/raid1/www/Hosts/bankrupt/TCR_Public/190104.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, January 4, 2019, Vol. 23, No. 3
Headlines
109 WEST 141 STREET: Case Summary & Unsecured Creditor
5437 S. WABASH: March 6 Plan Confirmation Hearing
ABUNDANT LIFE: Case Summary & 8 Unsecured Creditors
AEGEAN MARINE: Committee Seeks to Hire Akin Gump as Counsel
AEGEAN MARINE: Committee Seeks to Hire PJT as Investment Banker
AEGEAN MARINE: Committee Taps AlixPartners as Financial Advisor
AMERICAN CRYOSTEM: Delays Filing of Fiscal 2018 Annual Report
AMYRIS INC: Signs Exchange Agreement with Wolverine Flagship
ARCHER NORRIS: Court OK's Plan Outline; Feb. 14 Plan Hearing Set
B.V.S. CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant
BTO TRUCKING: Seeks to Hire Carolina First to Prepare Tax Returns
CHESTNUT FIRM: Unsecureds to Get 3 Annual Distributions of $50K
CIRCLE 9 CATTLE: $5.1M Sale of Whitehall Property to Schuett Okayed
CLUB 77 BAR: Seeks to Hire James Joyce as Bankruptcy Attorney
CYTORI THERAPEUTICS: Extends Maturity of Loan Facility to 2020
DATABASEUSA.COM LLC: Case Summary & Unsecured Creditor
DENNIS JOHNSON II: March 1 Hearing on Bank, Trustee's Plan Outline
DRY EYE COMPANY: Seeks to Hire Vortman & Feinstein as New Counsel
EMMANUEL HEALTH: Unsecured Creditors to Get 100% Over 60 Months
ERNEST VICKNAIR: Gros' $230K Sale of Harahan Property Approved
ERNEST VICKNAIR: Gros' $25K Sale of Thibodaux Property Approved
FABRIC AVENUE: Seeks Approval of Proposed Plan Outline
FINE LIGHT: Jan. 10 Disclosure Statement Hearing
FLIPDADDY'S LLC: Seeks to Hire Isaac Wiles as Special Counsel
GOMEZ RENTALS: Jan. 18 Auction of Real Properties Set
HARD ROCK EXPLORATION: Trustee Taps Joe R. Pyle as Auctioneer
HJH CONSULTING: Cash Flow from Business Operations to Fund Plan
INTERTOUCH HOLDINGS: Seeks to Hire Klein LLC as Legal Counsel
INTERTOUCH HOLDINGS: Taps Momentum Advisors as Financial Advisor
JAGUAR HEALTH: Will Host an Investor Call on January 7
JAMIE ONE: Unsecured Creditors to Recover 6% Under Amended Plan
JOSEPH A. BRENNICK: $35K Sale of Wauchula Property to Tenerife OK'd
JOSEPH A. BRENNICK: $60K Sale of Wauchula Property to Parks Okayed
KAIROS HOMES: Seeks to Hire Caleb Moore as Litigation Counsel
KEVIN FINNERTY: $200K Sale of Auburn Property to Oyarzun Approved
L REIT LTD: Seeks to Hire Hoover Slovacek as Legal Counsel
LASTING IMPRESSIONS: Unsecureds to Receive $713/Mo. Under New Plan
LOCKWOOD HOLDINGS: Lenders to Contribute $2.8MM to Joint Plan
MANSFIELD BOAT: Seeks to Hire Argus to Manage Properties
MATRIX BROADCASTING: Files Amended Chapter 11 Plan of Liquidation
MEEKER NORTH: Plan Filing Period Moved to March 21
MIAMI VALLEY: Seeks to Hire Steven Hill as Financial Advisor
MICROVISION INC: Receives Nasdaq Global Listing Deficiency Notice
MILIO INTERNATIONAL: Seeks to Hire Lamey Law Firm as Legal Counsel
MISSION COAL: Court Official Seeks Appointment of Fee Examiner
MISSION COAL: Feb. 27 Auction of Substantially All Assets Set
MOUNTAIN INVESTMENTS: Default Provision Added in 3rd Amended Plan
MR MILCENT: Seeks to Hire Andril & Espinosa as Legal Counsel
NATIONAL AUTO: Committee Taps Genovese Joblove as Counsel
NATIONAL AUTO: Committee Taps KapilaMukamal as Financial Advisor
NOBLE REY: Seeks to Hire Eric A. Liepins as Counsel
PACIFIC DRILLING: Zonda Debtors File Chapter 11 Plan
PAINTSVILLE INVESTORS: Plan Confirmation Hearing Set for Jan. 24
PARKER DRILLING: Hires Alvarez & Marsal as Financial Advisor
PARKER DRILLING: Hires Moelis & Company as Investment Banker
PB PIED-DE-TERRE: Sale of Palm Beach Property Denied w/o Prejudice
PETROQUEST ENERGY: Hires LSH Partners as Placement Agent
PETROQUEST ENERGY: Hires Ryan, LLC, as Tax & Financial Consultant
PHOENIX RISES: Taps Joan D. Haynes as Real Estate Broker
PREMIERE GLOBAL: S&P Cuts ICR to 'CCC-' on Steep Revenue Decline
PROGRESSIVE SOLUTIONS: Taps Paul Kleven Law as Appellate Counsel
QUALITY CONSTRUCTION: Taps Frederick & Beckers as Special Counsel
QUANTUM CORP: B. Riley Financial Has 11.8% Stake as of Dec. 26
REIHNER ENTERPRISES: Taps Kathleen Smychynsky as Accountant
RELATIVITY MEDIA: Plan of Liquidation Declared Effective
RESOLUTE FOREST: Egan-Jones Hikes Senior Unsecured Ratings to BB-
RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel
RICHARD OSBORNE: $290K Sale of Mentor House & Lot to Melaragno OK'd
RIO MALL: $5.75M Sale of Assets to Cape May County Approved
RONALD L WINN: Seeks to Hire Vortman & Feinstein as Counsel
SANJAC SECURITY: Seeks to Hire Paul Oppermann as Accountant
SCOTTY'S HOLDINGS: Taps JND Corporate as Claims and Noticing Agent
SPI ENERGY: Reports $5.5 Million Net Loss for H1 2018
SYNERGY PHARMACEUTICALS: Sale of Assets to Fund Proposed Plan
TECHNICAL COMMUNICATIONS: Needs More Time to File Fiscal 2018 10-K
THOMAS O. EIFLER: $27.5K Private Sale of Three Trucks Approved
TOISA LIMITED: Jan. 24 Hearing on Disclosure Statement
TOMMIE LINGENFELTER: Masons Buying Warner Robins Property for $218K
TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing
TSC BAYVIEW DRIVE: Jan. 29 Plan Confirmation Hearing Set
VERITY HEALTH: Sale of All Assets of Hospital Affiliates Approved
WALDEN PALMS CONDOMINIUM: Seeks to Hire Arias as General Counsel
WALDEN PALMS CONDOMINIUM: Seeks to Hire JD Law as Special Counsel
WALDEN PALMS CONDOMINIUM: Taps Winderweedle as Special Counsel
WALDRON DEVELOPMENT: $945K Sale of Kenmore Property to Lucas Okayed
WALL STREET THEATER: Unsecureds to Recoup 10% of Allowed Claims
X-TREME BULLETS: Marksman Buying Assets of Non-Debtor Affiliates
[^] BOOK REVIEW: Crafting Solutions for Troubled Businesses
*********
109 WEST 141 STREET: Case Summary & Unsecured Creditor
------------------------------------------------------
Debtor: 109 West 141 Street Corporation
103-109 West 141 Street
New York, NY 10030
Business Description: 109 West 141 Street Corporation owns a real
property located at 103-109 West 141 Street,
New York, New York 10030, valued by the
company at $4.30 million. The Company
previously sought bankruptcy protection on
July 16, 2018 (Bankr. S.D.N.Y. Case No. 18-
12148).
