/raid1/www/Hosts/bankrupt/TCR_Public/170822.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, August 22, 2017, Vol. 21, No. 233
Headlines
A & A OF MARION: Taps Taylor King as Legal Counsel
AIR BERLIN: Chapter 15 Case Summary
AIR BERLIN: Commences Insolvency Proceedings in Germany
ALASKA DISPATCH: Binkley Buying All Assets for $1 Million
ALEVO USA: Case Summary & 20 Largest Unsecured Creditors
ALPHA NURSING: Hires Brooks Acevedo as Attorney
ALTA MESA: Moody's Puts B3 CFR Under Review for Upgrade
APOLLO ENDOSURGERY: Novo Has 3.9% Stake as of Aug. 14
ARCHITECTURAL MATERIALS: Taps David Schroeder Law as Attorney
ASARCO LLC: CERCLA Contribution Action vs. Atlantic Not Barred
BOND AND COMPANY: Hires Stichter Riedel as Counsel
BURT LEE BURNETT: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
BUS-A-MOVE: Seeks to Hire Vinyan Group as Accountant
BUS-A-MOVE: Taps Michael A. Kaufman as Legal Counsel
CAFE TIRAMISU: Taps James T. Cois as Legal Counsel
CAFE TIRAMISU: Taps Tarlson and Associates as Accountant
CALMARE THERAPEUTICS: Will File Form 10-Q Within Extension Period
CARUGATI CONSTRUCTION: Hires Larry A. Vick as Counsel
CS360 TOWERS: Ch. 11 Trustee Hires Swicker as Tax Advisor
CYPRESS ASSOCIATES: Creditor Wants Trustee to Pursue Insider Claims
EAST 30A RESTAURANT: Taps Maples Law Firm as Legal Counsel
ENGY GROUP: Needs Ch. 11 Trustee to End Management Deadlock
ENOVA INTERNATIONAL: S&P Rates New $250MM Sr. Unsec. Notes 'B-'
EXCO RESOURCES: Receives Non-Compliance Notice From NYSE
EXCO RESOURCES: Terminates Purchase Agreement with Venado Oil Unit
FACTORY SALES: CEO Thibaut Buying 2015 GMC Yukon XL for $33K
FIORELLA INC: Bose Florida Buying Clearwater Property for $350K
FLOUR CITY: Judge Clears $1.95 Million Sale to Bruegger's
GARDEN OF EDEN: Grafe's Retention to Sell Coskun's NY Eqpt. Okayed
GRANDPARENTS.COM INC: US Trustee Objects to Plan Outline
GREAT BASIN: 57 Employees Furloughed to Cut Costs
GREAT BASIN: Unable to Pay Suppliers & File Q2 Quarterly Report
H & M CONCRETE: Hires Eric A. Liepins as Counsel
H&E EQUIPMENT: Moody's Rates New $750MM Senior Unsecured Notes B2
H&E EQUIPMENT: S&P Rates New $750MM Sr. Unsecured Notes 'BB-'
HCR MANORCARE: Landlord Sues to Gain Control of Properties
HEAVEN FRESH: Selling Air Purifier Business, Bids Due Sept. 13
HHH FARMS: Case Summary & 5 Unsecured Creditors
HI-LO FARMS: Taps Mossy Oak Properties as Real Estate Brokers
HYPNOTIC TAXI: Auction of Taxi Medallions Set for September 18
ILIANA NEUROSPINE: Hires Shaw Fishman as Bankruptcy Counsel
IMAGEWARE SYSTEMS: Recognized as Top 25 Cyber Security Company
INFINIA CORP: Trustee's Sale of Remnant Assets for $4K Approved
J.G. NASCON: Sale of John Deere 544J Loader for $42.5K Approved
JACK BRESLIN: Chap. 11 Examiner Files Initial Report
JRD CONTRACTING: Taps Galloway Wettermark as Legal Counsel
KELLERMEYER BERGENSONS: Moody's Affirms B3 CFR; Outlook Stable
LEGACY RESERVES: S&P Retains CCC Issue Level Rating
MARCANTONIO ENTERPRISES: Case Summary & Unsecured Creditor
MODERN CONTINENTAL: Sale of Membership Interests Heard
MOLONEY ELECTRIC: Claims Bar Date Set for August 31
MOTORS LIQUIDATION: Negotiates Deal With Ignition Defects Victims
MURPHY & DUIEU: Claims Filing Deadline Set for September 25
NAVISTAR INTERNATIONAL: Appoints Daniel Ninivaggi to Board
NORMAN ELLOWAY: Sale of Novato Property for $2.8M Approved
PEEKAY ACQUISITIONS: Hires Traverse's Albert Altro as CRO
PEEKAY ACQUISITIONS: Taps Landis Rath & Cobb as Bankruptcy Counsel
PEEKAY ACQUISITIONS: Taps SSG Advisors as Investment Banker
PETROQUEST ENERGY: Oppenheimer & Co. Has 5% Stake as of Dec. 31
PRICEVILLE PARTNERS: Trustee Selling 50% Interest in Decatur Realty
PROMOMANAGERS INC: Sale of Assets to G4 Holdings Heard
ROOSTER ENERGY: Angelo Gordon Objects to Bankr. Financing Bid
ROOT9B HOLDINGS: S&W to Hold Public Auction on August 31
ROSETTA GENOMICS: Obtains $2.7 Million From Sale of Units
RUTHANNE DREW: Garcia Buying 2007 Nissan Altima for $1K
SABRA HEALTH: S&P Hikes CCR to BB+ After Merger With Care Capital
SALMON FALLS: Voluntary Chapter 11 Case Summary
SEARS CANADA: Ursel Phillips to Represent Non-Unionized Workers
SHADRACH MESHACH: Sets Bid Procedures for Target Assets
STONEMOR PARTNERS: Secures Waiver to Extend 10-K Filing Date
TERRAVIA HOLDINGS: Seeks to Hire Davis Polk as Lead Counsel
TERRAVIA HOLDINGS: Seeks to Hire Richards Layton as Co-Counsel
TRIAD GUARANTY: Hires Donlin Recano as Administrative Agent
UNITED CHARTER: Hiring Ten-X to Auction Stockton Property
UW OSHKOSH FOUNDATION: Case Summary & 11 Unsecured Creditors
WAYNE BENNETT: ELA Seeks Appointment of Chapter 11 Trustee
WESTECH CAPITAL: Case Converted Into Chapter 7 Proceeding
WILLIAM RILEY: Sale of Four Puyallup Properties for $1.2M Approved
WJA ASSET: Consent Order with CBO to Revoke Certificate Approved
WJA ASSET: Wants to Use Filing Fee Balance to Pay U.S. Trustee Fees
[^] Large Companies with Insolvent Balance Sheet
*********
A & A OF MARION: Taps Taylor King as Legal Counsel
--------------------------------------------------
A & A of Marion County, LLC and G & S of Marion County, LLC have
filed separate applications seeking approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire legal
counsel.
The Debtors propose to employ Taylor King, Esq., to give legal
advice regarding its duties under the Bankruptcy Code and provide
other legal services related to their Chapter 11 cases.
The proposed attorney does not hold any interest adverse to the
Debtor or its estate, according to court filings.
Taylor King maintains an office at:
Taylor J. King, Esq.
Law Offices of Mickler & Mickler
5452 Arlington Expressway
Jacksonville, FL 32211
Tel: 904-725-0822
Fax: 904-725-0855
Email: tjking@planlaw.com
About A & A of Marion County
A & A of Marion County, LLC is the registered owner of a fee simple
interest in a property located at 7360 SW Highway 200, Ocala,
Florida, which is valued at $600,000. Meanwhile, G & S of Marion
County, LLC owns a fee simple interest in a property located at
7350 SW Highway 200, Ocala, which is valued at $600,000.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case Nos. 17-02959 and 17-02960) on August
14, 2017. Dr. Ganesh D. Arora, managing member, signed the
petition.
At the time of the filing, the Debtors disclosed $600,000 in assets
and $4.3 million in liabilities.
Judge Jerry A. Funk presides over the case.
AIR BERLIN: Chapter 15 Case Summary
-----------------------------------
Chapter 15 Debtor: Air Berlin PLC & Co. Luftverkehrs KG
Saatwinkler Damm 42-43
Berlin 13627
Germany
Type of Business: Founded in 1991 and based in Berlin, Germany,
Air Berlin PLC & Co. Luftverkehrs KG --
https://www.airberlin.com -- operates an airline
and flies to 131 destinations worldwide. The
company also operates codeshare flights. Its
services include in-flight services, check-in
and e-Services, gourmet meals, train to the
plane, baggage services, travel services,
services for families and corporate customers,
mobility assistance, and optional extras. Air
Berlin PLC & Co. Luftverkehrs KG has a strategic
partnership with Etihad Airways. Air Berlin PLC
& Co. Luftverkehrs KG operates as a subsidiary
of Air Berlin PLC.
Foreign
Proceeding
in Which
Appointment
of the
Foreign
Representatives
Occurred: Vorlaufiges Insolvenzverfahren
(preliminary insolvency proceedings)
Chapter 15 Petition Date: August 18, 2017
Chapter 15 Case No.: 17-12282
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Michael E. Wiles
Chapter 15 Petitioners: Thomas Winkelmann and Frank Kebekus
Chapter 15 Petitioners'
Counsel: Madlyn Gleich Primoff, Esq.
FRESHFIELDS BRUCKHAUS
DERINGER US LLP
601 Lexington Avenue
31st Floor
New York, NY 10019-9710
Tel: 212-277-4000
Fax: 212-277-4001
E-mail: madlyn.primoff@freshfields.com
Estimated Assets: Not Stated
Estimated Debts: Not Stated
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb17-12282.pdf
AIR BERLIN: Commences Insolvency Proceedings in Germany
-------------------------------------------------------
Air Berlin PLC & Co. Luftverkehrs KG commenced insolvency
proceedings in Germany but has continued operations after gaining
access to temporary credit lines. The German airline also filed a
Chapter 15 bankruptcy petition in New York, in the United States,
to avoid disruptions.
In operation since 1978, Air Berlin PLC is a global airline carrier
headquartered in Germany and is the second largest airline in that
country. In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including the
United States, and provided passenger service to approximately 28.9
million passengers.
Within the first seven months of 2017, the Debtor carried
approximately 13.8 million passengers. The Debtor employs
approximately 8,481 employees. The Debtor is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
To undertake a comprehensive court-supervised insolvency process,
on Aug. 15, 2017, the Debtor applied to the Local District Court of
Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding known in Germany as Vorlaufiges
Insolvenzverfahren under the German Insolvency Code.
On the same day, the German Court opened preliminary insolvency
proceedings permitting the Debtor to proceed as a
debtor-in-possession, appointed a preliminary custodian to oversee
the Debtor during the preliminary insolvency proceedings, and
prohibited any new, and stayed any pending, enforcement actions
against the Debtor's movable assets.
German Insolvency Code (Insolvenzordnung) is the German law that
governs the initiation, process, and termination of insolvency
proceedings. The Debtor is authorized to continue to manage and
dispose of its assets as a debtor-in-possession, subject to the
oversight of a court-appointed custodian.
The court appointed preliminary custodian Dr. Lucas Flother. Dr.
Flother plays a supervisory role over the Debtor's management and
is charged with assessing the Debtor's financial situation and
reporting that information to the German Court.
As the insolvency process moves forward, the German Court may also
take other actions, including the establishment of a preliminary
creditors' committee, composed of creditor representatives, and a
prohibition or temporary stay on actions of foreclosure or
enforcement that may be brought against the debtor's assets.
Usually within 90 days, if and when the court-appointed custodian
determines that a debtor is insolvent under German law and that the
debtor has sufficient assets to cover the costs of an insolvency
proceeding, the court will order the opening of formal insolvency
proceedings. Formal insolvency proceedings may involve a
liquidation of the debtor's assets, with proceeds being distributed
to the creditors, or may involve the use of an insolvency plan to
rehabilitate and reorganize the debtor's business.
Air Berlin is represented in the insolvency proceeding by Thomas
Winkelmann, in his capacity as the executive director and
authorized representative of the General Partner.
No Disruptions
Frank Kebekus, the Debtor's CRO, says that while the Debtor has
commenced a corporate insolvency proceeding in Germany, the Debtor
intends for its operations to continue in as smooth and stable a
manner as possible. The Debtor has thousands of customers and
business partners who depend on the Debtor continuing to operate in
the ordinary course of business despite the insolvency proceeding.
Thus, continued stable operations are essential to enable the
Debtor to operate with a minimum of disruption or loss of sales.
Smooth operations constitute a critical element in maximizing the
value of Air Berlin's assets for its creditors.
Consistent with the need for the Debtor's continued stable
operations, on information and belief, the Debtor plans to operate
in the ordinary course of business during its corporate insolvency
proceeding in Germany. In particular, the Debtor intends to
continue making ordinary course payments to business partners,
including aircraft lessors, vendors, and trade creditors, in return
for their continued supply of goods and services. Notably, the
bridge funding received through the German government in the amount
of EUR150 million will facilitate the Debtor paying its business
partners in the ordinary course, Mr. Kebekus said.
ALASKA DISPATCH: Binkley Buying All Assets for $1 Million
---------------------------------------------------------
Alaska Dispatch News, LLC, asks the U.S. Bankruptcy Court District
of Alaska to authorize its Asset Purchase Agreement with Binkley
Co., LLC, in connection with the sale of substantially all assets
it used in connection with its operation for $1,000,000, subject to
higher and better offers.
The Debtor operates the largest newspaper in Alaska. Recent
operating losses, and an eviction action filed by landlord GCI
Communications have put ADN on the operational and financial brink.
The Chapter 11 was filed in order to effect a sale of the
newspaper.
The APA covers all of the assets used by the Debtor in connection
with its operation, including the Debtor's cash, receivables,
inventory, intellectual property, business name machinery,
equipment, and all other tangible personal property. The intent of
the parties is that Debtor will not assume and assign to Binkley
any of the three of the Debtor's leases. Binkley will pay Lessors
for its post-petition use of the C Street and GCI Communications
leases and seek alternative leases.
The sale does include the printing equipment located, and other
property, located at the Arctic Blvd and the GCI locations.
Binkley will, between the time the Motion is filed and the hearing
thereon, negotiate a suitable arrangement with GCI and the Debtor's
C. St. Landlord. If Binkley is unable to reach such agreements,
then the proposed sale may not go forward.
The proposed sale is free and clear of liens of all persons who
receive notice of this application. However, as part of the sale,
Binkley will be assuming responsibility for all prepaid
subscriptions, as well as for all prepaid advertising. The
purchase price is $1,000,000 which will be applied first to amounts
owed on account of the DIP loan, with the balance going to the
bankruptcy estate.
If, as expected, the balance due on the DIP loan is at or near
$1,000,000, then the net sale proceeds going to the estate will be
nil. Normally, this would make the sale exercise pointless, but in
this case, a successful sale would mean that the newspaper would
continue in business.
There is another reason for seeking Court approval of the APA, and
that is the possibility that other bidders may appear. The Debtor
put together a comprehensive information packet for interested
parties. Two of the potential purchasers have indicated that a
process which would provide them with additional time, finality and
freedom from encumbrances would enhance their ability to put
together a purchase offer. If other interested parties do appear,
then it is likely that there would be net proceeds to the
bankruptcy estate.
A copy of the APA attached to the Motion is available for free at:
http://bankrupt.com/misc/Alaska_Dispatch_14_Sales.pdf
The parties recognize that Binkley's advance of DIP funds exposes
Binkley to some risk, if the sale failed to materialize for any
number of reasons. In order to induce Binkley to enter into the
DIP Loan Agreement, the APA provides a "breakup" fee equal to 3% of
the final purchase price, plus reimbursement of expenses up to
$100,000. The Court approval of this breakup fee and expense
reimbursement is a condition of the Buyer making DIP Loan advances
after the initial $350,000 advance. The Debtor has communicated
with the office of the United States Trustee, who has indicated
that, under the circumstances, it does not oppose this breakup fee
or expense reimbursement.
If there are net sale proceeds in excess of the amount due under
the DIP Loan Agreement, then all liens and interests in the assets
sold will attach, to the same extent and in the same order of
priority, as in the underlying assets, with there to be no
disbursement of those proceeds except by further Court order. The
Debtor believes that all the net sale proceeds will likely be paid
to Northrim Bank, on account of its secured indebtedness perfected
by a UCC-1 which covers all of the Debtor's assets.
Birket Engineering filed a UCC-1 financing statement on Aug. 10,
2017, two days before the petition; but that financing statement is
likely ineffective. There are also a mechanic's liens of record in
favor of J. Birket, Inc., M&M Wiring Services, North Coast Electric
Co., and Precision Maintenance & Fabrication, Inc., but those liens
cover the real property at Arctic Boulevard, which property is not
being acquired by Binkley.
The Purchaser:
BINKLEY CO., INC.
Attn: Ryan Binkley
1062 Chena Pump Rd
Fairbanks, AK 99709
E-mail: ryanbinkley@gmail.com
The Purchaser is represented by:
STOEL RIVES LLP
John D. Kauffman, Esq.
510 L Street, Suite 500
Anchorage, AK 99501
E-mail: john.kauffman@stoel.com
- and -
Erik LeR, Esq.
ERIK LEROY PC
500 L St., Ste 302
Anchorage, AK 99501
E-mail: erik@alaskanbankruptcy.com
About Alaska Dispatch News
Anchorage, Alaska-based Alaska Dispatch News -- https://www.adn.com
-- offers news, features and commentary with a statewide focus.
Alaska Dispatch News sought Chapter 11 protection (Bankr. D. Alaska
Case No. 17-00285) on Aug 12, 2017. The petition was signed by
Alice Rogoff, manager. The Debtor estimated assets at $10 million
to $50 million and liabilities at $1 million to $10 million. Judge
Gary Spraker is assigned to the case. The Debtor tapped Cabot C.
Christianson, Esq., at Law Offices of Cabot Christianson, P.C., as
counsel.
ALEVO USA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor affiliates that filed Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
Alevo USA, Inc. 17-50876
dba Alevo, Inc.
2321 Concord Parkway S
Concord, NC 28027
Alevo Manufacturing, Inc. 17-50877
2321 Concord Parkway S
Concord, NC 28027
Type of Business: Alevo -- http://www.Alevo.com/-- is a Concord-
based battery manufacturer known for its
groundbreaking battery technology.
Chapter 11 Petition Date: August 18, 2017
Court: United States Bankruptcy Court
Middle District of North Carolina (Winston-Salem)
Judge: Hon. Catharine R. Aron
Debtors' Counsel: Terri L. Gardner, Esq.
NELSON MULLINS RILEY & SCARBOROUGH, LLP
P. O. Box 30519
Raleigh, NC 27622
Tel: (919) 329-3882
Fax: 919 329-3799
E-mail: terri.gardner@nelsonmullins.com
Estimated Estimated
Assets Liabilities
---------- -----------
Alevo USA, Inc. $1M-$10M $10M-$50M
Alevo Manufacturing $10M-$50M $10M-$50M
The petitions were signed by Peter Heintzelman, president.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/ncmb17-50876.pdf
http://bankrupt.com/misc/ncmb17-50877.pdf
A. Alevo USA, Inc.'s List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
AccruePartners, Inc. Professional $18,000
Email: Search Firm
accounting@accruepartners.com
American Express Credit Card $50,000
Arthur Gallagher Broker Fee $13,698
First Insurance
Bootsmead Leasing LLC Lease of Real $693,600
2820 Selwyn Avenue Property
Suite 550
Charlotte, NC 28209
Carterbaldwin Professional $34,519
Search Firm
Chadbourne & Parke LLP Legal Services $20,436
Email: khansen@chadbourne.com
Customized Energy Solutions Trade Debt $64,160
Email: sbarra@cel-ltd.com
Deloitte Tax LLP Professional $34,320
Email: Services
deloittepayments@deloitte.com
Grant Thornton LLP Professional $38,814
Email: tom.coley@us.gt.com Services
Kuehne and Nagel Trade Debt $9,368
Email: vinish.prasad@kuhn-nagel.com
L&T Technology Trade Debt $41,155
Services Limited
Email: ashutosh.kumar@
lntechservices.com
Latham & Watkins LLP Professional $33,047
services
Microsoft Corporation Trade Debt $14,703
Email: mscredit@microsoft.com
Narrow Gate Energy Consultant $28,987
Email: info@narrowgateenergy.com
PierceGray Professional $65,387
Email: mhamlin@piercegray.com Services
SHI International Corporation Trade Debt $9,030
Email: sydney_graeber@shi.com
Skyline Exhibits & Events Trade Debt $18,521
Email: info@skyline-events.com
Solar Promotion GmbH Trade Debt $10,110
Email: info@solarpromotion.com
Ventured Media Consultant $8,934
Email: amy53694@gmail.com
ZOHO Corporation Trade Debt $15,811
B. Alevo Manufacturing's List of 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Advanced Lithium Trade $333,696
Electrochemistry Co.
2-1, Hsing Hua Road
Taoyuan City, 33068
Taiwan, Province of China
Email: william_hwang@alechem.com
Alantum Advanced Technology Trade $1,021,384
Materials
Free Trade Zone
IIIB-611660
Dalian City, China
Email: Amy.Liu@cnemalantum.com
ATS Automation Trade $593,542
Global Services USA, Inc.
730 Fountain St
North, Bldg 2
Cambridge, ON N3H 4R7 Canada
Email: rfaulhammer@atsautomation.com
C.H. Robinson Trade Debt $106,741
Worldwide, Inc. and Subsi
Email: t.gall@chrobinson.com
Century Contractors, Inc. Trade $2,213,040
5100 Smith Farm Road
Matthews, NC 28104
Email: hsmith@centurycontractors.com
Duke Energy Utility Service $180,000
Email: Yolanda.Simms@duke-energy.com
Imerys Graphite & Trade $277,920
Carbon USA, Inc.
C/O T60092U
PO Box 66512
Chicago, IL
60666-0512
Kirk Swales
Email: kirk.swales@imerys.com
Innovative Machine Trade $366,822
Corporation
PO Box 9904
Birmingham, AL 35220
Email: jim@innovativemach.com
Interglas Technologies Trade Debt $128,396
Email: Henry.Urban@inter
glas-technologies.com
Jonas & Redmann Trade $649,220
Kaiserin-Augusta-Al lee 113
Berlin Germany
Email: m.dietrich@jonas-redmann.com
Leukert GmbH Trade $187,895
Reiftrager Weg 39
Kaufbeuren, 87600 Germany
Email: pleiel.juergen@leukert.de
MSS Fire & Safety, LLC Trade $391,044
PO Box 538178
Atlanta, GA 30353
Email: carrie.seay@mmss
olutions.com
P.C. Godfrey, Inc. Trade $206,046
Email: jwright@pcgodfrey.com
Recore Electrical Trade $365,977
Contractors, Inc.
PO Box 1972
Gastonia, NC
28053-1972
Email: blair@recoreelectric.com
Saint-Gobain Trade $261,000
Performance
Plastics Corp
PO Box 743699
Atlanta, GA
30374-3699
Email: christopher.p.rhyn
e@saint-gobain.com
Siemens Industry, Inc. Trade $152,907
Email: Nicholas.grothe@siemens.com
Solith Trade $279,018
Via Fattori 6 40033
Casalecchio di Reno Italy
Email: benner@sempa.de
Sovema S.P.A. Trade $165,116
Email: Michele.Bonizzato@sovema.it
Superb Industries, Inc. Trade $142,979
Email: johnmiller@superb
industries.com
Tongrun International, LLC Trade $179,015
Email: connie@tongruninternational.com
Chapter 15 Debtor: Air Berlin PLC & Co. Luftverkehrs KG
Saatwinkler Damm 42-43
Berlin 13627
Germany
Type of Business: Founded in 1991 and based in Berlin, Germany,
Air Berlin PLC & Co. Luftverkehrs KG --
https://www.airberlin.com -- operates an airline
and flies to 131 destinations worldwide. The
company also operates codeshare flights. Its
services include in-flight services, check-in
and e-Services, gourmet meals, train to the
plane, baggage services, travel services,
services for families and corporate customers,
mobility assistance, and optional extras. Air
Berlin PLC & Co. Luftverkehrs KG has a strategic
partnership with Etihad Airways. Air Berlin PLC
& Co. Luftverkehrs KG operates as a subsidiary
of Air Berlin PLC.
Foreign
Proceeding
in Which
Appointment
of the
Foreign
Representatives
Occurred: Vorlaufiges Insolvenzverfahren
(preliminary insolvency proceedings)
Chapter 15 Petition Date: August 18, 2017
Chapter 15 Case No.: 17-12282
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Michael E. Wiles
Chapter 15 Petitioners: Thomas Winkelmann and Frank Kebekus
Chapter 15
Petitioners'
Counsel: Madlyn Gleich Primoff, Esq.
FRESHFIELDS BRUCKHAUS DERINGER US LLP
601 Lexington Avenue
31st Floor
New York, NY 10019-9710
Tel: 212-277-4000
Fax: 212-277-4001
E-mail: madlyn.primoff@freshfields.com
Estimated Assets: Not Stated
Estimated Debts: Not Stated
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb17-12282.pdf
ALPHA NURSING: Hires Brooks Acevedo as Attorney
-----------------------------------------------
Alpha Nursing & Theraphy, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Texas to employ Brooks
Acevedo, as attorney to the Debtor.
Alpha Nursing requires Brooks Acevedo to:
a. advise the Debtor as to its rights, duties and powers as
Medicare provider or supplier;
b. prepare and file any documents or pleadings to be filed by
the Debtor in any Medicare; and
c. perform such other legal services as may be necessary in
connection with making claims or asserting the Debtor's
rights.
Brooks Acevedo will be paid at these hourly rates:
Shareholder $300
Senior Attorney $300
Associate $200
Consultant/Paralegal $150
Brooks Acevedo will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Luis Acevedo, a member of Brooks Acevedo, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Brooks Acevedo can be reached at:
Luis Acevedo, Esq.
BROOKS ACEVEDO
2323 S. Voss Rd., Suite 575
Houston, TX 77057
Tel: (713) 777-7332
About Alpha Nursing & Theraphy, LLC
Alpha Nursing & Therapy, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Tex. Case No. 17-50668) on March 24, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor hired Brooks Acevedo, as attorney.
Judy A. Robbins, the United States Trustee, appointed Thomas A.
Mackey, PhD, APRN-BC, FAAN FAANP, as the Patient Care Ombudsman for
Alpha Nursing & Therapy, LLC.
ALTA MESA: Moody's Puts B3 CFR Under Review for Upgrade
-------------------------------------------------------
Moody's Investors Service placed Alta Mesa Holdings, LP's (Alta
Mesa) ratings under review for upgrade following its announcement
on August 16, 2017 that Alta Mesa along with Silver Run Acquisition
Corporation II (SLRU, a public company) will merge with Kingfisher
Midstream, LLC (Kingfisher), a private midstream partnership in
Oklahoma. Ratings under review include Alta Mesa's B3 Corporate
Family Rating (CFR), B3-PD Probability of Default Rating (PDR) and
Caa1 senior unsecured notes rating. Alta Mesa's Speculative Grade
Liquidity Rating was affirmed at SGL-3. The rating outlook is under
review.
Pursuant to the merger agreement, Alta Mesa will contribute its
upstream STACK assets and Kingfisher will contribute its gathering,
processing and storage assets and merge with SLRU and will be
collectively renamed as Alta Mesa Resource, Inc.(AMR) and trade as
a public company. Upon closing, Alta Mesa's current owners will
have a 37% interest in AMR. The transaction is expected to close in
mid-to-late November 2017 following SLRU's affirmative shareholder
votes and necessary regulatory approvals.
Ratings under review for upgrade:
Issuer: Alta Mesa Holdings, LP
Corporate Family Rating at B3
Probability of Default Rating at B3-PD
Senior Unsecured Regular Bond/Debenture at Caa1 (LGD4)
Ratings affirmed:
Speculative Grade Liquidity Rating, affirm SGL-3
Outlook action:
-- Outlook, Changed To Rating Under Review From Stable
RATINGS RATIONALE
"The review for upgrade reflects Moody's views that the merger will
create a significant E&P and midstream platform in one of the most
competitive liquids-rich basins in the US, and provide Alta Mesa
greater access to capital and help accelerate the development of
its substantial resource base in the STACK," said Sajjad Alam,
Moody's Senior Analyst.
Moody's review will principally focus on: (i) Alta Mesa's
post-closing capital and governance structure and liquidity, (ii)
the assumptions underlying the EBITDA, capital expenditure and cash
flow forecasts for the combined entity, (iii) potential changes to
guarantee and support arrangement for the remaining debt, and (iv)
a more comprehensive understanding of Kingfisher's midstream
contract arrangements with Alta Mesa as well as with other E&P
companies.
Alta Mesa should have adequate liquidity despite significant
outspends through mid-2018, which is reflected in the SGL-3 rating.
In connection with the merger transaction, Alta Mesa has received a
$200 million cash payment, which was used to reduce borrowings
under the company's $315 million borrowing base revolver. Alta Mesa
had roughly $5 million in cash and $246 million of available
borrowing capacity at August 16, 2017. Alta Mesa is expected to
receive additional cash as a part of the merger agreement and upon
successful closing, will have roughly $500 million of balance sheet
cash.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Alta Mesa Holdings, LP is a privately owned independent E&P company
headquartered in Houston, Texas. The company's operations are
primarily in Oklahoma and Louisiana.
APOLLO ENDOSURGERY: Novo Has 3.9% Stake as of Aug. 14
-----------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Novo Holdings A/S disclosed that as of Aug. 14, 2017,
it beneficially owns 671,872 shares of common stock of Apollo
Endosurgery, Inc. representing 3.9 percent of the outstanding
shares of common stock of the Company, based upon 17,252,299 shares
of common stock outstanding as of July 26, 2017, as reported in the
Issuer's quarterly report (Form 10-Q) filed with the Commission on
Aug. 1, 2017.
Novo Holdings A/S is a Danish limited liability company wholly
owned by the Novo Nordisk Foundation. Novo Holdings A/S, through
its Board of Directors, has the sole power to vote and dispose of
the 671,872 shares of common stock beneficially owned by Novo
Holdings A/S. The Novo Board, currently comprised of Sten
Scheibye, Goran Ando, Jeppe Christiansen, Steen Riisgaard, Lars
Rebien Sorensen and Per Wold-Olsen, may exercise voting and
dispositive control over the Novo Shares only with the support of a
majority of the Novo Board. As such, no individual member of the
Novo Board is deemed to hold any beneficial ownership or reportable
pecuniary interest in the Novo Shares.
On Aug. 14, 2017, Novo Holdings A/S sold 408,000 shares of the
Company's common stock in the open market through a broker's
transaction at a weighted average price of $4.03 per share.
On Aug. 15, 2017, Novo Holdings A/S sold 1,200 shares of the
Issuer's common stock in the open market through a broker's
transaction at a weighted average price of $4.00 per share.
The Reporting Person ceased to be a beneficial owner of 5% or more
of the Issuer's common stock on Aug. 14, 2017.
A full-text copy of the regulatory filing is available at:
https://is.gd/GHGpPI
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.
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.
ARCHITECTURAL MATERIALS: Taps David Schroeder Law as Attorney
-------------------------------------------------------------
Architectural Materials Co seeks authority from the US Bankruptcy
Court for the Western District Of Missouri, Southern Division, to
employ David E. Schroeder and the law firm of David Schroeder Law
Office, P.C. to serve as attorney for Debtor and
Debtor-in-Possession during the course of the Chapter 11
proceedings.
Legal services required of David Schroeder are:
(a) advise the Debtor with respect to her powers and duties as
Debtor and Debtor-in-Possession in the continued management and
operation of her business;
(b) attend meeting and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
estate, including the prosecution of actions on their behalf, the
defense of any actions commenced against the Debtor’s estate, and
objections to claims filed against the estate;
(d) prepare on behalf of Debtor all motions, applications,
answers, orders, reports and papers necessary to the administration
of the estate;
(e) negotiate and prosecute on the Debtor's behalf all
contracts for the sale of assets, plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and take any action that is necessary for the
Debtor to obtain confirmation of her Plan of Reorganization;
(f) appear before the Bankruptcy Court and the United States
Trustee; and protect the interests of the Debtor's estate before
the Court and the U.S. Trustee; and
(g) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 proceeding.
David E. Schroeder and David Schroeder Law Office, P.C. previously
represented the Debtor in providing general counseling relating to
rights of creditors, options, alternatives, and pre-bankruptcy
processing of bankruptcy schedules and pleadings. The Debtor was
billed and paid an aggregate sum of $1,098.75 pre-petition. The
firm is holding a retainer balance of $20,618.25. No outstanding
balance for legal services is claimed.
The current standard hourly billing rates are:
David E. Schroeder $300.00 per hour
Paralegal $75.00 per hour
David E. Schroeder attests that his firm has no material
connections with the Debtor, its estate, its creditors, or any
other party in interest, their respective attorneys or accountants,
the United States Trustee, or any person employed in the office of
the United States Trustee and is disinterested within the meaning
of the Code Sections 101(14) and 327.
The Firm can be reached through:
David E. Schroeder, Esq.
David Schroeder Law Office, P.C.
1524 E. Primrose, Suite A
Springfield, MO 65804
Phone: (417) 890-1000
Fax : 417-886-8563
Email: bk1@dschroederlaw.com
About Architectural Materials
Based in Springfield, Missouri, Architectural Materials Co filed
its voluntary petition for relief under Chapter 11 (Bankr. W.D. Mo.
Case No. 17-bk-60887) on August 14, 2017, listing under $1 million
in both assets and liabilities. The Debtor is represented by David
E. Schroeder at David Schroeder Law Office, P.C.
ASARCO LLC: CERCLA Contribution Action vs. Atlantic Not Barred
--------------------------------------------------------------
The U.S. Court of Appeals for the Ninth Circuit vacates the
District Court's judgment dismissing Asarco LLC's action on statute
of limitations grounds and remands the case for further proceedings
to determine whether Asarco is entitled to contribution for the
response costs it incurred under the 2009 CERCLA Decree.
Section 113(f)(3)(B) of the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980 ("CERCLA") allows persons
who have taken actions to clean up hazardous waste sites to seek
monetary contribution from other parties who are also responsible
for the contamination. CERCLA imposes a three-year statute of
limitations after entry of a judicially approved settlement, during
which a party may bring a contribution action.
The East Helena Superfund Site located in and around an industrial
area in Lewis and Clark County, Montana was operated by Atlantic
Richfield's predecessor, Anaconda Mining Company, and later by
Asarco. The Site has been a locus of industrial production for more
than a century, resulting in decades of hazardous waste releases.
In 1984, the United States Environmental Protection Agency added
the Site to the National Priorities List under CERCLA.
