/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/180530.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 30, 2018, Vol. 22, No. 149 Headlines 8 LAWRENCE ROAD: Taps Richard Shackil as Special Counsel ABE'S BOAT: Hires Lott Firm PLLC as Counsel AFTERMASTER INC: Operating Costs Raise Going Concern Doubt ALEGION INC: Court Grants Request Not to Appoint Committee ALLIED IV LLC: Seeks Exclusivity Extension, Authority to Use Cash AMBOY GROUP: Seeks to Hire Integrated Property Group as Brokers AMBOY GROUP: Seeks to Hire M. Davis Group as Appraiser AMERICAN UNDERWRITING: Taps Small Herrin LLP as Attorney ARECONT VISION: Judge OKs $4-Mil DIP Loans, Cash Collateral Use ARECONT VISION: Taps Armory Strategic Partners as Financial Advisor ARECONT VISION: Taps Imperial Capital, LLC as Investment Banker ARECONT VISION: Taps Pachulski Stang Ziehl & Jones as Counsel B N EMPIRE: Taps Doyle & McGrath Real Estate as Brokers BIG BEAR BOWLING: Taps Russell C. Barnes as Broker BIRDHOUSE LLC: Hires Miller & Miller as Attorney CAMBER ENERGY: CEO Azar Resigns Over 'Conflicts of Interest' CANBIOLA INC: Insufficient Capital Raise Going Concern Doubt CANDLE CONNECTION: Hires Steinberg Law Firm PS as Attorney CARTER FINANCIAL: Hires Aaronson Schantz Beiley, PA as Attorney CARTER FINANCIAL: Seeks Approval for Interim Use of Cash Collateral CARTER FINANCIAL: Taps Gidney & Company, PA, CPAs as Accountant CHOICE RADIO: Chapter 727 Claims Bar Date Set for Sept. 13 CLINTON NURSERIES: Seeks July 2 Plan Exclusivity Period Extension COLORADO NATIONAL: Sale of Equity Interests to Fund Plan Payments COMMUNITY HEALTH: Extends Notes Early Tender Deadline to June 1 CONFIE SEGUROS: S&P Lowers ICR to 'CCC+', On Watch Developing CONTRERAS TRUCKING: Wants Interim Access to Cash Collateral DENNIS JOHNSON II: Summary Judgment Bid on Receivership Nixed DPW HOLDINGS: Partners with Restauranteurs to Acquire I.AM EBH TOPCO: June 6 Meeting Set to Form Creditors' Panel ECLIPSE BERRY: Hires Lefoldt & Co., P.A. as Accountant ECOFLORA INC: Chapter 727 Claims Bar Date Set for Aug. 28 ERIN ENERGY: Hires Okin Adams LLP as Counsel ERIN ENERGY: Hires Stout Risius Ross LLC as Financial Advisor ETERON INC: Taps Michigan Business Advisors as Business Appraiser FAMILY PHARMACY: Taps Integrity Pharmacy Consultants as Broker FLABEG SOLAR US: Bankruptcy Court Junks Suit vs D. Busby, AIDL FLINT GROUP: $31MM Bank Debt Trades at 5% Off FLINT GROUP: $794MM Bank Debt Trades at 5% Off GREEN DOOR: Seeks Court Approval to Use Cash Collateral HARVEST VISION: Foreclosure Auction Set for July 31 HEATH OIL: Case Summary & 20 Largest Unsecured Creditors HI-LO FARMS: Taps Coldwell Banker Alfonso Realty as Estate Broker HOTEL INVESTORS: Auction of Springhill Lot Moved to June 5 ILLINI KIDS: Wants to Use Cash Collateral through July 31 INLAND CONTAINER: Chapter 727 Claims Bar Date Set for Sept. 13 INPIXON: Signs Standstill Agreement with Lender INT'L MANUFACTURING: Suit vs Battle Creek Dismissed with Prejudice IO AT TECH: Lawsuit vs Hartford Remanded to State Court JONES ENERGY: Dismisses PricewaterhouseCoopers as Auditors JWCCC LLC: Hires Vida Law Firm PLLC as Attorney K&S UTILITY: Taps Sheils Winnubst PC as Counsel LC STAR INVESTMENT: Foreclosure Auction Set for June 21 LG WOOD VALLEY: Property Sale Proceeds to Pay Secured Creditors LINCOLN ENTERPRISE: Seeks 60-Day Exclusive Filing Period Extension LOVE GRACE: 5th Amended Plan Outline OK'd; June 25 Plan Hearing MEJD PARTNERSHIP: Hires Mark E. Goodfriend as Bankruptcy Counsel MIRAGE DENTAL: Seeks Authorization to Use Cash Collateral NIGHTHAWK ROYALTIES: Seeks Interim Approval to Use Cash Collateral NINE WEST: Committee Taps Akin Gump Strauss Hauer as Counsel NINE WEST: Committee Taps Houlihan Lokey as Investment Banker NINE WEST: Committee Taps Protiviti Inc as Financial Advisor OPT CO: Approval Hearing on Plan Outline Set for June 13 PNEUMA INTERNATIONAL: Distribution to Unsecureds Raised to $1.5MM R44 LENDING: Hires Jeffrey S. Shinbrot, APLC, as Insolvency Counsel RAIN TREE HEALTHCARE: District Ct. Affirms Dismissal of Ch. 11 Case RESOLUTE FOREST: S&P Alters Outlook to Stable & Affirms 'BB-' CCR ROCKDALE HOSPITALITY: Allowed to Use Cash Collateral on Final Basis SCHRATTER FOODS: Chapter 727 Claims Bar Date Set for Aug. 28 SEABOARD REALTY: Court Junks UCF Suit vs Berkowitz SHERIDAN PRODUCTION I-A: $98MM Bank Debt Trades at 16.17% Off SHERIDAN PRODUCTION I-M: $60MM Bank Debt Trades at 16.17% Off SHERIDAN PRODUCTION: $900MM Bank Debt Trades at 16.17% Off SIGEL'S BEVERAGES: Amended Plan Outline OK'd; June 13 Plan Hearing SOAR INTO YOUR DESTINY: Wants Emergency Access to Cash Collateral TAYLOR BEAN: Summary Judgment Ruling Against Cocrofts Upheld TOP SHELV: Res Judicata Bars Claim Invalidating AG&I Lien TRIGEANT HOLDINGS: Renewed Bid for Stay Pending Appeal Nixed WALL STREET THEATER: Needs Time to Resolve Tax Credit Disbursements WESTMORELAND COAL: Repays in Full All Outstanding Loan with CIBC WILMINGTON VICTORVILLE: Hires Levene Neale as Bankruptcy Counsel ZIP STEVENSON: Seeks Approval of Cash Collateral Stipulation [*] $308,956 in Defaulted Timeshare Loans Up for Auction on June 7 ********* 8 LAWRENCE ROAD: Taps Richard Shackil as Special Counsel -------------------------------------------------------- 8 Lawrence Road, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire the Law Office of Richard Shackil as special counsel. The Debtor requires the services of a real estate attorney in connection with the sale of the Debtor's rela property located at 8 Lawrence Road, Randolf, New Jersey 07869. The Law Office of Richard Shackil will coordinate the closing, and provide any similar and other services. The Law Office of Richard Shackil will charge a flat fee $1,500. Richard Shackil, Esq., sole practitioner of the Law Office of Richard Shackil, assures the Court that he does not holdor represemt an adverse interest to the estate, and is a disinterested under 11 U.S.C. Sec. 101(14). The counsel can be reached through: Richard Shackil, Esq. Law Office of Richard Shackil 1113 Main Street Patterson, NJ 07503 Phone: +1 973-684-5676 About 8 Lawrence Road 8 Lawrence Road, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 18-11389) on Jan. 23, 2018. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $500,000. SCURA, WIGFIELD, HEYER & STEVENS, LLP, is the Debtor's counsel. ABE'S BOAT: Hires Lott Firm PLLC as Counsel ------------------------------------------- Abe's Boat Rentals, Inc., seeks authority from the United States Bankruptcy Court for the Eastern District of Louisiana (New Orleans) to hire Marc Hoerner, Jr., Esq. and The Lott Firm PLLC as counsel. Lott Firm's current hourly rates are: Marc Hoerner $150 Lyan Lott $250 Marc Hoerner of Lott Firm PLLC attests that he and his firm currently have no connection with the Debtor, creditors and any party in interest. The counsel can be reached through: Marc Hoerner, Jr., Esq. THE LOTT FIRM 3422 Rosefinch Trail Austin, TX 78746 Tel: 512-809-6951 E-mail: marcthelottfirm@gmail.com thelottfirm@gmail.com About Abe's Boat Rentals Abe's Boat Rentals, Inc. -- https://www.abesboatrental.com/ -- is a privately owned vessel operator located in Belle Chasse, Louisiana with a fleet of 19 vessels. The Company's business segments have expanded to also provide crews and vessels for environmental construction, restoration projects and cleanup, plugging and abandonment, rig decommissioning and other new markets. Abe's Boat Rentals was founded in 1979 by Abraham Ton. Abe's Boat Rentals, Inc., filed a Chapter 11 petition (Bankr. E.D. La. Case no. 18-11102) on April 27, 2018. The petition was signed by Hank Ton, president. Marc Hoerner, Jr., Esq., at THE LOTT FIRM, is the Debtor's counsel. At the time of filing, the Debtor estimated $1 million to $10 million in assets and liabilities. AFTERMASTER INC: Operating Costs Raise Going Concern Doubt ---------------------------------------------------------- AfterMaster, Inc., filed its quarterly report on Form 10-Q, disclosing a net income of $2,210,813 on $441,196 of total revenues for the three months ended March 31, 2018, compared with a net loss of $2,269,339 on $266,621 of total revenues for the same period in 2017. For the nine months ended March 31, 2018, the Company recorded a net loss of $642,696 on $1,391,658 of total revenues, compared to a net loss of $6,636,058 on $369,844 of total revenues for the same period last year. At March 31, 2018, the Company had total assets of $1.09 million, total liabilities of $8.14 million, and $7.05 million in total stockholders' deficit. The Company has an accumulated deficit of $72,946,247, negative working capital of $7,320,108, and currently has revenues which are insufficient to cover its operating costs, which raises substantial doubt about its ability to continue as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The future of the Company as an operating business will depend on its ability to (1) obtain sufficient capital contributions and/or financing as may be required to sustain its operations and (2) to achieve adequate revenues from its ProMaster and AfterMaster businesses. Management's plan to address these issues includes, (a) continued exercise of tight cost controls to conserve cash, (b) obtaining additional financing, (c) more widely commercializing the AfterMaster and ProMaster products, and (d) identifying and executing on additional revenue generating opportunities. A copy of the Form 10-Q is available at: https://bit.ly/2L5wfJV About AfterMaster, Inc. AfterMaster, Inc., together with its subsidiaries, operates as an audio technology company in the United States. It develops and commercializes proprietary audio and video technologies for professional and consumer use. The company offers AfterMaster audio, a mastering, remastering, and audio processing technology that makes various audio source sounds louder, fuller, deeper, and clearer; ProMaster, an online music mastering, streaming, and storage service designed for independent artists; and Aftermaster Pro, a personal audio re-mastering device. The company was formerly known as Studio One Media, Inc., and changed its name to AfterMaster, Inc., in September 2015. AfterMaster, Inc. is based in Scottsdale, Arizona. ALEGION INC: Court Grants Request Not to Appoint Committee ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Alabama granted Alegion Inc.'s motion not to appoint a committee of unsecured creditors in its Chapter 11 case. Alegion Inc. is represented by: Michael A. Fritz, Sr., Esq. Fritz Law Firm 25 South Court Street, Suite 200 Montgomery, AL 36104 Phone: (334) 230-9790 Email: bankruptcy@fritzlawalabama.com About Alegion Inc. Alegion, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 18-30912) on March 29, 2018. In the petition signed by Tammy Jordan, owner, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Dwight H. Williams Jr. presides over the case. The Debtor tapped Fritz Law Firm as its legal counsel. ALLIED IV LLC: Seeks Exclusivity Extension, Authority to Use Cash ----------------------------------------------------------------- Allied IV, LLC, asks the U.S. Bankruptcy Court for the Eastern District of New York to: (a) authorize its use of cash collateral under section 363 of the Bankruptcy Code, and (b) to extend the exclusive period to file and to solicit acceptances to a plan of reorganization for an additional 120 days. The Debtor owns the real property at 113-18 Liberty Avenue, Richmond Hill, New York 11419. The Debtor purchased the Property for $5,650,000 from Century 2000 Custom Home Builders. At closing, Century 2000 informed Debtor for the first time of the existence an alleged right of refusal held by the Grocery Store Tenant. The Debtor paid $3,650,000 in cash and a $2,050,000 purchase money mortgage in favor of Century 2000. The purchase money mortgage was to be repaid following the resolution of the right of first refusal issue. The right of first refusal issue appeared to be resolved in October 2014. But when the Debtor was preparing to refinance the purchase money mortgage, the Furniture Store Tenant, placed a lis pendens on the Property. The Furniture Store Tenant refuses to remove its lis pendens because the continuing existence of Century 2000's mortgage constitutes equity from which it hopes to collect a judgment against Century 2000. The Furniture Store Tenant argued that the Century 2000/Seller agreed to use its best efforts to subdivide the Property and sell to Tenant the portion of the Property it was leasing. The Furniture Store Tenant sued the Debtor and Century 2000. The dispute is being litigated in the Queens County Supreme Court in 113 Discount Bazaar Inc, And 113 Furniture Bazaar Inc. v. Century 2000 Custom Home Builders & Developers, LLC, Century Custom, Home Builders & Developers, LLC, Phillip Baldeo and Allied IV LLC, Index No. 705383/2013. To date, the Debtor has continuously paid as agreed on the purchase money mortgage. But based on the Debtor's failure to close on the refinancing in 2014, (which was obstructed solely by the fight between Century 2000 and the Tenant), Century 2000 put the Debtor in default on the purchase money mortgage and asserts 24% default interest. To emerge from bankruptcy, therefore, the Debtor intends to stop the bleeding by refinancing the undisputed portion of the purchase money mortgage free and clear of the Tenants' lis pendens, obtain a determination of the legitimate amounts due to creditors and then pay that amount, to bring this matter to a conclusion. The Property’s monthly income is approximately $50,000. Meanwhile, the Debtor proposes to use the Property's rents to fund mortgage interest payments at the contract rate, real estate taxes, insurance, management fees and a reserve for emergency repairs. The Debtor proposes to (a) use cash collateral only in the ordinary course of business to preserve and protect the Property, (b) maintain strict records regarding cash collateral, (c) furnish Century 2000 with monthly operating reports required by the U.S. Trustee, (d) provide Century 2000 with a replacement lien on the Debtor's assets for any erosion of Century 2000's cash collateral because of the Debtor's use of the rents, and (e) pay monthly interest at the contract rate to reduce the Debtor's Mortgage obligations. The Debtor believes that Century 2000 is adequately protected by the Property's large equity cushion. The Debtor estimates that the Property value is $10,000,000. Moreover, the Debtor claims that the use of cash collateral in the ordinary course of business will allow the Debtor to preserve and protect the Property. Thus, the Debtor argues that the use of cash collateral does not decline in value during this case and thereby protecting Century 2000's collateral, including cash collateral. The Debtor needs additional time to bring the Landlord to the table. Essentially the Debtor seeks to extend the status quo regarding the disbursement of rent and payment of expenses. The Debtor asserts that once the bar date expires on May 29, 2018 it will be in a better position to deal with Century 2000, which is the Debtor's big confirmation obstacle. Accordingly, the Debtor submits that cause exists to extend the Exclusive Periods for an additional 120 days since it has been complying with its obligations under the Code and implementing its reorganization strategy as articulated at the outset. A hearing will be held on June 22, 2018 at 10:00 a.m. to (a) consider the Debtor's application to use cash collateral and (b) to extend the Debtor's exclusive period to file and to solicit acceptances to a plan of reorganization. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/nyeb18-40884-31.pdf About Allied IV, LLC Allied IV, LLC, listed itself as a single asset real estate, as defined in 11 U.S.C. Section 101(51B). The Company is the fee simple owner of a real property located at 113-18 Liberty Avenue Richmond Hill, New York 11419 valued by the Company at $10 million. Allied IV filed as a domestic limited liability company in the State of New York on Aug. 15, 2013. Allied IV LLC, based in Great Neck, NY, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 18-40884) on Feb. 19, 2018. In the petition signed by Bahram Hakakian, as officer of Venture Realty Inc., the Debtor's managing member, the Debtor estimated $10 million in assets and $2.11 million in liabilities. The Hon. Elizabeth S. Stong presides over the case. Mark A. Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, serves as bankruptcy counsel to the Debtor. Coritsidis & Lambros, PLLC, is the special real estate and litigation counsel. AMBOY GROUP: Seeks to Hire Integrated Property Group as Brokers --------------------------------------------------------------- Amboy Group, LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Distirct of New Jersey to hire Integrated Property Group d/b/a/ Auction Advisors as Debtor's brokers. The professsional services to be rendered are to market and sell real property located at 1 amboy Avenue, Woodbridge, New Jersey and if necessary, schedule an auction sale to occur no later than September 1, 2018. The proposed arranngement for compensation is 5% commission plus actual incurred out of pocket expenses on the purchase price. If the property is sold to the credit bidder, compensation shall be 1% plus actual incurred out of pocket expenses. Integrated Property Group does not hold or represent an adverse interest to the estate and is a disinterested person under 11 U.S.C. Sec. 101(14). The broker can be reached through: AuctionAdvisors 26 Park Street, Suite 2200 Montclair, NJ 07042 About Amboy Group Amboy Group LLC, d/b/a Tommy Moloney's, d/b/a Agnelli's Gourmet, d/b/a Amboy Cold Storage, is a provider of food products and temperature controlled warehouses. Its food processing and cold storage facility serves as a manufacturer/ distributor of authentic Irish and Italian meat products in America. Amboy Group's facility is USDA, FDA and SQF 2000 certified. CLU Amboy, LLC, is the fee simple owner of a real property located at 1 Amboy Avenue Woodbridge, NJ 07095 with an appraised value of $13 million. CLU Amboy reported gross revenue of $624,444 in 2016 and gross revenue of $644,066 in 2015. Amboy Group holds a 51% interest in an American entity known as Parmacotta-Amboy NA, LLC that distributes Italian meats. The remaining 49% is owned by an American entity known as Parmacotto America. Parmacotto America is owned by Paramcotto sPa. Parmacotto sPa has been subject to insolvency proceedings in Italy for approximately two and half years, during which time, no revenue has flowed from Parmacotto sPa to Amboy Group. Amboy Group's gross revenue amounted to $10.01 million in 2016 and $6.26 million in 2015. Amboy Group LLC and its affiliate CLU Amboy filed Chapter 11 petitions (Bankr. D.N.J. Case Nos. 17-31653 and 17-31647) on Oct. 25, 2017. At the time of filing, the Amboy Group reported $1.48 million in assets and $7.11 million in liabilities, while CLU Amboy reported $13.34 million in assets and $10.78 million in liabilities. The Hon. Christine M. Gravelle presides over the case. The Debtors tapped Anthony Sodono, III, Esq., and Sari Blair Placona, Esq., of Trenk, DiPasquale, Della Fera & Sodono, P.C., as bankruptcy counsel. The Debtors hired Reitler Kailas & Rosenblatt LLC as special counsel, and Thomas A. Ferro, P.C., as their accountant. The Debtors also tapped Sout Risius Ross Advisors, LLC, and its affiliate Stout Risius Ross, LLC, as financial advisor and investment banker. AMBOY GROUP: Seeks to Hire M. Davis Group as Appraiser ------------------------------------------------------ Amboy Group, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire an appraiser. The Debtor proposes to employ M. Davis Group to conduct an appraisal of its slicing machine. M. Davis Group charges $2,500 per day plus expenses for its services plus $3,000 for the report. Maxwell Davis attests that M. Davis Group is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Maxwell Davis M. Davis Group 2300 Palmer Street Pittsburgh, PA 15218 Phone: 412-521-5751 About Amboy Group Amboy Group LLC, d/b/a Tommy Moloney's, d/b/a Agnelli's Gourmet, d/b/a Amboy Cold Storage, is a provider of food products and temperature controlled warehouses. Its food processing and cold storage facility serves as a manufacturer/ distributor of authentic Irish and Italian meat products in America. Amboy Group's facility is USDA, FDA and SQF 2000 certified. CLU Amboy, LLC, is the fee simple owner of a real property located at 1 Amboy Avenue Woodbridge, NJ 07095 with an appraised value of $13 million. CLU Amboy reported gross revenue of $624,444 in 2016 and gross revenue of $644,066 in 2015. Amboy Group holds a 51% interest in an American entity known as Parmacotta-Amboy NA, LLC that distributes Italian meats. The remaining 49% is owned by an American entity known as Parmacotto America. Parmacotto America is owned by Paramcotto sPa. Parmacotto sPa has been subject to insolvency proceedings in Italy for approximately two and half years, during which time, no revenue has flowed from Parmacotto sPa to Amboy Group. Amboy Group's gross revenue amounted to $10.01 million in 2016 and $6.26 million in 2015. Amboy Group LLC and its affiliate CLU Amboy filed Chapter 11 petitions (Bankr. D.N.J. Case Nos. 17-31653 and 17-31647) on Oct. 25, 2017. At the time of filing, the Amboy Group reported $1.48 million in assets and $7.11 million in liabilities, while CLU Amboy reported $13.34 million in assets and $10.78 million in liabilities. The Hon. Christine M. Gravelle presides over the case. The Debtors tapped Anthony Sodono, III, Esq., and Sari Blair Placona, Esq., of Trenk, DiPasquale, Della Fera & Sodono, P.C., as bankruptcy counsel. The Debtors hired Reitler Kailas & Rosenblatt LLC as special counsel, and Thomas A. Ferro, P.C., as their accountant. The Debtors also tapped Sout Risius Ross Advisors, LLC, and its affiliate Stout Risius Ross, LLC, as financial advisor and investment banker. AMERICAN UNDERWRITING: Taps Small Herrin LLP as Attorney -------------------------------------------------------- American Underwriting Services, LLC, seeks authority from the United States Bankruptcy Court for the Northern District of Georgia (Atlanta) to hire Small Herrin, LLP, as its attorneys. Services to be rendered by Small Herrin are: a. prepare amendments to the schedules, statement of financial affairs, pleadings and applications in this case; b. conduct examinations incidental to administration of this case; c. develop the relationship of Petitioner to the claims of creditors in this case; d. advise Petitioner of its rights, duties, and obligations as Debtor- in-Possession; e. consult with Petitioner and representing Petitioner with respect to a Chapter 11 plan; f. represent Petitioner in litigation that is currently pending or that may be brought at a later date; and g. take any and all other necessary action incident to the proper preservation and administration of Petitioner's bankruptcy estate. The standard hourly rates of Small Herrin, LLP, are: Gus H. Small $500 Anna M. Humnicky $350 Brent W. Herrin $350 Benjamin S. Klehr $325 Paralegals $100 to $150 Anna M. Humnicky, a partner at Small Herrin, LLP, attests that neither Small Herrin, LLP, nor the attorneys employed by Small Herrin, LLP, hold or represent any interests that are adverse to Petitioner or the Estate. The counsel can be reached through: Anna Mari Humnicky, Esq. Gus H. Small, Esq. SMALL HERRIN, LLP Suite 200, Two Paces West 2727 Paces Ferry Road Atlanta, GA 30339 Tel: (770) 783-1800 Fax: (404) 332-0315 E-mail: ahumnicky@smallherrin.com gsmall@smallherrin.com About American Underwriting Services American Underwriting Services, LLC -- http://www.americanunderwritingservices.com/-- is a program underwriter based in Atlanta, Georgia. The company specializes in insurance products for the transportation industry, including commercial auto liability, motor truck cargo, auto physical damage, property, and general liability lines of business. American Underwriting Services filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-58406) on May 18, 2018, listing $1.45 million in assets and $8.38 million in liabilitied. The petition was signed by James Russell Wiley, sole SH of The Wiley Group, Inc., manager. Anna Mari Humnicky, Esq., and Gus H. Small, Esq., at Small Herrin, serve as the Debtor's counsel. Kevin Van de Grift at GGG Partners, LLC, is the Debtor's chief restructuring officer. ARECONT VISION: Judge OKs $4-Mil DIP Loans, Cash Collateral Use --------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware has signed an interim order authorizing Arecont Vision Holdings, LLC, and its affiliated debtors to use cash collateral and to borrow up to the maximum principal amount not to exceed $4,000,000 from American General Life Insurance Company, American Home Assurance Company, The United States Life Insurance Company in the City of New York and The Variable Annuity Life Insurance Company. However, until entry of a Final Order, the maximum principal amount of the DIP Loans outstanding at any time will not exceed $2,750,000 on the terms and conditions set forth in the DIP Loan Documents and the Interim Order. The DIP Obligations are subject to (i) a Facility Fee of $80,000 (2%) and (ii) interest at the annual rate of 8% per annum. Accrued Interest earned will be payable monthly in cash. As security for the DIP Obligations, Cortland Capital Market Services LLC as agent for the DIP Facility and for the benefit of the DIP Lenders, will have (a) valid, binding, fully perfected, enforceable and non-avoidable first priority, senior priming liens on and security interests in all now owned or hereafter acquired assets and property of the Debtors that is not otherwise subject to the Permitted Existing Liens; and (b) valid, perfected, enforceable and non-avoidable second priority or other junior liens on and security interests in all now owned or hereafter acquired assets and property of the Debtors that are subject to valid and properly-perfected, non-avoidable liens and security interests in existence as of the Petition Date other than the Prepetition Liens. The DIP Liens are senior and superior in priority to all other secured and unsecured creditors of the Debtors' estates, subject only to the Carve-Out and the Permitted Existing Liens. Prior to Petition Date, the Debtors, the financial institutions parties thereto from time to time as senior noteholders ("Prepetition Senior Lenders"), and the financial institutions parties thereto from time to time as subordinated noteholders ("Prepetition Subordinated Lenders") are parties to a Note Purchase Agreement. The Prepetition Obligations to the Senior Prepetition Lenders are secured by first priority liens and security interests granted to U.S. Bank National Association, as first lien collateral agent for the benefit of itself and the Prepetition Senior Lenders. As of the Petition Date, the Debtors are liable for payment of the Prepetition Obligations, and the Prepetition Obligations will be an allowed secured claim in an amount not less than $73,200,000. As adequate protection of the interests of the Prepetition Senior Lenders in the pre-petition collateral and solely to the extent of any diminution in the value of the pre-petition collateral, U.S. Bank, for the benefit of itself and the Prepetition Senior Lenders, is granted valid, binding, enforceable and perfected postpetition security interests in and liens on the DIP Collateral. In addition, the Prepetition Subordinated Lenders will also be granted valid, binding, enforceable and perfected postpetition security interests in and liens on the DIP Collateral. A hearing on the final approval of the DIP Credit Facility is scheduled for June 8, 2018 at 2:00 p.m. Any party-in-interest objecting to the entry of the proposed Final Order will file and serve written objections by no later than June 1. A full-text copy of the Interim Order is available at http://bankrupt.com/misc/deb18-11142-44.pdf About Arecont Vision Arecont Vision -- https://www.arecontvision.com/ -- is in the business of designing, manufacturing, distributing and selling IP-based megapixel cameras for use in video surveillance applications globally, serving a broad range of industries including data centers, government, retail, financial, sports stadiums and healthcare. Arecont Vision offers seven megapixel product families ranging from MegaVideo, single-sensor cameras from 1 to 10 megapixels and SurroundVideo multi-sensor cameras from 8 to 40 megapixels at various price points. The Company differentiates itself from its competitors with in-house technology development capabilities, with 18 issued patents. Arecont Vision is headquartered in Glendale, California. Arecont Vision Holdings, LLC, and affiliates Arecont Vision, LLC, and Arecont Vision IC DISC concurrently filed voluntary petitions for relief under Chapter 11 (Bankr. D. Del. Lead Case No. 18-11142) on May 14, 2018. In the petition signed by CRO Scott T. Avila, Arecont Vision Holdings estimated $50,000 in assets and $50 million to $100 million in liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel; Imperial Capital, LLC as investment bankers; Armory Strategic Partners, LLC as advisor; and Rust Consulting/Omni Bankruptcy as claims agent. ARECONT VISION: Taps Armory Strategic Partners as Financial Advisor ------------------------------------------------------------------- Arecont Vision Holdings, LLC, and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Armory Strategic Partners, LLC, to provide T. Scott Avila as Chief Restructuring Officer of the Debtors, provide additional personnel, and provide financial advisory and restructuring-related services to the Debtors. Services to be provided by Mr. Avila, with the assistance of the Additional Personnel, are: (a) manage and direct cash management and cash flow forecasting processes, including the monitoring of actual cash flow versus projections; (b) analyze the Debtors' liquidity outlook, debt service capacity and appropriate capital structure; (c) identify various operational, managerial, financial and strategic restructuring alternatives, implement and effectuate any appropriate restructuring agreements with the Debtors' secured lenders, and understand the business and financial impact of same, which may include the marketing or recapitalization of the assets or membership interests of the Debtors; (d) prepare and direct the preparation of contingency plans to reflect the impact of restructuring alternatives; (e) communicate and negotiate with the Debtors' stakeholders, including its secured lenders, significant vendors, etc.; (f) subject to the limitations contained in the Engagement Letter and in Appendix A thereto, prepare various financial reports which may be required during discussions with the Debtors' lenders and other stakeholders; and (g) provide advice and recommendations with respect to other related matters as the Debtors or their professionals may request from time to time, as agreed to by Armory. Armory's professional fees for the Services will range from $395 to $675 per hour, depending on the personnel assigned to the particular task. T. Scott Avila, CEO of Armory Strategic Partners, attests that Armory has not represented any Potential Parties in Interest in connection with matters relating to the Debtors, their estates, assets, or businesses and will not represent other entities which are creditors of, or have other relationships to, the Debtors in matters relating to these chapter 11 cases. The firm can be reached through: T. Scott Avila Armory Strategic Partners, LLC 1230 Rosecrans Avenue Manhattan Beach, CA 90266 Phone: 310-220-6400 Fax: 310-798-6277 About Arecont Vision Holdings Arecont Vision Holdings, LLC -- https://www.arecontvision.com/ -- is in the business of designing, manufacturing, distributing and selling IP-based megapixel cameras for use in video surveillance applications globally, serving a broad range of industries including data centers, government, retail, financial, sports stadiums and healthcare. The company offers seven megapixel product families ranging from MegaVideo, single-sensor cameras from 1 to 10 megapixels and SurroundVideo multi-sensor cameras from 8 to 40 megapixels at various price points. Arecont differentiates itself from its competitors with in-house technology development capabilities, with 18 issued patents. It is headquartered in Glendale, California. Arecont Vision Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-11142 to 18-11144) on May 14, 2018. In the petitions signed by Scott T. Avila, chief restructuring officer, the Debtors estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their legal counsel; Imperial Capital LLC as investment banker; and Armory Strategic Partners, LLC, as financial advisor. ARECONT VISION: Taps Imperial Capital, LLC as Investment Banker --------------------------------------------------------------- Arecont Vision Holdings, LLC, and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Imperial Capital, LLC as investment banker and financial advisor to the Debtors. Services to be provided by Imperial are: (a) provide financial valuation of the ongoing operations of the Debtors; (b) assist the Debtors in developing, evaluating, structuring and negotiating the terms and conditions of a potential Restructuring, including the value of the securities, if any, that may be issued to certain creditors as part of the Restructuring; (c) assist the Debtors in the preparation of solicitation materials with respect to a potential M&A Transaction; (d) assist the Debtors in developing, evaluating, structuring and negotiating the terms and conditions of a potential Financing; (e) assist the Debtors in developing, evaluating, structuring and negotiating the terms and conditions of a potential M&A Transaction; and (f) provide such other financial advisory services including any testimony that may be required in connection with any proceeding to approve any transaction with respect to the Debtors' financial issues as may from time to time be agreed upon between the Debtors and Imperial. Imperial's compensation consists of: (a) One-Time Payment. On account of previously deferred portions of monthly fees payable under the Debtors' prior engagement letter with Imperial dated October 10, 2017 and waived, a one-time payment of $50,000 has been paid. (b) Monthly Fee. A financial advisory fee of $75,000 per month, payable monthly in advance during the term of the Engagement Letter. The first Monthly Advisory Fee was paid upon execution of the Engagement Letter and covered services rendered by Imperial from January 1, 2018 to January 31, 2018. Each subsequent Monthly Advisory Fee shall be payable in advance on the first day of the new monthly period. Fifty percent (50%) of the Monthly Advisory Fee will be credited against any Financing, M&A Transaction Fee, Secondary Debt Transaction Fee or Restructuring Fee ultimately payable under the Engagement Letter. (c) Financing Fee. A financing fee, payable in cash upon the closing of, and out of the proceeds of, any financing transaction, equal to 5.0% of the commitment amount of any Financing (debt or equity) up to $20,000,000 and 2.5% of the commitment amount of any Financing exceeding $20,000,000 arranged by Imperial for the Debtors, provided, however, that no Financing Transaction Fee shall be payable on account of any Financing provided by (a) Michael Kaplinsky, (b) Vladimir Berezin, or (c) AIG Investment Management (U.S.), LLC. (d) M&A Transaction Fee. A M&A Transaction fee, payable in cash upon the closing of a M&A Transaction, equal to the sum of (i) $500,000, plus (ii) 2.0% of Transaction Consideration between $10,000,000 and $20,000,000, plus (iii) 2.5% of Transaction Considerations in excess of $20,000,000. A M&A Transaction shall be deemed to have been consummated upon the earliest of any of the following events to occur: (a) the acquisition of a majority of the outstanding common stock of the Debtors by the buyer; (b) a merger or consolidation of the Debtors with or into the buyer; (c) the acquisition by the buyer of substantially all of the Debtors' assets; or (d) in the case of any other M&A Transaction, the consummation thereof. For avoidance of doubt, a successful credit bid by AIG shall not constitute an M&A Transaction. In the event that the consideration in a M&A Transaction is paid in whole or in part in the form of securities or other assets, the value of such securities or other assets, for the purposes of calculating the M&A Transaction Fee, shall be the fair market value thereof, as the parties hereto shall mutually agree, on the day prior to the consummation of the M&A Transaction; provided, however, that, if such consideration includes securities with an existing public trading market, the value thereof shall be determined by the average closing price for such securities over the last 10 trading days immediately prior to such consummation. In the event that AIG (or its successor in interest) acquires the Debtors or all or substantially all of its assets by means of a successful "credit bid" of all or a portion of the AIG Notes in an auction conducted under chapter 11 of Title 11 of the United States Code, Imperial shall be entitled to a fixed M&A Transaction Fee of $500,000 to be reduced by the credits of the Monthly Advisory Fee paid. (e) Secondary Debt Transaction Fee. In the event that Imperial arranges a Secondary Debt Transaction, a fee, payable in cash upon the closing and from the proceeds of such Secondary Debt Transaction, equal to (i) 1% of the first $20,000,000 of proceeds, plus (ii) 2% of the next $10,000,000 of proceeds, plus (iii) 3% of proceeds above $30,000,000. (f) Restructuring Fee. A Restructuring transaction fee, payable in cash upon the closing of a Restructuring transaction, equal to $500,000. John E. Mack, III, Executive Vice President of Imperial Capital, LLC, attests that is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code; does not hold or represent an interest adverse to the Debtors' estates; and (c) has no connection to the Debtors, their creditors or related parties. The firm can be reached through: John E. Mack, III Imperial Capital, LLC 10100 Santa Monica Blvd., Suite 2400 Los Angeles, CA 90067 Office: (310) 246-3700 Toll Free: (800) 929-2299 Fax: (310) 777-3000 About Arecont Vision Holdings Arecont Vision Holdings, LLC -- https://www.arecontvision.com/ -- is in the business of designing, manufacturing, distributing and selling IP-based megapixel cameras for use in video surveillance applications globally, serving a broad range of industries including data centers, government, retail, financial, sports stadiums and healthcare. The company offers seven megapixel product families ranging from MegaVideo, single-sensor cameras from 1 to 10 megapixels and SurroundVideo multi-sensor cameras from 8 to 40 megapixels at various price points. Arecont differentiates itself from its competitors with in-house technology development capabilities, with 18 issued patents. It is headquartered in Glendale, California. Arecont Vision Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-11142 to 18-11144) on May 14, 2018. In the petitions signed by Scott T. Avila, chief restructuring officer, the Debtors estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their legal counsel; Imperial Capital LLC as investment banker; and Armory Strategic Partners, LLC, as financial advisor. ARECONT VISION: Taps Pachulski Stang Ziehl & Jones as Counsel ------------------------------------------------------------- Arecont Vision Holdings, LLC, and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Pachulski Stang Ziehl & Jones LLP as counsel for the Debtors. The professional services that PSZ&J will provide are: a. provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their property; b. prepare on behalf of the Debtors any necessary applications, motions, answers, orders, reports, and other legal papers; c. appear in Court on behalf of the Debtors; d. assist the Debtors with the completion of sales of their assets; e. prepare and pursue confirmation of a plan and approval of a disclosure statement; and f. perform other legal services for the Debtors that may be necessary and proper in these proceedings. PSZ&J's current standard hourly rates are: Partners $650 to $1,295 Of Counsel $595 to $1,025 Associates $495 to $595 Paraprofessionals $295 to $395 Ira D. Kharasch, Esq., partner at the firm, attests that PSZ&J does not hold or represent any interest adverse to the Debtors' estates and is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: James E. O'Neill, Esq. Ira D. Kharasch, Esq. Maxim B. Litvak, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Tel: 302-652-4100 Fax: 302-652-4400 E-mail: jo'neill@pszjlaw.com ikharasch@pszjlaw.com mlitvak@pszjlaw.com About Arecont Vision Holdings Arecont Vision Holdings, LLC -- https://www.arecontvision.com/ -- is in the business of designing, manufacturing, distributing and selling IP-based megapixel cameras for use in video surveillance applications globally, serving a broad range of industries including data centers, government, retail, financial, sports stadiums and healthcare. The company offers seven megapixel product families ranging from MegaVideo, single-sensor cameras from 1 to 10 megapixels and SurroundVideo multi-sensor cameras from 8 to 40 megapixels at various price points. Arecont differentiates itself from its competitors with in-house technology development capabilities, with 18 issued patents. It is headquartered in Glendale, California. Arecont Vision Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-11142 to 18-11144) on May 14, 2018. In the petitions signed by Scott T. Avila, chief restructuring officer, the Debtors estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their legal counsel; Imperial Capital LLC as investment banker; and Armory Strategic Partners, LLC, as financial advisor. B N EMPIRE: Taps Doyle & McGrath Real Estate as Brokers ------------------------------------------------------- B N Empire, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ John Doyle and Margaret McGrath and Doyle & McGrath Real Estate, LLC as real estate brokers for the Debtor. The Debtor owns real property located at 10915 N. 56th Street, Temple Terrace, Florida. The Property is a retail strip center and is income producing. John Doyle and Margaret McGrath as Brokers will market, advertise and otherwise attempt to find a buyer for the Property. In the event of a sale, the Debtor will pay Brokers a commission of (5%) of the gross purchase price. John Doyle, broker at Doyle & McGrath Real Estate, LLC, attests that neither he nor any employee of the broker has or has in the past maintained any of the relationships described in the statutory definition of disinterestedness as set forth in 11 U.S.C. Sec. 101(14). The broker can be reached through: John Doyle Doyle & McGrath Real Estate, LLC 19005 Dale Mabry Hwy Lutz, FL 33548 Phone: +1 813-948-7368 About B N Empire B N Empire, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 17-07841) on Sept. 5, 2017. In its petition signed by Rajesh Bahl, its manager, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. Johnson Pope Bokor Ruppel & Burns, LLP, is the Debtor's counsel. BIG BEAR BOWLING: Taps Russell C. Barnes as Broker -------------------------------------------------- Big Bear Bowling Barn, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Russell C. Barnes as broker to market and sell the Debtor's property located at 40679 Big Bear Blvd., Big Bear Lake, California 92315. The broker will provide services such as advertising the property, showing the property to interested parties, representing the estate as seller in connection with the sale of the property, representing the estate with respect to obtaining the highest and best offers available in the present market for the property. The brokers commission will 5% of the negotiated gross sales price, to be equally divided between the listing and selling brokers. The broker can be reached through: Russel C. Barnes 270 Andes Lane Big Bear Lake, CA 92315 About Big Bear Bowling Barn Big Bear Bowling Barn, Inc., owns the Bowling Barn located at 40625 Big Bear Boulevard, Big Bear Lake, California. Bowling Barn is a 16-lane bowling facility. The company is a small business debtor as defined in 11 U.S.C. Section 101(51D) reporting gross revenue of $1.59 million in 2017 and gross revenue of $1.42 million in 2016. Big Bear Bowling Barn sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-12715) on April 2, 2018. In the petition signed by William Ross, president, the Debtor disclosed $1.51 million in assets and $2.18 million in liabilities. Judge Scott C. Clarkson presides over the case. BIRDHOUSE LLC: Hires Miller & Miller as Attorney ------------------------------------------------ Birdhouse, LLC, seeks authority from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to hire Edward M. Miller and Miller & Miller, LLP, as attorneys. Service to be rendered by Miller and MMLLP are: a) advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession; b) prepare and file any necessary preliminary motions; c) negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case, including all legal and administrative requirements of Chapter 11; d) take all necessary action to protect and preserve the Debtor’s estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved, and objections to claims filed against the estate; e) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; f) negotiate and prepare on the Debtor’s behalf one or more plans of reorganization, a disclosure statement, and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plans; g) advise the Debtor in connection with the sale or other disposition of assets; h) appear before this Court, any state court in any matters related to this case, any appellate courts, and the U.S. Trustee, and protect the interest of the Debtor’s Estate before them and provide necessary legal advice to the Debtor in connection with its Chapter 11 case. Edward M. Miller of Miller & Miller, LLP, attests that he and his firm are each a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code and within the meaning of Section 327 of the Bankruptcy Code, and no person associated with Miller or MMLLP has served as an examiner in this Bankruptcy case. The rate to be applied to this case will be $250.00 per hour and will remain fixed for the life of the case. The counsel can be reached through: Edward M. Miller, Esq. Miller & Miller, LLP 39 N. Court St. Westminster, MD 21157 Phone: 410-751-5444 E-mail: mmllplawyers@verizon.net About Birdhouse LLC Birdhouse LLC provides health care software solutions. The Company owns and operates a care management platform for families raising children with autism. Birdhouse LLC filed a Chapter 11 petition (Bankr. D. Md. Case No. 18-15434) on April 23, 2018, listing under $1 million in both assets and liabilities. Edward M. Miller, Esq. at Miller & Miller, LLP, is the Debtor's counsel. CAMBER ENERGY: CEO Azar Resigns Over 'Conflicts of Interest' ------------------------------------------------------------ Richard N. Azar II has resigned as chief executive officer of Camber Energy, Inc. Mr. Azar remains a member of the Board of Directors of the Company. The Company said that Mr. Azar's resignation was made partially in connection with his status as a personal guarantor under the Company's outstanding bank loan with International Bank of Commerce, which, as previously reported by the Company, is currently in default and perceived conflicts of interest in connection therewith and in connection with the Company's negotiation of a resolution thereto. As of May 25, 2018, the Company continues to discuss potential settlements and modifications of the IBC debt and expects Mr. Schott to help facilitate those negotiations moving forward. Effective upon Mr. Azar's resignation, the Board of Directors of the Company appointed Mr. Louis G. Schott as chief executive officer of the Company. Mr. Schott has over 24 years of legal and business experience with 20 years in the oil and gas industry, including a strong background in restructuring, mergers and acquisitions, public company regulations and requirements, title, energy finance, business development, general negotiations and land. Mr. Schott's recent restructuring experience includes restructurings within and outside of bankruptcy and both public, traded on the TSX and NYSE American, and private entities. Mr. Schott is currently an advisor to the Company (a position he has held since December 2017) and is also an advisor to other companies in various stages of growth. Mr. Schott was recently the interim chief executive officer of EnerJex Resources, Inc., a Nevada corporation listed on the NYSE American, a position which he held from February 2017 to March 2018. As CEO, he led the restructuring efforts, cost reductions and successful completion of a merger between EnerJex and a privately held company. In connection with Mr. Schott's appointment as chief executive officer of the Company, the Company entered into an engagement letter with Fides Energy LLC. Pursuant to the letter, Fides agreed to supply Mr. Schott's services to the Company as interim chief executive officer and the Company agreed to pay Fides $25,000 per month for the use of Mr. Schott's services. The agreement can be terminated by either party with 90 days' notice and terminates automatically upon the death of Mr. Schott. Pursuant to the agreement, Mr. Schott is also eligible to receive bonus compensation at the discretion of the Board of Directors. Separation Agreement On May 25, 2018, Camber Energy entered into a Separation and Release Agreement with Mr. Azar pursuant to which Mr. Azar agreed to resign from the Company as chief executive officer effective May 25, 2018, and to release the Company from claims in connection with various employment related statutes and laws and the Company agreed to pay him a severance payment of $150,000, payable in three installments of $50,000 each, on June 1, 2018, July 2, 2018 and Aug. 1, 2018, and to grant him warrants to purchase 1,000,000 shares of the Company's common stock, at an exercise price of $0.39 per share, equal to the closing stock price of the Company's common stock on the date the Severance Agreement was agreed to by the parties, the exercise of which Warrants are subject to approval by the NYSE American of the additional listing of the shares of common stock issuable upon exercise thereof, and to the extent required by the rules of the NYSE American, the approval of the shareholders of the Company of the issuance of the shares of common stock issuable upon exercise thereof. About Camber Energy Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American: CEI) -- http://www.camber.energy/-- is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to anticipated project development in the San Andres formation in the Permian Basin. Camber reported a net loss of $89.12 million on $5.30 million of total net operating revenues for the year ended March 31, 2017, compared to a net loss of $25.44 million on $968,146 of total net operating revenues for the year ended March 31, 2016. As of Dec. 31, 2017, Camber Energy had $18.18 million in total assets, $41.80 million in total liabilities and a total stockholders' deficit of $23.61 million. GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. CANBIOLA INC: Insufficient Capital Raise Going Concern Doubt ------------------------------------------------------------ Canbiola, Inc., filed its quarterly report on Form 10-Q, disclosing a net income of $407,558 on $69,769 of total revenues for the three months ended March 31, 2018, compared with a net income of $24,100 on $17,972 of total revenues for the same period in 2017. At March 31, 2018, the Company had total assets of $1,511,405, total liabilities of $931,479, all current, and $579,926 in total stockholders' equity. As of March 31, 2018, the Company had cash and cash equivalents of $54,117 and a working capital surplus of $144,563. For the three months ended March 31, 2018 and 2017, the Company had net gain of $407,558 and $24,100, respectively. These factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company plans to improve its financial condition by raising capital through sales of shares of its common stock. Also, the Company plans to expand its operation of CBD products to increase its profitability. A copy of the Form 10-Q is available at: https://bit.ly/2sndZnW About Canbiola, Inc. Canbiola, Inc., provides document, project, marketing and sales management systems to business clients through its website and proprietary software and also have a division focusing on the development and sale of products containing CBD. The company was formerly known as WRAPmail, Inc., and changed its name to Canbiola, Inc., in May 2017. Canbiola, Inc. was founded in 2005 and is based in Hicksville, New York. CANDLE CONNECTION: Hires Steinberg Law Firm PS as Attorney ---------------------------------------------------------- The Candle Connection, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Washington to hire Charles R. Steinberg as attorney. Mr. Steinberg will assist the Debtor in filing the necessary pleadings to confirm a Chapter 11 plan for Debtor. Mr. Steinberg will charge $250 per hour for his services. Mr. Steinberg assures this Court that he does not hold or represent an interest adverse to the estate that the he is a disinterested person under 11 U.S.C. 104(14). The counsel can be reached through: Charles R. Steinberg, Esq. STEINBERG LAW FIRM PS 323 N. Miller Wenatchee, VA 98801 Phone: 509 662-3202 E-mail: steinbergc@me.com About The Candle Connection Family owned and operated, The Candle Connection was first established in 1991. The original shop was located in the historical Motteler Building and relocated to its present location in 2006. Along with outstanding customer service, the company takes great pride in providing quality candles, 99% of which are made in the USA with the rest from Germany and Denmark. Its diverse selections and styles, along with a wide range of candle accessories are unsurpassed. The Candle Connection Inc. filed a Chapter 11 petition (Bankr. E.D. Wash. Case No. 18-01266) on May 1, 2018, listing under $1 million in both assets and liabilities. Charles R Steinberg, Esq. at STEINBERG LAW FIRM PS represents the Debtor. CARTER FINANCIAL: Hires Aaronson Schantz Beiley, PA as Attorney --------------------------------------------------------------- Carter Financial Group, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to hire Tamara D. McKeown, Esq., and the law firm of Aaronson Schantz Beiley P.A. as attorneys. Professional services the attorneys will render are: a. give advice to the Debtor with respect to its powers and duties as a Debtor in Possession and the continued management of its financial affairs and business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and the Rules of the Court; c. seek the Court's approval of Debtor's use of cash collateral and all other matters necessary to the Debtor's Chapter 11 reorganization; d. prepare motions, pleadings orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; e. protect the interests of the Debtor in all matters pending before the Court in this Chapter 11 case; f. represent the Debtor in the negotiations with its creditors in conjunction with cash collateral issures, if any, the preparation of a Plan of Reorganization and Disclosure Statement, and any other issues that may arise; and g. prepare a Plan of Reorganization and Disclosure Statement, any necessary amendments to the Plan and Disclosure Statement, and to seek approval of the Disclosure Statement and confirmantion of the Plan by the Court. Tamara D. McKeown, Of Counsel to the law firm of Aaronson Schantz Beiley P.A., attests that neither she nor her firm represent any interest adverse to the Debtor or the Debtor's estate, and they are disinterested persons as required by 11 U.S.C. Sec. 327(a). The Chapter 11 retainer in this case, in the amount of $65,000 inclusive of costs and filing fees, was paid to Aaronson Schantz Beiley P.A. The counsel can be reached through: Tamara D. McKeown, Esq. Aaronson Schantz Beiley P.A. Miami Tower 27th Floor, 100 S.E. 2nd St. Miami, FL 33131 Phone: 786-594-3000 Fax: 305-424-9336 About Carter Financial Group Established in 2001, Carter Financial Group, LLC is a privately held company in Bay Harbor Islands, Florida that provides financial advisory services. Carter Financial Group, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case no. 18-14454) April 16, 2018. The petition was signed by Dr. Arnold P. Carter, managing director. The case is assigned to Judge Laurel M Isicoff. Tamara D. McKeown, Esq. at Aaronson Schantz Beiley P.A. represents the Debtor as counsel. At the time of filing, the Debtor estimates $1 million to $10 million both in assets and liabilities. CARTER FINANCIAL: Seeks Approval for Interim Use of Cash Collateral ------------------------------------------------------------------- Carter Financial Group, LLC, seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida for the interim use of the cash collateral of secured creditor 6500 Pines Holdings LLC. The Debtor seeks authority to use cash collateral to continue to make ordinary course payments in line with the proposed cash collateral budget. The Debtor proposes that any deviations of more than 10% from a proposed line item in the Budget, barring any unforeseen emergencies, will be paid only: (i) after obtaining the prior agreement of 6500 Pines or, if no such agreement can be obtained; (ii) upon Court approval of the proposed deviation. The Debtor's primary asset is a multiple unit shopping center located at 6500 Pines Boulevard in Pembroke Pines, Florida, which the Debtor purchased on August 1, 2008. To purchase the Shopping Center in 2008, the Debtor obtained a loan from TotalBank in the principal amount of $2,450,000.00, and in conjunction with that loan, executed a Promissory Note, a Florida Real Estate Mortgage, an Assignment of Leases and Rents, and a Security Agreement. In addition, the Debtor's owners and managing directors, Dr. Arnold Carter and his wife, Sheri Carter, personally guaranteed the loan. Thereafter, TotalBank sold the Loan and all related documents to 6500 Pines Holdings LLC, which filed an action in August 2017 to enforce the Note, the Assignment of Rents and the Guarantees, and to foreclose on the Shopping Center. The Debtor is uncertain as to the actual market value of the Shopping Center, but believes that the current market value is very near the amount currently owed by Debtor to its secured creditor, 6500 Pines, pursuant to the final summary judgment entered on February 12, 2018 in the state court foreclosure action, which is $2,957,216.78. Because the Debtor believes that that the Shopping Center's value and the secured debt are approximately equal, then irrespective of the fact the Debtor proposes to provide to 6500 Pines is as follows: i. The Debtor will grant 6500 Pines a running replacement lien on all rental income generated by the Debtor from and after the Petition Date; ii. The Debtor will escrow 1/12 of all real estate taxes on a going forward basis, which escrow will be available to pay post-petition real estate taxes when due; iii. The Debtor will maintain comprehensive property and liability insurance on the Shopping Center, as well as flood insurance coverage at the required levels; iv. The Debtor will abide by the Budget; v. The Debtor will file its DIP Monthly Operating Reports on a timely basis; vi. On reasonable notice, 6500 Pines may review the Debtor's books and records during normal business hours and so as not to disrupt normal business operations; vii. On reasonable notice, 6500 Pines may inspect the business operations of the Debtor, but only in a manner so as not to disrupt normal business operations; viii. In the event that there is any alleged default under this Adequate Protection arrangement, 6500 Pines will provide the Debtor and its counsel with written notice of default and allow the Debtor a reasonable time to cure such default; ix. Additionally, irrespective of whether 6500 Pines is under-secured or over-secured, the Debtor proposes in good faith to make the following monthly payments to 6500 Pines to be applied to the outstanding principal balance, which are based on the Debtor's proposed Budget and anticipated monthly surplus from the Shopping Center rental income: a. Monthly payments of $2,500, to be paid to 6500 Pines on or by the last day of each month; b. In any given month, if Debtor's rental income from the Shopping Center is insufficient to make the full Monthly Payment, then the salary of Craig Carter, the son of Debtor's Managing Directors and a member of Debtor, will be reduced by the amount necessary to make the full Monthly Payment to 6500 Pines; and c. In addition to the Monthly Payments, the Debtor will pay to 6500 Pines the net income remaining each month, if any, after all budgeted expenses have been paid. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/flsb18-14454-27.pdf About Carter Financial Group Established in 2001, Carter Financial Group, LLC, is a privately held company in Bay Harbor Islands, Florida that provides financial advisory services. Carter Financial Group filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-14454) on April 16, 2018. In the petition signed by its Arnold P. Carter, managing director, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Laurel M. Isicoff. Tamara D McKeown, Esq., at Aaronson Schantz Beiley P.A., is the Debtor's counsel. CARTER FINANCIAL: Taps Gidney & Company, PA, CPAs as Accountant --------------------------------------------------------------- Carter Financial Group, LLC, seeks authority from the United States Bankruptcy Court for the Southern District of Florida (Miami) to hire Gidney & Company, P.A., CPAs, as accountant. Professional services the accountant will render are: a. prepare the Debtor's Chapter 11 monthly operating reports; b. calculate monthly sales tax due based on the Debtor's rental income received, prepare and submit the Debtor's monthly sales tax report to the Florida Department of Revenue; c. calculate payroll tax and withholdings due based on pauroll to Debtor's sole employee and prepare and submit the Debtor's monthly payroll tax report to the Internal Revenue Service; d. prepare Debtor's 2017 federal income tax return; and e. provide other general accounting and bookkeeping services. Gidney will charge a monthly fee of $1,500 for the its services. Gidney has agreed to accept ongoing monthly payments of $750, and to defer the remaining $750 per month until the conclusion of the Debtor's case. Marc Gidney, CPA, principal of the firm, attests that neither he nor the firms has any connection with any of the Debtor's creditors or the estate, and that they are disinterested parties as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Marc Gidney, CPA Gidney & Company, P.A., CPAs 300 Seventy-First Street, Suite 620 Miami Beach, FL 33141 Phone: (305) 866-6266 Fax: (305) 866-6878 About Carter Financial Group, LLC Established in 2001, Carter Financial Group, LLC is a privately held company in Bay Harbor Islands, Florida that provides financial advisory services. Carter Financial Group, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-14454) on April 16, 2018, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Dr. Arnold P. Carter, managing director. The Hon. Laurel M Isicoff presides over the case. Tamara D McKeown, Esq. at AARONSON SCHANTZ BEILEY P.A. represents the Debtor as counsel. CHOICE RADIO: Chapter 727 Claims Bar Date Set for Sept. 13 ---------------------------------------------------------- Choice Radio Keys Corporation executed on May 14, 2018, executed an Assignment for the Benefit of Creditors, whereby it assigned all of its right, title and interest in and to all of its assets to Philip Von Kahle, as Assignee, pursuant to 727, Florida Statutes. Pursuant to Florida Statute 727.105, no proceeding may be commenced against the Assignee except as provided in Chapter 727 and except in the case of a consensual lienholder enforcing its rights in collateral, there shall be no levy, execution, attachment, or the like in respect of any judgment against assets of the estate in the possession, custody or control of the Assignee. To receive a dividend, interested parties must file a proof of claim with the Assignee: Philip Von Kahle 1883 Marina Mile Blvd., Suite 106 Fort Lauderdale, FL 33315 on or before September 13, 2018. The case is, In Re: CHOICE RADIO KEYS CORPORATION, Assignor, to: PHILIP VON KAHLE, Assignee, pending before the Circuit Court of the 16th Judicial Circuit in and for Monroe County, Florida, Case No: 18-CA-000363-P. Choice Radio has its principal place of business at 81681 Overseas Highway, Islamorada, FL 33036. CLINTON NURSERIES: Seeks July 2 Plan Exclusivity Period Extension ----------------------------------------------------------------- Clinton Nurseries, Inc., and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Connecticut to extend the Exclusivity Periods for (a) filing a plan of reorganization through and including July 2, 2018, and (b) obtaining acceptances thereto through and including Aug. 30, 2018. The Debtors claim that their businesses are relatively large and complex, with three of the Debtors operating a sophisticated wholesale nursery enterprise that both grows and maintains large amounts of inventory (over ten million individual plants) and sells such inventory to several of the country's largest retailers. In addition to the size and complexity of the Debtors' businesses themselves, the Debtors aver that the timing of the commencement of these cases has added to the complexity of their early stages. The Debtors contend that starting each February, the Debtors begin shipping large quantities of products to their major customers for the spring planting season. These shipments continue into the summer and generate the majority of the Debtors' revenue for the year. Accordingly, the Debtors and their management have invested substantial time, energy and attention over the last several months in business activities necessary to meet their major customers' expectations during the Spring Delivery Season. The Debtors tell the Court that these endeavors have been both time-intensive and time-sensitive, which include securing debtor-in-possession financing in order to fund certain costs of the Spring Delivery Season (in light of many of the Debtors' suppliers rescinding credit terms and instead requiring cash in advance or on delivery), and negotiating agreements with numerous suppliers and vendors in order to produce revenue as quickly and efficiently as possible. The Debtors project that their shipments to their major customers during the Spring Delivery Season will generate more than $30 million in revenue. In addition, the Debtors contend it was made clear to the Debtors by Creditors early in these cases that creditors wanted to see how the Debtors performed through the Spring Delivery Season before creditors would be willing to engage in any substantive discussions regarding a plan, and the Debtors have now made substantial progress in demonstrating their ability to successfully perform. As the Spring Delivery Season has progressed, the Debtors have continued to pay their post-petition bills as they come due. Earlier this week, the Debtors fully repaid their debtor-in-possession financing in the amount of $1.335 million. The Debtors mention that they have already prepared several pro forma outlining the structures of potential Chapter 11 plans and shared them with their major secured creditor, Bank of the West. The Debtors have communicated extensively with Bank of the West and answered questions posed by this lender in the Debtors' work thus far on structuring a proposed Chapter 11 plan. The Debtors will continue to negotiate with Bank of the West, and with other parties-in-interest, over the month of June as the Debtors complete their proposed plan. The Debtors assert that they are not seeking an extension of exclusivity in order to pressure creditors to submit to the Debtors' reorganization demands. Rather, the Debtors are presently communicating with major stakeholders, including the Bank of the West and the Official Committee of Unsecured Creditors, in an effort to understand and consider their interests and concerns prior to proposing a plan. Thus, termination of the exclusivity periods at this time would interfere with the Debtors' efforts to foster consensus and increase the likelihood of contested confirmation proceedings or competing plans. In the meantime, in order to keep these cases moving forward in an orderly way, it is critical that the Debtors maintain their exclusive rights to file a plan and solicit acceptances thereof. About Clinton Nurseries Founded in 1921, Clinton Nurseries, Inc., operates nurseries that produce ornamental plants and other nursery products. The company grows trees, flowering shrubs, roses, ornamental grasses & ground covers, perennials, annuals, herbs and vegetables. Clinton Nurseries is based in Westbrook, Connecticut. Clinton Nurseries and its affiliates sought Chapter 11 protection (Bankr. D. Conn. Case No. 17-31897) on Dec. 18, 2017. David Richards, president, signed the petition. The cases are jointly administered under Case No. 17-31897. At the time of filing, Clinton Nurseries estimated its assets and liabilities at $10 million to $50 million. Judge James J. Tancredi presides over the cases. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. COLORADO NATIONAL: Sale of Equity Interests to Fund Plan Payments ----------------------------------------------------------------- Colorado National Bancorp filed with the U.S. Bankruptcy Court for the District of Colorado its latest plan to exit Chapter 11 protection. Under the proposed plan of reorganization, creditors holding Class 1 unsecured claims will receive their pro rata share of the distributions based upon the total amount of all allowed and disputed Class 1 claims pending at the time of the distribution. These claims will be paid interest accruing at the rate of 8% per annum from the effective date. The original Disclosure Statement did not disclose estimated recovery percentgage for unsecured creditors and the annual interest to be paid to general unsecured creditors was 4% per annum. No distribution will be made for any disputed Class 1 claim. The pro rata portion of the funds applicable to each disputed claim will be withheld unless and until such claim is allowed. Meanwhile, the pro rata portion of the funds withheld for disputed Class 1 claims that are subsequently disallowed will be distributed to creditors holding allowed unsecured claims. Potential sources of payment to creditors include cash on hand, personal property and recoveries from litigation. Colorado National anticipates having approximately $8.9 million to $9.1 million in cash on hand due to the closing of the sale of the equity interests on or before August 31, 2018. A portion of this cash will be used for post-confirmation expenses and administrative expense claims, according to the latest plan. Copies of the first amended Chapter 11 plan of reorganization and disclosure statement are available for free at: http://bankrupt.com/misc/cob17-20315-225.pdf http://bankrupt.com/misc/cob17-20315-226.pdf A copy of the original Disclosure Statement is available at: http://bankrupt.com/misc/cob17-20315-221.pdf About Colorado National Bancorp Colorado National Bancorp, formerly known as Community Bank Partners Inc., operates as a bank holding company for Colorado National Bank that provides banking products and services to businesses and consumers in Colorado and surrounding states. It was incorporated in 2009 and is based in Denver, Colorado. Colorado National Bancorp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 17-20315) on Nov. 8, 2017. In the petition signed by CEO Scott D. Jackson, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Elizabeth E. Brown presides over the case. The Debtor hired Jackson Kelly PLLC as its counsel, and Eide Bailly LLP as its accountant. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Nov. 16, 2017. The Committee retained Markus Williams Young & Zimmermann LLC as its bankruptcy counsel; Vining Sparks Community Bank Advisory Group as financial advisor; and Shapiro Bieging Barber Otteson LLP as special counsel. COMMUNITY HEALTH: Extends Notes Early Tender Deadline to June 1 --------------------------------------------------------------- Community Health Systems, Inc.'s wholly owned subsidiary, CHS/Community Health Systems, Inc., has amended certain terms of its previously commenced offers to exchange (i) up to $1,925 million aggregate principal amount of its new 9.875% Junior-Priority Secured Notes due 2023 in exchange for any and all of its $1,925 million aggregate principal amount of outstanding 8.000% Senior Unsecured Notes due 2019, (ii) up to $1,200 million aggregate principal amount of its new 8.125% Junior-Priority Secured Notes due 2024 in exchange for any and all of its $1,200 million aggregate principal amount of outstanding 7.125% Senior Unsecured Notes due 2020 and (iii) to the extent that less than all of the outstanding 2019 Notes and 2020 Notes are tendered in the Exchange Offers, up to an aggregate principal amount of 2024 Notes equal to, when taken together with the New Notes issued in exchange for the validly tendered and accepted 2019 Notes and 2020 Notes, $3,125 million, in exchange for its outstanding 6.875% Senior Unsecured Notes due 2022. The amendment to the Exchange Offers extends the "Early Tender Deadline" for each Exchange Offer. All other terms, conditions and applicable dates of the Exchange Offers remain unchanged. The deadline for tendering Old Notes in order to receive the total consideration of (i) $1,000 principal amount of 2023 Notes per $1,000 principal amount of 2019 Notes tendered and accepted for exchange, (ii) $1,000 principal amount of 2024 Notes per $1,000 principal amount of 2020 Notes tendered and accepted for exchange and (iii) $750 principal amount of 2024 Notes per $1,000 principal amount of 2022 Notes tendered and accepted for exchange has been further extended from 5:00 p.m., New York City time, on Thursday, May 24, 2018 to the "Expiration Date" for the Exchange Offers, which is midnight, New York City time, at the end of the day on Friday, June 1, 2018. The tender withdrawal deadline has passed. Accordingly, tenders of Old Notes may no longer be withdrawn. The Exchange Offers remain subject to the conditions set forth in the Offering Memorandum, dated May 4, 2018 and related Letter of Transmittal, dated May 4, 2018, including the condition that at least 90% of the outstanding aggregate principal amount of the 2019 Notes are tendered in the Exchange Offers. As of 5:00 p.m., New York City time, on May 24, 2018, the Minimum Tender Amount Condition has not been satisfied. The Issuer reserves the right, subject to applicable law, to terminate, withdraw or amend each Exchange Offer at any time and from time to time, as described in the Offering Memorandum. Pursuant to the terms of the exchange agreement between the Issuer and certain institutional investors that are holders of Old Notes, any amendment or waiver of the Minimum Tender Amount Condition requires prior written consent of such holders and there can be no assurance such amendment or waiver will be granted. Each series of New Notes will be guaranteed by the Company and certain of its existing and future domestic subsidiaries that guarantee the Issuer's outstanding senior secured credit facilities, ABL facility and senior notes. In addition, each series of New Notes and related guarantees will be secured by (i) second-priority liens on the collateral that secures on a first-priority basis the Issuer's outstanding senior secured credit facilities (subject to certain exceptions) and existing secured notes and (ii) third-priority liens on the collateral that secures on a first-priority basis the Issuer's outstanding ABL facility, in each case subject to permitted liens described in the Offering Memorandum. The New Notes have not been registered under the Securities Act of 1933, as amended or any state securities laws. The New Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers are being made, and each series of New Notes are being offered and issued only (i) in the United States to holders of Old Notes who the Issuer reasonably believes are "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and (ii) outside the United States to holders of Old Notes who are (A) persons other than U.S. persons, within the meaning of Regulation S under the Securities Act, and (B) "non-U.S. qualified offerees". The complete terms and conditions of the Exchange Offers are set forth in the Offering Memorandum and related Letter of Transmittal. Copies of the Offering Memorandum and Letter of Transmittal may be obtained from Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offers, at (866) 470-3800 (toll free) or (212) 430-3774 (collect). About Community Health Community Health -- http://www.chs.net/-- is a publicly-traded hospital company in the United States and an operator of general acute care hospitals and outpatient facilities in communities across the country. Community Health was originally founded in 1986 and was reincorporated in 1996 as a Delaware corporation. The Company provides healthcare services through the hospitals that it owns and operates and affiliated businesses in non-urban and selected urban markets throughout the United States. As of Dec. 31, 2017, the Company owned or leased 125 hospitals included in continuing operations, with an aggregate of 20,850 licensed beds, comprised of 123 general acute care hospitals and two stand-alone rehabilitation or psychiatric hospitals. Community Health is headquartered in Franklin, Tennessee. Community Health reported a net loss of $2.39 billion on $15.35 billion of net operating revenues for the year ended Dec. 31, 2017, compared to a net loss of $1.62 billion on $18.43 billion of net operating revenues for the year ended Dec. 31, 2016. As of March 31, 2018, Community Health had $17.31 billion in total assets, $17.48 billion in total liabilities, $523 million in redeemable non-controlling interests in equity of consolidated subsidiaries and a total stockholders' deficit of $701 million. * * * As reported by the TCR on May 11, 2018, S&P Global Ratings lowered its corporate credit rating on Brentwood, Tenn.-based hospital operator Community Health Systems Inc. to 'CCC-' from 'CCC+' and placed the rating on CreditWatch with negative implications. The CreditWatch negative status reflects the possible distressed exchange of the unsecured notes due in 2022. The TCR also reported on May 10, 2018, that Fitch Ratings downgraded Community Health Systems, Inc.'s (CHS) Issuer Default Rating (IDR) to 'C' from 'CCC' following the company's announcement of an offer to exchange three series of senior unsecured notes due 2019, 2020 and 2022. CONFIE SEGUROS: S&P Lowers ICR to 'CCC+', On Watch Developing ------------------------------------------------------------- S&P Global Ratings said it lowered its long-term issuer credit rating on Confie Seguros Holdings II Co. (Confie) to 'CCC+' from 'B-' and placed them on CreditWatch with developing implications. S&P said, "At the same time, we lowered our debt rating on the company's first-lien facility to 'B-' from 'B' and on the second-lien facility to 'CCC-' from 'CCC', reflecting the issuer downgrade. We also affirmed the '2' recovery rating on the first-lien facility, indicating our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in a payment default scenario, and our '6' second-lien recovery rating, indicating negligible (0%-10%; rounded estimate: 0%) recovery." The downgrade primarily reflects the company's refinancing risk from its significant debt maturities over the next six months and one year, as well as continued covenant tightness and elevated leverage. The company's $262.5 million second-lien term loan is due in June 2019. However, if it is not addressed it will trigger a November 2018 springing maturity on the $665 first-lien term loan (which had previously been due in 2020). Therefore, the company's maturities are effectively in six months on its first-lien loan and one year on its second-lien loan. S&P believes the company is actively looking to alleviate this condition; however, the longer the refinancing risk remains outstanding, the greater the risk and the greater the possibility that the company will undertake a transaction that we may view as a distressed exchange. S&P said, "We view Confie's business risk position as weak, reflecting its somewhat limited scale and scope, and increased performance volatility over the past several years. The company has grown and diversified substantially over the past several years. However, as it has done this, it has also experienced notable margin contraction from factors such as higher loss ratios in the MGA business, integration inefficiencies, and increased costs related to upgrading operational platforms. The company hired a new CEO in late 2017 and implemented growth strategies such as hiring new leadership to turnaround the MGA performance and leveraging two-step sales process to take advantage of shared resources, which we believe are starting to yield positive results. "Our assessment of Confie's financial profile reflects our view that the company is a financial sponsor-owned company and will remain highly leveraged. Debt to EBITDA and fixed charge coverage were at 8.8x and 1.4x respectively for the trailing twelve months as of March 31, 2018. Given that the company has not yet released audited year-end financials (within compliance, and expected by May 31, 2018), we do not have those available but expect these metrics to be at similar levels. We expect modest improvement stemming from improved MGA performance and operating efficiencies as well as new growth initiative for 2018 with debt to EBITDA of 8.5 and fixed charge coverage of 1.5. "The CreditWatch Developing means that we will likely raise or lower our ratings on the company in the next three to six months based on its ability to refinance its upcoming maturities successfully, as well as address its covenant tightness. If Confie addresses its upcoming maturities and covenant tightness in a timely manner such that we revise our assessment of its liquidity to adequate, this could lead to an upgrade. On the other hand, we could lower our ratings at any time between now and the November 2018 first-lien maturity on Confie if we believe the company is not successfully addressing its refinancing risk. Additionally, we could lower our ratings if we believe there is an increased likelihood that Confie pursued a distressed exchange of its debt (which could be an "amend an extend," if we believe lenders are receiving less than originally promised), which we would view as a selective default." CONTRERAS TRUCKING: Wants Interim Access to Cash Collateral ----------------------------------------------------------- Contreras Trucking, Inc., asks from the U.S. Bankruptcy Court for the Southern District of California to allow interim use of the cash collateral pursuant to the proposed budget. The proposed cash collateral budget shows total monthly expenses in the approximate amount of $256,402. As shown on the proposed budget the use of the cash collateral will allow for the continual running of Debtor's business operations for the period between May 2018 and July 2018. The Debtor admits that this Chapter 11 filing was necessitated by the collection tactics being used to collect a money judgment against Debtor. The Debtor's bank accounts were levied leaving Debtor without the funds to continue the business and to pay all creditors in a timely manner. The Debtor will use the Chapter 11 process to consolidate debts in order to continue his business, which, but for the debt, is profitable. The Debtor believes that these entities may assert a claim in cash collateral: Bank of the West; Crossroads Equipment Lease; Financial Pacific Leasing; US Bank; Royal Bank America Leasing; and Luxury Auto Leasing. The Debtor seeks to negotiate repayment of the loans held with the entities with an interest in the cash collateral. The Debtor proposes to use replacement collateral to continue operating the trucking business where in turn the business continues to generate income. The income is the replacement collateral that will be used to make payments to the creditors once a repayment plan is negotiated. The Debtor will also negotiate with the lenders in order to reduce the interest rates and/or payments, and adjust the arrears so that Debtor may become current on payments. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/casb18-01569-41.pdf About Contreras Trucking Contreras Trucking, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 18-01569) on March 20, 2018. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Christopher B. Latham presides over the case. The Debtor tapped Contreras Law Firm as its legal counsel. DENNIS JOHNSON II: Summary Judgment Bid on Receivership Nixed ------------------------------------------------------------- District Judge Robert C. Chambers grants Plaintiff's motion for leave to file partial summary judgment on receivership but denies Plaintiff's motion for partial summary judgment on receivership in the case captioned THOMAS H. FLUHARTY, Trustee of the Chapter 11 Bankruptcy Estates of Dennis Ray Johnson, II (No. 3:16-BK-30227); DJWV2, LLC (No. 3:16-BK-30062); Southern Marine Services, LLC (No. 3:16-BK-30063); Southern Marine Terminal, LLC (No. 3:17-BK-30064); Redbud Dock, LLC (No. 3:16-BK-30398); Green Coal, LLC (No. 3:16-BK-30399); Appalachian Mining & Reclamation, LLC (No. 3:16-BK-30400) Producer's Land, LLC (3:16-BK-30401); Producer's Coal, Inc. (3:16-BK-30402); Joint Venture Development, LLC (No. 3:16-BK-30403), Plaintiffs, v. PEOPLES BANK, NA, PEOPLES INSURANCE AGENCY, LLC, GREAT AMERICAN INSURANCE COMPANY OF NEW YORK, and ZACHARY B. BURKONS, Defendants, Civil Action No. 3:17-4220 (S.D.W.V.). Plaintiff filed a Motion for Leave to File Partial Summary Judgment on Receivership and asserts that the Court should permit him to file for partial summary judgment prior to the completion of discovery because the record and evidence on the issue of Defendant Zachary B. Burkons's compliance with the West Virginia statute on receivership is clear at this point. Substantively, in the Summary Judgment Motion, Plaintiff requests summary judgment on the discrete issue of whether Defendant Burkons was actually a receiver under West Virginia law. Plaintiff contends that because neither Defendant Burkons, nor any other party, posted a receiver bond, as required under the statute, Defendant Burkons never held the right to act as a court-appointed receiver. Because, as explained in the Court's previous order filed on April 24, 2018, the law is clear with regard to this Court's ability to inspect the sufficiency of Defendant Burkons's receivership appointment, the Court finds that it is appropriate to rule on Plaintiff's Summary Judgment Motion. Therefore, the Court grants Plaintiff’s Motion for Leave to File Partial Summary Judgment on Receivership but denies Plaintiff's Motion for Partial Summary Judgment on Receivership. A copy of the Court's Order dated May 1, 2018 is available at https://bit.ly/2kgLt3p from Leagle.com. Thomas H. Fluharty, Trustee of the Chapter 11 Bankruptcy Estates of & Dennis Ray Johnson, II, Plaintiffs, represented by Joe M. Supple, SUPPLE LAW OFFICE. DJWV2, LLC, Southern Marine Services, LLC, Southern Marine Terminal, LLC, Redbud Dock, LLC, Green Coal, LLC, Appalachian Mining & Reclamation, LLC, Producer's Land, LLC, Producer's Coal, Inc. & Joint Venture Development, LLC, Plaintiffs, represented by Joe M. Supple, SUPPLE LAW OFFICE & Martin P. Sheehan , SHEEHAN & NUGENT. Peoples Bank, NA, Defendant, represented by Arch W. Riley, Jr. -- ariley@bernsteinlaw.com -- BERNSTEIN-BURKLEY, John J. Richardson -- jrichardson@bernsteinlaw.com -- BERNSTEIN-BURKLEY & Kirk B. Burkley -- kburkley@bernsteinlaw.com -- BERNSTEIN-BURKLEY. Peoples Insurance Agency, LLC, Defendant, represented by Lawrence E. Morhous, BREWSTER MORHOUS CAMERON ROBERT C. CHAMBERS, Lisa M. Zaring -- lzaring@mrjlaw.com -- MONTGOMERY RENNIE & JONSON, pro hac vice & Ralph E. Burnham -- rburnham@mrjlaw.com -- MONTGOMERY RENNIE & JONSON. Great American Insurance Company of New York, Defendant, represented by Carol P. Smith -- csmith@fbtlaw.com -- FROST BROWN TODD & Christopher S. Burnside -- cburnside@fbtlaw.com -- FROST BROWN TODD, pro hac vice. About Dennis Ray Johnson Dennis Ray Johnson, II, filed a Chapter 11 petition (Bankr. S.D. W.Va. Case No. 16-30227) on May 9, 2016, and was represented by Christopher S. Smith, Esq., at Hoyer, Hoyer & Smith, PLLC. In January 2017, Mr. Johnson tapped Lewis Glasser Casey & Rollins PLLC as new counsel. Mr. Johnson is a businessman with ownership interests in at least 10 entities. He operates various rental real estate entities and coal associated operations. Mr. Johnson is a member of each of the following debtor companies -- Appalachian Mining and Reclamation, LLC, DJWV1, LLC, DJWV2, LLC, Elkview Reclamation and Processing, LLC, Green Coal, LLC, Joint Venture Development, LLC, Little Kentucky Elk, LLC, Moussie Processing, LLC, Producer's Coal, Inc., Producer's Land, LLC, Redbud Dock, LLC, Southern Marine Services, LLC, Southern Marine Terminal, LLC, and The Silo Golf Course, LLC -- and has filed a motion asking the Bankruptcy Court to jointly administer the bankruptcy cases. Mr. Johnson is also a guarantor of the debt for most of the companies. Mr. Johnson operated as a debtor-in-possession until Thomas Fluharty was appointed Chapter 11 trustee on November 7, 2016. Counsel for the Trustee is Joe M. Supple, Esq., at Supple Law Office PLLC, in Point Pleasant, West Virginia. DPW HOLDINGS: Partners with Restauranteurs to Acquire I.AM ---------------------------------------------------------- DPW Holdings, Inc. has partnered with perennial restauranteurs to acquire IAM, Inc., the owner of the Prep Kitchen brand restaurants located in the greater San Diego area. DPW's new partners, Deborah and David Krause, will operate IAM, Inc. through their hospitality management company and oversee the management of the Prep Kitchen branded restaurants. Deborah and David Krause are experienced professionals with over 50 years of service managing both niche and named brand locations. They intend to expand the Prep Kitchen brand throughout California starting in 2018 as well as expand the portfolio of restaurant brands owned by IAM, Inc. On May 23, 2018, Digital Power Lending, LLC, a wholly-owned subsidiary of DPW Holdings, Inc., entered into and closed a securities purchase agreement with I.AM INC., David J. Krause and Deborah J. Krause (the I.AM Stockholders"). Pursuant to the Purchase Agreement, I.AM sold to DPL, 981 shares of common stock for a purchase price of $981, representing, upon the closing, 98.1% of I.AM's outstanding common stock. As disclosed in a Form 8-K filed with the Securities and Exchange Commission, I.AM owes DPL $1,715,363 in outstanding principal, pursuant to a loan and security agreement, between I.AM and DPL, that I.AM used to acquire the restaurants. The Purchase Agreement provides that, as I.AM repays the outstanding loan to DPL in accordance with the loan agreement, DPL will on a pro rata basis transfer shares of common stock of I.AM to David J. Krause, up to an aggregate of 471 shares. Pursuant to the Purchase Agreement, the parties agreed to negotiate in good faith to enter into a management agreement between I.AM and a separate management company formed and operated by the I.AM Stockholders, by June 29, 2018. In the event the management agreement is not entered into by June 29, 2018, then on July 2, 2018, DPL will return to I.AM for cancellation the shares of common stock of I.AM purchased by DPL, and I.AM will sell such shares to the I.AM Stockholders for a purchase price of $1.00 per share. "We are very excited about partnering with Deborah and David Krause who have many years of experience successfully managing and growing hospitality businesses. Deborah