Chapter 11 Petition Date: January 2, 2018
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Case No.: 19-10001
Judge: Hon. Martin Glenn
Debtor's Counsel: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD
26 Court Street, Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
Fax: (718) 858-9601
Email: rblmnf@aol.com
Total Assets: $4,701,000
Total Liabilities: $2,500,000
The petition was signed by Carolyn Bovell, shareholder and
secretary.
The Debtor lists NYC Dept of Finance Law Dept. as its sole
unsecured creditor holding a claim of $2,500,000.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-10001.pdf
5437 S. WABASH: March 6 Plan Confirmation Hearing
-------------------------------------------------
Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern
District of Illinois approved the second modified disclosure
statement explaining 5437 S. Wabash LLC's plan of reorganization.
The Debtor's second modified chapter 11 plan of reorganization was
filed on November 9, 2018.
A post confirmation status hearing is set for March 6, 2019, at
10:00 A.M.
About 5437 S. Wabash LLC
5437 S. Wabash LLC owns a real property, which is its principal
asset, located at 5437 S. Wabash, Chicago, Illinois.
5437 S. Wabash sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 18-12476) on April 27, 2018. In the
petition signed by Dylan Reeves, managing member, the Debtor
estimated assets of less than $1 million and liabilities of less
than $500,000.
Judge Janet S. Baer presides over the case. The Debtor tapped
Benjamin Brand LLP as its legal counsel.
ABUNDANT LIFE: Case Summary & 8 Unsecured Creditors
---------------------------------------------------
Debtor: Abundant Life Worship Center of Hinesville, GA, Inc.
P.O. Box 443
Hinesville, GA 31310
Business Description: Abundant Life Worship Center is a christian
church in Fleming, Georgia.
Chapter 11 Petition Date: January 2, 2019
Court: United States Bankruptcy Court
Southern District of Georgia (Savannah)
Case No.: 19-40004
Judge: Hon. Edward J. Coleman III
Debtor's Counsel: J. William Boone, Esq.
JAMES-BATES-BRANNAN-GROOVER-LLP
3399 Peachtree Rd. NE, Ste 1700
Atlanta, GA 30326
Tel: 404-997-6020
Fax: 404-997-6021
Email: bboone@jamesbatesllp.com
- and -
Doroteya N, Wozniak, Esq.
JAMES-BATES-BRANNAN-GROOVER-LLP
3399 Peachtree Rd, NE, Ste 1700
Atlanta, GA 30326
Tel: 404-997-6031
Fax: 404-997-6021
E-mail: dwozniak@jamesbatesllp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Caroll A. Norwood, CEO.
A copy of the Debtor's list of eight unsecured creditors is
available for free at:
http://bankrupt.com/misc/gasb19-40004_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/gasb19-40004.pdf
AEGEAN MARINE: Committee Seeks to Hire Akin Gump as Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of Aegean
Marine Petroleum Network Inc. 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 legal counsel.
The firm will advise the committee regarding its duties under the
Bankruptcy Code; represent the committee in negotiations;
investigate the financial condition and operations of Aegean and
its affiliates; analyze claims of creditors; review the Debtors'
various agreements; and provide other legal services related to the
Debtors' Chapter 11 cases.
Akin Gump charges these hourly fees:
Billing Category 2018 Range 2019 Range
---------------- ------------- -------------
Partners $840 – $1,695 $925 – $1,755
Senior Counsel $575 – $1,325 $690 – $1,420
Counsel $590 – $1,035 $610 – $1,125
Associates $250 – $915 $460 – $975
Paraprofessionals $160 – $430 $205 – $435
The Akin Gump attorneys expected to have primary responsibility for
providing services to the committee are:
2018 2019
Attorney Position Hourly Rate Hourly Rate
-------- -------- ----------- -----------
Ira Dizengoff Partner $1,475 $1,550
Philip Dublin Partner $1,375 $1,475
Abid Qureshi Partner $1,375 $1,475
Stephen Kuhn Partner $1,295 $1,475
Brian Carney Partner $990 $1,100
Kevin Zuzolo Counsel $915 $1,035
Edan Lisovicz Associate $795 $890
Caitlin Griffin Associate $540 $660
Philip Dublin, Esq., a partner at Akin Gump, disclosed in a court
filing that his firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Dublin disclosed that his firm has not agreed to a variation of its
standard or customary billing arrangements.
Mr. Dublin also disclosed that no Akin Gump professional has varied
his rate based on the geographic location of the Debtors' cases,
and that the firm has not represent any member of the committee in
the cases prior to its employment.
Akin Gump expects to develop a prospective budget and staffing plan
to comply with the U.S. trustee's request for information and
additional disclosures, Mr. Dublin further disclosed.
The firm can be reached through:
Ira S. Dizengoff, Esq.
Philip C. Dublin, Esq.
Kevin Zuzolo, Esq.
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, NY 10036
Telephone: (212) 872-1000
Facsimile: (212) 872-1002
Email: idizengoff@akingump.com
Email: pdublin@akingump.com
Email: kzuzolo@akingump.com
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. -- http://www.ampni.com/-- is
an international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve its customers wherever they are around the globe.
Aegean Marine Petroleum Network Inc., et al., sought bankruptcy
protection on Nov. 6, 2018 (Bankr. D. Del. Lead Case No. Case No.
18-13374). The jointly administered cases are pending before Judge
Hon. Michael E. Wiles.
In the petition signed by Spyridon Fokas, general counsel and
secretary, Aegean Marine estimated assets of $1 billion to $10
billion and total liabilities of $500 million to $1 billion.
The Debtors tapped Kirkland & Ellis International LLP as general
counsel; Moelis & Company as Financial Advisor; Ernst & Young LLP,
as restructuring advisor; Epiq Bankruptcy Solutions, LLC as claims
agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on November 15, 2018. The committee tapped
Akin Gump Strauss Hauer & Feld LLP as its legal counsel.
AEGEAN MARINE: Committee Seeks to Hire PJT as Investment Banker
---------------------------------------------------------------
The official committee of unsecured creditors of Aegean Marine
Petroleum Network Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire PJT Partners LP
as its investment banker.
The firm will assist the committee in the evaluation of the
long-term business plan and related financial projections of the
company and its affiliates; analyze various restructuring scenarios
and their potential impact on the recoveries of unsecured
creditors; value consideration offered by the Debtors to unsecured
creditors in connection with a restructuring; and provide other
investment banking services related to the Debtors' Chapter 11
cases.
PJT will receive a monthly fee of $150,000, payable by the Debtors
in cash. Upon the consummation of a restructuring, the firm will
receive an additional fee of $2.75 million to be paid in cash.
The firm is "disinterested" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.
PJT can be reached through:
Michael Genereux
PJT Partners LP
280 Park Avenue, 16th Floor
New York, NY 10017
Tel: +1 212.364.7800
Email: info@pjtpartners.com
Email: genereux@pjtpartners.com
About Aegean Marine Petroleum Network
Aegean Marine Petroleum Network Inc. -- http://www.ampni.com/-- is
an international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve its customers wherever they are around the globe.
Aegean Marine Petroleum Network Inc., et al., sought bankruptcy
protection on Nov. 6, 2018 (Bankr. D. Del. Lead Case No. Case No.
18-13374). The jointly administered cases are pending before Judge
Hon. Michael E. Wiles.
In the petition signed by Spyridon Fokas, general counsel and
secretary, Aegean Marine estimated assets of $1 billion to $10
billion and total liabilities of $500 million to $1 billion.
The Debtors tapped Kirkland & Ellis International LLP as general
counsel; Moelis & Company as Financial Advisor; Ernst & Young LLP,
as restructuring advisor; Epiq Bankruptcy Solutions, LLC as claims
agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on November 15, 2018. The committee tapped
Akin Gump Strauss Hauer & Feld LLP as its legal counsel.
AEGEAN MARINE: Committee Taps AlixPartners as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors of Aegean Marine
Petroleum Network Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire AlixPartners,
LLP as its financial advisor.