In the late 1980s, the United States Environmental Protection
Agency identified Asarco and Anaconda as potentially responsible
parties under CERCLA, (meaning, that they bore at least some
responsibility for the contamination) and sought remedial action
only from Asarco, which resulted in three CERCLA settlements
between Asarco and the United States in the late 1980s and early
1990s.
In 1998, the United States brought claims against Asarco for civil
penalties and injunctive relief under the Resource Conservation and
Recovery Act and the Clean Water Act, alleged that Asarco had
illegally disposed of hazardous waste at the Site, and sought an
order requiring Asarco to, inter alia, "conduct corrective action
pursuant to Section 3008(h) of RCRA. . . ." A "corrective action"
under RCRA is a type of "response measure" necessary to protect
human health or the environment.
Asarco settled the case with the United States, which settlement
agreement was approved by the Federal District Court in Montana,
and entered on the court's docket as a consent decree. The 1998
RCRA Decree assessed civil penalties against Asarco and also
required Asarco to take certain remedial actions to address past
violations. Those actions included "corrective measures" to, inter
alia, "remediate, control, prevent, or mitigate the release,
potential release or movement of hazardous waste or hazardous
constituents into the environment or within or from one media to
another."
Despite the 1998 RCRA Decree's lofty goals, Asarco failed to meet
its cleanup obligations. In 2005 Asarco filed for Chapter 11
bankruptcy protection, where the United States and Montana filed
proofs of claim in the bankruptcy proceeding asserting joint and
several liability claims under CERCLA. On June 5, 2009, the
bankruptcy court entered a consent decree under CERCLA between
Asarco, the United States, and Montana, which established a
custodial trust for the Site, and turned over cleanup
responsibility to a trustee. As part of the agreement, Asarco paid
$99.294 million (plus other expenses), which, inter alia, "fully
resolved and satisfied" its obligations under the 1998 RCRA
Decree.
On June 5, 2012, Asarco brought an action against Atlantic
Richfield under CERCLA Section 113(f)(3)(B), seeking contribution
for its financial liability under the CERCLA Decree. Atlantic
Richfield filed a motion for summary judgment, arguing that
Asarco's action was untimely because the three-year statute of
limitations under Section 113 began running with the 1998 RCRA
Decree.
Accordingly, Asarco countered that the "RCRA, a statute that does
not authorize contribution claims, [cannot] trigger the limitations
period under another law, CERCLA." Asarco also argued that the
CERCLA Decree created "new" and "different" work obligations from
the 1998 RCRA Decree, thereby triggering a new statute of
limitations period for at least the costs associated with those new
obligations.
The District Court granted summary judgment for Atlantic Richfield
and dismissed the case. The Court concluded that the plain language
of CERCLA requires only that a settlement agreement address a
"response action," not that it be entered into under CERCLA. The
Court also determined that Asarco had incurred response costs under
the 1998 RCRA Decree, and therefore held that the 1998 RCRA Decree
provided the necessary predicate for a CERCLA contribution action.
However, the Court rejected Asarco's argument that the CERCLA
Decree contained matters not addressed by the 1998 RCRA Decree.
Accordingly, the Court held that the CERCLA Decree did not reset
the statute of limitations for any response costs incurred under
that agreement, and deemed Asarco's claim for contribution
untimely.
Asarco appealed, and presents three issues before the Ninth
Circuit:
-- Whether a settlement agreement entered into under an
authority other than CERCLA may give rise to a CERCLA contribution
action.
-- Whether a "corrective measure" under a different
environmental statute, the Resource Conservation and Recovery Act,
qualifies as a "response" action under CERCLA.
-- What it means for a party to "resolve its liability" in a
settlement agreement -- a prerequisite to bringing a Section
113(f)(3)(B) contribution action.
The Ninth Circuit holds that if Asarco could have brought a
contribution action after the judicial approval and entry of the
1998 RCRA Decree, such may give rise to a CERCLA contribution
action if three conditions are met: (a) a non-CERCLA authority may
give rise to a CERCLA contribution action, (b) Asarco took a
response action or incurred response costs under the 1998 RCRA
Decree, and (c) the 1998 RCRA Decree resolved Asarco's liability
for at least some of those response actions or costs.
After consideration of CERCLA's statutory context, structure, and
broad remedial purpose, combined with the United States
Environmental Protection Agency's reasonable interpretation, the
Ninth Circuit finds that a non-CERLCA settlement agreement may form
the necessary predicate for a Section 113(f)(3)(B) contribution
action. The Ninth Circuit concludes that the "1998 RCRA Decree"
between Appellant Asarco LLC and the United States, which was
approved and entered by a Federal District Court, triggered the
three-year statute of limitations for Asarco to bring a Section
113(f)(3)(B) contribution action.
The Ninth Circuit agrees with the District Court, which determined
that Asarco's claim was time-barred as it accrued with entry of the
1998 RCRA Decree. However, the Ninth Circuit determines that Asarco
did not "resolve its liability" under the 1998 RCRA Decree. The
Ninth Circuit explains that Asarco could not have brought its
contribution action in 1998, and the statute of limitations did not
begin to run with entry of the 1998 RCRA Decree. By contrast, the
Ninth Circuit points out that a later, 2009 agreement, on which
Asarco bases its present contribution action, did resolve Asarco's
liability, and because Asarco filed that action within the
three-year limitations period measured against entry of the 2009
agreement -- Asarco also timely filed its contribution action. As
such, the District Court erred in dismissing Asarco's action on
statute of limitations grounds.
Asarco suggests that the 1998 RCRA Decree did not actually require
any response actions, but was instead focused on assessing
penalties for RCRA violations, such as non-compliance with RCRA's
land disposal restrictions. Asarco also argues that the agreement
"at best" only resolved "Asarco's liability for civil penalties
stemming from alleged operating violations."
The Ninth Circuit finds that the 1998 RCRA Decree included response
actions for purposes of bringing a CERCLA Section 113(f)(3)(B)
action -- the RCRA expressly defines "corrective action" as a type
of "response" action. Under RCRA, EPA "may issue an order requiring
corrective action or such other response measure as [it] deems
necessary to protect human health or the environment."
The Ninth Circuit explains that the condition necessary for the
1998 RCRA Decree to have triggered Asarco's ability to bring a
Section 113(f)(3)(B) contribution action is that the agreement
"resolved its liability to the United States or [Montana] for some
or all of" its response action or the "costs of such action" in the
1998 RCRA Decree. Asarco argues that it did not, and therefore the
Ninth Circuit concludes that the statute of limitations to bring
the instant action did not expire three years later -- in 2001.
A full-text copy of the Opinion dated August 10, 2017, is available
at https://is.gd/1eHEYX from Leagle.com.
About Asarco LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection (Bankr. S.D. Tex. Case
No. 05-21207) on Aug. 9, 2005. Attorneys at Baker Botts L.L.P.,
and Jordan, Hyden, Womble & Culbreth, P.C. represented the Debtor
in its restructuring efforts.
On Dec. 9, 2009, Asarco Incorporated and Americas Mining
Corporation's Seventh Amended Plan of Reorganization for the
Debtors became effective and the ASARCO Asbestos Personal Injury
Settlement Trust was created and funded with nearly $1 billion in
assets, including more than $650 million in cash plus a $280
million secured note from Reorganized ASARCO. The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
ASARCO LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.
BOND AND COMPANY: Hires Stichter Riedel as Counsel
--------------------------------------------------
Bond and Company, Jewelries, Inc., seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Stichter Riedel Blain & Postler, P.A., as counsel to the Debtor.
Bond and Company requires Stichter Riedel to:
a. render legal advice with respect to the Debtor's powers and
duties as debtor in possession, the continued operation of
the Debtor's business, and the management of its property;
b. prepare on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal
papers;
c. appear before the Bankruptcy Court and the U.S. Trustee to
represent and protect the interests of the Debtor;
d. assist with and participate in negotiations with creditors
and other parties in interest in formulating a plan of
reorganization, draft such a plan and a related disclosure
statement, and take necessary legal steps to confirm such a
plan;
e. represent the Debtor in all adversary proceedings,
contested matters, and matters involving administration of
the bankruptcy case;
f. represent the Debtor in negotiations with potential
financing sources and preparing contracts, security
instruments, or other documents necessary to obtain
financing; and
g. perform all other legal services that may be necessary for
the proper preservation and administration of the Chapter
11 case.
Stichter Riedel will be paid based upon its normal and usual hourly
billing rates. The Firm will be paid a retainer in the amount of
$30,000, and will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Scott A. Stichter, a partner of Stichter Riedel Blain & Postler,
P.A., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.
Stichter Riedel can be reached at:
Scott A. Stichter, Esq.
STICHTER RIEDEL BLAIN & POSTLER, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
E-mail: sstichter@srbp.com
About Bond and Company, Jewelries, Inc.
Headquartered in St. Petersburg, Florida, Bond and Company,
Jewelers, Inc. -- dba Bond Jewelers, Bond Diamonds, and Pandora --
sells various kinds of jewelries with store branches in St.
Petersburg, Brandon and Sarasota Florida. bonddiamonds.com, a
dynamic online jewelry commerce site, is the online marketing arm
of Bond Diamonds and Bond Jewelers. Focused entirely on jewelry,
this online enterprise was created through the vision of some of
the World's leading jewelry manufacturers and marketers.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D.
Fla. Case No. 17-06561) on July 27, 2017, estimating its assets and
liabilities between $1 million and $10 million. The petition was
signed by Marvin K. Shavlan, president.
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler,
P.A., serves as the Debtor's bankruptcy counsel.
BURT LEE BURNETT: DOJ Watchdog Seeks Ch. 11 Trustee Appointment
---------------------------------------------------------------
The U.S. Trustee for Region 6 asks the U.S. Bankruptcy Court for
the Northern District of Texas to direct the appointment of a
chapter 11 Trustee for Burt Lee Burnett, or, in the alternative,
for the conversion of the Debtor's Chapter 11 case to a case under
chapter 7 or dismissal of the bankruptcy case.
The U.S. Trustee relates that the Debtor previously practiced
personal injury law in Abilene through The Burnett Law Firm, PLCC.
In June 2017, Debtor began his one year suspension from the
practice of law in Texas due to professional misconduct.
Accordingly, the United States Trustee alleges that a chapter 11
trustee should be appointed because
(1) In June 2017, the Debtor began his one year suspension
from the practice of law in Texas due to professional misconduct;
(2) The Debtor and his law office, The Burnett Law Firm, are
currently the subject of a number of pending civil suits alleging
malpractice, misappropriation of client funds, and breach of
fiduciary duty. Specifically, these former clients have alleged
that Debtor has (a) failed to fully disperse client funds from
settlements; (b) negotiated settlements without advising clients,
obtaining consent, or even notifying them of the settlements; (c)
failed to pay attorney's fees owed; and (d) improperly paid
personal expenses with client funds from his IOLTA; and
(3) In early June 2017, Debtor was admitted for thirty days
into a facility for alcohol detoxification and treatment in Hunt,
Texas. The Debtor currently is undergoing treatment in Colorado.
Cumulatively, the U.S. Trustee asserts that the Debtor's
incompetence and gross mismanagement of its affairs will be
sufficient cause to appoint a trustee. The U.S. Trustee contends
that even if the Debtor were able to establish that his clients
were defrauded through the actions of a former associate, this
defense would, at best, establish gross mismanagement of his
financial affairs in that the Debtor failed to properly supervise
his law practice. The U.S. Trustee also alleges that points out
that the Debtor's actual fraud and dishonesty in his representation
of clients would constitute as cause to appoint a trustee for
cause.
The U.S. Trustee believes that the Debtor's wife, Rebeca Burnett,
through a power of attorney, is currently administering Debtor's
estate and law practice. As such, the U.S. Trustee claims that Ms.
Burnett, acting on such capacity creates an appearance of
impropriety due to these conflicts of interest. The U.S. Trustee
contends that retaining community assets may be Ms. Burnett's best
interests. Therefore, the U.S. Trustee asserts that an independent
trustee should be appointed to evaluate the Debtor's assets and
liabilities and determine the best course of action going forward.
Given that the Debtor is suspended from the practice of law, there
is no business to reorganize. The U.S. Trustee believes that a
chapter 11 trustee would be in the better position to assist in
maximizing estate asset sales proceeds for the benefit of
creditors.
A hearing will be held on September 7, 2017 at 1:30 p.m.
The United States Trustee is represented by:
Erin Schmidt, Esq.
United States Department of Justice
Office of the United States Trustee
1100 Commerce St. Room 976
Dallas, Texas 75242
Phone: (214) 767-1075
About Burt Lee Burnett
Burt Lee Burnett filed a Chapter 11 petition (Bankr. N.D. Tex. Case
No. 17-42678), on June 30, 2017. The Debtor is represented by Areya
Holder, Esq. at Holder Law.
BUS-A-MOVE: Seeks to Hire Vinyan Group as Accountant
----------------------------------------------------
Bus-A-Move LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to hire an accountant.
The Debtor proposes to employ The Vinyan Group, Inc. to, among
other things, prepare its monthly operating reports and assist in
its reorganization. The firm will charge an hourly fee of $75.
Alias Holmes, a certified public accountant employed with Vinyan
Group, disclosed in a court filing that the firm does not represent
any interest adverse to the Debtor or its estate.
The firm can be reached through:
Alias Holmes
The Vinyan Group, Inc.
3322 West Mallory Boulevard
Jupiter, FL 33458
About Bus-A-Move LLC
Bus-A-Move LLC -- http://www.busamove.net-- is a family-owned and
operated company that provides transportation services throughout
the U.S. and Canada for family reunions, concert events, sport
events, corporate events, proms, parties and tours. It is a member
of the United Motorcoach Association and a fully-insured company.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 17-19591) on July 28, 2017. Ernest
Burrs Jr., manager and member, signed the petition.
At the time of the filing, the Debtor disclosed $1.2 million in
assets and $110,114 in liabilities.
Judge Erik P. Kimball presides over the case.
BUS-A-MOVE: Taps Michael A. Kaufman as Legal Counsel
----------------------------------------------------
Bus-A-Move LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to hire legal counsel in
connection with its Chapter 11 case.
The Debtor proposes to employ Michael A. Kaufman, P.A. to, among
other things, give legal advice regarding its duties under the
Bankruptcy Code and represent it in negotiations with creditors in
the preparation of a bankruptcy plan.
The hourly rates charged by the firm range from $325 to $395 for
its attorneys. Paralegals and legal assistants charge $135 per
hour. Michael Kaufman, Esq., the attorney who will be handling the
case, will charge an hourly fee of $395.
The Debtor has agreed to pay the firm a retainer in the amount of
$5, 500.
Mr. Kaufman disclosed in a court filing that he and his firm do not
represent any interest adverse to the Debtor or its estate.
The firm can be reached through:
Michael A. Kaufman, Esq.
Michael A. Kaufman, P.A.
1615 Forum Place, Suite 3A
West Palm Beach, FL 33401
Tel: 561-478-2878
Fax: 561-584-5555
Email: michael@mkaufmanpa.com
About Bus-A-Move LLC
Bus-A-Move LLC -- http://www.busamove.net-- is a family-owned and
operated company that provides transportation services throughout
the U.S. and Canada for family reunions, concert events, sport
events, corporate events, proms, parties and tours. It is a member
of the United Motorcoach Association and a fully-insured company.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 17-19591) on July 28, 2017. Ernest
Burrs Jr., its manager and member, signed the petition.
At the time of the filing, the Debtor disclosed $1.2 million in
assets and $110,114 in liabilities.
Judge Erik P. Kimball presides over the case.
CAFE TIRAMISU: Taps James T. Cois as Legal Counsel
--------------------------------------------------
Cafe Tiramisu, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to hire legal counsel.
The Debtor proposes to employ the Law Offices of James T. Cois to
give legal advice regarding its duties under the Bankruptcy Code
and provide other legal services related to its Chapter 11 case.
James Cois, Esq., the attorney who will be handling the case, will
charge an hourly fee of $350.
The firm does not represent any interest adverse to the Debtor or
its estate, according to court filings.
The firm can be reached through:
James T. Cois, Esq.
Law Offices of James T. Cois
P.O. Box 2705
San Francisco, CA 94126-2705
Phone: (415) 561-1445
Fax: (415) 291-8919
Email: jtcois@aol.com
About Cafe Tiramisu LLC
Cafe Tiramisu, LLC is a small business debtor as defined in 11
U.S.C. Section 101(51D). It owns a restaurant serving Northern
Italian cuisine.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Calif. Case No. 17-30699) on July 20, 2017.
Giuseppe Spinoso, its president and CEO, signed the petition.
At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $500,000 and liabilities of $1
million to $10 million.
Judge Hannah L. Blumenstiel presides over the case.
CAFE TIRAMISU: Taps Tarlson and Associates as Accountant
--------------------------------------------------------
Cafe Tiramisu, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to hire an accountant.
The Debtor proposes to employ Tarlson and Associates to prepare its
tax returns and financial reports, and provide other accounting
services related to its Chapter 11 case.
Nick Tarlson, a certified public accountant and owner of Tarlson
and Associates, will represent the Debtor at the firm's hourly rate
of $75 to 300.
Neither Mr. Tarlson nor any member of his firm has had any
connection with creditors of the Debtor, according to court
filings.
Tarlson and Associates can be reached through:
Nick G. Tarlson
Tarlson and Associates
220 Sansome Street, Suite 900
San Francisco, CA 94104
Phone: 415.956.5700
Fax: 415.982.2528
Email: nick@tarlson.com
About Cafe Tiramisu LLC
Cafe Tiramisu, LLC is a small business debtor as defined in 11
U.S.C. Section 101(51D). It owns a restaurant serving Northern
Italian cuisine. The Debtor sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Calif. Case No. 17-30699) on July
20, 2017. Giuseppe Spinoso, its president and CEO, signed the
petition.
At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $500,000 and liabilities of $1
million to $10 million.
Judge Hannah L. Blumenstiel presides over the case.
CALMARE THERAPEUTICS: Will File Form 10-Q Within Extension Period
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Calmare Therapeutics Incorporated filed a Form 12b-25 with the
Securities and Exchange Commission notifying the delay in the
filing of its quarterly report on Form 10-Q for the period ended
June 30, 2017.
Calmare was unable, without unreasonable effort or expense, to file
its Quarterly Report by the Aug. 15, 2017, filing date applicable
to smaller reporting companies due to a delay experienced by the
Company in completing its financial statements and other
disclosures in the Quarterly Report. As a result, the Company is
still in the process of compiling required information to complete
the Quarterly Report and its independent registered public
accounting firm requires additional time to complete its review of
the financial statements for the period ended June 30, 2017, to be
incorporated in the Quarterly Report. The Company anticipates
that it will file the Quarterly Report no later than the fifth
calendar day following the prescribed filing date.
About Calmare Therapeutics
Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc. -- http://www.calmaretherapeutics.com/--
provides distribution, patent and technology transfer, sales and
licensing services focused on the needs of its customers and
matching those requirements with commercially viable product or
technology solutions. Sales of the Company's Calmare(R) pain
therapy medical device continue to be the major source of revenue
for the Company. The Company currently employ the full-time
equivalent of seven people.
Calmare reported a net loss of $3.82 million on $1.10 million of
revenue for the year ended Dec. 31, 2016, compared to a net loss of
$3.67 million on $891,472 of revenue for the year ended Dec. 31,
2015.
As of Dec. 31, 2016, Calmare had $3.88 million in total assets,
$17.69 million in total liabilities, all current, and a total
shareholders' deficit of $13.81 million.
Mayer Hoffman McCann CPAs, in New York, issued a "going concern"
opinion in its report on the consolidated financial statements for
the year ended Dec. 31, 2016, noting that the Company has incurred
operating losses since fiscal year 2006 and has a working capital
and shareholders' deficit at Dec. 31, 2016. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
CARUGATI CONSTRUCTION: Hires Larry A. Vick as Counsel
-----------------------------------------------------
Carugati Construction, LLC, seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ the
Law Offices of Larry A. Vick, as attorney to the Debtor.
Carugati Construction requires Larry A. Vick to:
a. give the Debtor legal advice with respect to its power and
duties as debtor in possession in the continued operation
of business and management of property;
b. take necessary action to avoid liens against the Debtor's
property, under Chapter 11;
c. prepare on behalf of the Debtor as debtor in possession
necessary applications, answers, orders, reports and other
legal papers; and
d. perform all other legal services for the Debtor in
possession which may be necessary herein, and is necessary
for the Debtor as debtor in possession to employ an
attorney for professional services.
Larry A. Vick will be paid at these hourly rates:
Attorney $395
Paralegal $75
Larry A. Vick will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Larry A. Vick, member of Law Offices of Larry A. Vick, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Larry A. Vick can be reached at:
Larry A. Vick, Esq.
LAW OFFICES OF LARRY A. VICK
10497 Town & Country Way, Suite 700
Houston, TX 77024
Tel: (713) 333-6440
About Carugati Construction, LLC
Carugati Construction, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Tex. Case No. 17-34563) on July 28, 2017, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Larry A. Vick, Esq., at the Law Offices of Larry A.
Vick.
CS360 TOWERS: Ch. 11 Trustee Hires Swicker as Tax Advisor
---------------------------------------------------------
CS360 Towers, LLC, seeks authority from the U.S. Bankruptcy Court
for the Eastern District of California to employ Swicker &
Associates Accountancy Corporation, as tax advisor to the Trustee.
The Trustee requires Swicker to:
a. prepare and file tax returns;
b. evaluate and analyze prior year tax returns; and
c. evaluate and analyze tax ramifications of the Trustee's
business activities, including work with applicable taxing
authorities.
Swicker will be paid at these hourly rates:
Arthur Swicker $470
Staff Accountants $125-$170
Paraprofessionals $120
Swicker will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Arthur Swicker, member of Swicker & Associates Accountancy
Corporation, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Swicker can be reached at:
Arthur Swicker
SWICKER & ASSOCIATES ACCOUNTANCY CORPORATION
6345 Balboa Blvd., Suite 199
Encino, CA 91316
Tel: (818) 343-6400
About CS360 Towers, LLC
CS360 Towers, LLC, filed a Chapter 11 petition (Bankr. E.D. Cal.
Case No. 17-20731) on Feb. 3, 2017. Mark D. Chisick, manager,
signed the petition. At the time of filing, the Debtor disclosed
total assets of $18.46 million and total liabilities of $5.72
million.
The case is assigned to Judge Robert S. Bardwil. The Debtor is
represented by Stephan M. Brown, Esq., at the Bankruptcy Group,
P.C.
Bradley Sharp of Development Specialists, Inc., was appointed as
Chapter 11 trustee of the Debtor on March 27, 2017. Downey Brand
LLP is the Trustee's legal counsel. Coldwell Banker Residential
Brokerage; Cal Northern Realty Group; and Jones Lang LaSalle
Brokerage, Inc., have been retained by the Trustee as real estate
brokers, and Swicker & Associates Accountancy Corporation, as his
tax advisor.
CYPRESS ASSOCIATES: Creditor Wants Trustee to Pursue Insider Claims
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Rising Star Management Group, LLC, asks the U.S. Bankruptcy Court
for the Southern District of Texas to direct the appointment of a
Chapter 11 Trustee in the bankruptcy case of Cypress Associates,
Inc., or, alternatively, allow Rising Star to commence, prosecute
and settle the Insider/Affiliate Claims on behalf of the estate.
Rising Star is the Debtor's largest unsecured creditor. Its claim
arises out of a Marketing and Production Agreement that the Debtor
executed. Rising Star has filed its proof of claim in the
Bankruptcy Case (Claim No. 9), on June 16, 2017, asserting a
general unsecured claim in the amount of $1,367,819.68 against the
Debtor.
Rising Star asserts that the appointment of a Chapter 11 trustee is
warranted in this case due to the conflicts of interest of the
Debtor's principal and the conduct of the Debtor that fails to
comport with the Debtor's fiduciary duties as a debtor in
possession.
Specifically, Rising Star contends that the Debtor has failed to
investigate and pursue potential preference and fraudulent transfer
claims against insiders and affiliates. As evidenced by the
testimony of Glenn at the 2004 Exam and the Debtor's Schedules,
certain entities and individuals owe the Debtor significant past
due sums and most, if not all, of these entities constitute
Insiders and/or Affiliates, as defined in the Bankruptcy Code.
Rising Star tells the Court that the Debtor is affiliated with (1)
Bene-Fit Administrators, LLC d/b/a Bene-Fit Group, which provides
administrative services for some of the Debtor's clients; (2)
Bene-Fit Insurance Services, LLC, which markets and sells Bene-Fit
insurance products; and (3) Bene-Fit Wellness, LLC, which provides
health coaching to client employees.
Rising Star claims that Pursuit of the Insider/Affiliate Claims
would be in the best interests of the Debtor's estate because any
recoveries or relief in connection with the claims will be returned
to the estate for the benefit of all creditors. The
Insider/Affiliate Claims appear to be straight-forward claims to
recover debts and to avoid transfers and preferences. Rising Star
has been actively involved in this case and is already intimately
familiar with the details of this case, including the
Insider/Affiliate Claims.
Rising Star avers that the Debtor has taken no action to pursue any
of these Insider/Affiliate Claims:
(1) Claims against Cypress Associates Administrators, LLC for
its fair share of costs expended by the Debtor in the four years1
prior to the bankruptcy filing;
(2) Claims against the Bene-Fit Entities for their fair share
of costs expended by the Debtor from August 2016 to the Petition
Date;
(3) Claims against the Bene-Fit Entities for the fair market
value of all personal property transferred to the Bene-Fit Entities
by the Debtor;
(4) Claims against the Bene-Fit Entities for their portion of
the unpaid rent from August 2016 to the Petition Date; and
(5) Claims against Glenn and his family members to recover
payments made by the Debtor on luxury vehicles.
Moreover, Rising Star contends that the Debtor's Proposed Plan of
Reorganization blandly proposes that the Newly Reorganized Debtor
(owned and controlled by Barry Glenn, who is the sole shareholder,
officer, and director of the Debtor and each of the Bene-Fit
Entities) will decide whether to pursue Chapter 5 claims.
Accordingly, Rising Star requests that a Chapter 11 trustee be
appointed to manage the Debtor's business operations and financial
affairs and pursue the Insider/Affiliate Claims.
Rising Star Management Group, LLC, is represented by:
Michael P. Ridulfo, Esq.
KANE RUSSELL COLEMAN LOGAN PC
5051 Westheimer Road, 10th Floor
Houston, Texas 77056
Phone: (713) 425-7400
Fax: (713) 425-7700
Email: mridulfo@krcl.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, along with each of the Bene-Fit Entities, had offices
at 11720 Katy Freeway, Suite 1600, Houston, Texas. The Debtor and
the Bene-Fit Entities relocated to new offices at 10713 West Sam
Houston Parkway North, Suite 100, Houston, Texas in June 2017. The
Debtor has no employees but uses three of the eleven employees of
Bene-Fit Administrators.
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.
EAST 30A RESTAURANT: Taps Maples Law Firm as Legal Counsel
----------------------------------------------------------
East 30A Restaurant Associate, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire legal
counsel in connection with its Chapter 11 case.
The Debtor proposes to employ Maples Law Firm, P.C. to, among other
things, give legal advice regarding its duties under the Bankruptcy
Code; conduct examinations incidental to the administration of the
case; and assist in the preparation of a bankruptcy plan.
The hourly rates charged by the firm are:
Partner $360
Associates $205 - $215
Paralegals $55 - $130
Stuart Maples, Esq., disclosed in a court filing that no member of
his firm represents or holds any interest adverse to the Debtor's
estate.
Maples Law Firm can be reached through:
Stuart M. Maples, Esq.
Maples Law Firm, P.C.
200 Clinton Ave West, Suite 1000
Huntsville, AL 35801
Phone: (256) 489-9770
Fax: (256) 489-9720
About East 30A Restaurant Associate
East 30A Restaurant Associate, LLC, is a restaurant lounge owner
based in Seacrest Beach, Florida.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Fla. Case No. 17-30450) on May 19, 2017, listing $1.45 million in
total assets and $235,372 in total liabilities. The petition was
signed by Kim Salinger, managing member.
Judge Jerry C. Oldshue Jr. presides over the case.
Clay Brown Adkinson, Esq., at Adkinson Law Firm, LLC, serves as the
Debtor's bankruptcy counsel.
ENGY GROUP: Needs Ch. 11 Trustee to End Management Deadlock
-----------------------------------------------------------
The Engy Group, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Texas to direct the appointment of a Chapter
11 Trustee to resolve a shareholder dispute regarding ownership
over the Engy Group of Companies.
Pursuant to an Amended and Restated Company Agreement of Engy
Group, Francois-Stanislas Bellon is the 100% owner of all the
member interests in the Debtor, as well as the sole manager of the
Debtor. Matthew Orban and Kurt Orban Partners, LLC (collectively,
"KOP") claim to be owners of the Engy Group of Companies by virtue
of defaults under certain loan and security agreements.
Bellon established the Engy Group of Companies as start-up ventures
to (a) create and operate a full-line steel drum manufacturer
located at 2425 Mowery Rd, Houston, Texas 77045, to serve the
petrochemical business, and (b) construct and operate a hospital
located at 11500 Space Center Blvd., Houston, Texas 77059.
As new ventures, the Engy Group of Companies relied on investments
from affluent domestic and international investors, working capital
provided by Bellon, and in more recent times, trade credit from KOP
and other suppliers as well as a secured loan from Green Bank, N.A.
and Third Coast Bank, N.A.
The primary obligations of the Debtor are: (a) a disputed,
unliquidated $3,700,000 promissory note in favor of KOP; and (b)
amounts owed to creditors other than KOP, including Dr. Kenneth Lo,
a physician from Baton Rouge, Louisiana, who is also an investor
and a creditor of the Engy Group of Companies.
In addition to the Engy-KOP Note, KOP asserts a claim against
non-debtor Engy Containers by virtue of a disputed, unliquidated
promissory note made payable to KOP in the stated amount of
$4,100,000. KOP also asserts that it is owed an additional
$3,000,000 by virtue of a disputed, unliquidated claim against
non-debtor Engy Belvoir Ventures.
However, Bellon disputes the amount, validity and allowability of
the Engy-KOP Note, Containers-KOP Note and the Belvoir-KOP Claim.
Among other things, Bellon asserts that the KOP Claims were not in
fact loans at all, alleges that the KOP Claims involve usurious
interest for which there are treble damages under Texas state law,
believes he signed the KOP Claims under duress, disputes the
amounts of the KOP Claims, and, therefore, asserts that the KOP
Claims are not allowable claims against the Engy Group of
Companies.
The Debtor relates that by notices provided in July 2017, KOP
attempted to take control of the Engy Group of Companies, by
attempting to: (a) terminate Bellon as an officer of the Engy Group
of Companies, (b) remove Bellon as Manager of the Engy Group of
Companies, (c) appoint Mr. Orban as officer and Manager of the Engy
Group of Companies, (d) exclude Bellon from the premises, (e)
restrict Bellon's access to his corporate email account, and (f)
instruct employees to cease communicating with Bellon.
The Debtor further relates that KOP further directed Bellon not to
enter the premises and purportedly divested Bellon of any rights to
the Engy Group of Companies. The Debtor claims that KOP also
threatened to terminate the Chief Financial Officer of Engy
Containers and have scheduled a judicial private sale of Bellon's
pledged shares in and to the Engy Group on August 14, 2017. To
date, the Debtor says that KOP has refused to cancel or abate the
Foreclosure Auction, and has insisted upon Mr. Orban managing the
Engy Group of Companies.
The Debtor relates that prior to the Petition Date, Bellon and KOP
made intermittent efforts to resolve the dispute. Since the
Petition Date, the professionals have urged Bellon and KOP to
mediate and resolve the dispute through negotiations and a business
solution. Instead, the Debtor submits that the parties have been
deadlocked in fights over the ownership of the Engy Group of
Companies, positions have hardened, trust has disappeared, and
negotiations have stalled. Indeed, a hostile situation has recently
developed which could have resulted in physical injuries to
Bellon.
Bellon believes that turning over the businesses to KOP would
destroy value for all stakeholders, while his first preference
would be to manage the businesses himself. Bellon supports the
appointment of a chapter 11 trustee to clarify and stabilize the
situation for employees, creditors, vendors, and investors.
The Debtor claims that the dispute over the ownership of the Engy
Group is having an adverse effect on the ability of the Debtor to
operate and manage what would otherwise be three subsidiary
companies that have value. In fact, it appears that the Debtor
lacks an independent management structure to analyze and pursue
claims against its principals for the benefit of creditors.
Accordingly, the Debtor believes that an independent trustee is
necessary to ensure that the its business operations are being
conducted in accordance with appropriate business standards and,
most importantly, in accordance with the fiduciary duties owed to
the creditor body.
In addition, the Debtor is concerned because some of its major
creditors, namely Green Bank and Dr. Lo, have lost confidence in
the Debtor's management. The Debtor claims that these creditors
support the appointment of a chapter 11 trustee.
The Debtor points out that the benefits of a Chapter 11 trustee
balanced against the cost of appointment, redressing the concern
that the Debtor be managed by an untainted fiduciary outweighs the
cost of appointment of a Chapter 11 trustee. The Debtor contends
that the continuation of current management could result in further
deadlock and destruction of value at the subsidiary level.
About Engy Group
Engy Group is private equity investment and energy management firm.
The Debtor owns 94% of the equity units in Texas Engy Drums, LLC, a
Texas limited liability company, and 100% of the equity units in
Engy Belvoir Ventures LLC, a Texas limited liability company. Other
investors own the remaining 6% of the equity interests in Engy
Drums.
The Engy Subsidiaries in turn own interests in Engy Southwest
Container Products, Inc., a steel drum production business; Engy
Belvoir Healthcare LLC, owner of a loan and option to buy a
hospital; and Mowery Plant, LLC, the entity that owns the land and
the physical plant at which the steel drums are produced.
The Engy Group, LLC filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 17-34848), on August 8, 2017. The Petition was signed by
Francois-Stanislas Bellon, manager. The case is assigned to Judge
Marvin Isgur. The Debtor is represented by Kyung Shik Lee, Esq. at
Diamond McCarthy LLP. At the time of filing, the Debtor had
estimated both assets and liabilities between $10 million to $50
million
No committee or trustee appointed in this Chapter 11 Case.
ENOVA INTERNATIONAL: S&P Rates New $250MM Sr. Unsec. Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Enova
International Inc. The outlook remains negative. S&P said, "At the
same time, we assigned our 'B-' issue rating on the company's new
$250 million senior unsecured notes due 2024. The recovery rating
is '5'. The '5' recovery rating indicates our expectation for
modest (10%-15%) recovery in the event of a payment default."
S&P said, "Our rating action follows the company's announcement
that it plans to raise $250 million of unsecured notes due in 2024.
The company plans to use $155 million of the notes to repurchase
some of its existing notes due in 2021. The remaining amount, net
of fees and expenses, will be for general corporate purposes.