and David are amazing and we look forward to providing additional support as their company grows. We are confident they will expand their presence in the hospitality sector and bring value to the DPW shareholders," said Milton "Todd" Ault, III, the CEO and chairman of DPW Holdings, Inc. "With Mr. Ault's years of experience in the hospitality sector, DPW Holdings was a natural fit to partner with. We look forward to working with Mr. Ault and his team to build IAM, Inc., expand the Prep Kitchen brand and create and develop other brands over the next decade," stated Deborah Krause, operating partner of IAM, Inc. About DPW Holdings Headquartered in Fremont, California, DPW Holdings, Inc., formerly known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a diversified holding company that, through its wholly owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. Coolisys' growth strategy targets core markets that are characterized by "high barriers to entry" and include specialized products and services not likely to be commoditized. Coolisys through its portfolio companies develops and manufactures cutting-edge resonant switching power topologies, specialized complex high-frequency radio frequency (RF) and microwave detector-log video amplifiers, very high-frequency filters and naval power conversion and distribution equipment. Coolisys services the defense, aerospace, medical and industrial sectors and manages four entities including Digital Power Corporation, www.DigiPwr.com, a leading manufacturer based in Northern California, 1-877-634-0982; Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com with its headquarters in Shelton, CT 1- 203-866-8000; and Power-Plus Technical Distributors, www.Power-Plus.com, a wholesale distributor based in Sonora, CA 1-800-963-0066. Coolisys operate s the branded division, Super Crypto Power, www.SuperCryptoPower.com. DPW Holdings incurred a net loss of $10.89 million in 2017 following a net loss of $1.12 million in 2016. As of Dec. 31, 2017, DPW Holdings had $30.51 million in total assets, $11.72 million in total liabilities and $18.79 million in total stockholders' equity. The report from the Company's independent accounting firm Marcum LLP, in New York, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EBH TOPCO: June 6 Meeting Set to Form Creditors' Panel ------------------------------------------------------ Andy Vara, Acting United States Trustee for Region 3, will hold an organizational meeting on June 6, 2018, at 10:00 a.m. in the bankruptcy case of EBH Topco, LLC et al. The meeting will be held at: Sheraton Suites 422 Delaware Avenue Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Elements Behavioral Health/EBH Topco Long Beach, California-based EBH Topco, LLC along with its subsidiaries -- http://www.elementsbehavioralhealth.com/-- are providers of behavioral health services and residential drug and alcohol addiction treatment. The Elements Behavioral Health(R) family of programs offers comprehensive, innovative treatment for substance abuse, sexual addiction, trauma, eating disorders, and other mental health disorders. EBH Topco, LLC (Lead Case), Elements Behavioral Health, Inc., and certain of its affiliates sought Chapter 11 bankruptcy protection on May 23, 2018 (Bankr. D. Del., Case No. 18-11214). The petition was signed by Martin McGahan, chief restructuring officer. The Debtors listed $50 million to $100,000 million in assets and under $100 million to $500 million in liabilities. Hon. Brendan Linehan Shannon presides over the Debtors' cases. Christopher A. Ward, Esq., Shanti M. Katona, Esq., Stephen J. Astringer, Esq., and Jeremy R. Johnson of Polsinelli PC serve as counsel to the Debtors. Alvarez & Marsal LLC acts as restructuring advisor to the Debtors, Houlihan Lokey Capital, Inc. as investment banker, and Donlin, Recano & Company, Inc. as notice and claims agent. ECLIPSE BERRY: Hires Lefoldt & Co., P.A. as Accountant ------------------------------------------------------ Eclipse Berry Farms, LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to hire Lefoldt & Co., P.A., Certified Public Accountants as their accountant to wind-up and audit the Debtors' 401(k) Plan. Specifically, Lefoldt will audit the financial statements of the Debtors' 401(k) plan for the years ending December 31, 2014, 2015, 2016, and 2017. Lefoldt's hourly rates are: M. Larry Lefoldt, CPA $225.00 Judy W. Shannon, CPA $225.00 Drew Drummond - Incharge Staff Accountant $110.00 Gloria Blackledge - Administrative Assistant $85.00 Judy W. Shannon, CPA, shareholder of Lefoldt & Co., P.A., attests that neither she, Lefoldt, nor any of its employees hold or represent an interest adverse to the Debtors. in the above-captioned cases, and Lefoldt is a “disinterested person” as such term is defined in section 101(14) of the Bankruptcy Code. The accountant can be reached through: Judy W. Shannon, CPA Lefoldt & Co., P.A., Certified Public Accountants 690 Towne Center Boulevard Post Office Box 2848 Ridgeland, MS 39158 Phone:(601) 956-2374 About Eclipse Berry Farms Founded in 1999, Eclipse Berry Farms operates farms that produce berry products. The company is based in Los Angeles, California. Eclipse Berry Farms and its affiliates Harvest Moon Strawberry Farms, LLC, and Rosalyn Farms, LLC, filed Chapter 11 petitions (C.D. Cal. Case Nos. 18-10443, 18-10453 and 18-10464, respectively) on Jan. 16, 2018. In the petition signed by CRO Robert Marcus, Eclipse Berry Farms estimated $10 million to $50 million in assets and less than $100 million in debt. Hon. Barry Russell is the case judge. The Debtors tapped Kevin H. Morse, Esq., at Saul Ewing Arnstein & Lehr LLP as bankruptcy counsel; Lewis Brisbois Bisgaard & Smith, LLP as local counsel; McCarron & Diess as special PACA counsel; and Murray Wise Capital LLC as financial advisor. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Feb. 9, 2018. ECOFLORA INC: Chapter 727 Claims Bar Date Set for Aug. 28 --------------------------------------------------------- Ecoflora, Inc., filed on April 30, 2018, a petition commencing an Assignment for the Benefit of Creditors proceeding, pursuant to Chapter 727 of the Florida Statutes, to Michael Phelan as Assignee. Pursuant to Florida Statutes, Section 727.105, no proceeding may be commenced against the Assignee except as provided in Chapter 727 and except in the case of a secured creditor enforcing its rights and collateral under Chapter 679, there shall be no levy, execution, attachment, or the like in the respect of any judgment against assets of the estate, other than real property, in the possession, custody, or control of the Assignee. To receive any dividend in this proceeding, interested parties must file a proof of claim with the Assignee: Michael Phelan Michael Moecker & Associates, Inc. 1883 Marina Mile Blvd., Suite 106 Fort Lauderdale, FL, 33315 on or before August 28, 2018. The case is, In re: ASSIGNMENT FOR THE BENEFIT OF CREDITORS OF: ECOFLORA, INC., Assignor, TO: MICHAEL PHELAN, Assignee, Case No. 2018-014086-CA-01, pending before the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida. Ecoflora, Inc. has its principal place of business at P.O. Box 522427 Miami, FL, 33152. ERIN ENERGY: Hires Okin Adams LLP as Counsel -------------------------------------------- Erin Energy Corporation, Erin Petroleum Nigeria Limited, Erin Energy Kenya Limited, and Erin Energy Limited seek authority from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Okin Adams LLP as counsel for the Debtors. Services to be rendered by Okin Adams are: a) advise the Debtors with respect to their rights, duties and powers in this case; b) assist and advise the Debtors in their consultations relative to the administration of this case; c) assist the Debtors in analyzing the claims of the creditors and in negotiating with such creditors; d) assist the Debtors in the analysis of and negotiations with any third party concerning matters relating to, among other things, the terms of plans of reorganization; e) represent the Debtors at all hearings and other proceedings; f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of the Debtors' interests and objectives; and h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. Matthew S. Okin, partner with the firm Okin Adams LLP, attests that Okin Adams is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code. Okin Adams' current rates are: Matthew S. Okin, Partner $575 per hour David L. Curry, Jr., Partner $450 per hour John Thomas Oldham, Of Counsel $300 per hour Ryan A. O'Connor, Associate $275 per hour The counsel can be reached through: Matthew S. Okin, Esq. David L. Curry, Jr. John Thomas Oldham Ryan A. O'Connor 1113 Vine St., Suite 201 Houston, TX 77002 Tel: 713-228-4100 Fax: 888-865-2118 E-mail: mokin@okinadams.com dcurry@okinadams.com joldham@okinadams.com roconnor@okinadams.com About Erin Energy Houston, Texas-based Erin Energy Corporation (NYSE American:ERN) (JSE:ERN) -- http://www.erinenergy.com/-- is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of five licenses across three countries covering an area of 6,100 square kilometers (~1.5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana and The Gambia. As of Dec. 31, 2017, Erin Energy had $251.1 million in total assets, $613.9 million in total liabilities and a total stockholders' deficiency of $362.8 million. Erin Energy Corporation and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-32106) on April 25, 2018. CEO Femi Ayoade signed the petitions. As of March 31, 2018, the Debtors disclosed $247,535,000 in assets and $628,724,000 in liabilities. Judge Marvin Isgur presides over the cases. The Debtors tapped Okin & Adams LLP as their legal counsel, and The Loev Law Firm, PC as their securities law counsel. ERIN ENERGY: Hires Stout Risius Ross LLC as Financial Advisor ------------------------------------------------------------- Erin Energy Corporation, Erin Petroleum Nigeria Limited, Erin Energy Kenya Limited, and Erin Energy Limited seek authority from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Stout Risius Ross, LLC, as financial advisor to the Debtors. Stout's duties and responsibilities are: a. assist in the negotiations with potential lenders, current creditors and other parties of interest related to providing funds, and negotiation of a plan of reorganization; b. assist with the preparation of cash forecasts, including creation and roll-forward of 13-week cash budget; c. review of periodic Budget to Actual variance analysis; d. valuation of underlying collateral if needed for use of cash collateral, adequate protection or other court pleadings; e. analysis of planned disbursements and proposed vendor payments; f. assist in the identification of unencumbered assets; g. identification of short and long term liquidity enhancements; h. assist with the preparation of schedules, analyses and projections to support a plan of reorganization; i. analysis of assumption and rejection issues regarding executory contracts and leases; j. assist with preparation of monthly operating reports, Statements of Financial Affairs and Schedules; k. assist with the claims resolution procedures, including, but not limited to, analyses of creditors' claims by type and entity; l. assistance with preparation of court-required reports; m. as needed, provide assistance with preparation of pleadings; and n. render other tasks necessary to carry out Stout's fiduciary duty to the Company. Loretta R. Cross, managing director at Stout Risius Ross, LLC, attests that her firm does not represent any interest adverse to the Debtors and it is a disinterested person as defined by 11 U.S.C. Sec. 101(14). The firm's hourly rates range from $75 to $650. Loretta R. Cross will lead the engagement. Mrs. Cross's current hourly rate is $560. The firm can be reached through: Loretta R. Cross Stout Risius Ross, LLC 1000 Main Street, Suite 3200 Houston, TX 77002 Phone: 713-225-9580 Fax: 713-225-9588 Email: lcross@stoutadvisory.com About Erin Energy Houston, Texas-based Erin Energy Corporation (NYSE American:ERN) (JSE:ERN) -- http://www.erinenergy.com/-- is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of five licenses across three countries covering an area of 6,100 square kilometers (~1.5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana and The Gambia. As of Dec. 31, 2017, Erin Energy had $251.12 million in total assets, $613.90 million in total liabilities and a total stockholders' deficiency of $362.77 million. Erin Energy Corporation and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 18-32106) on April 25, 2018. Femi Ayoade, chief executive officer, signed the petitions. As of March 31, 2018, the Debtors disclosed $247,535,000 in assets and $628,724,000 in liabilities. Judge Marvin Isgur presides over the cases. The Debtors tapped Okin & Adams LLP as their legal counsel, and The Loev Law Firm, PC as their securities law counsel. ETERON INC: Taps Michigan Business Advisors as Business Appraiser ----------------------------------------------------------------- Eteron, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire William H. Malek, managing member of Michigan Business Advisors, LLC, as business appraiser. The arrangement for compensation is a flat fee of $3,500 inclusive of appraisal services and related expenses to Michigan Business Advisors, LLC for a comprehensive business valuation report to prepare a due diligence package to negotiate and sell the business. William H. Malek, managing member of Michigan Business Advisors, LLC, attests that he and the other professionals employed by Michigan Business Advisors, LLC are disinterested parties as defined by 11 USC Sec. 101(14). The firm can be reached through: William H. Malek Michigan Business Advisors LLC 10850 E Traverse Hwy Traverse City, MI 49684 Phone: (231) 933-9925 Email: wmalek@mibusinessadvisors.com About Eteron Inc. Eteron, Inc., is a privately-held company in Farmington, Michigan engaged in paint, coating, and adhesive manufacturing. It is affiliated with Sakura, LLC, which sought bankruptcy protection (Bankr. E.D. Mich. Case No. 18-45163) on April 9, 2018. Eteron sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-45161) on April 9, 2018. In the petition signed by John C. Kim, II, president, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Phillip J. Shefferly presides over the case. FAMILY PHARMACY: Taps Integrity Pharmacy Consultants as Broker -------------------------------------------------------------- Family Pharmacy, Inc., and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Integrity Pharmacy Consultants LLC as pharmacy broker to assist with the sale of the assets to maximize sale value at a commission rate of 3% of the Cash Portion of the Purchase Price. Sean Duffy of Integrity Pharmacy Consultants LLC attests that Integrity is a disinterested party, does not hold an interest adverse to these estates and understands that there is a continuing duty to disclose any such adverse interest. The firm can be reached through: Sean Duffy Integrity Pharmacy Consultants LLC 2925 E Riggs Rd #8 PMB 116. Chandler, AZ 85249 Phone: 833-735-5797 Email: sean@integritypharmacyconsultants.com About Family Pharmacy Inc. Family Pharmacy, Inc., and its affiliates Family Pharmacy of Missouri LLC, Family Pharmacy of Strafford Inc., Family Property Management LLC, and HealthTAC Logistics LLC own and operate a group of independently-owned retail pharmacy stores in Southwestern Missouri. The debtors operate 20 retail pharmacy locations, two long term-care pharmacy locations and one specialty pharmacy location under the "Family Pharmacy". Family Pharmacy has been operating continuously since 1977. The Debtors are headquartered in Ozark, Missouri. Family Pharmacy, Inc., et al., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Lead Case No. 18-60521) on April 30, 2018. In the petitions signed by Lynn Morris, president, the Debtors estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Judge Cynthia A. Norton presides over the cases. FLABEG SOLAR US: Bankruptcy Court Junks Suit vs D. Busby, AIDL -------------------------------------------------------------- Bankruptcy Judge Carlota M. Bohm granted the Defendant's motion and dismissed the adversary proceeding captioned FLABEG SOLAR US CORPORATION, Plaintiff, v. DAVID BUSBY, AMERICAN INTERNATIONAL DEVELOPMENT, LLC, Defendants, Adv. Proc. No. 15-2149-CMB (Bankr. W.D. Pa.). The adversary proceeding was commenced by Debtor Flabeg Solar US Corporation on July 30, 2015. Within Debtor's Amended Adversary Complaint, Debtor alleges that Defendants David Busby and American International Development, LLC took possession of Debtor's property without payment. The Amended Complaint seeks recovery on the basis of unjust enrichment and turnover. The Defendants' filed a Motion to Dismiss Amended Adversary Complaint. Prior to the filing of the bankruptcy case, the Debtor manufactured two coat primary mirror assemblies used for commercial solar power generation. As of the commencement of the case, the Debtor had 14,881 of these mirrors in stock and ready for shipment at its business facilities, which the Debtor leased from The Buncher Company. As agreed upon by the Debtor, Buncher, UniCredit Luxembourg, S.A. (the Debtor's primary secured creditor), and approved by the Court, the Debtor was to vacate the business premises by Jan. 15, 2014 (the "vacation date") and remove its personalty from the premises by that date as well. Stipulated and Agreed Order entered Nov. 7, 2013. Prior to the vacation date, the Debtor was provided the opportunity to conduct an auction of its personal property, equipment, and inventory located at the business premises. To state a claim for unjust enrichment, a plaintiff must plead facts in support of the following elements: "benefits conferred on defendant by plaintiff, appreciation of such benefits by defendant, and acceptance and retention of such benefits under such circumstances that it would be inequitable for defendant to retain the benefit without payment of value." In other words, one party must receive the benefit at the expense of the other. Accordingly, in this case, the estate must have maintained an interest in the Mirrors when Defendants obtained them in order for the Defendants to have been unjustly enriched at the expense of the estate. Likewise, an "essential element of a turnover action is that the property sought . . . is, in fact, property of the estate." Thus, the Debtor's success in this adversary proceeding is dependent upon whether the Mirrors remained property of the estate following the vacation date when the Defendants obtained possession. In order to demonstrate an entitlement to recovery, Debtor contends that the Mirrors remained property of the bankruptcy estate at the time the Defendants took the Mirrors without payment. To the contrary, Defendants contend that the Mirrors were not property of the Debtor's estate at the time of the transfer to Defendants and thus Debtor is unable to state a claim for unjust enrichment or turnover. Here, the issue is resolved by the terms of the Vacation Order. Upon assessing the Vacation Order, the Court holds that the Debtor failed to plead facts, and in fact cannot plead facts based upon the record of the case and the terms of the Vacation Order, establishing that Defendants were unjustly enriched at the expense of the estate or that the estate is entitled to turnover of the Mirrors or their value. The bankruptcy case is in re: FLABEG SOLAR US CORPORATION, Chapter 11, Debtor, Bankruptcy No. 13-21415-CMB (Bankr. W.D. Pa.). A full-text copy of the Court's Memorandum Opinion dated May 3, 2018 is available at https://bit.ly/2rZToFU from Leagle.com. FLABEG Solar US Corporation, Plaintiff, represented by Robert O. Lampl, Robert O Lampl Law Office. David Busby, Defendant, pro se. American International Development, LLC, Defendant, pro se. About Flabeg Solar US Corporation FLABEG Solar US Corporation, based in Clinton, PA, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 13-23353) on August 9, 2013. The Hon. Carlota M. Bohm presides over the case. Robert O. Lampl, Esq., serves as bankruptcy counsel. In its petition, the Debtor estimated up to $50,000 in assets and $50,000,001 to $100,000,000 in liabilities. The petition was signed by William Otto, president. FLINT GROUP: $31MM Bank Debt Trades at 5% Off --------------------------------------------- Participations in a syndicated loan under which Flint Group SA is a borrower traded in the secondary market at 95 cents-on-the-dollar during the week ended Friday, May 18, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.04 percentage points from the previous week. Flint Group pays 300 basis points above LIBOR to borrow under the $31 million facility. The bank loan matures on September 7, 2021. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, May 18. Flint Group S.A. manufactures and distributes flexography, gravure, sheetfed, UV offset, news print, heatset, letterpress, metal decorating, UV screen, consumables, and colorant products for printing and packaging, converting, and colorant industries. The company was founded in 1997 and is headquartered in Luxembourg with operations in Europe, the Middle East, Africa, Australia, New Zealand, India, and the Pacific Rim, as well as North, Central, and South America. It also has an ink mixing station in Moscow, Russian Federation. Flint Group S.A. is a former subsidiary of BASF SE. FLINT GROUP: $794MM Bank Debt Trades at 5% Off ---------------------------------------------- Participations in a syndicated loan under which Flint Group SA is a borrower traded in the secondary market at 95 cents-on-the-dollar during the week ended Friday, May 18, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.04 percentage points from the previous week. Flint Group pays 300 basis points above LIBOR to borrow under the $794 million facility. The bank loan matures on May 19, 2021. Moody's and Standard & Poor's have no rating for the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, May 18. Flint Group S.A. manufactures and distributes flexography, gravure, sheetfed, UV offset, news print, heatset, letterpress, metal decorating, UV screen, consumables, and colorant products for printing and packaging, converting, and colorant industries. The company was founded in 1997 and is headquartered in Luxembourg with operations in Europe, the Middle East, Africa, Australia, New Zealand, India, and the Pacific Rim, as well as North, Central, and South America. It also has an ink mixing station in Moscow, Russian Federation. Flint Group S.A. is a former subsidiary of BASF SE. GREEN DOOR: Seeks Court Approval to Use Cash Collateral ------------------------------------------------------- Way To Grow, Inc., and its debtor-affiliate Green Door Hydro and Solar Electric, Inc., seek approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The Debtors revealed that Corey Inniss is the only secured creditor who claims a lien on inventory and accounts. The claim of Inniss is based on a promissory note dated 2016 in the amount of $20,500,000. According to the Debtor, the cash collateral is to be derived from the sale of inventory. This is mainly because its inventory remains stable in amount. Balance for the current account receivable is around $1,453,712, with cash in bank accounts amounting to $1,162,268. The Debtor revealed that it will use the case collateral to pay the necessary operating expenses and will use it on an interim basis until the Court gives final approval. As adequate protection, the Debtors will provide secured creditors with a postpetition lien on all postpetition inventory, accounts receivable, and income derived from the operation of the business and assets, to the extent that the use of the cash results in a decrease in the value of secured creditor's interest in the collateral pursuant to 11 U.S.C. Section 361(2). All replacement liens will hold the same relative priority to assets as did the prepetition liens. The Debtors said it will use cash collateral in accordance with a Budget projecting a 30-day total expense of $2,575,758. A full-text copy of Way To Grow's Motion is available at: http://bankrupt.com/misc/WayToGrow_CashCollateral_Motion.pdf A similar motion was filed by Green Door Hydro and Solar Electric and can be viewed at: http://bankrupt.com/misc/GreenDoor_CashCollateral_Motion.pdf About Way To Grow, Inc. Way To Grow, Inc., and its debtor-affiliates Green Door Hydro and Solar Electric, Inc., and Pure Agrobusiness, Inc., sell equipment and related supplies for indoor hydroponic gardening. Pure Agrobusiness, Inc., is the holding company for the other two. Way To Grow, Inc., consists of 7 retail outlets located in Colorado while also having internet sales presence. Green Door Hydro and Solar Electric, Inc., manages a sales facility in California. Way To Grow and Green Door Hydro and Solar Electric filed for Chapter 11 protection (Bankr. D. Col. Case Nos. 18-14330, 18-14333 & 18-14334) on May 18, 2018. The petitions were signed by CEO Richard Byrd disclosing estimated assets and liabilities between $500 million and $1 billion. HARVEST VISION: Foreclosure Auction Set for July 31 --------------------------------------------------- The real property of Harvest Vision Church, Inc., an Alaska nonprofit corporation, will be sold at public auction by the trustee, Alyeska Title Guaranty Agency, Inc., in favor of the beneficiary, Roseanne M. Leydon, on July 31, 2018, at 10:30 o'clock a.m. at the main front door of the Boney Courthouse, 303 K. Street, Anchorage, Alaska 99501. The Property has a street address of 4950 Taku Drive, Anchorage Alaska 99508. Harvest Vision has been declared in breach of the obligation consisting of the failure to satisfy an indebtedness which is secured by a Deed of Trust. There is owing and unpaid on the Deed of Trust Note and Deed of Trust as of April 18, 2018: Principal: $218,231.13, plus late charges, Interest $27,308.72 Late Charges $450.00 Title Search $942.00 Attorney Fees $1,400.00 In addition, interest from August 19, 2017, is accruing at 8% per annum and together with all sums properly advanced or expended under the terms of the deed of trust. All sums are due and owing as of October 1, 2017. The trustee has the right to postpone the sale and set reasonable rules and conditions for the conduct of the sale. The sale shall be made to the highest bidder. The beneficiary may bid at the sale. Questions regarding this matter should be directed to: David D. Clark, Esq. Law Offices of David D. Clark 737 W 5th Ave., Ste. 203 Anchorage, AK 99503 Telephone: 907-272-7989 HEATH OIL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Heath Oil Company, Inc. dba Heath Automotive dba Heath Automotive Tullahoma P. O. Box 492 Winchester, TN 37398-0492 Business Description: Heath Oil Company, Inc. is a merchant wholesaler of petroleum and petroleum products based in Winchester, Tennessee. Chapter 11 Petition Date: May 28, 2018 Case No.: 18-12323 Court: United States Bankruptcy Court Eastern District of Tennessee (Winchester) Debtor's Counsel: Paul E. Jennings, Esq. PAUL E. JENNINGS LAW OFFICE 805 S. Church Street, Ste. 3 Murfreesboro, TN 37130 Tel: 615- 895-7200 Fax: (615) 895-7294 E-mail: paulejennings@bellsouth.net Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven M. Heath, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/tneb18-12323_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/tneb18-12323.pdf HI-LO FARMS: Taps Coldwell Banker Alfonso Realty as Estate Broker ----------------------------------------------------------------- Hi-Lo Farms, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Mississippi, Southern Division, to employ Carie Cole and Coldwell Banker Alfonso Realty, Inc., as real estate professionals. The professional services to be rendered by Ms. Cole and Coldwell are listing and marketing real property of the Debtor in Monroe County, Mississippi, at 5% commission rate. Carrie Cole, broker at Coldwell Banker Alfonso Realty, attests that she represents no adverse interest to the Debtor's estate and that she is a disinterested person under 11 U.S.C. 101(14). The broker can be reached through: Carrie Cole Coldwell Banker Alfonso Realty, Inc. 625 Courthouse Road Gulfport, MS 39507 Phone: 228-287-1000 Fax: 228-287-1001 About Hi-Lo Farms Hi-Lo Farms, Inc., is a privately-held company in Gulfport, Mississippi, which is engaged in farming. It sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 17-51239) on June 23, 2017. In the petition signed by Martha L. Cole, president, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Katharine M. Samson presides over the case. Patrick Sheehan at Sheehan Law Firm, PLLC, serves as bankruptcy counsel to the Debtor. HOTEL INVESTORS: Auction of Springhill Lot Moved to June 5 ---------------------------------------------------------- The foreclosure auction of the real property of Hotel Investors Mobile Airport, LLC, has been rescheduled to June 5, 2018. The public sale will be held in front of the main entrance to the Courthouse in Mobile County, Alabama during the legal hours of sale. The auction was originally set for May 2. As reported by the Troubled Company Reporter, Hotel Investors Mobile Airport has been declared in default of payment of debt secured by a Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated March 10, 2016, executed by Hotel Investors Mobile Airport, as Mortgagor, in favor of SSC Mobile, LLC as Mortgagee, in the original principal amount of $8,200,000. The real property consists of Lot 1, Springhill Commercial Park, Unit Four, Phase One, in Mobile County, Alabama. Pursuant to Ala. Code Sec. 7-9A-604, because the Mortgage covers both real and personal property, Hotel Investors will sell all personal property collateral described in and encumbered by the Mortgage at the same time and during the same sale. SSC makes no representation or warranty as to the physical condition of the real estate and/or any improvements thereon or the personal property collateral described in the Mortgage. The property will be sold on an "as is" basis, subject to any unpaid taxes, all reservations and restrictions contained in prior deeds and all other matters of record, including restrictive covenants and easements for road rights of way, utilities or rights of ingress and egress. The property will be sold without representation, warranty or recourse, express or implied, as to title, condition, use and/or enjoyment of the property, and will be sold subject to the statutory right of redemption. The sale is subject to being postponed or cancelled. SSC Mobile is represented by: Christopher H. Ezell, Esq. JONES WALKER LLP 11 North Water Street Suite 1200 Mobile, AL 36602 Tel: (251) 432-1414 ILLINI KIDS: Wants to Use Cash Collateral through July 31 --------------------------------------------------------- Illini