The firm will evaluate the financial condition and business plans
of the company and its affiliates; assess the creditors' potential
recovery; support the committee's investment banker's evaluation of
proposed asset sales; assist in the development and review of the
Debtors' plan of reorganization; and provide other financial
advisory services related to the Debtors' Chapter 11 cases.
AlixPartners charges these hourly fees:
2018 2019
Title Hourly Rate Hourly Rate
----- ----------- -----------
Managing Director $980 – $1,155 $990 – $1,165
Director $760 – $925 $775 – $945
Senior Vice-President $580 – $695 $615 – $725
Vice-President $415 – $565 $440 – $600
Consultant $145 – $400 $160 – $435
Paraprofessional $275 – $295 $285 – $305
David Macgreevey, managing director of AlixPartners, disclosed in a
court filing that his firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
David Macgreevey
AlixPartners, LLP
909 Third Avenue, Floor 30
New York, NY 10022
Office: +1 212 490 2500
Fax: +1 212 490 1344
About Aegean Marine Petroleum Network
Aegean Marine Petroleum Network Inc. -- http://www.ampni.com/-- is
an international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve its customers wherever they are around the globe.
Aegean Marine Petroleum Network Inc., et al., sought bankruptcy
protection on Nov. 6, 2018 (Bankr. D. Del. Lead Case No. Case No.
18-13374). The jointly administered cases are pending before Judge
Hon. Michael E. Wiles.
In the petition signed by Spyridon Fokas, general counsel and
secretary, Aegean Marine estimated assets of $1 billion to $10
billion and total liabilities of $500 million to $1 billion.
The Debtors tapped Kirkland & Ellis International LLP as general
counsel; Moelis & Company as Financial Advisor; Ernst & Young LLP,
as restructuring advisor; Epiq Bankruptcy Solutions, LLC as claims
agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on November 15, 2018. The committee tapped
Akin Gump Strauss Hauer & Feld LLP as its legal counsel.
AMERICAN CRYOSTEM: Delays Filing of Fiscal 2018 Annual Report
-------------------------------------------------------------
American CryoStem Corporation has filed with the Securities and
Exchange Commission a Form 12b-25 notifying the Company regarding
the delay in the filing of its Annual Report on Form 10-K for the
period ended Sept. 30, 2018. The Company said the compilation,
dissemination and review of the information required to be
presented in the Form 10-K for the period ending Sept. 30, 2018
could not be completed and filed by Dec. 31, 2018, without undue
hardship and expense to the Company. The Company anticipates that
it will file its Form 10-K for the period ended Sept. 30, 2018
within the "grace" period provided by Securities Exchange Act Rule
12b-25.
About American CryoStem
Eatontown, New Jersey-based American CryoStem Corporation (OTC:
CRYO), founded in 2008, is a biotechnology company, standardizing
adipose tissue (fat) derived technologies (Adult Stem Cells) for
the fields of Regenerative and Personalized Medicine. The Company
operates a state-of-art, FDA-registered, laboratory in New Jersey
and licensed laboratories in Hong Kong, Bangkok, Thailand, China
and Tokyo, Japan, which operate on its proprietary platform,
dedicated to the collection, processing, bio-banking, culturing and
differentiation of adipose tissue and adipose derived stem cells
(ADSCs) for current or future use in regenerative medicine. CRYO
maintains a strategic portfolio of intellectual property (IP) that
surrounds its proprietary technology which supports a growing
pipeline of stem cell applications and biologic products. The
Company is leveraging its platform and a developed product
portfolio to create a global footprint of licensed laboratory
affiliates, domestic and international physicians networks and
research organizations who purchase tissue collection, processing
and storage consumables from CRYO. The Company has also secured a
number of online domain names relevant to its business, including
http://www.americancryostem.com/and
http://www.acslaboratories.com/
American CryoStem incurred a net loss of $1.22 million for the year
ended Sept. 30, 2017, following a net loss of $1.88 million for the
year ended Sept. 30, 2016. As of June 30, 2018, American Cryostem
had $1.35 million in total assets, $1.91 million in total
liabilities and a total shareholders' deficit of $555,866.
Fruci & Associates II, PLLC, in Spokane, Washington, issued a
"going concern" qualification in its report on the consolidated
financial statements for the year ended Sept. 30, 2017, citing that
the Company has incurred significant losses since its inception
which raises substantial doubt about the Company's ability to
continue as a going concern.
AMYRIS INC: Signs Exchange Agreement with Wolverine Flagship
------------------------------------------------------------
Amyris, Inc. has entered into an exchange agreement with Wolverine
Flagship Fund Trading Limited, pursuant to which the Company and
the Holder agreed to exchange the Tranche II Senior Convertible
Note held by the Holder, which was originally issued by the Company
to the Holder on Jan. 15, 2014 pursuant to the terms of the
Securities Purchase Agreement, dated Aug. 8, 2013, by and among the
Company and the investors party thereto, and which has a maturity
date of Jan. 15, 2019, for a new senior convertible note with
substantially identical terms as the Exchange Note, except that (i)
the initial aggregate principal amount of the New Note will be
$5,445,562, (ii) the initial conversion price of the New Note will
be $4.40 per share of the Company's common stock, par value $0.0001
per share and (iii) the New Note will have a maturity date of July
15, 2019. The consummation of the Exchange is subject to customary
closing conditions, including obtaining certain required
approvals.
About Amyris, Inc.
Amyris, Inc., Emeryville, California, is an industrial
biotechnology company that applies its technology platform to
engineer, manufacture and sell natural, sustainably sourced
products into the health & wellness, clean skincare, and flavors &
fragrances markets. The Company's proven technology platform
enables the Company to rapidly engineer microbes and use them as
catalysts to metabolize renewable, plant-sourced sugars into large
volume, high-value ingredients. The Company's biotechnology
platform and industrial fermentation process replace existing
complex and expensive manufacturing processes. The Company has
successfully used its technology to develop and produce five
distinct molecules at commercial volumes.
The report from the Company's independent accounting firm KPMG LLP,
the Company's auditor since 2017, on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has suffered
recurring losses from operations and has current debt service
requirements that raise substantial doubt about its ability to
continue as a going concern.
Amyris incurred net losses of $72.32 million in 2017, $97.33
million in 2016, and $217.95 million in 2016. As of Sept. 30,
2018, Amyris had $122.7 million in total assets, $323.3 million in
total liabilities, $5 million in contingently redeemable common
stock, and a total stockholders' deficit of $205.6 million.
ARCHER NORRIS: Court OK's Plan Outline; Feb. 14 Plan Hearing Set
----------------------------------------------------------------
Bankruptcy Judge Hannah L. Bluemenstiel approved Archer Norris, a
Professional Law Corporation and the Official Committee of
Unsecured Creditors' disclosure statement in support of their
current joint plan of liquidation dated Dec. 21, 2018.
The deadline to object and vote on the plan is Feb. 1, 2019 at 4:00
p.m., Pacific Time.
The confirmation hearing is scheduled for Feb. 14, 2019 at 10:00
a.m., Pacific Time.
The plan proponents assert that it is impossible to predict with
any precision the recovery for General Unsecured Creditors in this
case, given the uncertainly of the outcome of the expected efforts
to disallow certain Claims and the range of possible recoveries
from Retained Claims and Defenses and avoidance actions, especially
the collection of the Debtor's accounts receivable. For example,
one large variable is whether the employees that assert WARN Act
claims are able to overcome the Debtor’s and the Committee’s
objections to those claims. Another factor is whether landlords who
hold claims for the rejection of their leases can mitigate their
damages, especially, for example, those leased premises located in
the "hot" Bay Area rental market. The potential WARN Act claims
range from $0 to in excess of $500,000, a portion or all of which
could have some priority or administrative claim status, and the
potential unsecured lease rejection damages could range from
relatively nominal to in excess of $3,500,000. The anticipated
total amount of the General Unsecured Claims is $4 million.
