisions to its bankruptcy plan, which A.M. Castle has agreed to, the report said. A full-text copy of the Amended Prepackaged Plan is available at: http://bankrupt.com/misc/deb17-11330-214.pdf A full-text copy of the Confirmation Order is available at: http://bankrupt.com/misc/deb17-11330-244.pdf About Keystone Tube Company and A. M. Castle Founded in 1890, and based in Oak Brook, Illinois, A. M. Castle & Co. (OTCQB:CASL) is a global distributor of specialty metal and supply chain services, principally serving the producer durable equipment, commercial aircraft, heavy equipment, industrial goods, construction equipment, and retail sectors of the global economy. It specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Together, A.M. Castle and its affiliated companies operate out of 21 metals service centers located throughout North America, Europe and Asia. The Company disclosed $339.2 million in assets and $388.4 million in liabilities as of March 31, 2017. On June 18, 2017, A.M. Castle & Co., Keystone Tube Company, LLC, and three related entities sought Chapter 11 protection to seek confirmation of a Prepackaged Joint Chapter 11 Plan of Reorganization. The cases are jointly administered under the lead case of Keystone Tube Company (Bankr. D. Del. Case No. 17-11330) and are pending before the Honorable Laurie Selber Silverstein. The Debtors tapped Pachulski Stang Ziel & Jones LLP as counsel, Imperial Capital, LLC, as financial advisor, Deloitte Tax LLP, as tax advisor; Deloitte & Touche LLP as tax auditor; Ernst & Young LLC as tax services provider and Fenwick & West LLP, as tax counsel. Kurtzman Carson Consultants LLC is the claims and solicitation agent. Creditors that are parties to the Restructuring Support Agreement ("Consenting Creditors") tapped Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel; Conaway Stargatt & Taylor, LLP, as co-counsel; and Ducera Partners LLC, as financial advisor. Consenting Creditor SGF, Inc tapped Goodwin Procter LLP and Pepper Hamilton LLP as counsel. Shipman Goodwin LLP serves as counsel to the First Lien Agent. No official committee has been appointed in the case. ADAMS RESOURCES: Exclusive Plan Filing Period Extended to Nov. 17 ----------------------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware extended Adams Resources Exploration Corporation's exclusive period to file a plan of reorganization through and including November 17, 2017, and its exclusive period to solicit acceptances of a plan through and including January 16, 2018. The Troubled Company Reporter has previously reported that the Debtor asked the Court for exclusivity extension, telling the Court that it would not feasible for it, before the expiration of the current exclusive periods, to complete the marketing and sale process as well as formulate a Chapter 11 plan to distribute proceeds from the sale. The Debtor said that the requested extension will allow the Debtors to pursue each of its objectives and arrive at an appropriate exit from Chapter 11 without the value-destructive distraction that would result from any party in interest proposing its own Chapter 11 plan at this juncture. The Debtor expected that it will be in a position to file a plan and disclosure statement not long after the closing on the sale of the Debtor's assets. According to the Debtor, an auction was held on July 19, and a hearing to consider approval of the sale of the assets has been scheduled for August 1. The Debtor expected to close on the sale of substantially all of its assets in mid-August 2017. The Debtor also told the Court that it has negotiated a favorable agreed order resolving a motion filed by Texas Brine Company, LLC, seeking to pursue direct actions against the Debtor's insurers in litigation pending in Louisiana. Pursuant to that agreed order, upon confirmation of a Chapter 11 plan in this case, TBC waives the right to any distribution on its claims asserted against the Debtor in connection with that litigation. The Debtor said this could negate the need for the Debtor to defend significant litigation, and increase recoveries for the Debtor's other creditors. About Adams Resources Houston, Texas-based Adams Resources Exploration Corporation -- http://www.adamsexploration.com-- is engaged in the development of the Haynesville Shale in East Texas and now own interest in a large number of producing dry gas wells. It also has interest in 405 wells and 131,236 gross developed acres in seven states. Adams Resources filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 17-10866) on April 21, 2017, estimating assets between $1 million and $10 million and debt between $50 million and $100 million. The petition was signed by John Riney, president. Judge Kevin Gross presides over the case. William A. Hazeltine, Esq., and D. Sullivan, Esq., at Sullivan Hazeltine Allinson LLC, serve as the Debtor's bankruptcy counsel. The Debtor hired Gavin/Solmonese, LLC as chief restructuring officer. No committee of unsecured creditors has been appointed. ADVANCED PRECISION: Second Interim Cash Use Order Entered --------------------------------------------------------- Judge Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois issued a Second Interim Order authorizing Advanced Precision Manufacturing, Inc., to use cash collateral on an interim basis during the period Aug. 1 through 4, 2017 to the extent set forth on the Budget. The approved Budget provides total expenses of approximately $70,121. Midwest Community Bank, the Debtor's purported primary secured creditor, has consented to the Debtor's use of cash collateral. In return for the Debtor's continued interim use of cash collateral, Midwest Community Bank is granted the following adequate protection for its purported secured interests in the property of the Debtor: (1) The Debtor will permit Midwest Community Bank to inspect its books and records; (2) The Debtor will maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; (3) The Debtor will make available to Midwest Community Bank evidence of that which constitutes their collateral or proceeds; (4) The Debtor will properly maintain its assets in good repair and properly manage its business; and (5) Midwest Community Bank will be granted valid, perfected, enforceable security interests in and to the Debtor's postpetition assets to the extent and priority of its alleged prepetition liens, but only to the extent of any diminution in the value of such assets during the Debtor's use of cash collateral. In addition, the Debtor is directed to provide the following information and reports: (1) Accounts receivable and accounts payable aging reports; (2) Jobs-in-progress reports; (3) On or before August 7, 2017, an inventory report for the quarter ending June 30, 2017; and (4) Variance report for the preceding week. A final evidentiary hearing on the Debtor's use of cash collateral is scheduled on Aug. 7, 2017 at 10:00 a.m. A full-text copy of the Second Interim Order, dated July 26, 2017, is available at https://is.gd/LBoSIm About Advanced Precision Manufacturing Headquartered in Elk Grove Village, Illinois, Advanced Precision Manufacturing -- http://www.apmi.us/about.htm-- is a family-owned business that produces and assembles machined components for the aircraft industries, as well as projects in the automotive industry and commercial manufacturing market. Founded in 1983, APMI specializes in precision machining of all standard metals as well as exotic materials like Inconel, Waspalloy, Titanium, Beryllium Copper, Hastalloy, and other materials for aviation aerospace, power generation, medical and oil field drilling applications. Advanced Precision filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 17-18961) on June 23, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Tadeusz Kozlowski, president. Judge Donald R. Cassling presides over the case. Jeffrey C Dan, Esq., and Arthur G. Simon, Esq., Brian P. Welch, Esq., and David K Welch, Esq., at Crane, Heyman, Simon, Welch & Clar, serve as the Debtor's bankruptcy counsel. AFFATATO 1 SERVICES: Court Refuses to Extend Exclusivity Period --------------------------------------------------------------- Judge Karen S. Jennemann of the U.S. Bankruptcy Court for the Middle District of Florida issued an order denying Affatato 1 Services, LLC dba 123 Dollar Stores USA's Motion to Extend Exclusivity Period for reasons stated orally and recorded in open court. About Affatato 1 Services Based in Apopka, Florida, Affatato 1 Services, LLC filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-01425) on March 6, 2017. Francisco Affatato, chief executive officer, signed the petition. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. Aldo G. Bartolone, Jr., Esq., at Bartolone Law, PLLC, serves as bankruptcy counsel. The Debtor hired Ruben Toro, CPA as accountant; and Soldnow, LLC, as an auctioneer in connection with the sale of its inventory and warehouse located at 2072 Sprint Boulevard, Apopka, Florida. No trustee, examiner or official committee of unsecured creditors has been appointed. ALTAMONTE VETERINARY: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Altamonte Veterinary Hospital, LLC as of July 31, according to a court docket. About Altamonte Veterinary Hospital Altamonte Veterinary Hospital, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-04300) on June 28, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. APOLLO ENDOSURGERY: Incurs $6.85 Million Net Loss in 2nd Quarter ---------------------------------------------------------------- Apollo Endosurgery, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $6.85 million on $17.13 million of revenues for the three months ended June 30, 2017, compared to a net loss attributable to common stockholders of $11.77 million on $17.34 million of revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported a net loss attributable to common stockholders of $15.07 million on $31.75 million of revenues compared to a net loss attributable to common stockholders of $20.03 million on $33.61 million of revenues for the same period during the prior year. As of June 30, 2017, Apollo Endosurgery had $86.21 million in total assets, $58.11 million in total liabilities and $28.10 million in total stockholders' equity. Todd Newton, CEO of Apollo Endosurgery, said, "The second quarter provided positive signs that we are approaching that inflection point where our growth in Endo-bariatric product sales will overtake the maturation of our Surgical product sales. Endo-bariatric product sales were $9.5 million or 55.5% of our total sales in the second quarter, representing a worldwide growth rate of 13.0% over the second quarter of last year before any adjustments for starter kits sold as part of the U.S. Orbera launch. This is a solid result for Apollo and we are pleased with the momentum that we are building." Gross margin as a percentage of revenues was 61.3% and 63.1% for the three and six months ended June 30, 2017 compared to 47.0% and 58.0% for the same periods in 2016. Cost of sales includes inventory impairment charges of $3.2 million for both the three and six months ended June 30, 2016, compared to $0.1 million and $0.2 million for the three and six months ended June 30, 2017. Excluding the impact of the inventory impairment charges, gross margin was 61.8% and 63.6% for the three and six months ended June 30, 2017, compared to gross margin of 65.5% and 67.6% for the three and six months ended June 30, 2016. The decline in gross margin excluding the impact of inventory impairment charges was due to the ongoing shift in the Company's product sales mix from higher gross margin Surgical products to Endo-bariatric products that realize lower relative gross margins. Total operating expenses were $16.0 million and $32.3 million for the three and six months ended June 30, 2017, respectively, compared to $14.4 million and $28.8 million for the same periods in 2016. The increase is primarily due to higher costs incurred to meet the Company's public company filing and corporate governance obligations. Research and development expenses also increased due to costs associated with new product development efforts. Interest expense decreased $1.5 million and $2.8 million during the three and six months ended June 30, 2017, when compared to the same periods in 2016 primarily due to the elimination of non-cash interest of $1.2 million and $2.4 million, respectively, associated with convertible notes that converted to equity in December 2016 and reduced cash interest on the Company's senior secured credit facility after principal reductions. Cash, cash equivalents and restricted cash were $6.2 million as of June 30, 2017. Capitalization Update On July 25, 2017, the Company completed a public offering selling 6,542,453 shares at a price of $5.50 per share, including 853,363 shares sold to the underwriters upon the full exercise of the over-allotment option to purchase additional shares, before the underwriting discount. The Company estimates that the public offering will generate net proceeds of approximately $33.6 million, after deducting the underwriting discount and estimated offering expenses. A full-text copy of the Form 10-Q is available for free at: https://is.gd/21QKC6 About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com/-- is a medical device company focused on less invasive therapies for the treatment of obesity, a condition facing over 600 million people globally, as well as other gastrointestinal disorders. Apollo's device based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 80 countries today. Apollo's common stock is traded on NASDAQ Global Market under the symbol "APEN". On Dec. 29, 2016, a wholly owned subsidiary of Lpath, Inc. merged with and into Apollo Endosurgery, Inc. resulting in Original Apollo becoming a wholly owned subsidiary of Lpath. At the Effective Time, Lpath effected a name change to "Apollo Endosurgery, Inc." Each share of Original Apollo common stock (after adjusting for the 1-for-5.5 reverse split of common stock effected by the Issuer immediately following consummation of the Merger) was exchanged for 0.31632739 shares of the Issuer's common stock at the Effective Time of the Merger. Apollo Endosurgery reported a net loss attributable to common stockholders of $41.16 million for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $36.38 million for the year ended Dec. 31, 2015. ARMADA LEASING: Taps BVA Group as Financial Advisor --------------------------------------------------- Armada Leasing, LLC and High Country Transportation, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ a financial advisor. The Debtors propose to hire BVA Group Restructuring and Advisory LLC to provide these services in connection with their Chapter 11 cases: (a) assist bankruptcy counsel in preparing and filing schedules, statements of financial affairs, amendments thereto, and monthly operating reports on a timely basis; (b) assist in the preparation of cash flow budgets and variance analyses; (c) provide support in developing, preparing and filing a bankruptcy plan and disclosure statement, or other appropriate case resolution; (d) review and analyze the Debtors' financial results, projections, and operational data; (e) assist the Debtors in managing key stakeholders; (f) consult with all secured creditors, unsecured creditors, the U.S. trustee, any committee appointed by the court, and other parties; (g) investigate all available Chapter 5 causes of action and non-Chapter 5 causes of action against creditors; (h) aid in the compilation of all information required for the Initial Debtor’s Conference; (i) assist the Debtors with preparations for and emerging from a Chapter 11 filing; and (j) provide testimony, if required and permitted. The hourly rates charged by the firm are: Jeffrey Anapolsky Managing Director $650 Alex Clinton Vice-President $475 Stephen Jaquess Sr. Financial Analyst $425 Amy Cui Financial Analyst $350 BVA Restructuring received a retainer from the Debtors in the amount of $30,000. Jeffrey Anapolsky, managing director of BVA's affiliate BVA Group LLC, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. BVA can be reached through: Jeffrey Anapolsky BVA Group LLC 7250 Dallas Parkway, Suite 200 Plano, TX 75024 Phone: 972-377-0300 Email: info@bvagroup.com About Armada Leasing Headquartered in Dallas, Texas, Armada Leasing, LLC -- http://www.highcountrytrans.com-- specializes in leasing trucks to owner-operators. High Country Transportation, Inc., an affiliate of Armada which is also based in Dallas, is in the trucking industry. HCT operates in three divisions, namely: the over-the-road hopperbottom division which focuses on serving shippers in the Midwest, Texas and Western 11 states; the dedicated dry bulk division which operates in Colorado and New Mexico and actively seeks new opportunities in the West, Midwest and Texas; and the Freedom over-the-road dry van division which focuses on helping contractors who also have the entrepreneurial drive to create their own trucking business. Armada and HCT filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 17-32498) on June 29, 2017. The petitions were signed by Kirk Crowley, managing member of Armada and vice-president of HCT. At the time of the filing, Armada disclosed that it had estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. HCT disclosed that it had estimated assets and liabilities of $10 million and $50 million. ATHANAS FENCE: Can Use JPMorgan Cash Collateral Until Sept. 30 -------------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois has entered a fourth order authorizing Athanas Fence Co., Inc., to use JPMorgan Chase Bank, NA's cash collateral through and including Sept. 30, 2017 on a final basis. JPMorgan Chase has asserted secured claims against some or all of the Debtor's assets, including the Debtor's cash and accounts receivable. Accordingly, JPMorgan Chase is granted replacement liens upon, and security interests in, the Debtor's postpetition cash and accounts receivable in the same priority as JPMorgan Chase's existing, prepetition liens. The Debtor proposes to initially make monthly adequate protection paymentsof $1,365 to JPMorgan Chase consisting of principal and interest on the business line of credit and $297 on the business installment loan. A further hearing to consider the continued use of cash collateral will be held on September 30, 2017 at 10:30 a.m. A full-text copy of the Fourth Order, dated July 26, 2017, is available at https://is.gd/acFBDX About Athanas Fence Co. Athanas Fence Co., Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-03883) on Feb. 10, 2017. The petition was signed by James J. Athanas, president. The Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by Joseph E. Cohen, Esq., at Cohen & Krol. BENCHMARK POST: Wants to Extend Exclusive Plan Filing to Dec. 1 --------------------------------------------------------------- Benchmark Post, Inc., and Benchmark Sound Services, Inc., ask the U.S. Bankruptcy Court for the Central District of California to extend the exclusivity periods for the Debtors to (i) file a Chapter 11 plan of reorganization to and including Dec. 1, 2017, and (ii) solicit acceptances of its proposed plan of reorganization to and including Jan. 30, 2018. A hearing to consider the Debtor's request will be held on Aug. 22, 2017, at 10:00 a.m. The Debtors are engaged in negotiations with a large entertainment company that may form the basis of a confirmable plan of reorganization and the Debtors' emergence from bankruptcy. The Debtors seek to extend the exclusivity periods for 90 days so that it may have an opportunity to further explore this potential opportunity, and prepare a plan of reorganization based thereon, without the potential distraction attendant to a competing plan. The Debtors have been in continuous discussions with a potential plan funder since shortly after the Petition Date, but negotiations are still ongoing and, based on the status of negotiations, the Debtors do not presently anticipate that a transaction will have been finalized to a point that a plan and disclosure statement can be prepared until after the passage of the exclusivity deadline in early September. Even if one is finalized prior to the expiration of the original exclusivity period, the Debtors would still require additional time to build a plan and disclosure statement upon it. The Debtors anticipate that each of their plans of reorganization will be proposed jointly, which will require the Debtors to engage in additional analysis to ensure adequate treatment not only of its creditors but also those of the Benchmark Post estate. This factor supports a 90-day extension of the exclusivity periods, so the Debtors may have the opportunity to move forward with its discussions and thereafter prepare a workable plan prior to the expiration of the exclusivity deadline. The Debtors' negotiations with potential plan funder constitute an unresolved contingency. The Debtors say that while it is optimistic that these discussions will bear fruit and give rise to a transaction that resolves both of their cases, they acknowledge that this result is not guaranteed. Should negotiations with the potential plan funder fail, the Debtors must be afforded a reasonable opportunity to shift its focus to negotiating and soliciting approval of a plan of reorganization based on a different funding source. For this reason, the unresolved status of negotiations supports an extension of the exclusivity periods as well. The Debtors assure the Court that they have timely paid its post-petition obligations. They timely paid quarterly fees to the Office of the U.S. Trustee and will continue to do so. Moreover, they complied with all reporting and other requirements imposed upon it by the U.S. Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the Office of the U.S. Trustee. About Benchmark Post, Inc. Located in Burbank, CA, Benchmark Post -- http://www.benchmarkpost.com/-- is an independent state-of-the-art facility providing post production audio services for feature films, television and motion picture advertising. Benchmark Post was founded in January 2015 by Re-Recording mixer Pedro Jimenez. Benchmark Post, Inc., and its affiliates filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 17-15568) on May 5, 2017. The Hon. Barry Russell presides over the case. SulmeyerKupetz APC represents the Debtor as counsel. In its petition, Benchmark Post, Inc., estimated $1 million to $10 million in both assets and liabilities. Benchmark Sound Services, estimated $100,000 to $500,000 in assets, and $1 million to $10 million in liabilities. The petition was signed by Pedro Jimenez, president. BENFER STORAGE: Plan Proposes to Pay Unsecureds in Full in 60 Days ------------------------------------------------------------------ Benfer Storage LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a small business disclosure statement describing its chapter 11 plan of reorganization, dated July 28, 2017, a full-text copy of which is available at: http://bankrupt.com/misc/txsb17-32767-33.pdf The plan proposes to pay Holders of General Unsecured Claims in Class 4 in full by cash within 60 days. The holders of Claims in Class 4 are only required to send two Notices of Default, and upon the third event of default, Claimants may proceed to collect all amounts owed under state law without recourse to the Bankruptcy Court and without further notice. Payments and distributions under the Plan will be funded by Benfer's existing Cash on hand, Capital Injection, and Exit Financing. Debtor's Exit Financing and Capital Injection shall occur simultaneously, not to occur later than 30 days from the Effective Date, in order to effectuate payment of all Allowed Claims of the Debtor as provided in this Plan. About Benfer Storage LLC Benfer Storage LLC, based in Houston, Texas, offers storage spaces for rent on a prepaid basis. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 17-32767) on May 1, 2017. In its petition, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Alberto Bernadoni, president, signed the petition. The Hon. Jeff Bohm presides over the case. Susan Tran, Esq., at Corral Tran Singh, LLP, serves as bankruptcy counsel. A list of the Debtor's three largest unsecured creditors is available for free at http://bankrupt.com/misc/txsb17-32767.pdf BILL BARRETT: Reports $18.4 Million Net Loss for Second Quarter --------------------------------------------------------------- Bill Barrett Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $18.44 million on $51.06 million of total operating revenues for the three months ended June 30, 2017, compared to a net loss of $48.41 million on $47.28 million of total operating revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported a net loss of $31.56 million on $101.6 million of total operating revenues compared to a net loss of $94.91 million on $76.71 million of total operating revenues for the same period a year ago. The Company's balance sheet at June 30, 2017, showed $1.32 billion in total assets, $780.9 million in total liabilities and $542.3 million in total stockholders' equity. Chief Executive Officer and President Scot Woodall commented, "We executed on our operational plan and posted very good results that translated into an across the board beat compared to sell-side consensus estimates. This was primarily achieved by higher production, higher oil price realizations, due to an improvement in differentials, and lower per unit LOE. We are seeing encouraging early results from DSUs that utilized higher sand concentration and tighter frac stage spacing. Our operations team continues to demonstrate drilling efficiencies as average drilling days for XRL wells in 2017 are approximately 18% lower compared to the average of 2016. Our pace of development is increasing with the previously announced addition of a second drilling rig in the DJ Basin. We also saw positive early performance from recompletions in the Uinta Oil Program during the quarter. We maintain operational control and flexibility with respect to our capital program, including the ability to adjust spending as warranted based on changes to the commodity price environment. Our liquidity consists of a cash position in excess of $150 million and an undrawn credit facility that is supported by our underlying hedge position. We also have no near-term debt maturities. As demonstrated by previous actions, we will be capital disciplined and financially responsible as we navigate the current commodity price environment." Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.53 million barrels of oil equivalent ("MMBoe") in the second quarter of 2017, which was at the upper end of the guidance range of 1.45-1.55 MMBoe and represents a 6% increase in production sales volumes compared to the first quarter of 2017. Oil volumes increased 9% compared to the first quarter of 2017. Cash operating costs (LOE, gathering, transportation and processing costs and production tax expense) averaged $6.21 per Boe in the second quarter of 2017, a 21% reduction compared to the second quarter of 2016, when cash operating costs averaged $7.85 per Boe. LOE averaged $3.61 per Boe in the second quarter of 2017, a 32% reduction relative to the second quarter of 2016, when LOE averaged $5.28 per Boe. LOE in the DJ Basin averaged $3.06 per Boe in the second quarter of 2017 compared to $3.74 per Boe in the second quarter of 2016. The year-over-year reduction was a result of improved operational efficiencies, disposition of higher LOE wells in the Uinta Oil Program ("UOP") and lease operating cost reductions in both the DJ Basin and the UOP. At June 30, 2017, the principal debt balance was $677.6 million, while cash and cash equivalents were $155.6 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $522.0 million. The Company currently has $274 million in available borrowing capacity on its credit facility, after taking into account a $26 million letter of credit. On April 28, 2017, the Company closed on an offering of $275 million in aggregate principal amount of 8.75% senior unsecured notes due 2025. Net proceeds from the offering, together with available cash on hand, was used to reduce long-term debt through the redemption of the outstanding 7.625% Senior Notes due 2019 and the outstanding 5% Convertible Senior Notes due 2028. The Company recognized a loss on extinguishment of debt of $7.9 million related to the redemption. Capital expenditures for the second quarter of 2017 totaled $58.5 million, which was below the Company's guidance range of $65-$75 million. The Company operated one drilling rig for the majority of the quarter and spud 8 extended reach lateral ("XRL") wells and 1 mid-reach lateral ("MRL") well. Completion operations were finalized on 4 XRL and 10 MRL wells in the DJ Basin and a 9 well recompletion program in the UOP. As previously outlined in the Company's 2017 capital budget discussion, a second drilling rig was added in the DJ Basin in June 2017. OPERATIONAL HIGHLIGHTS DJ Basin The Company produced an average of 14,456 Boe/d in the second quarter of 2017. The Company placed 4 XRL and 10 MRL wells on initial flowback during the second quarter and is currently operating two drilling rigs. The following provides a synopsis of the current activity for drilling and spacing units ("DSU") that are in the drilling and completion or the initial flowback phase: * 5-62-27 - The DSU is located within the central area of NE Wattenberg and includes 9 XRL wells that incorporated enhanced proppant of approximately 1,500 pounds of sand per lateral foot. The wells were placed on initial flowback in March 2017 and early production data is encouraging as the wells continue to trend towards peak production. * 6-62-10/6-62-11 - The DSU is located within the northern area of NE Wattenberg and includes 4 XRL wells. An additional 10 MRL wells, with lateral lengths of approximately 7,300 feet, were drilled to develop the DSU based on lease configuration. The wells were placed on initial flowback during the second quarter of 2017. This is the initial DSU that incorporated enhanced proppant of up to 1,500 pounds of sand per lateral foot and a reduction in frac spacing from approximately 175 feet between stages to approximately 100-140 feet per stage. * 5-63-32 - The DSU is located within the western area of NE Wattenberg and includes 5 XRL wells. Completion operations have commenced and the wells are scheduled to be placed on initial flowback in the third quarter of 2017. The wells will incorporate enhanced proppant of up to 1,500 pounds of sand per lateral foot and frac spacing of approximately 120 feet between stages. * 5-63-30 - The DSU is located within the western area of NE Wattenberg and includes 6 XRL wells. Completion operations have commenced and the wells are expected to be placed on initial flowback in the fourth quarter of 2017. * 5-61-20 - The DSU is located within the central area of NE Wattenberg and includes 8 XRL wells that are being drilled concurrently with two rigs. Drilling commenced in the third quarter and the wells are anticipated to be completed during the fourth quarter of 2017. * XRL well drilling days to rig release have averaged approximately 6.5 days per well during 2017, including a best-in-class well that was drilled in approximately 5.1 days. Average feet drilled per day for XRL wells has increased to 3,424 feet drilled per day in 2017 compared to the 2016 average of 2,668 feet drilled per day. * Drilling and completion costs for the XRL wells drilled during the first half of 2017 averaged approximately $4.5 million per well, which includes the cost of incorporating higher proppant concentrations and tighter frac stage spacing. The Company continues to work to mitigate the expected risk of inflationary pressure on service costs during the second half of 2017. Uinta Oil Program Production sales volumes averaged 2,296 Boe/d (89% oil) during the second quarter of 2017 compared to the second quarter of 2016 average of 2,130 Boe/d. Second quarter of 2017 production sales volumes benefited from a 9 well recompletion program. The oil price differential averaged $3.60 per barrel less than WTI as new marketing contracts became effective on May 1, 2017. 