"Although we take a positive view of the company extending and
staggering its maturity profile, we view the additional leverage
negatively because of broader uncertainty about the timing and
magnitude of the the Consumer Financial Protection Bureau's (CFPB)
proposed rule changes. In July, the CFPB proposed rules that seek
to ban companies from arbitration clauses
"The negative outlook reflects S&P Global Ratings' view that
Enova's credit profile could deteriorate within the next year to a
level weaker than the current rating would suggest because of
adverse regulatory reform. We expect debt to adjusted EBITDA to
remain between 4x-5x as the company balances cost controls (related
to new customer acquisitions and marketing spend) and executes some
of its non-payday new initiatives.
"We may downgrade the company over the next 12 months if we believe
the company will not be in a position to generate enough EBITDA to
maintain leverage below 5.0x. We could also lower the rating if
regulatory, operational, or funding challenges arise.
"There is limited potential for us to revise our outlook on Enova
to stable before the final CFPB rules have been announced. As a
result, a revision to stable largely hinges on the magnitude of
regulatory changes that we expect to alter products and collection
activities to less favorable terms."
EXCO RESOURCES: Receives Non-Compliance Notice From NYSE
--------------------------------------------------------
EXCO Resources, Inc., announced that on Aug. 10, 2017 it was
notified by the New York Stock Exchange that it is not in
compliance with the continued listing standards set forth in
Section 802.01B of the NYSE's Listed Company Manual because the
Company's average global market capitalization fell below $50
million over a trailing consecutive 30 trading-day period while its
shareholders' equity was less than $50 million. As required by the
NYSE, the Company plans to notify the NYSE within ten business days
of its intent to cure the deficiency and return to compliance with
the NYSE's continued listing requirements.
The Company has 45 days from the receipt of the notice of
noncompliance to submit a business plan to the NYSE demonstrating
how it intends to regain compliance with the continued listing
standards set forth in Section 802.01B of the Listed Company
Manual. The Company intends to develop and submit such a business
plan within the required time frame and will continue to work with
the NYSE to attempt to comply with all continued listing standards.
Assuming that the NYSE accepts the plan, the Company will be
subject to quarterly monitoring for compliance with the business
plan and the Company's common shares will continue to trade on the
NYSE, subject to the Company's compliance with other NYSE continued
listing requirements.
The notice has no immediate impact on the listing of the Company's
common shares, which will continue to be listed and traded on the
NYSE during this period, subject to the Company's compliance with
the other listing requirements of the NYSE. The Company's common
shares will continue to trade under the symbol "XCO," but will have
an added designation of ".BC" to indicate the status of the common
shares as "below compliance."
If the Company's common shares ultimately were to be delisted for
any reason, it could negatively impact the Company by (i) reducing
the liquidity and market price of the Company's common shares; (ii)
reducing the number of investors willing to hold or acquire the
common shares, which could negatively impact the Company's ability
to raise equity financing; (iii) limiting the Company's ability to
use a resale registration statement on Form S-3 to offer and sell
freely tradable securities, thereby preventing the Company from
accessing the public capital markets; and (iv) impairing the
Company's ability to provide equity incentives to its employees.
The NYSE notification does not affect EXCO's business operations or
its Securities and Exchange Commission reporting requirements and
does not conflict with or cause an event of default under any of
the Company's material debt agreements.
About EXCO Resources
EXCO Resources, Inc. -- http://www.excoresources.com/-- is an oil
and natural gas exploration, exploitation, acquisition, development
and production company headquartered in Dallas, Texas with
principal operations in Texas, North Louisiana and the Appalachia
region. EXCO's headquarters are located at 12377 Merit Drive,
Suite 1700, Dallas, TX 75251.
Exco Resources reported a net loss of $225.3 million on $271
million of total revenues for the year ended Dec. 31, 2016,
compared to a net loss of $1.19 billion on $355.70 million of total
revenues for the year ended Dec. 31, 2015.
As of June 30, 2017, Exco Resources had $696.34 million in total
assets, $1.43 billion in total liabilities and a total
shareholders' deficit of $741.12 million.
KPMG LLP, in Dallas, Texas, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2016, citing that probable failure to comply with a financial
covenant in its credit facility as well as significant liquidity
needs, raise substantial doubt about the Company's
ability to continue as a going concern.
* * *
In December 2016, Moody's Investors Service downgraded EXCO
Resources' corporate family rating to 'Ca' from 'Caa2'. "EXCO's
downgrade reflects its eroded liquidity position which is
insufficient to fully fund development expenditures at the level
required to stem ongoing production declines," commented Andrew
Brooks, Moody's vice president. "Absent an injection of additional
liquidity, the source of which is not readily identifiable, EXCO
could face going concern risk as it confronts an unsustainable
capital structure."
In March 2017, S&P Global Ratings raised its corporate credit
rating on EXCO Resources to 'CCC-' from 'SD' (selective default).
The rating outlook is negative. "The upgrade reflects our
reassessment of our corporate credit rating on EXCO after the
company exchanged most of its outstanding 12.5% second-lien secured
term loans for $683 million new 1.75-lien secured payment-in-kind
(PIK) term loans," said S&P Global Ratings' credit analyst
Alexander Vargas.
EXCO RESOURCES: Terminates Purchase Agreement with Venado Oil Unit
------------------------------------------------------------------
EXCO Operating Company, LP, and EXCO Land Company, LLC (the
"Sellers"), both wholly owned subsidiaries of EXCO Resources, Inc.,
entered into a Purchase and Sale Agreement, dated as of April 7,
2017, with VOG Palo Verde LP, a subsidiary of Venado Oil and Gas,
LLC, related to the divestiture by the Sellers of certain oil and
natural gas properties and surface acreage located in South Texas.
The Purchase Agreement provided for (i) a purchase price of $300.0
million that was subject to certain adjustments, including to
account for an effective date of Jan. 1, 2017, for the transaction,
and (ii) a $30.0 million deposit into a third party escrow account
to be paid by the Buyer. The closing of the transactions
contemplated by the Purchase Agreement was scheduled to occur on
June 1, 2017, unless certain conditions to the Closing had not been
satisfied or waived on or prior to the Scheduled Closing Date.
The Conditions included that (a) the Sellers operate in the
ordinary course of business in all material respects during the
period from and after signing until the Closing and (b) the
Sellers' representations and warranties, including regarding all
material contracts, be in full force in effect be true as of the
Closing, except for any breach that (together with all other
breaches of Sellers' representations and warranties) could
reasonably be expected to cause any liability in an aggregate
amount less than 15% of the unadjusted Purchase Price.
On May 31, 2017, Chesapeake Energy Marketing, L.L.C. purportedly
terminated a certain transaction confirmation between Chesapeake
and Raider Marketing, LP, as successor by merger to EOC, dated July
31, 2013, under that certain Base Contract for the Sale and
Purchase of Natural Gas between Chesapeake and Raider, as successor
by merger to EOC, dated Sept. 1, 2009. As a result of the alleged
termination of the Contract, EOC was forced to shut-in certain
wells beginning on June 1, 2017.
Because the Covenant Condition and the R&W Condition were not
anticipated to be satisfied or waived by the Scheduled Closing
Date, the Parties entered into that certain First Amendment, dated
as of May 31, 2017, to extend the Scheduled Closed Date for two
weeks. As the Covenant Condition and the R&W Condition were not
anticipated to be satisfied or waived by such extended closing
date, the Parties entered into that certain Second Amendment to
Purchase and Sale Agreement, dated as of June 20, 2017, pursuant to
which the Buyer and the Sellers (i) instructed the third party
escrow agent to return to Buyer $20.0 million of the Deposit, and
(ii) extended the Scheduled Closing Date to July 21, 2017; provided
that the Sellers would have the option to further extend the
Scheduled Closing Date to Aug. 15, 2017. On July 21, 2017, the
Sellers exercised that option to extend the Scheduled Closing Date
to Aug. 15, 2017.
In addition, the Amendment provided that (i) the R&W Condition
would be deemed satisfied by the reinstatement of the Contract or
by the entry into a new gathering agreement with terms and
conditions that are acceptable to Buyer in its sole discretion and
(ii) the Covenant Condition would be deemed waived by the Buyer
upon the productivity of the wells that were shut in on or around
June 1, 2017, returning to certain levels. The Sellers
subsequently entered into a short-term sales contract, which
allowed production to come back on-line, satisfying condition
(ii).
The Company, Raider and the Sellers filed a petition, application
for temporary restraining order and temporary injunction against
Chesapeake in Dallas County, Texas due to Chesapeake's May 31,
2017, purported termination of the Contract. The EXCO Parties
asserted claims for breach of contract, declaratory relief,
tortious interference with existing contract, and tortious
interference with prospective business relations. On June 7, 2017,
Chesapeake removed the lawsuit to the United States District Court
Northern District of Texas, Civil Action Number 3:17-CV-1516-N. On
June 9, 2017, the District Court denied the EXCO
Parties' application for temporary restraining order. On Aug. 1,
2017, the EXCO Parties filed an amended complaint and added
Chesapeake's parent, Chesapeake Energy Corporation, as a defendant
to the lawsuit. The lawsuit remains pending in the District Court
with an anticipated trial date in or about the fall of 2018.
As of the close of business on the extended Scheduled Closing Date
of Aug. 15, 2017, the Conditions, including, due to Chesapeake's
purported termination of the Contract on May 31, 2017, the R&W
Condition, had not been satisfied or waived. As a result, on
Aug. 15, 2017, the Buyer and the Sellers mutually agreed (i) to
terminate the Purchase Agreement and (ii) to direct the third party
escrow agent to return to the Buyer the remaining $10.0 million of
the Deposit. Following that termination, except as expressly
provided in the Purchase Agreement, the Purchase Agreement will be
void and of no further effect and neither the Buyer nor the Sellers
will have any liability thereunder.
About EXCO Resources
EXCO Resources, Inc. -- http://www.excoresources.com/-- is an oil
and natural gas exploration, exploitation, acquisition, development
and production company headquartered in Dallas, Texas with
principal operations in Texas, North Louisiana and the Appalachia
region. EXCO's headquarters are located at 12377 Merit Drive,
Suite 1700, Dallas, TX 75251.
Exco Resources reported a net loss of $225.3 million on $271
million of total revenues for the year ended Dec. 31, 2016,
compared to a net loss of $1.19 billion on $355.7 million of total
revenues for the year ended Dec. 31, 2015.
As of June 30, 2017, Exco Resources had $696.3 million in total
assets, $1.43 billion in total liabilities, and a total
shareholders' deficit of $741.12 million.
KPMG LLP, in Dallas, Texas, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2016, citing that probable failure to comply with a financial
covenant in its credit facility as well as significant liquidity
needs, raise substantial doubt about the Company's ability to
continue as a going concern.
* * *
In December 2016, Moody's Investors Service downgraded EXCO
Resources' corporate family rating to 'Ca' from 'Caa2'. "EXCO's
downgrade reflects its eroded liquidity position which is
insufficient to fully fund development expenditures at the level
required to stem ongoing production declines," commented Andrew
Brooks, Moody's vice president. "Absent an injection of additional
liquidity, the source of which is not readily identifiable, EXCO
could face going concern risk as it confronts an unsustainable
capital structure."
In March 2017, S&P Global Ratings raised its corporate credit
rating on EXCO Resources to 'CCC-' from 'SD' (selective default).
The rating outlook is negative. "The upgrade reflects our
reassessment of our corporate credit rating on EXCO after the
company exchanged most of its outstanding 12.5% second-lien secured
term loans for $683 million new 1.75-lien secured payment-in-kind
(PIK) term loans," said S&P Global Ratings' credit analyst
Alexander Vargas.
FACTORY SALES: CEO Thibaut Buying 2015 GMC Yukon XL for $33K
------------------------------------------------------------
Factory Sales and Engineering, Inc., asks the U.S. Bankruptcy Court
for the Eastern District of Louisiana to authorize the private sale
of 2015 GMC Yukon XL sport utility vehicle, VIN 1GKS1HKC6FR175891,
to the Debtor's CEO, James D. Thibaut, II for $33,000.
On July 27, 2017, the Court entered an interim order authorizing
the Debtor to obtain post-petition financing from Texas Capital
Bank, N.A. ("TCB"). TCB has funded $125,000 pursuant to this
order. On Aug. 7, 2017, the Court entered a second interim order
authorizing the Debtor to obtain increased financing from TCB in
the additional amount of $132,000. The first and second interim
DIP financing orders provide for automatic perfection of TCB's
liens under the interim orders. Accordingly, TCB has a perfected
security interest in the Debtor's assets, which includes the Yukon
and proceeds of its sale.
The Debtor owns the Yukon. It was listed on the Debtor's Schedule
A/B (Real and Personal Property), at a value of $33,000 based on
the Kelly Blue Book value. The Yukon was financed through Ally
Bank, which has a purchase money security interest in the Yukon.
On Aug. 9, 2017, Ally Bank filed Proof of Claim No. 12 relating to
the unpaid amount owed on the Yukon, which states that Ally Bank is
owed $24,329, and identifying that amount as fully secured by the
Yukon.
The Debtor listed Ally Bank as a secured creditor on its Schedule D
(Secured Creditors). The Debtor scheduled the amount owed to Ally
Bank as $24,347, which is $18 more than the amount claimed by Ally.
The Buyer has used the Yukon as a company vehicle. The Debtor does
not require the use of the Yukon for its limited ongoing
operations. Mr. Thibaut is a personal guarantor on the debt owed
to Ally Bank with respect to the Yukon, as is identified as such on
the Debtor's Schedule H (Co-debtors). The Debtor wishes to sell
the Yukon to Mr. Thibaut in a private sale, free and clear of
liens, for the Kelly Blue Book value of $33,000, with the liens of
Ally Bank and TCB attaching to the sale proceeds.
The Debtor submits that a private sale of the Yukon for fair market
value, rather than an auction procedure, is appropriate given the
nature of the asset. Accordingly, it asks the Court to approve the
relief sought.
About Factory Sales and Engineering
An involuntary Chapter 7 petition was filed against Factory Sales
and Engineering, Inc. (Bankr. E.D. La. Case No. 17-11446) on June
6, 2017.
On July 10, 2017, the Debtor filed its ex parte motion to convert
to Chapter 11, in which it sought to exercise its right, pursuant
to Bankruptcy Code section 706(a), to convert this case to a
Chapter 11 reorganization.
On July 17, 2017, the Court entered an Order granting the Debtor's
motion to convert to the case to a Chapter 11 case.
Judge Jerry A. Brown presides over the case.
The Petitioning Creditors are Iberdrola Energy Projects Canada
Corporation, represented by Richard A. Aguilar, Esq., at Mcglinchey
Stafford; Maxim Crane Works, L.P., represented by John T.
Andrishok, Esq., at Breazeale, Sachse & Wilson; and Precision
Bearing & Machine, Inc., represented by A. Todd Darwin, Esq.
The Debtor's counsel:
John M. Landis
Andrew D. Mendez
Bryant S. York
STONE PIGMAN WALTHER WITTMANN LLC
546 Carondelet Street
New Orleans, LA 70130
Telephone: (504) 581-3200
Facsimile: (504) 581-3361
E-mail: jlandis@stonepigman.com
amendez@stonepigman.com
byork@stonepigman.com
FIORELLA INC: Bose Florida Buying Clearwater Property for $350K
---------------------------------------------------------------
Fiorella, Inc., asks the U.S. Bankruptcy Court for the Middle
District of Florida to authorize the sale of real property located
at 1409 S. Missouri Avenue, Clearwater, Florida, to Boses Florida
Collection, LLC, for $350,000.
The Debtor owns the Real Property. The Real Property is an asset
of the bankruptcy estate and is not necessary for an effective
reorganization.
Creditor, RH Fund XI, LLC holds a cross-collateralized mortgage on
the Real Property in the estimated amount of $455,000. There are
no known liens on the property other than to the above-mentioned
creditor, with the exception of the Pinellas County Tax Collector
who is presently owed $4,678 pursuant to the Pinellas County Tax
Collector Web site, http://www.taxcollect.com/
Through its Letter of Intent, the Purchaser offers $350,000 to
purchase the Real Property. Pursuant to the LOI, the Purchaser is
ready to close on the sale within 30 days from approval by RH Fund
and the Court. There is no loan contingency. The proposed sale of
the Real Estate is not in the ordinary course of business. The
Debtor proposes to sell the Real Property "as is" and "where is,"
free and clear of any potential liens, with valid and enforceable
liens attaching to the proceeds of the sale.
Any net proceeds from the sale of the Real Property, after payment
of closing costs and payoff of the liens, will be escrowed in the
Debtor's counsel's trust account, pending further Court order.
A copy of the LOI attached to the Motion is available for free at:
http://bankrupt.com/misc/Fiorella_Inc_91_Sales.pdf
The Debtor asks that the 14-day stay required under Bankruptcy Rule
§6004(h) be waived, and that any order granting the Motion is
effective immediately upon entry. The Debtor has had preliminary
discussions with RH Fund. At this time, RH Fund is in agreement
with the sale.
About Fiorella Inc.
Headquartered in Clearwater, Florida, Fiorella, Inc., doing
business as George's Auto Repair and Service, filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 16-09052) on Oct.
21, 2016, disclosing $440,400 in total assets and $1.73 million in
total liabilities. The petition was signed by George Nicovic,
president.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as the Debtor's
bankruptcy counsel.
An official committee of unsecured creditors has not yet been
appointed in the case.
FLOUR CITY: Judge Clears $1.95 Million Sale to Bruegger's
---------------------------------------------------------
Katy Stech, writing for The Wall Street Journal Pro Bankruptcy,
reported that the U.S. Bankruptcy Judge Paul Warren has approved
the $1.95 million sale of Flour City Bagels LLC to Bruegger's
Enterprises.
According to the report, Bruegger's bagel chain is preparing to buy
its largest independent franchisee, which operates about 30
locations in upstate New York, out of bankruptcy protection after
winning a courtroom battle against its lender.
The report related that the sale money and a $2.5 million loan from
Bridge Funding Group Inc. will repay some of the Fairport, N.Y.,
company's debt.
The report further related that the sale resolves Bruegger's feud
with the independent franchisee's lender, Canal Mezzanine Partners
II LP, which also offered to buy the restaurants and threatened to
wipe the Bruegger's name off the stores. Officials for Bruegger's
Enterprises, which risked losing royalty payments if the chain left
the brand, argued that the lender had no experience in the
breakfast industry, the report said.
Bruegger's Enterprises officials also said that the lender didn't
have enough money to operate the chain successfully, the report
added. Canal Mezzanine Partners, in response, defended their bid,
the report said.
About Flour City Bagels
Headquartered in Fairport, New York, Flour City Bagels, LLC,
operates 32 bakeries that serve "New York Style" bagels, coffee,
drinks, soups, salads, sandwiches, fresh fruit, and a variety of
other related items. In 1993, it opened its commissary in
Rochester, at which it produces bagels for sale at all of its 32
bakeries. It employs 425 people.
Flour City Bagels sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 16-20213) on March 2,
2016, estimating both assets and debt in the range of $10 million
to $50 million. Kevin Coyne, the manager, signed the petition.
Judge Paul R. Warren is assigned to the case.
The Debtor is represented by Stephen A. Donato, Esq., and Camille
W. Hill, Esq., at Bond, Schoeneck & King, PLLC, and Harry W.
Greenfield, Esq., Jeffrey Toole, Esq., and Heather E. Heberlein,
Esq., at Buckley King.
The Debtor retained Phoenix Management Services, LLC, as financial
advisor; Phoenix Capital Resources as investment banker; Insero &
Co. CPAs, LLP, as accounting services provider; and Kittel Branagan
& Sargent as tax consultant.
The official committee of unsecured creditors hired Gardere Wynne
Sewell LLP as bankruptcy counsel, Gordorn & Schaal, LLP as local
counsel, and Corporate Recovery Associates, LLC, as business and
financial advisor.
No trustee or examiner has been appointed in the case.
On Dec. 20, 2016, a group of creditors led by United Capital
Business Lending Inc. filed their proposed plan of reorganization
for the Debtor. On the same date, Canal Mezzanine Partners II, LP,
and MRM Real Estate Fund I, LLC, proposed their plan of sale and
subsequent liquidation for the company.
GARDEN OF EDEN: Grafe's Retention to Sell Coskun's NY Eqpt. Okayed
------------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York authorized Garden of Eden
Enterprises, Inc. and Coskun Brothers Specialty Food, Inc. to
employ Grafe Auction Co. as Auctioneer and to conduct the auction
sale of Coskun's equipment located at 170 West 23rd Street, New
York, New York ("Premises").
A hearing on the Motion was held on Aug. 15, 2017.
No compensation or reimbursement of expenses will be paid to Grafe
except in accordance with a further Order of the Court upon proper
application in accordance with the applicable provisions of the
Bankruptcy Code, Rules of Bankruptcy Procedure and the Local Rules
of the Court.
Grafe's commissions and fees will be consistent with and in
accordance with Local Rule 6005-1, however this will not apply with
respect to the 15% Buyer's Premium to be charged by Grafe.
The Debtor, through auction sale, is authorized to sell the assets
located on the Premises free and clear of all liens, claims and
encumbrances, with such Liens to attach to the proceeds of the
auction sale in the order of priority and with the same force,
effect and validity as such Liens had prior to the commencement of
the bankruptcy case, and under the time table and procedures as
provided for in the Motion consistent with the agreed surrender
date of the Premises of no later than Aug. 31, 2017.
The gross proceeds of the sale will be remitted to counsel for the
Debtor to hold in escrow, pending further Order of the Court.
Notwithstanding anything to the contrary in the Agreement, the
indemnification provisions are modified and restated in its
entirety as follows:
All requests of Grafe for payment of indemnity by the
Debtor pursuant to the Agreement will be made by means of an
application (interim or final as the case may be) and will be
subject to review by the Court to ensure that payment of such
indemnity conforms to the terms of the Agreement and is reasonable
based upon the circumstances of the litigation or settlement in
respect of which indemnity is sought, provided, however, that in no
event will Grafe be indemnified in the case of its own bad-faith,
self-dealing, breach of fiduciary duty (if any), gross negligence
or willful misconduct.
In the event that Grafe seeks reimbursement from the
Debtor for reasonable attorneys' fees in connection with a request
by Grafe for payment of indemnity pursuant to the Grafe, as
modified by the Order, the invoices and supporting time records
from such attorneys will be included in Grafe's own application
(both interim and final) and such invoices and time records will be
subject to the Fee Guidelines and the approval of the Court without
regard to whether such attorney has been retained under section 327
of the Bankruptcy Code and without regard to whether such
attorneys' services satisfy section 330(a)(3)(C) of the Bankruptcy
Code.
Grafe will not be entitled to reimbursement by the Debtor
for any fees, disbursements and other charges of Grafe's counsel
other than those incurred in connection with a request of Grafe for
payment of indemnity.
About Garden of Eden Enterprises
Garden of Eden Enterprises, Inc., Broadway Specialty Food, Inc.,
Coskun Brothers Specialty, and Garden of Eden Gourmet Inc. filed
chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-12488, 16-12490,
16-12491, 16-12492, respectively) on Aug. 29, 2016. The petitions
were signed by Mustafa Coskun, president. The cases are assigned
to Judge James L. Garrity Jr.
Doing business as Garden of Eden, the Debtors operate three upscale
full-service specialty-food retail stores at leased premises in New
York. Garden of Eden Enterprises is the parent operating company
of the Debtors, and maintains its place of business at 720 Anderson
Avenue, Cliffside Park, New Jersey 07010.
Clifford A. Katz, Esq., and Scott K. Levine, Esq., of Platzer,
Swergold, Levine, Goldberg, Katz & Jaslow, LLP, serve as counsel to
the Debtors.
The Debtors disclosed $8.05 million in assets and $8.29 million in
liabilities.
U.S. Trustee William K. Harrington on Sept. 15, 2016, appointed
three creditors to serve on the official committee of unsecured
creditors of Garden of Eden Enterprises, Inc., et al. The
Committee retained Sullivan & Worcester LLP as counsel.
GRANDPARENTS.COM INC: US Trustee Objects to Plan Outline
--------------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee assigned to the
Grandparents.com case filed with the U.S. Bankruptcy Court an
objection to the Company's Disclosure Statement. The Trustee
asserts, "This case contains specific facts and circumstances that
have not been seen in this Court before. To wit, the extraordinary
relationship between the Debtors and VB Funding. A relationship so
close and intimate that gave VB Funding dominance and control over
the Debtors, an influence that may have been the catalyst for the
Debtors' bankruptcy, and at worst, the direct cause of the Debtors'
bankruptcy. Never before has this Court seen a prepetition lender
wear as many hats as VB Funding has worn in this case. VB
Funding's many roles in this case is not, in and of itself, the
concern. However, when presented with a Disclosure Statement and
Plan proposing broad releases to VB Funding from virtually any form
of legal liability, those many roles must be disclosed and
carefully examined to determine the propriety of such releases.
There exists a myriad of pre-petition security agreements between
the Debtors and VB Funding, which purportedly give VB Funding a
lien on the largest estate asset that remains in the Debtors'
estate, the D&O and D&O recoveries. The Disclosure Statement and
Plan treats VB Funding's proper perfection of the lien on the D&O
as a fait accompli, however, D&O policies and proceeds thereof,
especially in the bankruptcy context, have to be carefully examined
and checked against applicable law in order to determine whether in
fact the lien is perfected. Because of the uniqueness of the D&O as
a perfected lien, and because of the relationship between the
Debtors and VB Funding, the United States Trustee questions the
validity, priority and extent of that lien, and requests that the
Debtors/VB Funding prove that such a lien is in fact perfected
prior to the approval of the Disclosure Statement."
About Grandparents.com Inc.
New York-based Grandparents.com, Inc., together with its
consolidated subsidiaries, is a family-oriented social media
company that through its Web site, http://www.grandparents.com/,
serves the age 50+ demographic market. The website offers
activities, discussion groups, expert advice and newsletters that
enrich the lives of grandparents by providing tools to foster
connections among grandparents, parents, and grandchildren.
Granparents.com, Inc., and Grand Cards LLC filed separate Chapter
11 petitions (Bankr. S.D. Fla. Case Nos. 17-14711 and 17-14704,
respectively) on April 14, 2017. The petitions were signed by
Joshua Rizack, chief restructuring officer, The Rising Group
Consulting, Inc. The Hon. Laurel M. Isicoff presides over the
cases.
The Debtors listed combined assets of $1 million and combined
liabilities of $24.9 million.
The Debtors are represented by Steven R. Wirth, Esq., and Eyal
Berger, Esq., at Akerman LLP. They have also tapped Genovese
Joblove & Battista, P.A. as special litigation counsel and
conflicts counsel, and EisnerAmper LLP as accountants and financial
advisor.
GREAT BASIN: 57 Employees Furloughed to Cut Costs
-------------------------------------------------
Great Basin Scientific, Inc., implemented a furlough of 57
employees on Aug. 10, 2017, as disclosed in a Form 8-K report filed
with the Securities and Exchange Commission. The furlough
encompasses employees throughout the Company including all
manufacturing employees as well as Robert Jenison, chief technology
officer and senior vice president of research. The furlough was
designed as a cost cutting measure due to lack of funds. Because
of the Company's lack of funds, there is no guarantee that it will
be able to offer the furloughed employees re-employment.
About Great Basin
West Valley City, Utah-based Great Basin Scientific Inc. --
http://www.gbscience.com/-- is a molecular diagnostic testing
company focused on the development and commercialization of its
patented, molecular diagnostic platform designed to test for
infectious disease, especially hospital-acquired infections. The
Company believes that small to medium sized hospital laboratories,
those under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods.
Great Basin Scientific reported a net loss of $89.14 million on
$3.04 million of revenues for the year ended Dec. 31, 2016,
compared to a net loss of $57.89 million on $2.14 million of
revenues for the year ended Dec. 31, 2015.
As of March 31, 2017, Great Basin had $29.24 million in total
assets, $59.10 million in total liabilities, and a total
stockholders' deficit of $29.86 million.
The Company's independent accountants, BDO USA, LLP, in Salt Lake
City, Utah, expressed "substantial doubt" about the Company's
ability to continue as a going concern noting that the Company has
incurred substantial losses from operations, has negative operating
cash flows and has a net capital deficiency.
GREAT BASIN: Unable to Pay Suppliers & File Q2 Quarterly Report
---------------------------------------------------------------
Great Basin Scientific, Inc., disclosed in a Form 8-K report filed
with the Securities and Exchange Commission that it is currently
unable to meet its payment obligations to certain of its suppliers
and service providers and is currently unable to satisfy its
ordinary course working capital requirements. Due to its lack of
funds, the Company could not complete the finalization of its
financial statements and related disclosures for the quarter ended
June 30, 2017, and consequently did not file its Quarterly Report
on Form 10-Q within the prescribed time period and will not be able
to file the Form 10-Q within 5 calendar days of its prescribed due
date. Because of its lack of funds, the Company said there can be
no assurance that it will continue as a going concern.
"...Our inability to raise capital on acceptable terms in the
future may cause us to delay, diminish, or curtail certain
operational activities, including research and development
activities, clinical trials, sales and marketing, and other
operations, in order to reduce costs and sustain the business, and
such inability would have a material adverse effect on our business
and financial condition. We may not be able to continue to operate
as a going concern," as stated in the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2016.
About Great Basin
West Valley City, Utah-based Great Basin Scientific Inc. --
http://www.gbscience.com/-- is a molecular diagnostic testing
company focused on the development and commercialization of its
patented, molecular diagnostic platform designed to test for
infectious disease, especially hospital-acquired infections. The
Company believes that small to medium sized hospital laboratories,
those under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods. The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods.
Great Basin Scientific reported a net loss of $89.14 million on
$3.04 million of revenues for the year ended Dec. 31, 2016,
compared to a net loss of $57.89 million on $2.14 million of
revenues for the year ended Dec. 31, 2015.
As of March 31, 2017, Great Basin had $29.24 million in total
assets, $59.10 million in total liabilities, and a total
stockholders' deficit of $29.86 million.
The Company's independent accountants, BDO USA, LLP, in Salt Lake
City, Utah, expressed "substantial doubt" about the Company's
ability to continue as a going concern noting that the Company has
incurred substantial losses from operations, has negative operating
cash flows and has a net capital deficiency.
H & M CONCRETE: Hires Eric A. Liepins as Counsel
------------------------------------------------
H & M Concrete Services, LLC seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Texas to employ Eric
A. Liepins, PC as counsel for Debtor.
The Debtor believes a variety of legal matter exists as to the
assets and liabilities of the estate which require legal
assistance.
Eric A. Liepins and the Firm have been chosen by the Debtor in that
they are experienced in bankruptcy matters and have represented
individuals and companies in numerous proceedings before this Court
and other bankruptcy courts.
The Debtor will compensate the Firm as follows:
Eric A. Liepins $275
Paralegals and Legal Assistance $30-$50
The Firm has been paid a retainer of $3,500, plus the filing fee.
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Eric A. Liepins, Esq., sole shareholder with the law firm of Eric
A. Liepins, PC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
The Firm may be reached at:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
About H & M Concrete Services, LLC
H&M Concrete Services, LLC filed a Chapter 11 bankruptcy petition
(Bankr. E.D.Tex. Case No. 17-60532) on July 21, 2017. Eric A.
Liepins, Esq., at Eric A. Liepins, PC serves as bankruptcy
counsel.
The Debtor's assets and liabilities are both below $1 million.
H&E EQUIPMENT: Moody's Rates New $750MM Senior Unsecured Notes B2
-----------------------------------------------------------------
Moody's Investors Service assigned B2 rating to H&E Equipment
Services, Inc.'s (H&E) new $750 million senior unsecured notes due
2025 proceeds of which will be used largely to prepay its $630
million unsecured notes due 2022. Concurrently, Moody's affirmed B1
Corporate Family Rating (CFR) and B1-PD Probability of Default
Rating upon considering the credit implications of H&E's decision
to cancel its planned acquisition of Neff Corporation. H&E's
Speculative Grade Liquidity rating was affirmed at SGL-2. The
rating outlook is stable. All ratings for Neff Rental LLC including
B2 CFR, B2-PD PDR, B3 senior secured credit facility, SGL-3, and
stable outlook are unaffected at this time. All ratings for Neff
Rental will be addressed at a later time.
The affirmation of the CFR reflects credit metrics that are well
positioned within the B1 rating category and the company's good
liquidity profile. Post the cancellation of its NEFF bid, H&E has
decided to focus on tuck in acquisitions and increase the number of
stores it opens annually. As a result, Moody's no longer expects an
increase in its leverage metrics over the short term.
Moody's assigned the following ratings:
- Senior unsecured notes at B2 (LGD5)
Moody's affirmed the following ratings:
- Corporate Family Rating affirmed at B1
- Probability of Default Rating affirmed at B1-PD
- Speculative Grade Liquidity rating affirmed at SGL-2
- Outlook is stable
Ratings to be withdrawn upon transaction close:
- $630 million Senior unsecured notes at B3 (LGD5)
RATINGS RATIONALE
The assignment of a B2 rating to H&E's new senior unsecured notes
due 2025 reflects their ranking behind the $602.5 million secured
revolving credit facility (unrated by Moody's) in the company's
debt structure and Moody's expectations that portion of the new
notes will go towards paying down part of the amount outstanding
under the revolver. This will increase availability and thus
further strengthen the liquidity profile.
H&E's B1 corporate family rating ("CFR") reflects the company's
good pro forma credit metrics, its conservative balance sheet
management track record, and the expectation that its financial
policy, leverage, and margins will remain supportive of the rating.
The decision to grow organically reduces risks associated with a
large acquisition. In sum, its credit metrics are expected to
remain within the B1 rating category with debt/EBITDA for 2018
expected to be below 3.5 times and EBITDA / Interest of above 5.0x
(all ratios are pro-forma on a Moody's adjusted basis).
H&E's SGL-2 liquidity rating reflects a good liquidity profile
characterized by ample availability under its asset-based revolving
credit facility, the absence of any meaningful debt maturities over
the near term, and expectations of positive free cash flow
generation.
The stable outlook is supported by H&E's good liquidity profile and
Moody's views that the generally positive current fundamentals of
the US equipment rental industry will support maintenance of H&E's
B1 credit profile over the intermediate term.
Positive rating pressure would require the expectation that H&E
would maintain a good liquidity profile and achieve EBITA to total
assets of 12% or higher as well as debt/EBITDA that sustains below
3.0x for a period of time with further improvement expected.
Downward pressure on the ratings could occur if the company's
liquidity profile were to weaken, Debt/EBITDA were to reach and be
sustained above 4.25x, or if the company were to have meaningful
shareholder rewards so to impact credit metrics.