Based on all of the information at the disposal of the Debtor, and
based on the assumptions described in the Disclosure Statement, and
especially after considering a range of possible accounts
receivable collection recoveries, the costs of such collection if
the Plan is confirmed, and the potential total Administrative,
priority, and General Unsecured Claims, the Debtor projects that
Allowed General Unsecured Claims in Class 4 will receive
distributions between 0% if the ultimate is approximately $650,000
and 10% on account of their Allowed Claims if the ultimate recovery
is approximately $950,000 and the total unsecured claims are in the
$3,000,000 range instead of the $4,000,000 range.
The Debtor and the Committee will continue to provide their best
efforts to maximize recoveries. However, the actual distribution
will depend on future events.
A copy of the Latest Disclosure Statement is available at
https://is.gd/H1jJnq from Pacermonitor.com at no charge.
About Archer Norris
Archer Norris -- https://www.archernorris.com/ -- was a 70-lawyer
litigation firm with four offices located in Walnut Creek, San
Francisco, Newport Beach and Los Angeles. As of its bankruptcy
filing, the firm had 60 non-lawyer employees.
Archer Norris commenced a Chapter 11 case in conjunction with a
Plan of Dissolution designed, among other things, to facilitate the
wind-down of its operations and the smooth transition of client
matters to successor firms, with the goal being to minimize any
harm to the client matters, which is anticipated to maximize the
return to creditors.
Archer Norris sought Chapter 11 protection (Bankr. N.D. Cal. Case
No. 18-30924) on Aug. 22, 2018. In the petition signed by Douglas
C. Strauss, president, the Debtor estimated total estimated assets
and liabilities of $1 million to $10 million. The Debtor tapped
Felderstein Fitzgerald Willoughby & Pascuzzi LLP as its legal
counsel; BPM, LLP as financial advisor; and Russell Burbank, senior
managing director of BPM LLP, as liquidating manager.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Sept. 10, 2018. The committee retained
Binder & Malter, LLP as its legal counsel.
B.V.S. CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: B.V.S. Construction Inc.
P.O. Box 985
Bryan, TX 77806
Business Description: BVS Construction Inc. is a commercial and
residential construction company in Bryan,
Texas. The Company previously sought
bankruptcy protection on Nov. 11, 2014
(Bankr. W.D. Tex. Case No. 14-60932).
Chapter 11 Petition Date: January 2, 2018
Court: United States Bankruptcy Court
Western District of Texas (Waco)
Case No.: 19-60004
Judge: Hon. Ronald B. King
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS
12770 Coit Road Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
Email: eric@ealpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Elaine Palasota, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/txwb19-60004.pdf
BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant
-----------------------------------------------------------
Barranquitas Ultrasound and Mammography Center, Inc. received
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Jimenez Vazquez & Associates, PSC as its accountant.
The firm will assist the Debtor in the preparation of monthly
operating reports, financial projections and tax returns; provide
consulting services; assist in the preparation of a reorganization
plan; and provide other accounting services related to its Chapter
11 case.
Jose Jimenez, the firm's accountant who will be providing the
services, charges an hourly fee of $155. The retainer fee is
$1,500.
Mr. Jimenez disclosed in a court filing that he and other employees
of the firm are "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Jose V. Jimenez
Jimenez Vazquez & Associates, PSC
P.O. Box 3774
Bayamon, PR 00958
Phone: 787.447.0098
Fax: 1-831-309-7425
Email: jvjimenez@jimenezvazquezcpa.com
About Barranquitas Ultrasound and
Mammography Center Inc.
Barranquitas Ultrasound and Mammography Center, Inc., filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 18-02225) on
April 25, 2018. In the petition signed by its president Miriam
Alicea Aponte, the Debtor estimated assets and liabilities of less
than $500,000 each.
Judge Mildred Caban Flores presides over the case. The Debtor
hired Carmen D. Conde Torres, Esq., at C. Conde & Assoc. as its
legal counsel.
The Debtor filed a disclosure statement in support of its Chapter
11 plan of reorganization on October 22, 2018.
BTO TRUCKING: Seeks to Hire Carolina First to Prepare Tax Returns
-----------------------------------------------------------------
BTO Trucking, LLC seeks approval from the U.S. Bankruptcy Court for
the District of South Carolina to hire Carolina First Tax and
Accounting, LLC.
The firm will assist the Debtor in the preparation and filing of
tax returns. Carolina First will bill its customary rate for
filing business tax forms at $320 each tax year.
The firm is "disinterested" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.
Carolina First can be reached through:
Christine Czarnik
Carolina First Tax and Accounting, LLC
801 C Travelers Blvd.
Summerville, SC 29485
Phone: 843-695-8773
About BTO Trucking
BTO Trucking, LLC, filed a Chapter 11 petition (Bankr. D.S.C. Case
No. 18-05250) on Oct. 17, 2018. In the petition signed by Deldrick
King, principal, the Debtor estimated less than $50,000 in assets
and less than $500,000 in debt. R. Michael Drose, Esq., at Drose
Law Firm, serves as counsel to the Debtor. No official committee
of unsecured creditors has been appointed in the Chapter 11 case.
CHESTNUT FIRM: Unsecureds to Get 3 Annual Distributions of $50K
---------------------------------------------------------------
Chestnut Firm, LLC d/b/a The Chestnut Firm, LLC filed with the U.S.
Bankruptcy Court for the Northern District of Georgia a disclosure
statement in support of its chapter 11 plan dated Dec. 21, 2018.
Under the plan, Class 8 consists of General Unsecured Claims.
Holders of General Unsecured Claims will share pro-rata in three
annual distributions of $50,000 each commencing on the 1st day of
the 6th full month following the Effective Date (the "Unsecured
Distribution Date") and continuing on the subsequent 2nd and 3rd
anniversary of the Unsecured Distribution Date. Such payments
constitute a total of three annual payments totaling $150,000.
The source of funds for the payments pursuant to the Plan is the
continued operation of the law firm operated by the Debtor.
Upon confirmation, Debtor will retain all of the property of the
estate free and clear of liens, claims, and encumbrances not
expressly retained by Creditors. Debtor will have the rights and
powers to assert any and all Causes of Action.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y9gujzcp from Pacermonitor.com at no charge.
About Chestnut Firm
Chestnut Firm, LLC, is private law firm in Atlanta, Georgia.
Chestnut Firm, LLC, filed a Chapter 11 petition (Bankr. N.D. Ga.
Case No. 18-56014) on April 9, 2018. In the petition signed by
Christopher Chestnut, manager, the Debtor estimated up to $50,000
in total assets and $1 million to $10 million in total liabilities.
Cameron M. McCord, Esq., at Jones & Walden, LLC, is the Debtor's
counsel; and Bennett Thrasher, LLP, is the accountant.
CIRCLE 9 CATTLE: $5.1M Sale of Whitehall Property to Schuett Okayed
-------------------------------------------------------------------
Judge Michael A. Fagone of the U.S. Bankruptcy Court for the
District of Maine authorized Circle 9 Cattle Company, LLC's sale of
substantially all property, consisting of a ranch property located
at 502 Waterloo Road and 38 Loomont Lane, Whitehall, Montana, and
certain personal property used in connection with that ranch, to
David Schuett in accordance with the Offer and Agreement for Sale
and Purchase for $5.129 million.
The sale free and clear of liens, claims, and interests.
The automatic stay provisions of Section 362 of the Bankruptcy Code
are lifted and modified to the extent necessary to implement the
terms and conditions of the Agreement and the provisions of the
Order.
The retention of Hall & Hall and the law firm of Worden Thane is
approved and the commissions, fees and expenses of these parties in
the amounts set forth is authorized and approved. Upon the closing
of the sale as provided for by the Agreement, the Debtor is
authorized to distribute from the proceeds of such sale the amount
of $169,257 to Hall & Hall, as full and final satisfaction of any
amount owed by the Debtor or its estate to Hall & Hall, whether
arising pre- or post-petition, including for Hall & Hall's real
estate brokerage services to the Debtor. The Debtor is authorized
to pay Local Counsel in Montana through proceeds of the sale at
closing to assist the Debtor with the closing, in an amount not to
exceed $5,000.