2017 OPERATING GUIDANCE The Company is providing the following update to its 2017 operating guidance. * Capital expenditures of $255-$285 million, unchanged -- Third quarter capital expenditures are expected to total $65-$75 million * Production of 6.0-6.5 MMBoe, unchanged -- Third quarter production sales volumes are expected to approximate 1.55-1.65 MMBoe -- Third quarter production is expected to be weighted approximately 60% oil * Lease operating expense of $27-$30 million, unchanged * General and administrative expenses of $30-$33 million, unchanged * Gathering, transportation and processing costs of $2-$3 million, unchanged * Unused commitment for firm natural gas transportation charges of $18-$19 million, unchanged A full-text copy of the Form 10-Q is available for free at: https://is.gd/OMPtIG About Bill Barrett Denver-based Bill Barrett Corporation -- http://www.billbarrettcorp.com/-- is an independent energy company that develops, acquires and explores for oil and natural gas resources. All of the Company's assets and operations are located in the Rocky Mountain region of the United States. Bill Barrett reported a net loss of $170.4 million on $178.8 million of total operating revenues for the year ended Dec. 31, 2016, compared to a net loss of $487.8 million on $207.9 million of total operating revenues for the year ended Dec. 31, 2015. BLACKMAN COMMUNITY WATER: Wants to Use USDA/Rural's Cash Collateral ------------------------------------------------------------------- Blackman Community Water System, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Florida to continue using cash collateral. On Feb. 19, 2016, the Court entered a stipulated court order granting the Debtor's expedited motion to use cash collateral. The court order provided for the Debtor to make six monthly payments to USDA/Rural -- a secured creditor with a perfected security interest in all of the Debtor's real and personal property used for the operation and delivery of potable water for consumption and fire protection to the rural community of Blackman, Florida -- commencing on March 1, 2016. The Debtor-in-Possession and USDA/Rural continued their agreement for adequate protection payments, which was observed and ordered by the Court in the stipulated court order granting the Debtor's motion to extend exclusivity period and the court order granting the Debtor's motion to extend exclusivity period. By the terms of the court order granting the Debtor's motion to extend exclusivity period, the Debtor continued making adequate protection payments until March 31, 2017, at which time it ceased making payments. Pursuant to further discussions between the parties, the Debtor-in-Possession resumed making monthly payments and sent a payment to USDA/Rural to compensate for months in which payments were not made. In other words, the Debtor-in-Possession has made adequate protection payments in the amount of $1,700 per month that would have been due had the prior stipulation between the parties not expired on March 31, 2017. The Debtor wants to continue to provide adequate protection to USDA/Rural in the amount of $1,700 per month. The Debtor says that absent the granting of the motion, the Debtor would not have the authority to continue to perform in a timely manner, and USDA/Rural could seek relief from the automatic stay. Any interruption in the business of the Debtor would likely affect its ability to provide potable water to the community. The Debtor and USDA/Rural continue to make efforts for a successful reorganization of the Debtor. The Debtor believes an extension of the time period to Dec. 31, 2017, for adequate protection payments and use of cash collateral is reasonable. Copies of the Debtor's Motion are available at: http://bankrupt.com/misc/flnb16-30031-86.pdf http://bankrupt.com/misc/flnb16-30031-83.pdf About Blackman Community Water System Blackman Community Water System Inc. filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 16-30031) on Jan. 15, 2016. The petition was signed by Randall Ward, president. The Debtor disclosed assets at $5.32 million and debts at $1.96 million. The Debtor is represented by Ashley B. Rogers, Esq., at Chesser & Barr P.A. BOSTWICK LABORATORIES: Plan Filing Deadline Extended to Oct. 11 --------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware has extended the deadline by which Bostwick Laboratories, Inc. and its debtor-affiliates have to file a plan of reorganization through October 11, 2017, and solicit acceptances of a plan through December 10, 2017. The Troubled Company Reporter has previously reported that the Debtors sought exclusivity extension, saying that they have had to spend substantial time addressing complex issues including (i) their Medicare receivables and adequate protection of the Centers for Medicare and Medicaid Services of the United States Department of Health and Human Services set-off claim; (ii) state and federal regulatory issues related to the of substantially all of the Debtors' assets and (iii) transition issues related to operations under the transitions services agreement and post-TSA transition issues. Furthermore, the Debtors said that until the outcome of the Sale process became known, the potential form of any Chapter 11 plan would have involved too much uncertainty and too many variables to permit the earlier drafting of a plan. The Debtors told the Court that they have worked closely with the Official Committee of Unsecured Creditors in preparing a viable combined plan and disclosure statement, which has now been filed in these cases. The Debtors believed that the requested extension will allow them to seek confirmation of the combined plan and disclosure statement. The Debtors contend that they, together with the Committee, have been engaged with certain parties-in-interest, including CMS, regarding issues related to the combined plan and disclosure statement. The Debtors believed that the requested extension will allow them and the Committee to continue these discussions and hopefully will result in a consensual order approving the combined plan and disclosure statement. About Bostwick Laboratories Founded in 1999, Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings, Inc. -- http://www.bostwicklaboratories.com/ -- operate an independent, full-service anatomic pathology laboratory and are a specialty provider of diagnostic testing services for urologists and gynecologists in the U.S. The Debtors operate a reference laboratory offering a comprehensive suite of anatomic pathology and molecular testing services to independent physicians nationally. BLI is a wholly owned subsidiary of BLHI. BLHI has no business operations of its own. BLI provides laboratory services to the approximately $1.3 billion urology market, with over 15 years of experience in the field of diagnostic and prognostic testing for the approximately 7,500 non-hospital based urologists practicing in the United States. BLI also has testing capabilities to serve other select subspecialty markets outside of urology, including women's health/OBGYN, gastroenterology, nephrology, and dermatology. BLI has 193 employees, with 125 employees located at the laboratory facility in Uniondale, New York. The employees perform a variety of critical functions relating to the business, including billing and registration, sales and marketing, and laboratory operations. As of the bankruptcy filing, the Debtors estimated assets in the range of $1 million to $10 million and liabilities of up to $100 million. In August 2014, BLI entered into a settlement agreement with the Department of Justice, under which BLI agreed to pay the DOJ $7,000,000. The agreement resulted in a $3,200,000 unsecured installment note, payable in seventeen quarterly installments, starting June 2016 with interest at 2.25%. The note matures in June 2020. As of the Petition Date, the amount owed to the DOJ is $2,702,020. Bostwick Laboratories, Inc., and Bostwick Laboratories Holdings, Inc., based in Uniondale, NY, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 17-10570 and 17-10572) on March 15, 2017. The Hon. Brendan Linehan Shannon presides over the case. David B. Stratton, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP, serve as bankruptcy counsel. The Debtors hired Donlin Recano & Company as claims and noticing agent. In its petition, the Debtor estimated $1 million to $10 million in assets and $50 million to $100 million in liabilities. The petition was signed by Tommy Hunt, CFO. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed on March 23, 2017, three creditors to serve on the official committee of unsecured creditors. BRUCE FINDER: Proposes to Liquidate Assets to Pay Creditors ----------------------------------------------------------- Bruce Finder Sales, Inc., on July 25 filed with the U.S. Bankruptcy Court for the Northern District of Illinois its proposed Chapter 11 plan of liquidation. Under the liquidating plan, creditors holding Class 6 general unsecured claims will be paid pro-rata of the amount recovered from the sale of the company's assets on the effective date of the plan. The total amount of unsecured claims is estimated at $663,580.87. The amount of the recovered funds is still unknown as June Finder Trust, the secured lender, is still liquidating the assets. Based on the amount recovered as of July 25, general unsecured creditors will not receive any distribution. Once all the assets are liquidated, Bruce Finder will update the amount available to all creditors. Bruce Finder will make payments under the plan through the recovered funds. In addition, a "new value contribution" may be used to fund the plan, according to the company's disclosure statement filed on July 25. A copy of the disclosure statement is available for free at https://is.gd/Tc4cGV In April, Bruce Finder filed a motion to sell all of its assets. With no other bidder, the secured lender acquired all the assets via credit bid of $645,512. As part of the sale, the secured lender agreed to pay to unsecured creditor 10% of the net recovery after it liquidated the assets. The secured lender has since sold a majority of the assets and to date has recovered $125,487 of which Bruce Finder will receive 10% to be distributed to creditors. The secured lender is still in the process of liquidation and the exact amount is not yet known. About Bruce Finder Sales Based in Cicero, Illinois, Bruce Finder Sales, Inc., doing business as BFS Metals, is a metal service center engaging in the sales of metal-related products used in maintenance and construction industry for the past 26 years. The Debtor filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-02122) on Jan. 25, 2017. Bradley Finder, president, signed the petition. The Debtor disclosed total assets of $1.1 million and total liabilities of $1.18 million as of Dec. 31, 2016. The case is assigned to Judge Deborah L. Thorne. The Debtor is represented by Allan O. Fridman, Esq., at the Law Office of O. Allan Fridman. CATASYS INC: Expands OnTrak-A Program to Include Anxiety Disorder ----------------------------------------------------------------- Catasys, Inc., announced that it has expanded its OnTrak-A program with one of the nation's leading health insurance providers to now include anxiety in three states: Illinois, Kansas and Missouri. This expansion into anxiety provides the opportunity for Catasys to treat a wider populace among an expanding portion of the health insurance provider's medical members, which total over 23 million members across the country (including Medicare, Medicaid, and comprehensive individual and group coverage). The OnTrak-A program had previously covered eligible commercial and Medicare members suffering from substance use disorders in eight states. The Company estimates that 43 million adults in the United States have an anxiety disorder, and many symptoms are integrated with those that have other behavioral health disorders such as substance use and depression. Company Achieving Enrollment Progress After Data Correction Catasys has continued to see enrollment improvements in recent weeks through its existing relationship with this health insurance provider, specifically after receiving an accurate data set from the health plan which allowed it to correctly identify members eligible for OnTrak. Following the adjustment, the Company has been able to fully ramp enrollment for OnTrak-A in the eight previously contracted states and now will include eligible members with anxiety for Illinois, Kansas and Missouri. The Company expects to see enrollment totals through this contract increase considerably starting in the third quarter of 2017. Management Comments Richard A. Anderson, president and chief operating officer of Catasys, stated, "The key elements of Catasys' expansion plan are increasing adoption of the OnTrak program by health insurance providers, the expansion into new states, and programmatic development within our existing health plan agreements. We believe that the addition of anxiety in these states represents the continued expansion with this customer, which we expect to continue throughout 2017. This is one of our largest customers and represents a strong indication that our method of identifying and enrolling the right patients to treat an underserved market is working. Our next step will be to launch new programs through additional carriers in the coming months, and we will keep shareholders informed of our progress." About Catasys, Inc. Los Angeles, California-based Catasys, Inc. is a provider of data analytics based specialized behavioral health management and treatment services to health plans through its OnTrak program. The Company's program utilizes member engagement and patient centric treatment that integrates evidence based medical and psychosocial interventions along with care coaching in a 52-week outpatient program. Catasys reported a net loss of $17.93 million on $7.07 million of revenues for the year ended Dec. 31, 2016, compared to a net loss of $7.22 million on $2.70 million of revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Catasys had $2.94 million in total assets, $47.54 million in total liabilities and a total stockholders' deficit of $44.60 million. The Company's independent accounting firm Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has continued to incur significant operating losses and negative cash flows from operations during the year ended Dec. 31, 2016, and continues to have negative working capital at Dec. 31, 2016. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CECIL BANCORP: Disclosures Approved; Oct. 3 Plan Hearing Set ------------------------------------------------------------ BankruptcyData.com reported that the U.S. Bankruptcy Court approved Cecil Bancorp's emergency motion for entry of an order authorizing, among other things, auction procedures for the sale of its bank stock and granting preliminary approval of the Company's Disclosure Statement. The order notes, "Recognizing the value and benefits that the New Investors have provided to the estate by entering into the New Investment, as well as New Investors expenditure of time, energy and resources, the New Investors are hereby granted a fee equal to $250,000 (the 'Break Up Fee'), such fee payable in the event the Court fails to approve the New Investment and instead approves a sale of some or all of the Bank Stock to an entity that has submitted a Qualified Bid and such sale closes. The Break Up Fee shall be payable at the closing of the sale in connection with such Bid from the first proceeds of such sale without further order of the Court….If the New Investors elect to participate in bidding at the Auction, the amount of the Break Up Fee shall be added to New Investors Bid in determining whether the New Investors bid is a higher and better offer for the bank Stock. The Debtor shall consult with the TruPS Holders on the conduct of the auction, if any, and shall promptly convey to the TruPS Holders copies of any offers received." BankruptcyData.com related that according to the order, the bid deadline is September 19, 2017. If a qualified bid is timely received, an auction will be held on September 27, 2017. The Court also scheduled an October 3, 2017 hearing to consider the Company's Plan, with objections due by September 29, 2017, BankruptcyData.com relayed. About Cecil Bancorp Cecil Bancorp, Inc. (OTC:CECB) is the direct parent of Cecil Bank, a Maryland commercial bank with 52 employees, a main branch, 8 branch locations, and a corporate/loan office. As of March 31, 2017, the Bank -- http://www.cecilbank.com/-- has total assets of approximately $211 million, outstanding loans of $94 million and total deposits of $154 million. Cecil Bancorp also owns 100% of the stock of Cecil Bancorp Capital Trust I ("Trust I") and Cecil Bancorp Capital Trust II ("Trust II" and together with Trust I, the "Trusts"), which are Delaware statutory trusts that were established for the sole purpose of issuing capital securities. Cecil Bancorp, Inc., filed a Chapter 11 petition (Bankr. D. Md. Case No. 17-19024) in Baltimore, Maryland, on June 30, 2017. Terrie G. Spiro, president and chief executive officer, signed the petition. The Debtor disclosed $7.64 million in total assets and $21.18 million in total liabilities. The Debtor valued its 100% ownership in Cecil Bank at $3.755 million and its 100% ownership in Cecil Bancorp Capital Trusts I and II at $527,000. The Debtor doesn't have any secured debt and all its unsecured debt are comprised of: $62,700 owing to Cecil Bank and $12.098 million and $9.026 million owing to Wilmington Trust Company. The Hon. Robert A. Gordon oversees the case. The Debtor tapped Nelson Mullins Riley & Scarborough LLP as counsel; and Teneo Securities, Inc. and Hovde Group, LLC. * * * The Debtor on the Petition Date filed a Chapter 11 Plan of Reorganization and Disclosure Statement. The Debtor's Chapter 11 plan exclusivity expires Oct. 30, 2017. CITYGOLF: Plan to Pay $26,100 to Dept. of Unemployment Insurance ---------------------------------------------------------------- CityGolf/Boston, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Massachusetts its latest disclosure statement, which explains its proposed Chapter 11 plan of reorganization. The latest disclosure statement discusses the company's expectations for future operations based on negotiations with the Office of the U.S. Trustee and certain creditors after the filing of the previous disclosure statement. It also discusses the valuation of the company's assets and alternatives to the plan. CityGolf/Boston also disclosed in the document that on the effective date of the plan, the estimated amount to be distributed to the Department of Unemployment Insurance on account of its post-petition administrative claim and stipulated priority claim totals $26,100. The company believes it will have sufficient cash on hand to make the payment required on the effective date, according to the third amended disclosure statement filed on July 25. A copy of the disclosure statement is available for free at https://is.gd/LvwDEv About CityGolf/Boston CityGolf/Boston, LLC, is a Massachusetts limited liability corporation. Founded in 1997, CityGolf is an indoor practice facility with, on the petition date, two locations in the heart of downtown Boston. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 15-12578) on June 30, 2015, estimating its assets and liabilities at up to $50,000 each. David G. Baker, Esq., serves as the Debtor's bankruptcy counsel. CLARKE PROJECT: Plan Exclusivity Period Extended Through Nov. 29 ---------------------------------------------------------------- Judge Theodor C. Albert of the U.S. Bankruptcy Court for the District of Connecticut entered an order extending the exclusivity periods within which Clarke Project Solutions, Inc., formerly known as Cumming Clarke, has the exclusive right to file and to solicit acceptances to any Plan filed, to November 29, 2017 and February 28, 2018, respectively. About Clarke Project Solutions Clarke Project Solutions, Inc., f/k/a Cumming Clarke, based in Mission Viejo, California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 17-10402) on Feb. 2, 2017. Chris Clarke, the president, signed the petition. The Debtor estimated assets at $1 million to $10 million and liabilities at $500,000 to $1 million at the time of the filing. The case is assigned to Judge Theodor Albert. The Debtor's bankruptcy counsel is Pamela Jan Zylstra, Esq. The Debtor has hired Dale K. Quinlain, Esq., at Quinlan Law Corporation, as special litigation counsel. The Debtor has also hired George Shewchuk of Raimond Pettit Group as accountant. COMSTOCK MINING: Reports $2.93 Million Net Loss for Second Quarter ------------------------------------------------------------------ Comstock Mining Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $2.93 million on $27,370 of total revenues for the three months ended June 30, 2017, compared to a net loss of $2.85 million on $1.49 million of total revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported a net loss of $5.70 million on $46,664 of total revenues compared to a net loss of $6.90 million on $3.51 million of total revenues for the same period a year ago. The Company's balance sheet at June 30, 2017, showed $32.69 million in total assets, $21.11 million in total liabilities and $11.57 million in total stockholders' equity. The Company has recurring net losses from operations and an accumulated deficit of $217.7 million at June 30, 2017. For the six-month period ended June 30, 2017, the Company incurred a net loss of $5.7 million and used $3.6 million of cash in operations. As of June 30, 2017, the Company had cash and cash equivalents of $1.0 million, current assets of $7.3 million and current liabilities of $2.2 million, resulting in current working capital of $5.1 million. The Company's current capital resources include cash and cash equivalents and other working capital resources, along with a loan commitment agreement with $7.5 million in unused capacity. The Company also has an at-the-market equity offering program with International Assets Advisory LLC, and an equity purchase agreement with Leviston Resources, LLC, with aggregate unused capacity of $9.0 million. These capital resources are in addition to certain planned non-mining asset sales. In March 2017, (and amended in June 2017) the Company entered into a loan commitment agreement that provides up to $7.5 million in borrowing capacity and expires in 2021 with an 11% interest rate. Principal amounts borrowed under this agreement are not due until 2021. Until Jan. 1, 2019, interest on any borrowings will be payable in cash and/or in the form of additional indebtedness under the agreement, at the Company's option. No amounts have been borrowed under this agreement and the Company has $7.0 million (after consideration of fees due at the time of borrowing) of available borrowing capacity as of June 30, 2017. As of June 30, 2017, the Company has issued shares under the ATM offering program with IAA and received cash proceeds of $1.5 million. The Company had $3.5 million available to be used under the ATM Agreement with IAA, as of June 30, 2017. In April 2017, the Company entered into the "Purchase Agreement" with Leviston for the purchase of up to $7.25 million of shares of the Company's common stock from time to time, at the Company's option, limited to $750,000 per month, subject to certain volume and pricing restrictions. As of June 30, 2017, the Company has issued shares to Leviston and received cash proceeds of $1.7 million. The Company had $5.5 million available to be used under the Purchase Agreement as of June 30, 2017. "While the Company has been successful in the past in obtaining the necessary capital to support its operations, including registered equity financings from its existing shelf registration statement, borrowings, or other means, there is no assurance that the Company will be able to obtain additional equity capital or other financing, if needed. However, the Company believes it will have sufficient funds to sustain its operations during the next 12 months from the date the financial statements were issued as a result of the sources of funding detailed above," the Company stated in the regulatory filing. "Future operating expenditures above management's expectations, including exploration and mine development expenditures in excess of amounts to be raised from the issuance of equity under the ATM Agreement and Purchase Agreement or in excess of the $5.0 million of services in exchange for stock under the agreement with American Mining and Tunneling, declines in the market value of properties held for sale, or declines in the share price of the Company's common stock would adversely affect the Company's results of operations, financial condition and cash flows. If the Company was unable to obtain any necessary additional funds, this could have an immediate material adverse effect on liquidity and could raise substantial doubt about the Company's ability to continue as a going concern. In such case, the Company could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or sell certain assets or businesses. There can be no assurance that the Company would be able to take any such actions on favorable terms, in a timely manner or at all." A full-text copy of the Form 10-Q is available for free at: https://is.gd/9YjrVl About Comstock Mining Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the historic Comstock district. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a substantial portion of the Comstock district, secured permits, built an infrastructure and brought the exploration project into test mining production. The Company continues acquiring additional properties in the Comstock district, expanding its footprint and creating opportunities for exploration and mining. The goal of the Company's strategic plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations by 2011, with annual production rates of 20,000 gold equivalent ounces. Comstock Mining reported a net loss of $12.96 million on $5.07 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $10.45 million on $18.49 million of total revenues for the year ended Dec. 31, 2015. CONFIRMATRIX LABORATORY: Tiger Accepting Sealed Bids Until Aug. 14 ------------------------------------------------------------------ By order of the U.S. Bankruptcy Court, Tiger Group, in cooperation with Auction Management Corp., is conducting a sealed bid offering for the turnkey sale of the late-model facility, real property and other assets of Confirmatrix Laboratory Inc., a fully operational independent toxicology and clinical blood laboratory. The metro-Atlanta business is located in a recently renovated 19,600-square-foot building incorporating the lab, office and warehouse space. The toxicology lab includes six mass spectrometers. The late-model facility features equipment purchased in the last three to four years. Bids are due by 5:00 p.m. (ET) on Aug. 14 for the assets, which include a modern laboratory featuring mass spectrometers and associated toxicology instrumentation and work tables designed to provide comprehensive clinical quantitative urine and oral fluid drug testing, medication monitoring, and support services. The facility features equipment purchased in the last three to four years, with OEM service contracts available for certain assets. Confirmatrix's facility sits on a 2.5-acre lot on Cedars Rd., located about 2.5 miles from Gwinnett County Airport. Built in 1989 and renovated in 2014, the building includes 14,316 square feet of office and lab space, 5,284 square feet of climate-controlled warehouse and storage space (with a walk-in freezer), and a small truck court area with roll-up doors. The facility was originally designed as a six-unit, multi-tenant industrial building with separately metered utilities and up to two roll-up doors per suite. The business currently employs 17 full-time people, including staff with technical expertise in accessioning/aloquoting, specimen collection and prep, and laboratory management. In addition to hiring existing personnel as needed, a purchaser can also assume certain operational contracts and redesign the facility's operational work flow. "This is a unique opportunity to acquire a fully operational laboratory with significant capacity at hard asset value," said Jeff Tanenbaum, Executive Managing Director of Tiger's Commercial & Industrial division. "With minimal capital expenditures, the real property can be reconfigured to either expand volume or to allow for an income-producing co-tenant." The toxicology lab's AB Sciex liquid chromatography mass spectrometers include three Model 4500 dual stream systems; two Model 4500 single stream systems; and a Model 5500 single stream system. The facility also features a nitrogen generation system, two Beckman Coulter AU680 Routine Chemistry Analyzers, Beckman Coulter Unicel DxH 600 Cell Analysis System, and much more. Offers, inquiries or inspection requests can be submitted to: Jeremy Halford, auctions@TigerGroup.com. For further information, visit: www.soldtiger.com/ About Confirmatrix Laboratory, Inc. Confirmatrix Laboratory, Inc. is a laboratory business focused on toxicology and blood testing. Its principal place of business is located at 1770 Cedars Road, Suite 200, Lawrenceville, Gwinnett County, GA 30045. Confirmatrix Laboratory, Inc., based in Lawrenceville, GA, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-69934) on November 4, 2016. The petition was signed by Ann B. Durham, CEO. William J. Boone, Esq., at James Bates Brannan Groover, LLP, serves as bankruptcy counsel. The Debtor employed Marvin H. Willis and Smith & Howard, P.C. as its accountant. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. CRYSTAL SPOON: Unsecureds to Get First Payment in December 2019 --------------------------------------------------------------- General unsecured creditors of The Crystal Spoon Corp. will receive their first payment on December 15, 2019, according to the company's latest Chapter 11 plan of reorganization. Under the latest plan, Crystal Spoon will make 12 payments to creditors holding Class 4 general unsecured claims beginning on December 15, 2019. The final payment will be made on February 1, 2023. General unsecured creditors will be paid 5% of their claims on the first and second distributions; 10% on the nine subsequent distributions; and 8% on the final distribution. The allowed amount of Class 4 claims is $319,956.64. These claims will be paid in full, without interest, according to the latest disclosure statement filed on July 25 with the U.S. Bankruptcy Court for the Southern District of New York. A copy of the amended disclosure statement is available for free at https://is.gd/vBH4gB About The Crystal Spoon Corp. Headquartered in Elmsford, New York, The Crystal Spoon Corp. aka Top Chef Meals is in the business primarily of distribution of prepared meals, co-packing for other suppliers and catering. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-22238) on Feb. 25, 2016. It estimated assets and liabilities of $1 million to $10 million. The petition was signed by Paul Ghiron, president. Anne J. Penachio, Esq., at Penachio Malara LLP, serves as the Debtor's bankruptcy counsel. On December 20, 2016, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. CST INDUSTRIES: Taps FTI Consulting as Financial Advisor -------------------------------------------------------- CST Industries Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire FTI Consulting Inc. The firm will serve as financial advisor and investment banker to CST Industries and its affiliates in connection with their Chapter 11 cases. FTI will, among other things, provide strategic restructuring analysis to address the Debtors' senior debt; recommend a transaction strategy to effectuate any proposed sale of their assets; contact potential acquirers and evaluate proposals; assist in the preparation of financial information; provide testimonies in court; and assist in the preparation of a plan of reorganization. The firm will be paid a monthly fee of $125,000 and will be reimbursed for work-related expenses. A "sale base fee" of $50,000 will be due and payable by the Debtors to FTI on the effective date. Moreover, the Debtors may, in their sole discretion, award FTI a fee of up to $250,000 if they close a successful restructuring transaction. Robert Del Genio, senior managing director at FTI, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert A. Del Genio FTI Consulting, Inc. 650 Fifth Avenue, 20th Floor New York, NY, 10019 Tel: +1 212-813-1300 / 212-813-1640 Email: bob.delgenio@fticonsulting.com About CST Industries Holdings Inc. CST Industries, Inc. -- https://www.cstindustries.com/ -- is a global manufacturer of factory coated bolted steel storage tanks, aluminum geodesic domes and specialty covers. The Company has five manufacturing facilities and technical design centers and multiple regional sales offices located throughout North America and the United Kingdom. International offices are located in Argentina, Australia, Brazil, India, Japan, Malaysia, Mexico, Myanmar, Panama, Singapore, South Africa, Spain, United Kingdom, United Arab Emirates and Vietnam. CST Holdings, Inc., parent of CST Industries and CST Power & Construction, Inc., is a privately held corporation that is majority-owned by funds affiliated with The Sterling Group, a Houston, Texas-based private equity firm which owns approximately 60% of CST Holdings' stock. The Sterling Group has held a majority of CST Holdings' stock since 2006. CST Industries Holdings Inc., CST Industries, Inc., and CST Power & Construction, Inc. sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 17-11292) on June 9, 2017. The petitions were signed by Timothy J. Carpenter, chief executive officer. CST estimated assets of $50 million to $100 million and debt of $100 million to $500 million. Potter Anderson & Corroon LLP and Hughes Hubbard & Reed LLP are the Debtors' co-general counsel. Epiq Bankruptcy Solutions, LLC serves as claims and noticing agent. On June 20, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired Lowenstein Sandler LLP as counsel; Shaw Fishman Glantz & Towbin LLC as co-counsel; and Teneo Restructuring and Teneo Capital LLC as investment banker. CYPRESS ASSOCIATES: Unsecureds to be Paid 20%, Plus 4%, Over 60 Mos ------------------------------------------------------------------- General unsecured creditors of Cypress Associates, Inc., will be paid 20% of their claims under the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, creditors holding Class 3 general unsecured claims will be paid 20%, plus interest at 4% per annum, in cash. These creditors will be paid in equal monthly installments over a period of 60 months. Distributions of cash will be made by the newly reorganized company beginning on the fifth day of the month following 30 days after the effective date of the plan, according to Cypress Associates' disclosure statement filed on July 25 with the U.S. Bankruptcy Court for the Southern District of Texas. A copy of the disclosure statement is available for free at https://is.gd/zBISCz Cypress Associates is represented by: John Vincent Burger, Esq. Burger Law Firm 4151 Southwest Frwy, Suite 770 Houston, TX 77027 Tel: 713-960-9696 Fax: 713-961-4403 Email: bankruptcy@burgerlawfirm.com About Cypress Associates Inc. Cypress Associates, Inc. owns and operates an insurance brokerage in Houston, Texas. It was formed on February 12, 2009. The Debtor offers a variety of insurance products including health, life and well-being policies underwritten by Philadelphia American Life Insurance Company and New Era Life Insurance Company. Barry Glenn is the sole shareholder, officer and director of the Debtor. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 17-30491) on January 31, 2017. The petition was signed by Barry Glenn, president. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Marvin Isgur. Burger Law Firm represents the Debtor as bankruptcy counsel. DIT PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: DIT Properties, L.L.C. 2185 West Highway 70 Thatcher, AZ 85552 Type of Business: DIT Properties was founded in 2002, and is located at 2185 W US Highway 70 in Thatcher. It listed its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 2, 2017 Case No.: 17-08929 Court: United States Bankruptcy Court District of Arizona (Tucson) Debtor's Counsel: Kelly G. Black, Esq. KELLY G. BLACK, PLC 1152 E Greenway St, Ste 4 Mesa, AZ 85203-4360 Tel: 480-639-6719 Fax: 480-639-6819 E-mail: kgb@kellygblacklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony M. Alder, member. The Debtor says it has no unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb17-08929.pdf DON ROSE: DOJ Watchdog, Creditors Seek Ch. 11 Trustee Appointment ----------------------------------------------------------------- Tracy Hope Davis, United States Trustee for Region 17, asks the U.S. Bankruptcy Court for the Eastern District of California to direct the appointment of a Chapter 11 trustee to manage Don Rose Oil Co., Inc., pursuant to 11 U.S.C. Section 1104(a), or, in the alternative, to convert the Chapter 11 case of Don Rose Oil to a case under Chapter 7 pursuant to Section 1112(b). The U.S. Trustee asserts that "cause" exists for the appointment of a Chapter 11 Trustee because (1) the Debtor cannot fulfill its duties as a Debtor-in-Possession; (2) under the circumstances, the appointment of an independent fiduciary is in the best interests of creditors and the estate. The U.S. Trustee relates that the Debtor wanted to employ a CRO to perform the duties of the CEO, the CFO, and the duties and responsibilities related to the administration of the Chapter 11 process. Because current management in this case cannot be depended upon to carry out these duties or the fiduciary duties of the estate, Section 1104 requires appointment of a chapter 11 trustee for the Debtor, the U.S. Trustee further asserts. This is the second motion seeking Chapter 11 trustee appointment for the Debtor. Creditors Donald Duane Rose, Robert Moore, and Kodiak Mining & Minerals II LLC, had also filed a Motion to Appoint Chapter 11 Trustee, or, in the Alternative Convert to One Under Chapter 7, alleging, among other things, that the Debtor's postpetition motions and actions, particularly regarding ability to pay its own expenses, warrant the appointment. In the alternative, the Interested Creditors seek conversion of the case to Chapter 7 for cause. About Don Rose Oil Co. Inc. Founded in 1972, Don Rose Oil Co., Inc., is in the business of wholesale distribution of petroleum and petroleum products. Based in Visalia, California, the Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 17-12389) on June 22, 2017. John Castellucci, president and CEO, signed the petition. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. Judge Fredrick E. Clement presides over the case. Riley C. Walter, Esq., at Walter Wilhelm Law Group, serves as the Debtor's bankruptcy counsel. The U.S. Trustee, on July 28, 2017, appointed Crestwood West Coast LLC and Firestream Worldwide to serve on the Official Committee of Unsecured Creditors. The U.S. Trustee, on Aug. 1, appointed NGL Crude Logistics, LLC, to join the Creditors' Committee. DONALD NIX: Taps Michael Viscount as Special Counsel ---------------------------------------------------- Donald Nix LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Michael Viscount, Jr., Esq., as special counsel. The Debtor needs the services of the attorney to bring an adversary proceeding "involving a special non-bankruptcy subject matter." Mr. Viscount will charge an hourly fee of $675 for his services. The proposed attorney received from the Debtor a retainer in the amount of $15,000 prior to the petition date, and will receive an additional $5,000 retainer to be paid by Donald Nix, Sr. Mr. Viscount disclosed in a court filing that he does not hold or represent any interest adverse to the Debtors estate, and that he is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The Debtor is represented by: Ellen R. Greenberg, Esq. 88 East Main Street Mendham, NJ 07945 Phone: 973-610-3685 Email: elleng543@yahoo.com About Donald Nix LLC Donald Nix LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 17-24171) on July 12, 2017. Donald A. Nix, president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets and liabilities of less than $500,000. Ellen R. Greenberg, Esq., represents the Debtor as bankruptcy counsel. EAC ENTERPRISE: Taps Lain Faulkner as Accountant ------------------------------------------------ EAC Enterprises, LLC and EATGATOR, LLC seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire an accountant. The Debtors propose to hire Lain, Faulkner & Co., P.C. to, among other things, give financial advice, prepare their operating reports, and provide other accounting services related to their Chapter 11 cases. The standard hourly rates charged by the firm are: Shareholders $375 – $450 Accounting Professionals $240 – $350 IT Professionals $250 Staff Accountants $150 – $225 Clerical/Bookkeepers $80 – $95 Lain Faulkner is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Keith Enger Lain, Faulkner & Co., P.C. 400 N. St. Paul, Suite 600 Dallas, TX 75201 Tel: 214-720-1929 About EAC Enterprises LLC EAC Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 17-41276) on June 14, 2017. On June 16, 2017, EATGATOR, LLC filed a Chapter 11 petition (Bankr. E.D. Texas Case No. 17-41296). The cases are jointly administered under Case No. 17-41276. Judge Brenda T. Rhoades presides over the cases. ENERGY FUTURE: Court Fixes Plan-Related Deadlines ------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order scheduling certain hearing dates and deadlines and establishing certain protocols in connection with the Joint Plan of Reorganization of Energy Future Holdings/Energy Future Intermediate Holding Company. The order states, "The Court strongly encourages the parties to resolve all objections to the Disclosure Statement hearing, encourages the parties to resolve all evidentiary disputes before the confirmation hearing, and strongly discourages the parties from pursuing expensive, time-consuming and unnecessary discovery or litigation regarding the adequacy of the Disclosure Statement or confirmation of the Plan." BankrtuptcyData.com relayed that the following dates were fixed by the Court: August 18, 2017: deadline to object to Disclosure statement; August 29, 2017: date of start of Disclosure Statement hearing; August 31, 2017: date by which E-Side Debtors must file the final Disclosure Statement; October 12, 2017: deadline to object to the Plan; and October 24, 2017: date of commencement of the Plan confirmation hearing. 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. On May 13, 2014, the U.S. Trustee appointed the Official Committee of TCEH Unsecured Creditors in the Chapter 11 Cases. The TCEH Committee is composed of (a) the Pension Benefit Guaranty Corporation; (b) HCL America, Inc.; (c) BNY, as Indenture Trustee under the EFCH 2037 Notes due 2037 and the PCRBs; (d) LDTC, as Indenture Trustee under the TCEH Unsecured Notes; (e) Holt Texas LTD, d/b/a Holt Cat; (f) ADA Carbon Solutions (Red River); and (g) Wilmington Savings, as Indenture Trustee under the TCEH Second Lien Notes. The TCEH Committee retained Morrison & Foerster LLP as counsel; Polsinelli PC as co-counsel and conflicts counsel; Lazard Freres & Co. LLC as investment banker; FTI Consulting, Inc. as financial advisor; and Charles River Associates as an energy consultant. On October 27, 2014, the U.S. Trustee appointed the Official Committee of Unsecured Creditors representing the interests of the unsecured creditors for EFH, EFIH, EFIH Finance, and EECI, Inc. The EFH/EFIH Committee is composed of (a) American Stock Transfer & Trust Company, LLC; (b) Brown & Zhou, LLC c/o Belleair Aviation, LLC; (c) Peter Tinkham; (d) Shirley Fenicle, as successor-ininterest to the Estate of George Fenicle; and (e) David William Fahy. The EFH/EFIH Committee retained Montgomery, McCracken, Walker & Rhodes, LLP as co-counsel and conflicts counsel; AlixPartners, LLP as restructuring advisor; Sullivan & Cromwell LLC as counsel; Guggenheim Securities as investment banker; and Kurtzman Carson Consultants LLC as noticing agent for both the TCEH Committee and the EFH/EFIH Committee. Given the size and complexity of the Chapter 11 Cases, the U.S. Trustee proposed, and the Debtors and the TCEH Committee agreed, to recommend that the Bankruptcy Court appoint a committee to, among other things, review and report as appropriate on fee applications and statements submitted by the professionals paid for by the Debtors' Estates. The Fee Committee is comprised of four members: (a) one member appointed by and representative of the Debtors (Cecily Gooch, Vice President and Special Counsel for Restructuring, Energy Future Holdings); (b) one member appointed by and representative of the TCEH Creditors' Committee (Peter Kravitz, Principal and General Counsel, Province Capital); (c) one member appointed by and representative of the U.S. Trustee (Richard L. Schepacarter, Trial Attorney, Office of the United States Trustee); and (d) one independent member (Richard Gitlin, of Gitlin and Company, LLC). The Fee Committee retained Godfrey & Kahn, S.C. as counsel; and Phillips, Goldman & Spence, P.A. as co-counsel. * * * 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. ERGON CARIBBEAN: Sept. 6 Plan Confirmation Hearing -------------------------------------------------- The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico has conditionally approved Ergon Caribbean Corp.'s disclosure statement dated July 24, 2017, referring to the Debtor's plan of reorganization. A hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan and of objections as may be made to either will be held on Sept. 6, 2017, at 2:00 p.m. Objections to the final approval of the Disclosure Statement and the confirmation of the Plan must be filed on or before 10 days prior to the date of the hearing on confirmation of the Plan. Acceptances or rejections of the Plan may be filed in writing by the holders of all claims on or before 10 days prior to the date of the hearing on confirmation of the Plan. About Ergon Caribbean Corp. Ergon Caribbean Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-00366) on Jan. 25, 2017. The petition was signed by Juan Gabriel Pla, president. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the Debtor's bankruptcy counsel. FAMILY WORKS: Proposed Plan to Pay $52,250 to Unsecured Creditors ----------------------------------------------------------------- Family Works, Inc., has filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Chapter 11 plan that will set aside $52,250 for payment of general unsecured claims. Under the plan, creditors holding Class 3 general unsecured claims will be paid their pro rata share of $52,250 in equal monthly installments beginning on the 10th day of the first month after the effective date of the plan and amortized over 120 months. Class 3 is impaired and general unsecured creditors are entitled to vote. Family Works will use its income from the operation of its business to fund the proposed plan, according to its disclosure statement filed on July 25. A copy of the disclosure statement is available for free at https://is.gd/h3CH5K About Family Works Inc. Based in Tucker, Georgia, Family Works, Inc. is a mental and behavioral health clinic with approximately 45 to 50 active patients. Its primary source of revenue is Medicaid reimbursement. The Debtor, which is owned by James Abel, was forced to file for Chapter 11 protection after First Citizens Bank refused to extend the maturity date of its loan secured by the real property located at 3562 Habersham at Northlake, Building J, Tucker, Georgia. The Debtor filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 17-57752) on May 2, 2017. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. The case is assigned to Judge C. Ray Mullins. The Law Office of Will B. Geer, LLC represents the Debtor as bankruptcy counsel. FIAC CORP: Court Extends Exclusive Plan Filing Period to August 29 ------------------------------------------------------------------ Judge Brendan Linehan Shannon the U.S. Bankruptcy Court for the District of Delaware extended the exclusive periods within which FIAC Corp. and its affiliated debtors have the right to file a chapter 11 plan and solicit acceptances for the plan through and including August 29 and October 27, 2017, respectively. The Troubled Company Reporter has previously reported that the Debtors sought exclusivity extension to preserve their exclusivity in the event that the Plan will not confirmed and/or unexpected issues or objections arise in connection therewith. The Debtors filed their Joint Plan of Reorganization and related disclosure statement on May 8, 2017, and after extensive negotiations with the Equity Committee, their First Amended Joint Plan, dated June 14, 2017 and the First Amended Disclosure Statement. Following the Disclosure Statement Hearing on June 14, 2017, the Court entered an order that, among other things, approved the adequacy of the information contained in the Disclosure Statement and the Debtors' proposed solicitation procedures. The hearing to consider confirmation of the Plan wad scheduled for August 3, 2017. About FIAC Corp. fka IMX Acquisition IMX Acquisition Corp., also known as Ion Metrics Inc., and its affiliates, designed and manufactured systems and sensors that detect trace amounts of explosives and drugs. The products, which include handheld and desktop detection devices, are used in a variety of security, safety, and defense industries, including aviation, transportation, and customs and border protection. They have sold more than 5,000 of their detection products to customers such as the United States Transportation Security Administration, the Canadian Air Transportation Security Authority, and major airports in the European Union. IMX Acquisition Corp. sought Chapter 11 protection (Bankr. D. Del. Case No. 16-12238) on Oct. 10, 2016. Its affiliates, Implant Sciences, C Acquisition Corp. and Accurel Systems International Corp. also sought Chapter 11 protection. The cases are assigned to Judge Brendan Linehan Shannon. IMX estimated assets and liabilities in the range of $100 million to $500 million. The Debtors tapped Paul V. Shalhoub, Esq. and Debra C. McElligott, Esq., and Jennifer J. Hardy, Esq., at Willkie Farr & Gallagher, LLP, as counsel. The petitions were signed by William J. McGann, president. Andrew Vara, acting U.S. trustee for Region 3, on Oct. 24, 2016, appointed Harold Coe and four others to serve on the official committee of equity security holders. Co-counsel to the Official Committee of Equity Security Holders are William R. Baldiga, Esq., and Gerard T. Cicero, Esq., at Brown Rudnick LLP, in New York, and Sunni P. Beville, Esq., at Brown Rudnick in Boston; and Mark Minuti, Esq., at Saul Ewing LLP, in Wilmington, Delaware. The Equity Committee tapped FTI Consulting, Inc., as financial advisor. The Committee also hired Higgs & Johnson to serve as its special counsel. Tannor Partners Credit Fund, LP., the New DIP Lender, is represented in the case by Andrew M. Felner, Esq., at Sheppard, Mullin, Richter & Hampton, LP. * * * L3 Technologies on Jan. 5, 2017, disclosed that it has completed its acquisition of the explosives trace detection (ETD) business of Implant Sciences. L3 had entered into an asset purchase agreement (APA) to acquire certain assets of Implant for $117.5 million in cash, plus the assumption of specified liabilities. The Debtors have changed their names following the sale: FIAC Corp. from IMX Acquisition Corp.; Secure Point Technologies from Implant Sciences; FCAC Corp. from C Acquisition Corp.; and FASIC Corp. from Accurel Systems International Corporation. FLORIDA ORGANIC: Hearing on Disclosure Statement Set for Aug. 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on August 30, at 2:00 p.m., to consider approval of the disclosure statement, which explains the Chapter 11 plan of reorganization for Florida Organic Aquaculture, LLC. The hearing will take place at Courtroom B, 8th Floor, 1515 North Flagler Drive, West Palm Beach, Florida. Objections are due by August 23. Under the proposed plan, creditors holding general unsecured claims of less than $4,000 will receive a one-time payment of their claims, without interest. These creditors will be paid in full. Meanwhile, creditors holding general unsecured claims between $4,000 and $9,000 will be paid in full in regular monthly installments, without interest, over one year from the effective date of the plan. About Florida Organic Aquaculture Based in Jupiter, Florida, Florida Organic Aquaculture, LLC, is engaged in shrimp cultivation using energy-efficient and sustainable aquaculture techniques. Florida Organic Aquaculture sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-15012) on April 24, 2017. The petition was signed by Clifford Morris, managing member. Malinda L. Hayes, Esq., at Markarian Frank & Hayes serves as the Debtor's bankruptcy counsel. The case is assigned to Judge Erik P. Kimball. At the time of the filing, the Debtor estimated its assets and debts at $10 million to $50 million. On July 21, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. FREDDIE MAC: Posts Net Income of $1.66 Billion in Second Quarter ---------------------------------------------------------------- Federal Home Loan Mortgage Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $1.663 billion on $16.90 billion of total interest income for the three months ended June 30, 2017, compared to net income of $993 million on $16.27 billion of total interest income for the three months ended June 30, 2016. As of June 30, 2017, Freddie Mac had $2.0228 trillion in total assets, $2.0202 trillion in total liabilities,and $2.586 billion in total equity. Donald H. Layton, chief executive officer, commented, "Our continued very solid financial results and strong business fundamentals reflect the company's transformation into a well-run commercial enterprise. This transformation is enabling us to better deliver on the mission that is our purpose -- to provide liquidity, stability and affordability to the American primary mortgage market. We're doing that by helping lenders of all sizes compete which, in turn, expands affordable housing opportunities for borrowers and renters nationwide. Additionally, through our award-winning credit risk transfer programs, we're fulfilling our mission with much less risk to taxpayers than in the past. "We at Freddie Mac are proud of the work we’re doing and proud of the success we're having in making home possible for millions of Americans and in building a better housing finance system." Second Quarter 2017 Business Highlights Continued Solid Business Environment and Growing Guarantee Businesses * Total guarantee portfolio increased to $1,958 billion at June 30, 2017; up 6 percent from a year ago. * Total investments portfolio declined to $366 billion at June 30, 2017; down 11 percent from a year ago. - Total mortgage-related investments portfolio declined to $284 billion at June 30, 2017; down 12 percent from a year ago. Delivering on its Mission * Provided approximately $190 billion in liquidity to the mortgage market during the first six months of 2017. Expanded access to affordable housing: funding for first- time homebuyers, as a percentage of new purchases, continued at a 10-year high and nearly 85 percent of rentals funded were affordable to working families. Providing Liquidity while Transforming U.S. Housing Finance * Guarantee portfolio increased to $1,784 billion at June 30, 2017; up 4 percent from a year ago. * Core loan portfolio (after 2008) was 75 percent of the total guarantee portfolio; up 6 percentage points from a year ago. * Purchase volume of $73 billion declined 20 percent from a year ago, as refinancing volumes declined. * Serious delinquency rate of 0.85 percent, down 23 basis points from a year ago; at its lowest point since early 2008. * Transferred a significant portion of the credit risk on nearly $105 billion of loans; have now transferred a portion of the credit risk on nearly 33 percent of the total outstanding single-family credit guarantee portfolio; up from 26 percent a year ago. Leading the Multifamily Finance Industry * Guarantee portfolio increased to $174 billion at June 30, 2017; up 23 percent from a year ago. * Purchase volume of $14.1 billion increased 50 percent from a year ago due to continued strong market demand. Outstanding loan commitments of $19 billion were also up significantly over the prior year. * Delinquency rate continues near zero at 0.01 percent and has remained below 0.05 percent since early 2014. * Transferred a large majority of the credit risk on $12.3 billion of loans in the second quarter of 2017 and over $200 billion of loans since the program's inception in 2009. A full-text copy of the Form 10-Q is available for free at: https://is.gd/cOVss8 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. GARBER BROS: Wants to Continued Cash Access Through Nov. 3 ---------------------------------------------------------- Garber Bros., Inc., seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts for the District of Massachusetts to use cash collateral to continue the orderly wind down of its business and preserve the value of its assets for its creditors for the period from Aug. 5, 2017, through Nov. 3, 2017. As reported by the Troubled Company Reporter on July 26, 2017, the Court granted the Debtor interim approval to further use funds and assets of the Debtor constituting cash collateral. According to the TCR, the Court granted the Debtor interim approval to use funds and assets of the Debtor constituting cash collateral subject to the security interest claimed by Citizens Bank, N.A., Zurich American Insurance Company, and the Massachusetts Department of Revenue as of the Petition Date as well as funds received and other cash collateral that are subject to replacement liens granted by the court order. The Debtor proposes to use cash collateral (a) to pay its ordinary and necessary expenses, (b) to pay tobacco taxes and sales taxes attributable to the accounts receivable collected in the second budget period, and (c) to continue to reduce its indebtedness to Citizens under the Citizens Loan. The Second Budget projects among other things that, as a result of the wind down, the Debtor's liability to Citizens under the Citizens Loan will be satisfied during the second budget period and its tobacco tax liability will be substantially reduced to approximately $400,000. The second budget reflects that the periodic payments to the taxing authorities and Citizens will not impair the Debtor's ability to fund its wind-down. The interests of Citizens in cash collateral are adequately protected by the replacement lien and the periodic payments it receives under the cash collateral stipulation, which are projected to retire the outstanding amounts under the Citizens Loan. Applicable tobacco taxes will continue to be paid from the proceeds of collected accounts receivable in accordance with the second budget. The continued payment of applicable tobacco taxes constitutes adequate protection for the interests of the other lienholders in cash collateral. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/mab17-11802-149.pdf About Garber Bros. Garber Bros., Inc., is a greater Boston convenience store distributor. It abruptly closed its doors on April 10, 2017, and ceased operations. Alleged creditors signed an involuntary Chapter 7 petition for Garber Bros. (Bankr. D. Mass. Case No. 17-11802) on May 15, 2017. The petitioning creditors are BIC USA, Conagra Brands, Inc., General Mills, Inc., Mars Financial Services, Mondelez, Nestle USA, The Coca-Cola Company, and The Hershey Company. The petitioning creditors are represented by Janet E. Bostwick, at Janet E. Bostwick, PC. On June 7, 2017, the Court granted the Debtor's motion to convert the case to Chapter 11. Murphy & King, PC, is the Debtor's counsel, and Argus Management Corporation serves as the Debtor's financial advisor. On June 28, 2017, the U.S. Trustee appointed an official committee of unsecured creditors. The Committee is represented by Blakeley LLP. GARDENS LLC: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of The Gardens, LLC as of July 31, according to a court docket. About The Gardens LLC The Gardens, LLC owns and operates a three-storey condominium complex known as The Gardens. It also owns two adjacent vacant lots, one of which is utilized as additional parking lot for the Parliament House Resort. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 17-04444) on July 3, 2017. Donald M. Granatstein, manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. GARLOCK SEALING: Taps Rust Consulting as Disbursing Agent --------------------------------------------------------- Garlock Sealing Technologies LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Rust Consulting/Omni Bankruptcy as disbursing agent. The firm will oversee the disbursements to creditors holding allowed claims in Classes 1, 2, 6 and 7 under the company's court-approved Chapter 11 plan of reorganization. The firm's services will be billed at rates ranging from $29.75 to $165.75 per hour. These rates represent a discount of 15% off of the firm's standard hourly rates. Paul Deutch, executive managing director of Rust, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Rust has previously served as claims and notice agent for the Debtors. About Garlock Sealing Technologies LLC Headquartered in Palmyra, New York, Garlock Sealing Technologies LLC is a unit of EnPro Industries, Inc. (NYSE: NPO). For more than a century, Garlock has been helping customers efficiently seal the toughest process fluids in the most demanding applications. On June 5, 2010, Garlock filed a voluntary Chapter 11 petition (Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina, to establish a trust to resolve all current and future asbestos claims against Garlock under Section 524(g) of the U.S. Bankruptcy Code. The Debtor estimated $500 million to $1 billion in assets and up to $500 million in debts as of the Petition Date. Affiliates The Anchor Packing Company and Garrison Litigation Management Group, Ltd. also filed for bankruptcy. Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A., represents the Debtor in their Chapter 11 effort. Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel For asbestos-related matters. The Official Committee of Unsecured Creditors is represented by FisherBroyles LLP. The Official Committee of Asbestos Personal Injury Claimants in The Chapter 11 cases is represented by Travis W. Moon, Esq., at Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC, Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and Jeanna Rickards Koski, Esq., in Washington, D.C. Joseph W. Grier, III, the court-appointed legal representative for future asbestos claimants, has retained A. Cotten Wright, Esq., at Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his co-counsel. Judge George Hodges of the U.S. Bankruptcy Court for the Western District of North Carolina on Jan. 10, 2014, entered an order estimating the liability for present and future mesothelioma claims against Garlock Sealing at $125 million, consistent with the positions GST put forth at trial. In January 2015, the Debtors filed their Second Amended Plan of Reorganization, which is backed by the Future Asbestos Claimants' Representative (FCR). On June 12, 2017, the bankruptcy court confirmed the reorganization plan. About OldCo, LLC OldCo, LLC, formerly known as Coltec Industries, Inc., based in Charlotte, N.C., manufactures and distributes aerospace and industrial products in the United States, Canada, and Europe. It filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.C. Case No. 17-30140) on Jan. 30, 2017. The petition was signed by Joseph Wheatley, president and treasurer. Bankruptcy Judge Craig J. Whitley is assigned to the case. The Debtor is represented by Daniel Gray Clodfelter, Esq. and William L. Esser, IV, Esq., at Parker Poe Adams & Bernstein LLP. The Debtor also hired David M. Schilli, Esq., and Andrew W.J. Tarr, Esq., at Robinson, Bradshaw & Hinson, P.A. as special corporate & litigation counsel; Rust Consulting/Omni Bankruptcy as claims, notice & ballot agent. In its petition, the Debtor estimated $100 million to $500 million in both assets and liabilities. By Order entered on Feb. 3, 2017, the Court ordered that the Coltec Bankruptcy Case be jointly administered with the Garlock Bankruptcy Case. GARY D. TISCH: Siblings Seek Appointment of Ch. 11 Trustee ---------------------------------------------------------- Daniel Tisch and Eva Tisch ask the U.S. Bankruptcy Court for the District of Colorado to direct the appointment of a Chapter 11 Trustee or, in the alternative, dismiss the Chapter 11 case of their brother, Gary D. Tisch. Daniel Tisch and Eva Tisch ("Creditors") are the brother and sister of the Debtor. Creditors hold a judgment in the amount of $1,050,000, plus attorneys' fees, costs, and interest, against the Debtor and his alter ego Liquor Barn, Ltd., for theft and breach of fiduciary duty. Creditors are approximately 90% of the scheduled unsecured claims. According to the Creditors, the sole purpose of the bankruptcy case, which was filed within a week of the jury verdict and before a judgment had entered, was to prevent Creditors from collecting. When Debtor filed bankruptcy, Creditors held the only debt in default—Debtor was current on all his other debts. The Creditors assert that the Debtor filed this case in bad faith and maintains this case in bad faith. Debtor has engaged in fraud and dishonesty. A chapter 11 trustee should be appointed for the benefit of creditors or, in the alternative, this case should be dismissed, the Creditors further assert. A full-text copy of the Creditors' Motion is available at: http://bankrupt.com/misc/cob17-13428-90.pdf Attorneys for Daniel and Eva Tisch: Andrew D. Johnson, Esq. ONSAGER FLETCHER JOHNSON, LLC 1801 Broadway, Suite 900 Denver, CO 80202 Ph: 720-457-7061 Fax: 303-512-1129 E-mail: ajohnson@OFJlaw.com Gary D. Tisch filed a Chapter 11 petition (Bankr. D. Colo. Case No. 17-13428) on April 17, 2017, and is represented by David M. Serafin, Esq. GREAT FOOD: Final Hearing on Cash Collateral Motion Aug. 14 ----------------------------------------------------------- Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western District of New York issued an order establishing dates for hearings on Great Food Great Fun, LLC's and Professional Hospitality, LLC's motion seeking entry of emergency, interim and final authority to use cash collateral and fixing the adequate protection. As reflected in their August 2017 Budget, Great Food Great Fun's anticipated expenses totaling $60,045 and Professional Hospitality's anticipated expenses totaling $169,950. The secured creditors having claim liens against the Debtors are U.S. Foods, Inc./U.S. Foodservice, Inc.; Cosina Corporation; the Internal Revenue Service; the New York State Department of Taxation and Finance; Snap Advances, LLC; GU Capital; Tango Capital; and Northwest Savings Bank. The interim hearing on the Debtors' Motion was scheduled July 31, 2017 at 10:00 a.m. and the final hearing is scheduled for Aug. 14, 2017 at 10:00 a.m. A full-text copy of the Order, dated July 27, 2017, is available at https://is.gd/VjSA6Z A copy of the Debtors' Budget is available at https://is.gd/5USup0 About Great Food Great Fun, LLC and Professional Hospitality, LLC Great Food Great Fun, LLC and Professional Hospitality, LLC filed separate Chapter 11 petitions (Bankr. W.D.N.Y. Case Nos. 17-11557 and 17-11558, respectively). Judge Carl L. Bucki presides over the Debtors' cases. HAIE INVESTMENTS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee on July 31 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Haie Investments, LLC. About Haie Investments LLC Haie Investments, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Alaska Case No. 17-00232) on June 28, 2017, listing less than $1 million in assets and less than $500,000 in liabilities. Erik LeRoy, P.C. represents the Debtor as bankruptcy counsel. HANCOCK FABRICS: Plan Deemed Effective on July 28 ------------------------------------------------- Hancock Fabrics, Inc., et al., filed a notice with the Bankruptcy Court that that each of the conditions precedent to the effectiveness of their Second Amended Joint Chapter 11 Plan of Liquidation have been satisfied or waived in accordance with the Plan and the Bankruptcy Court order confirming the Plan. Accordingly, the Plan is immediately effective as of July 28, 2017. The Notice also advises that, from and after the Effective Date, the terms of the Plan will govern the winddown of the Company's estate and distributions of the Company's assets to its creditors. Also, on the Effective Date, the shares of common stock of the Company are deemed cancelled. On the Effective Date, and pursuant to the Plan, the members of the Company's board of directors, Steven R. Morgan, Steven Scheiwe and Sam Cortez, as well as the Company's officers, Steven R. Morgan and Rebecca Flick, are deemed to have resigned. BankruptcyData.com reported that as part of the Plan, the Hancock Fabrics' board will be reconstituted on the effective date and will consist of Meta Advisors: the Court-appointed responsible person. As previously reported by The Troubled Company Reporter, the Bankruptcy Court confirmed the Debtors' Plan on June 20, 2017. All final requests for payment of Fee Claims and requests for reimbursement of expenses of members of the Creditors' Committee for services rendered in the Debtors' cases prior to the Effective Date must file with the Bankruptcy Court an application for the allowance of final compensation and reimbursement of fees and expenses no later than September 11, 2017. About Hancock Fabrics Hancock Fabrics, Inc., is a specialty fabric retailer operating stores under the name "Hancock Fabrics". Hancock has 4,500 full-time and part time employees. The Baldwyn, Mississippi-based company is one of the largest fabric retailers in the United States, operating 260 stores in 37 states as of Oct. 31, 2015, and an Internet store under the domain name http://www.hancockfabrics.com/ Hancock Fabrics, Inc., and six of its affiliates, retailer of fabric, sewing and accessories, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb. 2, 2016. Dennis Lyons, the senior vice president and chief administrative officer, signed the petitions. Judge Brendan Linehan Shannon is assigned to the jointly administered cases. The Debtors have engaged O'Melveny & Myers LLP as general counsel, Richards, Layton & Finger, P.A., as local counsel, Clear Thinking Group LLC as financial advisor, Retail Consulting Services, Inc. dba Real Estate Advisors as real estate advisors, and Kurtzman Carson Consultants, LLC, as claims and noticing agent. The Debtors disclosed total assets of $151.4 million and total debts of $182.1 million. The Debtors owed its trade vendors approximately $21.2 million as of Jan. 31, 2016. Lawyers at Klehr Harrison Harvey Branzburg LLP and Hahn & Hessen LLP serve as counsel to the Official Committee of Unsecured Creditors. HARRINGTON & KING: May Use Cash Collateral Until Aug. 4 ------------------------------------------------------- The Hon. Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois has entered an agreed order extending Harrington & King Perforating Co. and Harrington & King South Inc.'s use of cash collateral through Aug. 4, 2017. The hearing on the Motion is continued to Aug. 3, 2017, at 10:00 a.m. A copy of the Order is available at: http://bankrupt.com/misc/ilnb16-15650-239.pdf As reported by the Troubled Company Reporter on July 24, 2017, the Court entered an agreed order extending the Debtors' use of cash collateral through July 28, 2017. 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 Harrington & King Perforating Co., Inc., and Harrington & King South Inc. 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 Debtors each estimated assets and liabilities in the range of $1 million to $10 million. The cases are assigned to Judge Deborah L. Thorne. The Debtors engaged William J. Factor, Esq., at The Law Office of William J. Factor, Ltd., as bankruptcy counsel. 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. retain 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. HIGH COUNTRY: Court OKs $2.5-Mil Financing, Cash Collateral Use --------------------------------------------------------------- Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas issued a final order authorizing High Country Transportation, Inc., to borrow money and seek financial accommodations from Marquette Transportation Finance, LLC, postpetition up to the maximum amount of $2,500,000 in accordance with their Stipulation. The Post-Petition Indebtedness will be secured by a first priority security interest in the assets acquired by the Debtor after the Petition Date which will be senior to any lien. The Debtor is also authorized to use cash collateral and the funds borrowed under the Stipulation only to pay ordinary course of business expenses that are consistent with the historical practices of the Debtor and to replenish working capital expended in accordance with the budgets to be delivered to the Lender by the Debtor under the terms of the Stipulation. As of the Petition Date, the Debtor was indebted to Marquette Transportation by reason of the advances in the principal amounts of approximately $1,282,400, plus those costs and expenses which Marquette Transportation incurred prior to the Petition Date. Judge Jernigan has granted any creditor holding a valid, enforceable, non-avoidable lien on any prepetition cash collateral with a replacement lien in the Post-Petition Collateral subordinate to the interest of Lender, and to the same extent, validity and priority as existed prior to the Petition Date. A full-text copy of the Final Order, dated July 26, 2017, is available at https://is.gd/V0Vtmp About Armada Leasing Headquartered in Dallas, Texas, Armada Leasing, LLC -- http://www.highcountrytrans.com-- specializes in leasing trucks to owner-operators. High Country Transportation, Inc., an affiliate of Armada which is also based in Dallas, is in the trucking industry. HCT operates in three divisions, namely: the over-the-road hopperbottom division which focuses on serving shippers in the Midwest, Texas and Western 11 states; the dedicated dry bulk division which operates in Colorado and New Mexico and actively seeks new opportunities in the West, Midwest and Texas; and the Freedom over-the-road dry van division which focuses on helping contractors who also have the entrepreneurial drive to create their own trucking business. Armada and HCT filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 17-32498) on June 29, 2017. The petitions were signed by Kirk Crowley, managing member of Armada and vice-president of HCT. At the time of the filing, Armada estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. HCT estimated assets and liabilities of $10 million and $50 million. HOAG URGENT: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor affiliates that filed Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Hoag Urgent Care-Tustin, Inc. 17-13077 PO Box 8979 Newport Beach, CA 92658 Hoag Urgent Care - Huntington Harbour, Inc. 17-13078 PO Box 8979 Newport Beach, CA 92658 Hoag Urgent Care - Orange, Inc. 17-13079 Hoag Urgent Care - Anaheim Hills, Inc. 17-13080 Cypress Urgent Care, Inc. 17-13089 Laguna Dana Urgent Care Inc. 17-13090 Type of Business: Health Care Chapter 11 Petition Date: August 2, 2017 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Theodor Albert Debtors' Counsel: Michael T Delaney, Esq. BAKER & HOSTETLER LLP 11601 Wilshire Boulevard, Suite 1400 Los Angeles, CA 90025 Tel: 310-820-8800 Fax: 310-820-8859 E-mail: mdelaney@bakerlaw.com - and - Ashley M McDow, Esq. BAKER & HOSTETLER LLP 11601 Wilshire Boulevard, Suite 1400 Los Angeles, CA 90025 Tel: 310-820-8800 Fax: 310-820-8859 E-mail: amcdow@bakerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petitions were signed by Dr. Robert C. Amster, president. Hoag Urgent Care-Tustin's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb17-13077.pdf Hoag Urgent Care - Huntington's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/cacb17-13078.pdf HOUSTON AMERICAN: Initial Production Rate on Johnson #1H Well ------------------------------------------------------------- Houston American Energy Corp. announced production information on its Johnson State #1H well and provided an update with respect to the status of its drilling and completion operations in Reeves County, Texas. The Company's Johnson State #1H well, a 4,510 foot lateral Lower Wolfcamp A shale completion, is the Company's first well in Reeves County. On July 28, 2017, the operator began the process of shutting in the well pending completion of production handling facilities and tying into the gas sales line, which is anticipated within the next two weeks. Prior to shut in, the latest daily flowback report indicated production rates of 351 barrels of oil per day and 4,269 mcf of natural gas per day, or a combined 1,062 barrels of oil equivalent per day. The Company's second Reeves County well, the O'Brien #3H, reached total depth on July 1, 2017. The well, with a 4,575 foot horizontal leg in the Upper Wolfcamp A shale, is scheduled to commence hydraulic fracturing operations during the second half of August 2017. John P. Boylan, CEO and president of Houston American stated, "We are very pleased to begin seeing the fruits of our investments in Reeves County. Our Johnson State #1H well is our first Reeves County well and initial results are encouraging and slightly exceed our original expectations. We plan to announce initial production rates from our O'Brien #3H well when they become available. While we remain in the very early stages of our planned operations in Reeves County, initial results appear to support our rationale for entry into the Permian (Delaware) Basin and the prospects of a multi-well drilling program on our initial acreage. The Johnson State #1H well is our first meaningful U.S. well and marks a milestone in the repositioning of our company as a Permian (Delaware) Basin participant. We expect to see meaningful improvements in our production, revenue and profitability by the end of Q3 2017." About Houston American Energy Corp. Based in Houston, Texas, Houston American Energy Corp. (NYSEMKT:HUSA) -- http://www.HoustonAmericanEnergy.com/-- is an independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company's business strategy includes a property mix of producing and non-producing assets with a focus on Texas, Louisiana and Colombia. Houston American reported a net loss of $2.64 million on $165,910 of oil and gas revenue for the year ended Dec. 31, 2016, compared to a net loss of $3.83 million on $429,435 of oil and gas revenue for the year ended Dec. 31, 2015. As of March 31, 2017, Houston American had $3.79 million in total assets, $175,132 in total liabilities and $3.62 million in total shareholders' equity. GBH CPAs, PC, in Houston, Texas -- http://www.gbhcpas.com/-- issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. IGNITE RESTAURANT: Committee Taps FTI as Financial Advisor ---------------------------------------------------------- The official committee of unsecured creditors of Ignite Restaurant Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire a financial advisor. The committee proposes to hire FTI Consulting, Inc. to provide these services in connection with the Chapter 11 cases of Ignite Restaurant and its affiliates: (a) review financial-related disclosures required by the court; (b) prepare analyses required to assess the use of cash collateral; (c) assist in the assessment and monitoring of the Debtors' short-term cash flow,liquidity, and operating results; (d) review the Debtors' proposed key employee retention and other employee benefit programs; (e) review the Debtors' analysis of core business assets and the potential disposition or liquidation of non-core assets; (f) assist in the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; (g) assist in the review of the Debtors' identification of potential cost savings; (h) review and monitor asset sale process; (i) assist in the review of any tax-related issues associated with claims/stock trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales; (j) review claims reconciliation and estimation process; (k) assist in the review of other financial information prepared by the Debtors; (l) attend meetings and assist in discussions; (m) assist in the review and preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement; (n) evaluate and analyze avoidance actions; and (o) assist in the prosecution of committee responses or objections to the Debtors' motions. The hourly rates charged by the firm are: Senior Managing Directors $840 - $1,050 Directors $630 - $835 Senior Directors $630 - $835 Managing Directors $630 - $835 Consultants $335 - $605 Senior Consultants $335 - $605 Administrative $135 - $265 Paraprofessionals $135 - $265 Matthew Diaz, senior managing director of FTI, disclosed in a court filing that the firm does not hold or represent any interest adverse to the Debtors' estate. The firm can be reached through: Matthew Diaz FTI Consulting, Inc. Three Times Square, 9th Floor New York, NY, 10036 Tel: +1 212 247 1010 Fax: +1 212 841 9350 Email: matt.diaz@fticonsulting.com About Ignite Restaurant Ignite Restaurant Group, Inc., et al., operate two well-known restaurant brands, Joe's Crab Shack and Brick House Tavern + Tap that offer a variety of high-quality food and beverages in a distinctive, casual, high-energy atmosphere. They operate 130+ restaurants and have three international franchise locations, and employ about 8,400 employees. On June 6, 2017, Ignite Restaurant Group and its affiliates filed for bankruptcy in Texas (Bankr. S.D. Tex. Lead Case No. 17-33550). The petitions were signed by Jonathan Tibus, chief executive officer. The Hon. David R. Jones presides over the Debtors' cases. Ignite Restaurant Group and its affiliated debtors sought bankruptcy protection to facilitate a sale of its business to a private equity firm for $50 million in cash plus the assumption of certain liabilities. As of April 30, 2017, the Debtors reported $153.4 million in total assets and $197.4 million in total liabilities. The Debtors have employed King & Spalding LLP as legal counsel; Jonathan Tibus, managing director at Alvarez & Marsal North America, as their chief executive officer; Piper Jaffray & Co. as investment banker; Hilco Real Estate, LLC as real estate advisor; and Garden City Group as their claims and noticing agent. On June 21, 2017, a five-member panel was appointed as the official unsecured creditors committee in the Debtors' cases. On July 6, 2017, the Debtors filed a disclosure statement, which explains their proposed Chapter 11 plan. INTERPACE DIAGNOSTICS: Fails to Comply With Nasdaq Listing Rule --------------------------------------------------------------- Interpace Diagnostics Group, Inc. received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC notifying the Company that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock for the 30 consecutive business days prior to the date of the Notification Letter, the Company no longer meets the minimum bid price requirement. The Notification Letter does not impact the Company's listing on The Nasdaq Capital Market at this time. The Notification Letter states that the Company has 180 calendar days, or until Jan. 29, 2018, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the bid price of the Company's common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. In the event that the Company does not regain compliance by Jan. 29, 2018, the Company may be eligible for additional time to reach compliance with the minimum bid price requirement. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. About Interpace Diagnostics Headquartered in Parsippany, New Jersey, Interpace Diagnostics Group, Inc. -- http://www.interpacediagnostics.com/-- is focused on developing and commercializing molecular diagnostic tests principally focused on early detection of high potential progressors to cancer and leveraging the latest technology and personalized medicine for patient diagnosis and management. The Company currently has four commercialized molecular tests: PancraGen, a pancreatic cyst molecular test that can aid in pancreatic cyst diagnosis and pancreatic cancer risk assessment utilizing the Company's proprietary PathFinder platform; ThyGenX, which assesses thyroid nodules for risk of malignancy, ThyraMIR, which assesses thyroid nodules risk of malignancy utilizing a proprietary gene expression assay. Interpace reported a net loss of $8.33 million on $13.08 million of net revenue for the year ended Dec. 31, 2016, compared with a net loss of $11.35 million on $9.43 million of net revenue for the year ended Dec. 31, 2015. As of March 31, 2017, the Company had $46.97 million in total assets, $22.40 million in total liabilities and $24.56 million in total stockholders' equity. BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from continuing operations that raise substantial doubt about its ability to continue as a going concern. INTERPACE DIAGNOSTICS: Maxim Opts to Buy 875,000 Common Shares -------------------------------------------------------------- As previously disclosed in its Current Report on Form 8-K dated June 16, 2017, Interpace Diagnostics Group, Inc., entered into an underwriting agreement with Maxim Group LLC, as representative of the several underwriters, in connection with a public offering of the Company's securities. Pursuant to the Underwriting Agreement, the Company had granted Maxim a 45-day option to purchase up to an additional 1,875,000 shares of common stock, $.01 par value, and/or 1,875,000 warrants to purchase Common Stock to cover over-allotments. Maxim previously exercised such option in part to purchase the Warrants. On July 28, 2017, Maxim exercised such option to purchase an additional 875,000 shares of Common Stock at a price of $1.09 per share. The closing for the Additional Shares occurred on July 31, 2017, resulting in gross proceeds of $953,750 to the Company, before underwriting discounts and commissions. About Interpace Diagnostics Headquartered in Parsippany, New Jersey, Interpace Diagnostics Group, Inc. -- http://www.interpacediagnostics.com/-- is focused on developing and commercializing molecular diagnostic tests principally focused on early detection of high potential progressors to cancer and leveraging the latest technology and personalized medicine for patient diagnosis and management. The Company currently has four commercialized molecular tests: PancraGen, a pancreatic cyst molecular test that can aid in pancreatic cyst diagnosis and pancreatic cancer risk assessment utilizing the Company's proprietary PathFinder platform; ThyGenX, which assesses thyroid nodules for risk of malignancy, ThyraMIR, which assesses thyroid nodules risk of malignancy utilizing a proprietary gene expression assay. Interpace reported a net loss of $8.33 million on $13.08 million of net revenue for the year ended Dec. 31, 2016, compared with a net loss of $11.35 million on $9.43 million of net revenue for the year ended Dec. 31, 2015. As of March 31, 2017, the Company had $46.97 million in total assets, $22.40 million in total liabilities and $24.56 million in total stockholders' equity. BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from continuing operations that raise substantial doubt about its ability to continue as a going concern. INTREPID POTASH: Eliminates SVP of Strategic Initiatives Post ------------------------------------------------------------- After the successful transition to solar-only potash production and Trio-only production at the East facility, Intrepid Potash, Inc. continues to make changes designed to streamline its management structure and reduce its costs. As part of these changes, on July 25, 2017, Intrepid notified John G. Mansanti, senior vice president of Strategic Initiatives and Technical Services, that his position was being eliminated effective as of Aug. 1, 2017. Mr. Mansanti had previously transitioned to a 60% work schedule in February 2017 following the completion of several large Strategic Initiatives. Mr. Mansanti is expected to provide limited consulting services to Intrepid until Dec. 31, 2017. About Intrepid Potash Intrepid Potash -- http://www.intrepidpotash.com/-- is the only U.S. producer of muriate of potash and supplied approximately 9% of the country's annual consumption in 2015. Potash is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. Intrepid also produces a specialty fertilizer, Trio(R), which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists; and is a leader in the utilization of solar evaporation production, one of the lowest cost, environmentally friendly production methods for potash. After the idling of its West mine in July 2016, Intrepid's production will come from three solar solution potash facilities and one conventional underground Trio(R) mine. Intrepid reported a net loss of $66.63 million for the year ended Dec. 31, 2016, following a net loss of $524.8 million for the year ended Dec. 31, 2015. As of March 31, 2017, Intrepid had $539.1 million in total assets, $131.0 million in total liabilities and $408.0 million in total stockholders' equity. "Our operations have primarily been funded from cash on hand and cash generated by operations. We will continue to monitor our future sources and uses of cash, and anticipate that we will make adjustments to our capital allocation strategies when, and if, determined by our Board of Directors. We expect to continue to look for opportunities to improve our capital structure by reducing debt and its related interest expense. We may, at any time we deem conditions favorable, also attempt to improve our liquidity position by accessing debt or equity markets in accordance with our existing debt agreements. We cannot provide any assurance that we will pursue any of these transactions or that we will be successful in completing them on acceptable terms or at all. We believe that we have sufficient liquidity for the next twelve months," the Company stated in its quarterly report for the period ended March 31, 2017. IREP MONTGOMERY-MRF: Needs Time to Conclude 363 Sale, File Plan --------------------------------------------------------------- IREP Montgomery-MRF LLC requests the U.S. Bankruptcy Court for the Middle District of Alabama to extend by 90 days the exclusive period to file a Chapter 11 plan, and gain acceptance of a plan. The Debtor owns a mixed materials recovery facility which, prior to its closure, was processing the municipal solid waste for the City of Montgomery and the Municipal Solid Waste Disposal Authority. The Debtor relates that prior to filing the case, it has negotiated an asset purchase agreement with the City and the Authority as it intends to sell its assets under Section 363 utilizing the City and the Authority as a "stalking horse bidder" under the APA. The Debtor also relates that prior to the commencement of this case, some twenty different companies had expressed an interest in operating or purchasing the Facility. Accordingly, the Debtor states that given the number of parties already interested in the Facility, the Parties envisioned that the 363 motion would be filed fairly quickly after the commencement of the case and the Debtor would be able to assess fairly quickly whether a plan might be beneficial. The Debtor claims that since the filing, the Tien Trust has taken an active role in the case in hopes of generating further interest in the Facility. The Debtor submits that the Tien Trust has hired a consulting firm to examine the Facility and to try and generate further interest. The Debtor relates that its representatives, along with the representatives of the City have met with representatives of the Tien Trust, have produced documents requested, and are producing further documents. The Debtor submits that it has appeared for a 2004 exam as has one representative of the City. Further depositions have occurred and others are scheduled during August. The hearing on the 363 Motion was scheduled for May 9, 2017, when the Court previously extended the exclusivity period. The trial for the 363 Motion and related matters is set for October 10 to 12, 2017. About IREP Montgomery-MRF Based in Montgomery, Alabama, IREP Montgomery-MRF, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 16-32279) on August 20, 2016. The petition was signed by Kyle Mowitz, manager. The case is assigned to Judge Dwight H. Williams Jr. At the time of the filing, the Debtor estimated its assets at $10 million to $50 million and debts at $50 million to $100 million. The Debtor is represented by Clyde Ellis Brazeal, III, Esq., at Jones Walker LLP. KING'S PEAK: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of King's Peak Energy, LLC as of July 31, according to a court docket. About King's Peak Energy King's Peak Energy, LLC, is a corporation based in Lakewood, Colorado and named as a lessee in 27 oil and gas leases. King's Peak Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-16046) on June 29, 2017. Fred Soliz, manager and member, signed the petition. The Debtor estimated its assets and debt at $10 million to $50 million. Judge Elizabeth E. Brown presides over the case. Christian C. Onsager, Esq., and Andrew D. Johnson, Esq., at Onsager Fletcher Johnson, LLC, serve as the Debtor's bankruptcy counsel. L&N TWINS: Taps Coldwell Banker as Real Estate Agent ---------------------------------------------------- L&N Twins Place LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ a real estate agent. The Debtor proposes to hire Coldwell Banker Residential Brokerage in connection with the sale of its real property located at 2-4 Virginia Place, Pleasantville, New York. Coldwell will be paid a flat fee of 4.5% of the total sales price upon closing. Any buyer's agent will be paid by the firm from the 4.5% commission. Loretta Chiavetta, a real estate agent employed with Coldwell, disclosed in a court filing that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Loretta Chiavetta Coldwell Banker Residential Brokerage Pleasantville Office 1 Washington Avenue Pleasantville, NY 10570 Mobile: (914) 434-1864 Office: (914) 769-2950 Direct: (914) 762-7010 Fax: (914) 762-7180 Email: Loretta.Chiavetta@coldwellbankermoves.com About L&N Twins Place L&N Twins Place, LLC, a single asset real estate, as defined in 11 U.S.C. Section 101(51B), owns a multi-family residential building located at 2-4 Virginia Place, Pleasantville, New York, valued at $1.27 million. L&N Twins Place sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 17-22758) on May 23, 2017. The petition was signed by David Balaj, managing member. The Debtor disclosed assets at $1.28 million and liabilities at $650,449. Judge Robert D. Drain is assigned to the case. The Debtor tapped Jeffrey A. Reich, Esq., at Reich Reich & Reich, P.C., as counsel. LA HABICHUELA: Unsecureds to Get 15% for 60 Months Under Plan ------------------------------------------------------------- La Habichuela, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico an amended disclosure statement explaining its plan of reorganization, dated July 28, 2017. Class 4 under the plan consists of the General Unsecured Commercial Creditors & Unsecured Tax deficiencies of the Puerto Rico Treasury Department. This class will get a prorated monthly disbursement of 15% of claim for 60 months from the effective date of the plan. The funding of the plan will come from the savings since filing the petition for relief and continuation of operations of the three restaurants. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/prb15-09171-11.pdf About La Habichuela, Inc. La Habichuela, Inc, based in Carolina, Puerto Rico, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 15-09171) on November 19, 2015. Francisco R. Moya Huff, Esq. serves as bankruptcy counsel. In its petition, the Debtor estimated $164,372 in assets and $1.23 million in liabilities. The petition was signed by Francisco Cabello Dominguez, secretary. LARKIN EXCAVATING: May Continue Using Cash; Hearing on Aug. 11 -------------------------------------------------------------- The Hon. Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas has entered a second agreed order extending Larkin Excavating, Inc.'s use of cash collateral. A final hearing on the Debtor's cash collateral use will be conducted on Aug. 11, 2017, at 1:30 p.m. As adequate protection for the use of their cash collateral, Central Bank of the Midwest, Commercial Credit Group, Inc., and the Internal Revenue Service will be granted replacement liens, in the same priority as existed prepetition, on the Debtor's post-petition inventory, accounts receivable and proceeds, to the extent that use of cash collateral results in any decrease in the aggregate value of the Cash Collateral on the Petition Date. As additional adequate protection for the use of cash collateral, the Debtor will, on the 30th day of each month, pay the IRS $10,000 per month and the Bank $7,810 per month. A copy of the Order is available at: http://bankrupt.com/misc/ksb17-20890-96.pdf As reported by the Troubled Company Reporter on June 14, 2017, the Court granted the Debtor interim permission to use cash collateral. The Debtor's real property, equipment, vehicles and accounts receivable is the prepetition collateral. The Debtor's cash generated from the collection of pre-petition accounts receivable is cash collateral. About Larkin Excavating Larkin Excavating, Inc. -- http://larkinexcavating.com/-- provides construction services and operates throughout the United States. It owns a shop and office building located at 13575 Gilman Road, Lansing, Kansas, valued at $453,500; a vacant land in Eisenhower Road, Leavenworth, with a value of $300,000; and a track of real property, identified by Larkin as the rock quarry and landfill, in Leavenworth County, valued at $400,000. Larkin Excavating sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 17-20890) on May 17, 2017. John Larkin, president, signed the petition. At the time of the filing, the Debtor disclosed $3.46 million in assets and $6.38 million in liabilities. Judge Dale L. Somers presides over the case. The Debtor is represented by Joanne B. Stutz, Esq., at Evans & Mullinix, P.A. LEHMAN BROTHERS: Ruling on Bonus Shows Risk of Deferred Payment --------------------------------------------------------------- Stephen J. Lubben, writing for The New York Times' DealBook, reported that Judge Shelley C. Chapman in Manhattan has issued an opinion that provides an important reminder for employees throughout the United States who participate in deferred-compensation plans. According to the report, the opinion is from the long-running Lehman Brothers bankruptcy, but it applies to employees of all sorts of companies. In short, the tax benefits you get from a deferred-compensation plan are not "free," and by deferring compensation, you are taking on the credit risk of your employer, the report said. In 1985, Shearson Lehman Brothers Inc. -- which later became Lehman Brothers Inc., Lehman's regulated broker-dealer -- established the deferred-compensation plan, the report related. In the plan, each employee agreed that: "the obligations of Shearson hereunder with respect to the payment of amounts credited to his deferred-compensation account are and shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of all claims of all other present and future creditors of Shearson whose claims are not similarly subordinated." The report pointed out that the wording not only gives us some insight to gender issues on Wall Street in the 1980s, but also drives home the point that the employer's obligation to pay the deferred compensation is an unsecured obligation. In this case, the employees -- in agreeing to the subordination provision -- had agreed to be paid after all other general unsecured creditors had been paid in full, the report further pointed out. Judge Chapman acknowledged that seemed a bit unfair -- in her words "expected compensation for years of dedicated service disappeared in an instant in September 2008," the report cited. Nevertheless, this was the basic trade-off that employees had made decades ago: better tax treatment, in exchange for more risk, the report noted. The key question is whether the employees understood the nuances of bankruptcy law that were embedded in this trade-off, the report asked. 