H&E Equipment Services, Inc. ("H&E") is a multi-regional equipment
rental company with over 70 locations throughout the West Coast,
Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast
regions of the United States. H&E is also a distributor for JLG,
Gehl, Genie Industries (Terex), Komatsu, Doosan/Bobcat and
Manitowoc, among others. Revenues for the last twelve months ended
June 30, 2017 totaled approximately $965 million.
The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.
H&E EQUIPMENT: S&P Rates New $750MM Sr. Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to H&E Equipment Services Inc.'s proposed $750
million senior unsecured notes due 2025. S&P said, "The '3'
recovery rating indicates our expectation for meaningful (50%-70%;
rounded estimate: 55%) recovery in a default scenario. The company
plans to use the proceeds from these notes to redeem its existing
$630 million senior unsecured notes due 2022, repay a portion of
the outstanding indebtedness under its asset-based lending (ABL)
facility (about $163 million was drawn as of June 30, 2017), and
for general corporate purposes. We plan to withdraw our ratings on
the existing notes once the proposed refinancing is completed and
the notes have been redeemed in full.
"At the same time, we affirmed our 'BB-' issue-level rating on the
company's existing $630 million senior unsecured notes and removed
the rating from CreditWatch, where we placed it with negative
implications on July 17, 2017, following the company's announcement
that it planned to acquire equipment rental provider Neff Corp. The
'3' recovery rating remains unchanged, indicating our expectation
for meaningful (50%-70%; rounded estimate: 55%) recovery in a
default scenario.
"We removed the rating from CreditWatch because we no longer expect
the company's previously announced merger with Neff (which could
have lowered the recovery prospects for the notes under the
company's proposed acquisition capital structure) to be completed.
H&E did not submit a revised proposal for the acquisition following
Neff's receipt of a superior proposal from another strategic
bidder."
RECOVERY ANALYSIS
Key analytical factors
-- While S&P believes that a reorganization of the issuer is more
likely than liquidation in a default scenario, the value of the
company is largely concentrated in its tangible assets, which is
consistent with other general construction equipment rental
companies. Therefore, S&P bases its emergence valuation of H&E on a
discrete asset valuation approach.
-- S&P's simulated default scenario assumes a payment default in
2021 as an unexpected downturn leads to an increasing number of
idle rental equipment assets, falling rental rates, and a sizeable
decline in the company's revenue and operating income.
-- S&P's discrete asset value starts with H&E's net book value as
of June 30, 2017. S&P assumes that all balance sheet accounts are
partially diluted to reflect the loss of value through additional
depreciation or expected contraction in working capital assets in
the period leading up to a hypothetical default. S&P assumes
realization rates of 75% for rental equipment, 40% for other
property and equipment, 60% for inventory, and 80% for accounts
receivable.
-- Under S&P's scenario, H&E's net asset value provides $841
million to satisfy certain priority and ABL claims of about $388
million. The residual value available is sufficient to provide
recovery expectations for the notes in the 50%-70% range (rounded
estimate: 55%), which is commensurate with a '3' recovery rating.
Simulated default assumptions
-- Simulated default year: 2021
-- S&P assumes the ABL is 60% drawn and the company purchases
rental equipment using incremental ABL borrowings.
-- All debt amounts include six months of prepetition interest.
Simplified waterfall
-- Net asset value: $841 million
-- Valuation split (obligors/nonobligors): 100%/0%
-- Priority claims: 388 million
-- Collateral value available to unsecured creditors: $453
million
-- Senior unsecured debt: $773 million
--Recovery expectations: 50%-70% (rounded estimate: 55%)
RATINGS LIST
H&E Equipment Services Inc.
Corporate Credit Rating BB-/Stable/--
New Rating
H&E Equipment Services Inc.
Senior Unsecured
Proposed $750M Notes Due 2025 BB-
Recovery Rating 3(55%)
Rating Affirmed; CreditWatch Action
To From
H&E Equipment Services Inc.
Senior Unsecured
$630M Notes Due 2022 BB- BB-/Watch Neg
Recovery Rating 3(55%) 3(55%)
HCR MANORCARE: Landlord Sues to Gain Control of Properties
----------------------------------------------------------
Soma Biswas, writing for The Wall Street Journal Pro Bankruptcy,
reported that HCR ManorCare Inc.'s landlord, publicly traded
real-estate investment trust Quality Care Properties Inc., sued to
remove the management of the operator of skilled-nursing and
assisted-living facilities and replace them with a court-appointed
receiver.
According to the report, QCP's move follows months of frustration
over unpaid rent at HCR ManorCare, even after the REIT made a deal
with the skilled-nursing-facility operator on its rent in April.
HCR ManorCare manages 292 skilled-nursing and assisted-living
facilities, the report related.
For its part, HCR ManorCare says it is spending all of its free
cash flow in rent to QCP, a spokesman for the company said, the
report further related.
Now QCP wants the court to appoint a receiver who will have the
power to collect rent from Carlyle Group-owned HCR ManorCare,
according to a lawsuit filed in a California court on August 17,
the report said.
Moreover, QCP plans to evict HCR ManorCare and find one or more new
operators for the facilities, according to the court filing, the
report added.
If HCR ManorCare files for bankruptcy, QCP would also stand behind
lenders including Centerbridge Partners LP, which in July provided
a $550 million loan to the company, in priority for payments, the
report said, citing people familiar with the matter.
About QCP
Quality Care Properties, Inc. -- http://www.qcpcorp.com/-- is one
of the nation's largest actively managed real estate companies
focused on post-acute/skilled nursing and memory care/assisted
living properties. QCP's properties are located in 29 states and
include 257 post-acute/skilled nursing properties, 61 memory
care/assisted living properties, a surgical hospital and a medical
office building.
HEAVEN FRESH: Selling Air Purifier Business, Bids Due Sept. 13
--------------------------------------------------------------
Heaven Fresh Canada Inc. has engaged MNP Ltd. to assist it in
conducting a sale process and solicit offers for the purchase of
the company's assets and going concern business.
The deadline for the submission of offers is on or before 5:00 p.m.
(Toronto Ontario time) on Sept. 13, 2017.
For more information relating to the sale process, contact:
Kent McParland
MNP Ltd.
300-111 Richmond Street West
Toronto, ON M5H 2G4
Tel: 647-775-1769
416-596-1711
Fax: 416-323-5240
Email: kent.mcparland@mnp.ca
Heaven Fresh Canada Inc. is know for its portable air ionizers and
air purifiers.
HHH FARMS: Case Summary & 5 Unsecured Creditors
-----------------------------------------------
Debtor: HHH Farms, LLC
2600 FM 2815
Bonham, TX 75418
Type of Business: HHH Farms is a small business debtor as
defined in 11 U.S.C. Section 101(51D) and
is engaged in crop farming.
Chapter 11 Petition Date: August 20, 2017
Case No.: 17-41795
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Judge: Hon. Brenda T. Rhoades
Debtor's Counsel: Robert T. DeMarco, Esq.
DEMARCO-MITCHELL, PLLC
1255 West 15th St., 805
Plano, TX 75075
Tel: 972-578-1400
Fax: 972-346-6791
E-mail: robert@demarcomitchell.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Scott Hartwell, president.
The Debtor's list of five unsecured creditors is available for free
at http://bankrupt.com/misc/txeb17-41795.pdf
HI-LO FARMS: Taps Mossy Oak Properties as Real Estate Brokers
-------------------------------------------------------------
Hi-Lo Farms, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Mississippi to hire Phil Barker, Wesley
Webb and Mossy Oak Properties of Tupelo, LLC, as real estate
professionals to list and market the Debtor's property in Monroe
County, Mississippi.
The firm will be paid a commission of 5% of the sale proceeds.
Wesley Webb attests that he and the firm are disinterested parties
and do not hold or represent any interest in the estate.
The Firm can be reached through:
Phil Barker
Wesley Webb
Mossy Oak Properties of Tupelo, LLC
5741 Hwy 45 Alternative South
West Point, MS 39773
Tel: (662) 295-1344/(662) 844-1681
Email: pbarker@mosseyoakproperties.com
wwebb@mossyoakproperties.com
About Hi-Lo Farms Inc.
Hi-Lo Farms, Inc. is a privately-held company in Gulfport,
Mississippi, which is engaged in farming. The Debtor sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Miss. Case No. 17-51239) on June 23, 2017. Martha L. Cole,
president, signed the petition. At the time of the filing, the
Debtor disclosed that it had estimated assets and liabilities of $1
million to $10 million. Judge Katharine M. Samson presides over
the case.
HYPNOTIC TAXI: Auction of Taxi Medallions Set for September 18
--------------------------------------------------------------
Maltz Auctions will hold a public auction on Sept. 18, 2017, at
11:00 a.m., at New York LaGuardia Marriott Hotel, 102-05 Ditmars
Boulevard, East Elmhurst, New York, to sell up to 46 NYC Taxi
Medallions owned by Hypnotic Taxi LLC and its debtor-affiliates.
The 46 Medallions were issued by the New York City Taxi and
Limousine Commission.
Offers for the Debtors' medallions must be filed not later than
1:00 a.m. on Sept. 11, 2017, with:
Richard Maltz, Maltz Auctions Inc.
39 Windsor Place
Central Islip, NY 11722.
Medallions are sold free and clear of all monetary liens. All
prospective bidders must include a cashier's check in the amount of
15% of the bid amount made payable to Gregory Messer, appointed as
Chapter 7 Trustee for the Debtors' jointly administered bankruptcy
estates. The Trustee reserves the right to require potentially
qualified bidders to bring an additional deposit to the live
auction to increase their respective deposit to a total of 15% of
the highest sealed bid. A 6% buyer's premium will be added to the
successful bidder's high bid to determine the contract price to be
paid by the successful bidder. In addition, a 2% commission will
be paid to any properly licensed New York City medallion broker who
registers a successful buyer in accordance with the buyer broker
guidelines.
About Hypnotic Taxi
Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015. The petition was signed by Evgeny Freidman as sole
and managing member.
Klestadt Winters Jureller Southard & Stevens LLP served as the
Debtors' counsel. Judge Carla E. Craig presides over the case.
The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.
Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.
The U.S. Trustee for Region 2 appointed three creditors to serve on
the official committee of unsecured creditors. The Committee
tapped White & Williams LLP as counsel and EisnerAmper as its
accountants and financial advisors.
According to Reuters, the Debtors' cases were converted to a
Chapter 7 liquidation on Sept. 22, 2016, after Freidman failed to
produce a realistic reorganization plan and then attempted to
publicly abandon the cabs outside the Queens office of creditor
Citibank.
Gregory Messer was appointed as Chapter 7 Trustee.
ILIANA NEUROSPINE: Hires Shaw Fishman as Bankruptcy Counsel
-----------------------------------------------------------
Iliana Neurospine Institute, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Indiana to employ
Shaw Fishman Glantz & Towbin LLC, as general bankruptcy counsel to
the Debtor.
Since the Petition Date, Gouveia & Associates, LLC has served as
the Debtor's general bankruptcy counsel, pursuant to an Order dated
January 24, 2017. Gouveia & Associates also serves as counsel for
Ronald Michael, M.D., the Debtor's managing member, in his related
chapter 11 case (no. 16-23334).
Due to the recent departure of Shawn Cox from Gouveia & Associates
and the increasing complexity of the Debtor's Case and related
litigation, the Debtor intends to substitute Shaw Fishman for
Gouveia & Associates as its general bankruptcy counsel, with
Gouveia & Associates to continue representing Ronald Michael, M.D.
in his related chapter 11 bankruptcy case.
Iliana Neurospine requires Shaw Fishman to:
a. give the Debtor legal advice with respect to its rights,
powers and duties as debtor in possession in connection
with administration of the estate, operation of its
business and management of its property;
b. assist the Debtor in the formulation and confirmation of a
chapter 11 plan and disclosure statement;
c. defend any motions to dismiss the Bankruptcy Case;
d. prepare applications, motions, complaints, orders and other
legal documents as may be necessary in connection with the
appropriate administration of the Bankruptcy Case;
e. represent the Debtor with respect to inquiries and
negotiations concerning creditors and property of the
Debtor's estate;
f. take such action as may be necessary with respect to claims
asserted against the Debtor and property of the estate;
g. participate on behalf of the Debtor in all proceedings
before the Bankruptcy Court or any other court of competent
jurisdiction; and
h. perform any and all other legal services on behalf of the
Debtor that may be required to aid in the proper
administration of Debtor's estate.
Shaw Fishman will be paid at these hourly rates:
Members $390-$725
Of Counsel $395-$475
Associates $270-$365
Paralegals $145-$220
Shaw Fishman will be paid a retainer in the amount of $15,000.
Shaw Fishman will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gordon E. Gouveia II, a member of Shaw Fishman Glantz & Towbin LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Shaw Fishman can be reached at:
Gordon E. Gouveia II, Esq.
SHAW FISHMAN GLANTZ & TOWBIN LLC
321 North Clark Street, Suite 800
Chicago, IL 60654
Tel: (312) 541-0151
Fax: (312) 980-3888
E-mail: ggouveia@shawfishman.com
About Iliana Neurospine Institute, LLC
Iliana Neurospine Institute, LLC dba Illinois Neurospine Institute
fdba successor by merger to Illinois Neurospine Institute, LLC
filed a chapter 11 petition (Bankr. N.D. Ind. Case No. 16-23444) on
Dec. 8, 2016. The petition was signed by Ronald Michael, M.D.,
managing member. The Debtor initially hired Gordon E. Gouveia,
Esq., at Gordon E. Gouveia, LLC, as general bankruptcy counsel.
The firm was later replaced by Shaw Fishman Glantz & Towbin LLC, as
counsel. Gouveia & Associates continues to serve as counsel for
Ronald Michael, M.D., the Debtor's managing member, in his related
chapter 11 case (no. 16-23334). Newpoint Advisors Corporation
serves as its financial advisor.
The Iliana Neurospine Institute case is assigned to Judge Philip J.
Klingeberger. The Debtor estimated assets and liabilities at $1
million to $10 million at the time of the filing.
Illinois Neurospine Institute, P.C., was an Illinois professional
corporation. On July 22, 2014, the assets of Illinois Neurospine
Institute were merged into Iliana Neurospine Institute, LLC, which
is the surviving entity.
Prior to the merger, Ronald Michael, M.D. was the president and
employee of Illinois Neurospine Institute, and owned 100% of its
outstanding shares. The Debtor owns 100% of the membership interest
of Iliana Neurospine Institute.
The Debtor is the entity through which Dr. Michael provides
healthcare services, resulting in the creation of accounts
receivable that funds its business operations. It is also the
primary source of the Debtor's income.
Dr. Michael is a board certified specialist in neurological
surgery. He earned A.B. and S.M. degrees from the University of
Chicago in Biological Sciences and Biochemistry, respectively in
1981 and 1984. Dr. Michael graduated from the University of
Illinois, Chicago College of Medicine in 1986 and completed
residency in neurological surgery at Northwestern University in
1993. Dr. Michael has been practicing medicine for approximately 30
years including seven years of residency training. The bulk of Dr.
Michael's work involves spine surgery. He treats patients suffering
from a variety of debilitating ailments, including degenerative and
traumatic disc disease. Dr. Michael helps his patients manage their
pain and improve their overall life.
IMAGEWARE SYSTEMS: Recognized as Top 25 Cyber Security Company
--------------------------------------------------------------
ImageWare Systems, Inc. hosted a quarterly conference call on Aug.
14, 2017, to provide a report regarding the Company's financial
condition and results from operations for the quarter ended June
30, 2017. A copy of the transcript of the call is as follows:
Operator
Good afternoon, everyone, and thank you for participating in
ImageWare Systems' Corporate Update Call to highlight their
progress since it's last update on May 10, 2017.
Joining us today are ImageWare Systems' Chairman and CEO, Mr. Jim
Miller; and the company's CFO, Mr. Wayne Wetherell. Following
their remarks, we'll open the call for your questions.
Any statements contained in this document that are not historical
facts are forward-looking statements as definedin the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
anticipates, believe, estimate, expect, forecast, intend, may,
plan, project, predict, if, should and will and similar expressions
as they relate to ImageWare Systems, Inc. are intended to identify
such forward-looking statements.
ImageWare may, from time to time, update these publicly-announced
projections, but it is not obligated to do so. Any projections of
future results of operations should not be construed in any manner
as a guarantee that such results will, in fact, occur. These
projections are subject to change and could differ materially from
final reported results.
For a discussion of such risks and uncertainties, see Risk Factors
in ImageWare's annual report on Form 10-K for the fiscal year ended
December 31, 2016, and its other reports filed with the Securities
and Exchange Commission under the Securities 3 Exchange Act of 1934
as amended.
Readers are cautioned not to place any undue reliance on these
forward-looking statements, which speak only as of the dates on
which they are made.
I would like to remind everyone that this call will be available
for replay through September 14, 2017, starting at 8:00 p.m.
Eastern tonight. A webcast replay will also be available via the
link provided in today's press release as well as available on the
company's Web site at http://www.iwsinc.com/ Any redistribution,
retransmission or rebroadcast of this call in any way without the
expressed written consent of ImageWare Systems, Inc. is strictly
prohibited.
Now I would like to turn the call over to the Chairman and Chief
Executive Officer of ImageWare Systems, Mr. Jim Miller. Sir, please
go ahead.
S. James Miller
Chairman and Chief Executive Officer
Well, thank you, Vicky, and good afternoon to everyone. As you saw
at the close of the market today, we reported financial results for
the second quarter ended June 30, 2017.
I'd like to begin today's call by speaking first about some
specific financial results for the quarter, and afterwards walk you
through some recent developments. In the second quarter of 2017,
total revenues were up 6% to $1.1 million compared to $1 million in
the second quarter of the prior year. Gross margin in the second
quarter was up 400 basis points to 76.4% from 72.4% in the same
quarter a year ago, which the increase is primarily due to greater
high-margin software licensing revenue in the quarter.
Net loss in the second quarter of 2017 was $2.5 million or negative
$0.03 per share compared to a loss of $2.1 millionor negative $0.02
per share last year.
At June 30, 2017, cash and cash equivalents totaled $0.1 million
compared to $1.6 million at December 31, 2016. As of June 30,
2017, we carried $6 million in debt compared to $2.5 million at
December 31, 2016, and we had no additional borrowing capacity
remaining on the line of credit.
We remain highly focused on expanding our business into
nongovernment sectorswhile continuing our mission to integrate our
patented Biometric Engine into the cloud and mobile markets,
principally via our GoVerifyID product. Our strategy continue to
be straightforward and correct. We rely heavily on long-term
engagements with large organizations that will partner with us as a
small company and bring our products to the world. The strategy
takes time to generate revenue, however, we believe that our
successful partnership expansions during the second and early in
the third quarters are clear evidence that we are trending in the
right direction.
First, we transitioned our long-running partnership with Fujitsu
via a multiyear agreement for marketing and sales covering Europe,
the Middle East, Africa, India and the Americas. Our new agreement
enhances Fujitsu's biometric security solutions portfolio and
allows their customers to deploy the ImageWare Systems' GoVerifyID
family of products to quickly and easily upgrade their security
processes via the Fujitsu Biometrics-as-a-Service,
Identity-as-a-Service and smart originations solutions. We view
this partnership expansion as an extremely important development on
our path to profitability, as Fujitsu will now license and actively
market and sell the IWS suite of products under the Fujitsu brand.
So we've now transitioned from simply being a technology partner
and waiting for a rollout by Fujitsu to now actually supporting
Fujitsu's marketing and sales effortsin a rollout. It is a very
important milestone.
As we have discussed before, the biometric market has been a little
slower than projected in its rollout to consumer adoption. Market
analysts, who predicted critical mass and time periods, such as
2015 to '16, had now moved their projections to a time period that
has now started in parts of the world and for the rest of the world
in late '17 and early '18. Now this kind of market evolution is
not new, should think literally of any new technology that becomes
a product from color TV to cable TV, from the PC itself to the cell
phone, they all took time to roll out. There were no immediate
hits. And while frustrating for investors, and your management are
also investors, please keep in mind 2 things. One, take a breath.
The slower- than-expected projected rollout in the consumer market
has impacted all players in the space, IWS and all others without
exception. The good news is that the rollout is definitely
underway now. Second, many potential customers spent the time
planning and studying what is required to successfully deploy
large- scale systems. And now smarter and wiser about their own
requirements and how best to successfully navigate to get their
employees or customers using what is still new technology and
evolving products, are moving to the sales of those products.
At ImageWare, we think this bodes well for us particularly. For
now, they understand that the infrastructure we have built are
patented, powerful, scalable, agnostic and secure Biometric Engine,
coupled with our GoVerifyID for enterprise and commercial consumer,
integrate to provide the industry's only turnkey biometric
authentication system capable of scaling into the tens and hundreds
of millions.
As an industry executive said last week, there are many, many
options for collecting biometric data at the front-end, but only 1
product that provides the infrastructure in a timely fashion at the
back-end, and that is the IWS platform. We remain, not only
optimistic, but downright confident in our future. As many of you
saw from the press release Fujitsu put out on July 19, we have
converted our technology partnership to a full-blown sales and
marketing partnership in the Americas, Europe, Middle East, Africa
and India. We will shortly sign similar agreement covering the
Asia-Pacific region,where we have already deployed our multitenant
algorithm agnostic biometric system in full support of Fujitsu's
sales efforts ahead of the formal partner -- paperwork
partnership.
In the EMEA region, Fujitsu is now fully trained and has aggressive
sales efforts in high gear with some very exciting opportunities
and in active sales discussions with customers. In the Americas,
Fujitsu and we announced the new phase of our partnership in the
last 3 weeks. And in that time, we've conducted product training,
and are pleased to report that due to the potential in the market,
Fujitsu is already expanding its sales force in the Americas
region.
We're particularly excited about Fujitsu's announcement of a
federated identity system to be delivered to several large
corporations scheduled for initial delivery late in this current
quarter. These companies who are leaders in the telco and
financial services space will provide their customers with
biometric authenticated identity management using Fujitsu's
Biometrics-as-a-Service products, which is anchored by the IWS
Biometric Engine and the GoVerifyID products in a project that will
involve millions of users.
On other fronts, our partners at IBM have advised us that our
patented Biometric Engine will be included in the next version of
IBM's IAM, one of the premier identity management products in the
world and one used by a number of Global 50 companies, such as
AT&T. This means that when an IAM customer desires biometrics,
they can use the IWS Biometric Engine and GoVerifyID to become
biometrically-enabled using their choice of biometric modalities.
And they will also be able to change those biometrics at will as
their needs change going forward.
At HP, our partners have advised that they're in the closing stages
on the first sale of our products. This, to a commercial customer
in the Asia-Pacific region, who will commence operations with
100,000 users and ramp up to 1.5 million users total.
Also at HP, there are several other very exciting initiatives in
the planning process involving GoVerifyID products both with HP
Aruba and with the HP Enterprise.
With our partners at SAP, we are working on finalizing the
marketing materials for a campaign geared to their top customers
that will kick off in the early fall.
At FEMSA, we are now working to move enrollment to retail employees
that represent a larger portion of their corporate workforce. So
as you can see, there's a lot underway. And there's a lot underway
because the industry is now hitting inflection. It's been a long
journey but we're nearing the destination.
During the quarter, we partnered with Info X Distribution, a global
distributor of storage and networking solutions to market and
resell our GoVerifyID enterprise suite and SaaS solutions. This
partner broadens our reach to thousands of additional resellers as
Info X will actively market our GoVerifyID suite of products
throughout North Americawith special emphasis on small- and
medium-sized businesses.
During the quarter, we finished our final beta testing of our
FDA-approved pillphone product, an IWS application that combines
medical adherence and information while securedby biometrics. This
very successful test, conducted with a world-renowned asthma
clinic, has cleared away for launch later this month with the
quality reference customer in place.
We are also proud to announce that we have finalized the
integration of our identity management in credentialing software
into 5 Alaskan airports. As you may recall from our last update,
this was the third agreement in which an airport has entrusted our
multimodal biometric authentication software to confirm the
identity and background of their employees. More importantly, this
engagement further validates the strong position of the ImageWare
brand in the biometric landscape.
Further, speaking to our position during the quarter, we were
honored to be recognized by CIO Applications, a technology print
magazine, as the Top 25 Cyber Security Company for 2017, based on
the GoVerifyID Enterprise Suite offering. I'd like to remind our
listeners that the GoVerifyID Enterprise Suite is the first ever
end-to-end biometric platform that seamlessly integrates with an
enterprise's existing Microsoft authentication ecosystem. It
offers businesses a turnkey solution for quick deployment and
provides organizations with a wide choice of biometrics.
Our successful implementation and partnership expansions these last
few months are a strong reflection of the momentum we're beginning
to see in the business. And as we've said many times on these
calls, the process we take with each partner is unique to that
specific partner. It's thoughtful, deliberate, cautious and cannot
be short-cut. And as we've also said often, it's not a light
switch that you turn on with immediate results. Now seeing a
global, a regional sales campaign, is not a casual endeavor, and
each of our partners has their own process to navigate prior to
going to market.
We also remind our listeners that all of the GoVerifyID and CloudID
transactions are done on a Software- as-a-Service basis. This
means that ImageWare will receive monthly revenues for each and
every identity under management of our products. We think our
partner strategy is the correct one, and that more than ever, we're
in the right place at the right time with the right products. We
remain extremely confident, based on our discussions with our
partners and our understanding of the companies our partners are
speaking to, regarding to the use of the products. And that these
partnerships are now on the very cusp of paying significant
dividends. And with that, we'll open the floor for questions.
Question and Answer
Operator
[Operator Instructions] We'll go first to Rob Stone with Cowen and
Company.
Robert Warren Stone
Cowen and Company, LLC, Research Division
I wanted to ask first about when should we anticipate the time to
revenue might be for some of these early engagements that you just
described?
S. James Miller
Chairman and Chief Executive Officer
Sure, Rob. It's a really good question. It's going to vary
depending on the region. Let's just start with Fujitsu. The EMEA
region, so Europe, Middle East, India, Africa is out a bit in front
of the Americas, just timing-wise. We did the marketing and sales
deal with the European groups earlier, so they got off to a faster
start, trained quicker in the market faster. Certain things in
Europe requiring some accelerated implementation of security
measures, particularly in banking and health care situations, so I
-- we would expect that of things like Fujitsu, you will see
revenues start first in Europe. We believe, based on our
conversations with our partner, they will start this year, in the
fourth quarter. The Americas, just behind it but no less powerful
in the potential. In fact, the Americas, of course, are referred
to the federated identity system, which is the original vision of
this company and why we built a product such as the Biometric
Engine. The idea that 1 identity could be used across multiple
different companies for security and ease-of-use by a customer is
now coming to reality. And as Fujitsu said, not ImageWare, Fujitsu
said in their press release, delivery is scheduled for the initial
product in this current quarter. So I think what that means is,
realistically, revenue in Q4 or beyond. So we expect Fujitsu to
start up here this year with the revenues. Other partners like, as
I referred to in the remarks just now, HP is closing in on their
first deal in Asia. We believe we'll see that this quarter
actually based on, again, advice from our partners. IBM, a little
tougher to predict revenue at this point because the product is
just finishing certification, is going to go out to the market
later in the -- late August, early September time frame. There are
a number of other initiatives that are out there, from the
pillphone to just our own sales efforts with GoVerifyID that are in
various stages of finishing things up. But we have a number of
things that are right on the edge of going to a contract and,
therefore, to revenue. So we're expecting to see revenue from that
over the next couple of months and in this year as well.
Robert Warren Stone
Cowen and Company, LLC, Research Division
Good. So in the meantime, you noted that the level of cash on the
balance sheet is quite low and you've tapped out your current
borrowing facility. So what are your plans to manage liquidity and
operating funds in the meantime?
S. James Miller
Chairman and Chief Executive Officer
Yes. A couple of different things that we're pursuing. We are
taking a look at doing what I will refer to as a tactical
financing. By that, I mean a smaller financing that we believe
will get us from here to the place where revenue generates in a
positive way inside the company and we can fund our requirements
through the sales of products. In the meantime, we have also been
in discussions with strategic partners about investments. And we
have had several existing shareholders that have stepped up to fund
the company in the short term as it needs capital.
Robert Warren Stone
Cowen and Company, LLC, Research Division
So do you feel that the -- based on your dialogue with customers
at this point, is the state of the balance sheet something that's
-- may complicate closing these pending deals? Or are they
comfortable with the situation, your cash needs in the short term?
S. James Miller
Chairman and Chief Executive Officer
Yes. So far, comfortable, and will not complicate closing the
deals that I just spoke of, no.
Operator
[Operator Instructions] We'll go next to Harvey Kohn with HRK
Strategic Advisory.
Harvey R. Kohn
This is going to be short because I had 4 questions and you
answered, really, well, 4 of them answered. I just -- I know this
is going to be a little repetitive but I have to say, it seems to
me to be the obvious if you think you've answered it well that's
okay. But we've heard things like -- this before from our friends
at Fujitsu,and yet have not resulted in any revenues. And I'm just
curious why you're so comfortable at this stage? Or what you think
the difference is?
S. James Miller
Chairman and Chief Executive Officer
Well, thank you. It's a fair question. But I would respectfully
disagree. We have never heard this from Fujitsu before. That
seems to be a misimpression in the investor group at ImageWare.
What you've seen before from Fujitsu is agreement to be
technological partners, to work with the products to see if there's
some situational ability to move them into market, but to learn
whether or not we are going to be good partners going forward.
That processis now fully completed, products are fully integrated.
And for the first time ever, Fujitsu is going to market in a big,
broad, consistent way with a product,Biometric-as-a- Service, and
another product, Identity-as-a-Service, that at the very core of
which is netted into -- is the Biometric Engine and the GoVerifyID
products. So we have never before had a company that is willingto
put their brand name, and I want to stress that, I think that's a
very, very, very key point. By the way, I don't think you can find
another company out there, either, that's had that happened to
them, that is an OEM or the ability of a product to be taken by a
company and sold them through its brand name. That's different
than just a casual reseller agreement or even a technological
partner agreement. This is a company that has plenty of optionsin
the world. They considered them. They built a marketing and sales
plan, they assessed the situation and felt the market was right.
They assessed the return on investment and felt it was handsome and
profitable enough to proceed spending their money to market,
essentially, our product. And they're in the process of doing
that. So I, again, respectfully dissent. I just -- this is a
first for this company, and it's an enormously big and powerful
milestone. This is why we targeted a partner like Fujitsu. They
are big. They are reputable. They are formidable. They know how
to do these things and they are now throwing the entire weight of
their corporation, in a number of regions around the world, behind
our products. So we believe that good things will occur here in the
very short term from that.
Operator
We'll go next to Robert London with London Family Trust.
Robert London
[Audio Gap] What they think sort of with their budgeting, what the
forecast are for EMEA and for the Americas. And as I understand
it, they'll also be launching in Japan next month?
S. James Miller
Chairman and Chief Executive Officer
There's different regions, Asia Pacific is broken up into different
regions. So it's more of a serial -- it's a serial move through a
number of regions that end in the Japan market. There are a number
of factors, most of which actually don't involve ImageWare, that is
the rolloutof the K5 Cloud and some other products that they're
selling along with this effort. So those things have to all fall
into place in the regions, and that triggers the rollout of the
products.
Robert London
But you'll be in all 5 regions so, is that what you're saying?
S. James Miller
Chairman and Chief Executive Officer
It is. The company has advisedus that they are proceeding to a
global launch, yes.
Robert London
As I understand that in [indiscernible] twice the size of the U.S.
and Japan is like 6x the size of the U.S.
S. James Miller
Chairman and Chief Executive Officer
Well, yes. That's -- I think that sounds more or less correct,
Bob. But keep in mind, that's a market with a lot of different
products and not Biometrics solely. So I think you'll still see --
I think Japan is an amazingly high potential market, of course,but
the Americas is a huge opportunity. And the Europe, Middle East,
India, Africa market, again, for reasons that are unique to those
areas, there are some security regulations and rules that are
causing people to accelerate their adoption, which we and Fujitsu
will accelerate sales.
Robert London
Great. And has Fujitsu shared with you what date they'll be giving
you some budgets or some ideas? Or any kind of indication of what
they think they can do?
S. James Miller
Chairman and Chief Executive Officer
Yes. They've - they are -- they believe the market is extremely
high, high sales, highly profitable market. Other than that
specific numbers, they have not released to the public. So I'm not
in a position to release them. They, too, are a public company so
we have to respect that. But look, they're pretty fired up about
this marketplace, so we're pretty fired up about this marketplace.
And they're putting their money where their mouth is, by the way.
And any of our listeners, who have operated the business know that
starting and prosecuting a global sales effort is not an
inexpensive endeavor.
Robert London
All right. Have they told you how many salesman do they have that
they're -- that will be selling Biometrics-as-a-Service?
S. James Miller
Chairman and Chief Executive Officer
Well, I believe in the Americas they now have 24, and they're going
to increase to 30. And Bob I'm not certain it's that number or --
the bigger number in the Europe, Middle East, India, Africa market,
that large geographical region, so that just makes sense there.
But there's a lot of folks. And then of course, those folks will
support it, those are just the sales people. There's a marketing
effort,there's a -- there's customer support effort, there's a
sales and marketing support effort. It's a big effort, really
big.
Robert London
Right. Yes. And then just one more question. Jim, could you talk
a little bit more about this federated identity project? It sounds
like they -- and as said in the press release, several major
players. Could you give us any, kind of, color on that, and any
kind of idea of numbers or pricing or -- what can you tell us about
that?
S. James Miller
Chairman and Chief Executive Officer
Well, it's -- the federated identity system, as simply put, is the
concept of taking 1 vetted enrolled biometric entity and using it
across a variety of other tenants or other companies. So if I have
your biometric identity enrolled, I can, as a company you are doing
business with, with your permission, of course, use it to -- for
other partners, who might also want to use biometric authentication
for your ease of use and security. So in that way, you get a
tremendous acceleration of identities managed, and of course, you
are paid for each of those by each of those companies. So it's also
a pretty big expansion of the sales pool as well. It was, as I
said earlier today, the original vision of this company. So we are
really excited and proud that it's being rolled out, pretty much in
a fashion that we imagine that it would be. And of course, the
Biometric Engine platform being built for this use is the perfect
choice to anchor it, which it is going to. Beyond that, Fujitsu
and we have agreed to just characterize it as a major telco at this
point, along with a major financial services company. Those folks
might be joined by other people as this goes along. But all this
is -- we are scheduled to make an initial delivery this quarter as
Fujitsu said in their release, and we are on track to do that. So
all these identities of these folks will be revealed. As -- I
don't think Bob that anybody has published the pricing on this that
we're anticipating yet. So again, I'm not going to go somewhere
that our agreements with all the parties here prohibit us from
going to. But we -- it is a 50-50 revenue split with our partners
at Fujitsu. And folks should think in the -- in that $0.40 to
$0.50 range that we've talked about often before.
Robert London
A month, $0.40 to $0.50 a month?