At and upon the closing of the sale as provided for by the
Agreement, the Debtor is authorized to, and will distribute the
proceeds from the sale of the Property to these parties in these
amounts:
a. Lease Credit: $200,000
b. Broker Commission: $169,257
c. Title Costs (approximate amount): $9,611
d. First Interstate (includes non-default interest through
Dec. 31, 2018 (and non-default interest will continue to accrue
from Jan. 1, 2019 through closing) and attorney fees and costs of
$50,000, with approximately $15,000 of the $50,000 being
estimated): $1,946,143
e. Coastal (includes default interest through Dec. 31, 2018
and attorney fees and costs through June of 2018): $1,269,148
f. TPL (valid through closing, provided closing occurs on Jan.
18, 2019): $760,000
g. CNB (includes non-default interest through Jan. 18, 2019
and attorney fees and costs through Nov. 30, 2018): $503,924
h. Local Montana Counsel (estimate; billed hourly) : $5,000
Provided that the respective payments stated and set forth to the
named secured creditors are received on Jan. 18, 2019 (i.e. the
outermost potential closing date of the sale of the Property to the
Buyer under the Agreement), and except as otherwise set forth, then
those payments and payment amounts set forth will constitute the
full and final satisfaction of all debt obligations owed to First
Interstate, CNB, TPL, Coastal, the Buyer, and Hall & Hall by the
Debtor, McClinch, 120 Commercial Street, LLC, Boothbay Harbor
Shipyard, LLC, Cross Land and Cattle, LLC, and Candlelight
Aviation, LLC (as applicable). The parties will provide mortgage
discharges, termination of UCC filings, and other documents
reasonably requested to evidence the satisfaction of these debts
and obligations.
Within seven days of the closing of the sale as provided for by the
Agreement, any secured lender who received a distribution set forth
that included any payment towards post-Petition Date attorneys'
fees and/or costs, will file with the Court and serve on the U.S.
Trustee a statement of fees and/or costs reflecting those
post-Petition Date attorneys' fees and/or costs with supporting
documentation. Within 14 days after the filing of the Fee
Statement, the U.S. Trustee only may file an objection to the
reasonableness of the fees and/or costs paid as reflected in the
Fee Statement.
If the U.S. Trustee or the Court has an objection to any Fee
Statement, the Court will set a hearing date on the objection and
provide notice of such objection to interested parties. If, after
notice and the Fee Hearing, the Court orders a reduction in the
amount of post-Petition Date attorneys' fees and/or costs paid to a
lender, such lender will promptly remit to the Debtor the amount of
the Fee Reduction Amount. Any lender who remits payment of a Fee
Reduction Amount under the terms thereof will be entitled to file a
claim against the estate in an amount not to exceed the Fee
Reduction Amount and the Court will determine whether such lender
is entitled to an allowed claim.
Notwithstanding the provisions of Bankruptcy Rule 6004(h), the
Order will not be stayed and will be effective immediately upon
entry, and the Debtor and the Buyer are authorized to close the
sale at the earliest practicable time under the terms of the
Agreement upon the entry of the Order.
http://bankrupt.com/misc/Circle_9_Cattle_76_Sales.pdf
About Circle 9 Cattle Company
Circle 9 Cattle Company, LLC, filed a Chapter 11 petition (Bankr.
D. Maine Case No. 18-10569) on September 27, 2018, and is
represented by Sam D. Anderson, Esq. in Portland, Maine. In the
petition signed by Terrance J. McClinch, sole member, the Debtor
estimated $1 million to $10 million in assets and $0 to $50,000 in
liabilities as of the bankruptcy filing.
CLUB 77 BAR: Seeks to Hire James Joyce as Bankruptcy Attorney
-------------------------------------------------------------
Club 77 Bar & Grill, Inc., seeks approval from the U.S. Bankruptcy
Court for the Western District of New York to hire James Joyce,
Esq., as its bankruptcy attorney.
The services to be provided by the attorney include advising the
Debtor regarding its duties under the Bankruptcy Code and assisting
the Debtor in the preparation of a bankruptcy plan.
Mr. Joyce charges an hourly fee of $250. Prior to the petition
date, he received a retainer of $2,000 from Richard Hargrove, an
officer of the Debtor. The payment was made from Mr. Hargrove's
own personal funds and as a capital contribution to the Debtor.
The attorney neither holds nor represents any interest adverse to
the Debtor's bankruptcy estate, according to court filings.
Mr. Joyce maintains an office at:
James M. Joyce, Esq.
4733 Transit Road
Lancaster, NY 14043
Phone: (716) 656-0600
About Club 77 Bar & Grill Inc.
Club 77 Bar & Grill, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-12570) on Dec. 17,
2018. At the time of the filing, the Debtor estimated assets of
less than $100,000 and liabilities of less than $100,000.
CYTORI THERAPEUTICS: Extends Maturity of Loan Facility to 2020
--------------------------------------------------------------
Cytori Therapeutics, Inc., has entered into an amendment to its
existing Loan and Security Agreement, dated May 29, 2015, as
amended, with Oxford Finance LLC, as collateral agent, and the
lenders, including Oxford, pursuant to which, among other things,
Oxford and the Lenders agreed to extend the maturity date from June
1, 2019 to June 1, 2020. The Amendment also increases the minimum
liquidity covenant level from $1.5 million to $2.0 million and
extends the interest-only period under the Loan Agreement to March
1, 2019.
The Amendment requires that the Company achieve one of the
following by Jan. 31, 2019: enter into an asset sale agreement with
a minimum unrestricted net cash proceeds to the Company of $4.0
million; enter into a binding agreement for the issuance and sale
of its equity securities or unsecured convertible subordinated debt
which would result in unrestricted gross cash proceeds of not less
than $7.5 million; or enter into a merger agreement pursuant to
which the obligations under the Loan Agreement would be paid down
to a level satisfactory to Oxford and the Lenders.
About Cytori
Based in San Diego, California, Cytori -- http://www.cytori.com/--
is developing, manufacturing, and commercializing
nanoparticle-delivered oncology drugs and autologous
adipose-derived regenerative cell (ADRC) therapies within its
Nanomedicine and Cell Therapy franchises, respectively. Cytori
Nanomedicine is focused on the liposomal encapsulation of
anti-neoplastic chemotherapy agents, which may enable the effective
delivery of the agents to target sites while reducing systemic
toxicity. The Cytori Nanomedicine product pipeline consists of
ATI-0918 pegylated liposomal doxorubicin hydrochloride for breast
cancer, ovarian cancer, multiple myeloma, and Kaposi's sarcoma, a
complex/hybrid generic drug, and ATI-1123 patented
albumin-stabilized pegylated liposomal docetaxel for multiple solid
tumors. Cytori Cell Therapy, prepared within several hours with
the proprietary Celution System and administered to the patient the
same day, has been shown in preclinical and clinical studies to act
principally by improving blood flow, modulating the immune system,
and facilitating wound repair. As a result, Cytori Cell Therapy
may provide benefits across multiple disease states and can be made
available to the physician and patient at the point-of-care.
Cytori reported a net loss of $22.68 million for the year ended
Dec. 31, 2017, compared to a net loss of $22.04 million for the
year ended Dec. 31, 2016. As of Sept. 30, 2018, Cytori had $25.53
million in total assets, $19.39 million in total liabilities and
$6.13 million in total stockholders' equity.
The audit report of the Company's independent registered public
accounting firm BDO USA, LLP, in San Diego, California, covering
the Dec. 31, 2017 consolidated financial statements contains an
explanatory paragraph that states that the Company's recurring
losses from operations, liquidity position, and debt service
requirements raises substantial doubt about its ability to continue
as a going concern.