Kids Development Company, LLC, asks authority from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral from May 1, 2018 through July 31, 2018. The cash collateral consists of rents collected from its real property located at 8100-8128 Madison Avenue, Fair Oaks, California. The Debtor told the Court that creditor Private Mortgage Fund, LLC, has first deed of trust when it comes to security interest in the rear property. Meanwhile The Chen Trust/Scott Weiss holds the second deed of trust. The Debtor disclosed that the cash collateral will be used to pay for expenses incurred in connection with its real properly and operation of the business for the period April 4, 2018 through July 31, 2018. A full-text copy of the Motion can be viewed at: http://bankrupt.com/misc/IlliniKids_CashCollateral_Motion.pdf About Illini Kids Development Company Illini Kids Development Company, LLC, filed as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Illini Kids Development Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-22027) on April 4, 2018. In the petition signed by Kenneth Cruz, managing member, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Christopher D. Jaime presides over the case. INLAND CONTAINER: Chapter 727 Claims Bar Date Set for Sept. 13 -------------------------------------------------------------- Inland Container Acquisition Company, LLC, filed on May 16, 2018, a petition commencing an Assignment for the Benefit of Creditors proceeding, pursuant to Chapter 727, Florida Statutes, to Mark C. Healy, as Assignee. The Assignee may be reached at: Mark C. Healy MICHAEL MOECKER & ASSOCIATES, INC. 1883 Marina Mile Blvd., Suite 106 Fort Lauderdale, Florida 33315 Pursuant to Florida Statutes 727.105, no proceeding may be commenced against the Assignee except as provided in Chapter 727 and except in the case of a secured creditor enforcing its rights and collateral under Chapter 679, there shall be no levy, execution, attachment, or the like in the respect of any judgment against assets of the estate, other than real property, in the possession, custody, or control of the Assignee. To receive any dividend in this proceeding, interested parties must file a proof of claim with the Assignee on or before Thursday, September 13, 2018. The case is, In Re: Inland Container Acquisition Company, LLC, Assignor, To: Mark Healy of Michael Moecker & Associates, Inc., Assignee, CASE NO. 16-2018-CA-003160, pending before the Circuit Court of the Fourth Judicial Circuit in and for Duval County, Florida, Division CV-A. Inland Container has its principal place of business at 9485 Regency Square Boulevard, Suite 104, Jacksonville, Florida 32225. INPIXON: Signs Standstill Agreement with Lender ----------------------------------------------- Inpixon and Chicago Venture Partners, L.P. (the "Lender") entered into a standstill agreement on May 23, 2018, pursuant to which the Lender has agreed to delay, for a period of nine months following the Purchase Price Date, its right to make redemptions under the Convertible Promissory Note dated Nov. 17, 2017 in the principal amount of $1,745,000. In exchange for the Lender's agreement and for reimbursement of the fees incurred by the Lender in having the Standstill Agreement prepared, the Company paid the Lender $68,000 upon execution of the Standstill Agreement. A full-text copy of the Standstill Agreement is available for free at: https://is.gd/N4YWAk About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on radically new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises world-wide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $35.03 million on $45.13 million of total revenues for the year ended Dec. 31, 2017, compared to a net loss of $27.50 million on $53.16 million of total revenues for the year ended Dec. 31, 2016. As of March 31, 2018, Inpixon had $25.15 million in total assets, $26.26 million in total liabilities and a total stockholders' deficit of $1.11 million. Marcum LLP, in New York, the Company's auditor since 2012, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INT'L MANUFACTURING: Suit vs Battle Creek Dismissed with Prejudice ------------------------------------------------------------------ District Judge Morrison C. England, Jr. approved the stipulation entered into by Plaintiff International Manufacturing Group and Defendant Battle Creek State Bank to dismiss the case captioned BEVERLY N. McFARLAND, Chapter 11 Trustee for International Manufacturing Group, Inc., Plaintiff, v. BATTLE CREEK STATE BANK, Defendant, Dist. Ct. Case No. 2:18-cv-00289-MCE (E.D. Cal.). Thus, the Plaintiff's complaint against Battle Creek is dismissed with prejudice, with each party to bear its own costs, including attorneys' fees. A copy of the Court's Order dated May 3, 2018 is available at https://bit.ly/2J1gDKa from Leagle.com. Beverly N. McFarland, Plaintiff, represented by Christopher Daniel Sullivan --csullivan@diamondmccarthy.com -- Diamond McCarthy LLP & Matthew S. Sepuya -- msepuya@diamondmccarthy.com -- Diamond McCarthy LLP. Wings Insurance, Inc., Defendant, pro se. International Manufacturing Group Inc., Debtor, represented by Marc A. Caraska, Marc A. Caraska, A. Law Corporation. About International Manufacturing Deepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme, put himself and his company, International Manufacturing Group Inc., into Chapter 11 after he pleaded guilty to one count of wire fraud and agreed to a 20-year prison sentence. The bankruptcy filing was part of his plea bargain with federal prosecutors. Mr. Wannakuwatte is the former owner of the Sacramento Capitols tennis team. Mr. Wannakuwatte initiated his personal Chapter 11 case on May 30, 2014. Hank Spacone was appointed as trustee for Wannakuwatte's Chapter 11 estate. Betsy Kathryn Wannakuwatte and Sarah Kathryn Wannakuwatte also have pending Chapter 7 cases. Mr. Wannakuwatte also submitted a Chapter 11 bankruptcy petition for IMG on May 30, 2014 (Bankr. E.D. Cal. Case No. 14-25820) in Sacramento. The case is assigned to Judge Robert S. Bardwil. The Debtor tapped Marc A. Caraska, in Sacramento, as counsel. In June 2014, Beverly N. McFarland was appointed as Chapter 11 trustee for IMG. She tapped Felderstein Fitzgerald Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond McCarthy LLP as her special litigation counsel; Gabrielson & Company as accountant; and Karen Rushing as bookkeeper outside the ordinary course of business. The U.S. Trustee for Region 7 appointed a three-member unsecured creditors panel in IMG's case comprising of Byron Younger, Janine Jones, and Steve Whitesides. IO AT TECH: Lawsuit vs Hartford Remanded to State Court ------------------------------------------------------- Bankruptcy Judge Tony M. Davis remands the adversary proceeding captioned IO AT TECH RIDGE, LP., Plaintiff, v. HARTFORD FIRE INSURANCE COMPANY, ET. AL., Defendants, Adv. No. 18-01015-TMD (Bankr. W.D. Tex.) to the state court from where it came. For several years, IO tried to build a large apartment complex on property that IO owned in North Austin. For financing, IO obtained a HUD-endorsed loan from Berkadia Commercial Mortgage. To build the complex, IO contracted with Defendant ICI Construction. When the complex was only partially constructed, IO and ICI had a falling out, and IO terminated the contract. IO then sued ICI in state court, and later amended the complaint to include claims against Defendant Harford Fire Insurance, which had issued a performance bond. Defendant Power Design, a subcontractor, intervened in the suit despite IO's objection. Power Design has removed the state court lawsuit under 28 U.S.C. section 1452, which allows removal of most types of civil actions to bankruptcy court. IO asked the Court to remand the suit to state court on the grounds of mandatory abstention and permissive abstention or equitable remand. Here, the Court finds that not all the elements of mandatory abstention are met, however, a court may still use its discretion to abstain from a matter. Most courts in the Fifth Circuit determine whether the doctrines of permissive abstention or equitable remand should be applied by evaluating 14 factors. The factors are: (1) Effect or lack thereof on the efficient administration of the estate if the court abstains or remands; (2) Extent to which state law issue predominate over bankruptcy issues; (3) Difficult or unsettled nature of the applicable law; (4) Presence of related proceeding started in state court or other non-bankruptcy proceeding; (5) Jurisdictional basis, if any, other than § 1334; (6) Degree of relatedness or remoteness of lawsuit to main bankruptcy case; (7) The substance rather than the form of an asserted core proceeding; (8) The feasibility of severing state law claims from core bankruptcy matters to allow judgment to be entered in state court with enforcement left to the bankruptcy court; (9) The burden of the bankruptcy court's docket; (10) The likelihood that the removal involves forum shopping by one of the parties; (11) The existence of a right to a jury trial; (12) The presence in the proceeding of non-debtor parties; (13) Comity; and (14) Possibility of prejudice to other parties in the action. The Court, however, did not get their answer after analyzing the factors. The Court, thus, sought anchorage by simply reading the statute. In reading the statute, it is apparent that Congress believed that state court matters generally belong in state court unless a strong federal interest suggests otherwise. This suit is a state court matter as there is no independent basis for federal jurisdiction. The bankruptcy case is in re: IO AT TECH RIDGE LP., Chapter 11, Debtor, Case No. 17-11540-TMD (Bankr. W.D. Tex.) A full-text copy of the Court's Memorandum Opinion dated May 3, 2018 is available at https://bit.ly/2keKZLd from Leagle.com. IO at Tech Ridge, LP, Plaintiff, represented by Jeffrey S. Chapman -- jeff@chapmanfirmtx.com -- The Chapman Firm, William L. Erwin -- william@chapmanfirmtx.com -- The Chapman Firm, Neal Meinzer -- Neal.Meinzer@wallerlaw.com. -- Waller Lansden Dortch & Davis, LLP & Eric J. Taube -- Eric.taube@wallerlaw.com -- Waller Lansden Dortch & Davis, LLP. Hartford Fire Insurance Company, Defendant, represented by Richard A. Fulton -- rfulton@coatsrose.com -- Coats Rose P.C., Keith A. Langley , Langley LLP, Nicholas J. Nieto -- nnieto@coatsrose.com -- Coats Rose P.C. & Barry S. Rabon -- brabon@coatsrose.com -- Coats Rose P.C. ICI Construction, Inc., Defendant, represented by Stephanie Hayes Cook -- shayes@andrewsmyers.com -- Andrews Myers, P.C., Andrew S. Harris -- aharris@andrewsmyers.com -- Andrews Myers, P.C., T. Josh Judd -- JJudd@andrewsmyers.com -- Andrews Myers, P.C., Timothy C. Ross -- tross@andrewsmyers.com -- Andrews Myers, P.C. & Clayton S Utkov -- Cutkov@andrewsmyers.com -- Andrews Myers, P.C. Level Line Construction Management, Defendant, represented by Tommy H. Murphy, Law Office of Tom Murphy. Cattles Construction, Inc., Defendant, represented by Richard E. Greenblum. Copper Link Construction, Inc., Defendant, represented by Adam Pugh, Slater Pugh, Ltd. LLP. About IO at Tech Ridge IO at Tech Ridge, LP, is a limited partnership that owns a partially constructed apartment project in Austin, Travis County, Texas. IO at Tech Ridge filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 17-11540) on Dec. 11, 2017. The Debtor hired Nicholas B. Bangos, P.A., as counsel. JONES ENERGY: Dismisses PricewaterhouseCoopers as Auditors ---------------------------------------------------------- The Audit Committee of the Board of Directors of Jones Energy, Inc., has dismissed PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm. The Audit Committee is conducting a competitive process to select, and form a long-term relationship with, a new independent registered public accounting firm. The audit reports of PwC on the consolidated financial statements of the Company for each of the two most recent fiscal years ended Dec. 31, 2017 and Dec. 31, 2016 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. The Company said that during its two most recent fiscal years ended Dec. 31, 2017 and Dec. 31, 2016 and during the subsequent interim period through May 22, 2018, (i) there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures that, if not resolved to PwC's satisfaction, would have caused PwC to make reference to the subject matter of the disagreements in their reports on the consolidated financial statements for such years and (ii) there were no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K. About Jones Energy Austin, Texas-based Jones Energy, Inc. -- http://www.jonesenergy.com/-- is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas. Jones Energy reported a net loss attributable to common shareholders of $109.41 million in 2017, a net loss attributable to common shareholders of $45.22 million in 2016, and a net loss attributable to common shareholders of $2.38 million in 2015. As of March 31, 2018, Jones Energy had $1.94 billion in total assets, $1.29 billion in total liabilities, $89.66 million in series A preferred stock, and $558.35 million in total stockholders' equity. NYSE Noncompliance On March 23, 2018, the New York Stock Exchange notified the Company that it was non-compliant with certain continued listing standards because the price of the Company's Class A common stock over a period of 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain a listing on the NYSE. The Company now has a six-month cure period to regain compliance. Within the cure period, the Company may regain compliance if the closing price per share is $1.00 or higher on the last trading day of a given month, or at the end of the cure period. Additionally, the 30-day average closing price per share must also be $1.00 or higher. The Company previously received a similar notice on Dec. 26, 2017, but regained compliance on Feb. 1, 2018. * * * As reported by the TCR on April 16, 2018, Fitch Ratings downgraded the Long-Term Issuer Default Rating (IDR) of Jones Energy Holdings, LLC (JEH) and its parent, Jones Energy Inc. (NYSE: JONE) to 'CCC-' from 'CCC'. JWCCC LLC: Hires Vida Law Firm PLLC as Attorney ----------------------------------------------- JWCCC, LLC, a/k/a Marshall Grain Company, seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas (Ft. Worth) to hire Behrooz P. Vida, Esq. and The Vida Law Firm, PLLC, as attorneys. Professional services the firm is to render are: a. give the Debtor legal advice with respect to their powers and duties as Debtor-in-Possession in the management of their affairs; b. prepare on behalf of the Debtor the necessary applications, orders, answers, reports, and other legal papers; c. perform all other legal services for the Debtor which may be necessary in the proceeding. Vida Law's standard hourly rates are: Behrooz P. Vida $350 Legal Assistants $125 Behrooz P. Vida, Esq., of the The Vida Law Firm, PLLC, attests that she does not presently hold any interest adverse to the Debtor or its estates and is a disinterested person within the meaning of Sec. 101(14) of the Bankruptcy Code. The counsel can be reached through: Behrooz P. Vida, Esq. THE VIDA LAW FIRM, PLLC 3000 Central Drive Bedford, TX 76021 Tel: (817)358-9977 Fax: 817-358-9988 Email: filings@vidalawfirm.com About JWCCC, LLC a/k/a Marshall Grain Company JWCCC, LLC, a/k/a Marshall Grain Company -- http://www.marshallgrain.com/-- operates an organic garden center and a pet supply store in North Texas. The Company has been serving the needs of organic gardeners, urban farmers, modern homesteaders, and pet lovers since 1946. Through its Landscape Services Division, Marshall Grain offers design and installation projects, drainage and irrigation services, hardscaping, and organic maintenance services. Currently the division serves Grapevine and its surrounding cities. Marshall Grain Company filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 18-41853) on May 8, 2018, listing $100,000 to $500,000 in estimated assets and $1 million to $10 million in estimated liabilities. The petition was signed by James W. Connelley, managing member. Behrooz P. Vida, Esq., at The Vida Law Firm, PLLC, is the Debtor's counsel. K&S UTILITY: Taps Sheils Winnubst PC as Counsel ----------------------------------------------- K&S Utility Contractors, Inc., seeks authority from United States Bankruptcy Court for the Northern District of Texas (Dallas) to hire Sheils Winnubst, P.C. as counsel. Legal services SWPC will provide are: (a) render legal advice with respect to the powers and duties of a debtor in Chapter 11; (b) negotiate, prepare and file a plan or reorganization and disclosure statement and otherwise promote the financial rehabilitation of the Debtor; (c) take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is or becomes involved, and the evaluation of and objection to claims filed against the estate; (d) prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and papers in connection with the administration of the estate herein, and appear on behalf of the Debtor at all Court hearings in connection with the Debtor’s case; (e) render legal advice and perform general legal services in connection with the foregoing; and (f) perform all other necessary legal services in connection with this Chapter 11 case, and it is necessary for the Debtor, as Debtor-in-Possession, to employ SWPC for such professional services. SWPC's standard hourly rates are: T. Craig Sheils $375 Mark D. Winnubst $325 Stephanie L. Wooley $275 Latrice E. Andrews $250 Kimberly Quirk $195 T. Craig Sheils, member of Sheils Winnubst, P.C., attests that he represents no interest adverse to Debtor-in-Possession herein, or the estate in the matters upon which he is to be engaged, and he believes that Sheils Winnubst, P.C., is disinterested as that term is defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Thomas Craig Sheils, Esq. SHEILS WINNUBST P.C. 1100 Atrium II 1701 N. Collins Blvd. Richardson, TX 75080-1339 Tel: 972-644-8181 Email: craig@sheilswinnubst.com About K&S Utility Contractors K&S Utility Contractors, Inc., is a water main contractor based in Seagoville, Texas. K&S Utility Contractors filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 18-31636) on May 14, 2018, listing $500,000 to $1 million in estimated assets and $1 million to $10 million in estimated liabilities. The petition was signed by Glenda Koller, president. The case is assigned to Judge Harlin DeWayne Hale. Thomas Craig Sheils, Esq., at SHEILS WINNUBST P.C., is the Debtor's counsel. LC STAR INVESTMENT: Foreclosure Auction Set for June 21 ------------------------------------------------------- The real property of LC Star Investment Co., will be sold at public auction to the highest and best bidder for cash on June 21, 2018, at 10:00 a.m., inside the main front entrance of the Boney Courthouse located at 303 K Street, Anchorage, AK 99501. Hanmi Bank, as secured creditor, will foreclose on and sell the Collateral. According to a foreclosure notice, LC Star has breached numerous of its obligations under a Deed of Trust and Promissory Note with the bank, including failure to make payment when due. As of March 2, 2018, the principal balance was $3,080,099.28, interest owing was is $57,699.11, and late fees are $4,571.40, for a total of $3,174,275.93. Per diem interest accrues at the rate of $548.51. In addition, interest continues to accrue, plus legal costs and fees and all sums expended by the Beneficiary and Trustee under the Deed of Trust. LC Star, by and through its President Chung Ki Choe, as Trustor, executed a Deed of Trust in favor of Hanmi Bank as Beneficiary, and to United Title Guaranty as Trustee, duly recorded on May 31, 2012, at Serial No. 2012-029673-0, in the Anchorage Recording District, Third Judicial District, State of Alaska. The Deed of Trust was given to secure a Promissory Note in the principal amount of $3,440,000.00, plus interest, costs, and fees. The property encumbered by the Deed of Trust is commonly known as 4610 Spenard Road, Anchorage, AK 99517. To determine the current amount required to pay off the loan contact: Kris Y. Min Hanmi Bank Tel: (213) 368-3206 or kris.min@hanmi.com LG WOOD VALLEY: Property Sale Proceeds to Pay Secured Creditors --------------------------------------------------------------- LG Wood Valley, LLC, filed a proposed plan of reorganization and disclosure statement dated May 8, 2018. Class 1 under the plan consists of the secured claims of Acores, Inc. and the County of Sonoma Tax Collector. The Debtor will pay the entire amount contractually due with interest in one payment, due within 12 months after confirmation. In the interim, Debtor will make monthly interest only adequate protection payments in the amount of $5,700 per month, starting May of 2018. To the extent arrears are determined to be other than as shown above, that portion of the claim will be paid in full upon the sale or refinance of the subject collateral. Creditors in these classes will retain their interest in the collateral until paid in full. The Debtor will sell or refinance the collateral -- Sonoma, California property -- by June 2019, paying secured creditors from the proceeds of the sale or refinance. The debtor will file a motion for approval of any such sale or refinance on 28 days notice to lien holders. Unless the court orders otherwise, a lienholder whose lien is not in bona fide dispute may credit bid the amount of its lien at the sale. The Debtor will make the following monthly payments pending the closing of the sale, $5,700 to Acores, Inc., due the 15th day of the month, starting May 2018. The creditors may not repossess or dispose of their collateral so long as Debtor is not in material default under the Plan. These secured claims are impaired and are entitled to vote on confirmation of the Plan. The debtor has no unsecured claimants. If the Plan is confirmed, the payments promised in the Plan constitute new contractual obligations that replace the Debtor’s pre-confirmation debts. Creditors may not seize their collateral or enforce their pre-confirmation debts so long as Debtor performs all obligations under the Plan. If the Debtor defaults in performing Plan obligations, any creditor can file a motion to have the case dismissed or converted to a Chapter 7 liquidation, or enforce their non-bankruptcy rights. The Debtor will be discharged from all pre-confirmation debts (with certain exceptions) if Debtor makes all Plan payments. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/canb18-10075-33.pdf About LG Wood Valley LG Wood Valley, LLC, is a single asset real state company (as defined in 11 U.S.C. Section 101(51B)) whose principal place of business is located at 2979 Wood Valley Road, Sonoma, California. LG Wood Valley sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 18-10075) on Feb. 7, 2018. In the petition signed by Randy Rene King, president of managing member, the Debtor estimated assets of $1 million to $10 million and liabilities of less than $1 million. Judge Charles Novack presides over the case. The Law Offices of Craig A. Burnett is the Debtor's legal counsel. LINCOLN ENTERPRISE: Seeks 60-Day Exclusive Filing Period Extension ------------------------------------------------------------------ Lincoln Enterprise, LLC, requests the U.S. Bankruptcy Court for the Southern District of Florida extend the Exclusivity Period and the Acceptance Period for a period of 60 days. The Debtor is the tenant with respect to a 99 year lease for commercial property located on Lincoln Road in Miami Beach, Florida. On January 29, 2018, the Debtor filed a Motion to Determine Cure Amounts in addition to Motion to Assume Lease. Pursuant to the Court's instructions at a preliminary hearing on the Assumption Motion, the landlord under the Lease, Herbert Bookstein, and the Debtor filed cross-motions for summary judgment on the limited issue of whether rent had increased under the Lease in 2016 pursuant to the rent revaluation provisions detailed in Article IV of the Lease. On April 9, 2018, the Court conducted a hearing and issued an oral ruling determining the report of rent revaluation recorded by Bookstein did not demonstrate an agreement as to the fair market value of the subject land and that, as of the date hereof, rent had not increased under the Lease. But Bookstein has filed a Motion for Reconsideration. Both the Motion for Reconsideration and the Assumption Motion are currently set for hearing on June 7, 2018. Moreover, the Debtor has served a subpoena for the deposition of an appraiser referenced in the Motion for Reconsideration and a Request for Production of Documents upon Bookstein. On the other hand, Bookstein has indicated an intention to seek a protective order and to contest all discovery related to the Motion for Reconsideration. The parties are currently scheduling a discovery conference related to this dispute pursuant to the rules applicable to this judicial division. While this case is not large, the Debtor asserts that the issues, however, are somewhat complex as the Court has had to interpret both the Lease (which was drafted in 1946) and Bookstein's now repeated attempts to manufacture agreement amongst appraisers who are $14 million dollars apart in their valuations. About Lincoln Enterprise Lincoln Enterprise, LLC, is a privately held Florida limited liability company whose principal assets are located at 226 Lincoln Road Miami Beach, FL 33139. The company is equally owned by Joseph Cohen and LED Trust, LLC. Lincoln Enterprise filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-10939) on Jan. 25, 2018. In the petition signed by Haim Yehezkel, managing member of LED Trust, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Laurel M Isicoff presides the case. Michael S. Hoffman, Esq., at Hoffman, Larin & Agnetti, P.A., is the Debtor's counsel. On February 16, 2018, the United States Trustee for Region 3 appointed an Official Committee of Unsecured Creditors. No trustee or examiner has been appointed in these Chapter 11 Cases. LOVE GRACE: 5th Amended Plan Outline OK'd; June 25 Plan Hearing --------------------------------------------------------------- Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle District of Louisiana approved Love Grace Holdings, Inc.'s fifth amended disclosure statement dated April 25, 2018. The court will hold a hearing on confirmation of the debtor's Fifth Amended Chapter 11 Plan dated April 25, 2018 on June 25, 2018 at 10:00 a.m. Ballots accepting or rejecting the amended plan must be delivered no later than June 15, 2018 at 5:00 p.m. Objections to the amended plan and supporting memoranda must be filed and served no later than June 18, 2018 at 5:00 p.m. The Amended Disclosure Statement dated April 25 disclosed that the estimate percentage recovery to general unsecured creditors is 28% to 30%. Each holder of an Allowed General Unsecured Claim will be paid quarterly in Cash its pro-rata share of certain amounts pursuant to the following schedule over six (6) years: (a) year one is a distribution of $25,000.00 per quarter; (b) year two is a distribution of $31,250.00 per quarter; and (c) years three, four, five and six is a distribution of $87,500 per quarter; for a total distribution over the six (6) years of $1,625,000.00. The Debtor will commence quarterly payments at the end of the first full quarter that is sixty (60) days after the Effective Date. Class 2 is Impaired by the Plan. The holders of Class 2 Claims are entitled to vote to accept or reject the Plan. If Class 2 does not vote to accept the Plan, the Debtor will request that the Plan be confirmed nonetheless pursuant to Section 1129(b) of the Bankruptcy Code. A full-text copy of the Amended Disclosure Statement dated April 25 is available at: http://bankrupt.com/misc/lamb17-10057-373.pdf About Love Grace Holdings Love Grace Holdings, Inc., doing business as Apricot Lane and Blu Spero Boutique, operates a series of retail clothing outlets in malls. The locations are in Florida, Alabama, Louisiana and Mississippi. Love Grace Holdings filed a Chapter 11 petition (Bankr. M.D. La. Case No. 17-10057) on Jan. 20, 2017. The petition was signed by Arthur A. Lancaster, Jr., president and sole shareholder. The case is assigned to Judge Douglas D. Dodd. The Debtor estimated assets and liabilities at $1 million to $10 million. The Debtor is represented by Greta M. Brouphy, Esq., and Douglas S. Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC. On Feb. 6, 2017, the U.S. trustee for Region 5 appointed an official committee of unsecured creditors. The committee members are: (1) GGP Limited Partnership; (2) Intex Flooring, LLC; and (3) Douglas Kampen. The Committee hired Paul Douglas Stewart, Jr., Esq., at Stewart Robbins & Brown, LLC, as its legal counsel. No trustee or examiner has been appointed or designated in the case. MEJD PARTNERSHIP: Hires Mark E. Goodfriend as Bankruptcy Counsel ---------------------------------------------------------------- MEDJ Partnership seeks authority from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to hire Mark E. Goodfriend and the Law Offices of Mark E. Goodfriend as general bankruptcy counsel. The services to be rendered by the Law Offices are: a. consult with the United States Trustee, and/or debtor in possession concerning the administration of the case; b. investigate the acts, conduct, assets, liabilities, and financial condition of Debtor, the operation of the Debtor's business and any other matter relevant to the case, to formulate the Plan of Reorganization and to advise and counsel the Debtor regarding matters of bankruptcy law; c. assist the Debtor in the preparation of reports, accounts, applications and orders involving bankruptcy law; d. evaluate, review and consult on claims and the filing of objections thereto as appropriate; e. participate in the formulation of a Disclosure Statement and Plan of Reorganization, and to collect and file with the court acceptances or rejections of said Plan or Plans; f. represent Debtor in proceedings or hearings before the Bankruptcy Court in matters relating to this bankruptcy case; and g. perform such other services as are appropriate as General Bankruptcy Counsel. The firm will charge an hourly rate of $375.00 for its services. Mark E. Goodfriend, principal at the Law Offices of Mark E. Goodfriend, attests that he and his firm are "disinterested persons" as that term is defined under Section 101(14) of the Bankruptcy Code and Rules 2014, et seq. of the Federal Rules of Bankruptcy Procedure. The firm can be reached through: Mark E. Goodfriend, Esq. Law Offices of Mark E. Goodfriend 16055 Ventura Boulevard Encino, CA 91436 Phone: (818) 783-8866 Fax: (818) 783-5445 Email: mark@goodfriend@yahoo.com About MEDJ Partnership MEJD Partnership is a privately held company in Woodland Hills, California engaged in activities related to real estate. The Company has a 50% interest in a real property located at 5132 Noble, Sherman Oaks, California having an appraised value of $500,000. MEJD Partnership filed a Chapter 11 petition (Bank. C.D. Cal. Case No. April 18, 2018) on 18-10949. In the petition signed by Ubaldo Morales Escamilla, general partner, the Debtor estimated $500,000 in total assets and $2.1 million in liabilities. The case is assigned to Judge Maureen Tighe. Mark E. Goodfriend, Esq., at the Law Offices of Mark E. Goodfriend, is the Debtor's counsel. MIRAGE DENTAL: Seeks Authorization to Use Cash Collateral --------------------------------------------------------- Mirage Dental Associates, Professional LLC requests the U.S. Bankruptcy Court for the District of Colorado to authorize its use of cash collateral to allow the uninterrupted and continued operations of its business and provide the Debtor with an opportunity to propose a meaningful plan of reorganization. The Debtor believes that these entities may assert a claim on cash collateral: (a) Bank of America, N.A., asserts that it was owed a total of approximately $669,723, secured by, among other things, the Debtor's accounts, equipment, general intangibles, etc. (b) Live Oak Bank asserts that the current amounts owed on the Debtor's loans with the Live Oak Bank are as follows: (a) term loan: $1,712,230; (b) conventional loan: $1,011,886; and (c) SBA Loan: $3,310,313. The loans are secured by substantially all of Debtor's assets. (c) Ascentium Capital, LLC claims that, as of the Petition Date, it is owed approximately $146,709 pursuant to the terms of an Equipment Finance Agreement. As a result, Ascentium asserts a purchase money security interest in the Debtor's computers and software. (d) EverBank Commercial Finance, Inc. asserts that it was owed approximately $563,063, as of the petition date. Under the terms of a certain Equipment Finance Agreement with Spenser Capital Group, Inc., doing business as Group Financial Services, the Debtor granted Group Financial a security interest on the purchased equipment and accessories. Spenser Capital Group assigned its claim to EverBank. (e) Navitas Credit Corporation doing business as Navitas Lease Corporation asserts that the Debtor owes $296,982.11 under the Navitas Loan 1 and $67,892.59 under the Navitas Loan 2, as of the Petition Date. Under the terms of the loans, the Debtor granted Navitas a lien on the purchased equipment. (f) One Place Capital, a division of Bank Midwest asserts that it is owed approximately $19,000 as of the Petition Date. To secure the obligation to Bank Midwest, the Debtor granted a security interest in Bison Medical CO2 laser. The Debtor uses the collateral provided to Bank Midwest in its normal operations. (g) Business Financial Services, Inc., doing business as BFS Capital asserts that it is owed approximately $301,010 on the Second BFS Loan. The Second BFS Loan refinanced the First BFS Loan. Per the terms of the First BFS Loan, the Debtor granted a lien on its accounts, including its accounts receivable. To the extent the Secured Creditors have valid properly perfected liens on assets of the Debtor, the Secured Creditors are entitled to adequate protection of their interests in the prepetition collateral, including the cash collateral. The Debtor proposes to pay the Secured Lenders the amounts set forth below commencing May 1, 2018, and be due on the first of each month thereafter. The Adequate Protection Payments are as follows: (a) Bank of America: $6,600 (b) Live Oak Bank: $10,000 (c) Ascentium: $1,000 (d) EverBank: $2,500 (e) Navitas: $762 (f) Bank Midwest: $369 (g) BFS Capital: $1.00 As further adequate protection, the Debtor proposes to grant the Secured Lenders the following: (a) The Secured Lenders will be entitled to a Section 507(b) superpriority claim but only to the extent that the replacement liens granted by the Debtor prove inadequate to protect the Secured Lenders from a demonstrated diminution in value of their respective collateral position from the Petition Date without deduction for the Carve Outs. (b) To protect the Secured Lenders from any diminution in value of their prepetition collateral, each Secured Lender will have a replacement lien on their prepetition collateral and in the post-petition property of the Debtor that is the same type of property that the Secured Lenders hold duly perfected prepetition liens upon, including, without limitation, accounts, inventory, equipment, and farm products. The amount of the replacement liens will be up to the amount of indebtedness owed to the Secured Lenders. The priority of the Replacement Liens will be in the same extent and priority as the Pre-Petition Liens. (c) Covenants. The Debtor will: -- Only use Cash Collateral consistent with the Budget; -- Maintain and retain in good repair all property in which the Secured Lenders claim an interest, including maintaining insurance on such property; -- Not pay any prepetition debts or obligations of the Debtor or its estate without further order of the Court; and -- Not grant any other post-petition liens to any other party without the consent of the Secured Lenders or an order of the Court on property that is subject to the liens of the Secured Lenders. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/cob18-12496-59.pdf About Mirage Dental Associates Professional LLC Mirage Dental Associates, Professional LLC, is a privately-held company in Castle Rock, Colorado, that owns a dental clinic. Mirage Dental Associates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-12496) on March 30, 2018. In the petition signed by Michael J. Moroni, Jr., managing member, the Debtor disclosed $5.41 million in assets and $8.72 million in liabilities. Judge Joseph G. Rosania Jr. presides over the case. The Debtor tapped Buechler & Garber, LLC, as its legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. NIGHTHAWK ROYALTIES: Seeks Interim Approval to Use Cash Collateral ------------------------------------------------------------------ Nighthawk Royalties LLC and its certain affiliates request the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral, subject to the terms and conditions set forth in the Cash Collateral Orders, which have been agreed to with the Commonwealth Bank of Australia ("CBA"), as Administrative Agent for the Prepetition Secured Parties. As of the Petition Date, the Debtors had outstanding debt obligations in the aggregate amount of over $55 million, including accrued and unpaid interest, consisting primarily of their obligations under the CBA Facility and the Unsecured Notes. The approximate amount outstanding under the CBA Facility is $21.3 million, which includes interest in the approximate amount of $50,000. The CBA Facility is fully guaranteed, on a senior secured basis, by each of the Debtors. The CBA Facility and related guarantees are secured by substantially all of the Debtors' assets, subject to permitted liens and specified excluded assets. The Debtors grant the following security interests and liens to the Administrative Agent, for the benefit of the Prepetition Secured Parties: (a) A valid, binding, continuing, enforceable, fully-perfected first priority senior priming security interest in, and lien on, the Prepetition Collateral and all other of the Debtors' now owned and hereafter- acquired real and personal property, assets and rights of any kind or nature, including the proceeds, products, offspring, rents, and profits thereof. The Adequate Protection Liens will in all cases be senior to any other security interests or liens, subject only to the Carve Outs and valid, perfected and enforceable prepetition liens, if any, which are senior to the Prepetition Secured Parties' liens or security interests as of the Petition Date or to valid and unavoidable liens in existence immediately prior to the Petition Date that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code. (b) A valid, binding, continuing, enforceable, fully perfected junior lien on and security interest in all prepetition and postpetition property of the Debtors (other than the property described directly above), whether now existing or hereafter acquired, that is subject to valid, perfected, and unavoidable liens, if any, in existence immediately prior to the Petition Date that are senior to the Prepetition Secured Parties' liens and security interests or to valid and unavoidable liens in existence immediately prior to the Petition Date that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code. (c) The Debtors will grant to the Administrative Agent, for the benefit of the Prepetition Secured Parties, an allowed superpriority administrative-expense claim against each of the Debtors on a joint and several basis with priority over any and all other administrative-expense claims against the Debtors now existing or hereafter arising in the Cases. (d) The Debtors are authorized and directed to pay to the Administrative Agent for the ratable benefit of the Prepetition Secured Parties, adequate protection payments on the last business day of each calendar month after the entry of the Interim Order, in each case, in an amount equal to all accrued and unpaid prepetition and postpetition interest, fees, and costs due and payable under the Credit Agreement (including, without limitation, interest on loans and accrued fees owing to the Administrative Agent), and, in each case, such payments calculated based on the Alternate Base Rate plus the Applicable Margin pursuant to the Credit Agreement. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/deb18-10989-45.pdf About Nighthawk Energy Nighthawk Energy -- http://www.nighthawkenergy.com-- is an independent oil and natural gas company operating in the Denver-Julesburg (DJ) Basin of Colorado, USA. The Debtors are the direct and ultimate parent entities of non-debtors Nighthawk Production LLC and OilQuest USA, LLC. The sole or primary operating entity of the Debtors is Nighthawk Production, an oil and gas exploration company which is organized under Delaware law and based in Denver, Colorado. Production's principal business activity is the exploration for, as well as the development and sale of, hydrocarbons, operating solely in the state of Colorado where it holds interests in over 150,000 net mineral acres in and around Lincoln County. Nighthawk's common shares are publicly listed on the London Stock Exchange (LSE:HAWK). Nighthawk Royalties LLC and Nighthawk Energy each filed separate Chapter 11 petition (Bankr. D. Del. Lead Case No. 18-10989), on April 30, 2018. The petitions were signed by Rick McCullough, president. The case is assigned to Judge Brendan Linehan Shannon. At the time of filing, Debtor Nighthawk Royalties estimated at least $50,000 in assets and $10 million to $50 million in liabilities, while debtor Nighthawk Energy estimated $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. The Debtors retained by Greenberg Traurig, LLP as counsel; SSG Advisors, LLC as Investment Banker; and JND Corporate Restructuring as claims aAgent. NINE WEST: Committee Taps Akin Gump Strauss Hauer as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Nine West Holdings, Inc., and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Akin Gump Strauss Hauer & Feld LLP as its counsel. Services to be rendered by Akin Gump are: (a) advise the Committee with respect to its rights, duties and powers in the Chapter 11 Cases; (b) assist and advise the Committee in its consultations and negotiations with the Debtors relative to the administration of the Chapter 11 Cases; (c) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (d) assist the Committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and their insiders and of the operation of the Debtors' businesses; (e) assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing of other transactions and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; (f) assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the Chapter 11 Cases; (g) represent the Committee at all hearings and other proceedings before this Court; (h) review and analyze applications, orders, statements of operations and schedules filed with the Court and advise the Committee as to their propriety and, to the extent deemed appropriate by the Committee, support, join or object thereto; (i) advise and assist the Committee with respect to any legislative, regulatory or governmental activities; (j) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee’s interests and objectives; (k) assist the Committee in its review and analysis of all of the Debtors' various agreements; (l) prepare, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any matter related to the Debtors or the Chapter 11 Cases; (m) investigate and analyze any claims against the Debtors’ non-debtor affiliates; and (n) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee’s powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The current hourly rates charged by Akin Gump are: Partners $840 to $1,695 Senior Counsel and Counsel $590 to $1,325 Associates $495 to $915 Paraprofessionals $195 to $430 The principal attorneys assigned to the case and their hourly rates are: Daniel H. Golden Partner / Financial Restructuring Department $1,475 Arik Preis Partner / Financial Restructuring Department $1,275 David M. Zensky Partner / Litigation Department $1,240 Deborah Newman Partner / Litigation Department $1,045 Jason P. Rubin Partner / Financial Restructuring Department $1,030 Kevin Zuzolo Counsel / Financial Restructuring Department $915 Anthony Loring Associate / Financial Restructuring Department $710 In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Daniel H. Golden disclosed that: (a) Akin Gump did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; (b) No rate for any of the professionals included in this engagement varies based on the geographic location of the bankruptcy case; (c) Akin Gump did not represent any member of the Committee in connection with the Debtors' Chapter 11 Cases prior to its retention by the Committee; (d) Akin Gump expects to develop a prospective budget and staffing plan to comply reasonably with the U.S. Trustee's request for information and additional disclosures, as to which Akin Gump reserves all rights; and (e) The Committee has approved Akin Gump's proposed hourly billing rates. The Akin Gump attorneys staffed on the Debtors' Chapter 11 Cases, subject to modification depending upon further development. Daniel H. Golden, member of the firm of Akin Gump Strauss Hauer & Feld LLP, attests that Akin Gump neither holds nor represents any interest adverse to the Committee, the Debtors, their creditors or other parties in interest or their respective attorneys in the Chapter 11 Cases, and that Akin Gump is a "disinterested person" within the meaning of Bankruptcy Code section 101(14). The counsel can be reached through: Daniel H. Golden, Esq. Arik Preis, Esq. Jason P. Rubin, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 E-mail: dgolden@akingump.com apreis@akingump.com jrubin@akingump.com About Nine West Holdings Nine West Holdings is a footwear, accessories, women's apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt. The company is a wholesale partner to major U.S. retailers and has international licensing arrangements covering more than 1,200 points of sale around the world. On April 6, 2018, Nine West Holdings, Inc., and 10 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10947). Nine West estimated $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Shelley C. Chapman is the case judge. Nine West Holdings' legal advisors are Kirkland & Ellis LLP. The Company's financial advisor is Lazard Freres & Co., and its restructuring advisor is Alvarez & Marsal North America LLC. Prime Clerk LLC is the claims and noticing agent. The Independent Directors tapped Munger, Tolles & Olson LLP as counsel and Berkeley Research Group as financial advisor. William K. Harrington, the U.S. Trustee for Region 2, appointed seven creditors to serve on the official committee of unsecured creditors. NINE WEST: Committee Taps Houlihan Lokey as Investment Banker ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Nine West Holdings, Inc., and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Houlihan Lokey Capital, Inc. as its investment banker, nunc pro tunc to April 25, 2018. Services to be rendered by Houlihan Lokey are: a. analyze business plans and forecasts of the Debtors; b. evaluate the assets and liabilities of the Debtors, including any analyses and/or testimony related to the solvency or valuation of the Debtors; c. assess the financial issues and options concerning (i) the sale of the Debtors, either in whole or in part, and (ii) the Debtors' chapter 11 plan(s) of reorganization or liquidation or any other chapter 11 plan(s); d. analyze and review the financial and operating statements of the Debtors; e. provide such financial analyses as the Committee may require in connection with the Chapter 11 cases; f. assist in the determination of an appropriate capital structure for the Debtors; g. analyze strategic alternatives available to the Debtors; h. evaluate the Debtors' debt capacity in light of its projected cash flows; i. assist in the financial review of the transactions related to the leveraged buyout of The Jones Group, Inc. by Sycamore Partners, L.P. and litigation with respect thereto; j. assist the Committee in identifying potential alternative sources of liquidity in connection with any debtor-in-possession financing, any chapter 11 plan(s) or otherwise; k. represent the Committee in negotiations with the Debtors and third parties with respect to any of the foregoing; l. provide testimony in court on behalf of the Committee with respect to any of the foregoing, if necessary; and m. provide such other financial advisory and investment banking services as may be required by additional issues and developments not anticipated on the Engagement Effective Date, as described in Section 5 of the Engagement Agreement. Fees Houlihan Lokey will charge are: * Monthly Fees: Houlihan Lokey will be paid in advance a nonrefundable monthly cash fee of $150,000. The first payment will be made upon the approval of this Application by the Court and will be in respect of the period from the Engagement Effective Date through the month in which payment is made. Thereafter, payment of the Monthly Fee will be made on every monthly anniversary of the Engagement Effective Date during the term of the Engagement Agreement. Each Monthly Fee will be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement and performing services as described herein. 50% of the Monthly Fees received by Houlihan Lokey after the sixth month of the Engagement Agreement shall be credited against the Deferred Fee to which Houlihan Lokey becomes entitled hereunder (it being understood and agreed that no Monthly Fee will be credited more than once), except that, in no event, will such Deferred Fee be reduced below zero; and * Deferred Fee: In addition to the other fees provided for herein, the Debtors shall pay Houlihan Lokey a fee to be paid in cash of $3,500,000 upon confirmation by the Court of a plan of reorganization or liquidation; provided that, unless otherwise approved by the Committee, the Committee may reduce the Deferred Fee to $2,000,000 if the Committee (x) recommends to unsecured creditors to reject a Chapter 11 plan of reorganization or liquidation with respect to the Debtors that is ultimately confirmed, and (y) prosecutes material objections to such Approved Plan that are not resolved prior to its effective date. Saul Burian, managing director of Houlihan Lokey Capital, attests that Houlihan Lokey is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Saul Burian HOULIHAN LOKEY CAPITAL, INC. 245 Park Avenue, 20th Fl. New York, NY 10167 Tel: 212-497-4100 Fax: 212-661-3070 About Nine West Holdings Nine West Holdings is a footwear, accessories, women's apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt. The company is a wholesale partner to major U.S. retailers and has international licensing arrangements covering more than 1,200 points of sale around the world. On April 6, 2018, Nine West Holdings, Inc., and 10 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10947). Nine West estimated $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Shelley C. Chapman is the case judge. Nine West Holdings' legal advisors are Kirkland & Ellis LLP. The Company's financial advisor is Lazard Freres & Co., and its restructuring advisor is Alvarez & Marsal North America LLC. Prime Clerk LLC is the claims and noticing agent. The Independent Directors tapped Munger, Tolles & Olson LLP as counsel and Berkeley Research Group as financial advisor. William K. Harrington, the U.S. Trustee for Region 2, appointed seven creditors to serve on the official committee of unsecured creditors. NINE WEST: Committee Taps Protiviti Inc as Financial Advisor ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Nine West Holdings, Inc., and its debtor affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Protiviti Inc. as financial advisor and forensic accountant nunc pro tunc to April 27, 2018. Services to be rendered by Protiviti are: (a) review and analysis of the Debtors' weekly financial and cash flow performance as compared to their budgets; (b) review and analyze historical operating results and recent performance and comparison to Debtors' forecasts; (c) review and analysis of Debtors' business segments and operating performance; (d) review, analyze, do forensic accounting and litigation support related to the 2014 Transaction, the Carve-Out Transactions and other transactions occurring between 2014 and the filing date; (e) analyze Debtors' business performance; (f) assessment of intercompany claims and transfers; (g) analyze related to claims waterfall and substantive consolidation issues; (h) review and analysis of first day motions; (i) review and analysis of statements and schedules; (j) analyze general unsecured claims; (k) evaluate the assets and liabilities of the Debtors including interests in non-Debtor entities; (l) identification and determination of unencumbered assets; (m) assess the financial and claims issues concerning the Debtors' chapter 11 Plan of Reorganization or liquidation or any other chapter 11 plans; (n) review and analysis of Debtors' Plan of Reorganization and Disclosure Statement with respect to claims and treatment of creditors; (o) assist the Committee and its counsel in developing strategies and related negotiations with the Debtors and other interested parties with respect to elements of the Debtors' treatment of the unsecured creditors under the proposed Plan of Reorganization or such treatment under alternative proposals; (p) provide such financial analyses as the Committee may require in connection with the Debtors; (q) represent the Committee in negotiations with the Debtors and third parties with respect to any of the foregoing; (r) provide information in support of or testimony in court on behalf of the Committee with respect to any of the foregoing, if necessary; and (s) assist the Committee and its counsel as requested with respect to various financial matters. The customary hourly rates by Protiviti professionals are: Managing Directors $665 - $740 Associate Directors and Directors $435 - $595 Managers and Senior Managers $360 - $495 Consultants and Senior Consultants $235 - $345 Administrative $125 - $175 Michael Atkinson, managing director of Protiviti Inc., attests that Protiviti and its employees are disinterested parties as defined in 11 U.S.C. Sec. 101(14), and neither hold nor represent any interest adverse to the Debtors, the Debtors' estates, or the Committee on the matters upon which they are to be engaged and their employment would be in the best interests of the Debtors' estates. The firm can be reached through: Michael Atkinson, Esq. Protiviti Inc. 1 E. Pratt St. Suite 900 Baltimore, MD 21202 Phone: 404-926-4347 Fax: 410-454-6801 Email: michael.atkinson@protiviti.com About Nine West Holdings Nine West Holdings is a footwear, accessories, women's apparel, and jeanswear company with a portfolio of brands that includes Nine West, Anne Klein, and Gloria Vanderbilt. The company is a wholesale partner to major U.S. retailers and has international licensing arrangements covering more than 1,200 points of sale around the world. On April 6, 2018, Nine West Holdings, Inc., and 10 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10947). Nine West estimated $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Shelley C. Chapman is the case judge. Nine West Holdings' legal advisors are Kirkland & Ellis LLP. The Company's financial advisor is Lazard Freres & Co., and its restructuring advisor is Alvarez & Marsal North America LLC. Prime Clerk LLC is the claims and noticing agent. The Independent Directors tapped Munger, Tolles & Olson LLP as counsel and Berkeley Research Group as financial advisor. William K. Harrington, the U.S. Trustee for Region 2, appointed seven creditors to serve on the official committee of unsecured creditors. OPT CO: Approval Hearing on Plan Outline Set for June 13 -------------------------------------------------------- Bankruptcy Judge Brenda Moody Whinery will convene a hearing on June 13, 2018 at 10:00 a.m. to consider the approval of the disclosure statement filed by Opt Co. Written objections to the disclosure statement must be filed by June 6, 2018. The allowed general unsecured claims against the Debtors total $1,070,226. There are also several disputed or contingent unsecured claims that may eventually be included in the allowed unsecured claims: Mobile Mini $5,448 Custis Contracting Services $49,729 Sompo International Insurance $409,250 Prime Alliance $1,544,118 The Consolidated Debtors anticipate an initial distribution of $85,000 to holders of allowed general unsecured claims (Class 11). If the Consolidated Debtors receive any additional funds by the sale of remaining assets or recovery in a preference action, post-confirmation, after payment of all attorneys' fees and costs related to that preference action and any additional management fees due to Joseph Cook, the additional sale or litigation proceeds will be distributed within 60 days of receipt, pro rata, to the Class 11 claim holders. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/azb17-06091-315.pdf About Opt Co Opt Co. operates as a painting contractor. It offers exterior, interior, custom homes, garage epoxy, and fences painting and coating services. It serves industrial, commercial, and residential customers in the State of New York. Most of the principal assets of Opt Co. and its affiliates are located at 5136 S. Desert View Apache Junction, Arizona. Opt Co. and eight of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 17-06091 to 17-06098, and 17-06100) on May 31, 2017. Joseph Cook, personal representative of estate of Allan Kauffman, signed the petitions. Debtors Opt Co, 4K Builders, Inc., Blu Enterprises, Inc., Vintage Millworks, Inc., Southwest Renewable Resources, LLC, Optco Residential Painting, LLC, Arizona Natural Resources Products, LLC, and Arizona Steel Finishing, LLC, each listed under $50,000 in assets and $1 million to $10 million in liabilities. Debtor 4K Properties, Ltd, listed under $50,000 in assets and $10 million to $50 million in liabilities. Judge Brenda Moody Whinery presides over the cases. The Debtors hired Davis Miles McGuire Gardner, PLLC, as counsel. PNEUMA INTERNATIONAL: Distribution to Unsecureds Raised to $1.5MM ----------------------------------------------------------------- Pneuma International, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California its latest small business disclosure statement describing its plan of reorganization dated May 8, 2018. Under the latest plan, general unsecured creditors are classified in Class 2 and will receive a distribution of 5% of their allowed claims, to be distributed as a pro rata distribution of $1,528,826.76. The previous plan's proposal was a pro rata distribution of $114,121.43. A full-text copy of the latest Disclosure Statement is available at: http://bankrupt.com/misc/canb17-42149-98.pdf About Pneuma International Pneuma International, Inc., doing business as EGPAK, is a manufacturer of coated and laminated packaging paper based in Hayward, California. EGPAK filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-42149) on Aug. 25, 2017. In the petition signed by Mikahel Chang, principal, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Roger L. Efremsky is the case judge. Nancy Weng, Esq. at Tsao-Wu & Yee, LLP, is the Debtor's counsel. R44 LENDING: Hires Jeffrey S. Shinbrot, APLC, as Insolvency Counsel ------------------------------------------------------------------- R44 Lending Group, LLC, seeks authority from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to hire Jeffrey S. Shinbrot, Esq. and The Shinbrot Firm as general insolvency counsel to the Debtor. The legal services required will be legal advice and guidance with respect to the powers, duties, rights and obligations of the Applicant as Debtor-in-Possession, the formulation and preparation of a Plan of Reorganization and Disclosure Statement, and to prepare on behalf of the Applicant all legal documents as may be necessary, and to perform such legal services as are required in these Chapter 11 proceedings. Jeffrey S. Shinbrot, Esq. will charge an hourly rate of $525.00 for his services. Jeffrey S. Shinbrot, Esq. attests that the Shinbrot Firm is a "disinterested person" as defined by 11 U.S.C. Section 101(14) and it has no connection with the Applicant's creditors, or any other party. The counsel can be reached through: Jeffrey S. Shinbrot, Esq. Jeffrey S. Shinbrot, APLC 8200 Wilshire Boulevard, Suite 400 Beverly Hills, CA 90211 Phone: (310) 659-5444 Fax: (310) 878-8304 Email: jeffrey@shinbrotfirm.com About R44 Lending Group R44 Lending Group, LLC owns in fee simple a real property located at 218 West Carson Street Carson CA 90746 valued by the company at $650,000. R44 Lending Group, LLC filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-15559) on May 15, 2018. In the petition signed by Leo Starflinger, managing member, the Debtor disclosed $663,034 in total assets and $3.02 million in total liabilities. The case is assigned to Judge Neil W. Bason. Jeffrey S. Shinbrot, Esq. at Jeffrey S. Shinbrot, APLC, is the Debtor's counsel. RAIN TREE HEALTHCARE: District Ct. Affirms Dismissal of Ch. 11 Case ------------------------------------------------------------------- Appellant Rain Tree Healthcare of Winston-Salem, LLC, in the appeals case captioned RAIN TREE HEALTHCARE OF WINSTON-SALEM, LLC, Appellant, v. J & F PARTNERS, LLC, and WILLIAM P. MILLER, Appellees, No. 1:17CV546 (M.D.N.C.) filed a voluntary petition for Chapter 11 Bankruptcy in the U.S. Bankruptcy Court for the Middle District of North Carolina. The Bankruptcy Court then entered a written order adopting its oral findings and formally dismissing the case. Rain Tree then filed a motion to stay, which was denied. Rain Tree then appealed the order. Upon review, District Judge William L. Osteen, Jr., finds that cause for dismissal existed under 1112(b) for both substantial or continuing loss to or diminution of the estate and bad faith and accordingly affirms the Bankruptcy Court's order. Rain Tree raised 11 issues on appeal. One of these issues is whether the Bankruptcy Court erred in dismissing Rain Tree's case for cause under section 1112(b). In dismissing the case, the Bankruptcy Court listed three independent bases for its decision: res judicata, cause under section 1112(b), and bad faith. The Bankruptcy Court found cause to dismiss the case under section 1112(b)(4)(A), stating that "there is a substantial continuing loss to or diminution of the estate, and that there is an absence of any likelihood of reorganization." Arguing that the Bankruptcy Court erred in dismissing its case for cause under 11 U.S.C. section 1112(b)(4)(A), Rain Tree first contends that the court improperly "relied on [the] perceived inability of Appellant to cure its lease with J & F Partners" when section 365(d)(4) of the Bankruptcy Code "affords the Debtor 120 days to assume of [sic] reject a commercial lease with an additional 90-day extension for cause." In so arguing, Rain Tree suggests that its case was improperly dismissed at too early a stage of the bankruptcy proceedings. Rain Tree has not presented any authority supporting its contention that bankruptcy cases may not be dismissed under section 1112 prior to the expiration of the 120-day time frame for rejection or assumption of a lease under section 365. Given that 11 U.S.C. seection 1112(b)(3) contemplates decisions on motions to convert or dismiss being rendered within forty-five days of filing, without reference to the age of the case, it seems that Rain Tree's argument is without merit. However, the court need not definitively resolve this question for two reasons. First, even if the Bankruptcy Court improperly dismissed Rain Tree's case prior to the 120-day period provided by section 365, Rain Tree has presented no evidence sufficient to convince this court that, in light of the substantial continuing losses to its business, that Rain Tree could have successfully cured the arrearage under the lease with more time. Both bankruptcy courts, in dismissing Rain Tree's case, commented on Rain Tree's continual failure to pay rent. Accordingly, the court concludes that the Bankruptcy Court did not err in dismissing Rain Tree's case for cause under section 1112(b)(4)(A). The court also agrees with the Bankruptcy Court's finding of both objective futility and subjective bad faith in this case. The objective futility of Rain Tree's case is evidenced by facts indicating that there is not a likelihood of reorganization. Subjective bad faith is evidenced by Rain Tree's use of bankruptcy proceedings to stall its inevitable eviction from the commercial facility and engagement in forum shopping. For this reason, the court concludes that the Bankruptcy Court appropriately dismissed Rain Tree's case for cause due to a lack of good faith. A full-text copy of the Court's Memorandum Opinion and Order dated May 1, 2018 is available at https://bit.ly/2LkSUD7 from Leagle.com. RAIN TREE HEALTHCARE OF WINSTON SALEM, LLC, Debtor, represented by ROBERT LEWIS, Jr. -- lewis@gorlaw.com -- GODON & MELUN, LLC. RAIN TREE HEALTHCARE OF WINSTON SALEM, LLC, Appellant, represented by ROBERT LEWIS, Jr., GODON & MELUN, LLC. J&F PARTNERS, LLC, Appellee, represented by CONSTANCE L. YOUNG -- constance.young@wbd-us.com -- WOMBLE BOND DICKINSON (US) LLP. WILLIAM P. MILLER, Appellee, represented by ROBERT E. PRICE, Jr., U. S. BANKRUPTCY COURT MIDDLE DISTRICT OF N. C. About Rain Tree Healthcare Rain Tree Healthcare of Winston Salem, LLC, is a limited liability corporation headquartered in Charlotte, North Carolina, and is engaged in the management and operation of an adult care home for the mentally and physically disabled in Winston Salem, North Carolina. Rain Tree Healthcare of Winston Salem filed a Chapter 11 petition (Bankr. M.D.N.C. Case No. 17-50375) on April 1, 2017. Reema Owens, managing member/organizer, signed the petition. At the time of filing, the Debtor estimated assets and liabilities between $500,000 and $1 million. The Debtor's counsel is Robert Lewis, Jr., Esq., at Gordon & Melun, PLLC. The Debtor's accountant is John Edward Brown, CPA. The Assistant U.S. Bankruptcy Administrator, Robert E. Price, Jr., has appointed Victor Orija of the State Long Term Care Ombudsman for the State of North Carolina, as Patient Care Ombudsman for the Debtor. RESOLUTE FOREST: S&P Alters Outlook to Stable & Affirms 'BB-' CCR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Montreal-based Resolute Forest Products Inc. to stable from negative and affirmed its 'BB-' long-term corporate credit rating on the company. At the same time, S&P Global Ratings affirmed its 'B+' issue-level rating, with a '5' recovery rating, on the company's senior unsecured notes. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate 25%) recovery in the event of default. S&P said, "The outlook revision primarily reflects our view that continuing strength in lumber and pulp prices, coupled with price increases in newsprint, should enable Resolute to generate earnings and cash flows above our previous expectations in 2018 and 2019. We now expect the company to generate and sustain credit measures that are commensurate with our ratings, which factor in a full year of countervailing and anti-dumping duties. We estimate the company's adjusted debt-to-EBITDA (leverage) ratio will be at about 4x over the next two years, which is consistent with our outlook trigger to stable from negative. "The stable outlook on Resolute reflects our view that adjusted debt-to-EBITDA will improve to about 4x over the next two years. We expect lumber and pulp prices will, on average, remain near currently strong levels in 2018 and 2019, with improvement in specialty products and newsprint prices this year. We also expect the company to generate positive free cash flow, which provides financial flexibility to manage potential price volatility over the next two years. "We could downgrade the company if we expect adjusted debt-to-EBITDA to increase above 5x or EBITDA interest coverage and stay near 2x. This could occur from deterioration in realized prices that, combined with tariffs, lead to earnings and cash flow materially below our expectations. We could also downgrade the company if its liquidity materially weakens to an extent that no longer supports the current one-notch uplift on the rating. "Although unlikely over the next 12 months, we could upgrade the company if adjusted debt-to-EBITDA were to drop to and remain below 4x and Resolute demonstrated improvement in its profitability and in its product mix shift away from papers with more favorable long-term demand fundamentals. In the absence of such improvement, we could raise the ratings if we expect adjusted debt-to-EBITDA to decline and remain below 3x." ROCKDALE HOSPITALITY: Allowed to Use Cash Collateral on Final Basis ------------------------------------------------------------------- The Hon. Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas authorized Rockdale Hospitality, LLC to use cash collateral strictly subject to the protections and consideration described in the final order and only in the amounts and for the expenses set forth on the monthly budget, including U.S. Trustee fees incurred during this case. The Debtor is prohibited from paying any wages or salaries to its insiders, including the management fee of Kamlesh Patel, absent further Court order or written agreement of the parties approving such payments. The Debtor is indebted to First Guaranty Bank, as successor-by-merger to Synergy Bank, SSB in at least the principal amount of $1,739,704 remaining due under a $2 million purchase money term loan, secured by real property, cash, accounts, furniture fixtures, equipment, rents, and other property. The Debtor is authorized to collect and receive all cash funds, and account each month to First Guaranty Bank for all funds received. The Debtor will maintain an accounting of all funds deposited into the DIP Account, and expended to pay the expenses set forth in the Budget. Beginning on the 5th day of June, and on each successive month, the Debtor will provide First Guaranty Bank with: a monthly rolling budget that includes an income statement, cash flow, aging report, payment history, and balance sheet, with the reports showing the prior period's variance between the Budget and actual performance. First Guaranty Bank is granted valid, binding, enforceable, and perfected liens co-extensive with the First Guaranty Bank's pre-petition liens in all currently owned or hereafter acquired property and assets of the Debtor, of any kind or nature, whether real or personal, tangible or intangible, wherever located, now owned or hereafter acquired or arising and all proceeds and products, co-extensive with its pre-petition liens, but only to the extent such liens on property and assets existed pre-petition. As adequate protection for the diminution in value of First Guaranty Bank's interests, First Guaranty Bank is granted, effective as of the Petition Date, valid, binding and enforceable replacement liens and security interests, in all currently owned or hereafter acquired property and assets of the Debtor, of the same kind or nature that First Guaranty Bank had prepetition, whether real or personal, tangible or intangible, wherever located, now owned or hereafter acquired or arising and all proceeds and products, co-extensive with First Guaranty Bank's pre-petition liens. This additional adequate protection is being given to the extent of any decrease in value of the property and Cash Collateral as a result of the Debtor's post-petition use. In addition, as adequate protection in accordance with Section 363(e) of the Bankruptcy Code, the Debtor has and will: (a) Pay and deliver to First Guaranty Bank the amount of $2,500 on or before March 23, 2018; and (b) Pay and deliver to First Guaranty Bank on June 1, 2018 and on the 1st day of each successive month the amount of $11,000 to be applied to post-petition debt service; (c) Pay and deliver to First Guaranty Bank: (i) on or before March 1, 2018 the sum of $5,500 to be held in escrow for payment of estimated property tax liability accrued during January and February 2018; and (ii) beginning March 1, 2018, and on each successive month thereafter, $2,750 as a monthly estimate of annual property tax payments for the current calendar year, with such funds to be held in escrow by First Guaranty Bank, subject to the terms and conditions of the First Guaranty Loan; (d) The application of the adequate protection payments is subject to further Order of the Court. A full-text copy of the Final Order is available at http://bankrupt.com/misc/txwb18-60100-57.pdf About Rockdale Hospitality Rockdale Hospitality, LLC, a small business debtor as defined in 11 U.S.C. Section 101(51D), is in the traveler accommodation business. Rockdale Hospitality, doing business as Days Inn, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-60100) on Feb. 13, 2018. In the petition signed by Kamlesh Patel, manager, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Ronald B. King. Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. The Debtor tapped Aaron Hungerford as accountant. SCHRATTER FOODS: Chapter 727 Claims Bar Date Set for Aug. 28 ------------------------------------------------------------ Schratter Foods Incorporated filed on April 30, 2018, a petition commencing an Assignment for the Benefit of Creditors proceeding, pursuant to Chapter 727, Florida Statutes, to Leslie S. Osborne as Assignee. Pursuant to Florida Statutes 727.105, no proceeding may be commenced against the Assignee except as provided in Chapter 727 and except in the case of a secured creditor enforcing its rights and collateral under Chapter 679, there shall be no levy, execution, attachment, or the like in the respect of any judgment against assets of the estate, other than real property, in the possession, custody, or control of the Assignee. To receive any dividend in this proceeding, interested parties must file a Proof of Claim with the Assignee: Les S. Osborne 1300 North Federal Highway, Suite 203 Boca Raton, FL 33432 on or before August 28, 2018 (120 days from the date the Petition was filed). The case is, In Re: Assignment for the Benefit of Creditors of SCHRATTER FOODS INCORPORATED, Assignor, To: LESLIE S. OSBORNE, Assignee, Case No.: 2018-013998-CA-01, in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida. Schratter Foods has its principle place of business at 11421 NW 107th Street, Suite 1, Miami, FL 33178. SEABOARD REALTY: Court Junks UCF Suit vs Berkowitz -------------------------------------------------- District Judge Victor A. Bolden granted the Defendant's motion to dismiss the case captioned UC FUNDING I, LP, TRUSTEE, and UCF I TRUST 1, Plaintiffs, v. BERKOWITZ, TRAGER & TRAGER, LLC, Defendant, No. 3:17-cv-1325 (VAB) (D. Conn.). UCF I Trust 1 and UC Funding I, L.P., Trustee filed a Complaint against Berkowitz, Trager & Trager, LLC alleging breach of contract, breach of the implied covenant of good faith and fair dealing, and negligent misrepresentation, based on an opinion letter authored by Berkowitz that allegedly induced the Plaintiffs to enter into a contract that eventually resulted in a loss of approximately $13,000,000. The Plaintiffs allege that Berkowitz acted as counsel to various entities connected with the Park Square West Entities. The Plaintiffs allege that Berkowitz "issued an opinion letter addressed to UCFT concerning the PSW Mezzanine Loan, Guaranty, Pledge Agreement and the additional agreements memorializing the loan transaction set forth therein." The Plaintiffs allege that, in December 2015, Seaboard Realty, LLC, and its affiliate entities, including the Park Square West LLC, the borrower, filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. Plaintiffs allege that "[t]hrough the bankruptcy case, the real estate owned by Park Square West Associates, LLC controlled Seaboard Realty LLC, was sold and purchased by an affiliate of UCFT for approximately $43 million." The Plaintiffs also allege that because the Park Square West LLC did not own 100%, "UCFT's security interest did not attach to the 100% interest in PSW Mezzanine Borrower," and as a result, the Plaintiffs lost more than $13,000,000. Berkowitz has moved to dismiss the Complaint, arguing that the Plaintiffs' claims, for breach of contract, breach of the implied covenant of good faith and fair dealing, and negligent misrepresentation, all fail as a matter of law. Here, the Plaintiffs have not alleged that Plaintiffs were the intended beneficiaries of the attorney-client relationship between Berkowitz and the Park Square West Entities. In fact, the Opinion Letter specifically states that Berkowitz served as counsel to the Park Square West Entities, "in connection with the loan by UCF I Trust 1," referencing the Plaintiffs merely as the lender of the mezzanine loan--not as an intended beneficiary as in Stowe. In the absence of any express language in the Opinion Letter imposing a contractual obligation on Berkowitz to provide legal services for the Plaintiffs, Connecticut law presumes that adverse parties in financial transactions are represented by their own counsel and not by the counsel of their adversaries. While the Plaintiffs argue that their reliance on the Opinion Letter would not affect Berkowitz's attorney-client relationship with the Park Square West Entities, a lack of interference with the attorney-client relationship is not the applicable standard. The Connecticut Supreme Court in Krawczyk precluded the imposition of liability to third parties that "would not comport with a lawyer's duty of undivided loyalty to the client." In a commercial transaction, a lawyer cannot have "undivided loyalty" to her client and also have a legal obligation to the party adverse to her client in the transaction without express language indicating otherwise. Because the Plaintiffs are neither a party to a contract with Berkowitz nor the intended third-party beneficiary of a contract between the Park Square West Entities and Berkowitz, Count One, their breach of contract claim against Berkowitz, must be dismissed. For the same reasons that the Plaintiffs lack a viable breach of contract claim, they also lack a viable claim based on the covenant of good faith and fair dealing. Count Two of the Complaint, therefore, must be dismissed. Finally, the Plaintiffs allege that Berkowitz "failed to exercise reasonable care in communicating information related [to] the ownership of PSW Mezzanine Borrower to UCFT" and therefore assert that Berkowitz is liable for negligent misrepresentation. The Defendants argue that this tort claim is barred by the three-year statute of limitations under Conn. Even if the Plaintiffs' claims were within the statute of limitations, the Plaintiffs have not sufficiently alleged that they reasonably relied on Berkowitz's advice. A full-text copy of the Court's Ruling dated May 1, 2018 is available at https://bit.ly/2GGY7S1 from Leagle.com. UCF I Trust 1 & UC Funding I, LP, Trustee, Plaintiffs, represented by Jeffrey M. Sklarz -- jsklarz@gs-lawfirm.com -- Green & Sklarz LLC, Evangeline Ververis Kliegman -- ekliegman@gs-lawfirm.com -- Green & Sklarz, LLC & Kellianne Baranowsky -- kbaranowsky@gs-lawfirm.com -- Green & Sklarz, LLC. Berkowitz, Trager & Trager, LLC, Defendant, represented by Cristin E. Sheehan -- csheehan@morrisonmahoney.com -- Morrison, Mahoney LLP-CT & James L. Brawley -- jbrawley@morrisonmahoney.com -- Morrison, Mahoney LLP-CT. About Seaboard Realty Seaboard Realty LLC and certain of its affiliates on Dec. 13, 2015, filed petitions with the United States Bankruptcy Court for the District of Delaware seeking protection under Chapter 11 of the United States Bankruptcy Code. Seaboard and its affiliates own a portfolio of first class commercial real estate in Stamford, Connecticut, including office, residential and hotel properties. All operations are expected to continue as normal throughout this process. The Chapter 11 filing includes Seaboard Realty LLC and a number of affiliates it manages, which own the equity of subsidiaries that directly own the properties, but does not include the property-owning subsidiaries themselves. Seaboard Realty LLC is owned by John DiMenna, Thomas Kelly and William Merritt. Mr. DiMenna actively managed the Seaboard operations as the managing member of Seaboard Realty LLC, and managed the properties owned by its affiliates through a property-management company owned solely by Mr. DiMenna. The Debtors have sought and obtained an order authorizing joint administration of their Chapter 11 cases, with all further pleadings or other papers to be filed in the case of Newbury Common Associates, LLC, Case No. 15-12507 (LSS). The Debtors tapped Dechert LLP as counsel and directing the accounting firm of Anchin, Block and Anchin as forensic accountant. SHERIDAN PRODUCTION I-A: $98MM Bank Debt Trades at 16.17% Off ------------------------------------------------------------- Participations in a syndicated loan under which Sheridan Production Partners I-A LP is a borrower traded in the secondary market at 83.83 cents-on-the-dollar during the week ended Friday, May 18, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.80 percentage points from the previous week. Sheridan Production I-A pays 350 basis points above LIBOR to borrow under the $98 million facility. The bank loan matures on October 1, 2019. Moody's rates the loan 'Caa3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, May 18. SHERIDAN PRODUCTION I-M: $60MM Bank Debt Trades at 16.17% Off ------------------------------------------------------------- Participations in a syndicated loan under which Sheridan Production Partners I-M LP is a borrower traded in the secondary market at 83.83 cents-on-the-dollar during the week ended Friday, May 18, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.80 percentage points from the previous week. Sheridan Production pays 350 basis points above LIBOR to borrow under the $60 million facility. The bank loan matures on October 1, 2019. Moody's rates the loan 'Caa3' and Standard & Poor's gave no rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, May 18. SHERIDAN PRODUCTION: $900MM Bank Debt Trades at 16.17% Off ---------------------------------------------------------- Participations in a syndicated loan under which Sheridan Production Partners is a borrower traded in the secondary market at 83.83 cents-on-the-dollar during the week ended Friday, May 18, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.80 percentage points from the previous week. Sheridan Production pays 350 basis points above LIBOR to borrow under the $900 million facility. The bank loan matures on October 1, 2019. Moody's gave no rating to the loan and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, May 18. SIGEL'S BEVERAGES: Amended Plan Outline OK'd; June 13 Plan Hearing ------------------------------------------------------------------ Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas approved Sigel's Beverages, L.P.'s first amended disclosure statement in support of its plan of liquidation. June 6, 2018 at 4:00 p.m., Prevailing Central Time, is fixed as the deadline by which the holders of claims and interests against the Debtor may submit their ballots to vote to accept the Plan. June 8, 2018 at 4:00 p.m., Prevailing Central Time, is fixed as the deadline by which creditors and parties in interest may file written objections to the confirmation of the Plan. A hearing on confirmation of the Plan will be held on June 13, 2018 at 1:00 p.m. Prevailing Central Time in the Courtroom of the Honorable Barbara J. Houser, Chief United States Bankruptcy Judge, 1100 Commerce St., 14th Floor, Dallas, Texas 75242. The Troubled Company Reporter previously reported that creditors holding Class 4 general unsecured claims under the latest plan will be paid 10% of their claims. Each unsecured creditor will receive its pro rata share of the amount in the unsecured distribution reserve. A copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-34118-407.pdf A copy of the disclosure statement is available for free at: http://bankrupt.com/misc/txnb16-34118-394.pdf About Sigel's Beverage Sigel's Beverage, L.P., is a 111-year-old distributor and wholesaler of fine wines and spirits. It is one of the largest local distributors of alcohol in the Dallas Fort Worth Metroplex. In addition to its wholesale division, it also operates 10 retail store locations in the Metroplex. Sigel's Beverage, L.P., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 16-34118) on Oct. 20, 2016. Anthony J. Bandiera, chief executive officer of Milan General Investments, Inc., general partner of the Debtor, signed the petition. Judge Barbara J. Houser presides over the Debtor's case. The Debtor estimated $10 million to $50 million in assets and liabilities as of the bankruptcy filing. Pronske, Goolsby & Kathman, P.C., serves as counsel to the Debtor, with the engagement, led Gerrit M. Pronske, Esq., and Jason P. Kathman, Esq. Bridgepoint Consulting, LLC, is the Debtor's financial and restructuring advisor. Candy & Schonwald, PLLC, serves as tax service provider. SOAR INTO YOUR DESTINY: Wants Emergency Access to Cash Collateral ----------------------------------------------------------------- Soar Into Your Destiny, Inc., asks the U.S. Bankruptcy Court for the Western District of New York for authority to use, on an emergency basis, cash collateral subject to the prepetition lien of US Income Partners, LLC. The Debtor desires to use cash collateral in the ordinary course of business in order to continue the operation and rehabilitation of its business. As of the Petition Date, the Debtor was indebted to US Income Partners in the principal amount of $75,000. Payment of the debt is secured by a perfected first priority security interest in Debtor's real estate evidenced by a Mortgage upon a real property commonly known as 2926-2934 Genesee Street, Cheektowaga, New York 14225, and an assignment to US Income Partners of Debtor's interest in all leases, rents and profits generated from said premises. The Debtor believes that there are no other creditors holding perfected security interest in its assets. Subsequent to the filing of Debtor's petition, US Income Partners notified the Debtor that it did not consent, and had not consented to Debtor's use of any cash collateral. Although counsel for US Income Partners requested Debtor's counsel to propose a stipulation for adequate protection and use of cash collateral at the 341 meeting, which proposed stipulation was delivered to counsel on May 7, 2018, US Income Partners has not proposed any changes to or any different proposed stipulation. The Debtor, therefore, seeks use of cash collateral on an emergency basis in the absence of such consent, to enable payment of adequate protection to US Income Partners and to ensure the timely payment of other essential postpetition expenses of operating and preserving Debtor's estate. In exchange for the Debtor's use of cash collateral, the Debtor proposes to provide adequate protection to US Income Partners in the form of (a) roll-over or replacement lien granting security to the same extent, to the same relative priority, and with respect to the same assets as served as collateral for US Income Partners' Indebtedness to the extent the cash collateral is actually used, without the need of any further recordation to perfect such liens or security interests; and (b) monthly cash payments to be proposed out of cash reflected in the Budget. A full-text copy of the Cash Collateral Motion is available at http://bankrupt.com/misc/nywb18-10659-22.pdf About Soar Into Your Destiny Soar Into Your Destiny, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-10659) on April 10, 2018. In the petition signed by the Chairman of the Board, Kale L. Mann, the Debtor estimated assets and liabilities of less than $500,000. Judge Michael J. Kaplan presides over the case. Raymond C. Stilwell, Esq., at the Law Offices of Raymond C. Stilwell, serves as the Debtor's counsel. TAYLOR BEAN: Summary Judgment Ruling Against Cocrofts Upheld ------------------------------------------------------------ The Appellate Court of Illinois affirms the trial court's ruling granting summary judgment in plaintiff's favor in the appeals case captioned TAYLOR, BEAN, & WHITAKER MORTGAGE CORPORATION, Plaintiff-Appellee, v. DAVID COCROFT and VEYNECIA COCROFT, Defendants, (David Cocroft, Defendant-Appellant), No. 1-17-0969 (Ill. App.). The appeal arises from a foreclosure action filed against defendant David Cocroft and his wife, Veynecia Cocroft, by plaintiff Taylor, Bean, & Whitaker Mortgage Corporation. The trial court granted summary judgment in the plaintiff's favor, and the property was sold at a judicial sale, at which the plaintiff was the highest bidder. The Defendant appeals, arguing (1) the trial court erred in permitting the plaintiff to amend its complaint to substitute the plaintiff as a party instead of the originally-named plaintiff, (2) the trial court erred in denying the defendant's motion to strike the note attached to the amended complaint, (3) the trial court erred in granting the plaintiff's motion for summary judgment despite the defendant's allegation that he had not received the required grace period notice and his arguments that the plaintiff was not the holder of the note, and (4) the trial court erred in confirming the sale because justice was not done. The Defendant argues that leave to file the amended complaint should have been denied based on res judicata, lack of standing, and rescission. Here, the defendant's claim of res judicata is based on a prior foreclosure complaint filed by the plaintiff against the defendant that was based on the same loan, which was voluntarily dismissed without prejudice on Oct. 15, 2009. However, "a dismissal 'without prejudice' signals that there was no final decision on the merits and that the plaintiff is not barred from refiling the action." Thus, in the instant case, as there was no final decision on the merits, there can be no res judicata bar to plaintiff's foreclosure complaint. Defendant also argues that the trial court should not have permitted amendment of the complaint because plaintiff lacked standing. However, defendant's arguments in his brief concerning this issue relate only to the standing of Colonial Bank, the previous plaintiff, and not plaintiff, the named party after amendment of the complaint. Since amendment was based on removing Colonial Bank as plaintiff and substituting plaintiff, any arguments as to Colonial Bank's lack of standing are irrelevant to the propriety of the amended complaint and do not serve as a basis for denying amendment. Accordingly, the Court cannot find that the trial court abused its discretion in permitting amendment of the complaint. The Defendant next argues that the trial court erred in denying his motion to strike the note that was attached to the amended complaint. The Defendant claims that because the note attached to the original complaint bore one blank endorsement, while the note attached to the amended complaint bore three endorsements, the additional endorsements "were a forgery." However, defendant provides no support for this argument, other than his claim that IndyMac was closed on July 11, 2008, and sold on March 18, 2009. There is no support for defendant's contention that the endorsements on the note were forgeries, and the trial court did not err in denying his motion to strike the note. The Court also cannot find that defendant has identified a question of material fact concerning plaintiff's standing and affirm the trial court's grant of summary judgment in plaintiff's favor. Finally, defendant argues that justice was not done because plaintiff's purchase of the property was "deceptive and fraudulent" because plaintiff had been "liquidated and dissolved" at the time of the sale. However, Kernicky's affidavit explained that plaintiff's Chapter 11 reorganization did not result in the termination of its corporate existence; instead, the liquidation plan "provide[d] for the monetization of the remaining assets of [plaintiff's] bankruptcy estate for the benefit of [plaintiff's] creditors." Thus, plaintiff's