S. James Miller
Chairman and Chief Executive Officer
That is correct. And then that's a...
Robert London
How about the number of identities, will they share -- can we share
that? Or is that still...
S. James Miller
Chairman and Chief Executive Officer
No. Right now, our partners are comfortable with saying it's
millions of identities that are projected. That's it. It's a big
number.
Operator
At this time this concludes our question-and-answer session. I
would now like to turn the call back over to Mr. Miller for
closingremarks.
S. James Miller
Chairman and Chief Executive Officer
Thank you, Vicky. We've often talked about the process of
technology adoption and how it cannot be short-cut. And while we
all think it should somehow go faster, replacing a 50-year protocol
known as PINs and passwords, which in turn, represents 50 years of
behavior and systems design, is a process that's just not easy.
Whether it's our personalized or our efforts at buildinga business
change is stubborn. But the unmistakable signs of it are always
there for the astute observer. They can see it, and they realize
it's afoot.
Our partner companies see it, too. And that's why they have
selected the IWS products and solutions to go to market now.
They've selected our products because they're the best-in-class and
they respond to the reason for change. They're going to market
becausethey see that the market is ready for adoption of this new,
more secure and easier to use method of security. And make no
mistake, at the end of the day, they go to market with the IWS for
only 1 real reason, they believe it's an enormous opportunity, and
the time to go after its revenue is now, more than ever in our
history. We emphatically agree. And we encourage all investors,
current and prospective, to think about that as they consider the
options in this industry and with respect to IWS. As everyday it
becomes clear that biometric authentication of our identity is a
big, visible market whose time has come and is here to stay. And
that our products will play a foundational role as it proceeds.
As always, we'd like to thank everyone for joining and appreciate
your time and ongoing support. We're looking forward to speaking
to you along the way and in our next quarterly call. Thank you,
and we bid a good afternoon to all of you.
Operator
That does conclude today's conference call. Thank you for your
participation. You may now disconnect.
About ImageWare Systems
Headquartered in San Diego, California, ImageWare Systems, Inc., is
a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization. Its "flagship" product
is the IWS Biometric Engine. Scalable for small city business or
worldwide deployment, the Company's biometric engine is a
multi-biometric platform that is hardware and algorithm
independent, enabling the enrollment and management of unlimited
population sizes. The Company's identification products are used
to manage and issue secure credentials, including national IDs,
passports, driver licenses, smart cards and access control
credentials. Its law enforcement products provide law enforcement
with integrated mug shot, fingerprint LiveScan and investigative
capabilities. The Company also provides comprehensive
authentication security software.
Imageware Systems reported a net loss available to common
shareholders of $10.87 million on $3.81 million of revenues for the
year ended Dec. 31, 2016, compared to a net loss available to
common stockholders of $9.59 million on $4.76 million of revenues
for the year ended Dec. 31, 2015.
As of June 30, 2017, Imageware had $4.25 million in total assets,
$9.83 million in total liabilities and a total shareholders'
deficit of $5.58 million.
Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has incurred recurring operating losses and is
dependent on additional financing to fund operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
INFINIA CORP: Trustee's Sale of Remnant Assets for $4K Approved
---------------------------------------------------------------
Judge William T. Thurman the U.S. Bankruptcy Court for the District
of Utah authorized Gil A. Miller, the Liquidating Trustee of
Infinia Corp. and Powerplay Solar I, LLC, to sell remnant assets to
Oak Point for $4,000.
The sale is free and clear of any and all liens, claims, and
encumbrances.
The 14-day stay under Bankruptcy Rule 6004(h) is waived.
About Infinia Corp.
Infinia Corp. and subsidiary Powerplay Solar I LLC, the owners of a
solar generation project in Yuma, Arizona, commenced Chapter 11
cases (Bankr. D. Utah Case No. 13-30688) on Sept. 17, 2013, to sell
the facility to their lender. The Debtors estimated assets and
debts of at least $10 million.
Infinia Corp. is represented by George Hoffman, Esq., Steven C.
Strong, Esq. and Victor P. Copeland, Esq. -- gbh@pkhlaywers.com and
scs@pkhlawyers.com -- of Parsons Kinghorn Harris. PowerPlay Solar
I is represented by Troy J. Aramburu, Esq. and Jeff D. Tuttle, Esq.
-- taramburu@swlaw.com and jtuttle@swlaw.com -- of
Snell & Wilmer L.L.P.
A four-member panel has been appointed in the case as the official
unsecured creditors committee, composed of Petersen Incorporated,
Intertek Testing Services, NA, Inc., ATL Technology, LLC, and
LeanWerks.
On April 14, 2014, the Court confirmed the Debtors' Chapter 11 Plan
of Liquidation. The effective date of the Plan was May 14, 2014.
Pursuant to the Plan, Gil A. Miller became the Liquidating Trustee
of the Debtors' consolidated bankruptcy estate on the Effective
Date.
Attorneys for the Liquidating Trustee:
George Hofmann
Steven C. Strong
Patrick E. Johnson
COHNE KINGHORN, P.C.
111 East Broadway, 11th Floor
Salt Lake City, Utah 84111
Telephone: (801) 363-4300
E-mail: ghoffman@cohnekinghorn.com
sstrong@cohnekinghorn.com
pjohnson@cohnekinghorn.com
J.G. NASCON: Sale of John Deere 544J Loader for $42.5K Approved
---------------------------------------------------------------
Judge Magdeline D. Coleman of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania authorized J.G. Nascon, Inc.'s
sale of 2004 John Deere 544J Loader with s/n DW544JT590799 to Peak
Equipment, LLC for $42,500.
The sale is "as is, where is," without warranties, and free and
clear of any and all liens, encumbrances, interests and claims.
The receipt of the sum of $42,500 by wire or official bank check
from the Buyer will be a condition precedent to the closing of the
sale of the 5441 Leader. At the closing of the sale of the 544J
Loader, the Buyer will pay to M&T Bank directly, by wire in
accordance with the instructions, the sum of $36,125 and will pay
the balance of the Purchase Price (i.e., $6,375) to the Debtor.
Notwithstanding anything to the contrary in the Motion or the
Order, the 544J Loader will remain subject to any and all liens and
encumbrances held by M&T Bank unless M&T Bank is paid the Sale
Payment at the closing of its sale. The Sale Payment will be
applied by the Lender to reduce the outstanding principal balance
due and owing to M&T Bank in connection with the JG Nascon Loans.
Nothing in the Motion or the Order will alter or relieve the Debtor
of its obligation to make all adequate protection payments to M&T
Bank when due in accordance with the terms of any cash collateral
order entered by the Court. If M&T Bank receives payments from the
Debtor as set forth at closing, M&T Bank will be deemed to have
consented to the sale and the 544J Loader will be sold to Buyer
free and clear of any liens or encumbrances held by M&T Bank.
The stay provisions set forth in Federal Rule of Bankruptcy
Procedure 6004(h) are waived and closing may occur immediately.
About J.G. Nascon
J.G. Nascon, Inc., is a heavy and highway construction property
located in Eddystone, Pennsylvania, providing full-service site
contracting to the tri-state region. As of Dec. 4, 2015, the
company has approximately 25 employees.
J.G. Nascon sought Chapter 11 protection (Bankr. E.D. Pa. Case No.
15-18704) on Dec. 4, 2015, in Philadelphia. The Debtor estimated
$1 million to $10 million in assets and debt.
The Debtor tapped Albert A. Ciardi, III, Esq., and Jennifer E.
Cranston, Esq., at Ciardi Ciardi & Astin, P.C., as attorneys.
JACK BRESLIN: Chap. 11 Examiner Files Initial Report
----------------------------------------------------
Edward M. Burr, Jr., the Chapter 11 Examiner for the bankruptcy
estate of Jack L. Breslin and Julie A. Breslin, files with the U.S.
Bankruptcy Court for the District of Nevada an initial report on
the Debtors' assets and liabilities.
The Examiner reported that the Debtors' assets consists of:
A. Real property:
1895 Three Kings Drive, Park City, UT, which the Debtors allege as
their primary residence, and subject to a $550,000 homestead
exemption. The Debtors estimated the value of the Three Kings Drive
property to be $1.8 million while Zillow estimates the value at
$982,021.
The Examiner suggested that a real estate appraisal be performed on
the property since there is a large discrepancy between the
Debtors' estimated value and the Zillow estimate. The Examiner also
recommended that a court ruling on questions concerning the
allowance of the homestead exemption for a property located in Utah
may be necessary. In addition, the Examiner recommended that a
ruling on the legitimacy and amount of the Walt Breslin lien may be
needed as well since this has been questioned. The Examiner
believed that it is possible that the Walt Breslin loan could be
paid from the EP Decatur property, which would release the second
lien on the Three Kings Drive property.
Property in Lamoille, NV / Elko County - The Debtors' schedules
reflect real property located in Lamoille, NV / Elko County, with
an estimated value of $280,000.
The Debtors' schedules also listed a 50% ownership interest in an
entity called Pleasant Valley Properties, which appears to directly
own the land in Lamoille, not the Debtors directly. The Debtors'
counsel has confirmed that the Lamoille property is the same as
what is owned by Pleasant Valley Property, and therefore the
Examiner recommended that amendment of the Schedules to reflect the
correct property ownership.
B. Personal property:
(a) 1971 Ford Bronco, which is registered in the State of
Utah, in the name of Jack L. Breslin. The Debtors estimated the
value of this vehicle to be $25,000 and there does not appear to be
any debt associated with this vehicle. The Debtor is alleging that
the full value of this vehicle is exempt.
(b) 2004 and 2008 Harley Davidson Motorcycles. The Debtor
scheduled 2 Harley Davidson motorcycles with a value of $8,000 for
the 2004 HD and $11,000 for the 2008 HD. There does not appear to
be any debt associated with these assets. The Debtor is alleging
that the 2008 HD has a $5,000 exemption. The Examiner reported that
the value of these vehicles has not been independently verified.
(c) Julie Breslin drives a 2014 Jeep Grand Cherokee which is
registered in the state of Utah in the name of "Breslin Builder or
Jack L. Breslin".
(d) 2014 Ford F-150 which Mr. Breslin drives and is registered
in the name of Breslin Builders based upon the Nevada Department of
Motor Vehicle registration.
The Examiner also reported that the site inspection and
verification was not completed because most of the assets are
located primarily in Utah.
The Breslin Family Trust was established by the Debtors on February
14, 2001 and amended in 2003. According to documentation received
by Debtors' counsel, the assets held in the Breslin Family Trust
consist of the following assets and interests:
-- CBS I, LLC
-- CBS I Credit, LLC
-- EP Decatur, LP
-- IDC Craig & Jones, LLC
-- IDC Decatur, LLC
-- IDC Mission Paseo, LLC
-- IDC Windmill Durango, LLC
-- Windmill Durango, LLC
-- Windmill Durango Office II, LLC
-- Windmill Durango Office, LLC
-- Impact Development
-- 1 Arroyo - Residence
-- 1895 Three Kings Way Dr. - vacation property
-- Pleasant Valley Properties, LLC (assigned to the
Breslin Family Trust from the Debtors in August 2001)
Further, according to documentation provided by Debtors' counsel,
the assets owned by the Debtors directly consists of the
following:
-- CWS Contractors, LLC (JLB Investments)
-- Roaring Fork Scottsdale, LLC / 1112 West LLC
-- Desert Lakes Apartments
-- Founders IV
-- Timbers Hospitality Group
-- Timbers Management Group
-- Falcon 20, LLC
-- SRP Plaza, LP
The Examiner described that the liabilities of the Debtors consist
of some auto loans and other secured loans, a claim from the IRS,
an unsecured line of credit and a variety of judgments and
guarantee claims related to the entities in which the Debtors have
an interest.
The Examiner disclosed that Wells Fargo has a line of credit of
approximately $1 million that is secured with a lien on the Three
Kings Drive property. The Examiner further disclosed Walt Breslin
(Jack Breslin's father) has a second lien on the Three Kings Drive
property in the amount of $850,000 (plus any accrued and unpaid
interest). According to a January 9, 2017 Wells Fargo Account
Statement, the ending balance was $1,002,677.
A full-text copy of the Examiner's Initial Report dated August 14,
2017 is available at https://is.gd/s7kJcl
The Chapter 11 bankruptcy case is, In re Jack L. Breslin and Julie
A. Breslin (Bankr. D. Nev. Case No. 17-10173-mkn), which the
Debtors filed on January 13, 2017. Mr. Breslin is employed by B&R
Builders, Inc. (dba Breslin Builders) and the Debtors own 70% of
B&R Builders. Breslin Builders is a design-build general contractor
located in Las Vegas. Mr. Breslin resides in Las Vegas, during the
week, in a house owned by his father, Walt Breslin. Mrs. Breslin is
not employed and resides in Park City, UT.
JRD CONTRACTING: Taps Galloway Wettermark as Legal Counsel
----------------------------------------------------------
JRD Contracting & Land Clearing, Inc. and JRD Contracting, Inc.
have filed separate applications seeking approval from the U.S.
Bankruptcy Court for the Southern District of Alabama to hire legal
counsel.
The Debtors propose to employ Galloway, Wettermark, Everest &
Rutens, LLP to give legal advice regarding their duties under the
Bankruptcy Code and provide other legal services related to their
Chapter 11 cases.
Galloway does not represent any interest adverse to the Debtors or
their estates, according to court filings.
The firm can be reached through:
Robert M. Galloway, Esq.
Galloway, Wettermark, Everest & Rutens, LLP
P.O. Box 16629
Mobile, AL 36616-0629
Tel: (251) 476-4493
Email: bgalloway@gallowayllp.com
About JRD Contracting
JRD Contracting & Land Clearing, Inc. and JRD Contracting, Inc.
specialize in highway and street construction. The Debtors sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Ala. Case Nos. 17-03032 and 17-03034) on August 14, 2017. John R.
Dailey, Jr., president, signed the petitions.
At the time of the filing, JRD Contracting & Land Clearing
disclosed that it had estimated assets of less than $1 million and
liabilities of $1 million to $10 million. Meanwhile, JRD
Contracting Inc. had estimated assets of less than $500,000.
KELLERMEYER BERGENSONS: Moody's Affirms B3 CFR; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Kellermeyer Bergensons Services,
LLC's B3 Corporate Family Rating (CFR) and B3-PD Probability of
Default Rating (PDR). Moody's also affirmed the B2 rating on the
company's amended and upsized first lien senior secured credit
facilities, consisting of a $205 million (outstanding) term loan
due 2021 and a $45 million revolving credit facility expiring in
2019, and the Caa2 rating on $55 million second lien senior secured
term loan due 2022. The rating outlook is stable.
KBS has amended its existing first lien credit facilities, by
upsizing the term loan by $50 million to $205 million and the
revolver by $15 million to $45 million. The proceeds from the term
loan add-on were used to fund the acquisition of Varsity Facility
Services, a provider of janitorial services, covering the corporate
campus, distribution, banking, religious institutions, healthcare
and education end-markets. The acquisition will increase the
combined company's revenue scale to approximately $600 million,
enhance its geographic footprint, improve diversification of the
end markets, while reducing exposure to the department store retail
channel, which is pressured by multiple store closures. However,
Moody's notes that the acquisition could present potential
integration risks or result in lower than expected synergy
realization. The transaction is slightly deleveraging of the
company's balance sheet as Moody's-adjusted pro forma debt to
EBITDA is expected to decline to 5.9x from 6.1x estimated at June
30, 2017. Additionally, as a part of the transaction, KBS amended
its total leverage financial covenant by increasing the required
covenant levels to improve the EBITDA cushion and provide more
flexibility, which Moody's believes will improve liquidity. The
EBITA to interest coverage pro forma for the transaction is
estimated at 1.4x, which is in line with the rating.
Moody's recognizes that revenue growth and the ability to partially
mitigate wage pressures has reduced the company's leverage ratio
over recent years. However, the rating affirmation reflects Moody's
view that KBS' weak free cash flow generation, high leverage,
exposure to pressures in the retail end market, and potential event
risks associated with private equity ownership appropriately
position the CFR at B3 given the company's operating profile.
The following rating actions were taken:
Issuer: Kellermeyer Bergensons Services, LLC:
Corporate Family Rating, affirmed at B3
Probability of Default Rating, affirmed at B3-PD
Amended $205 million (including $50 million add-on) first lien
senior secured term loan due 2021, affirmed at B2 (LGD3)
Amended $45 million (including $15 million upsize) first lien
senior secured revolving credit facility expiring in 2019, affirmed
at B2 (LGD3)
$55 million second lien senior secured term loan due 2022, affirmed
at Caa2 (LGD5)
The rating outlook is stable
RATINGS RATIONALE
KBS's B3 CFR reflects the company's modest revenue size and scale
compared to some of its rated business and consumer services peers,
high debt leverage and relatively weak interest coverage. KBS'
credit profile is also negatively affected by potential wage
pressures, high customer concentration and exposure to a retail
channel where shifts in consumer buying habits are leading to a
reduction in store counts for some traditional retailers. The
rating also reflects potential event risks associated with
shareholder-friendly actions given the company's private equity
ownership including the debt-funded acquisitions and shareholder
distributions. The rating is supported by the non-discretionary
nature of KBS' janitorial services, the company's broad geographic
footprint across the United States, long-term relationships with
its customers, and increasing outsourcing trends. These features
lend some stability to revenue, but Moody's believes shifts in the
retail landscape and cyclical downturns create risk of price and
volume pressure.
The stable rating outlook reflects Moody's expectation that an
expanding economy and recent new customer wins will support modest
revenue growth over the next 12 to 18 months, that KBS will
maintain a stable EBITDA margin, and successfully integrate the
acquired business.
KBS has an adequate liquidity position, supported by Moody's
expectations for good availability under its upsized $45 million
revolving credit facility expiring in October 2019, and increased
flexibility under its total net leverage financial covenant
following the amendment. However, the company's liquidity is
constrained by its low cash balances and weak free cash flow
generation.
Upward rating pressure could occur if the company profitably
improves its revenue size and operating scale while generating
strong free cash flow, if adjusted EBITA to interest coverage
increases above 2.0x and debt to EBITDA leverage is sustained
comfortably below 6.0x. KBS would also need to maintain
conservative financial policies and good liquidity to be upgraded.
The ratings could be lowered if Moody's expects diminished revenues
or profits, due to customer losses or pricing pressures, to cause
leverage to increase. Liquidity deterioration, a debt-financed
acquisition or shareholder distribution could also pressure the
ratings.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Kellermeyer Bergensons Services, LLC, based in Maumee, Ohio and
Oceanside, California, is a national provider of outsourced
janitorial services primarily to the retail industry. The company
serves over 25,000 customer locations across 50 states, Puerto Rico
and Canada. KBS was created as a result of a merger between
Kellermeyer Building Services (founded in 1967) and Bergensons
Property Services (founded in 1984) in 2011. The company is
majority owned by GI Partners since 2014. In the LTM period ending
June 30, 2017, KBS generated approximately $465 million in
revenues.
LEGACY RESERVES: S&P Retains CCC Issue Level Rating
---------------------------------------------------
S&P Global Ratings said that it revised the recovery rating on
U.S.-based exploration and production (E&P) company Legacy Reserves
L.P.'s senior secured second-lien term loan to '3' from '4', which
indicates its expectation of meaningful (50% to 70%; rounded
estimate: 60%) recovery in the event of default. The issue-level
rating remains 'CCC'.
The issue-level rating on the company's senior unsecured debt
remains 'CC' with a recovery rating of '6' reflecting our
expectations of negligible (0% to 10%; rounded estimate: 0%)
recovery in the event of default.
S&P said, "We revised the recovery rating based on our updated
estimate of enterprise value. We based our valuation on Legacy's
company-provided, year-end 2016 PV10 report using our recovery
price deck assumptions of $50 per barrel for West Texas
Intermediate crude oil and $3.00 per million British thermal units
for Henry hub natural gas."
RATINGS LIST
Ratings Affirmed
Legacy Reserves L.P.
Corporate credit rating CCC/Negative/--
Legacy Reserves L.P.
Legacy Reserves Finance Corp.
Senior Unsecured CC
Recovery rating 6(0%)
Ratings Affirmed; Recovery Rating Revised
To From
Legacy Reserves L.P.
Senior Secured
2nd-lien term loan due 2021 CCC CCC
Recovery rating 3(60%) 4(45%)
MARCANTONIO ENTERPRISES: Case Summary & Unsecured Creditor
----------------------------------------------------------
Debtor: Marcantonio Enterprises, LLC
7765 FM 482
New Braunfels, TX 78132
Type of Business: Marcantonio Enterprises is a small business
debtor as defined in 11 U.S.C. Sec. 101(51D).
Chapter 11 Petition Date: August 18, 2017
Case No.: 17-51968
Court: United States Bankruptcy Court
Western District of Texas (San Antonio)
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: Anthony H. Hervol, Esq.
LAW OFFICE OF H. ANTHONY HERVOL
4414 Centerview Dr, Suite 200
San Antonio, TX 78228
Tel: (210) 522-9500
Fax: (210) 522-0205
E-mail: hervol@sbcglobal.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ralph M. Marcantonio, member.
The Debtor's list of 20 largest unsecured creditors has a lone
entry: Stellar Restoration Services, LLC, with unsecured claim of
$276,300.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txwb17-51968.pdf
MODERN CONTINENTAL: Sale of Membership Interests Heard
------------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts held a hearing on Modern Continental
Construction Co.'s sale of property.
The Debtor proposed to sell the Membership Interests free and clear
of liens and claims held by Afianzadora Insurgentes, S.A. De C.V.
and Economy Fire and Casualty Co.
The Debtor's counsel will file an affidavit attesting to service of
the Motion and will submit a proposed order to the Court.
Thereafter, the Motion will be granted.
About Modern Continental
Modern Continental Construction Co. --
http://www.moderncontinental.com/-- of Cambridge, Massachusetts
was established in 1967 when its founders, Lelio "Les" Marino and
Kenneth Anderson, earned a small contract for the construction of a
sidewalk in the town of Peabody. Since then, the company has
blossomed into a multi-faceted organization which is highly
respected throughout the construction industry, and is ranked among
the top contractors in the country.
The company filed for Chapter protection (Bankr. D. Mass. Case No.
08-14558) on June 23, 2008, estimating assets of $100 million to
$500 million, and debt of $500 million to $1 billion.
Harold B. Murphy, Esq., at Hanify & King P.C., serves as counsel to
the Debtor. UHY Advisors N.E. LLC is financial advisor to the
Debtor.
Attorneys at Jager Smith P.C. serves as counsel to the official
committee of unsecured creditors formed in the case.
MOLONEY ELECTRIC: Claims Bar Date Set for August 31
---------------------------------------------------
The Ontario Superior Court of Justice issued an order providing for
a procedure for the determination of interest in certain
transformers of Moloney Electric Inc., which are located at 153
Bridge Street, Sackville, New Brunswick, Ontario.
Proofs of claim, together with sufficient particulars to enable the
transformers to be identified, must be received by MNP Ltd., in its
capacity as court-appointed receiver, by Aug. 31, 2017, at 5:00
p.m. (Toronto Time).
Proof of claim forms may be filed with the receiver by mail, fax,
email at:
Echa Odeh
MNP Ltd.
300-111 Richmond Street West
Toronto, ON M5H 2G4
Fax: 416-323-5240
Email: echa.odeh@mnp.ca
Claimants may obtain copy of the order and a blank proof of claim
form from the receiver's website at http://www.mnpdebt.ca/moloney
Moloney Electric Inc. designs, makes, and supplies oil filled
distribution transformers. The company offers single and three
phase step transformers, single and three phase submersible
transformers, and three phase pole/platform transformers. The
company is a subsidiary of Universal Power Transformer Pvt. Ltd.
MOTORS LIQUIDATION: Negotiates Deal With Ignition Defects Victims
-----------------------------------------------------------------
Bill Vlastic and Neal E. Boudetteaug, writing for The New York
Times' DealBook, reported that the Motors Liquidation Company
bankruptcy trust has negotiated a deal for victims of the
automaker's defective ignition switches.
According to the report, the agreement with the plaintiffs' lawyers
called for the trust to accept liability for hundreds of
outstanding legal claims and, in the process, force the
up-and-running G.M. to fund the cost of potential settlements by
turning over $1 billion of its stock.
The report related that the automaker's defective ignition switches
have caused 124 deaths and prompted the recall of millions of small
cars in 2014. The switches had a tendency to turn off by
themselves, leaving the car without power and disabling its
airbags, the report said.
The report further related that, in an unusual turn of events, G.M.
blocked the deal reached by the trust and the accident victims'
lawyers. Instead, it made its own deal with the trust, the report
said.
At an hour-long hearing in United States Bankruptcy Court in New
York, both versions of G.M. said they would work together on
bankruptcy-related issues, the report added.
The news agency said the plaintiffs' lawyers did not take kindly to
the development. One lawyer, Robert C. Hilliard, said old G.M. "has
been shut down by new G.M." from compensating victims -- "all at
the 11th hour and with all documents finalized and agreed to by all
parties."
That agreement called for the trust to pay $15 million to settle
class-action cases covering cars sold before the G.M. bankruptcy
with defective switches and to accept $10 billion in claims on its
balance sheet, the report said.
The $10 billion would push the total claims against old G.M. since
2009 to more than $35 billion -- a threshold that would require the
current G.M., under the terms of the bankruptcy, to hand over $1
billion in stock to keep the trust financially solvent, the report
related.
G.M. called that deal "an unfair, unjust and improper scheme" to
circumvent a series of so-called bellwether trials intended to set
damages for remaining lawsuits over accidents involving owners of
defective vehicles, the report noted.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company. GM is also
represented by Jenner & Block LLP and Honigman Miller Schwartz and
Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing
legal advice to the GM Board of Directors. GM's financial advisors
are Morgan Stanley, Evercore Partners and the Blackstone Group LLP.
Garden City Group is the claims and notice agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis &
Frankel LLP served as bankruptcy counsel to the Creditors
Committee. Attorneys at Butzel Long served as counsel on supplier
contract matters. FTI Consulting Inc. served as financial advisors
to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin &
Drysdale, Chartered, represented the Asbestos Committee. Legal
Analysis Systems, Inc., served as asbestos valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31.
On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the
Dissolution Date, pursuant to the Plan and the Motors Liquidation
Company GUC Trust Agreement, dated March 30, 2011, between the
parties thereto, the trust administrator and trustee -- GUC Trust
Administrator -- of the Motors Liquidation Company GUC Trust,
assumed responsibility for the affairs of and certain claims
against MLC and its debtor subsidiaries that were not concluded
prior to the Dissolution Date.
MURPHY & DUIEU: Claims Filing Deadline Set for September 25
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set
Sept. 25, 2017, at 5:00 p.m. (prevailing Eastern Time) as the last
date and time for each person or entity to file a proof of claim
against Murphy & Durieu LP.
The Court also set Nov. 12, 2017, at 5:00 p.m. (prevailing Eastern
Time) as last date and time for each governmental units to file
their claims against the Debtor.
About Murphy & Durieu L.P.
Until 2016, Murphy & Durieu, L.P. was an institutional
broker-dealer qualified and operating under the Financial Industry
Regulatory Authority Inc. with offices at 120 Broadway, New York,
New York. M&D operated as a broker-dealer from 1929 until in or
around March 2015.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 17-22730) on May 16, 2017. Joshua
Rizack, its chief restructuring officer, signed the petition.
At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.
Judge Robert D. Drain presides over the case. Fred Stevens, Esq.,
Brendan M. Scott, Esq., and Lauren C. Kiss, Esq., at Klestadt
Winters Jureller Southard & Stevens, LLP, serve as counsel to the
Debtor.
NAVISTAR INTERNATIONAL: Appoints Daniel Ninivaggi to Board
----------------------------------------------------------
Navistar International Corporation announced that Daniel A.
Ninivaggi has been named to its Board of Directors, effective Aug.
14., 2017. Ninivaggi, 53, replaces Samuel J. Merksamer, who
resigned from the board after more than four years.
Throughout his career, Mr. Ninivaggi has been a director of
numerous public and private companies. Currently, he is chief
executive officer of Icahn Automotive Group LLC and managing
director, Icahn Enterprises L.P.'s Automotive Segment. He
previously served as co-chief executive officer and co-chairman of
the board of directors of Federal-Mogul Holdings Corporation, and
as chief executive officer of Federal-Mogul Motorparts, based in
Southfield, Mich., from February 2014 to March 2017. Mr. Ninivaggi
previously served as chief executive officer and President of Icahn
Enterprises L.P. from 2010 until 2014.
Mr. Ninivaggi has been appointed to the Board's audit and
compensation committees.
"We welcome Daniel to the board, and we look forward to his
expertise and insights as we continue to execute on our plan to
drive long-term profitability and deliver shareholder value," said
Troy A. Clarke, Navistar chairman, president and chief executive
officer. "I also want to thank Sam for his many years of
distinguished service to our company, and wish him well in his
future endeavors."
Mr. Merksamer joined Navistar's board of directors in December
2012, when he was serving as a managing director at Icahn Capital
LP. He worked at Icahn Capital from 2008 to 2016.
From 2010 until 2015, Mr. Ninivaggi held various roles at Icahn
Enterprises L.P. and its general partner, Icahn Enterprises G.P.
Inc., including director, chief executive officer and president.
Mr. Ninivaggi also served as interim president and chief executive
officer of Tropicana Entertainment Inc. from 2011 until May 2012.
From July 2009 to March 2010, he was Of Counsel to law firm Winston
& Strawn LLP, where he had worked as a partner from 1998 to 2003.
From 2003 until July 2009, Mr. Ninivaggi served in a variety of
executive positions at Lear Corporation. Ninivaggi received a B.A.
in history from Columbia University, a master's degree in business
administration from the University of Chicago, and a law degree
from Stanford University Law School.
As a director of the Company, Mr. Ninivaggi will receive
compensation as a non-employee director in accordance with the
Company's non-employee director compensation practices described in
the Company's Annual Proxy Statement filed with the Securities and
Exchange Commission on Dec. 21, 2016. This compensation generally
consists of an annual retainer in the amount of $120,000 ($20,000
of which is to be paid in the form of restricted stock) and an
annual stock option grant of 5,000 options. The initial cash and
stock award to be received by Mr. Ninivaggi will be pro-rated
accordingly.
About Navistar International
Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose subsidiaries
and affiliates subsidiaries produce International(R) brand
commercial and military trucks, MaxxForce(R) brand diesel engines,
IC Bus(TM) brand school and commercial buses, Monaco RV brands of
recreational vehicles, and Workhorse(R) brand chassis for motor
homes and step vans. It also is a private-label designer and
manufacturer of diesel engines for the pickup truck, van and SUV
markets. The Company also provides truck and diesel engine parts
and service. Another affiliate offers financing services.
Navistar reported a net loss attributable to the Company of $97
million on $8.11 billion of net sales and revenues for the year
ended Oct. 31, 2016, compared with a net loss attributable to the
Company of $184 million on $10.14 billion of net sales and revenues
for the year ended Oct. 31, 2015.
As of April 30, 2017, Navistar had $5.95 billion in total assets,
$11.07 billion in total liabilities and a total stockholders'
deficit of $5.12 billion.
* * *
Navistar carries a 'B3' Corporate Family Rating (CFR) and stable
outlook from Moody's. Moody's said in January 2017 that Navistar's
ratings reflects the continuing challenges the company faces in
re-establishing its competitive position and profitability in the
North American medium and heavy truck markets.
In March 2017, Fitch Ratings upgraded the Issuer Default Ratings
(IDR) for Navistar International Corporation (NAV), Navistar, Inc.,
and Navistar Financial Corporation (NFC) one notch to 'B-' from
'CCC' and removed the ratings from Rating Watch Positive. The
upgrade reflects improved prospects for NAV's financial performance
due to its alliance with VW T&B.
In March 2017, S&P Global Ratings said it raised its corporate
credit ratings on Navistar International Corp. and its subsidiary
Navistar Financial Corp. to
'B-' from 'CCC+'. The outlook is stable. The upgrade follows
Navistar's strategic alliance with Volkswagen Truck & Bus, which
includes Volkswagen Truck & Bus' 16.6% equity stake in Navistar,
definitive agreements for the two companies to collaborate on
technology, and the formation of a procurement JV.
NORMAN ELLOWAY: Sale of Novato Property for $2.8M Approved
----------------------------------------------------------
Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern
District of California authorized Norman Ivan Elloway's sale of a
single-family dwelling located at 1970 Indian Valley Rd., Novato,
California to Michelle Carpenter and Matthew Griggy for
$2,725,000.
A hearing on the Motion was held on Aug. 17, 2017 at 9:30 a.m.
The sale of the Property is free and clear of the liens.
The Debtor is authorized to pay directly from escrow: (i) the
pro-rata property taxes due, if any; (ii) the balance due to Bank
of America via its servicer JP Morgan Chase Bank, N.A. pursuant to
its demand into escrow; (iii) the balance due to Presidio Bank
pursuant to its demand into escrow; (iv) customary costs of sale;
(v) a commission of 5% to be split between the Debtor's broker and
the Buyers' broker; and (vi) all remaining proceeds will then be
deposited into the attorney trust account of Cory Birnberg, counsel
for the Debtor, and pending further Court order.
Norman Ivan Elloway sought Chapter 11 protection (Bankr. N.D. Cal.
Case No. 17-30140) on Feb. 14, 2017. The Debtor tapped Michael C.
Fallon, Esq., at Law Offices of Michael C. Fallo,n as counsel.
PEEKAY ACQUISITIONS: Hires Traverse's Albert Altro as CRO
---------------------------------------------------------
Peekay Acquisition, LLC, et al., seek authority from the US
Bankruptcy Court for the District of Delaware to employ Traverse
LLC to provide the Debtors a chief restructuring officer and
certain additional personnel.
Peekay also seeks Court approval to designate Traverse's Albert
Altro as the Debtors' chief restructuring officer, nunc pro tunc to
August 10, 2017.
Services to be provided the the CRO are:
a) assist with reporting to and communicating with key
constituencies, including but not limited to the Debtors'
secured lenders;
b) assist with the development of a business plan;
c) assist with liquidity management and cash flow
forecasting;
d) assist with management of the Debtors' vendors and
suppliers;
e) coordinate with the Debtors' investment bankers, and
assist in the evaluation of any proposed transactions;
f) perform other services as requested or directed by the
Debtors' Board of Directors.
The Debtor will pay Traverse a fixed monthly fee of $50,000 for
work performed by the Engagement Personnel. Traverse holds a
$20,000 retainer received from the Debtors prior to the Petition
Date.
Albert Altro, Managing Director of Traverse LLC, attests that the
firm is a "disinterested person" within the meaning of Bankruptcy
Code section 101(14) and holds no interest materially adverse to
the Debtors, its creditors and shareholders for the matters for
which Traverse is to be employed; and Traverse has no connection to
the Debtors, their creditors, shareholders or related parties.