DATABASEUSA.COM LLC: Case Summary & Unsecured Creditor
------------------------------------------------------
Debtor: DatabaseUSA.com LLC
11211 John Galt Blvd.
Omaha, NE 68137
Business Description: DatabaseUSA.com -- https://databaseusa.com
-- is a provider of full-service database
and email marketing solutions.
DatabaseUSA.com offers its customers a
database of 15 million businesses.
Now in its 7th year of business,
DatabaseUSA.com has taken the database
industry one step further by offering a more
sophisticated database, with new features
and selections, that offers greater depth at
a lower cost than its predecessor.
Chapter 11 Petition Date: January 1, 2019
Court: United States Bankruptcy Court
District of Nevada (Las Vegas)
Case No.: 19-10001
Judge: Hon. Bruce T. Beesley
Debtor's Counsel: Talitha B. Gray Kozlowski, Esq.
GARMAN TURNER GORDON LLP
650 White Drive, Suite 100
Las Vegas, NV 89119
Tel: (725) 777-3000
Email: tgray@gtg.legal
- and -
DVORAK LAW GROUP, LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Fred Vakili, manager.
A full-text copy of the petition is available at no charge at:
http://bankrupt.com/misc/nvb19-10001.pdf
Debtor's Unsecured Creditor:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Infogroup, Inc. Amended $11,200,000
Attn: Corporation Trust Judgment
Company R.A.
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801
DENNIS JOHNSON II: March 1 Hearing on Bank, Trustee's Plan Outline
------------------------------------------------------------------
Chief Judge Frank W. Volk will convene a hearing on March 1, 2019
at 11:00 a.m. to consider approval of People's Bank and Chapter 11
Trustee Thomas H. Fluharty's proposed disclosure statement
accompanying their plan of liquidation for the bankruptcy estate of
Dennis Ray Johnson and its affiliates.
Feb. 15, 2019 is set as the last day to file and serve written
objections to the proposed disclosure statement.
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.
DRY EYE COMPANY: Seeks to Hire Vortman & Feinstein as New Counsel
-----------------------------------------------------------------
The Dry Eye Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire Vortman &
Feinstein, PS, as its new legal counsel.
The firm will substitute for The Law Office of Jeffrey B. Wells, PS
whose employment was terminated on Dec. 20. Vortman will represent
the Debtor in negotiation with its creditors, prepare a bankruptcy
plan, and provide other legal services related to its Chapter 11
case.
Larry Feinstein, Esq., a partner at Vortman and the attorney who
will be handling the case, charges an hourly fee of $425.
Vortman can be reached through:
Larry B. Feinstein, Esq.
Vortman & Feinstein, PS
929 108th Ave NE, Suite 1200
Bellevue, WA 98004
Phone: 206-223-9595
Fax: 206-386-5355
Email: lbf@chutzpa.com
Email: feinstein1947@gmail.com
About Dry Eye Company
The Dry Eye Company, LLC filed a Chapter 11 petition (Bankr. W.D.
Wash. Case No. 18-12353), on June 14, 2018. In the petition signed
by Rebecca E. Petris, managing member, the Debtor estimated $50,000
to $100,000 in assets and $100,000 to $500,000 in liabilities. The
case has been assigned to Judge Christopher M. Alston.
EMMANUEL HEALTH: Unsecured Creditors to Get 100% Over 60 Months
---------------------------------------------------------------
Emmanuel Health Homecare, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Texas a disclosure statement
describing its plan of reorganization.
The Debtor's allowed general unsecured creditors will be paid 100%
of their claims with no interest in 60 monthly payments with the
first payment being due and payable on the 15th day of the first
month following 60 days after the Effective Date of the plan.
Pursuant to the liquidation analysis, there are $467,649.17 in
unsecured claims. The monthly payment will be approximately
$7,795.00.
Payments and distributions under the Plan will be funded through
income from the business.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/txsb18-32635-51.pdf
About Emmanuel Health Homecare
Emmanuel Health Homecare, Inc., is a home health care services
provider in Houston, Texas. The company is a small business debtor
as defined in 11 U.S.C. Section 101(51D).
Emmanuel Health Homecare filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy (Bankr. S.D. Tex. Case No.
18-32635) on May 21, 2018. In the petition signed by Joyce Jones,
R.N., CEO, the Debtor disclosed $161,200 in total assets and $1.30
million in total liabilities. Margaret Maxwell McClure, Esq., at
the Law Office of Margaret M. McClure, is the Debtor's counsel; and
In-Check Consulting, Payroll & Tax Service as its accountant.
ERNEST VICKNAIR: Gros' $230K Sale of Harahan Property Approved
--------------------------------------------------------------
Judge Jerry A. Brown of the U.S. Bankruptcy Court for the Eastern
District of Louisiana authorized Patrick J. Gros, the Disbursing
Agent of Ernest A. Vicknair, Jr., to sell the real property located
at 6387/6391 Jefferson Highway, Harahan, Louisiana to Kevin Marrone
for $230,000.
The sale is free and clear of all liens, claims, or interests, with
the liens, claims, or interests being referred and attaching to the
proceeds of the sale. The Jefferson Highway Property will be sold,
transferred, and delivered to the Purchaser on an "as is, where is"
basis without warranties as set forth in the Purchase Agreement.
The Disbursing Agent is authorized to receive and retain the net
proceeds of the Sale of the Jefferson Highway Property for
distribution pursuant to the terms of the Plan.
The Order will be effective immediately upon entry and no automatic
stay or execution pursuant to Rule 62(a) of the Federal Rules of
Civil Procedure or Bankruptcy Rule 6004(h) will apply with respect
to the Order.
The counsel for the Disbursing Agent will serve the Order on the
required parties who will not receive notice through the ECF system
pursuant to the Federal Rules of Bankruptcy Procedure and the Local
Rules of the Court and file a Certificate of Service to that effect
within three days.
About the Debtor
Ernest A. Vicknair, Jr., sought Chapter 11 protection (Bankr. E.D.
La. Case No. 17-11059) on April 27, 2017. The Debtor tapped Eric
J. Derbes, Esq., at The Derbes Law Firm, LLC, as counsel.
On April 9, 2018, the Court confirmed the Debtor's Plan of
Reorganization as of Dec. 4, 2017 with Immaterial Modifications as
of Feb. 28, 2018, recognizing and appointing Patrick J. Gros as the
Disbursing Agent.
On June 21, 2018, the Court appointed Tiffany Mohre as realtor.
ERNEST VICKNAIR: Gros' $25K Sale of Thibodaux Property Approved
---------------------------------------------------------------
Judge Jerry A. Brown of the U.S. Bankruptcy Court for the Eastern
District of Louisiana authorized Patrick J. Gros, the Disbursing
Agent of Ernest A. Vicknair, Jr., to sell the 25% interest in the
real property 1901 Talbot Avenue located in Thibodaux, Louisiana,
Parcel ID 001008290, together with all buildings and improvements
thereon and rights, ways, privileges and servitudes, thereunto
belonging and appertaining, to Sand W. Marmillion, or his designee,
for $25,000.
The sale is free and clear of all liens, claims, or interests, with
the liens, claims, or interests being referred and attaching to the
proceeds of the sale. The Debtors interests in the Talbot Property
will be sold, transferred, and delivered to the Purchaser on an "as
is, where is" basis without warranties.
The Disbursing Agent is authorized to receive and retain the net
proceeds of the Sale of the Debtor’s interests in the Talbot
Property for distribution pursuant to the terms of the Plan.
The Order will be effective immediately upon entry and no automatic
stay or execution pursuant to Rule 62(a) of the Federal Rules of
Civil Procedure or Bankruptcy Rule 6004(h) will apply with respect
to the Order.
The counsel for the Disbursing Agent will serve the Order on the
required parties who will not receive notice through the ECF system
pursuant to the Federal Rules of Bankruptcy Procedure and the Local
Rules of the Court and file a Certificate of Service to that effect
within three days.
About the Debtor
Ernest A. Vicknair, Jr., sought Chapter 11 protection (Bankr. E.D.