Chapter 11 proceedings did not prevent plaintiff from proceeding with the foreclosure claim. Accordingly, the Court cannot find that the trial court abused its discretion in confirming the sale. The Court concludes that the trial court did not err in permitting plaintiff to amend the complaint, in denying defendant's motion to strike the note, in granting summary judgment in plaintiff's favor, or in confirming the sale. A full-text copy of the Court's Opinion dated May 3, 2018 is available at https://bit.ly/2GGj5R2 from Leagle.com. About Taylor Bean Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-based mortgage broker to become one of the largest mortgage bankers in the United States. In 2009, Taylor Bean was the country's third largest direct-endorsement lender of FHA-insured loans of the largest wholesale mortgage lenders and issuer of mortgage backed securities. It also managed a combined mortgage servicing portfolio of approximately $80 billion. The company employed more than 2,000 people in offices located throughout the United States. Taylor Bean sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 09-07047) on Aug. 24, 2009. Taylor Bean filed the Chapter 11 petition three weeks after federal investigators searched its offices. The day following the search, the Federal Housing Administration, Ginnie Mae and Freddie Mac prohibited the company from issuing new mortgages and terminated servicing rights. Taylor Bean estimated more than $1 billion in both assets and liabilities in its bankruptcy petition. Lee Farkas, the former chairman, was sentenced in June to 30 years in federal prison after being convicted on 14 counts of conspiracy and bank, wire and securities fraud in what prosecutors said was a $3 billion scheme involving fake mortgage assets. Jeffrey W. Kelly, Esq., and J. David Dantzler, Jr., Esq., at Troutman Sanders LLP, in Atlanta, Ga., and Russel M. Blain, Esq., and Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA, in Tampa, Fla., represent the Debtors. Paul Steven Singerman, Esq., and Arthur J. Spector, Esq., at Berger Singerman PA, in Miami, Fla., represent the Committee. BMC Group, Inc., serves as the claims and noticing agent. Unsecured creditors were expected to receive 3.3% to 4.4% under a Chapter 11 plan approved in July 2011. TOP SHELV: Res Judicata Bars Claim Invalidating AG&I Lien --------------------------------------------------------- Defendant Anthony Gushow & Sons, Inc., filed a Motion for Summary Judgment claiming that the issues of the validity and priority of liens raised by the Plaintiff, Top Shelv Worldwide, LLC in the adversary proceeding captioned TOP SHELV WORLDWIDE, LLC, Plaintiff, v. FOUR COURTS, INC., an Ontario Corporation, FARLEY MANUFACTURING, INC., an Ontario Corporation, ANTHONY GUSHOW & SONS, INC., SUGAR CONSTRUCTION, INC., DEWITT LUMBER COMPANY, UNITED RENTALS, INC., NORTHERN CONCRETE PIPE, INC., SEQUIN LUMBER COMPANY, INC., VALLEY ELECTRICAL CONTRACTORS, INC., and ROBERT ANDERSON and NANCY ANDERSON, Defendants, Adversary Proceeding Case No. 18-2005-dob (Bankr. E.D. Mich.) have already been determined by the Bankruptcy Court in a May 6, 2016 Order Confirming Debtor's First Amended Combined Plan of Reorganization and Disclosure Statement. Top Shelv disagrees and argues that the doctrine of res judicata does not apply. Because certain issues of validity and priority of claims were previously determined by the Court, Bankruptcy Judge Daniel S. Opperman grants Gushow's motion. In the case of Sanders Confectionery Products, Inc. v. Heller Financial, Inc., 973 F.2d 474 (6th Cir. 1992), the Sixth Circuit Court of Appeals examined this issue and identified the four elements of res judicata as: 1. A final decision on the merits in the first action by a court of competent jurisdiction; 2. The second action involves the same parties, or their privies, as the first; 3. The second action raises an issue actually litigated or which should have been litigated in the first action; 4. An identity of the causes of action. The Court concludes that Plaintiff Debtor's claim against Gushow to invalidate Gushow's construction lien is barred by res judicata. The Court analyzes this case under the Sanders factors, noting that the Sanders case involved facts not as straightforward as the instant case in that Sanders involved the parent of the debtor and creditors of the debtor, but this case involves the same Debtor and its creditors. First, it is undisputed that a Chapter 11 plan of reorganization is a final judgment, so the Order Confirming the 2016 Plan is a final judgment. Second, this second case involves the exact same parties--Top Shelv and Gushow, along with the other creditor Defendants. Third, the instant action involves the exact same issue as what was actually litigated and determined in the confirmed plan in the first case. Upon the stipulation of the parties, the Court confirmed the 2016 Plan which held that Gushow's claim was secured with its lien preserved. The facts that support Gushow's claim in 2016 are the same as the instant case and the defenses to that claim existed in 2016, but were not raised in the form of an objection. No new facts, defenses, or change in the law exist in the instant case that did not exist in the prior case. Fourth, the claim of Gushow in the previous case and this case as between it and Top Shelv are identical. The facts and evidence in existence on the date of confirmation of the 2016 Plan remain unchanged. Top Shelv argues that since serial Chapter 11 cases are allowed, a previous Chapter 11 plan cannot be given res judicata effect. While the straightforward logic of Top Shelv's argument is compelling, nuances of Chapter 11 dictate a rejection of Top Shelv's position. First, the change that brought Top Shelv back to this Court as a Chapter 11 Debtor is its lack of financial performance for reasons both within and beyond its control. Top Shelv requests a reset of its financial obligations, which it is entitled because of stiffer economic conditions which in turn impact the value of its main asset, the sports dome facility. Top Shelv on one hand and the secured creditors on the other hand now face an unhappy financial situation--the value of the sports dome facility is not sufficient to pay all secured creditors in full. It is this change--the economics of Top Shelv--that is the factor in this case that allows Top Shelv to have a second chance to reorganize. In the 2016 Plan, all parties agreed that the value of the sports dome facility was sufficient to pay all secured creditors. But that is not true today because the value of the facility has dropped. The issue of whether a particular creditor has a valid lien was decided in the 2016 Plan and cannot be revisited today because no fact has changed since the 2016 Plan as to these issues and the Debtor did not object to Gushow's claim. A full-text copy of the Court's Opinion dated May 1, 2018 is available at https://bit.ly/2kevYJg from Leagle.com. Top Shelv Worldwide, LLC, Debtor In Possession, represented by Edward J. Gudeman -- ejgudeman@gudemanlaw.com -- Gudeman & Associates, P.C. & Brian Ashley Rookard, Gudeman & Associates, P.C. About Top Shelv Worldwide Top Shelv Worldwide, LLC, sought protection under Chapter 11 of the Bankruptcy Code for a second time (Bankr. E.D. Mich. Case No. 17-21434) on July 14, 2017. Stanley Dulaney, its member, signed the 2017 petition. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge Daniel S. Opperman presides over the case. Edward J. Gudeman, Esq., at Brian A. Rookard, Esq., at Gudeman and Associates, P.C., serve as the Debtor's bankruptcy counsel. No official committee of unsecured creditors has been appointed. Top Shelv previously sought bankruptcy protection (Bankr. E.D. Mich. Case No. 15-21770) on Aug. 31, 2015. A plan was confirmed May 6, 2016. TRIGEANT HOLDINGS: Renewed Bid for Stay Pending Appeal Nixed ------------------------------------------------------------ In the appeals case captioned TRIGEANT HOLDINGS, LTD., et al., Appellants, v. BTB REFINING, LLC, Appellee, Case No. 9:18-CV-80515-RLR (S.D. Fla.), District Judge Robin L. Rosenberg entered an order denying appellant's renewed emergency motion for stay pending appeal. Upon review of the record, the Court agrees with the Bankruptcy Court that Appellants have not met the high burden necessary to warrant a stay pending appeal. Appellants request that they be relieved of the requirement to post a cash supersedeas bond. Courts have recognized two potential exceptions to the general requirement of a supersedeas bond: (1) where the defendant's ability to pay the judgment is so plain that the cost of the bond would be a waste of money; and (2) where the requirement would put the defendant's other creditors in undue jeopardy." The alleviation of the bond requirement is an extraordinary remedy that requires extraordinary circumstances to justify. Appellants have not demonstrated any such extraordinary circumstances here. The Court construes Appellants' requests for relief as including a request that the Court order Appellants' escrowed funds to be withdrawn and deposited into the court registry as the consideration for a supersedeas bond. A Chapter 11 plan is effectively a contract between the debtor and its creditors. Accordingly, a debtor, post-confirmation, is bound by the terms of its confirmed plan, and is not free to use assets governed by the plan, except as permitted by the plan. Here, Appellants' Plan designated that $3.3 million held in a disputed claims reserve was to be used, if necessary, to satisfy Appellants' indemnification obligation. There is nothing in the Plan, as confirmed by the confirmation order, which authorizes the use of the disputed claims reserve funds for a supersedeas bond. The Bankruptcy Court specifically noted as much at the hearing on the Bankruptcy Stay Motion and cautioned Appellants that the use of those funds to obtain a bond would be sanctionable. A full-text copy of the Court's Order dated May 2, 2018 is available at https://bit.ly/2s4kqw0 from Leagle.com. Trigeant Holdings, Ltd., Trigeant, LLC & Trigeant, LTD., Appellants, represented by Jordi Guso -- jguso@bergersingerman.com -- Berger Singerman & Paul A. Avron -- pavron@bergersingerman.com -- Berger Singerman. BTB Refining, LLC, Appellee, represented by Charles W. Throckmorton, IV , Kozyak Tropin & Throckmorton & David Lee Rosendorf, Kozyak Tropin & Throckmorton. About Trigeant Holdings Trigeant, owner of a Corpus Christi, Texas oil refinery, provides fuel and asphalt products to the housing and transportation industries. The company is owned by Palm Beach, Florida billionaire Harry Sargeant III and members of his family. On Nov. 26, 2014, Trigeant filed its first bankruptcy In re Trigeant Ltd., 13-38580. The case was dismissed on April 1, 2014. Trigeant Holdings, Ltd., and Trigeant, LLC, filed Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 14-29027 and 14-29030, respectively) on Aug. 25, 2014, amid a dispute among members of the Sargeant family. Mr. Sargeant's two brothers, Daniel and James, and his father, Harry Sargeant II, sent Trigeant to bankruptcy to fend off Mr. Sargeant III's bid to seize control of the company's primary asset. The family says Mr. Sargeant III, who has a $22 million lien against the plant through a company he controls called BTB Refining LLC, is attempting to prevent the refinery from operating in an effort to lower its value and obtain ownership of it. Trigeant Holdings estimated both assets and liabilities of $50 million to $100 million. Berger Singerman LLP serves as the Debtors' counsel. The Bankruptcy Court set the general claims bar date as Oct. 17, 2014, and March 31, 2015, as the deadline by which governmental entities must file proofs of claims. The Debtors filed on Sept. 16, 2014, their Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The Plan is premised on the sale of substantially all of the Debtors' assets to Gravity Midstream Corpus Christi, LLC. The Plan provides that holders of Allowed Claims will be paid in full, in cash. The U.S. Trustee for Region 21 has not appointed a committee of unsecured creditors. * * * Trigeant Holdings, Ltd., et al., notified the U.S. Bankruptcy Court for the Southern District of Florida that the Effective Date of their Third Amended Joint Plan of Reorganization occurred on June 5, 2015. WALL STREET THEATER: Needs Time to Resolve Tax Credit Disbursements ------------------------------------------------------------------- Wall Street Theater Company, Inc. and its affiliates ask the U.S. Bankruptcy Court for the District of Connecticut to extend for 90 days the periods in which only Debtors may file a plan of reorganization and solicit and obtain acceptances with respect to such plan through and including Sept. 4, 2018 and Nov. 1, 2018, respectively. The Debtors relate that they have expended significant time, energy, and financial resources in managing the numerous hurdles that have presented themselves in the nascent stages of their bankruptcy cases, but still have a number of significant obstacles impeding their success in these proceedings. Thus, the Debtors require additional time to enable them to enter into a position to engage in negotiations with major creditor constituencies regarding the terms of a plan. Although the bankruptcy issues presented by Debtors' cases are routine overall, the Debtors assert that the corporate structure and background concerning Debtors' receipt of various tax credits is incredibly complex and has presented unique circumstances and hurdles for Debtors to overcome. The Debtors tell the Court that the repeated theme through these cases has been the fact that, without receipt of significant income in the form of tax credits, Debtors' bankruptcy cases will fail. As such, Debtors have, of necessity, had to focus time and efforts towards resolving certain disputes related to various prerequisites for the sought-after tax credit disbursements. The Debtors mention that the key step towards reorganization was the commencement an adversary proceeding Wall Street Theater Company, Inc., et al v. GTL Construction, LLC et al, Adv. Pro. No. 18-05023 ("506 Action"), on May 10, 2018 in order to determine the fair market value of the Property and strip liens that are not supported by equity in the Property. The Debtors have also spent a substantial amount of time and effort in providing information to their creditors concerning their assets and liabilities and clearly explaining their corporate structure. Going forward, the Debtors intend to meet with their secured lender, Patriot Bank, N.A. and other parties-in-interest over the next month in order to evaluate their input in preparing Debtors’ plan of reorganization. Further, the Debtors contend that they have retained and worked closely with R.J. Reuter, LLC as their financial advisor to file timely and accurate Monthly Operating Reports and begin evaluating strategies for exit financing. Additionally, the Debtors have worked tirelessly to continue to promote the theater's business and book performers in order to ensure that the theater sustains and improves customer patronage going forward. In sum, Debtors have made good faith progress toward reorganization. Because the 506 Action was only recently filed, the Debtors claim that an unresolved contingency exists with respect to the treatment of certain claims. While Debtors do not anticipate waiting until the conclusion of the 506 Action to propose a plan of reorganization, the Debtors aver that an extension of the exclusivity period will allow Debtors to be in a better position to evaluate which parties intend to oppose and/or challenge the 506 Action, and will provide more certainty for the Debtors in negotiating with their creditor body. About The Wall Street Theater The Wall Street Theater, listed in the National Register of Historic Places, has re-emerged as a 501c3 non-profit organization, whose mission is to provide diverse programming and promote arts education, thereby enriching the cultural life of the greater Norwalk community. The Wall Street Theater -- https://www.wallstreettheater.com/ -- adopts its moniker from its location and its mission from its history, combining live shows, interactive entertainment, cinema, digital production, art space and a community arena in which to play. Wall Street Theater Company, Inc., and affiliates Wall Street Master Landlord, LLC and Wall Street Managing Member, LLC, filed Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 18-50132) on Feb. 4, 2018. In the petitions signed by Suzanne Cahill, president, the WS Theater Company and WS Master Landlord estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities while WS Managing Member estimated less than $50,000 in assets and $10 million to $50 million in liabilities. Judge Julie A. Manning is the case judge. The Debtors tapped Green & Sklarz, LLC, as legal counsel; R.J. Reuter, LLC as financial advisor; Wellspeak, Dugas & Kane, LLC as real estate appraiser and consultant; and CohnReznick as auditor. WESTMORELAND COAL: Repays in Full All Outstanding Loan with CIBC ---------------------------------------------------------------- In connection with certain financing transactions of Westmoreland Coal Company, on May 21, 2018, the Company repaid in full all of its outstanding obligations and terminated the Company's Second Amended and Restated Loan and Security Agreement, dated as of Dec. 16, 2014, among Westmoreland Coal Company, as borrower, the lenders, and the CIBC Bank USA (f/k/a PrivateBank and Trust Company), as administrative agent. The Revolving Loan Agreement was to mature on Dec. 31, 2018. The Company paid an early termination fee of one-half of one percent (0.50%) of the aggregate maximum loan amount under the Revolving Loan Agreement, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. About Westmoreland Coal Based in Englewood, Colorado, Westmoreland Coal Company -- http://www.westmoreland.com/-- is an independent coal company based in the United States. The Company produces and sells thermal coal primarily to investment grade utility customers under long-term, cost-protected contracts. Its focus is primarily on mine locations which allow it to employ dragline surface mining methods and take advantage of close customer proximity through mine-mouth power plants and strategically located rail transportation. At Dec. 31, 2017, the Company's U.S. coal operations were located in Montana, Wyoming, North Dakota, Texas, New Mexico and Ohio, and its Canadian coal operations were located in Alberta and Saskatchewan. The Company sold 49.7 million tons of coal in 2017. Westmoreland Coal reported a net loss applicable to common shareholders of $71.34 million for the year ended Dec. 31, 2017, a net loss applicable to common shareholders of $27.10 million for the year ended Dec. 31, 2016, and a net loss applicable to common stockholders of $213.64 million for the year ended Dec. 31, 2015. As of March 31, 2018, Westmoreland Coal had $1.63 billion in total assets, $2.12 billion in total liabilities and a total deficit of $489.67 million. The audit opinion included in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 contains a going concern explanatory paragraph. Ernst & Young LLP stated that the Company has a substantial amount of long-term debt outstanding, is subject to declining industry conditions that are negatively impacting the Company's financial position, results of operations, and cash flows, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. * * * In April 2018, Moody's Investors Service downgraded the ratings of Westmoreland Coal Company, including its corporate family rating (CFR) to 'Caa3' from 'Caa1'. According to Moody's, the downgrade reflects the company's weak liquidity position, due to the near-term maturity of its term loan. In March 2018, S&P Global Ratings lowered its issuer credit rating on Westmoreland Coal Co. to 'CCC-' from 'CCC' and placed all of its ratings on the company on CreditWatch with negative implications. "The rating downgrade reflects our view that Westmoreland Coal Co. (WLB) could breach its fixed charge coverage in the next three to six months. This would cause a cross default with its term loan and senior notes that would become immediately due. Westmoreland has a $321 million term loan that matures in December 2020, and $350 million of senior secured notes that mature in January 2022," S&P said, according to a TCR report dated March 13, 2018. WILMINGTON VICTORVILLE: Hires Levene Neale as Bankruptcy Counsel ---------------------------------------------------------------- Wilmington Victorville, LLC, seeks authority from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to hire Levene, Neale, Bender, Yoo & Brill LLP, as bankruptcy counsel, effective as of May 5, 2018. Services LNBYB will render are: a. advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United STates Trustee as they pertain to the Debtor; b. advise the Debtor with regard to certain rights and remedies of the Debtor's bankruptcy estate and the rights, claims and interests of creditors; c. represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the Debtor's bankruptcy estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conduct exminations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYB's expertise or which is beyond LNBYB's staffing capabilities; e. prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professional, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral, financial pleadings and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. represent the Debtor with regard to obtaining use of debtor-in-possession financing and/or cash collateral including, but no limited to, negotiating and seeking Bankruptcy Court approval if any debtor in possession financing and/or cash collateral; g. assist the Debtor in its asset sale process; h. assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. perform any other services which may be appropriate in LNBYB's representation of the Debtor during the Debtor's bankruptcy case. Philip A. Gasteir, Esq., a partner at the firm, attests that LNBYB is a "disinterested person" as defined by 11 U.S.C. Section 101(14) and it has no connection with the Applicant's creditors, or any other party. LNBYB's 2018 rates are: David W. Levene $595 David L. Neale $595 Ron Bender $595 Martin J. Brill $595 Timothy J. Yoo $595 Gary E. Klausner $595 Edward M. Wolkowitz $595 David B. Golubchik $595 Beth Ann R. Young $580 Monica Y. Kim $580 Daniel H. Reiss $580 Irving M. Gross $580 Philip A. Gasteier $580 Eve H. Karasik $580 Todd A. Frealy $580 Kurt Ramlo $580 Jacqueline L. Rodriguez $565 Juliet Y. Oh $565 Todd M. Arnold $565 Carmela T. Pagay $565 Anthony A. Freidman $565 Krikor J . Meshefejian $565 John-Patrick M. Fritz $565 Lindsey L. Smith $495 Jeffrey Kwong $425 Paraprofessionals $250 The counsel can be reached through: Philip A. Gasteier, Esq. Monica Y. Kim, Esq. Levene, Neale, Bender, Yoo & Brill LLP 10250 Constellation Blvd #1700 Los Angeles, CA 90067 Phone: 310-229-1234 Fax: 310-229-1244 E-mail: pag@lnbyb.com myk@lnb.com About Wilmington Victorville Wilmington Victorville, LLC, listed its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) whose principal assets are located at 16120 Bear Valley Road Victorville, CA 92395. Wilmington Victorville filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-15216) on May 15, 2018. In the petition signed by Myong Oc Kang, manager, the Debtor estimated $10 million to $50 million in both assets and liabilities. The case is assigned to the Hon. Deborah J. Saltzman. Philip A. Gasteier, Esq., and Monica Y. Kim, Esq., at Levene, Neale, Bender, Yoo & Brill LLP, serve as the Debtor's counsel. ZIP STEVENSON: Seeks Approval of Cash Collateral Stipulation ------------------------------------------------------------ Zip Stevenson, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California of the Stipulation entered into between Debtor and Secured Creditors: Grand View Holdings, LLC and Trembling Giant, LLC, which authorizes Debtor's use of cash collateral through July 31, 2018. A hearing on the Cash Collateral Motion will be held on June 5, 2018 at 11:00 a.m. Zip Stevenson owns two real property parcels which are the subject of this Motion, 2240 Ambrose Terrace, Los Angeles, California and 1652 South Curson Avenue, Los Angeles, California. The Ambrose Property is a single family residence, rented to a tenant. The Curson Property is a residential duplex, each unit rented to a tenant. The Debtor has first position deeds of trust against the Ambrose and Curson properties held by Grand View Holdings and second position deeds of trust against the Ambrose and Curson properties held by Trembling Giant. The Debtor requires use of the rental income generated by the Ambrose Property and the Curson Property to service the secured debt commitments to Grand View and Trembling Giant, as well as a required impound account, and to further fund insurance and property tax obligations as necessary. Monthly payments due to Grand View under the New Modified Note, and pursuant to the Grand View Deed of Trust and Assignment of Rents, are calculated at approximately $7,532 as of the Petition Date. The Grand View Deed of Trust was granted in the original principal amount of $500,000. The Debtor entered into a promissory note secured by a deed of trust on real property commonly known as 1501 W. Washington Blvd., Los Angeles, California 90007 with Granville Park, LLC in the principal amount of $3,500,000. Subsequently, Granville Park assigned its interest in the Guaranty Deed of Trust to Trembling Giant. As of the Petition Date, the Debtor was collecting rental income from the Curson Property in the approximate monthly amount of $6,319, and from the Ambrose Property in the approximate amount of $4,176 for a total of approximately $10,495. Prior to the Petition Date, the Ambrose Rental Income was being paid by the tenant's direct deposit to Grand View, into an account controlled by Grand View. The post-petition Ambrose Rental Income for March, April and May, have already been paid by the tenant's direct deposit to Grand View, into an account controlled by Grand View. Prepetition, one tenant of Curson was paying their portion of the Curson Rental Income in the amount of $3,347, directly to Grand View with post-dated checks. Postpetition, Grand View has already negotiated the March, April and May portion of the Curson Rental Income from the tenant's post-dated checks. Going forward, the Debtor intends to collect all Combined Rental Income from the tenants directly and deposit the Combined Rental Income into a segregated Curson/Ambrose Debtor-In-Possession account. Pursuant to the Parties' Stipulation, the Debtor will be entitled to use the cash collateral in accordance with the following terms: (a) The Debtor will tender regular monthly payments to Grand View in the amount of the Grand View in the amount of the Grand View Monthly Payment, which is calculated at $7,532 for the amount Grand View Secured Claim. (b) The Debtor will tender regular monthly payments to Trembling Giant c/o Law Offices of Shai Oved in the amount of $1,500 against the Guaranty Deed of Trust. (c) The Debtor will retain balance of the March and April Combined Rental Income in the segregated DIP account in order to fund the required property taxes. (d) Grand View will pay the required April 2018 installment of the Debtor's Los Angeles County Property tax installment for the Curson Property and Ambrose Property from its Impound Account. (e) If the Impound Account is short of funds to make such Property Tax installment, Grand View will inform Debtor of the shortfall, and Debtor will provide Grand View with sufficient additional funds for such payment from the Cash Collateral Balance. (f) Beginning May 2018, the Debtor will retain the balance of the Cash Collateral Combined Rental Income in the approximate amount of $1,463 per month to be added to the Cash Collateral Balance. However, if the Debtor is required to incur additional costs to maintain or protect the Ambrose and/or Curson Properties, the Debtor may use a portion of the Cash Collateral Balance with the written consent of both Grand View and Trembling Giant. (g) Provided the payments to Grand View are current, one-half of the Cash Collateral Balance will be distributed to Trembling Giant at the end of each calendar quarter thereafter. (h)Trembling Giant may accept any and all payments made pursuant to the Stipulation without prejudice or waiver of any rights and remedies to which Trembling Giant would otherwise be entitle under applicable non-bankruptcy law. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/cacb18-11307-33.pdf About Zip Stevenson LLC Zip Stevenson, LLC, a lessor of real estate, filed as a domestic corporation in the State of California on March 1, 2002. Zip Stevenson sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-11307) on Feb. 6, 2018. In its petition signed by Zip Stevenson, managing member, the Debtor estimated assets and liabilities of $1 million to $10 million. Judge Vincent P. Zurzolo presides over the case. [*] $308,956 in Defaulted Timeshare Loans Up for Auction on June 7 ------------------------------------------------------------------ Orange Lake Country Club, Inc., as sub-servicer of certain defaulted timeshare loans, will sell at public auction the defaulted loans in bulk. The outstanding principal balance of the loans comprising the Property is approximately $308,957. The Auction is set for June 7, 2018, commencing at 10:00 am at the lobby of 1201 Elm Street, Suite 4600, Dallas, Texas 75270. A minimum bid amount will be required and such amount will be announced to interested parties 30 minutes prior to the Auction. It is anticipated that the minimum bid amount will exceed $301,619.64. The Property will be conveyed via allonge(s) and one or more unrecorded collateral assignment of mortgages/deeds of trust without warranties of any kind and without title insurance. To qualify to bid, an interested party must 30 minutes prior to the Auction provide evidence satisfactory to the Sub-servicer of its ability to within 1 hour of the Auction produce cash or a cashier's check in an amount exceeding the Estimated Minimum Purchase Price. Information regarding the Property will be made available to qualified bidders prior to the commencement of the Auction, and such information will relate to the performance of the entirety of the loan portfolio comprising the Property rather than information regarding individual loans. The Sub-Servicer may withdraw one or more, or all, of the loans comprising the Property at any time through and including the time of the Auction. ********* 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 2018. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***