The Firm can be reached through:
Albert Altro
TRAVERSE LLC
300 Spectrum Center Drive, Suite 400
Irvine, CA
Tel: 310-809-5064
Email: albertaltro@traversellc.com
About Peekay Acquisition
Headquartered in Auburn, Washington, Peekay --
http://www.loverspackage.com/-- is a specialty retailer of a broad
selection of lingerie, sexual health and wellness products and
accessories. Peekay currently owns and operates 47 retail stores
across six states under the brand names "Christals," "LoVerS,"
"ConReV" and A. "A Touch of Romance."
Peekay Acquisitions, LLC and affiliates, each sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 17-11722) on Aug. 10,
2017. The petitions were signed by Albert Altro, their chief
restructuring officer.
Peekay Acquisition estimated its assets between $10 million and $50
million and its debts between $50 million and $100 million.
Judge Brendan Linehan Shannon presides over the cases. Landis Rath
& Cobb LLP serves as the Debtors' bankruptcy counsel. The Debtors
hired SSG Advisors, LLC as investment banker and Traverse, LLC as
financial advisor. Rust Consulting/Omni Bankruptcy serves as
claims and noticing agent.
PEEKAY ACQUISITIONS: Taps Landis Rath & Cobb as Bankruptcy Counsel
------------------------------------------------------------------
Peekay Acquisition, LLC, et al., seek authority from the US
Bankruptcy Court for the District of Delaware to employ Landis Rath
& Cobb LLP as bankruptcy counsel.
a. advise and assist the Debtors with respect to their rights,
powers and duties as debtors-in-possession, and take all necessary
action to protect and preserve the Debtors' estates, including
prosecuting actions on the Debtors' behalf, defending any actions
commenced against the Debtors, negotiating all disputes involving
the Debtors, and preparing objections to claims filed against the
Debtors' estates;
b. prepare and file necessary pleadings, motions,
applications, draft orders, notices, schedules and other documents,
and review all financial and other reports to be filed in these
Chapter 11 Cases, and advise the Debtors regarding, and prepare
responses to, applications, motions, pleadings, notices and other
papers that may be filed and served in these Chapter 11 Cases;
c. handle inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these Chapter 11 Cases, and, to the extent required, prepare and
serve any necessary responses;
d. appear in the Court and any appellate courts to represent
and protect the interests of the Debtors and their estates;
e. attend meetings including any meeting of creditors and
negotiating with representatives of creditors and other
parties-in-interest;
f. advise and assist the Debtors in maximizing value in these
Chapter 11 Cases, including, without limitation, in connection with
the use of cash collateral, a sale of assets, other transactions
and/or a disclosure statement and chapter 11 plan and all documents
related thereto, and taking all further actions as may be required
in connection with any sale, disclosure statement or plan during
these Chapter 11 Cases; and
g. perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 Cases,
including, but not limited to: (i) analyzing the Debtors' leases
and contracts and the assumptions, rejections, or assignments
thereof, (ii) analyzing the validity of liens and security
interests asserted against the Debtors and their property, (iii)
advising the Debtors on litigation matters, and (iv) developing a
reorganization strategy.
LRC's current hourly rates are:
Partners $550 to $815
Associates $315 to $460
Paralegals $230 to $240
Assistants $150
LRC received an advance retainer payment in the total amount of
$199,189.00.
Matthew B. McGuire, Esq., partner in the firm of Landis Rath & Cobb
LLP, attests that Landis Rath is a "disinterested person," as the
term is defined in Bankruptcy Code section 101(14).
The Firm can be reached through:
Matthew B. McGuire, Esq.
LANDIS RATH & COBB LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Tel: (302) 467-4400
Fax: (302) 467-4450
Email: mcguire@lrclaw.com
About Peekay Acquisition
Headquartered in Auburn, Washington, Peekay --
http://www.loverspackage.com/-- is a specialty retailer of a broad
selection of lingerie, sexual health and wellness products and
accessories. Peekay currently owns and operates 47 retail stores
across six states under the brand names "Christals," "LoVerS,"
"ConReV" and A. "A Touch of Romance."
Peekay Acquisitions, LLC and affiliates, each sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 17-11722) on Aug. 10,
2017. The petitions were signed by Albert Altro, their chief
restructuring officer.
Peekay Acquisition estimated its assets between $10 million and $50
million and its debts between $50 million and $100 million.
Judge Brendan Linehan Shannon presides over the cases. Landis Rath
& Cobb LLP serves as the Debtors' bankruptcy counsel. The Debtors
hired SSG Advisors, LLC as investment banker and Traverse, LLC as
financial advisor. Rust Consulting/Omni Bankruptcy serves as
claims and noticing agent.
PEEKAY ACQUISITIONS: Taps SSG Advisors as Investment Banker
-----------------------------------------------------------
Peekay Acquisition, LLC, et al., seek authority from the US
Bankruptcy Court for the District of Delaware to employ SSG
Advisors, LLC as investment banker.
Services to be rendered by SSG are:
(a) prepare an information memorandum describing the
company, its historical performance including existing
operations, facilities, contracts, customers, management
and projected financial results and operations;
(b) assist the company in compiling a data room of any
necessary and appropriate documents related to the Sale;
(c) assist the company in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the company;
(d) coordinate the execution of confidentiality agreements
for potential buyers wishing to review the information
memorandum;
(e) assist the company in coordinating management calls and
site visits for interested buyers and work with the
management team to develop appropriate presentations for
presentations and visits;
(f) solicit competitive offers from potential buyers;
(g) advise and assist the company in structuring the
transaction and negotiating the transaction agreements;
(h) provide testimony in support of the Sale; and
(i) assist the company and its counsel as necessary through
closing on a best efforts basis.
The Debtors and SSG have agreed on these compensation terms:
(a) Monthly Fee: $25,000 per month to SSG, provided,
however, that the aggregate Monthly Fee paid to SSG and
any fees previously paid to SSG under the 11/16
Agreement (as defined in the Engagement Agreement) will
be credited in full against the Sale Fee or
Restructuring Fee payable to SSG;
(b) Sale Fee: Upon the closing of a Sale transaction, the
Debtors will pay SSG a fee according to the following:
(i) in the event no qualified overbid is received
resulting in an auction and the stalking horse
credit bid of the Term A Lenders is ultimately
the purchaser, the Sale Fee shall be $300,000;
(ii) in the event that one or more qualified
overbids are received resulting in an auction,
and the stalking horse credit bid of the Term A
Lenders is ultimately accepted, the Sale Fee
shall be $300,000 plus 5% of the Total
Consideration (as defined in the Engagement
Agreement) in excess of the original stalking
horse credit bid, including an increased credit
bid by the Term A Lenders;
(iii) in the event that one or more qualified
overbids are received resulting in an auction,
and the purchaser is neither the stalking horse
credit bid of the Term A Lenders nor an entity
identified in a certain Buyer's List (as
defined in the Engagement Agreement), the Sale
Fee shall be $400,000 or 50% of the Total
Consideration in excess of the stalking horse
credit bid, whichever is greater, provided,
that an entity identified on the Buyer's List
submits a qualified bid;
(iv) in the event that one or more qualified
overbids are received resulting in an auction
and the ultimate purchaser is an entity
identified on the Buyer's List, the Sale Fee
shall be $480,000 or 5% of the Total
Consideration in excess of the stalking horse
credit bid of the Term A Lenders, whichever is
greater;
(v) notwithstanding, any fees paid under the 11/16
Agreement and each Monthly Fee paid under the
Engagement Agreement shall be credited in full
against the Sale Fee.
(c) Restructuring Fee: In the event the Debtors close a
restructuring in lieu of a Sale, the Debtors shall pay
SSG a $300,000 fee. For the avoidance of doubt, the
Debtors shall not pay both a Restructuring Fee and a
Sale Fee;
(d) Valuation Fee: If requested by the Debtors to prepare a
valuation report, SSG shall receive a valuation fee of
$50,000, which Valuation Fee shall not be credited
against any Sale Fee or Restructuring Fee.
J. Scott Victor, Managing Director of SSG Advisors, attests that
the firm is a "disinterested person" within the meaning of
Bankruptcy Code section 101(14) and as required by Bankruptcy Code
section 327(a), and holds no interest materially adverse to the
Debtors, its creditors and shareholders for the matters for which
SSG is to be employed; and SSG has no connection to the Debtors,
its creditors, shareholders or related parties.
The Firm can be reached through:
J. Scott Victor
SSG Advisors, LLC
Five Tower Bridge, Suite 420
300 Barr Harbor Drive
West Conshohocken, PA 19428
Phone: (610) 940-1094
Fax: (610) 940-3875
About Peekay Acquisition
Headquartered in Auburn, Washington, Peekay --
http://www.loverspackage.com/-- is a specialty retailer of a broad
selection of lingerie, sexual health and wellness products and
accessories. Peekay currently owns and operates 47 retail stores
across six states under the brand names "Christals," "LoVerS,"
"ConReV" and A. "A Touch of Romance."
Peekay Acquisitions, LLC and affiliates, each sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 17-11722) on Aug. 10,
2017. The petitions were signed by Albert Altro, chief
restructuring officer.
Peekay Acquisition estimated its assets between $10 million and $50
million and its debts between $50 million and $100 million.
Judge Brendan Linehan Shannon presides over the cases. Landis Rath
& Cobb LLP serves as the Debtors' bankruptcy counsel. The Debtors
hired SSG Advisors, LLC as investment banker and Traverse, LLC as
financial advisor. Rust Consulting/Omni Bankruptcy serves as
claims and noticing agent.
PETROQUEST ENERGY: Oppenheimer & Co. Has 5% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Oppenheimer & Co. Inc. reported that as of Dec. 31,
2016, it beneficially owns 1,068,025 shares of common stock of
PetroQuest Energy Inc. which represents 5.04 percent of the shares
outstanding. A full-text copy of the regulatory filing is
available for free at https://is.gd/fLRGDj
About PetroQuest
Lafayette, La.-based PetroQuest Energy, Inc., is an independent
energy company engaged in the exploration, development, acquisition
and production of oil and natural gas reserves in East Texas,
Oklahoma, South Louisiana and the shallow waters of the Gulf of
Mexico. PetroQuest's common stock trades on the New York Stock
Exchange under the ticker PQ.
PetroQuest reported a net loss available to common stockholders of
$96.24 million on $66.66 million of oil and gas revenues for the
year ended Dec. 31, 2016, compared to a net loss available to
common stockholders of $299.92 million on $115.96 million of oil
and gas revenues for the year ended Dec. 31, 2015.
As of June 30, 2017, Petroquest had $148.57 million in total
assets, $402.01 million in total liabilities and a total
stockholders' deficit of $253.43 million.
* * *
In June 2017, Moody's Investors Service withdrew all assigned
ratings for PetroQuest Energy, including the 'Caa3' Corporate
Family Rating, following the elimination of all of its rated debt.
In October 2016, S&P Global Ratings raised the corporate credit
rating on PetroQuest Energy to 'CCC' from 'SD'. The outlook is
negative. "The upgrade reflects our reassessment of the company's
corporate credit rating following the exchange of the majority of
its outstanding 10% senior unsecured notes due September 2017 at
par," said S&P Global Ratings credit analyst Daniel Krauss. The
negative outlook reflects the company's current debt leverage
levels, which S&P views to be unsustainable, as well as its less
than adequate liquidity position.
PRICEVILLE PARTNERS: Trustee Selling 50% Interest in Decatur Realty
-------------------------------------------------------------------
Stuart M. Maples, Trustee for Priceville Partners, LLC, asks the
U.S. Bankruptcy Court for the Northern District of Alabama, to
authorize the sale of the 50% undivided interest in the property
located at 1007 Moulton Street West, Decatur, Alabama.
The Debtor obtained a default judgment against Defendant Bill
Steenson on Jan. 18, 2017, in Adversary Proceeding No.
16-80079-CRJ.
The Defendant failed to satisfy the judgment against him in
violation of the Court's Order.
The Defendant has a 50% undivided interest in certain property
located at 1007 Moulton Street West, Decatur, Alabama. On Feb. 17,
2017, the Court issued a Writ of Execution to the United States
Marshal to seize the Property in order to satisfy the judgment
against the Defendant.
On Aug. 1, 2017, the Defendant and all parties in interest were
served the Writ of Execution. To date, no objections have been
filed and no petitions are known to the Trustee.
A copy of the Process Receipt and Returns attached to the Motion is
available for free at:
http://bankrupt.com/misc/Priceville_Partners_387_Sales.pdf
About Priceville Partners
Decatur, Alabama-based Priceville Partners, LLC, also known as
Performance Auto Sales, is engaged in the sale of automobiles.
Priceville Partners sought Chapter 11 protection (Bankr. N.D. Ala.
Case No. 16-80675) on March 4, 2016, estimating $500,000 to $1
million in assets and $1 million to $10 million in debt.
The case is assigned to Judge Clifton R. Jessup Jr.
Lee R. Benton and Samuel C. Stephens, Esq., at Benton & Centeno,
LLP, are the Debtor's bankruptcy attorneys. Andrew P. Campbell,
Esq., and Todd Campbell, Esq., at the Law Firm of Campbell Guin,
LLC, have been tapped as special counsel.
On Sept. 23, 2016, the Debtor filed a disclosure statement, which
explains its Chapter 11 plan of reorganization. Under the plan,
each general unsecured creditor will be paid pro rata from
available funds after all allowed administrative expense claims and
Class 1 claims receive the treatment proposed by the plan.
Stuart M. Maples was appointed as plan trustee. He is represented
by Deanna S. Smith, Esq., at Maples Law Firm, PC.
PROMOMANAGERS INC: Sale of Assets to G4 Holdings Heard
------------------------------------------------------
Judge Joan N. Feeney of the US Bankruptcy Court for the District of
Massachusetts held a hearing on PromoManagers, Inc.'s sale of its
private sale of its rights, title, and interests in the assets it
owned to G4 Holdings, Inc., doing business as Geiger Group, for
$50,000, subject to overbid.
The Court accepted two sealed bid offers from Stran & Co. in the
amount of $53,000 and G4 Holdings in the amount of $63,500. The
Court then conducted an open cry auction. The highest bid was
submitted by G4 Holdings, in the amount of $79,000.
About Promomanagers Inc
Promomanagers Inc. provides promotional products from leading
brands such as Norwood, Leeds, Gemline, Bic, Port Authority, Sweda,
Prime, Columbia and Hit among others. The company has extensive
experience in the industry having shipped products around the
world.
PromoManagers sought Chapter 11 protection (Bankr. D. Mass. Case
No. 17-10747) on March 6, 2016. The Debtor is represented by Nina
M. Parker, Esq., at Parker & Associates.
ROOSTER ENERGY: Angelo Gordon Objects to Bankr. Financing Bid
-------------------------------------------------------------
BankruptcyData.com reported that Angelo, Gordon Energy Servicer
filed with the U.S. Bankruptcy Court an objection to Rooster
Energy's emergency post-petition financing motion. The objection
asserts, "Since the Petition Date, the Administrative Agent and the
Holders have, at the request of the Debtors, allowed the Rooster
Debtors to use Cash Collateral in an amount of at least
$1,493,535.40. The Administrative Agent and the Holders object to
the proposed DIP Financing because it must provide for payment of
the Allowed Superpriority Adequate Protection Claims in full before
any other payments are made, or at the very least the Rooster
Debtors must hold the full amount of such Allowed Superpriority
Adequate Protection Claims in escrow until they are paid in full.
Further, obtaining the proposed DIP Financing is not a reasonable
exercise of the Rooster Debtors' business judgment because they
have no way of ever paying such money back. Rather, the proposed
DIP Financing is nothing more than an inside play by Morrison,
desperate to keep the Rooster Debtors out of chapter 7 and tied to
Cochon Properties and Morrison Wells Services (MWS) - the only
Debtor entities with any value - for his own benefit. The Court
should therefore deny the relief requested in the Motion.
Furthermore, the Rooster Debtors lack a valid business reason for
incurring this disgorgement risk. Corn Meal's proposed DIP
Financing, if approved, would do nothing to improve the Rooster
Debtors' business prospects or likelihood of rehabilitation."
About Rooster Energy
Houston, Texas-based Rooster Energy Ltd. --
http://www.roosterenergyltd.com-- is an integrated oil and natural
gas company with an exploration and production (E&P) business and a
downhole and subsea well intervention and plugging and abandonment
service business. The Company's operations are located in the
state waters of Louisiana and the shallow waters of the Gulf of
Mexico, mature regions that have produced since 1936.
Rooster Energy, L.L.C., Rooster Energy Ltd., and five other
affiliates sought Chapter 11 protection (Bankr. W.D. La. Lead Case
No. 17-50705) on June 2, 2017. The petitions were signed by
Kenneth F. Tamplain, Jr., president and chief executive officer.
In its petition, Rooster Energy L.L.C. estimated $0 to $50,000 in
assets and $50 million to $100 million in liabilities.
Jan M. Hayden, Esq., Lacey Rochester, Esq., Susan C. Mathews, Esq.,
and Daniel J. Ferretti, Esq., at Baker Donelson Bearman Caldwell &
Berkowitz, P.C., serve
as bankruptcy counsel. Opportune LLP has been tapped as
restructuring advisor. Donlin Recano & Company, Inc., serves as
claims, noticing and solicitation agent.
On June 23, 2017, the U.S. Trustee appointed three creditors to
serve in the official committee of unsecured creditors of the
Rooster Petroleum LLC case.
On June 22, 2017, the U.S. Trustee appointed two creditors to serve
in the official committee of unsecured creditors of the Cochon
Properties, LLC case.
ROOT9B HOLDINGS: S&W to Hold Public Auction on August 31
--------------------------------------------------------
Craig K. Williams, Esq. -- as agent for Centriole Reinsurance
Company Ltd., a Turks and Caicos islands limited company, as agent
for Quad Select Portfolio A LLC, Guerino Ciampi, Keating Securities
LLC, Mel Weiss, Centriole Reinsurance Company Ltd., Z&S
Investments, Daniel Garrie, Joseph Grano, Bay Pond Partners LP, Bay
Pond Investors (Bermuda) LP, Wolf Creek Partners LP, Ithan Creek
Master Investors (Cayman) LP, and Gable Family Trust ("Secured
Party") -- will sell a property of Root9B Holdings, Inc. to the
highest qualified bidder on Aug. 31, 2017, at 2:30 p.m., at the Law
Offices of Snell & Willmer LLP, One Arizona Center, 400 East Van
Buren, Phoenix, Arizona.
The disposition of collateral is related to a Uniform Commercial
Code financing statement by Root9B Holdings Inc., in favor of the
secured party, filed on May 11, 2017. The Debtor is entitled to an
accounting of the unpaid indebtedness secured by the collateral
that the secured party intends to sell for a charge of $25. The
Debtor may request an accounting by calling the agent at (602)
382-6331.
In order to qualify to bid at the public auction, each person must
qualify with the agent on or before the sale date by providing its
name, address, phone number and a $50,000 deposit, in cash or
cashier's check, made payable to the agent. The successful bidder
will have until 5:00 p.m. (Phoenix, Arizona Time) on the following
business day to pay the entire purchase price at the public sale,
less the $50,000 deposit previously held by the agent.
The agent for the secured party can be reached at:
Centriole Reinsurance Company Ltd.
8328 E. Hartford Dr., Suite 102
Scottsdale, AZ 85255
About Root9B
root9B Holdings (OTCQB: RTNB) -- http://www.root9bholdings.com/--
is a provider of Cybersecurity and Regulatory Risk Mitigation
Services. Through its wholly owned subsidiaries root9B and IPSA
International, the Company delivers results that improve
productivity, mitigate risk and maximize profits. Its clients
range in size from Fortune 100 companies to mid-sized and
owner-managed businesses across a broad range of industries
including local, state and government agencies.
Root9B Technologies, Inc., changed its name to root9B Holdings,
Inc. effective Dec. 5, 2016, and relocated its corporate
headquarters from Charlotte, NC to the current headquarters of
root9B, its wholly owned cybersecurity subsidiary, in Colorado
Springs, CO.
Root9B reported a net loss of $30.48 million for the year ended
Dec. 31, 2016, following a net loss of $8.33 million for the year
ended Dec. 31, 2015. As of March 31, 2017, Root9B Holdings had
$16.84 million in total assets, $15.80 million in total liabilities
and $1.03 million in total stockholders' equity.
Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2016, noting that Company has suffered
recurring losses from operations and has negative operating cash
flows and will require additional financing to fund the continued
operations. The availability of such financing cannot be assured.
These conditions raise substantial doubt about its ability to
continue as a going concern, the auditors said.
ROSETTA GENOMICS: Obtains $2.7 Million From Sale of Units
---------------------------------------------------------
Rosetta Genomics Ltd. entered into a securities purchase agreement
on Aug. 3, 2017, with certain institutional healthcare investors in
connection with the offering of 138,000 Class A Units, each Class A
Unit consisting of one Ordinary Share of the Company, par value NIS
7.2 per share, and one warrant to purchase 0.50 Ordinary Share, and
up to 1,811,974 Class B Units, each Class B Unit consisting of a
Series A Warrant and one pre-funded warrant to purchase one
Ordinary Share. Each Class A Unit was sold at a public offering
price of $1.40 and each Class B Unit was sold at a public offering
price of $1.39. Upon the closing of the Offering on Aug. 9, 2017,
the Company received gross proceeds of $2,711,844 for the Units.
The aggregate net proceeds to the Company from the Offering, after
deducting the placement agent's fees and expenses and the Company's
estimated offering expenses were approximately $2.2 million.
The Series A Warrants are immediately exercisable upon issuance and
have a term of five years and the Series B Warrants are immediately
exercisable upon issuance until exercised in full. The exercise
price of the Series A Warrants is $1.50 per share and the exercise
price of the Series B Warrants is $0.01 per share. The exercise
price of the Warrants is subject to adjustment upon the occurrence
of specific events, including stock dividends, stock splits,
combinations and reclassifications of the Company's Ordinary Shares
and rights offerings and pro rata distributions with respect to all
holders of the Company's Ordinary Shares.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as
the placement agent for the Offering. Pursuant to an engagement
letter, dated as of April 21, 2017, the Placement Agent received in
the aggregate (i) a placement agent fee equal to 7% of the gross
proceeds raised in the offering, or $191,097.45, (ii) a management
fee equal to 1% of the gross proceeds raised in the offering, or
$27,299.64, (iii) warrants to purchase up to 126,748 Ordinary
Shares and (iv) reimbursement of expenses of $115,000. The
Placement Agent Warrants are exercisable for five years from the
date of the effectiveness of the Offering and have an exercise
price equal to $1.75, or 125% of the offering price per Ordinary
Share. Pursuant to FINRA Rule 5110(g), the placement Agent
Warrants and any Ordinary Shares issued upon exercise of the
placement agent warrants may not be sold, transferred or assigned
by any person for a period of 180 days immediately following the
date of effectiveness the Offering, subject to limited exceptions.
On May 8, 2017, the Company obtained a waiver, which was amended on
Aug. 3, 2017, from the counterparty to the Securities Purchase
Agreement entered into with an institutional buyer on Nov. 23,
2016. Under the terms of the Waiver, the conversion price of the
Debenture (as defined in the Securities Purchase Agreement) then
held by the counterparty was reduced to $1.40. In addition, the
Company issued the counterparty an unregistered warrant to purchase
649,635 Ordinary Shares at an exercise price of $1.50 per share.
The Unregistered Warrant will be exercisable from the date on which
the Company receives the Shareholder Approval (as defined in the
Unregistered Warrant) until five years thereafter. The
Unregistered Warrant was offered pursuant to Section 4(a)(2) under
the Securities Act of 1933, as amended, and Regulation D
promulgated thereunder.
The Units issued in the Offering are being offered pursuant to a
prospectus dated as of Aug. 3, 2017, which has been filed with the
Securities and Exchange Commission, to the Company's registration
statement on Form F-1 (File No. 333-217765).
About Rosetta Genomics
Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to
develop and commercialize new diagnostic tests based on a recently
discovered group of genes known as microRNAs. MicroRNAs are
naturally expressed, or produced, using instructions encoded in DNA
and are believed to play an important role in normal function and
in various pathologies. The Company has established a
CLIA-certified laboratory in Philadelphia, which enables the
Company to develop, validate and commercialize its own diagnostic
tests applying its microRNA technology.
Rosetta Genomics reported a net loss of US$16.23 million on US$9.23
million of total revenues for the year ended Dec. 31, 2016,
compared to a net loss of US$17.34 million on US$8.26 million of
total revenues for the year ended Dec. 31, 2015.
As of Dec. 31, 2016, Rosetta had US$11.96 million in total assets,
US$7.54 million in total liabilities and $4.41 million in total
shareholders' equity.
Kost Forer Gabby & Kasierer, a member of Ernst & Young Global, in
Tel-Aviv, Israel, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2016,
citing that the Company has recurring losses from operations and
has limited liquidity resources that raise substantial doubt about
its ability to continue as a going concern.
RUTHANNE DREW: Garcia Buying 2007 Nissan Altima for $1K
-------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee will convene a hearing on Sept. 12,
2017 at 9:00 a.m. to consider Ruthanne Lynn Drew's sale of 2007
Nissan Altima to Jose Garcia for $1,000.
Objections, if any, must be filed no later than Sept. 5, 2017.
The Debtor owns the vehicle free and clear and is in possession of
the title for the vehicle.
The vehicle has been used for over 160,000 miles and is no longer
the vehicle that the Debtor uses on a regular basis. The Debtor
has listed the vehicle for sale by displaying it openly with a "For
Sale" sign. The Debtor believes that $1,000 represents the fair
market value of the property. Said sale will be free and clear of
the interests of any lien holder, since there are no liens on the
vehicle.
The sale will take place upon the approval of the sale by the
Court.
Ruthanne Lynn Drew sought Chapter 11 protection (Bankr. M.D. Tenn.
Case No. 16-00436) on Jan. 25, 2016.
SABRA HEALTH: S&P Hikes CCR to BB+ After Merger With Care Capital
-----------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Sabra
Health Care REIT Inc. and its operating partnership, Sabra Health
Care L.P. (collectively, Sabra), to 'BB+' from 'BB-'. The outlook
is stable.
Sabra Health Care REIT Inc. (Sabra) merged with Care Capital
Properties Inc. in an all-stock transaction that combined two
skilled nursing-focused health care REITs.
S&P said, "We also raised the issue-level rating on the company's
senior unsecured notes to 'BBB-' from 'BB'. The recovery rating
remains '2', reflecting our expectation for substantial recovery
(70% to 90%; rounded estimate: 70%) in the event of default. We
raised the issue-level rating on the preferred shares to 'B+' from
'B-'.
"We removed the ratings from CreditWatch positive, where we placed
them on May 8, 2017.
"The upgrade acknowledges our favorable view of the transaction,
which boosts Sabra's scale, greatly improves its tenant
diversification, and strengthens its key credit protection
measures. We also expect the company will be able to achieve
approximately $20 million in cost savings with an improved and
sustainable cost structure. Despite the continued headwinds facing
skilled nursing facilities (SNFs), we believe this transaction
increases economies of scale to a level that will better insulate
the combined entity from additional macroeconomic pressures.
"The outlook on Sabra is stable. We expect a relatively smooth
integration of the merger with Care Capital Properties, with modest
cost synergies achieved. We also project relatively steady
tenant-level rent coverage and negligible lease expirations to
support Sabra's near-term core cash flow and credit metrics. We
believe leverage-neutral investments, along with select
dispositions, will continue to gradually strengthen Sabra's scale
and portfolio diversification.
"We could consider lowering the ratings by one notch if operating
results deteriorate significantly, potentially driven by
reimbursement pressure that cause rent coverage levels to drop
meaningfully. Moreover, we would also consider lowering the rating
if the company pursues large debt-financed acquisitions that cause
debt to EBITDA to rise above 6.5x for a sustained period, given the
potential volatility associated with government reimbursement
programs.
"While unlikely over the near-term, we would consider raising the
ratings by one notch if Sabra maintains a steady investment and
funding strategy that preserves its credit metrics while
strengthening its scale and asset mix, with a greater proportion of
lower-risk senior housing assets. We could also consider raising
the rating if Sabra's changes its financial policy to operate with
significantly lower leverage, such that debt to EBITDA falls to and
is sustained below 4.5x, with debt to undepreciated capital below
40%."
SALMON FALLS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Salmon Falls Park, LLC
P O Box 210556
Anchorage, AK 99521
Type of Business: Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B))
Chapter 11 Petition Date: August 18, 2017
Case No.: 17-00289
Court: United States Bankruptcy Court
District of Alaska (Anchorage)
Debtor's Counsel: David H. Bundy, Esq.
DAVID H. BUNDY, PC
310 K Street, Suite 200
Anchorage, AK 99501
Tel: (907) 248-8431
Fax: (907) 248-8434
E-mail: dhb@alaska.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Joseph R. Henri, manager.
The Debtor filed together with the petition an empty list of 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/akb17-00289.pdf
SEARS CANADA: Ursel Phillips to Represent Non-Unionized Workers
---------------------------------------------------------------
Ursel Phillips Fellows Hopkinson LLP has been appointed as employee
representative counsel for the purpose of representing the
interests of:
-- the non-unionized employees of Sears Canada Inc. et al.
who were employed as of June 22, 2017, and
-- the non-unionized former employees of Sear Canada who
received notice of termination of employment dated
June 22, 2017, or received a notice of cessation of
severance payments dated June 22, 2017, and
-- any person claiming an interest under or on behalf of
the non-unionized employees and non-unionized former
employees in relation to the Companies' Creditors
Arrangement Act proceeding.
Employee representative counsel represents the interests of the
employees other than with respect to their settlements under the
Sears Canada Inc. registered retirement plan or any other pension
or retirement plan provided by Sears Canada and of any individual
with an entitlement to other post-employment benefits. Employee
representative counsel will also advise the representative
appointed by the Ontario Superior Court of Justice as
representatives of all employees.
Additional information is available at the employee representative
counsel's website at https://is.gd/cCftkR
Non-unionized employees and non-unionized former employees who do
not wish to be represented by Ursel Phillips must complete the
opt-out notice before Aug. 29, 2017, and send the completed opt-out
notice to:
FTI Consulting Canada Inc.
TD Waterhouse Street West
Suite 2010, P.O. Box 104
Toronto, ON, M4K 1G8
Fax: 416-649-8101
Attention: Jim Robinson
About Sears Canada
Sears Canada Inc. is an independent Canadian online and store
retailer spun off from Sears Holdings Corp. in 2012. Sears Canada
is one of Canada's largest multi-format retailers, employing 17,000
people at 225 stores across Canada and at its head office in
Toronto, Ontario, as of June 22, 2017.
The Company's balance sheet as of April 29, 2017, showed total
assets of C$1.187 billion against total liabilities of C$1.108
billion.
Amid mounting losses and liquidity constraints Sears Canada and
certain of its subsidiaries on June 22, 2017, applied to the
Ontario Superior Court of Justice (Commercial List) for protection
under the Companies' Creditors Arrangement Act ("CCAA"), in order
to continue to restructure its business.
The Company has engaged BMO Capital Markets, as financial advisor,
and Osler, Hoskin & Harcourt LLP, as legal advisor.
FTI Consulting is the Court-appointed monitor. The Monitor tapped
Norton Rose Fulbright Canada LLP as counsel.
Bennett Jones LLP is serving as legal advisor and KSV Advisory Inc.
is the financial advisor to the Board of Directors.
McMillan LLP is representing Sears Holdings CEO Edward S. Lampert
and his investment fund ESL Investments, Inc. (holder of 45.3% of
Sears Canada's total outstanding common shares), and Robert
Berkowitz's Fairholme Capital Management, LLC (20% of shares).
Borden Ladner Gervais LLP is representing Sears Holdings (holder of
11.7% shares).
Goodmans LLP is representing Wells Fargo Capital Finance
Corporation Canada, the administrative agent for lenders under the
CAD$300 million DIP ABL facility. Cassels Brock & Blackwell LLP is
representing GACP Finance Co., LLC, the administrative agent for
lenders under the CAD$150 million DIP term loan facility.
Alvarez & Marsal Canada ULC is the advisor to the DIP ABL Lenders
and DIP Term Loan Lenders.
* * *
The Canadian Court granted Sears Canada creditor protection and a
stay of proceedings until Oct. 4, 2017. The Company in June 2017
announced the closing of 20 full-line locations, plus 15 "Sears
Home" Stores, 10 "Sears Outlet" and 14 "Sears Hometown" locations.
The closures will result in a reduction in its workforce of 2,900
positions.
Sears Canada in July 2017 won approval of the commencement of
liquidation sales at 35 of the closing stores to be conducted by a
contractual joint venture comprised of four liquidation firms,
namely Gordon Brothers Canada ULC, Merchant Retail Solutions ULC,
Tiger Capital Group, LLC and GA Retail Canada ULC.
Sears Canada in July 2017 won approval from the Canadian Court of
sale and investor solicitation process (the "SISP") whereby BMO
Nesbitt Burns Inc. on behalf of Sears Canada and under the
supervision of both the Special Committee of the Board of Directors
of Sears Canada and the Monitor will seek bids and proposals for a
broad range of transaction alternatives with respect to Sears
Canada's business, property, assets and/or leases. The SISP is
ongoing.
SHADRACH MESHACH: Sets Bid Procedures for Target Assets
-------------------------------------------------------
Shadrach, Meshach & Abednego, Inc., asks the U.S. Bankruptcy Court
for the Northern District of Alabama to authorize bidding
procedures in connection with the private sale of substantially all
operating assets and intellectual property to Roots Multiclean,
Ltd. for $400,000, subject to overbid.
The Debtor's bankruptcy filing was precipitated by a variety of
factors that have led to a deterioration of its business. It was
slow to generate profits at start up due to development costs of
the engineering, software, patents, and trademarks. Furthermore,
Debtor had to build up its presence in the market through costly
advertising at trade shows and such. It was eventually able to
grow sales to just under eight million dollars.
Prior to its bankruptcy filing, the Debtor attempted to sell its
company assets to several potential buyers. Prepetition, it
negotiated an Asset Purchase and Sale Agreement with Roots to
purchase the Target Assets of the Debtor free and clear of all
liens, claims, interests, and encumbrances. The Offer from Roots
has been the best offer presented to Debtor for the Target Assets
after it attempted to market the assets to more than one buyer.
Moreover, the Debtor has spent over eight months negotiating the
sale of the Target Assets. The Debtor is satisfied that its
efforts have resulted in the highest price available for the Target
Assets.