La. Case No. 17-11059) on April 27, 2017. The Debtor tapped Eric
J. Derbes, Esq., at The Derbes Law Firm, LLC, as counsel.
On April 9, 2018, the Court confirmed the Debtor's Plan of
Reorganization as of Dec. 4, 2017 with Immaterial Modifications as
of Feb. 28, 2018, recognizing and appointing Patrick J. Gros as the
Disbursing Agent.
On June 21, 2018, the Court appointed Tiffany Mohre and Kathy
Neugent as realtors.
FABRIC AVENUE: Seeks Approval of Proposed Plan Outline
------------------------------------------------------
According to a notice, Fabric Avenue, Inc., will file a motion on
Feb. 6, 2019 at 9:00 a.m. asking the U.S. Bankruptcy Court for an
order approving their proposed disclosure statement in support of
their plan of reorganization dated Dec. 21, 2018.
The Debtor asserts that the disclosure statement is an
all-inclusive document, which sets forth information about Fabric
Avenue's current financial condition and proposed plan of
reorganization in sufficient detail as reasonably practicable in
light of the condition of Fabric Avenue's books and records. The
disclosure statement provides a thorough background regarding
Fabric Avenue's business, before, leading up to, and throughout the
bankruptcy case.
The disclosure statement also discloses risk factors and other
consequences and procedures involved with the plan. It also
outlines an extensive confirmation process, including voting rights
and post-confirmation procedures. Finally, attached and disclosed a
list of all assets, financial statements, liquidation analysis, and
a schedule of all claims and amounts owed. Thus, the disclosure
statement contains adequate information to enable a party to make
an informed judgment about how to vote on the plan.
About Fabric Avenue Inc
Based in Los Angeles, California, Fabric Avenue, Inc., is a fabrics
supplier. It also is doing business as Cailey 22, Ileet Designs,
Fruit Shield, Red Tulips, Ethereal Los Angeles, Denim Avenue,
Xiory, and Fabric Chase.
The Company filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
17-17089) on June 9, 2017. The petition was signed by Samir F.
Masri, president. The Hon. Sandra R. Klein presides over the case.
Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver,
serves as bankruptcy counsel to the Debtor.
In its petition, the Debtor estimated $100,000 to $500,000 in
assets and $10 million to $50 million in total liabilities.
FINE LIGHT: Jan. 10 Disclosure Statement Hearing
------------------------------------------------
Judge Basil H. Lorch III of the U.S. Bankruptcy Court for the
Southern District of Indiana set a hearing to consider the
disclosure statement of Fine Light, Inc. and its affiliate, RMG
Communications LLC on January 10, 2019.
Judge Lorch III noted that any objections to the disclosure
statement are to be filed and served in accordance with Fed. R.
Bankr. P. 3017(a) at least 5 days prior to the hearing date.
Objections will be reviewed at the scheduled hearing.
About Fine Light, Inc.
Fine Light, Inc. dba Finelight and RMG Communications LLC dba Bloom
Marketing filed a Chapter 11 petition (Bankr. S.D. Ind. Case No.
16-01854 and Case No. 16-01855) on March 17, 2016, and is
represented by Wendy D. Brewer, Esq. and Caroline Ellona
Richardson, Esq., in Indianapolis, Indiana.
At the time of filing, Fine Light had $254,537 in total assets and
$15.76MM in total liabilities. On the other hand, RMG
Communications had $2,517 in total assets and $13.68MM in total
liabilities.
The petitions were signed by Kevin Todd, chief financial officer.
RMG Communications listed Cmedia Services, LLC as its largest
unsecured creditor holding a claim of $9.35 million.
A list of Fine Light's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/insb16-01854.pdf
A copy of RMG Communications' petition is available for free at:
http://bankrupt.com/misc/insb16-01855.pdf
FLIPDADDY'S LLC: Seeks to Hire Isaac Wiles as Special Counsel
-------------------------------------------------------------
Flipdaddy's, LLC, seeks approval from the U.S. Bankruptcy Court for
the Southern District of Ohio to hire Isaac, Wiles, Burkholder &
Teetor, LLC, as its special counsel.
The firm will advise the Debtor on corporate governance,
transaction and business-related matters.
The hourly rates for the firm's attorneys range from $160 to $495.
Timothy Miller, Esq., and David Whittaker, Esq., the attorneys who
will be providing the services, will charge $345 per hour and $350
per hour, respectively.
Isaac neither holds nor represents any interest adverse to the
Debtor and its bankruptcy estate, according to court filings.
The firm can be reached through:
Timothy E. Miller, Esq.
David Whittaker, Esq.
Isaac, Wiles, Burkholder & Teetor, LLC
Two Miranova Place, Suite 700
Columbus, OH 43215-5098
Phone: 614.221.2121
Fax: 614.365.9516
Toll Free: 800.337.0626
Email: tmiller@isaacwiles.com
Email: dwhittaker@isaacwiles.com
About Flipdaddy's LLC
Flipdaddy's, LLC, a/k/a Flipdaddy's Brillant Burgers and Craft Beer
Bar -- https://www.flipdaddys.com/ -- is a restaurant group with
four locations in Ohio and Kentucky. Flipdaddy's menu includes
salads, paninis, burgers, and beers. The Company was founded in
2010.
Flipdaddy's, LLC, filed a voluntary petition under Chapter 11 of
Title 11 of the United States Code (Bankr. S.D. Ohio Case No.
18-14408) on Dec. 6, 2018. In the petition signed by Thomas Sacco,
chief executive officer, the Debtor estimated $1 million to $10
million in both assets and liabilities. The Hon. Jeffery P.
Hopkins is the case judge. Diller and Rice, LLC, led by name
partner Steven L. Diller, represents the Debtor.
GOMEZ RENTALS: Jan. 18 Auction of Real Properties Set
-----------------------------------------------------
Judge Jim D. Pappas of the U.S. Bankruptcy Court for the District
of Idaho authorized Gomez Rentals, LLC's sale procedures and its
Asset Purchase Agreement with Sandton Credit Solutions Master Fund
III, L.P., as successor-in-interest to Wells Fargo Bank, in
connection with the sale of the real property located in Twin Falls
County, Idaho for $1.6 million; and the real property located in
McKenzie County, North Dakota for $2.7 million, together with any
and all appurtenances and water and water rights related to such
real property, and all fixtures currently located on the premises,
subject to higher and better offers.
A hearing on the Motion was held on Nov. 26, 2018.
The form of the Stalking Horse APA is approved and will serve as
the template for any competing bid pursuant to which the bidder
proposes to effectuate a purchase of the Assets. A bid also must
include a copy of a redline reflecting all changes to the Stalking
Horse APA requested by the bidder, including those related to
purchase price and to remove any provisions that apply only to the
Purchaser.
The Sale Procedures are approved and will govern all bids and sale
procedures relating to the sale contemplated by the Motion.
he salient terms of the Bidding Procedures are:
a. Bid Deadline: Jan. 16, 2019 at 5:00 p.m. (MDT)
b. Initial Bid: The initial Overbid, if any, will provide for
total consideration with a value that exceeds the value of the
consideration in the Baseline Bid by an incremental amount that is
not less than $50,000.
c. Deposit: $20,000 for the Twin Falls Property and $20,000
for the North Dakota Property
d. Auction: If at least one Qualified Bid other than that of
the Stalking Horse Bidder is received by the Bid Deadline, the
Debtor will hold an auction to determine the highest or otherwise
best Qualified Bid for the relevant property on Jan. 18, 2019 at
8:30 a.m. (MDT) at the offices of Angstman Johnson, 199 N. Capitol
Boulevard, Suite 200, Boise, ID 83702.
e. Bid Increments: $10,000
f. Sale Hearing: Jan. 18, 2019 at 10:30 a.m. (MDT)
g. Break-up Fee: $50,000
The notice of the Sale Hearing is approved as reasonably calculated
to provide creditors and other parties in interest with proper
notice of the Sale and Sale Procedures.