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. * * * In October 2016, the team winding down LBHI paid $3.8 billion to creditors, the 11th distribution since Lehman's collapse in 2008. This brought the total payout to more than $113.6 billion. Bondholders were projected to receive about 21 cents on the dollar when Lehman's bankruptcy plan went into effect in early 2012. The 11th distribution raised the bondholders' recovery to more than 40 cents on the dollar and recoveries for general unsecured creditors of Lehman's commodities to 79 cents on the dollar. Lehman's aggregate 12th distribution to unsecured creditors pursuant to its confirmed Chapter 11 plan will total approximately $3.0 billion. LLOYD M. HUGHES: Inland Bank Seeks to Stop Use of Cash Collateral ----------------------------------------------------------------- Inland Bank and Trust asks the U.S. Bankruptcy Court for the Northern District of Illinois to immediately prohibit Lloyd M. Hughes Enterprises, Incorporated from any and all use of cash collateral. Inland Bank also asks the Court to order the Debtor to turn over to to Inland Bank all current and future cash collateral, or, in the alternative, appoint a trustee over the bankruptcy estate. Inland Bank asserts secured claims against the Debtor by virtue of that certain SBA Note in the original principal amount of $625,000, and the Debtor has not made a regular monthly payment since on or about May 2013. Inland Bank holds a valid perfected first lien and security interest in and to all of Debtor's assets as collateral security for the Note, including, without limitation, the following: (a) real estate commonly known as 6323-6333 South Martin Luther King Drive, Chicago, IL by virtue of a mortgage and assignment of rents ("Laundromat Property"); (b) real estate commonly known as 9317 S. Michigan Avenue, Chicago, IL by reason of a mortgage and assignment of rents ("Residence 1"); (c) real estate commonly known as 9255 S. Michigan Avenue, Chicago, IL by reason of a mortgage and assignment of rents("Residence 2"); and (d) all inventory, receivables, cash and equipment comprised of washing and drying machines used in the operation of the Laundromat, which Equipment was purchased new with the proceeds of the Note. Inland Bank claims that during the past four years the Debtor and its principal, Lloyd M. Hughes, have refused to pay it any sums. Additionally, Inland Bank claims that it has been forced to advance $34,723 in real estate taxes due to the failure of the Debtor and Hughes, a co-borrower, to fund the tax escrow account. Consequently, on April 28, 2017, Inland Bank has obtained a judgment of foreclosure, in the amount of $842,356, with regard to the Laundromat Property. Inland Bank alleges that prior to the bankruptcy filing, Mr. Hughes used the business to pay all of his personal expenses. Inland Bank notes that Mr. Hughes has testified at the 341 meeting that prior to filing bankruptcy, rather than pay himself a salary, he had the Debtor repay him loans purportedly owed by the business to Mr. Hughes. Out of those "loan repayments," Mr. Hughes apparently did not take $1,000 per month on the pretext that he was paying rent for residing in Residence 1. Inland Bank believes that since the Petition Date, the Debtor has used the cash collateral covered by Inland Bank's security interest without obtaining an order authorizing such use or Inland Bank's consent as required by the Bankruptcy Code. Inland Bank avers that it has not consented and does not consent to the Debtor's use of its cash collateral. Notwithstanding this, as the Debtor has admitted in the operating reports filed with the Court, Inland Bank complains that the Debtor has proceeded to use the cash collateral without authorization from the Court. Per its Operating Report, in the month of June, the Debtor generated $26,915 in revenue and paid expenses totaling $22,670. Inland Bank contends that despite its repeated requests, the Debtor has also failed to provide Inland Bank with an actual monthly budget or copies of any bills to substantiate the Debtor's claimed monthly business expenses. Rather, Inland Bank contends that the Debtor submitted a Budget Worksheet showing a monthly give away to its customer of $1,920 ("Returns & Allowances"), unspecified repairs and auto expenses and phantom rental income from Mr. Hughes. Inland Bank avers that during the 11 U.S.C. Sec. 341 meeting, the Debtor's principal refused to answer any further questions regarding the Debtor's purported monthly expenses and struggled to explain how he paid rent by not writing a check. Inland Bank notes that during the Debtor's 341 examination, Mr. Hughes testified that he would write checks for the $1,000 per month rent post-petition. But no such payments are shown to have been made in Debtor's Operating Report for June even though Mr. Hughes continues to reside in Residence 1 rent-free and with the Debtor paying all utilities, internet, and phone for Residence 1. Inland Bank contends that the Debtor has also used cash collateral to pay prepetition expenses. As shown on the Debtor's bank statements, four separate postpetition payments to AT&T were made on May 30, 2017 for what are clearly prepetition expenses. Inland Bank complains that the Debtor has failed to provide bills or otherwise explain whether all four AT&T bills were for expenses related to the business and not for the personal home phone and cell phone of Mr. Hughes. Moreover, Inland Bank alleges that the Debtor has also made a post-petition payment to Peoples Gas of $2,329 and Mr. Hughes' Visa credit card of $255 on May 30, 2017, all seemingly prepetition unsecured debts. Inland Bank alleges that Mr. Hughes was scrambling to have as many of his personal bills paid as possible prior to the Debtor filing bankruptcy, which itself was filed to prevent the judicial sale of the Laundromat Property. As the sole shareholder, director, and officer of an insolvent debtor, Mr. Hughes, at minimum, breached his fiduciary obligation to the creditors of Debtor by using the Debtor assets to pay his personal bills. In the 48 hours prior to filing bankruptcy, Inland Bank notes that the Debtor also made number payments, on May 22 and 23, to Mr. Hughes' personal credit cards, American Express and Citi Card, which payments totaled $2,800 -- which payments were not for business expenses but payments of Mr. Hughes' personal expenses and likely constitute either preferential or fraudulent transfers which the Debtor will probably not seek recovery of. Consequently, the Debtor has failed to provide Inland Bank with adequate protection, and although the Debtor has filed a motion seeking to make adequate protection payments in the amount of $150 a month, Inland Bank claims that such amount is woefully deficient to protect its interests. Inland Bank is justifiably concerned that, unless expressly and clearly prohibited by the Court, the Debtor and Mr. Hughes will continue to use its cash collateral without regard to the Inland Bank's security interests. A hearing to consider the Inland Bank's Motion to Prohibit Use of Cash Collateral will be held on August 7, 2017 at 1:30 p.m. Inland Bank and Trust is represented by: Cornelius P. Brown, Esq. Amy E. Daleo, Esq. COHON RAIZES & REGAL LLP 208 S. LaSalle Street, Suite 1440 Chicago, Illinois 60604 Telephone: (312) 726-2252 About Lloyd M. Hughes Enterprises Lloyd M. Hughes Enterprises, Incorporated is an Illinois corporation that owns and operates a laundry facility consisting of 155 coin operative washers and dryers. The facility is located at 6331 S. Martin Luther King Drive, Chicago, Illinois. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-16025) on May 24, 2017. Lloyd M. Hughes, chairman and president, signed the petition. At the time of the filing, the Debtor had less than $50,000 in estimated assets and $500,001 to $1 million in estimated liabilities. Judge A. Benjamin Goldgar presides over the case. MANIX HOLDINGS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Manix Holdings, LLC as of July 31, according to a court docket. About Manix Holdings Manix Holdings, a Florida Limited Liability Company, owns a small hotel currently operating on its real property in Osceola County, Florida at 7491 West Irlo Bronson Parkway, Kissimmee, Florida. Manix Holdings filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 17-04209) on June 26, 2017. The petition was signed by Jill Masoud of Brouse Hotel Group, LLC, managing member of the Debtor. At the time of filing, the Debtor estimated under $50,000 in assets and $1 million to $10 million in liabilities. The Debtor is represented by Roddy B. Lanigan, Esq., at Lanigan & Lanigan PL. MASON'S TRANSPORT: Unsecureds to Get 48% in 20 Quarterly Payments ----------------------------------------------------------------- Mason's Transport Inc. filed with the U.S. Bankruptcy Court for the Southern District of West Virginia a disclosure statement describing its plan of reorganization. This version of the plan adds one additional class consisting of the unsecured claim of Mack Financial. Non-insider unsecured creditors are now classified in Class U-3. Class U-2 under the new plan is the unsecured claim of Mack Financial. This claim totals the approximate sum of $125,000. Mack Financial shall be paid the sum of $36,000 to be paid quarterly, without interest, in the amount of $1,500 per quarter over 20 quarters. This class is impaired. This payment shall be made in the individual cases. Class U-3 consists of the claims of non-insider unsecured creditors. Claims in this class, exclusive of B&M Oil, total the sum of $154,688, including the unsecured claim of the Internal Revenue Service. Creditors in this class shall receive a dividend of 48% based upon 20 quarterly payments, without interest, of $3,000 per quarter. This class is impaired. The Plan will be funded by cash flow generated from the Debtor's business based upon a going concern. Upon the effective date, all property of the estate, wherever situated, shall be vested in the Debtor, free and clear of all liens, claims, and interests except as may otherwise be provided by the Plan. To the extent necessary, the Debtor may sell certain surplus equipment to augment Plan payments. The Troubled Company Reporter reported on Jan. 5, 2017 that under the initial plan, Class U-2 non-insider unsecured creditors of Mason's Transport will get 52% of their claims and will receive 20 quarterly payments without interest. These creditors, which assert $154,688 in claims, will be paid $4,000 per quarter. A full-text Copy of the Latest Disclosure Statement is available at: http://bankrupt.com/misc/wvsb5-16-50052-84.pdf About Mason's Transport Mason's Transport, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.W. Va. Case No. 16-50052) on March 4, 2016. The Debtor is a corporation, which began business in Raleigh County, West Virginia, in 2004. It operates from Bolt, Raleigh County, and has always been engaged in the coal hauling business. MICHIGAN SPORTING: Plan Outline Okayed, Plan Hearing on Sept. 8 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Michigan is set to hold a hearing on September 8, at 10:00 a.m. (prevailing Eastern Time), to consider approval of the Chapter 11 plan for Michigan Sporting Goods Distributors, Inc. The court will also consider at the hearing the final approval of the company's disclosure statement, which it conditionally approved on July 25. The order set a September 1 deadline for creditors to file their objections and cast their votes accepting or rejecting the proposed plan. Under the plan, creditors holding Class 2 unsecured claims will receive a pro rata share of the so-called "unsecured creditors' fund" upon the later of the distribution date or the date on which administrative expense claims and priority non-tax claims are paid in full. Unsecured creditors, which assert a total of $45 million, will also be released from any liability for avoidance actions upon the effective date of the plan. Class 2 is impaired. A copy of the court order and summary of the plan is available for free at https://is.gd/GPo44x About Michigan Sporting Goods Distribution, Inc. Michigan Sporting Goods Distributors, Inc. is a retail sporting goods chain based in Grand Rapids, Michigan. It filed a Chapter 11 petition (Bankr. W.D. Mich. Case No. 17-00612) on Feb. 14, 2017. Bruce Ullery, president and chief executive officer, signed the petition. The Debtor estimated $50 million to $100 million in assets and liabilities. Judge John T. Gregg presides over the case. Robert Michael Azzi, Esq., Stephen B. Grow, Esq., and Elisabeth M. Von Eitzen, Esq., at Warner Norcross & Judd LLP, serve as bankruptcy counsel to the Debtor. Berkeley Research Group, LLC, is the Debtor's financial advisor. On Feb. 21, 2017, the Office of the U.S. Trustee for Region 9 appointed an official committee of unsecured creditors. The committee employed Cooley LLP as lead counsel; Miller Canfield PLC as Michigan counsel; and Province Inc. as financial advisor. MINT LEASING: Seeks Emergency Approval to Use Cash Collateral ------------------------------------------------------------- The Mint Leasing, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to continue using cash collateral. The Court has previously entered an Agreed Cash Collateral Order on May 5, 2017, which permitted the Debtor to use cash collateral until July 31, 2017, unless otherwise extended by the Court or upon the written agreement of Raven Asset-Based Opportunity Fund I LP and the Debtor. After entering into the Agreed Cash Collateral Order, the Debtor relates that Raven has had a change of heart. Specifically, Raven has prevented the Debtor from selling most of the vehicles contemplated even though the Agreed Budget clearly sets forth the projected sale of inventoried vehicles on a weekly basis. In fact, the Debtor adds that the Agreed Budget provided for the sale of $25,000 in inventoried vehicles on a weekly basis, but, to date, the Debtor has only been allowed to sell, at most, 20 vehicles over the course of 3 months. Prepetition, pursuant to an Amended and Restated Loan and Security Agreement, MNH Management LLC extended a term loan to the Debtor in the amount of $9.3 million and required the Debtor to pledge certain collateral, including accounts receivables, deposit accounts and cash monies. Subsequently, the MNH Loan Agreement and all rights thereto was assigned to Raven. As a result of the MNH Loan, Raven will likely assert an interest in "cash collateral." The Debtor's business requires it to maintain an inventory of cars that have been returned or repossessed at the termination of a lease. As such, the Debtor, in the ordinary course of business, sells its inventory to reduce its operating expenses and provide working capital for its leasing business. As of the Petition Date, the Debtor maintained approximately 130 cars in its inventory and had leased approximately 230 cars to customers. Accordingly, the Debtor is now requesting that the Court authorize the use of Cash Collateral with a new budget that accelerates vehicle sales for the next 3 months. The New Budget reflects total overhead expenses of approximately $464,010 covering the weeks ending July 28 through Oct. 20, 2017. The Debtor tells the Court that it is in the process of negotiation an agreed extension of the continued use of cash collateral, but has not yet been able to reach an agreement with Raven. As such, given the current looming deadline of Aug. 2, 2017, the Debtor is compelled to request the emergency relief in this Motion. A full-text copy of the Debtor's Motion, dated July 27, 2017, is available at https://is.gd/wtXiiq About The Mint Leasing Houston, Texas-based The Mint Leasing, Inc., leases automobiles and fleet vehicles throughout the United States. The Debtor's founder and partial owner is Jerry Parish. An involuntary chapter 7 petition was filed against The Mint Leasing, Inc. by four petitioning creditors on March 30, 2017 (Bankr. S.D. Tex. Case No. 17-31878). By agreement from the petitioning creditors and the Debtor, an order for relief was entered on April 18, 2017 converting the case to a case under chapter 11 of the Bankruptcy Code. The Debtor hired FisherBroyles, LLP, as general bankruptcy counsel. The Debtor tapped Brian M. Akkashian, Esq., at Paesano Akkashian Apkarian, P.C., as its special counsel. By agreement between the petitioning creditors and the Debtor, William West was appointed as an examiner in the case. The Office of the U.S. Trustee on July 5, 2017, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of The Mint Leasing, Inc. MONAKER GROUP: Will Raise $3 Million in Private Placement --------------------------------------------------------- Monaker Group has entered into definitive documentation relating to a private placement of equity financing totaling in excess of $3.0 million in gross proceeds. Certain insiders and board members participated in the offering, representing $635,000 or approximately 21% of the transaction. Under the terms of a Common Stock and Warrant Purchase Agreement, purchasers in the offering received securities comprised of one common share and one warrant for a purchase price of $2.00. Each warrant entitles the holder to purchase one common share at an exercise price of $2.10 per share, with an expiration date five years from the date of issuance. The offering is subject to customary closing conditions and the company anticipates the offering closing on Aug. 3, 2017. The securities purchase agreement also requires Monaker to apply for a listing of its common shares on the NASDAQ Capital Market within 60 days following the closing of the offering, along with other terms and conditions as provided in the Form 8-K the company has filed with the U.S. Securities and Exchange Commission on the date hereof, which is available at http://www.sec.gov/ Monaker intends to use the net proceeds to expand its technology division and alternative lodging rentals offering, and for general corporate purposes. About Monaker Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.5 million vacation rental homes, villas, chalets, apartments, condos, resort residences and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker’s NextTrip.com B2C website, powered by the MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services, all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler's booking experience and assist in the search, decision and buying process for both individuals and groups. For more information, visit www.monakergroup.com. Monaker reported a net loss of $7.10 million on $400,277 of revenues for the year ended Feb. 28, 2017, compared to a net loss of $4.55 million on $544,658 of revenues for the year ended Feb. 29, 2016. As of May 31, 2017, Monaker had $2.11 million in total assets, $2.91 million in total liabilities and a total stockholders' deficit of $804,603. LBB & Associates Ltd. LLP, in Houston, Texas, stated in its report on the Company's consolidated financial statements for the year ended Feb. 28, 2017, that the Company's accumulated deficit and limited financial resources raise substantial doubt about the Company's ability to continue as a going concern. NORTHSTAR OFFSHORE: Taps Winston & Strawn as Legal Counsel ---------------------------------------------------------- Northstar Offshore Group, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Winston & Strawn LLP as its legal counsel. The firm will advise the Debtor regarding any potential sale of its assets; negotiate with creditors; give advice on tax-related matters; assist in the preparation of a bankruptcy plan; and provide other legal services related to its Chapter 11 case. The Winston professionals who are anticipated to handle the case and their hourly rates are: Lydia Protopapas Partner $963 Jason Billeck Partner $891 Carrie Hardman Associate $675 Katherine Preston Associate $581 Lauren Randle Associate $581 Rick Smith Paralegal $266 The hourly rates represent a discount of 10% off of the firm's standard hourly rates. Meanwhile, the hourly rates for the firm's electronic discovery team range from $85 to $165 for review attorneys and from $150 to $545 for non-attorney support staff. The Debtor will employ the services of the firm's electronic discovery team should they become necessary. Lydia Protopapas, Esq., disclosed in a court filing that her firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Ms. Protopapas disclosed that Winston has agreed to apply a 10% discount to its customary hourly rates, and that the firm and the Debtor have not agreed to any other variations from, or alternatives to, the firm's standard billing arrangements. Ms. Protopapas also disclosed that her firm has previously represented the Debtor in connection with its involuntary case, and that the billing rates and financial terms only differed to the extent of the application of the prior year's rates, which changed on January 1. In light of the uncertainty surrounding the progress of the Debtor's case and unanticipated issues that may arise therefrom, Winston has not provided a budget and staffing plan to the Debtor, Ms. Protopapas also said, adding that such budget and staffing plan "is premature at this time." The firm can be reached through: Lydia T. Protopapas, Esq. Winston & Strawn LLP 1111 Louisiana Street, 25th Floor Houston, TX 77002-5242 Tel: +1 713-651-2600 Direct: 713-651-2793 Fax: +1 713-651-2700 Email: lprotopapas@winston.com About Northstar Offshore Group Northstar Offshore Group, LLC, is an independent oil and gas exploration and production company that focuses on acquisition and recompletion, development drilling, and low-risk exploration in the waters of the Gulf of Mexico. Three creditors filed an involuntary Chapter 11 petition against Northstar Offshore Group on August 12, 2016. The petitioning creditors are Montco Oilfield Contractors, LLC, Alliance Offshore, LLC, and Alliance Energy Services, LLC. The creditors are represented by DLA Piper (US) LLP. On Dec. 2, 2016, the Debtor agreed to convert the involuntary case to a voluntary case by filing a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 16-34028). On Dec. 19, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee hired DLA Piper LLP as legal counsel, and FTI Consulting, Inc., as financial advisor. NORTHWEST PEDIATRIC: Obligations to East Park Added in Latest Plan ------------------------------------------------------------------ Northwest Pediatric Services S.C., dba Kid Care Medical S.C., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a third amended disclosure statement referring to their plan of reorganization. This latest filing modifies the administrative claims section to reflect the Debtor's agreement with and obligations to East Park Professional Center, the Debtor's former Elgin, Illinois landlord. It states that Administrative Claims consist of the Allowed Claim for fees and expenses of the law firm of Crane, Heyman, Simon, Welch & Clar, counsel for the Debtor, whatever obligations are owed to East Park pursuant to the Debtor's former occupation of the premises located at 373 Summit St., Suites 100 through 106, Elgin, Illinois, and the attorneys fees of Bishop & LaForte as special counsel for lease negotiation. The Debtor has paid all of the arrearage due under the East Park Lease, and currently owes the sum of $9,800 per month for continued occupation of suites 102 and 104 through July 31, 2017. A full-text copy of the Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/ilnb16-09373-143.pdf About Northwest Pediatric Services Headquartered in Elgin, Illinois, Northwest Pediatric Services S.C., dba Kid Care Medical S.C., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 16-09373) on March 18, 2016, estimating its assets at between $100,000 and $500,000 and its liabilities at between $1 million and $10 million. The petition was signed by Orawan Sukavachana, M.D., president. Judge Jacqueline P. Cox presides over the case. Scott R Clar, Esq., at Crane, Heyman, Simon, Welch & Clar serves as the Debtor's bankruptcy counsel. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 12-07777) on Feb. 29, 2012. On May 22, 2013, the Debtor confirmed its Third Plan of Reorganization. IRS and IDR were secured and priority unsecured creditors in the previous Chapter 11 case. Under the terms of the Plan, IRS and IDR were to be given 20 payments over a five-year period. Each payment to the IRS was to be approximately $138,000. ONCOBIOLOGICS INC: Signs Exclusivity Agreement With Third Party --------------------------------------------------------------- Oncobiologics, Inc., disclosed in a Form 8-K report filed with the Securities and Exchange Commission that it entered into a binding exclusivity agreement with a third party on July 25, 2017, pursuant to which the Company agreed not to pursue any alternative transactions (broadly defined to encompass most equity and debt financing transactions, as well as acquisitions), subject to certain limited exceptions, for a period of 75 days (which may be extended for two 20-day periods). There is no guarantee that the Company will enter into any definitive agreements with the third party. In the event the Company and the third party do not enter into a binding transaction but the Company enters into an alternative transaction within three months following termination of the exclusivity agreement, the Company agreed to pay the third party a break-up fee of $7.5 million. On the same date, the Company also entered into a strategic licensing agreement with the same third party, under which it granted the third party and its affiliates a perpetual, irrevocable, exclusive, sublicensable license in the agreed territory for the research, development, manufacture, use or sale of the ONS-1045 biosimilar product candidate in the agreed territory. The agreed territory includes all emerging markets but specifically excludes major developed markets, such as the United States, Canada, Europe, Japan, Australia and New Zealand, and smaller markets where the Company has existing licensing arrangements, such as Mexico, greater China and India. Under the terms of the strategic licensing agreement, the Company received an upfront payment from the third party of $1.25 million, and is scheduled to receive an additional $1.25 million upon a notice and acknowledgment milestone. In addition, the Company is eligible to receive royalties at upper single-digit percentage rates of annual net sales of products by the licensee and its affiliates in the agreed territory. About Oncobiologics Oncobiologics, Inc., is a clinical-stage biopharmaceutical company focused on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. The Cranbury, New Jersey-based Company's current focus is on technically challenging and commercially attractive monoclonal antibodies, or mAbs, in the disease areas of immunology and oncology. Oncobiologics reported a net loss of $53.32 million on $2.97 million of collaboration revenues for the year ended Sept. 30, 2016, compared to a net loss of $48.66 million on $5.21 million of collaboration revenues for the year ended Sept. 30, 2015. As of March 31, 2017, the Company had $17.46 million in total assets, $44.31 million in total liabilities, and a total stockholders' deficit of $26.85 million. KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, citing that the Company has incurred recurring losses and negative cash flows from operations since inception and has an accumulated deficit at Sept. 30, 2016, of $147.4 million and $4.6 million of indebtedness that is due on demand, which raises substantial doubt about its ability to continue as a going concern. ORBITE TECHNOLOGIES: Quebec Court Extends Stay of CCAA Proceedings ------------------------------------------------------------------ Orbite Technologies Inc. on Aug. 2, 2017, disclosed that, further to its press release of July 27, 2017, the Superior Court of Quebec (the "CCAA Court") granted a motion filed by the Company under the Companies' Creditors Arrangement Act ("CCAA") and issued an amended and restated order namely to (1) extend the stay of all proceedings from August 4, 2017 to October 31, 2017 and (2) approve the $6.8 million debtor-in-possession ("DIP") financing from the holders of Orbite's 7% Convertible Secured Debentures due September 28, 2018 (the "2015 ITC Debentures") and a related DIP super-priority charge over the Company's assets. The terms and conditions of the DIP financing are set forth in a credit facility between the Company and Computershare Trust Company of Canada in its capacity as trustee for the holders of the 2015 ITC Debentures (the "Lender"). The terms and conditions namely provide for an interest rate of 9.25% payable on the first day of each month starting on September 1, 2017 and a termination date which shall occur on the earliest of a) February 23, 2018, b) the implementation of a plan of compromise or arrangement with respect to Orbite, c) the acceleration of the loan and the termination of the DIP financing upon the occurrence of an event of Default or d) upon refinancing of the DIP financing. A 1% commitment fee (or $68,000) is payable to the Lender upon closing as well as the payment by Orbite of the Lender's legal fees and other expenses (the "Fees"). The DIP financing will serve for working capital and other general corporate purposes as well as to pay fees and expenses related to Orbite's restructuring process, and is expected to close by August 4, 2017. The order provides for the release of the funds to Orbite as follows, a tranche of $4.6 million will be transferred to Orbite upon closing and the remaining $2.2 million minus the Fees will be held in trust by PricewaterhouseCoopers, in its capacity as court appointed Monitor, and will be released to Orbite upon approval of the CCAA Court. According to the Company's cash-flow projections filed with the CCAA Court, the $6.8 million funds to be received under the DIP financing should allow the Company to maintain its reduced operations until the week of February 22, 2018. The Company will provide further updates as developments occur. There can be no guarantees that Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection. About Orbite Orbite Technologies Inc. (nex:ORT.H) is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Quebec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallee deposit. The Company's portfolio contains 15 intellectual property families, including 45 patents and 48 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Quebec, where its technologies are developed and validated. Orbite Technologies in April 2017 filed a petition for continuance of the Bankruptcy and Insolvency Act proceedings under the Companies' Creditors Arrangement Act The Superior Court of Quebec granted the petition and issued an initial order pursuant to the CCAA on April 28, 2017. PricewaterhouseCoopers Inc. has been appointed as Monitor. PARKER DEVELOPMENT: U.S. Trustee Opposes Approval of Plan --------------------------------------------------------- The U.S. Trustee for Region 4 asked the U.S. Bankruptcy Court for the Eastern District of Virginia to deny approval of the disclosure statement, which explains the liquidating plan proposed by SummitBridge National Investments III for Parker Development, LLC. "The disclosure statement reveals a plan which impermissibly provides for a sale, post-confirmation, pursuant to section 363 of the Bankruptcy Code, making the plan manifestly unconfirmable," the Justice Department's bankruptcy watchdog said in a court filing. The U.S. trustee also complained that the disclosure statement contains "inadequate information" about the post-confirmation plan trustee and auctioneer, and does not disclose the obligation of the plan trustee and reorganized company to provide for the payment of quarterly fees to the agency. SummitBridge, a secured creditor, filed on June 16 a disclosure statement detailing its proposed liquidating plan, which provides for the appointment of a plan trustee who will be authorized to operate and sell Parker Development's commercial real estate in the City of Norfolk, Virginia. About Parker Development Parker Development, LLC, also known as Parker Development I, LLC, is a Virginia limited liability company that owns and operates certain commercial real estate in the City of Norfolk, Virginia. Parker Development filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 16-73359) on Sept. 28, 2016. The petition was signed by George G. Parker, president. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. Judge Stephen C. St. John presides over the case. Greer W. McCreedy, II, Esq., at The McCreedy Law Group, PLLC, serves as bankruptcy counsel. On June 16, 2017, SummitBridge National Investments III LLC, a secured creditor, filed a disclosure statement, which explains its proposed Chapter 11 plan of liquidation for the Debtor. PARKER PORK: Exclusive Plan Filing Deadline Moved to Aug. 7 ----------------------------------------------------------- The Hon. Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas has extended, at the behest of Parker Pork Farms, LLC, and Edwin Elzie Parker, the exclusivity period to file a Chapter 11 Plan and Disclosure Statement through and including Aug. 7, 2017, and to solicit plan acceptance through Oct. 6, 2017. Great Western Bank has consented to the Debtors' request for extension. As reported by the Troubled Company Reporter on June 16, 2017, the Debtors asked the Court to extend for 48 days their exclusive period to file Plan and Disclosure Statement through July 31, 2017, and to solicit plan acceptance through Sept. 29, 2017, telling the Court that they have ceased operations of their hog farm and are actively negotiating with potential tenants over lease terms for that operation. About Parker Pork Farms Parker Pork Farms own a hog farming operation and a crop growing operation, consisting of approximately 590 acres of useable crop ground. Based in Robinson, Kansas, Parker Pork Farms LLC and its owner Edwin Elzie Parker sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 17-20202) on Feb. 13, 2017. The petition was signed by Edwin Elzie Parker, owner. Carl R. Clark, Esq., at Lentz Clark Deines PA, serves as legal counsel for the Debtor and its owner. At the time of the filing, Parker Pork Farms estimated assets of less than $50,000 and liabilities of $1 million to $10 million. No trustee or examiner has been appointed, and no official committee of creditors or equity interest holders has yet been established. PHOTOMEDEX INC: Enters Into $145,000 P-Note with First Capital -------------------------------------------------------------- PhotoMedex, Inc., on July 25, 2017, entered into a 20% Unsecured Promissory Note with First Capital Real Estate Operating Partnership, L.P. ("the Contributor") in the aggregate principal amount of $145,000. The Note is an ancillary undertaking in connection with the Interest Contribution Agreement dated March 31, 2017, as amended by the Waiver of First Closing Conditions entered into on May 17, 2017, and the Waiver of Second Closing Conditions entered into on July 3, 2017, between the Company and its subsidiary FC Global Realty Operating Partnership, LLC and the Contributor and First Capital Real Estate Trust Incorporated, under which the Contributor Parties are to contribute certain real estate properties to the Acquiror Parties. The first closing under the Agreement took place on May 17, 2017; a mandatory second closing and an optional third closing are to take place no later than Dec. 31, 2017. As part of the second closing, the Contributor Parties are to contribute to the Acquiror their 100% ownership interest in a private hotel that is currently undergoing renovations to convert to a Wyndham Garden Hotel, located in Amarillo, Texas, which has an appraised value of approximately $16 million and an outstanding loan of approximately $10.6 million. As reported in a Form 8-K, Current Events, filed on July 6, 2017, the Contributor Parties have received an offer to purchase the Amarillo Hotel from a non-related third party. As a result, the Contributor Parties and the Acquiror Parties entered into the Second Waiver under which the Company and its subsidiary agreed to waive the requirement for the Contributor Parties to contribute the Amarillo Hotel itself, and to accept in its place a contribution in cash of not less than $5.89 million from the Contributor Parties from the sale proceeds of the Amarillo Hotel, after the satisfaction of the outstanding loan, provided that the sale is completed and closed upon not later than Aug. 31, 2017. In exchange the Contributor Parties shall receive shares of stock in the Company, such amount to be calculated as set forth in the Agreement. If the sale of the Amarillo Hotel is not completed and closed upon not later than Aug. 31, 2017, the waiver of the requirement for the contribution of the interest in the Amarillo Hotel will lapse. The funds under the Note will be used to make certain payments due to vendors of the Amarillo Hotel to ensure their continued provision of services to the Amarillo Hotel during the pendency of the sale of this property. The Company has already disbursed $95,000 to the Contributor; the third disbursement of $50,000 may occur at a future date. The loan is subject to an origination fee of $7,500 and bears interest at the rate of 20% per annum. The Note also contains customary representations and warranties. The Note is due on Sept. 1, 2017. Suneet Singal, the Company's chief executive officer, has pledged his salary as security for the Note and has agreed to freeze his salary at the current rate. Should payment not be received from the Contributor, the Company will have the right to offset the amounts due under the Note against Mr. Singal's salary. The Company has also reserved the right to claw back a portion of the shares issued to the Contributor Parties in the First Closing under the Agreement, which occurred on May 17, 2017, in an amount equal to the disbursed but unpaid principal amount, the origination fee, and any accrued but unpaid interest. About PhotoMedex PhotoMedex, Inc., is a global health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at its LasikPlus(R) vision centers. As of March 31, 2017, Photomedex had $14.05 million in total assets, $13.38 million in total liabilities and $677,000 in total stockholders' equity. Photomedex reported a loss of $13.26 million for the year ended Dec. 31, 2016, compared to a loss of $34.55 million for the year ended Dec. 31, 2015. Fahn Kanne & Co. Grant Thornton Israel, in Tel-Aviv, Israel, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, citing that as of Dec. 31, 2016, the Company had an accumulated deficit of $115.6 million and shareholders' deficit of $1.408 million. Also, during the most recent periods the Company has incurred losses and negative cash flows from continuing operations and was forced to sell certain assets and business units to obtain additional liquidity resources to support its operations. In addition, on Jan. 23, 2017, the Company completed the sale of its consumer products division which represented the sale of substantially all of the remaining operations and assets of the Company. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. PLASCO TOOLING: Has Access to Cash Collateral Until Sept. 30 ------------------------------------------------------------ Judge Mark. A. Randon of the U.S. Bankruptcy Court for the Eastern District of Michigan authorized Plasco Tooling & Engineering Corp. to use cash collateral on a final basis. The Debtor's authorization to use cash collateral will terminate on the earlier of: (a) any default of any of the approved adequate protection and conditions listed in the Final Order; (b) conversion or dismissal of the bankruptcy case; (c) appointment of a Chapter 11 trustee; or (d) Sept. 30, 2017. The Debtor is directed to make the adequate protection payments to the Bank in the amount $22,076 per month and to the SBA Lender in the amount $4,781 per month, commencing on July 28, 2017 and continuing each month until: (i) payment of the Debtor's obligations to the Bank and the SBA Lender, (ii) the effective date of a confirmed plan of reorganization, (iii) waiver by the Bank and the SBA Lender of the requirement to make adequate protection payments, or (iv) entry of an order providing for a modification in adequate protection payments. The Court has approved the following adequate protection: (a) The Debtor will timely make all adequate protection payments on the 28th day of each month; (b) Replacement Liens are granted in all of the Debtor's postpetition acquired assets and will have the same priority as the Bank's and the SBA Lender's prepetition liens and security interests. The Replacement Liens, however, will not attach to any avoidance actions (or their proceeds) arising under Chapter 5 of the Bankruptcy Code; (c) The Debtor will timely perform all obligations of a debtor-in-possession required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and the orders of the Court; (d) The Debtor will grant the Bank, the SBA Lender and the Committee access to its business records and premises for inspection, will provide monthly cash flow projections by the 28th day of the month for each succeeding month, and will provide current accounts payable and accounts receivable within three business days after entry of the Final Order; (e) The Debtor will make weekly revisions to the Budget to reflect the Debtor's best then-current cash flow projections, and will circulate the Budget to the Bank, the SBA Lender, the Committee and the U.S. Trustee's Office; (f) The Debtor will maintain insurance coverage for its property in accordance with the requirements of the U.S. Trustee and the loan documents between Debtor and the Bank; and (g) The Debtor acknowledges and will not challenge that the Bank Debt and the SBA Lender Debt is secured by a properly perfected security interest, both to the fullest extent permitted by applicable law. A full-text copy of the Final Order, dated July 27, 2017, is available at https://is.gd/GdWKNn About Plasco Tooling & Engineering Corp. Headquartered in Romeo, Michigan, Plasco Tooling & Engineering Corporation -- http://www.plascocorp.com/about-plasco/-- is globally recognized as a supplier of aircraft and automotive tooling parts. The Company offers integrated program management, design, CNC machining, and the manufacture of Invar tools, assembly jigs, checking fixtures, gages, dies, and more while adhering to its customers' stringent quality requirements. Plasco Tooling filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 17-49638) on June 29, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by John Zuccarini, president. Judge Mark A. Randon presides over the case. Ryan D. Heilman, Esq., at Wernette Heilman PLLC, serves as the Debtor's bankruptcy counsel. Angle Advisors LLC is the Debtor's investment banker. The U.S. Trustee for Region 9 on July 14, 2017, appointed six creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Plasco Tooling & Engineering Corp. The committee members are: (1) Carl Spaeth; (2) Michael Oakley; (3) Randal D. Bellestri; (4) Robert A. Goolsby; (5) Michael MaGuire; and (6) Judith Apel. PLASTIC2OIL INC: Signs New MOU After Current MOU Expired -------------------------------------------------------- As previously reported, Plastic2Oil, Inc. is party to a Memorandum of Understanding with a Southern U.S. company regarding potential licensing of the Company's technology and a potential sale of the Company's plastic-to-oil processors. On July 24, 2017, the MOU expired and was not renewed by the parties due to difficulty in obtaining zoning approvals at the designated site. However, the parties continue to pursue joint opportunities for the sale of processors to third parties and on July 28, 2017, they entered into a new Memorandum of Understanding) regarding potential licensing of the Company's technology and a potential sale of the Company's plastic-to-oil processors at a different site. Unless a definitive agreement is signed on or prior to Dec. 27, 2017, the MOU2 will expire. There can be no assurance that a definitive agreement will be executed prior to expiration of the MOU2. About Plastic2Oil Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's Plastic2Oil (P2O) is a process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges. It is also focused on the creation of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business. The Company's fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6 Fuel is heavy fuel used in industrial boilers and ships. No. 2 Fuel is a mid-range fuel known as furnace oil or diesel. Naphtha is a light fuel that is used as a cut feedstock for ethanol or as white gasoline in high and regular grade road certified fuels. Plastic2Oil reported a net loss of $5.70 million on $21,950 of total sales for the year ended Dec. 31, 2016, compared to a net loss of $4.32 million on $16,728 of total sales for the year ended Dec. 31, 2015. As of March 31, 2017, Plastic2Oil had $2.04 million in total assets, $12.96 million in total liabilities and a total stockholders' deficit of $10.92 million. D. Brooks and Associates CPA's, P.A., in West Palm Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has experienced negative cash flows from operations since inception, has net losses from continuing operations, and has a working capital deficit and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern and to operate in the normal course of business. The Company has funded its activities to date almost exclusively from equity financings, loans form related party and issuance of secured long-term debt. PRADO MANAGEMENT: To Pay Claims from Sale of Scottsdale Property ---------------------------------------------------------------- Prado Management LLC has filed a Chapter 11 plan of reorganization, which proposes to pay creditors from the sale of its residential property in Scottsdale, Arizona. According to the restructuring plan, unless the property sells earlier, it will be auctioned for sale at the U.S. Bankruptcy Court in Arizona once the plan is confirmed. Unless the court orders otherwise, all bids must be in cash and the sale must close at least seven days prior to the effective date of the plan. The court may establish bidder qualifications but no one will be disqualified from bidding based upon its affiliation or prior affiliation with Prado Management or the holder of any claim and interest. Distributions under the plan will be made to holders of allowed claims and interests by a disbursing agent. General unsecured claims, which include deficiency claims and claims from the rejection of any executory contract, are placed in Class 5. As of the filing of the plan, the total amount of general unsecured claims is not yet known, according to Prado Management's disclosure statement filed on July 25. A copy of the disclosure statement is available for free at https://is.gd/RuX4rU About Prado Management LLC Prado Management LLC is a Delaware limited liability company formed in 2011 with its principal place of business in Arizona. The Debtor has one asset consisting of a single family residential property located at 23875 North 91st Street in Scottsdale, Arizona. Michael Kang is the sole member and holds 100% ownership interest in the Debtor whose sole manager is German Osio. The Debtor has no employees and no income. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 17-02989) on March 27, 2017. The petition was signed by German Osio, manager. At the time of the filing, the Debtor had $1 million to $10 million in estimated assets and liabilities. Judge Eddward P. Ballinger Jr. presides over the case. The Debtor is represented by Dale C. Schian, Esq. of Schian Walker PLC. PRECIPIO INC: Proposes Underwritten Public Offering of Shares ------------------------------------------------------------- Precipio, Inc. announced that it intends to offer for sale its common stock and warrants in an underwritten public offering. The Company intends to use the net proceeds from this offering for the repayment of debt, growth of its sales force, progression of its product development and for working capital and general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether the offering may be completed, or as to the actual size or terms of the offering. Aegis Capital Corp. is acting as the sole book-running manager for the offering. The offering is being made pursuant to a shelf registration statement that Precipio previously filed with the Securities and Exchange Commission and which became effective on Feb. 13, 2015. A preliminary prospectus supplement and accompanying base prospectus relating to the offering have been filed with the SEC and are available on the SEC's website located at https://is.gd/JjQ5G0 Electronic copies of the preliminary prospectus supplement and accompanying base prospectus may be obtained by contacting Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY 10019 or via telephone at 212-813-1010 or email: prospectus@aegiscap.com. About Precipio Precipio, Inc., formerly known as Transgenomic, Inc., has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions, and delivering quality diagnostic information to physicians and their patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, visit precipiodx.com. Transgenomic reported a net loss available to common stockholders of $8 million on $1.55 million of net sales for the year ended Dec. 31, 2016, compared with a net loss available to common stockholders of $34.27 million on $1.92 million of net sales for the year ended Dec. 31, 2015. As of March 31, 2017, Transgenomic had $1.22 million in total assets, $21.87 million in total liabilities and a total stockholders' deficit of $20.64 million. Marcum LLP, in Hartford, CT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has incurred operating losses and used cash for operating activities for the past several years. This raises substantial doubt about the Company's ability to continue as a going concern. PRO ENTERPRISES: Plan Outline Okayed, Plan Hearing on Sept. 28 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on September 28 to consider approval of the joint Chapter 11 plan of reorganization for Pro Enterprises USA, Inc., and its chief executive officer. The hearing will be held at 10:30 a.m., at the U.S. Bankruptcy Courthouse, C. Clyde Atkins Building, Courtroom 7, 301 N. Miami Avenue, Miami, Florida. The court on July 24 approved the disclosure statement, allowing Pro Enterprises CEO Alejandro Alan Azpurua and his company to start soliciting votes from creditors. The order set a September 14 deadline for creditors to file their objections and cast their votes accepting or rejecting the plan. About Pro Enterprises USA Pro Enterprises USA, Inc. dba ProMed USA, dba ProPharma, aka ProMed, fdba ProMedCo, aka Pro Enterprises filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-16317) on April 29, 2016. The petition was signed by Alejandro Alan Azpurua, president and CEO. The case is assigned to Judge Jay A. Cristol. The Debtor is represented by Chad P. Pugatch, Esq., at Rice Pugatch Robinson Storfer & Cohen, PLLC. At the time of the filing, the Debtor estimated both assets and liabilities at $1 million to $10 million. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb16-16317.pdf The Debtor has retained Fresh Start Tax, LLC as accountant. PUERTO RICO: Creditors Panel Opposes Committee Reconstitution Bid ----------------------------------------------------------------- BankruptcyData.com reported that the Commonwealth of Puerto Rico's official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the ad hoc group of general obligation (GO) bondholders' motion to reconstitute the official committee of unsecured creditors. The objection asserts, "The Trustee has ably fulfilled its statutory duties by appointing a diverse and representative Committee comprised of trade creditors, unions representing current employees, and tax refund creditors. Each of the Committee members remains unpaid and is dedicated to working diligently to protect and maximize the recoveries of all general unsecured creditors. The Committee's members have one other thing in common: they are undoubtedly unsecured creditors. By contrast, the GO Group has been arguing for years that it holds secured claims, and it does so again in the first paragraph of this Motion where it requests to be appointed to the unsecured creditors' committee. The GO Group fails to cite a single case where a court appointed a creditor holding only secured claims (or a creditor arguing that it is 'fully secured') to an unsecured creditors' committee because no such case exists. While the Committee does not disagree with the basic premise that an unsecured bondholder owed several billion dollars could be selected by the Trustee to sit on an unsecured creditors' committee, the Trustee refused to appoint the GO Group to the Committee because it insists that it holds fully secured claims, rather than unsecured claims. The GO Group is, therefore, the architect of its own predicament. The relief requested by the GO Group is simply premature. If, in the future, they concede that they are unsecured creditors, or the Court makes that determination for them, it may be appropriate for Trustee to add representation from the Commonwealth Bondholders to the Committee. That cannot happen, however, as long as the question remains in doubt regarding whether the Commonwealth's general obligation bonds are fully secured by all available resources." About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are onboard as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at: https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. PUERTO RICO: Oversight Board to Probe Debt, Fiscal Crisis --------------------------------------------------------- The Financial Oversight and Management Board for Puerto Rico, created by Congress under the bipartisan Puerto Rico Oversight, Management and Economic Stability Act ("PROMESA"), announced Aug. 2 its intention to commence a comprehensive investigation of Puerto Rico's debt and its relationship to the fiscal crisis. Consistent with the Procedures for Conducting PROMESA Investigation, adopted by the Oversight Board on May 26, 2017, the investigation will include a review of the fiscal crisis and its contributors, and an examination of Puerto Rico's debt and its issuance, including disclosure and selling practices. The Oversight Board will conduct this investigation pursuant to the authority granted to it by Congress and the President under PROMESA. The Oversight Board has been specifically given the authority by Congress under PROMESA to conduct an investigation into Puerto Rico's debt and its connection to the current fiscal crisis. The Oversight Board considers this investigation an integral part of its mission to restore fiscal balance and economic opportunity and to promote Puerto Rico's reentry to the capital markets pursuant to its responsibilities under PROMESA. The Board proposes to form a special committee of the Oversight Board for the purpose of appointing an independent investigator to carry out such investigation. The Oversight Board will make its findings public. "As we develop the parameters of the investigation and progress in the appointment of the independent investigator, we will be providing more information," said Oversight Board Executive Director Natalie Jaresko. Contact: Jose Luis Cedeno Tel: 787-400-9245 E-mail: jcedeno@forculuspr.com info@forculuspr.com Board's Contact Information: E-mail: comments@oversightboard.pr.gov Web site: www.oversightboard.pr.gov About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are onboard as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at: https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. PUERTO RICO: Retirees Panel Objects to Additional Appointments -------------------------------------------------------------- BankruptcyData.com reported that the Commonwealth of Puerto Rico and its official committee of retired employees of the Commonwealth of Puerto Rico's filed with the U.S. Bankruptcy Court separate objections to the motion seeking appointment of additional committee of government employees and active pension plan participants or, in the alternative, reconstitution of the retiree committee. The committee's objection explains, "Both a motion to direct the appointment of an additional committee and a motion to change the membership of an existing committee require the movant to demonstrate that any existing committee as a whole, or in part, does not adequately represent creditors' interests." The Commonwealth also objected to the ad hoc group of general obligation bondholders' motion to reconstitute the statutory committee of unsecured claimholders. This objection asserts, "The Motion should be denied. Primarily, as the U.S. Trustee put it in denying the reconstitution of the UCC to include Constitutional Debtholders, creditors asserting secured claims or full priority over other unsecured claims have no place on an existing or separate statutory committee of unsecured claimholders." Finally, the Commonwealth objected to the ad hoc municipalities committee's motion requesting the appointment of an additional committee of municipalities. This objection argues, "The Commonwealth's critical need for all its components to work together means its components cannot square off against each other like lone rangers with each fighting for its independent glory at the expense of one another. This may sound obvious, but the numerous pending requests for separate statutory committees for different entities and groups show it is not so obvious. Creation of new committees to focus on one group, entity, or issue, rather than the integrated enterprise, imperils the Commonwealth's survival, just as one would expect when a committee arms itself to pursue one parochial interest at the expense of others." About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are onboard as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at: https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. REBUILTCARS CORP: Can Continue Using Cash Through Aug. 31 --------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois signed a Fourth Interim Order authorizing Rebuiltcars Corporation to use the cash collateral of 1st Global Capital, Capital Merchant Services, First Home Bank and Swift Capital, through Aug. 31, 2017. The Debtor is authorized to use cash collateral for its postpetition, necessary and reasonable operating expenses. The approved Budget reflects total monthly expenses of $35,501. 1st Global Capital, Capital Merchant Services, First Home Bank and Swift Capital are granted replacement liens in the Debtor's Business Assets, including but not limited to, vehicle, vehicle parts and inventory, certificates of title and all purchases, products, additions, accessions and replacements of those assets. Such lien and security interest will have the same validity, perfection and enforceability as the prepetition liens held by 1st Global Capital, Capital Merchant Services, First Home Bank and Swift Capital. The Debtor is directed to maintain adequate property insurance on the Debtor's Business Assets including but not limited to vehicle, vehicle parts and inventory, certificates of title and all purchases, products, additions, accessions and replacements of those assets. The Debtor is directed to make adequate protection payments as follows: (a) 1st Global Capital: $190 (b) Capital Merchant Services: $137 (c) First Home Bank: $1,705 (d) Swift Capital: $265 A status hearing will be held on June 28, 2017 at 10:30 a.m. A full-text copy of the Fourth Interim Order, dated July 26, 2017, is available at https://is.gd/srvGRO About Rebuiltcars Corp Rebuiltcars Corporation filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-11811) on April 14, 2017. The petition was signed by Mindaugas Kazakevicius, president. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by Paul M. Bach, Esq., at the Bach Law Offices. The Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. REBUILTCARS CORP: Has Interim Nod to Continue Using AFC Cash ------------------------------------------------------------ Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois signed a Fourth Interim Order authorizing Rebuiltcars Corporation to use the cash collateral belonging to Automobile Finance Corporation on an interim basis. The Debtor is authorized to use Automobile Finance's Cash Collateral for its postpetition, necessary and reasonable operating expenses until such time as the Court conducts a final hearing on the Debtor's motion. The approved Budget reflects total monthly expenses of $35,501. A hearing on the Debtor's continued use of cash collateral will be held on August 30, 2017 at 10:30 a.m. The Court has been advised that the Debtor and Automobile Finance have agreed to interim terms resolving Automobile Finance's objection to the Debtor's use of cash collateral in which Automobile Finance asserts an interest. In return for the Debtor's use of cash collateral, the Debtor will provide Automobile Finance with these forms of adequate protection: (a) The Debtor may sell any AFC Secured Vehicle for an amount sufficient to pay Automobile Finance the full amount owing on that vehicle as of the date of sale as indicated in the records to Automobile Finance (the "Payoff Amount"); (b) Upon the sale of an AFC Secured Vehicle, the Payoff Amount will be deposited into a separate deposit account (the "AFC Escrow Account") maintained at a financial institution on the list of Debtor-in-possession institutions approved by the U.S. Trustee. No funds in the AFC Escrow Account may be used by the Debtor for any purpose until further Order of the Court; (c) Upon the sale of an AFC Secured Vehicle, the Debtor will provide written documentation to Automobile Finance that, in Automobile Finance's discretion, verifies the final sale of such vehicle, and after such verification, Automobile Finance will provide the Debtor with the title to the vehicle. Automobile Finance will retain all vehicle titles; (d) The Debtor will not allow any AFC Secured Vehicle, other than for routine maintenance and test-drives, to leave its premises until receipt of title from Automobile Finance; (e) Automobile Finance will be granted replacement liens in all property and assets of any kind and nature in which the Debtor has an interest, whether real or personal, tangible or intangible, including the proceeds, products, rents and profits of all of such assets, with the same priority, validity and extent as Automobile Finance's prepetition liens; (f) The Debtor will provide Automobile Finance with (1) a written report regarding each AFC Secured Vehicle sold or disposed, (2) a written report regarding each Secured Vehicle still owned by the Debtor and the location and condition of such vehicle, and (3) a report of the balance in the AFC Escrow Account, including a listing of all deposits and withdrawals; (g) The Debtor will at all times keep the AFC Secured Vehicles insured under the same terms and conditions as set forth in the respective AFC Note. Automobile Finance may inspect its collateral and all documents related thereto as well as the Debtor's premises. The Debtor will maintain all documents related to Automobile Finance's collateral, including all sale documents, at its principal place of business; (h) The Debtor will remain current in the payment of all post-petition tax liabilities, including but not limited to accruing ad valorem property taxes, sales and use taxes, payroll taxes, and income taxes; and (i) The Debtor will tender the sum of $202 to Automobile Finance each month. A full-text copy of the Fourth Interim Order, dated July 26, 2017, is available at https://is.gd/6Tm2eb About Rebuiltcars Corp Rebuiltcars Corporation filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-11811) on April 14, 2017. The petition was signed by Mindaugas Kazakevicius, president. The Debtor estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. The case is assigned to Judge Timothy A. Barnes. The Debtor is represented by Paul M. Bach, Esq. at the Bach Law Offices. RECYCLING INC: Unsecureds to Recoup Up to $800K Under Amended Plan ------------------------------------------------------------------ Recycling, Inc., filed with the U.S. Bankruptcy Court for the District of Connecticut an amended disclosure statement in support of its proposed amended plan of reorganization. This latest filing asserts that the Company marketed the Naugatuck Avenue Property for sale and was successful in obtaining a proposed purchaser. By Agreement of Purchase and Sale dated July 27, 2017, Primrose Development LLC has entered into an agreement to purchase the Naugatuck Avenue Property subject to Court, and further subject to higher and better offers. The proposed sale is for a purchase price of $2,000,000 and the closing on the transaction is subject to an easement contingency and a zoning contingency clause. This version of the plan also changed the treatment of Class 19 consisting of allowed unsecured creditors. It provides that allowed unsecured creditors shall be entitled to their pro rata share of up to $800,000 from the Future Profits to be paid within 60 days of the Debtor's receipt of any Future Profits. The Debtor intends to continue to lease the Condominium and use the rental proceeds to satisfy the Condominium operating expenses and obligations to the Secured Creditor. The Debtor intends to sell its property at 990 Naugatuck Avenue and 0 Naugatuck Avenue, Milford Connecticut pursuant to the terms of the Primrose Purchase Agreement or the Purchase Agreement. The initial plan stated that The Debtor intends to sell its property at 990 Naugatuck Avenue and 0 Naugatuck Avenue, Milford Connecticut within 90 days of the confirmation of the plan. A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/ctb16-30110-168.pdf About Recycling Inc. Recycling, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 16-30110) on January 26, 2016. The petition was signed by Gus Curcio, Sr., president. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. RXI PHARMACEUTICALS: Amends 8 Million Shares Resale Prospectus -------------------------------------------------------------- RXi Pharmaceuticals Corporation filed with the Securities and Exchange Commission a first amendment to its Form S-1 registration statement covering the sale of an aggregate of up to 8,048,797 shares of its common stock, $0.0001 par value per share, by Timothy J. Barberich, Alexey Eliseev, Ph.D., Alexey Wolfson, James Griffin, M.D., Craig Mello, Ph.D., Gregory Hannon, Ph.D., Monica Betancur-Boissel, Taisia Shmushkovich and Tod Woolf, Ph.D. The Shares being offered consist of (a) 3,868,595 shares of Common Stock issued pursuant to a Stock Purchase Agreement dated as of Jan. 6, 2017, and (b) up to 4,180,202 shares of Common Stock issuable upon the achievement of certain development or commercial milestones within two years of the Stock Purchase Agreement. The Company will not receive any proceeds from the sale by the Selling Stockholders of the shares covered by this prospectus. The Company is paying the cost of registering the shares covered by this prospectus, as well as various related expenses. The Company's Common Stock is currently listed on The NASDAQ Capital Market under the symbol "RXII". The closing price of the Company's Common Stock on July 28, 2017, as reported by NASDAQ, was $0.6301 per share. A full-text copy of the Form S-1/A is available for free at: https://is.gd/iPwWZW About RXi RXi Pharmaceuticals Corporation is a biotechnology company focusing on discovering and developing therapies primarily in the areas of dermatology and ophthalmology. The Company develops therapies based on siRNA technology and immunotherapy agents. Its clinical development programs include RXI-109, a self-delivering RNAi compound, which is in Phase IIa clinical trial that is used to prevent or reduce dermal scarring following surgery or trauma, as well as for the management of hypertrophic scars and keloids; and Samcyprone, an immunomodulation agent, which is in Phase IIa clinical trial for the treatment of various disorders, such as alopecia areata, warts, and cutaneous metastases of melanoma. The Company's preclinical program includes the development of products for ocular indications with RXI-109, including retinal and corneal scarring. Its discovery stage development programs include a dermatology franchise for the discovery of collagenase and tyrosinase targets for its RNAi platform; and ophthalmology franchise, a program for the discovery of sd-rxRNA compounds for oncology indications, including retinoblastoma. The company was incorporated in 2011 and is headquartered in Marlborough, Mass. RXi reported a net loss applicable to common stockholders of $11.06 million for the year ended Dec. 31, 2016, a net loss applicable to common stockholders of $10.43 million for the year ended Dec. 31, 2015, and a net loss applicable to common stockholders of $12.93 million for the year ended Dec. 31, 2014. As of March 31, 2017, RXi had $10.51 million in total assets, $2.26 million in total liabilities, all current, and $8.24 million in total stockholders' equity. SERGEY POYMANOV: Court Recognizes Russian Insolvency Proceeding --------------------------------------------------------------- Aleksey Vladimirovich Bazarnov, the financial administrator appointed by the Commercial (Arbitrazh) Court of the Moscow Region in the proceeding of Sergey Petrovich Poymanov pending in Russia seeks recognition of the Russian Insolvency Proceeding as a foreign main proceeding pursuant to Chapter 15 of the Bankruptcy Code and a declaration as to the application of the automatic stay upon recognition. PPF Management LLC opposes the relief sought in the Verified Petition. Judge May Kay Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York ruled that the Russian Insolvency Proceeding is entitled to recognition as a foreign main proceeding pursuant to Bankruptcy Code sections 1502(4) and 1517(b)(1). Judge Vyskocil also rules that the automatic stay applies with respect to property of Poymanov within the territorial jurisdiction of the U.S. Under section 109(a), only a person who resides or has a domicile, a place of business, or property in the U.S, or a municipality, may be a debtor under the Bankruptcy Code. The eligibility requirements of section 109(a) apply in Chapter 15 cases. Thus, since Poymanov is a Russian citizen residing in Russia, the Court may not grant the relief requested in the Verified Petition unless Poymanov has a domicile, a place of business, or property in the U.S. The Petitioner asserts that Poymanov has property in the U.S. in the form of (a) funds that the Petitioner transferred to a client trust account in New York that are held in trust as a retainer by the Petitioner’s counsel and (b) the SDNY Claims. PPF argues that the Petitioner has not provided evidence that the funds held in the Retainer Account are Poymanov’s property and that Poymanov and his wife assigned the SDNY Claims to PPF prior to the commencement of this Chapter 15 case, and therefore, the SDNY Claims are not property of the Debtor. Regarding the retainer account, the Court finds that the Petitioner has provided sufficient evidence to demonstrate that the Retainer Account is property in the U.S. belonging to Poymanov, and PPF has not rebutted that evidence. Accordingly, the Court concludes that the Petitioner has satisfied the eligibility requirements of section 109(a). The Petitioner also asserts that the SDNY Claims constitute property of the debtor in the U.S. Because the Court finds that the Retainer Account satisfies the eligibility requirements of section 109(a), the Court need not consider whether the SDNY Claims are an additional basis for satisfying the section 109(a) eligibility requirements. Considering all the evidence and arguments presented, the Court concludes that the automatic stay applies with respect to property of Poymanov within the territorial jurisdiction of the United States. The Court finds that the extent to which the SDNY Claims are property of Poymanov to be administered in the Russian Insolvency Proceeding, and, as such, subject to the automatic stay, is subject to a non-frivolous suit that is pending before the Russian Court. If the Russian Court issues an order in favor of the Petitioner on the Assignment Applications, the Petitioner may then seek to enforce the automatic stay in this Court with respect to the SDNY Action. In the event that PPF proceeds with the SDNY Action while the Assignment Applications are pending in Russia, it does so at its peril, and the Petitioner has recourse under section 362(k) for any damages he may sustain in the event it is proven that PPF willfully violated the automatic stay. For these reasons, the Court finds and concludes that: (1) this case was properly commenced in compliance with and pursuant to Bankruptcy Code sections 1504 and 1515; (2) the Verified Petition satisfies the requirements of Bankruptcy Code section 1515; (3) the Petitioner qualifies as a foreign representative within the meaning of Bankruptcy Code section 101(24); (4) the Russian Insolvency Proceeding is a foreign proceeding within the meaning of Bankruptcy Code section 101(23); (5) Russia is the center of Poymanov's main interests; (6) the Russian Insolvency Proceeding is entitled to recognition as a foreign main proceeding pursuant to Bankruptcy Code sections 1502(4) and 1517(b)(1); (7) recognition of the Russian Insolvency Proceeding as a foreign main proceeding is not contrary, much less manifestly contrary, to the public policy of the U.S.; and (8) pursuant to Bankruptcy Code section 1520, sections 361 and 362 of the Bankruptcy Code apply with respect to Poymanov and the property of Poymanov that is within the territorial jurisdiction of the U.S. A full-text copy of Judge Vyskocil's Decision and Order dated July 31, 2017, is available at: http://bankrupt.com/misc/nysb17-10516-70.pdf Counsel for Aleksey Vladimirovich Bazarnov, as Petitioner: Owen C. Pell, Esq. Laura J. Garr, Esq. Alice Tsier Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 opell@whitecase.com lgarr@whitecase.com atsier@whitecase.com -and- Richard S. Kebrdle, Esq. Jason Zakia, Esq. Matthew A. Goldberger, Esq. Southeast Financial Center, Suite 4900 200 South Biscayne Blvd. Miami, Florida 33131 rkebrdle@whitecase.com jzakia@whitecase.com mgoldberger@whitecase.com Counsel for PPF Management LLC: Alan J. Brody, Esq. Caroline J. Heller, Esq. GREENBERG TRAURIG, LLP Met Life Building 200 Park Avenue New York, New York 10166 brodya@gtlaw.com hellerc@gtlaw.com -and- Sanford M. Saunders Jr., Esq. Nicoleta Timofti, Esq. 2101 L. Street, N.W. Suite 1000 Washington, D.C. 20037 saunderss@gtlaw.com timoftin@gtlaw.com Headquartered in Moscow, Russia, Sergey Petrovich Poymanov and Aleksey Vladimirovich Bazarnov filed a petition for recognition of a foreign proceeding (Bankr S.D.N.Y. Case No. 17-10516) on March 3, 2017. Owen C. Pell, Esq., at White & Case LLP serves as the Debtors' counsel. SUNEDISON INC: Court Confirms 2nd Amended Reorganization Plan ------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court confirmed SunEdison Inc.'s Second Amended Joint Plan of Reorganization. According to documents filed with the Court, "The Plan depends on two global settlements: (1) The YieldCo Settlements -- As of March 6, 2017, the Debtors announced their proposed settlements of Claims and Causes of Action between the Debtors and each of the YieldCos (the 'YieldCo Settlements') that provide for the Debtors to receive 36.9% and 25% (exclusive of SunEdison's current Class A share ownership in GLBL), respectively, of the total consideration flowing to TERP and GLBL from the Jointly Supported Transactions with Brookfield. The Plan envisions (a) the Debtors' (or their creditors') continued ownership of certain shares in TERP under Brookfield's sponsorship, (b) the Debtors' receipt of some cash from the sale of certain of their shares in TERP, and (c) the Debtors' sale (for cash) of their interests in GLBL. The amounts of sub-clauses (a) and (b) shall be determined, in part, by the Debtors' choice as well as the choices made by the public 'Class A' shareholders of TERP. As of the date hereof and based on the announced share price on March 7, 2017, the approximate aggregate value of sub-clauses (a), (b), and (c) will be more than $800 million . . . . The Committee/BOKF Plan Settlement -- On May 16, 2017, the Debtors announced a global settlement among the Debtors, the Tranche B Roll-Up Lenders/Steering Committee of Prepetition Second Lien Lenders and Noteholders (the 'Tranche B Lenders/Steering Committee'), the Creditors' Committee, and BOKF (as Convertible Senior Notes Indenture Trustee) of all pending litigation commenced by the Creditors' Committee and BOKF, in consideration for, among other things, the transfer of certain assets of meaningful value to the GUC/Litigation Trust for the benefit of Holders of General Unsecured Claims." About SunEdison, Inc. SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a global leader in the development, manufacture and sale of silicon wafers to the semiconductor industry. On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos. 16-10991 to 16-11017). Martin H. Truong, the senior vice president, general counsel and secretary, signed the petitions. The Debtors disclosed total assets of $20.7 billion and total debt of $16.1 billion as of Sept. 30, 2015. The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild Inc. as investment banker and financial advisor, McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors and Prime Clerk LLC as claims and noticing agent. The Debtors Employed PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as their auditor and tax consultant. SunEdison also has tapped Eversheds LLP as its special counsel for Great Britain and the Middle East. Cohen & Gresser LLP has also been retained as special counsel. The Debtors tapped Ernst &Young LLP to provide tax-related services. Keen-Summit Capital Partners LLC has been hired as real estate advisor. Binswanger of Texas, Inc. also has been retained as real estate agent. Sullivan & Cromwell LLP serves as counsel to TerraForm Power, Inc., and TerraForm Global, Inc. An official committee of unsecured creditors has been appointed in the case. The Committee tapped Weil, Gotshal & Manges LLP as its general bankruptcy counsel and Morrison & Foerster LLP as special counsel. Togut, Segal & Segal LLP and Kobre & Kim LLP serve as conflicts counsel. Alvarez & Marsal North America, LLC, serves as the Committee's financial advisors. Counsel to the administrative agent under the Debtors' prepetition first lien credit agreement are Richard Levy, Esq., and Brad Kotler, Esq., at Latham & Watkins. Counsel to the administrative agent under the postpetition DIP financing facility are Scott Greissman, Esq., and Elizabeth Feld, Esq. at White & Case LLP. Counsel to the Tranche B Lenders (as defined in the DIP credit agreement) and the steering committee of the second lien creditors are Arik Preis, Esq., and Naomi Moss, Esq., at Akin Gump Strauss Hauer & Field, LLP. Counsel to the administrative agent under the Debtors' prepetition second lien credit agreement is Daniel S. Brown, Esq., at Pillsbury Winthrop Shaw Pittman LLP. The collateral trustee under the Debtors' prepetition second lien credit agreement and the indenture trustee under each of the Debtors' outstanding bond issuances, is represented by Marie C. Pollio, Esq., at Shipman & Goodwin LLP. Counsel to the ad hoc group of certain holders of the Debtors' convertible senior notes is White & Case LLP's Tom Lauria, Esq. TALLAHASSEE INDOOR: Revenue from Business Operations to Fund Plan ----------------------------------------------------------------- Tallahassee Indoor Shooting Range LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida a small business second amended disclosure statement describing their plan of reorganization filed on July 28, 2017. The latest plan is proposing to distribute after payment of Administrative Costs, Court Fees, and Non-Dischargeable Tax Claims a lump sum payment of $50,000 over the next five years to all unsecured creditors of the Debtor as of the filing date of the Petition. These payments would be made on a quarterly basis coinciding with the end of each quarter as calculated by the Internal Revenue Service. In determining the amount of the dividend, Debtor's management has reviewed the operating income history since the date of the filing of the petition. Further a considered projection of income to the Debtor from sales of firearms, gun range rental and lessons on gun use given by the management show a reasonable ability to fund ongoing business operations and pay the prepetition claims as set out in the Plan. With all of the claims, costs, and fees which the Debtor would be liable to fulfill under the terms of the Plan the cost to the Debtor is approximately $90,000. Debtor's business operation from all sources can meet this requirement with the natural growth of more firearm sales, and expanded gun training lessons. Additionally, memberships for the gun ranges will increase as the maturity of the business will allow. The Debtor has no other gun range equipped firearms sellers in the market. Objections of one unsecured creditor, (MacInnes) focus on why unsecured creditors such as himself are being treated in a lump sum distribution of a certain amount. The Debtor cannot treat creditors differently if they are in the code defined classes. MacInnes is a general unsecured creditor. He has no greater right to funds in his unsecured class than any other listed unsecured creditor. If approved by the Court, the Plan will generate a $50,000 dividend payable over 5 years to this class on a percentage calculation of approximately 6% if the MacInnes claim is allowed in full; or a 9% divided if the claim is disallowed. In any event, the monies due unsecured creditors will not exceed $50,000 to be divided pro rata among the unsecured creditor Class (3). Debtor intends to pay all listed non disputed unsecured creditors. MacInnes is a listed disputed creditor and determination of the payment of his claim will be by the Court under a process known as a claim trial. Debtor will not make any disbursements to unsecured creditors until a determination is made as to the MacInnes claim. The plan also asserts that all of Debtor's assets are encumbered by a security agreement which covers all fixtures, receivables, cash, and cash equivalents, inventory and machinery used in the business. Upon liquidation, there would be no funds for distribution to any unsecured or tax priority creditors. Debtor owns no real estate. Debtor leases its principal place of business under a 5-year lease which Debtor is current with all of its obligations under the lease. The Court has previously conditionally approved the Debtor's Disclosure Statement subject to additional information and clarification of terms and issues which Debtor in response has filed this Second Amended Disclosure Statement. All future business decisions will be going forward with the current management. The Troubled Company Reporter previously reported that Class 3 General Unsecured Claims are impaired by the Plan. The Debtors will pay the holders the maximum sum of $50,000 payable over five years in semi-annual payments to all the allowed claims. The payment would be funded by the ongoing business operation of the Debtor. No distributions to insiders would occur during the five-year payout except for wages paid in the ordinary course of business and as disclosed in the Disclosure Statement. In the event the Debtor is unable to resolve the claim of MacInness and is successful in opposing the claim of MacInness, then payment to all other allowed unsecured claims would be a 100% dividend under the Plan. A full-text copy of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/flnb16-40407-78.pdf About Tallahassee Indoor Tallahassee Indoor Shooting Range LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-40407) on Aug. 26, 2016. The petition was signed by Robert W. Kornegay Sr., managing member. The Debtor is represented by Robert Bruner, Esq. The Debtor also hired J. Stanley Chapman, Esq., at Equels Law Firm to represent the Debtor in a lawsuit it filed against Blueprint 2000 Intergovernmental Agency in the Circuit Court of Leon County, Florida. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. On Feb. 17, 2017, the Debtor filed a disclosure statement, which explains its proposed Chapter 11 plan of reorganization. TANGO TRANSPORT: Mont. Court Narrows Claims in Suit vs. Dan Dooley ------------------------------------------------------------------ In the case captioned AMERICAN TRUCKING AND TRANSPORTATION INSURANCE COMPANY, a Risk Retention Group, Plaintiff, v. RALPH NELSON, ROBERT GORMAN, SR., BOBBY J. GORMAN, DAN DOOLEY, and WESTCHESTER SURPLUS LINES INSURANCE COMPANY, Defendants, No. CV 16-160-M DLC (D. Mont.), defendant Dan Dooley, Tango Transport's restructuring agent, filed a motion to dismiss. Dooley argues that the claims against him should be dismissed because: (1) he is not subject to personal jurisdiction in the state of Montana; (2) Plaintiffs claim for breach of contract fails as a matter of law; (3) Plaintiffs claim for breach of fiduciary duty fails as a matter of law; (4) Plaintiff fails to state a claim against Dooley for fraud, negligent representation or constructive fraud; (5) Plaintiff fails to state a claim against Dooley for negligence; (6) Plaintiffs claim against Dooley for negligence per se fails as a matter of law; (7) Plaintiff fails to state a claim against Dooley for acts in concert or civil conspiracy; and finally, (8) Plaintiff fails to state a claim against Dooley for piercing the corporate veil. Judge Dana L. Christensen of the U.S. District Court for the District of Montana grants the motion in part and denies the motion in part. Addressing the jurisdiction issue, the Court concludes that Montana is the appropriate forum that comports with fair play and substantial justice. Although it may be burdensome for Dooley as a resident of Illinois to defend himself in Montana, the extent of the Defendant's alleged conduct was directed to ATTIC in Montana. Montana has the greater interest in adjudicating the dispute since the harm suffered to ATTIC occurred in this state and because ATTIC is domiciled here. There exists no alternate forum that would have more interest in the dispute. This Court is already familiar with the issues in this case, and adjudicating the case in Montana will provide ATTIC with convenient and effective relief. Accordingly, the only factor that favors Dooley is the inconvenience of defending himself in Montana, but that factor is outweighed by the other six factors which favor jurisdiction in Montana. Accordingly, this Court has specific personal jurisdiction over Dan Dooley. Dooley next argues that ATTIC's breach of contract claims against him fails as a matter of law because there was never a contract between him and ATTIC. ATTIC contends that Dooley was the actual cause of the breach when he acted as an agent of Gorman Group and Tango Trucking during the restructuring process. Count I fails as a matter of law because Dooley was not a party to any contract with ATTIC, and therefore may not be held liable for breach of contract. ATTIC's argument that he caused the breach is unavailing because there was no contract between Dooley and ATTIC to begin with. Consequently, Count I against Dooley is dismissed. Next, Dooley contends that ATTIC's fraud claims-Count III: Negligent Misrepresentation, Count IV: Fraud, and Count V: Constructive Fraud-fail as a matter of law. Dooley argues that ATTIC did not adhere to the heightened pleading standard required for fraud claims and that the Complaint does not adequately allege the the "who, what, when, where, and how of the alleged fraud." Pursuant to Federal Rule of Civil Procedure 9(b), "[i]n alleging fraud or mistake, a party must state with particularity the circumstances constituting fraud or mistake." "Rule 9(b) serves three purposes: (1) to provide defendants with adequate notice to allow them to defend the charge and deter plaintiffs from the filing of complaints as a pretext for the discovery of unknown wrongs; (2) to protect those whose reputation would be harmed as a result of being subject to fraud charges; and (3) to prohibit plaintiffs from unilaterally imposing upon the court, the parties and society enormous social and economic costs absent some factual basis." Even though there is a higher degree of notice under Rule 9, it does not abrogate the Rule 8 notice pleading standard-the two rules must be read together. Further, with respect to a motion to dismiss under Rule l 2(b)(6), a defendant retains the burden of proving that plaintiff has failed to state a fraud claim. Dooley also moves to dismiss ATTIC's claim for piercing the corporate veil. ATTIC agrees that its piercing the corporate veil claim does not apply to Dooley. Thus, this claim is dismissed with respect to Dooley. After assessing all the facts presented in each complaint, Judge Christensen orders that Defendant Dooley's Motion to Dismiss is granted in part and denied in part. Defendant's Motion to Dismiss for Lack of Personal Jurisdiction is denied. Defendant's Motion to Dismiss Counts I, II, VII, and X is granted. Defendant's Motion to Dismiss Counts III, IV, V, VI, VIII, and IX is denied. A full-text copy of Judge Christensen's Order dated July 28, 2017, is available at https://is.gd/lggAh8 from Leagle.com. American Trucking and Transportation Insurance Company, Plaintiff, represented by Philip B. Condra, MILODRAGOVICH DALE STEINBRENNER. Ralph Nelson, Defendant, represented by Brian J. Smith, GARLINGTON LOHN & ROBINSON, PLLP. Robert Gorman, Sr., Defendant, represented by Brian J. Smith, GARLINGTON LOHN & ROBINSON, PLLP. Bobby J. Gorman, Defendant, represented by Brian J. Smith, GARLINGTON LOHN & ROBINSON, PLLP. Dan Dooley, Defendant, represented by Kenneth S. Ulrich -- kenneth.ulrich@goldbergkohn.com -- GOLDBERG KOHN LTD., pro hac vice, Meredith S. Kirshenbaum -- meredith.kirshenbaum@goldbergkohn.com -- GOLDBERG KOHN LTD., pro hac vice & Reid Perkins, WORDEN THANE. About Tango Transport LLC Tango Transport, LLC provides dry van and flatbed services. It offers over-the-road truckload services; and dedicated/private fleet conversion, expedited, third party logistics, heavy hauling, and brokerage services. The company also provides logistic services, including warehouse and distribution, warehouse management, inventory control, freight payment and audit, and transportation control services; and reverse logistics solutions. It serves Fortune 500 companies in the United States. The company was founded in 1991 and is based in Shreveport, Louisiana. It operates a terminal in Shreveport, Louisiana; and facilities in Sibley, Louisiana; West Memphis, Arkansas; and Madisonville, Kentucky. Tango Transport, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 16-40642) on April 6, 2016. The petition was signed by B.J. Gorman, president of Gorman Group, Inc., sole member of Debtor. The Debtor is represented by Keith William Harvey, Esq., at The Harvey Law Firm, P.C. The Debtor estimated assets of less than $50,000 and debts of $10 million to $50 million. On April 26, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Heller Draper Patrick Horn & Dabney, LLC, serves as counsel while Stillwater Advisory Group, LLC, serves as financial advisor. On December 21, 2016, the court confirmed the Debtor's joint plan of liquidation and the plan trust agreement, which called for the appointment of Christopher J. Moser as plan trustee. TECHNOLOGY WAY: Can Use Cash Collateral Until Oct. 16 ----------------------------------------------------- Judge Paul G. Hyman, Jr. of the U.S. Bankruptcy Court for the Southern District of Florida issued an interim order authorizing Technology Way Holdings LLC to use cash collateral for a period of 90 days, from July 18 through October 16, 2017, solely for the ordinary course of business and quarterly U.S. Trustee Fees. A full-text copy of the Interim Order, dated July 27, 2017, is available at https://is.gd/vepRh8 About Technology Way Holdings Headquartered in Boca Raton, Florida, Technology Way Holdings, LLC, owns commercial condominiums at 1477 Techonology Way, Boca Raton, Florida, comprising of Units 1-201 and 1-202, approximately 4,595 square feet. Technology Way Holdings filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 17-18574) on July 7, 2017, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by Emma T. Alvardo, manager. Judge Paul G. Hyman, Jr., presides over the case. Thomas L. Abrams, Esq., at Gamberg & Abrams serves as the Debtor's bankruptcy counsel. Taps NAI Miami as Real Estate Broker to market and sell its condominium units located at at 1477 Techonology Way, Boca Raton, Florida. TEMPLE SHOLOM: Unsecureds to Get Full Payment with No Interest -------------------------------------------------------------- Temple Sholom filed with the U.S. Bankruptcy Court for the Eastern District of New York a disclosure statement for its plan of reorganization, dated July 28, 2017. Class 3 under the plan consists of the general unsecured claims. These claims are primarily operational based debt and loans by members of Temple Sholom to the Debtor. The total estimated amount of these claims as listed in the Debtor's Schedules of Liabilities, or upon filed proofs of claim, and before any possible objections by the Debtor is not expected to exceed $400,000. The allowed class 3 claims will be paid from the Sale proceeds in the full amount of the principle of the claim, as filed or scheduled, but without accrued interest. These claims will be deemed impaired as there will be no payment of interest on the claim amount (from Filing Date to payment date from Sale proceeds). The means to fund the Plan will be derived from the sale of the Debtor's real property in Floral Park, New York. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nyeb1-17-41950-31.pdf About Temple Sholom Temple Sholom sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-41950) on April 21, 2017. The petition was signed by Paul Trolio, managing director. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. The Debtor hired Gertler Law Group, LLC as counsel. TOISA LIMITED: Taps Zolfo Cooper as Special Financial Advisor ------------------------------------------------------------- Toisa Limited received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Zolfo Cooper, LLC. The firm will serve as bankruptcy consultant and special financial advisor to Toisa and its affiliates in connection with their Chapter 11 cases. Zolfo Cooper will initially provide these services: (a) advise the Debtors concerning interfacing with secured lenders, official committees, other constituents and their respective professionals, including the preparation of financial and operating information; and (b) provide the secured vessel lenders with a full and complete accounting and reconciliation, in writing, of all cash receipts, disbursements and transfers of their cash collateral with respect to the Debtors and their non-debtor management companies from August 31, 2016 to June 30, 2017. As the case progresses, Zolfo Cooper will provide these services: (a) assist management in designing and implementing programs to improve operations, reduce costs and restructure as necessary with the objective of rehabilitating the business; (b) assist management in organizing the Debtors' resources and activities so as to effectively and efficiently plan, coordinate and manage the Chapter 11 process and communicate with lenders, employees, and other parties; (c) assist management in its development of a plan of reorganization and underlying business plan; (d) assist the Debtors in forecasting, planning, controlling and other aspects of managing cash, and, if necessary, obtaining debtor-in-possession financing or exit financing; (e) advise the Debtors with respect to resolving disputes and otherwise managing the claims process; (f) as requested, render expert testimony concerning the feasibility of a plan of reorganization and other matters that may arise in the case. The hourly rates charged by the firm range from $850 to $1,035 for managing directors, $305 to $850 for professional staff, and $60 to $290 for support personnel. Jonathan Mitchell, senior managing director of Zolfo Cooper, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan Mitchell Zolfo Cooper Grace Building 1114 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: +1 212 561 4000 Fax: +1 212 213 1749 About Toisa Limited Toisa Limited owns and operates offshore support vessels for the oil and gas industry. Toisa Limited and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-10184) on Jan. 29, 2017. The petitions were signed by Richard W. Baldwin, deputy chairman. In its petition, Toisa Limited estimated $1 billion to $10 billion in both assets and liabilities. The cases are assigned to Judge Shelley C. Chapman. Togut, Segal & Segal LLP serves as bankruptcy counsel to the Debtors. The Debtors hired PJT Partners LP as investment banker; Scura Paley Securities LLC as financial advisor; and Kurtzman Carson Consultants LLC as administrative agent, and claims and noticing agent. On May 18, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee employed Sheppard Mullin Richter & Hampton LLP as its bankruptcy counsel, and Klestadt Winters Jureller Southard & Stevens, LLP as its conflicts counsel. TRIAD GUARANTY: Disclosure Statement Filed; Aug. 28 Hearing Set --------------------------------------------------------------- BankruptcyData.com reported that Triad Guaranty filed with the U.S. Bankruptcy Court a Disclosure Statement with respect to its previously-filed Joint Plan of Reorganization. The Disclosure Statement notes, "The Plan provides that all Holders of Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed General Unsecured Claims against the Debtor will be paid in full. The Plan provides that Holders of Equity Interests shall retain their Previously Issued Common Stock, but such stock shall be subject to dilution from the issuance of New Common Stock, and because of the issuance of certain warrants under the Third Financing Order. The Plan proposes to fairly and efficiently restructure the Debtor's liabilities and distribute the Debtor's assets in a manner that will allow this Chapter 11 Case to be promptly concluded. The Plan designates three series of Classes of Claims and Equity Interests, which classes take into account the differing nature of the various interests and their relative priorities under the Bankruptcy Code and applicable non-bankruptcy law. The DIP Financing Loan is a loan from Triad DIP Investors LLC in the amount of no less than $400,000 that was authorized and approved by the Bankruptcy Court. On the Effective Date, the Reorganized Debtor shall perform the following: (a) All of the shares of the New Common Stock issued pursuant to the Plan shall be duly authorized, validly issued, fully paid, and non-assessable. (b) In addition, the New Common Stock will be subject to transfer restrictions summarized below (the 'NOL Protective Provision') to prevent an 'ownership change' within the meaning of IRC Section 382 from occurring until certain conditions summarized below are satisfied." The Court scheduled an October 25, 2017 hearing to consider the Plan, with objections due by October 16, 2017, and a September 8, 2017 Disclosure Statement hearing, with objections due by August 28, 2017, BankruptcyData.com relayed. About Triad Guaranty Winston-Salem, N.C.-based Triad Guaranty Inc. (OTC BB: TGIC) --http://www.triadguaranty.com/-- is a holding company that historically provided private mortgage insurance coverage in the United States through its wholly-owned subsidiary, Triad Guaranty Insurance Corporation. TGIC is a nationwide mortgage insurer pursuing a run-off of its existing in-force book of business. In December 2012, the Company's mortgage insurer subsidiary, Triad Guaranty Insurance Corporation, was placed into rehabilitation, whereby the Illinois Department of Insurance was vested with possession and control over all of TGIC's assets and operations. On May 30, 2013, the magistrate judge for the U.S. District Court of the Middle District of North Carolina issued an order denying the Company's motion to dismiss a class action lawsuit against the company and two of its former officers. Shareholders filed the class action suit in 2009, claiming the company misled investors about poor financial results caused by improper underwriting procedures. Triad Guaranty Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No. 13-11452) on June 3, 2013. The Company estimated assets of at least $100 million and liabilities of less than $50,000. Thomas M. Horan, Esq., at Shaw Fishman Glantz & Towbin LLC replaced Womble Carlyle Sandridge & Rice, LLP, as counsel to the Debtor. Thomas M. Horan, Esq., previously worked at Womble Carlyle Sandridge & Rice, LLP. The Debtor tapped Donlin, Recano & Company, Inc., as claims and noticing agent. TVR INC: Exclusive Plan Filing Period Moved to Sept. 12 ------------------------------------------------------- The Hon. John J. Thomas of the U.S. Bankruptcy Court for the Middle District of Pennsylvania has extended, at the behest of TVR, Inc., the exclusive plan filing period until Sept. 12, 2017. As reported by the Troubled Company Reporter on July 25, 2017, the Debtor sought the extension, asserting that for it to maximize the likelihood of a successful reorganization, it is necessary that the Debtor retains the exclusive right to file a Plan with this Court beyond the initial specified exclusive time. About TVR Inc. TVR, Inc., aka Joseph's Restaurant, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 16-04183) on Oct. 7, 2016. The Debtor's business involves the operation of a restaurant. The Debtor hired John Fisher, Esq., in Pittston, Pennsylvania, as counsel; and C. Stephen Gurdin, Jr., Esq., in Wilkes-Barre, Pennsylvania, as co-counsel. Joseph Flynn II serves as accountant. TWIN MILLS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The Office of the U.S. Trustee on July 31 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Twin Mills Timber & Tie Company, Inc. About Twin Mills Timber & Tie Co. Twin Mills Timber & Tie Co., Inc. is a small business debtor engaged in the pallet and wood mat manufacturing. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 17-40491) on June 5, 2017. Keith Wilson, president, signed the petition. At the time of the filing, the Debtor disclosed $265,548 in assets and $1.39 million in liabilities. Judge Laura K. Grandy presides over the case. Bankruptcy Advocates LLP represents the Debtor as bankruptcy counsel. The Debtor previously sought bankruptcy protection (Bankr. S.D. Ill. Case No. 11-41378) on Oct. 14, 2011. UNITY COURIER: Court Moves Exclusive Plan Filing Period to Oct. 27 ------------------------------------------------------------------ Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California has entered an order extending the exclusive periods for Unity Courier Service, Inc. to file a plan to October 27, 2017, and to solicit acceptances of its plan to December 27, 2017. The Troubled Company Reporter has previously reported that the Debtor asked for additional time to carefully analyze the amount, validity, and extent of the claims asserted against it which will need to be addressed in the Plan. The Debtor contended that the claims bar date of June 29, 2017, has just passed with more than $97,000,000 in filed claims, significantly more than the amount of debt scheduled by the Debtor. The Debtor, through its counsel, had spent the initial period of this chapter 11 case by promptly initiating communications with bankruptcy counsel to the Brooks Class Claimants. The Debtor claimed that the initial discussions with counsel to the Brooks Class Claimants have been productive. Brooks Class Claimants are the creditors whose judgment in the amount of $5,128,705 was a precipitating cause of the Debtor's chapter 11 petition and, prior to the filing of Claim Nos. 26 and 31, represented more than 80% of the dollar amount of all scheduled and filed claims in this case. Additionally, the Debtor told the Court that some of the claims relating to wage and hour litigation appear to overlap. On June 29, 2017, Claim No. 31 was filed by Tim Callejo, Private Attorneys General Act Representative for Unity Employees in the amount of $6,080,042. In addition, on June 22, Class Representative Pedro Polio on behalf of himself and the Unity class members filed Claim No. 26 in the amount of $82,867,986. The Debtor, therefore, needs time to reconcile these claims, if possible, and assess what it can propose as a consensual plan or in the alternative, a "cram down" plan if necessary. Moreover, the Debtor told the Court that it had continued its discussions with certain key creditors about attempting to reach a consensual outcome in the chapter 11 case, but the Debtor is not yet ready to propose a Plan. About Unity Courier Service Unity Courier Service, Inc., is a courier services provider. It delivers individually addressed letters, parcels, and packages to customers in the United States. Unity Courier Service sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 17-13943) on March 31, 2017, estimating assets and liabilities in the range of $1 million to $10 million. The petition was signed by Larry Lum, president. Judge Ernest M. Robles is assigned to the case. The Debtor employed Ira Benjamin Katz, a professional corporation, and the Law Offices of David W. Meadows as general bankruptcy counsel. UPLIFT RX: Gets Approval to Hire GlassRatner as Financial Advisor ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas granted the amended application filed by Uplift Rx, LLC and its affiliates to employ GlassRatner Advisory & Capital Group, LLC as their accountant and financial advisor. Ronald Glass, the Chapter 11 trustee appointed in the Chapter 11 cases of Uplift Rx and its affiliates, had previously filed an application to hire the firm as financial advisor. The initial application received objection from the Office of the U.S. Trustee. On June 27, Baker & Hostetler LLP, on behalf of the Debtors, filed the amended application to clarify that GlassRatner will be employed as accountant and financial advisor to the Debtors -- not to the bankruptcy trustee individually. About Uplift RX, LLC Uplift Rx, LLC is a Texas Limited Liability Company formed in June 2016. It operates pharmacy located in Houston, Texas. Uplift Rx, along with other affiliated entities together make up the Alliance Healthcare family, a group of privately held companies headquartered in South Jordan, Utah. The Alliance network consists of 20 pharmacies across the country, including three pharmacies in Texas. Since 2006, the Alliance Healthcare companies have been working to improve the well-being of those with chronic health conditions such as diabetes. Uplift Rx, LLC and its debtor affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 17-32186) on April 7 and 8, 2017. The petitions were signed by Jeffrey C. Smith, chief executive officer. At the time of the filing, the Debtors estimated assets of less than $1 million and liabilities of $50 million to $100 million. The cases are assigned to Judge Marvin Isgur. The Debtors tapped Baker & Hostetler LLP as legal counsel. Following the appointment of Ronald L. Glass as the Chapter 11 Trustee, BakerHostetler LLP, was retained as the trustee's attorney. On May 3, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Fox Rothschild represents the committee as bankruptcy counsel. UPLIFT RX: Taps BMC Group as Noticing Agent ------------------------------------------- Uplift Rx, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire BMC Group, Inc. as noticing agent. The firm will oversee the distribution of notices and documents filed in the Chapter 11 cases of Uplift Rx and its affiliates, and will assist them with the administrative management of notice data. The hourly rates charged by the firm are: Administrative Support $25 - $40 Case Support Associates $75 Technology/Programming $85 - $100 Noticing Production Manager $100 Analysts $100 - $115 Consultants $125 - $175 Project Manager $175 Principal/Executive Waived Tinamarie Feil, president of BMC Group's client services, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Tinamarie Feil BMC Group, Inc. 259 West 30th Street, Suite 401 New York, NY 10001 About Uplift RX, LLC Uplift Rx, LLC is a Texas Limited Liability Company formed in June 2016. It operates pharmacy located in Houston, Texas. Uplift Rx, along with other affiliated entities together make up the Alliance Healthcare family, a group of privately held companies headquartered in South Jordan, Utah. The Alliance network consists of 20 pharmacies across the country, including three pharmacies in Texas. Since 2006, the Alliance Healthcare companies have been working to improve the well-being of those with chronic health conditions such as diabetes. Uplift Rx, LLC and its debtor affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 17-32186) on April 7 and 8, 2017. The petitions were signed by Jeffrey C. Smith, chief executive officer. At the time of the filing, the Debtors estimated assets of less than $1 million and liabilities of $50 million to $100 million. The cases are assigned to Judge Marvin Isgur. On May 3, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee employed Fox Rothschild LLP as its bankruptcy counsel and CohnReznick LLP as its financial advisor and forensic accountant. The Debtors tapped Baker & Hostetler LLP as legal counsel. Following the appointment of Ronald L. Glass, as the Chapter 11 Trustee, BakerHostetler LLP, was retained as the trustee's attorney. US STEEL: U.S. Court Enforces CCAA Sanction Order and Plan ---------------------------------------------------------- U.S. Steel Canada Inc. filed a chapter 15 case on June 2, 2017, seeking recognition of its Canadian Companies' Creditors Arrangement Act Proceeding as a foreign main proceeding, and seeking recognition and enforcement in the United States of the Sanction Order, the Plan, and related orders, approved by the Canadian Court. No objections were filed to any of the requested relief. Following a hearing on June 29, 2017, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York entered an order granting all of the requested relief. USSC, in its capacity as foreign representative authorized by the Canadian Court in the CCAA Proceeding, petitions this Court to grant recognition of the CCAA Proceeding as a foreign main proceeding and give full force and effect to the Sanction Order so that it may proceed with the Transaction contemplated by the Plan. Section 1517(a) of the Bankruptcy Code provides that “an order recognizing a foreign proceeding shall be entered if . . . (i) such foreign proceeding for which recognition is sought is a foreign main proceeding or foreign nonmain proceeding within the meaning of section 1502; (ii) the foreign representative applying for recognition is a person or body; and (iii) the petition meets the requirements of section 1515." The CCAA Proceeding qualifies as a foreign main proceeding under section 1502, USSC is a person or body qualified to act as the foreign representative, and the required documents under 1515 have been satisfactorily provided to the Court. Additionally, recognition of the Sanction Order and related relief falls within the Court's discretionary power under sections 1507 and 1521. Section 109(a) requires a foreign debtor to have either (i) a domicile, (ii) a place of business, or (iii) property in the United States. Here, USSC does not satisfy the first two options: its domicile is in Canada and it does not have a place of business in the United States. However, USSC has property in the United States. Courts in the Second Circuit and elsewhere recognize professional retainers as property under section 109. In this case, USSC has an undrawn $100,000 retainer paid to its U.S. counsel and held in a JP Morgan Chase Bank account located in New York, NY. USSC also has additional property in the United States, including approximately US $193.1 million in outstanding funded indebtedness (including accrued interest) under the Amended Revolver Loan, governed by Pennsylvania law. In a CCAA proceeding, absent exceptional circumstances, a debtor's management and board of directors remain in place. But the court also appoints a qualified monitor, who functions as an independent court officer and observer of the CCAA proceeding and of the debtor's business, and who monitors the company's ongoing operations, and reports to the court on any major events affecting the company. Further, USSC's COMI is plainly in Canada. USSC (i) is incorporated in Canada; (ii) houses its registered office in Canada; (iii) undertakes all of its operations in Canada; (iv) generates all of its revenue in Canada; (v) has substantially all of its major customers in Canada; (vi) employs residents of Canada; (vii) pays payroll taxes solely to the Canadian government; and (vii) has all of its senior management in Canada. Accordingly, the CCAA Proceeding satisfies the requirements of a foreign main proceeding under the Bankruptcy Code. The Court also rules that USSC is qualified to be the foreign representative because the Canadian Court has authorized USSC, a corporation, to act as foreign representative and to apply for recognition of the CCAA Proceeding in this Court pursuant to the Authorization Order. Recognition and enforcement of the Sanction Order and Plan in this chapter 15 proceeding are conditions precedent to the effectiveness of both. No objections were filed to the relief sought by the Petition. Based on the principles of international comity and in accordance with the requirements of the Bankruptcy Code, this Court recognizes and enforces the Sanction Order and the Plan. A full-text copy of Judge Glenn's Memorandum Opinion dated July 31, 2017, is available at: http://bankrupt.com/misc/nysb17-11519-16.pdf Attorneys for the Foreign Representative: Robert J. Lemons, Esq. WEIL GOTSHAL & MANGES, LLP 767 Fifth Avenue New York, NY 10153 robert.lemons@weil.com About U.S. Steel Canada U.S. Steel Canada (USSC) is an indirect, wholly-owned Canadian subsidiary of United States Steel Corporation ("U.S. Steel"). U.S. Steel is an integrated steel producer headquartered in Pittsburgh, Pennsylvania, and is one of the largest steel producers in North America and a significant global manufacturer. USSC was acquired by U.S. Steel in October 2007. USSC, also known as Stelco, operates from two principal facilities: Lake Erie Works (the "Lake Erie Facility"), located on the shores of Lake Erie near Nanticoke, Ontario, and Hamilton Works (the "Hamilton Facility"), located in Hamilton, Ontario. On Sept. 16, 2014, USSC applied for and was granted protection by the Ontario Superior Court of Justice (Commercial List) (the "Canadian Court") pursuant to the CCAA (the "CCAA Filing Date"). On Sept. 16, 2014, the Canadian Court entered an order (as amended and restated, the "Initial Order") appointing Ernst & Young Inc. as Monitor of the Debtor in the CCAA proceeding (the "Monitor"). The Debtor also retained Rothschild Inc. ("Rothschild") as its financial advisor to provide restructuring advice to the Debtor covering a range of matters including stakeholder analysis and advice relating to the financial structure of the Debtor on emergence from the CCAA Proceedings. On June 2, 2017, USSC filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 17-11519) to seek recognition of its CCAA proceedings and the CCAA acquisition and plan sponsor agreement (as amended, the "Plan Sponsor Agreement") with Bedrock Industries L.P. Weil Gotshal & Manges, LLP, is serving as counsel to the Debtor in the Chapter 15 case. McCarthy Tetrault LLP is the Debtor's Canadian counsel. Thornton Grout Finnigan LLP is counsel to U.S. Steel Corp. Goldman Sloan Nash & Haber LLP is counsel to Bedrock. * * * In December 2016, U.S. Steel executed a Plan Sponsor Agreement with Bedrock Industries L.P., which will result in a transfer of ownership of the Debtor to Bedrock effected through a CCAA plan of compromise, arrangement, and reorganization. U.S. Steel was slated to seek approval of the CCAA Plan that will effect the Bedrock transaction and various settlements at the Sanction Hearing on June 9, 2017. The effective date of the Plan and the closing date of the Bedrock transaction are scheduled to be June 30, 2017. VIRGINIA HIGH TECH: Wants Exclusive Periods Extended Until Dec. 31 ------------------------------------------------------------------ West Virginia High Technology Consortium Foundation and HT Foundation Holdings, Inc., ask the U.S. Bankruptcy Court for the Northern District of West Virginia to enter an order generally extending the exclusivity periods for the Debtors to file a plan of reorganization and solicit acceptance of that plan until Dec. 31, 2017. As reported by the Troubled Company Reporter on March 17, 2017, the Court previously extended the Debtors' exclusive time to obtain confirmation of its plan of reorganization through Aug. 4, 2017. The Debtors are filing a Second Amended and Plan and Second Amended Disclosure. The Debtors have continued to work toward a plan of reorganization acceptable to all creditors, in good faith and in the best interest of creditors. Pending confirmation, the Debtors request an extension of the exclusivity period to continue to work with creditors toward an amicable resolution of any claims and toward confirmation of the Second Amended Plan of Reorganization. The Debtors are large not-for-profit organizations that own multi-million dollar buildings and operate a sophisticated research and development department. Since the Petition Date, the Debtors spent much of the first few months attempting to stabilize their operations and negotiating in good faith with Huntington regarding potential restructuring options. Once the negotiations with Huntington broke down in late September, the Debtors immediately considered their reorganization options and formulated a Plan of Reorganization. After Huntington filed an objection to the original Disclosure Statement, the Debtors filed a First Amended Joint Disclosure Statement and First Amended Joint Plan of Reorganization. The First Amended Plan and Disclosure Statement were filed in an attempt to address the objections raised by Huntington in its objection to the original Disclosure Statement. Since that date, the Debtors and Huntington have resolved the Debtors' request to Surcharge Huntington's collateral and the Debtors' complaint to determine the secured status of Huntington. The Debtors say that the resolution of both matters were essential to the Debtors' ability to formulate a revised plan of reorganization and corresponding disclosure statement. The Debtors have also negotiated a sale of the Training Center, which sale was approved by the Court on July 25, 2017. About West Virginia High West Virginia High Technology Consortium Foundation is a West Virginia non-profit corporation incorporated in 1993. HT Foundation Holdings, Inc., a West Virginia non-profit corporation incorporated in 2008, is an organization that is related to West Virginia High Technology Consortium Foundation. West Virginia High Technology Consortium Foundation, along with HT Foundation Holdings, Inc., two other non-debtor charitable title-holding organizations related to West Virginia High Technology Consortium Foundation, and a single purpose entity LLC, of which West Virginia High Technology Consortium Foundation is the sole member, foster business development, promote partnerships between state, national, and international technology companies and institutions, and conduct cutting-edge research and development under contracts with federal and state government. As part of their operations, West Virginia High Technology Consortium Foundation and its related organizations, including HT Foundation Holdings, Inc. own, develop, and manage real property, buildings, and facilities, which, after development, are leased to various government and private tenants. West Virginia High Technology Consortium Foundation and HT Foundation Holdings, Inc., filed chapter 11 petitions (Bankr. N.D. W.Va. Case Nos. 16-00806 and 16-00807) on Aug. 4, 2016. The petitions were signed by James L. Estep, president and CEO. The Debtors estimated $10 million to $50 million in assets and liabilities. The Hon. Patrick M. Flatley presides over the case. David B. Salzman, Esq., at Campbell & Levine, LLC, serves as bankruptcy counsel to the Debtors. The Debtors hired Rolston & Company as real estate appraiser; Easter Valley, LLC, as real estate broker; and Arnett Carbis Toothman, LLP as accountants. * * * On Feb. 3, 2017, the Debtors filed with the Bankruptcy Court a First Amended Disclosure Statement and Joint Plan of Reorganization. Under the Amended Plan, each holder of a Class 6 General Unsecured Claim will receive an amount equal to 100% of the unpaid amount of their Allowed General Unsecured Claim over 3 years in 12 consecutive, equal, quarterly installments, with the first payment due no later than 60 days after the Effective Date. WALTER INVESTMENT: Enters Into Restructuring Support Agreement -------------------------------------------------------------- Walter Investment Management Corp. announced that it had entered into a restructuring support agreement with its senior lenders holding, as of July 31, 2017, more than 50% of the loans and/or commitments outstanding under the Company's Amended and Restated Credit Agreement, dated as of Dec. 19, 2013. As set forth in the RSA, the parties to the RSA have agreed to the principal terms of a proposed financial restructuring of the Company, which will include an extension of the Credit Agreement's maturity until June 2022. Also on July 31, 2017, the Consenting Term Lenders entered into a waiver pursuant to which they waived certain events of default under the Credit Agreement, including those arising as a result of the Company's previously announced restatement of certain of its financial statements due to an error in the Company's calculation of the valuation allowance on its deferred tax asset balances, and an amendment to the Credit Agreement to make certain changes to the mandatory prepayment provisions and negative covenants thereof and certain technical changes. In addition, more than 50% of the holders of the Company's 7.875% senior notes due 2021 issued pursuant to the Senior Notes Indenture, dated Dec. 17, 2013, although not party to the RSA, have also agreed to waive any event of default existing under the Senior Notes Indenture as a result of the Restatement. As contemplated by the RSA, the Company intends to use good faith efforts to negotiate over the next 30 days a restructuring support agreement with holders of a sufficient holding of the Senior Notes. Anthony Renzi, Walter's president and chief executive officer, commented, "After careful consideration, we have taken a significant step to improve Walter's financial position." "The actions we have taken, combined with the support of our existing lenders, should help us strengthen our balance sheet and position Walter for a sustainable future." Weil, Gotshal & Manges LLP is acting as legal counsel, Houlihan Lokey is acting as investment banking debt restructuring advisor and Alvarez & Marsal North America, LLC is acting as financial advisor to the Company in connection with the restructuring. A full-text copy of the Restructuring Support Agreement is available for free at https://is.gd/Y0B90X Full-text copies of the restructuring proposals are available for free at: https://is.gd/9wLuvv https://is.gd/Gfhx2G Confidentiality Agreement Walter Investment entered into confidentiality agreements (i) on July 10, 2017, with the investment manager, sub-advisor or persons acting in similar capacities for certain members of a group of persons that hold or control an interest in the Company's term loan under the Amended and Restated Credit Agreement, dated as of Dec. 19, 2013, by and among the Company, as the borrower, Credit Suisse AG, as administrative agent, and the lenders party thereto, and (ii) on July 11, 2017 with certain holders of the Company's 7.875% Senior Notes due 2021 issued pursuant to that certain Senior Notes Indenture by and among the Company, the guarantors thereof, and Wilmington Savings Fund Society, FSB, as Successor Trustee, dated as of Dec. 17, 2013, regarding potential transactions in respect of the Company's previously announced debt restructuring initiative. Pursuant to the Confidentiality Agreements, the Ad Hoc Term Loan Holders and the Ad Hoc Noteholders have been provided with confidential information regarding the Company and a proposal for amending and restructuring the Company's Credit Agreement was provided to the Ad Hoc Term Loan Holders, which materials, as supplemented, are available for free at https://is.gd/CAtIt6 About Walter Investment Management Corp. Walter Investment Management Corp. is an independent servicer and originator of mortgage loans and servicer of reverse mortgage loans. Based in Fort Washington, Pennsylvania, the Company has approximately 4,500 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company's website at www.walterinvestment.com. The information on the Company’s website is not a part of this release. As of March 31, 2017, Walter Investment had $16.19 billion in total assets, $15.91 billion in total liabilities and $282.97 million in total stockholders' equity. Walter Investment reported a net loss of $529.15 million for the year ended Dec. 31, 2016, compared to a net loss of $263.19 million for the year ended Dec. 31, 2015. * * * As reported by the TCR on March 22, 2017, S&P Global Ratings said it lowered its long-term issuer credit rating on Walter Investment Management Corp. to 'CCC' from 'B'. The outlook is negative. At the same time, S&P also lowered the rating on the company's senior secured term loan to 'CCC' from 'B' and the rating on its senior unsecured notes to 'CC' from 'CCC+'. The TCR reported on June 9, 2017, that Moody's Investors Service downgraded its long-term corporate family rating on Walter Investment Management Corp. to to Caa2 from Caa1. The rating action is due to the growing risk of a debt restructuring that Moody's believes is presented by the company's depleted capital, which is due to its continued losses. WORCESTER RE: Has Approval to Use Cash Collateral Through Oct. 31 ----------------------------------------------------------------- The Hon. Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts authorized Worcester RE Investments LLC to continue using cash collateral through Oct. 31, 2017. No objections were filed against the cash collateral use. A copy of the Order is available at: http://bankrupt.com/misc/mab17-40511-65.pdf As reported by the Troubled Company Reporter on May 8, 2017, the Court authorized the Debtor to continue using cash collateral through July 31, 2017. The Debtor was authorized to use cash collateral in the ordinary course of business (a) to the extent reflected in the budget, which includes monthly payments for post-petition maintenance, overhead expenses, (b) to pay required administrative expenses, including the statutory fees of the U.S. Trustee, and (c) to pay expenses to preserve the value of the Property to avoid immediate and irreparable harm to the estate. About Worcester RE Investments Based in Worcester, Massachusetts, Worcester Re Investments, LLC, owns 4 multi-family residential rental properties located at 23 Sigourney Street, Worcester, Massachusetts; 6 Hobson Street, Worcester, Massachusetts; 6 Dorchester Street, Worcester, Massachusetts; and 35 East Main Street, Milford, Massachusetts. Worcester RE Investments sought Chapter 11 protection (Bankr. D. Mass. Case No. 17-40511) on March 23, 2017, estimating assets of $500,000 to $1 million and debt of $1 million to $10 million. The petition was signed by Felicio Lana, manager. Judge Christopher J. Panos is assigned to the case. The Debtor tapped Gary M. Hogan, Esq., as Baker, Braverman & Barbadoro, P.C., as counsel. No trustee or examiner has been appointed in this proceeding, and no creditors committee has yet been formed. [*] Resilience Capital's DG3 Group Merges with Leycol Printers -------------------------------------------------------------- U.S. private equity firm Resilience Capital Partners on July 31, 2017, disclosed that its UK print specialist DG3 Group (Holdings) Limited is merging its offset print operations with London-based Leycol Printers Limited, which will expand its business and take advantage of the huge market potential in digital and print marketing. As part of the transaction, Leycol Printers is merging into DG3 (Diversified Global Graphics Group), a Resilience Capital Partners portfolio company and global provider of digital and print marketing document management services and compliance solutions. Founded in 1978, Leycol Printers is an independent provider of high-end offset and lithographic printing services to numerous clients in the financial and commercial print market. Gary Wilson, who privately owns Leycol Printers, will serve as Director in a client-focused capacity once the company becomes a division of DG3. Leycol Printers' main operation in Bromley by Bow in East London is in close proximity to DG3's own 149-person operation in London, one of the five operations centers the company maintains around the world in addition to its headquarters. This acquisition is the ninth in the past year and the 15th transaction in the past two years by Resilience Capital Partners, which manages in excess of $625 million. Funding for this investment will come from Resilience Fund IV, which closed in October 2015 with $350 million in investable capital. Financial terms of the transaction are not being disclosed. "Like DG3, Leycol Printers is a highly regarded digital and printing partner to some of the world's most admired companies. With this merger, the company is well positioned to take advantage of the huge opportunity, specifically in the rapidly growing digital solutions market," said Bassem Mansour, co-CEO of Resilience Capital Partners. Steven H. Rosen, co-CEO of Resilience Capital Partners, said, "The complementary strengths that DG3 and Leycol Printers bring to their new relationship will increase their competitiveness, diversify their markets and strategically position them as digital printing processes become an increasingly important part of the landscape. There is tremendous upside in this market for a company with the reputation and capabilities that DG3 and Leycol Printers bring." "Partnering with a worldwide leader such as DG3 is a great opportunity for our clients," said Gary Wilson, currently the Managing Director at Leycol Printers. "The combined business will position DG3 as one of the UK's largest financial, commercial and fine art printing companies. Together, as a one-stop shop offering digital print, mailing and cross-media capabilities, we will be able to continue meeting our clients' existing requirements and, at the same time, offer them an extensive range of new digital products and services." DG3 provides client-centric, globally integrated digital document and print solutions to organizations around the world. DG3 proprietary systems enable clients to improve workflow efficiencies, share digital data more securely across networks and platforms and meet compliance requirements from a host of regulators in different nations and different industries. This transaction is the second printing industry acquisition by the Cleveland, Ohio-based private equity firm in just 13 months, following the acquisition of DG3 in June 2016. In April of this year, Resilience purchased certain assets from National Label, a 103-year-old leader in the labeling industry. With those assets, Resilience established Lux Global Label Company, one of the foremost producers of high quality, custom printed labels and other related products and a world leader in design and innovation. About Resilience Capital Partners Headquartered in Cleveland, Ohio, Resilience -- http://www.resiliencecapital.com/-- invests in niche-oriented manufacturing, value added distribution and business service companies with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it can improve a company's operations, competitive positioning and profitability. Resilience manages in excess of $625 million for its global investor base which includes pension funds, insurance companies, foundations and endowments, fund of funds and family offices. About the DG3 Group of Companies DG3 -- http://www.resiliencecapital.com/--provides visual communications solutions in strategic geographic markets including Boston, New York, London, Hong Kong, Tokyo, Sydney and Manila. DG3 provides its comprehensive graphic and interactive solutions to corporate, financial services, and pharmaceutical firms worldwide. DG3 is a portfolio company of Resilience Capital Partners. About Leycol Printers Ltd. Established nearly 40 years ago, Leycol Printers -- http://www.leycol.com/-- is a printing company based in the United Kingdom. It regularly works with top design agencies, galleries, corporate and luxury brands, developing long-standing relationships. [^] BOOK REVIEW: The Money Wars ------------------------------- Author: Roy C. Smith Publisher: Beard Books Softcover: 370 pages List Price: $34.95 Review by David Henderson Get your own personal today at http://www.amazon.com/exec/obidos/ASIN/1893122697/internetbankrupt Business is war by civilized means. It won't get you a tailhook landing on an n aircraft carrier docked in San Diego, but the spoils of war can be glorious to behold. Most executives do not approach business this way. They are content to nudge along their behemoths, cash their options, and pillage their workers. This author calls those managers "inertia ridden." He quotes Carl Icahn describing their companies as run by "gross and widespread incompetent management." In cycles though, the U.S. economy generates a few business warriors with the drive, or hubris, to treat the market as a battlefield. The 1980s saw the last great spectacle of business titans clashing. (The '90s, by contrast, was an era of the investment banks waging war on the gullible.) The Money Wars is the story of the last great buyout boom. Between 1982 and 1988, more than ten thousand transactions were completed within the U.S. alone, aggregating more than $1 trillion of capitalization. Roy Smith has written a breezy read, traversing the reader through an important piece of U.S. history, not just business history. Two thirds of the way through the book, after covering early twentieth century business history, the growth of financial engineering after WWII, the conglomerate era, the RJR-Nabisco story, and the financial machinations of KKR, we finally meet the star of the show, Michael Milken. The picture painted by the author leads the reader to observe that, every now and then, an individual comes along at the right time and place in history who knows exactly where he or she is in that history, and leaves a world-historical footprint as a result. Whatever one may think of Milken's ethics or his priorities, the reader will conclude that he is the greatest financial genius this country has produced since J.P. Morgan. No high-flying financial era has ever happened in this country without the frothy market attracting common criminals, or in some cases making criminals out of weak, but previously honest men (and it always seems to be men). Something there is about testosterone and money. With so many deals being done, insider trading was inevitable. Was Michael Milken guilty of insider trading? Probably, but in all likelihood, everybody who attended his lavish parties, called "Predators' Balls," shared the same information. Why did the Justice Department go after Milken and his firm, Drexel Burnham Lambert with such raw enthusiasm? That history has not yet been written, but Drexel had created a lot of envy and enemies on the Street. When a better history of the period is written, it will be a study in the confluence of forces that made Michael Milken's genius possible: the sclerotic management of irrational conglomerates, a ready market for the junk bonds Milken was selling, and a few malcontent capitalist like Carl Icahn and Ted Turner, who were ready and able to wage their own financial warfare. This book is a must read for any student of business who did not live through any of these fascination financial eras. Roy C. Smith is a professor of entrepreneurship, finance and international business at NYU, and teaches on the faculty there of the Stern School of Business. Prior to 1987, he was a partner at Goldman Sachs. He received a B.S. from the Naval Academy in 1960 and an M.B.A. from Harvard in 1966. ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***