The Offer from Roots is to purchase the intellectual property,
domains, and fixed asset inventory described in the Offer and the
goodwill ("Target Assets") for the sum of $400,000. The $400,000
is to be paid at closing. In addition, Roots has agreed to pay the
Debtor's estate 5% of the net profits from its operation of the
"Victory Division" for a period of 3 years. The obligation of
Roots to close on this sale is contingent, however, upon the Court
approving the sale and Roots' compromise of an additional $437,452
of debt owed by the Debtor to certain creditors. By attempting to
compromise these claims, Roots is not assuming any obligation to
any third party unless done so by express agreement between Roots
and that compromising party.
The obligation of Roots to proceed with the purchase of the Target
Assets is further subject to those contingencies contained in
Section 6 of the Offer. In lieu thereof, the Debtor proposes to
sell the Target Assets to Roots for consideration stated and
distribute those funds in accordance with the Disclosure Statement
and Plan which the Debtor has filed with the Court. This
distribution schedule is consistent with the liquidation provisions
provided for under the Bankruptcy Code.
The Debtor is prepared to show that (i) Roots is the only party
which has submitted a bid to purchase the Target Assets; (ii) that
the sale of the Target Assets to Roots pursuant to the Offer is
likely to result in substantially more money being distributed to
the creditors of the Debtor, including its general unsecured
creditors, than would the liquidation of the Target Assets. One
additional contingency is that Roots seeks to enter into an
employment agreement with Mark Schwarze who was the principal of
Victory Sweepers. The scope of Mr. Schwarze's duties will be in
sales and marketing.
The Debtor has provided notice of the sale of the Target Assets to
Roots and solicited additional bids from qualified bidders by
publishing a notice of the sale in Sweeperworld.com.
Pursuant to the Amended Motion, the Sale Procedures for which the
Debtor asks approval in order to sell the Target Assets are:
a. The Debtor asks authority from the Court to sell the Target
Assets to Roots free and clear of all liens claims and encumbrances
for the sum of $400,000 via a private sale.
b. In the event that a subsequent offer is received by a
qualified bidder between the filing of the Motion and not later
than 5:00 p.m. on Aug. 22, 2017, the Debtor would then convert the
sale from a private sale to a sale of the Target Assets via
auction. In such event, Debtor would then employ these Bid
Procedures:
i. To be a qualified bidder, the bid of such bidder must be in
cash and not subject to financing by the Debtor.
ii. The qualified bidder would have to submit a bid in an amount
that exceeds the Roots offer by the sum of $25,000.
iii. The qualified bidder would have to also bid an additional
amount of $50,000 for Bid Protection which the Debtor would seek to
grant to Roots as a "stalking horse." In the event that Roots was
not the successful bidder, the Debtor will seek Court permission
for Roots to be paid the sum of $50,000 as a breakup fee.
iv. Bid deadline is not later than 5:00 p.m. on July 24, 2017
v. A Bid must clearly set forth the purchase price to be paid.
vi. A Bid will not be contingent upon any due diligence
investigation, any material adverse change, the receipt of
financing, or approval by any board of directors, shareholders or
other entity. The proposed transfer of any of the Debtor's assets
will be on an "as is, where is" basis and without representations
or warranties of any kind, nature, or description by the Debtor,
its agents or estate, and free and clear of all pledges, liens,
security interests, encumbrances, claims, charges, options and
interests.
vii. In the event of an Auction, it will be conducted at the
offices of Heard, Ary & Dauro, LLC, 303 Williams Avenue, Suite 921,
Huntsville, Alabama; telephone number (256) 535-0817, on Aug. 24,
2017, at 10:00 a.m. (CT). Any potential Bidder who complies with
these Bidding Procedures may attend the Auction either in person or
by telephone.
viii. Bid increments will be in the minimum amount of $25,000.
ix. Within 24 hours of completion of the Auction, the Successful
Bidder will complete and sign all agreements, contracts,
instruments and other documents evidencing and containing the terms
and conditions upon which such Successful Bid was made. The
Successful bidder will also be required to deposit 10% of the
purchase price in an escrow account to be established by the
Debtor.
x. The Sale Hearing will be conducted by the Court at 10:00
a.m. (CT) on (TBD).
xi. The Successful Bidder of a going concern sale must be ready,
willing and able to close the sale no later than three business
days after the Court enters an Order approving the Sale at the Sale
Hearing.
A copy of the Bidding Procedures attached to the Amended Motion is
available for free at:
http://bankrupt.com/misc/Shadrach_Meshach_92_Sales.pdf
About Shadrach, Meshach & Abednego
Formerly known as Victory Sweepers, Inc., Shadrach, Meshach &
Abednego, Inc., is an industrial vacuum equipment supplier in
Madison, Alabama. Founded in 2006 by Mark Schwarze, the company is
primarily in the sweeper manufacturing business. Its first
product, introduced in 2007, was a twin-engine parking area sweeper
dubbed the 'Mark II.'
Shadrach, Meshach & Abednego sought Chapter 11 protection (Bankr.
N.D. Ala. Case No. 17-81731) on June 9, 2017, disclosing assets at
$984,170 and liabilities at $3.64 million. The petition was signed
by Mark R. Schwarze, president.
Judge Clifton R. Jessup Jr. is assigned to the case.
The Debtor's counsel:
Kevin D. Heard
Angela S. Ary
HEARD, ARY & DAURO, LLC
303 Williams Avenue SW
Park Plaza, Suite 921
Huntsville, Alabama 35801
Tel: (256) 535-0817
Fax: (256) 535-0818
E-mail: kheard@heardlaw.com
aary@heardlaw.com
STONEMOR PARTNERS: Secures Waiver to Extend 10-K Filing Date
------------------------------------------------------------
StoneMor Partners L.P. on Aug. 17, 2017, disclosed that it has
received a waiver and amendment from its lenders which extends the
date by which the Partnership must file its 2016 Annual Report on
Form 10-K to September 15, 2017. The Partnership remains obligated
to file its Form 10-Q Report for the Quarter ended March 31, 2017
(the "First Quarter 10-Q") within 45 days after the 2016 Form 10-K
is filed, and its Form 10-Q Report for the Quarter ended March 31,
2017 within 45 days following the filing of the First Quarter 10-Q,
but now must file that report no later than December 15, 2017. In
addition, the lenders clarified that the Partnership is entitled to
add back extraordinary, unusual or non-recurring losses, charges or
expenses in calculating consolidated EBITDA for the first two
quarters of 2017 for purposes of various financial covenants,
subject to a limit of $14.3 million for the period ended June 30,
2017, and agreed to waive certain technical defaults that arose or
may have arisen with respect to the second quarter of 2017. The
Partnership intends to seek further clarification from its lenders
with respect to these adjustments for periods after the second
quarter of 2017.
Paul Grady, StoneMor's President and CEO commented, "We regret the
need to extend further the date for filing our Form 10-K, and we
share the frustration of our unitholders. However, to ensure the
completeness and adequacy of the review, additional time is needed.
This will, by necessity, also delay the filing of our First
Quarter 10-Q beyond our previously announced target of September
21, 2017. We appreciate the continued support from our bankers
through this delay, and we will continue to update our unitholders
with information as quickly as we can."
The Partnership reiterated that following the filing of its Form
10-K, it expects to issue preliminary financial information for the
2017 second quarter as soon as practical, and host an investor
conference call in conjunction with the release of that preliminary
information. The Partnership also announced that it would continue
to delay the determination of its unitholder distribution for the
second quarter until after it files its Form 10-K and the Board of
Directors and management of the General Partner have had an
opportunity to review preliminary second quarter financial
information.
About StoneMor Partners L.P.
Headquartered in Trevose, Pennsylvania, StoneMor Partners L.P. --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 316 cemeteries and 98
funeral homes in 27 states and Puerto Rico.
StoneMor is the only publicly traded death care company structured
as a partnership. StoneMor's cemetery products and services, which
are sold on both a pre-need (before death) and at-need (at death)
basis, include: burial lots, lawn and mausoleum crypts, burial
vaults, caskets, memorials, and all services which provide for the
installation of this merchandise.
TERRAVIA HOLDINGS: Seeks to Hire Davis Polk as Lead Counsel
-----------------------------------------------------------
TerraVia Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Davis Polk & Wardwell
LLP.
The firm will serve as lead counsel to the company and its
affiliates in connection with their Chapter 11 cases. Davis Polk
will, among other things, advise the Debtors regarding their duties
under the Bankruptcy Code; prosecute actions to protect their
estates; and assist them in connection with any bankruptcy plan
filed in their cases.
The firm has agreed to provide legal services at discounted hourly
rates:
Partners $840 - $1,001
Counsel $822
Associates $283 - $679
Paraprofessionals $210 - $343
Prior to the petition date, Davis Polk received from the Debtors a
retainer of $400,000.
Damian Schaible, Esq., disclosed in a court filing that his 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, Mr.
Schaible disclosed that Davis Polk has agreed to substantial
negotiated discounts off of its standard rates. He added that the
firm has agreed to reduce all of its fees by a material discount,
in addition to making certain other voluntary fee write-offs,
beginning in June 2017.
Mr. Schaible also disclosed that his firm intends to provide the
Debtors a prospective budget and staffing plan for the period
August 2 to October 31, 2017, and will continue to work with them
on the budget and staffing plan.
Davis Polk can be reached through:
Damian S. Schaible, Esq.
Steven S. Szanzer, Esq.
Adam L. Shpeen, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Tel: (212) 450-4000
Fax: (212)701-5800
Email: damian.schaible@davispolk.com
Email: steven.szanzer@davispolk.com
Email: adam.shpeen@davispolk.com
About TerraVia
Headquartered in South San Francisco, California, TerraVia
Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com/-- is a
plant-based food, nutrition and specialty ingredients company that
harnesses the power of algae, the mother of all plants and earth's
original superfood. TerraVia also manufactures a range of
specialty personal care ingredients for key strategic partners.
On Aug. 2, 2017, TerraVia Holdings, Inc., and its wholly owned U.S.
subsidiaries filed voluntary petitions under chapter 11 of title 11
of the United States Code (Bankr. D. Del. Lead Case No. 17-11655).
The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil
LLC and Solazyme Manufacturing 1, LLC.
The Debtors sought bankruptcy protection after reaching a deal to
sell the assets to Corbion N.V. for $20 million in cash plus the
assumption of liabilities.
Rothschild Inc. is acting as TerraVia's financial advisor and
investment banker to lead the sales process. Kurtzman Carson
Consultants LLC is the claims agent.
TERRAVIA HOLDINGS: Seeks to Hire Richards Layton as Co-Counsel
--------------------------------------------------------------
TerraVia Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Richards, Layton &
Finger, P.A.
Richards Layton will serve as co-counsel with Davis Polk & Wardwell
LLP, another firm tapped by TerraVia to be its lead counsel.
The standard hourly rates charged by the firm range from $660 to
$900 for partners, $560 to $575 for counsel, and $320 to $550 for
associates. Paraprofessionals charge $250 per hour.
The attorneys and paralegal designated to represent the Debtors and
their hourly rates are:
Mark Collins $900
Amanda Steele $530
Katherine Devanney $320
Ann Jerominski $250
Richards Layton received a retainer of $125,000 prior to the
petition date.
Mark Collins, Esq., disclosed in a court filing that his 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, Mr.
Collins disclosed that his firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements for its employment with the Debtors.
Mr. Collins also disclosed that his firm has represented the
Debtors since May 2017, and that the billing rates and financial
terms of its engagement have not changed postpetition from the
pre-bankruptcy arrangement.
Richards Layton, in conjunction with the Debtors, is developing a
prospective budget and staffing plan for their bankruptcy cases,
Mr. Collins further disclosed.
The firm can be reached through:
Mark D. Collins, Esq.
Amanda R. Steele, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: collins@rlf.com
Email: steele@rlf.com
About TerraVia
Headquartered in South San Francisco, California, TerraVia
Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com/-- is a
plant-based food, nutrition and specialty ingredients company that
harnesses the power of algae, the mother of all plants and earth's
original superfood. TerraVia also manufactures a range of
specialty personal care ingredients for key strategic partners.
On Aug. 2, 2017, TerraVia Holdings, Inc., and its wholly owned U.S.
subsidiaries filed voluntary petitions under chapter 11 of title 11
of the United States Code (Bankr. D. Del. Lead Case No. 17-11655).
The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil
LLC and Solazyme Manufacturing 1, LLC.
The Debtors sought bankruptcy protection after reaching a deal to
sell the assets to Corbion N.V. for $20 million in cash plus the
assumption of liabilities.
Rothschild Inc. is acting as TerraVia's financial advisor and
investment banker to lead the sales process. Kurtzman Carson
Consultants LLC is the claims agent.
TRIAD GUARANTY: Hires Donlin Recano as Administrative Agent
-----------------------------------------------------------
Triad Guaranty, Inc., seeks authority from the US Bankruptcy Court
for the District of Delaware to employ Donlin, Recano & Company,
Inc. as administrative agent for the Debtor in this chapter 11 case
nunc pro tunc to July 12, 2017.
The Debtor needs Donlin Recano to:
(a) assist with, among other things, solicitation, balloting
and tabulation and calculation of votes, as well as preparing any
appropriate reports, as required in furtherance of confirmation of
plan(s) of reorganization;
(b) generate an official ballot certification and testify, if
necessary, in support of the ballot tabulation results;
(c) in connection with the Balloting Services, handle requests
for documents from parties in interest, including, if applicable,
brokerage firms and bank back-offices and institutional holders;
(d) gather data in conjunction with the preparation, and
assist with the preparation, of the Debtor's schedules of assets
and liabilities;
(e) manage and coordinate any distributions pursuant to a
confirmed plan of reorganization or otherwise; and
(f) provide other processing, solicitation, balloting and
other administrative services described in the Services Agreement,
but not included in the Section 156(c) Application, as may be
requested from time to time by the Debtor, the Court or the Clerk.
Roland Tomforde, Chief Operating Officer of Donlin, Recano &
Company, Inc., attests that the he and Firm are "disinterested
persons", as that term is defined in section 101(14) of the
Bankruptcy Code and do not hold or represent any interest adverse
to the estates.
Donlin Recano's hourly rates are:
Senior Bankruptcy Consultant $175
Consultant $155-$$175
Case Manager $115-$150
Technology/Programming Consultant $95-$120
Analyst $25-$40
A hearing on the Debtors' request is set for Sept. 8 at 1:00 p.m.
in Wilmington, Delaware.
The Firm can be reached through:
Roland Tomforde
Donlin, Recano & Company, Inc.
6201 15th Avenue
Brooklyn, NY 11219
Phone: 212-481-1411
Fax: 212-481-1416
About Triad Guaranty Inc.
Winston-Salem, North Carolina-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.
Bankruptcy Judge Mary F. Walrath presides over the case.
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.
UNITED CHARTER: Hiring Ten-X to Auction Stockton Property
---------------------------------------------------------
United Charter, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of California to authorize its sale of its fee simple
interest in a 177,692 sq. ft. industrial complex consisting of 18
contiguous parcels totaling 15.34 acres, located in Stockton,
California, by online live auction.
A hearing on the Motion is set for Aug. 31, 2017 at 10:30 a.m.
Among the assets of the estate is the Subject Property, more
particularly described as follows: 1904, 1908, 1912, 1916, 1920,
1928, and 1936 Weber Avenue; 1881 E. Market Street; 1617, 1555,
1531, and 1523 E. Main Street.
The Debtor has scheduled the value of the Subject Property as
approximately $7.855 million. Its schedules identify total secured
and unsecured claims against the estate of less than $5 million.
As of Aug. 3, 2017, the last day for filing proofs of claim in the
case, the total amount of all claims scheduled by the Debtor,
including the higher amounts of all timely filed proofs of claim,
was less than $5.3 million.
The Debtor desires to sell the Subject Property using an auction
process. It has solicited auction proposals from a number of real
estate brokers and companies and believes that Ten-X, LLC is well
qualified to market the Subject Property and conduct such an
auction. Ten-X holds real estate brokerage licenses nationwide and
operates and manages one of the leading online real estate auction
platforms in the country. The Auctioneer has agreed to represent
only the Debtor, as its broker in any sale arising from the
proposed auction.
The substantive terms of the Ten-X Marketing Agreement are:
a. Although the Agreement contemplates up to a 150 day
marketing period followed by a "live bid" auction using the Ten-X
auction platform, based upon the interest in the Subject Property
received to date, the auction is presently scheduled to commence on
Sept. 11 and run through Sept. 13, 2017. The actual date will
depend upon circumstances and the advice of the Debtor's counsel
and broker.
b. The Starting Bid is presently $2,500,000. This is not a
Reserve Price. The Debtor is only obligated to accept the highest
bid once a bid meets or exceeds the stated "Minimum Price" of
$7,800,000. It may, in its sole and absolute discretion, accept a
lower price, subject to approval of the Court, so long as that
price is sufficient to pay the monetary demands of all creditors in
full, including all costs of sale and administrative claims against
the estate.
c. Any successful bidder will be required to submit its offer
on Ten-X's standard Purchase and Sale Agreement with Joint Closing
Instructions.
d. Escrow will close within 30 days of execution of the PSA (or
60 days if the buyer finances the purchase).
e. Ten-X to receive a Transaction Fee at closing in the amount
of 5% of the successful bidder's offer if the offer was facilitated
by Ten-X, with such Transaction Fee obligation continuing for 150
days following the end of the Marketing Period.
f. The buyer's broker to receive 1% of the buyer's offer price
(exclusive of any Transaction Fee) from the Listing Broker, Mark
Bello. The Debtor is negotiating the terms of Bello's employment
and anticipates that prior to the hearing on the Motion, the Debtor
will be submitting a separate Application to employ Bello as the
Listing Broker, subject to the terms of the Ten-X agreements
submitted with the Motion.
g. Ten-X is obligated to pay a buyer's broker commission of 1%
to any broker representing a successful bidder.
The Debtor asks that the Court approves the employment of Ten-X on
the terms and conditions set forth in Marketing Agreement to for an
online live auction process and that the Court approves the terms
of sale described in the PSA to any successful bidder whose offer
matches or exceeds the Minimum Price of $7,800,000. In the event
that the Debtor lowers its reserve price during the auction and
accepts a bid lower than the Minimum Price, the Debtor asks that
the Court schedules a prompt hearing to approve such a sale on
shortened time following acceptance of such a bid.
As part of its request, the Debtor asks that the Court waives the
14-day stay requirement of Fed. Rule of Bankr. Proc. 6004(h) so
that any such sale may proceed without delay.
A copy of the Marketing Agreement and the PSA attached to the
Motion is available for free at:
http://bankrupt.com/misc/United_Charter_37_Sales.pdf
The Listing Broker:
Raymond Zhang or Mark Bello
Telephone: (415) 269-6033
(408) 455-3274
E-mail: raymond03032014@gmail.com
The Auctioneer:
TEN-X, LLC
One Mauchly
Irvine, CA 92618
Attn: Chief Legal Officer
Telephone: (800) 793-6107
E-mail: legal-notice@ten-x.com
About United Charter
United Charter LLC, owner of certain properties in Stockton,
California, filed a Chapter 11 petition (Bankr. E.D. Cal. Case No.
17-22347) on April 7, 2017. The petition was signed by Raymond
Zhang, managing member. The case is assigned to Judge Ronald H.
Sargis. The Debtor is represented by Jeffrey J. Goodrich, Esq. at
Goodrich & Associates. The Debtor estimated assets and liabilities
ranging from $1 million to $10 million.
UW OSHKOSH FOUNDATION: Case Summary & 11 Unsecured Creditors
------------------------------------------------------------
Debtor: University of Wisconsin Oshkosh Foundation, Inc.
c/o Steinhilber, Swanson LLP
107 Church Ave.
Oshkosh, WI 54901
Type of Business: Established in 1963, the University of Wisconsin
Oshkosh Foundation
-- https://www.uwosh.edu/foundation --
was created to promote, receive, invest and
disburse gifts to meet the goals and needs of UW
Oshkosh. It consistently motivates donors to
become increasingly involved in the development
of the University. The Foundation offices are
located in the Alumni Welcome and Conference
Center along the Fox River.
The Foundation is a separate and distinct legal
entity from the University of Wisconsin Oshkosh
and qualifies as a tax-exempt 501(c)(3)
organization under the United States Internal
Revenue Code.
The Foundation owns in fee simple interest the
Alumni Welcome & Conference Center located at
625 Pearl Ave. Oshkosh, WI 54901 valued at $11.8
million. It is also a fee simple owner of a
residence located at 1423 Congress Ave.,
Oshkosh, WI. with a current value of $375,000.
Chapter 11 Petition Date: August 17, 2017
Case No.: 17-28077
Court: United States Bankruptcy Court
Eastern District of Wisconsin (Milwaukee)
Judge: Hon. Susan V. Kelley
Debtor's Counsel: Paul G. Swanson, Esq.
STEINHILBER SWANSON LLP
107 Church Avenue
P.O. Box 617
Oshkosh, WI 54903-0617
Tel: 920-235-6690
Fax: 920-426-5530
Email: pswanson@oshkoshlawyers.com
Total Assets: $14.84 million
Total Debts: $15.87 million
The petition was signed by Timothy C. Mulloy, chairman of the
Board. A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/wieb17-28077.pdf
Debtor's List of 11 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Axle Tech Notice only- $0
International Witzel LLC utilizes
1005 High Ave. space in a facility
Oshkosh, WI 54901 owned by this creditor
which may assert a claim
Bank First National Guaranty $5,666,667
402 N. 8th St.
Manitowoc, WI 54221
Bioferm Energy Systems Guaranty $678,000
440 Science Dr. Ste. 300
Madison, WI 53711
First Business Bank Guaranty $6,658,491
401 Charmany Dr.
Madison, WI 53719
JCB Finance Possible $0
Liability
Milk Source Notice Only $0
Oshkosh Community Loan $639,059
Foundation
230 Ohio St. Ste. 100
Oshkosh, WI 54902
State of Wisconsin $0
University of
Wisconsin Oshkosh
Well Fargo Bank Guaranty $1,676,000
100 E. Wisconsin Ave.
Milwaukee, WI
53202
Well Fargo Bank Debt $237,852
100 E. Wisconsin Ave.
Milwaukee, WI
53202
Wells Fargo Possible $0
Equipment Finance Liability
WAYNE BENNETT: ELA Seeks Appointment of Chapter 11 Trustee
----------------------------------------------------------
Creditor E L & Associates, Inc., asks the U.S. Bankruptcy Court for
the Northern District of California to direct the appointment of a
Chapter 11 trustee for the bankruptcy estate of Wayne William
Bennett.
E L & Associates relates that in the State Court Action, after a
lengthy trial, the Debtor was found to have liability to E L &
Associates in the amount of almost $1.5 million for his breach of
his fiduciary duty to E L & Associates and his fraud. E L &
Associates has obtained a Judgment on April 3, 2017 from the
Superior Court of the State of California, Alameda County, in Case
No. VG11581993, captioned E L & Associates, Inc., et al. v. Wayne
Bennett, et al. The Judgment includes E L & Associates' award of
damages in the amount of $793,142, plus pre-judgment interest
compounded in the aggregate amount of $669,179, against the Debtor,
for fraud and intentional misrepresentation, fraud and concealment,
and breach of fiduciary duty.
The Debtor was a California certified public accountant. However,
the California Board of Accountancy has terminated the CPA license
of the Debtor, effective on March 6, 2017, based upon the same acts
as gave rise to the Judgment in the State Court Action.
Furthermore, E L & Associates alleges that in February through
April of 2017, the Debtor gave CashCall materially false
information in connection with his successful efforts to obtain a
loan from CashCall secured by the San Ramon Property -- located at
41 Eagle Lake Court Unit 31, San Ramon, CA. This false information
included his assertion that he was a CPA, his concealment of the
State Court Action from CashCall, and his inclusion of properties
(located at 4375 1st Street, Pleasanton, CA; 45 Sherburne Hills
Drive in Danville, CA; and at 319 Littleton Road, # 308, Westford,
MA) not owned by the Debtor individually on his asset disclosures.
E L & Associates asserts that these findings of the Debtor's
dishonesty are not stale because each of the findings occurred in
this calendar year. As such, E L & Associates claims that these
findings will be sufficient to support "cause" for the appointment
of a trustee.
E L & Associates points out that the Debtor is engaged in illegal
business. The Debtor was a licensed certified public accountant,
and his license was terminated, effective March 6, 2017. However,
the Debtor continues to operate his accounting business, in direct
violation of Section 5050 of the California Business & Professions
Code, which provides that a permit is required for a person to
engage in public accountancy in California. Furthermore, the Debtor
is neither an enrolled agent, authorized by the Internal Revenue
Service to provide tax services, nor a registered tax preparer in
the State of California.
In addition, E L & Associates notes that at the meeting of
creditors, the Debtor testified that he has a deficiency of memory,
which prevented him from providing answers regarding what he did
with substantial funds given to his wholly-owned corporation just a
few months pre-petition. As such, E L & Associates tells the Court
that the Debtor's memory issue impairs his ability to fulfill his
fiduciary duties as debtor in possession and is cause for the
appointment of a trustee.
A hearing will be held on September 7, 2017 at 10:00 a.m.
The Chapter 11 bankruptcy case is In re Wayne William Bennett
(Bankr. N.D. Cal. Case No. 17-30600), filed on June 23, 2017.
WESTECH CAPITAL: Case Converted Into Chapter 7 Proceeding
---------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order converting Westech Capital's Chapter 11 reorganization to
a liquidation under Chapter 7. The order states, "The Court finds
that it is in the best interests of the estate and creditors for
this case to be converted to one under chapter 7 and that no party
in interest objected. It is therefore ORDERED that the case be
converted to one under chapter 7 and that the chapter 11 trustee be
discharged from further service upon entry of this order, but shall
file a final report with the Court. It is further ORDERED that the
United States Trustee appoint a trustee in this case." As
previously reported, the Chapter 11 trustee sought the conversion
order, "For the reasons stated on the record at the status hearing
held on June 29, 2017, Trustee was unable to confirm the Chapter 11
Plan and therefore believes this case should proceed in Chapter 7."
About Westech Capital Corp.
Westech Capital Corp is a financial services holding company. Its
primary business operating subsidiary is Tejas Securities Group,
Inc.
Westech Capital Corp., formerly known as Tejas, Inc., filed for
Chapter 11 bankruptcy (Bankr. W.D. Tex. Case No. 16-10300) on March
14, 2016. The petition was signed by Gary Salamone, CEO. Westech
estimated $1 million to $10 million in both assets and liabilities.
Stephen A. Roberts, Esq., at Strasburger & Price, served as
counsel to the Debtor.
The Chapter 11 case was originally filed by Westech, under the
guidance and operations of its board of directors. Subsequent to
the filing, certain parties and parties-in-interest moved to
appoint a Chapter 11 Trustee as a result of allegations of insider
mishandling of the affairs of the Debtor and failing to disclose
material or significant relationships.
On July 29, 2016, the Court ordered the appointment of a Chapter
11 Trustee, and, thereafter, the Office of the U.S. Trustee
appointed Gregory S. Milligan as the Chapter 11 Trustee, an
appointment approved by an order of the Court on Aug. 10, 2016.
The Trustee tapped Jordan, Hyden, Womble, Culbreth, & Holzer, P.C.,
in Corpus Christi, Texas, as counsel in the case.
WILLIAM RILEY: Sale of Four Puyallup Properties for $1.2M Approved
------------------------------------------------------------------
Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western
District of Washington authorized William and Althea Riley to sell
to Elaina Vlahas for $181,500 these four real properties:
(i) located 7516 and 7518 110th Street E, Puyallup, Washington,
Tax Parcel Numbers 6022120040 and 6022120030 ("Property 1"), to
Jeff and Kristine Allums for $350,000;
(ii) located at 7522 and 7524 110th Street E, Puyallup,
Washington, Tax Parcel Numbers 6022120020 and 6022120010 ("Property
2"), to Jeff and Kristine Allums for $350,000;
(iii) located at 7502 and 7504 110th Street E, Puyallup,
Washington, Tax Parcel Numbers 6022120100 and 6022120090 ("Property
3"), to Steven and Katherine Hollstrom for $350,000; and
(iv) located at 7506 110th Street E, Puyallup, Washington, Tax
Parcel Number 6022120080 ("Property 4").
The Properties are sold free and clear of all liens claims and
encumbrances, with all said liens, claims and encumbrances
attaching to the sale proceeds with the same force and effect, and
in the same priority, validity and scope as such creditor's
respective lien.
As part of closing the sale of the Properties, and as a condition
to such closing, William Riley, Althea Riley and Madrona South, LLC
will execute a rescission of the Madrona Assignment as it relates
to the Properties in order to generate proceeds for the Riley
bankruptcy estate. Each of the first priority liens of JPMorgan
Chase Bank, N.A. on the respective parcels comprised of the
Properties is undisputed, and that each of JPMorgan's first
priority liens as to the Properties will not be surcharged with the
costs of the sale or any other administrative claims, costs or
expenses in connection with the sale.
From the gross proceeds generated from the sale of the Properties,
the Debtors will pay directly from escrow: (i) all normal costs of
sale, including real estate commissions and seller's closing costs;
(ii) all pro-rated outstanding real estate taxes owed to Pierce
County; (iii) the current balance owing to each of the first
position deeds of trust held by, JPMorgan, at the time of closing
and in accordance with its respective payoff demands for each
parcel comprised of Property 1 ; and (iv) Whidbey Island Bank
toward payment of its judgment until paid in full. The remaining
sale proceeds from the sale of Property 1 will be held in trust by
TTLG pending further order of the Court.
Subsequent to entry of an Order on the Debtors' Motion, JPMorgan,
by and through its counsel of record, will provide the Debtors'
counsel and the respective designated escrow officer updated payoff
demands for each of the respective parcels comprised of Property 1,
Property 2, Property 3 and Property 4.
At least 48 hours prior to any scheduled closing of escrow with
respect to any of the Properties, the counsel for JPMorgan must be
provided with a copy of the final estimated HUD‐1
Settlement/Closing Statement for review and approval, and provide
written approval of the same prior to the closing of escrow of a
respective Property, and JPMorgan reserves its right to require an
updated payoff demand for any of the respective parcels comprised
of Property 1, Property 2, Property 3 or Property 4, prior to any
close of escrow to ensure its respective claims are paid in full.
If the Debtors dispute any amounts set forth in any payoff demand
provided by JPMorgan, then they will be required to notify counsel
for JPMorgan at least 48 hours prior to any close of escrowand
identify what amounts are in dispute. Further, the Debtors will
immediately release to JPMorgan any and all funds not alleged to be
disputed, and hold and reserve in escrow in a blocked, interest
bearing account, the amount disputed, along with the remaining
excess net sale proceeds over and above JPMorgan's payoff demand
for any attorneys' fees and costs anticipated to be incurred by
JPMorgan to resolve the Disputed Amount. The JPMorgan liens will
immediately attach to the net sale proceeds, including the Disputed
Amount, with the same force and effect, and in the same priority,
validity and scope as its respective lien. The release of any
Disputed Amount maybe pursuant to written stipulation between the
parties submitted to escrow without further order of the Court, or
pursuant to Order of the Court after notice and hearing, with such
released funds to be held in trust by TTLG pending further Order of
the Court as required.
The Debtors and the Union Bank reserve all arguments related to the
payment of capital gains taxes generated from the sale
contemplated, if any, from the remaining sale proceeds held by TTLG
in respect to each of the Properties.
The Order will be effective and enforceable immediately upon entry
and its provisions will be self-executing. It is a final Order,
and in accordance with Bankruptcy Rule 8001(a), the time to file a
notice of appeal will commence from the date of entry.
William Riley and Althea Riley sought Chapter 11 protection (Bankr.
W.D. Wash. Case No. 15-43936) on Aug. 21, 2015.
WJA ASSET: Consent Order with CBO to Revoke Certificate Approved
----------------------------------------------------------------
Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the
Central District of California authorized William Jordan
Investments, Inc. ("WJII") and affiliates to enter into the Consent
Order between WJII and the Commissioner of Business Oversight.
The Consent Order provides for a final order that permanently
revokes the WJII's investment adviser certificate and bars Mr.
William Michael Jordan from any position of employment, management
or control of any investment adviser, broker dealer or commodity
adviser in California.
The stay of the Order approving the Motion imposed by Bankruptcy
Rule 6004(h) and any other applicable bankruptcy rules is waived.
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing
Funds are performing and some Funds had substantial gains.
However, certain Funds, i.e., those invested in private trust deeds
secured by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under chapter 11 of the U.S. Bankruptcy Code. On May 25,
2017, four other affiliated filed voluntary petitions under chapter
11. On June 6, CA Real Estate Opportunity Fund III filed its
chapter 11 petition. The Debtors' cases are jointly administered
under Bankr. C.D. Cal. Lead Case No. 17-11996, and the Debtors
continue to operate their businesses and manage their affairs as
DIP.
These cases were commenced to liquidate the Debtors' holdings and
close out the Funds in an orderly fashion to maximize the return
for creditors and investors and to distribute the proceeds in a
manner consistent with the Bankruptcy Code's priority scheme.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S.
Marticello, Esq., and Michael L. Simon, Esq., at Smiley
Wang-Ekvall, LLP, serve as counsel to the Debtors.
WJA ASSET: Wants to Use Filing Fee Balance to Pay U.S. Trustee Fees
-------------------------------------------------------------------
WJA Asset Management, LLC, and affiliates ask the U.S. Bankruptcy
Court for the Central District of California to authorize them to
use the filing fee balance of $5,151 currently held in their
attorney-client trust account to pay the outstanding U.S. Trustee
quarterly fees for the six Debtors.
Pre-petition, the Debtors' counsel received $51,510 from TD REO
Fund, LLC, for the bankruptcy filing fees of the Debtors and other
related entities ("Fee Balance"). The filing fees for the 27
petitions filed by the Debtors totaled $46,359. The $5,151 Fee
Balance is currently held in Smiley Wang-Ekvall, LLP's
attorney-client trust account. The balance is the result of the
fact that certain entities related to the Debtors did not
ultimately commence bankruptcy cases.
Because they do not currently have sufficient cash to pay such,
these Six Debtors owe these amounts in U.S. Trustee quarterly fees
for the second quarter of 2017:
a. CA See Jane Go Fund, LLC - $325
b. Urban Produce Fund, LLC - $325
c. WJA Express Fund, LLC - $325
d. CA Real Estate Opportunity Fund I, LLC - $325
e. WJA Asset Management, LLC - $650
f. William Jordan Investments, Inc. - $975
The Motion affects TD REO Fund, LLC, and the Six Debtors. TD REO
Fund asks the Court to pay the above detailed $2,925 in outstanding
U.S. Trustee quarterly fees owed by the Six Debtors from the $5,151
Fee Balance held in Smiley Wang-Ekvall's attorney-client trust
account. TD REO Fund and the Six Debtors will make appropriate
journal entries to reflect such payments, and the Six Debtors ask
authority to reimburse TD REO Fund from unencumbered funds if and
when the Six Debtors have such available. TD REO Fund and the Six
Debtors also ask authority to use the Fee Balance for future
quarterly fees for the Six Debtors in question until it is
exhausted, with the Six Debtors to reimburse TD REO Fund from
unencumbered funds if and when the Six Debtors have such
available.
The use of the remaining Fee Balance to pay U.S. Trustee quarterly
fees is supported by a sound business purpose. The CRO believes
that it is appropriate to remain in compliance with the Office of
the United States Trustee. The total outstanding quarterly fees is
de minimis relative to the risk of harm and expense to all of the
Debtors' estates if the fees remain unpaid and any of the Six
Debtors' cases are dismissed as a result therefrom.
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing
Funds are performing and some Funds had substantial gains.
However, certain Funds, i.e., those invested in private trust
deeds secured by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under chapter 11 of the United States Bankruptcy Code.
On May 25, 2017, four other affiliated filed voluntary petitions
under chapter 11. On June 6, CA Real Estate Opportunity Fund III
filed its chapter 11 petition. The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S.
Marticello, Esq., and Michael L. Simon, Esq., at Smiley
Wang-Ekvall, LLP, serve as counsel to the Debtors.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ALSWF US 98.3 (53.7) (31.2)
ABSOLUTE SOFTWRE OU1 GR 98.3 (53.7) (31.2)
ABSOLUTE SOFTWRE ABT CN 98.3 (53.7) (31.2)
ABSOLUTE SOFTWRE ABT2EUR EU 98.3 (53.7) (31.2)
AGENUS INC AJ81 GR 176.5 (17.5) 77.8
AGENUS INC AGEN US 176.5 (17.5) 77.8
AGENUS INC AJ81 TH 176.5 (17.5) 77.8
AGENUS INC AGENEUR EU 176.5 (17.5) 77.8
AGENUS INC AJ81 QT 176.5 (17.5) 77.8
AKCEA THERAPEUTI AKCA US 124.1 (83.0) 53.6
AKCEA THERAPEUTI 1KA GR 124.1 (83.0) 53.6
AKCEA THERAPEUTI AKCAEUR EU 124.1 (83.0) 53.6
AKCEA THERAPEUTI 1KA TH 124.1 (83.0) 53.6
AKCEA THERAPEUTI 1KA QT 124.1 (83.0) 53.6
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
ASPEN TECHNOLOGY AZPN US 247.9 (260.8) (321.1)
ASPEN TECHNOLOGY AST GR 247.9 (260.8) (321.1)
ASPEN TECHNOLOGY AST TH 247.9 (260.8) (321.1)
ASPEN TECHNOLOGY AZPNEUR EU 247.9 (260.8) (321.1)
AUTOZONE INC AZO US 9,028.3 (1,714.2) (286.3)
AUTOZONE INC AZ5 TH 9,028.3 (1,714.2) (286.3)
AUTOZONE INC AZ5 GR 9,028.3 (1,714.2) (286.3)
AUTOZONE INC AZOEUR EU 9,028.3 (1,714.2) (286.3)
AUTOZONE INC AZ5 QT 9,028.3 (1,714.2) (286.3)
AVEO PHARMACEUTI AVEO US 42.5 (19.3) 27.2
AVID TECHNOLOGY AVID US 224.7 (274.8) (85.5)
AXIM BIOTECHNOLO AXIM US 0.8 (2.9) (2.1)
BENEFITFOCUS INC BNFT US 173.0 (35.1) 9.6
BENEFITFOCUS INC BTF GR 173.0 (35.1) 9.6
BLUE BIRD CORP BLBD US 366.8 (59.6) 32.8
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOEING CO-BDR BOEI34 BZ 90,036.0 (1,978.0) 9,922.0
BOEING CO-CED BA AR 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA EU 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BCO GR 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BAEUR EU 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA TE 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA* MM 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA SW 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BACHF EU 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BOEI NA 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA US 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BCO TH 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA CI 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BCO QT 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BAUSD SW 90,036.0 (1,978.0) 9,922.0
BOEING CO/THE BA AV 90,036.0 (1,978.0) 9,922.0
BOMBARDIER INC-B BBDBN MM 23,395.0 (3,825.0) 576.0
BOMBARDIER-B OLD BBDYB BB 23,395.0 (3,825.0) 576.0
BOMBARDIER-B W/I BBD/W CN 23,395.0 (3,825.0) 576.0
BRINKER INTL EAT US 1,413.7 (493.7) (292.0)
BRINKER INTL BKJ GR 1,413.7 (493.7) (292.0)
BRINKER INTL EAT2EUR EU 1,413.7 (493.7) (292.0)
BROOKFIELD REAL BRE CN 97.0 (32.9) 3.2
BUFFALO COAL COR BUC SJ 51.5 (21.4) (19.6)
BURLINGTON STORE BURL US 2,558.9 (40.9) (32.6)
BURLINGTON STORE BUI GR 2,558.9 (40.9) (32.6)
BURLINGTON STORE BURL* MM 2,558.9 (40.9) (32.6)
CADIZ INC CDZI US 72.2 (70.7) 12.2
CADIZ INC 2ZC GR 72.2 (70.7) 12.2
CAESARS ENTERTAI CZR US 14,793.0 (3,357.0) (4,630.0)
CAESARS ENTERTAI C08 GR 14,793.0 (3,357.0) (4,630.0)
CAESARS ENTERTAI CZREUR EU 14,793.0 (3,357.0) (4,630.0)
CALIFORNIA RESOU CRC US 6,154.0 (491.0) (220.0)
CALIFORNIA RESOU 1CLB GR 6,154.0 (491.0) (220.0)
CALIFORNIA RESOU CRCEUR EU 6,154.0 (491.0) (220.0)
CALIFORNIA RESOU 1CL TH 6,154.0 (491.0) (220.0)
CAMBIUM LEARNING ABCD US 126.5 (52.1) (63.7)
CASELLA WASTE WA3 GR 588.9 (74.6) 4.6
CASELLA WASTE CWST US 588.9 (74.6) 4.6
CASELLA WASTE WA3 TH 588.9 (74.6) 4.6
CASELLA WASTE CWSTEUR EU 588.9 (74.6) 4.6
CDK GLOBAL INC CDK US 2,883.1 (56.8) 726.2
CDK GLOBAL INC C2G TH 2,883.1 (56.8) 726.2
CDK GLOBAL INC CDKEUR EU 2,883.1 (56.8) 726.2
CDK GLOBAL INC C2G GR 2,883.1 (56.8) 726.2
CDK GLOBAL INC C2G QT 2,883.1 (56.8) 726.2
CEDAR FAIR LP FUN US 2,109.5 (60.6) (92.5)
CEDAR FAIR LP 7CF GR 2,109.5 (60.6) (92.5)
CHESAPEAKE ENERG CHK US 11,920.0 (684.0) (911.0)
CHESAPEAKE ENERG CS1 GR 11,920.0 (684.0) (911.0)
CHESAPEAKE ENERG CS1 TH 11,920.0 (684.0) (911.0)
CHESAPEAKE ENERG CHK* MM 11,920.0 (684.0) (911.0)
CHESAPEAKE ENERG CS1 QT 11,920.0 (684.0) (911.0)
CHESAPEAKE ENERG CHKEUR EU 11,920.0 (684.0) (911.0)
CHOICE HOTELS CZH GR 948.0 (252.6) 103.9
CHOICE HOTELS CHH US 948.0 (252.6) 103.9
CINCINNATI BELL CBB US 1,481.7 (124.0) 11.4
CINCINNATI BELL CIB1 GR 1,481.7 (124.0) 11.4
CINCINNATI BELL CBBEUR EU 1,481.7 (124.0) 11.4
CLEAR CHANNEL-A C7C GR 5,416.6 (1,216.5) 327.9
CLEAR CHANNEL-A CCO US 5,416.6 (1,216.5) 327.9
CLEMENTIA PHARMA CMTA US 40.0 (212.6) 32.1
CLIFFS NATURAL R CVA GR 2,030.1 (666.7) 495.0
CLIFFS NATURAL R CVA TH 2,030.1 (666.7) 495.0
CLIFFS NATURAL R CLF US 2,030.1 (666.7) 495.0
CLIFFS NATURAL R CLF* MM 2,030.1 (666.7) 495.0
CLIFFS NATURAL R CLF2EUR EU 2,030.1 (666.7) 495.0
COGENT COMMUNICA CCOI US 732.4 (71.2) 240.8
COGENT COMMUNICA OGM1 GR 732.4 (71.2) 240.8
DELEK LOGISTICS DKL US 415.5 (21.1) 14.0
DELEK LOGISTICS D6L GR 415.5 (21.1) 14.0
DENNY'S CORP DE8 GR 306.9 (79.9) (53.3)
DENNY'S CORP DENN US 306.9 (79.9) (53.3)
DOMINO'S PIZZA EZV TH 781.8 (1,803.1) 209.4
DOMINO'S PIZZA EZV GR 781.8 (1,803.1) 209.4
DOMINO'S PIZZA DPZ US 781.8 (1,803.1) 209.4
DOMINO'S PIZZA EZV QT 781.8 (1,803.1) 209.4
DOVA PHARMACEUTI DOVA US 26.4 (3.5) (5.1)
DOVA PHARMACEUTI 0AV GR 26.4 (3.5) (5.1)
DOVA PHARMACEUTI DOVAEUR EU 26.4 (3.5) (5.1)
DUN & BRADSTREET DB5 GR 2,253.7 (913.3) (96.4)
DUN & BRADSTREET DB5 TH 2,253.7 (913.3) (96.4)
DUN & BRADSTREET DNB US 2,253.7 (913.3) (96.4)
DUN & BRADSTREET DNB1EUR EU 2,253.7 (913.3) (96.4)
DUNKIN' BRANDS G 2DB GR 3,147.9 (185.4) 147.6
DUNKIN' BRANDS G DNKN US 3,147.9 (185.4) 147.6
DUNKIN' BRANDS G 2DB TH 3,147.9 (185.4) 147.6
DUNKIN' BRANDS G DNKNEUR EU 3,147.9 (185.4) 147.6
ERIN ENERGY CORP ERN SJ 190.9 (349.2) (280.7)
EVERI HOLDINGS I EVRI US 1,337.4 (123.9) 16.4
EVERI HOLDINGS I G2C TH 1,337.4 (123.9) 16.4
EVERI HOLDINGS I G2C GR 1,337.4 (123.9) 16.4
EVERI HOLDINGS I EVRIEUR EU 1,337.4 (123.9) 16.4
FERRELLGAS-LP FEG GR 1,679.3 (703.5) (26.2)
FERRELLGAS-LP FGP US 1,679.3 (703.5) (26.2)
FIFTH STREET ASS FSAM US 191.2 (1.7) -
FIFTH STREET ASS 7FS TH 191.2 (1.7) -
GAMCO INVESTO-A GBL US 190.9 (121.0) -
GCP APPLIED TECH GCP US 1,252.0 (134.3) 177.5
GCP APPLIED TECH 43G GR 1,252.0 (134.3) 177.5
GCP APPLIED TECH GCPEUR EU 1,252.0 (134.3) 177.5
GNC HOLDINGS INC IGN GR 2,011.1 (51.2) 535.6
GNC HOLDINGS INC GNC US 2,011.1 (51.2) 535.6
GNC HOLDINGS INC IGN TH 2,011.1 (51.2) 535.6
GNC HOLDINGS INC GNC1EUR EU 2,011.1 (51.2) 535.6
GOGO INC GOGO US 1,277.3 (116.5) 271.3
GOGO INC G0G GR 1,277.3 (116.5) 271.3
GOGO INC G0G QT 1,277.3 (116.5) 271.3
GOLD RESERVE INC GDRZF US 47.1 (1.2) 34.4
GOLD RESERVE INC GRZ CN 47.1 (1.2) 34.4
GOLD RESERVE INC GOD GR 47.1 (1.2) 34.4
GREEN PLAINS PAR GPP US 90.6 (64.2) 4.6
GREEN PLAINS PAR 8GP GR 90.6 (64.2) 4.6
H&R BLOCK INC HRB US 2,694.1 (60.9) 406.8
H&R BLOCK INC HRB GR 2,694.1 (60.9) 406.8
H&R BLOCK INC HRB TH 2,694.1 (60.9) 406.8
H&R BLOCK INC HRB QT 2,694.1 (60.9) 406.8
H&R BLOCK INC HRBEUR EU 2,694.1 (60.9) 406.8
HCA HEALTHCARE I 2BH GR 34,566.0 (5,079.0) 3,566.0
HCA HEALTHCARE I HCA US 34,566.0 (5,079.0) 3,566.0
HCA HEALTHCARE I 2BH TH 34,566.0 (5,079.0) 3,566.0
HCA HEALTHCARE I HCAEUR EU 34,566.0 (5,079.0) 3,566.0
HORTONWORKS INC HDP US 213.3 (43.3) (35.6)
HORTONWORKS INC 14K GR 213.3 (43.3) (35.6)
HORTONWORKS INC 14K QT 213.3 (43.3) (35.6)
HORTONWORKS INC HDPEUR EU 213.3 (43.3) (35.6)
HOVNANIAN-A-WI HOV-W US 2,133.6 (133.9) 1,392.3
HP INC HPQ* MM 28,686.0 (3,955.0) (302.0)
HP INC HPQ US 28,686.0 (3,955.0) (302.0)
HP INC 7HP TH 28,686.0 (3,955.0) (302.0)
HP INC 7HP GR 28,686.0 (3,955.0) (302.0)
HP INC HPQ TE 28,686.0 (3,955.0) (302.0)
HP INC HPQ CI 28,686.0 (3,955.0) (302.0)
HP INC HPQ SW 28,686.0 (3,955.0) (302.0)
HP INC HWP QT 28,686.0 (3,955.0) (302.0)
HP INC HPQCHF EU 28,686.0 (3,955.0) (302.0)
HP INC HPQUSD EU 28,686.0 (3,955.0) (302.0)
HP INC HPQUSD SW 28,686.0 (3,955.0) (302.0)
HP INC HPQEUR EU 28,686.0 (3,955.0) (302.0)
IDEXX LABS IDXX US 1,637.1 (86.1) (82.8)
IDEXX LABS IX1 GR 1,637.1 (86.1) (82.8)
IDEXX LABS IX1 TH 1,637.1 (86.1) (82.8)
IDEXX LABS IX1 QT 1,637.1 (86.1) (82.8)
IDEXX LABS IDXX AV 1,637.1 (86.1) (82.8)
IMMUNOGEN INC IMU GR 181.4 (173.2) 94.1
IMMUNOGEN INC IMGN US 181.4 (173.2) 94.1
IMMUNOGEN INC IMU TH 181.4 (173.2) 94.1
IMMUNOGEN INC IMU QT 181.4 (173.2) 94.1
IMMUNOGEN INC IMGNEUR EU 181.4 (173.2) 94.1
IMMUNOMEDICS INC IMMU US 162.6 (59.5) 35.1
IMMUNOMEDICS INC IM3 GR 162.6 (59.5) 35.1
IMMUNOMEDICS INC IM3 TH 162.6 (59.5) 35.1
IMMUNOMEDICS INC IM3 QT 162.6 (59.5) 35.1
INNOVIVA INC INVA US 372.0 (296.7) 171.0
INNOVIVA INC HVE GR 372.0 (296.7) 171.0
INNOVIVA INC INVAEUR EU 372.0 (296.7) 171.0
INSPIRED ENTERTA INSE US 213.4 (2.1) (1.4)
INSTRUCTURE INC INST US 130.1 (4.1) (14.7)
INSTRUCTURE INC 1IN GR 130.1 (4.1) (14.7)
JACK IN THE BOX JBX GR 1,255.2 (439.0) (83.8)
JACK IN THE BOX JACK US 1,255.2 (439.0) (83.8)
JACK IN THE BOX JACK1EUR EU 1,255.2 (439.0) (83.8)
JACK IN THE BOX JBX QT 1,255.2 (439.0) (83.8)
JAMIESON WELLNES JWEL CN 505.1 (180.5) (286.4)
JAMIESON WELLNES 2JW GR 505.1 (180.5) (286.4)
JAMIESON WELLNES JWELEUR EU 505.1 (180.5) (286.4)
JUST ENERGY GROU JE US 1,271.0 (69.8) 114.4
JUST ENERGY GROU 1JE GR 1,271.0 (69.8) 114.4
JUST ENERGY GROU JE CN 1,271.0 (69.8) 114.4
L BRANDS INC LTD GR 7,762.8 (912.3) 1,198.0
L BRANDS INC LTD TH 7,762.8 (912.3) 1,198.0
L BRANDS INC LB US 7,762.8 (912.3) 1,198.0
L BRANDS INC LBEUR EU 7,762.8 (912.3) 1,198.0
L BRANDS INC LB* MM 7,762.8 (912.3) 1,198.0
L BRANDS INC LTD QT 7,762.8 (912.3) 1,198.0
LAMB WESTON LW US 2,485.6 (596.5) 302.8
LAMB WESTON 0L5 GR 2,485.6 (596.5) 302.8
LAMB WESTON LW-WEUR EU 2,485.6 (596.5) 302.8
LAMB WESTON 0L5 TH 2,485.6 (596.5) 302.8
LANTHEUS HOLDING LNTH US 267.9 (87.2) 82.6
LANTHEUS HOLDING 0L8 GR 267.9 (87.2) 82.6
LIVEXLIVE MEDIA LIVX US 5.2 (0.8) (4.0)
MADISON-A/NEW-WI MSGN-W US 805.0 (944.2) 168.9
MANNKIND CORP MNKD IT 79.4 (221.2) (34.9)
MCDONALDS - BDR MCDC34 BZ 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MDO TH 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD TE 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MDO GR 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD* MM 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD US 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD SW 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD CI 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MDO QT 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCDCHF EU 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCDUSD EU 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCDUSD SW 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCDEUR EU 32,785.2 (2,000.6) 3,149.2
MCDONALDS CORP MCD AV 32,785.2 (2,000.6) 3,149.2
MCDONALDS-CEDEAR MCD AR 32,785.2 (2,000.6) 3,149.2
MDC COMM-W/I MDZ/W CN 1,650.3 (336.1) (263.7)
MDC PARTNERS-A MDZ/A CN 1,650.3 (336.1) (263.7)
MDC PARTNERS-A MDCA US 1,650.3 (336.1) (263.7)
MDC PARTNERS-A MD7A GR 1,650.3 (336.1) (263.7)
MDC PARTNERS-A MDCAEUR EU 1,650.3 (336.1) (263.7)
MDC PARTNERS-EXC MDZ/N CN 1,650.3 (336.1) (263.7)
MEDLEY MANAGE-A MDLY US 144.5 (4.5) 41.0
MERITOR INC AID1 GR 2,712.0 (56.0) 117.0
MERITOR INC MTOR US 2,712.0 (56.0) 117.0
MERITOR INC AID1 QT 2,712.0 (56.0) 117.0
MERITOR INC MTOREUR EU 2,712.0 (56.0) 117.0
MICHAELS COS INC MIK US 2,009.8 (1,721.9) 502.5
MICHAELS COS INC MIM GR 2,009.8 (1,721.9) 502.5
MIRAGEN THERAPEU MGEN US 50.0 41.3 42.7
MIRAGEN THERAPEU 1S1 GR 50.0 41.3 42.7
MIRAGEN THERAPEU SGNLEUR EU 50.0 41.3 42.7
MONEYGRAM INTERN MGI US 4,410.4 (192.2) (79.8)
MONEYGRAM INTERN 9M1N GR 4,410.4 (192.2) (79.8)
MONEYGRAM INTERN MGIEUR EU 4,410.4 (192.2) (79.8)
MOODY'S CORP DUT GR 6,536.3 (467.5) 3,321.9
MOODY'S CORP MCO US 6,536.3 (467.5) 3,321.9
MOODY'S CORP DUT TH 6,536.3 (467.5) 3,321.9
MOODY'S CORP MCOEUR EU 6,536.3 (467.5) 3,321.9
MOODY'S CORP DUT QT 6,536.3 (467.5) 3,321.9
MOODY'S CORP MCO* MM 6,536.3 (467.5) 3,321.9
MOTOROLA SOLUTIO MTLA GR 8,295.0 (976.0) 801.0
MOTOROLA SOLUTIO MTLA TH 8,295.0 (976.0) 801.0
MOTOROLA SOLUTIO MSI US 8,295.0 (976.0) 801.0
MOTOROLA SOLUTIO MOT TE 8,295.0 (976.0) 801.0
MOTOROLA SOLUTIO MTLA QT 8,295.0 (976.0) 801.0
MOTOROLA SOLUTIO MSI1EUR EU 8,295.0 (976.0) 801.0
MSG NETWORKS- A MSGN US 805.0 (944.2) 168.9
MSG NETWORKS- A 1M4 GR 805.0 (944.2) 168.9
MSG NETWORKS- A 1M4 TH 805.0 (944.2) 168.9
MSG NETWORKS- A MSGNEUR EU 805.0 (944.2) 168.9
NATHANS FAMOUS NATH US 86.6 (63.6) 60.1
NATHANS FAMOUS NFA GR 86.6 (63.6) 60.1
NATIONAL CINEMED XWM GR 1,121.7 (68.3) 70.6
NATIONAL CINEMED NCMI US 1,121.7 (68.3) 70.6
NATIONAL CINEMED NCMIEUR EU 1,121.7 (68.3) 70.6
NAVISTAR INTL IHR GR 5,952.0 (5,127.0) 825.0
NAVISTAR INTL NAV US 5,952.0 (5,127.0) 825.0
NAVISTAR INTL IHR TH 5,952.0 (5,127.0) 825.0
NEFF CORP-CL A NEFF US 666.9 (112.0) 8.9
NEFF CORP-CL A NFO GR 666.9 (112.0) 8.9
NEW ENG RLTY-LP NEN US 191.0 (32.1) -
NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7)
OMEROS CORP 3O8 GR 60.4 (54.9) 28.3
OMEROS CORP OMER US 60.4 (54.9) 28.3
OMEROS CORP 3O8 TH 60.4 (54.9) 28.3
OMEROS CORP OMEREUR EU 60.4 (54.9) 28.3
ONCOMED PHARMACE OMED US 139.3 (53.8) 95.1
PENN NATL GAMING PN1 GR 4,984.0 (517.5) (127.0)
PENN NATL GAMING PENN US 4,984.0 (517.5) (127.0)
PENSARE ACQUISIT WRLS US 0.3 (0.1) (0.0)
PENSARE ACQUISIT WRLSU US 0.3 (0.1) (0.0)
PHILIP MORRIS IN PM1EUR EU 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PMI SW 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PM1 TE 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN 4I1 TH 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PM1CHF EU 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN 4I1 GR 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PM US 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PM FP 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PMI1 IX 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN PMI EB 38,660.0 (10,277.0) 1,189.0
PHILIP MORRIS IN 4I1 QT 38,660.0 (10,277.0) 1,189.0
PINNACLE ENTERTA PNK US 3,982.2 (339.7) (62.5)
PINNACLE ENTERTA 65P GR 3,982.2 (339.7) (62.5)
PLANET FITNESS-A PLNT US 1,354.6 (156.8) 26.5
PLANET FITNESS-A 3PL TH 1,354.6 (156.8) 26.5
PLANET FITNESS-A 3PL GR 1,354.6 (156.8) 26.5
PLANET FITNESS-A 3PL QT 1,354.6 (156.8) 26.5
PLANET FITNESS-A PLNT1EUR EU 1,354.6 (156.8) 26.5
PRECIPIO INC TBIOEUR EU 1.2 (20.6) (20.6)
PROS HOLDINGS IN PH2 GR 298.0 (20.5) 147.4
PROS HOLDINGS IN PRO US 298.0 (20.5) 147.4
QUANTUM CORP QTM US 213.0 (118.0) (51.3)
REATA PHARMACE-A RETA US 71.3 (230.3) 17.5
REATA PHARMACE-A 2R3 GR 71.3 (230.3) 17.5
REATA PHARMACE-A RETAEUR EU 71.3 (230.3) 17.5
REGAL ENTERTAI-A RGC US 2,748.4 (835.0) (48.2)
REGAL ENTERTAI-A RETA GR 2,748.4 (835.0) (48.2)
REGAL ENTERTAI-A RGC* MM 2,748.4 (835.0) (48.2)
RENOVACARE INC RCAR US 0.6 (0.2) (0.3)
RESOLUTE ENERGY R21 GR 728.5 (62.2) (65.8)
RESOLUTE ENERGY REN US 728.5 (62.2) (65.8)
RESOLUTE ENERGY RENEUR EU 728.5 (62.2) (65.8)
REVLON INC-A REV US 3,062.0 (672.4) 296.4
REVLON INC-A RVL1 GR 3,062.0 (672.4) 296.4
REVLON INC-A RVL1 TH 3,062.0 (672.4) 296.4
REVLON INC-A REVEUR EU 3,062.0 (672.4) 296.4
ROSETTA STONE IN RST US 178.9 (0.1) (55.9)
ROSETTA STONE IN RS8 GR 178.9 (0.1) (55.9)
ROSETTA STONE IN RST1EUR EU 178.9 (0.1) (55.9)
RR DONNELLEY & S DLLN GR 3,831.8 (161.5) 722.1
RR DONNELLEY & S RRD US 3,831.8 (161.5) 722.1
RR DONNELLEY & S DLLN TH 3,831.8 (161.5) 722.1
RR DONNELLEY & S RRDEUR EU 3,831.8 (161.5) 722.1
RYERSON HOLDING RYI US 1,787.8 (22.6) 730.1
RYERSON HOLDING 7RY GR 1,787.8 (22.6) 730.1
RYERSON HOLDING 7RY TH 1,787.8 (22.6) 730.1
SALLY BEAUTY HOL SBH US 2,120.5 (352.3) 638.2
SALLY BEAUTY HOL S7V GR 2,120.5 (352.3) 638.2
SANCHEZ ENERGY C SN US 2,218.1 (38.1) (0.0)
SANCHEZ ENERGY C SN* MM 2,218.1 (38.1) (0.0)
SANCHEZ ENERGY C 13S GR 2,218.1 (38.1) (0.0)
SANCHEZ ENERGY C 13S TH 2,218.1 (38.1) (0.0)
SANCHEZ ENERGY C SNEUR EU 2,218.1 (38.1) (0.0)
SBA COMM CORP 4SB GR 7,308.9 (1,985.7) (710.0)
SBA COMM CORP SBAC US 7,308.9 (1,985.7) (710.0)
SBA COMM CORP SBJ TH 7,308.9 (1,985.7) (710.0)
SBA COMM CORP SBACEUR EU 7,308.9 (1,985.7) (710.0)
SCIENTIFIC GAM-A TJW GR 7,066.0 (1,998.1) 510.2
SCIENTIFIC GAM-A SGMS US 7,066.0 (1,998.1) 510.2
SEARS HOLDINGS SEE GR 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SEE TH 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SHLD US 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SEE QT 9,071.0 (3,527.0) 127.0
SEARS HOLDINGS SHLDEUR EU 9,071.0 (3,527.0) 127.0
SHELL MIDSTREAM SHLX US 1,098.7 (252.5) 131.7
SHELL MIDSTREAM 49M GR 1,098.7 (252.5) 131.7
SHELL MIDSTREAM 49M TH 1,098.7 (252.5) 131.7
SIGA TECH INC SIGA US 156.0 (303.4) 45.3
SILVER SPRING NE SSNI US 295.6 (20.3) 49.5
SILVER SPRING NE 9SI GR 295.6 (20.3) 49.5
SILVER SPRING NE 9SI TH 295.6 (20.3) 49.5
SILVER SPRING NE 9SI QT 295.6 (20.3) 49.5
SILVER SPRING NE SSNIEUR EU 295.6 (20.3) 49.5
SIRIUS XM HOLDIN SIRI US 8,347.7 (1,041.7) (2,148.9)
SIRIUS XM HOLDIN RDO TH 8,347.7 (1,041.7) (2,148.9)
SIRIUS XM HOLDIN RDO GR 8,347.7 (1,041.7) (2,148.9)
SIRIUS XM HOLDIN SIRIEUR EU 8,347.7 (1,041.7) (2,148.9)
SIRIUS XM HOLDIN SIRI AV 8,347.7 (1,041.7) (2,148.9)
SIX FLAGS ENTERT SIX US 2,543.7 (49.4) (150.5)
SIX FLAGS ENTERT 6FE GR 2,543.7 (49.4) (150.5)
SONIC CORP SONC US 563.8 (173.1) 60.4
SONIC CORP SO4 GR 563.8 (173.1) 60.4
SONIC CORP SONCEUR EU 563.8 (173.1) 60.4
STRAIGHT PATH-B STRP US 20.9 (10.2) (7.4)
STRAIGHT PATH-B 5I0 GR 20.9 (10.2) (7.4)
SYNTEL INC SYNT US 434.1 (97.3) 122.8
SYNTEL INC SYE GR 434.1 (97.3) 122.8
SYNTEL INC SYE TH 434.1 (97.3) 122.8
SYNTEL INC SYE QT 434.1 (97.3) 122.8
SYNTEL INC SYNT1EUR EU 434.1 (97.3) 122.8
SYNTEL INC SYNT* MM 434.1 (97.3) 122.8
TAILORED BRANDS TLRD US 2,114.2 (113.6) 712.4
TAILORED BRANDS WRMA GR 2,114.2 (113.6) 712.4
TAILORED BRANDS TLRD* MM 2,114.2 (113.6) 712.4
TAUBMAN CENTERS TU8 GR 4,061.7 (111.7) -
TAUBMAN CENTERS TCO US 4,061.7 (111.7) -
TINTRI INC TNTR US 97.1 (68.5) 21.6
TINTRI INC TI3 GR 97.1 (68.5) 21.6
TINTRI INC TNTREUR EU 97.1 (68.5) 21.6
TOWN SPORTS INTE CLUB US 236.6 (87.0) 4.6
TRANSDIGM GROUP T7D GR 10,316.4 (1,895.4) 1,656.3
TRANSDIGM GROUP TDG US 10,316.4 (1,895.4) 1,656.3
TRANSDIGM GROUP TDG SW 10,316.4 (1,895.4) 1,656.3
TRANSDIGM GROUP TDGCHF EU 10,316.4 (1,895.4) 1,656.3
TRANSDIGM GROUP T7D QT 10,316.4 (1,895.4) 1,656.3
TRANSDIGM GROUP TDGEUR EU 10,316.4 (1,895.4) 1,656.3
ULTRA PETROLEUM UPL US 1,762.0 (940.1) 176.1
ULTRA PETROLEUM UPL1EUR EU 1,762.0 (940.1) 176.1
ULTRA PETROLEUM UPM1 GR 1,762.0 (940.1) 176.1
UNISYS CORP UISCHF EU 2,318.9 (1,630.1) 426.5
UNISYS CORP UISEUR EU 2,318.9 (1,630.1) 426.5
UNISYS CORP UIS US 2,318.9 (1,630.1) 426.5
UNISYS CORP UIS1 SW 2,318.9 (1,630.1) 426.5
UNISYS CORP USY1 TH 2,318.9 (1,630.1) 426.5
UNISYS CORP USY1 GR 2,318.9 (1,630.1) 426.5
UNITI GROUP INC UNIT US 4,161.2 (1,059.0) -
UNITI GROUP INC 8XC GR 4,161.2 (1,059.0) -
VALVOLINE INC VVV US 1,960.0 (203.0) 227.0
VALVOLINE INC 0V4 GR 1,960.0 (203.0) 227.0
VALVOLINE INC 0V4 TH 1,960.0 (203.0) 227.0
VALVOLINE INC VVVEUR EU 1,960.0 (203.0) 227.0
VECTOR GROUP LTD VGR GR 1,420.3 (284.5) 475.4
VECTOR GROUP LTD VGR US 1,420.3 (284.5) 475.4
VECTOR GROUP LTD VGR QT 1,420.3 (284.5) 475.4
VENATOR MATERIAL VNTR US 2,380.0 (408.0) 434.0
VENATOR MATERIAL 1EC GR 2,380.0 (408.0) 434.0
VENATOR MATERIAL 1EC TH 2,380.0 (408.0) 434.0
VENATOR MATERIAL VNTREUR EU 2,380.0 (408.0) 434.0
VERISIGN INC VRS TH 2,344.3 (1,203.2) 321.0
VERISIGN INC VRS GR 2,344.3 (1,203.2) 321.0
VERISIGN INC VRSN US 2,344.3 (1,203.2) 321.0
VERISIGN INC VRSNEUR EU 2,344.3 (1,203.2) 321.0
VERSUM MATER VSM US 1,181.8 (9.7) 438.2
VERSUM MATER 2V1 GR 1,181.8 (9.7) 438.2
VERSUM MATER VSMEUR EU 1,181.8 (9.7) 438.2
VERSUM MATER 2V1 TH 1,181.8 (9.7) 438.2
VIEWRAY INC VRAY US 105.6 (17.0) 39.2
VIEWRAY INC 6L9 GR 105.6 (17.0) 39.2
VIEWRAY INC VRAYEUR EU 105.6 (17.0) 39.2
WEIGHT WATCHERS WTW US 1,247.3 (1,138.7) (58.0)
WEIGHT WATCHERS WW6 GR 1,247.3 (1,138.7) (58.0)
WEIGHT WATCHERS WW6 TH 1,247.3 (1,138.7) (58.0)
WEIGHT WATCHERS WTWEUR EU 1,247.3 (1,138.7) (58.0)
WEST CORP WSTC US 3,480.9 (324.5) 248.5
WEST CORP WT2 GR 3,480.9 (324.5) 248.5
WIDEOPENWEST INC WOW US 2,661.6 (645.2) (33.7)
WIDEOPENWEST INC WU5 GR 2,661.6 (645.2) (33.7)
WIDEOPENWEST INC WOW1EUR EU 2,661.6 (645.2) (33.7)
WINGSTOP INC WING US 114.6 (61.2) (1.7)
WINGSTOP INC EWG GR 114.6 (61.2) (1.7)
WORKIVA INC WK US 154.2 (6.1) (2.0)
WORKIVA INC 0WKA GR 154.2 (6.1) (2.0)
WORKIVA INC WKEUR EU 154.2 (6.1) (2.0)
YRC WORLDWIDE IN YRCW US 1,759.1 (410.5) 292.9
YRC WORLDWIDE IN YEL1 GR 1,759.1 (410.5) 292.9
YRC WORLDWIDE IN YEL1 TH 1,759.1 (410.5) 292.9
YRC WORLDWIDE IN YRCWEUR EU 1,759.1 (410.5) 292.9
YUM! BRANDS INC YUM US 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC TGR GR 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC TGR TH 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC YUMEUR EU 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC YUMCHF EU 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC YUM SW 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC YUMUSD SW 5,596.0 (6,102.0) 307.0
YUM! BRANDS INC YUMUSD EU 5,596.0 (6,102.0) 307.0
*********
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
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The TCR subscription rate is $975 for 6 months delivered via
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*** End of Transmission ***