The Debtor files with the Court and serves through the Court’s
ECF system copies of the Sale Motion and the Sale Notice on all
interested parties within five days after entry of the Order.
The 14-day stay incorporated by Bankruptcy Rules 6004(h) and
6006(d) is not waived and objections to the conduct of the auction
are not waived if not made prior to the hearing on the Sale Motion.
The payment of Breakup Fee pursuant to the terms of the Stalking
Horse APA is not approved. However, in the event the Purchaser may
become eligible to payment of the Breakup Fee, the Purchaser is
authorized to file and set for hearing a motion seeking payment of
the Breakup Fee subject to the terms of the Stalking Horse APA and
approval by the Court.
The Order will be effective and enforceable immediately upon entry.
The sale may not be consummated unless there are sufficient funds
to pay the U.S. Trustee’s fees.
A copy of the Stalking Horse APA, the Sales Procedures, and the
Sale Notice attached to the Order is available for free at:
http://bankrupt.com/misc/Gomez_Rentals_63_Order.pdf
About Gomez Rentals
Gomez Rentals, LLC, is a lessor of real estate that owns in fee
simple 40 acres of land in Waftord City, North Dakota, valued at
$2.2 million and multiple parcels of land at 299 Addison Ave. W.,
Twin Falls, Idaho, valued at $1.19 million.
Gomez Rentals sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 18-40503) on June 11, 2018. In the
petition signed by John J. Gomez, member, the Debtor disclosed
$3.67 million in assets and $4.64 million in liabilities. Judge
Joseph M. Meier presides over the case. ANGSTMAN JOHNSON is the
Debtor's counsel.
HARD ROCK EXPLORATION: Trustee Taps Joe R. Pyle as Auctioneer
-------------------------------------------------------------
Robert Leasure, Jr., Chapter 11 trustee for Hard Rock Exploration,
Inc., seeks approval from the U.S. Bankruptcy Court for the
Southern District of West Virginia to hire an auctioneer.
The trustee proposes to employ Joe R. Pyle Complete Auction &
Realty Services to market assets of the company and its affiliates
and conduct an auction.
The trustee had earlier executed an asset purchase agreement under
which Pillar Energy, LLC will be the stalking horse bidder. Pillar
Energy made a $9.255 million cash offer to buy the assets.
Pyle will be compensated according to this fee structure: (i) a
$15,000 management fee; (ii) actual marketing expenses not to
exceed $42,500; and (iii) a 5% commission payable only if there is
a closing of a transaction for a price in excess of the stalking
horse purchase price.
The firm is "disinterested" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.
Pyle can be reached through:
Joe R. Pyle
Joe R. Pyle Complete Auction & Realty Services
5546 Benedum Drive
Shinnston, WV 26431
Phone: +1 304-592-6000
About Hard Rock Exploration
Founded in 2003, Hard Rock Exploration, Inc., and its affiliates
provide oil and gas exploration and production services in Virginia
and West Virginia. Hard Rock focuses on drilling horizontal
wells.
Hard Rock Exploration, Inc. and its affiliates filed a Chapter 11
petition (Bankr. S.D. W.Va. Lead Case No. 17-20459) on Sept. 5,
2017. The affiliates are Caraline Energy Company (Bankr. S.D.
W.Va. 17-20461); Brothers Realty, LLC (Bankr. S.D. W.Va. 17-20462);
Blue Jacket Gathering, LLC (Bankr. S.D. W.Va. 17-20463) and Blue
Jacket Partnership (Bankr. S.D. W.Va. 17-20464). In the petitions
signed by James L. Stephens, the Debtors' president, Hard Rock and
Caraline Energy each estimated assets of $10 million to $50 million
and liabilities of the same range.
The Hon. Frank W. Volk oversees the cases.
The Debtors were represented by Christopher S. Smith, Esq., at
Hoyer, Hoyer & Smith, PLLC and Taft A. McKinstry, Esq., at Fowler
Bell PLLC.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on October 18, 2017. The committee tapped
Whiteford, Taylor & Preston LLP as its legal counsel.
Robert W. Leasure Jr. was appointed as Chapter 11 trustee for the
Debtors on January 3, 2018. The trustee tapped Jackson Kelly PLLC
as his legal counsel, and LS Associates, LLC as his consultant.
HJH CONSULTING: Cash Flow from Business Operations to Fund Plan
---------------------------------------------------------------
The HJH Consulting Group, Inc., US Tax Recovery Partners, LLC, and
B2B Prospecting, LLC filed a joint disclosure statement explaining
their proposed plan of reorganization.
The Plan is simple in concept. The Debtors will continue to operate
their businesses as a going concern. The Debtors will be re-vested
with the property of the estates after the Plan is confirmed. The
Debtors will continue to operate the business of Debtors and pay
ordinary salaries and wages to employees and business expenses. The
Debtors anticipates that the business will be operated profitably
or break-even and that it will be able to pay its ordinary business
expenses.
Class 4 unsecured creditors will be paid 30 days after the
effective date of the Plan.
The Debtor discloses that it will not be generating any income
other than from the operation of the business. The Debtor does
anticipate to realize sufficient income to pay all claims pursuant
to the terms of the plan. It is anticipated that the cash flow from
the operation of his businesses will be sufficient to meet all the
fixed and contingent obligations for the Debtor under the Plan as
well as those incurred in the ordinary course of business. The
Debtor is sufficiently qualified to handle the operational,
financial and other problems likely to be encountered.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y9bpkgqm from Pacermonitor.com at no charge.
About HJH Consulting
Kerrville, Texas-based The HJH Consulting Group, Inc. d/b/a The
SALT Group -- http://www.thesaltgroup.com/-- is a consulting firm
specializing in operating cost and expense reduction reviews.
HJH and its affiliates US Tax Recovery Partners, LLC and B2B
Prospecting, LLC filed for Chapter 11 protection (Bankr. W.D. Tex.
Lead Case No. 18-50788) on April 2, 2018. In the petitions signed
by Harlan J. Hall, CEO, each Debtor listed assets of less than
$50,000, and liabilities ranging from $10 million to $50 million.
INTERTOUCH HOLDINGS: Seeks to Hire Klein LLC as Legal Counsel
-------------------------------------------------------------
interTouch Topco LLC and interTouch Holdings LLC seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Klein LLC as their legal counsel.
The firm will assist the Debtors in the preparation of a bankruptcy
plan, prosecute actions to protect their estates, and provide other
legal services related to their Chapter 11 cases.
Klein's hourly rates range from $250 to $600. The firm received a
retainer totaling $10,000 from ST Holdings LLC, a "third-party
non-debtor entity" for its services, according to court filings.
Julia Klein, Esq., managing member of Klein, disclosed in a court
filing that her firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Julia Bettina Klein, Esq.
Klein LLC
919 N. Market Street, Suite 600
Wilmington, DE 19801
Tel: (302) 438-0456
Email: klein@kleinllc.com
About interTouch Topco LLC and
interTouch Holdings LLC
interTouch is an integrated technology solutions provider based in
Westerville, Ohio. It offers international hotels with the
competitive edge needed to attract increasingly tech-savvy
travelers who want connectivity as well as interactivity at their
fingertips.
interTouch Topco LLC and interTouch Holdings LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 18-12773) on December 10, 2018.
At the time of the filing, interTouch Topco estimated assets of
less than $50,000 and liabilities of less than $50,000. interTouch
Holdings estimated assets of less than $50,000 and liabilities of
$500 million to $1 billion.
The case has been assigned to Judge Brendan Linehan Shannon.
INTERTOUCH HOLDINGS: Taps Momentum Advisors as Financial Advisor
----------------------------------------------------------------
interTouch Topco LLC and interTouch Holdings LLC seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Momentum Advisors as their financial advisor.
The firm will assist the Debtors' management in developing the
financial aspects of a restructuring plan; review various reporting
requirements of the court; assist management in the preparation of
an operating plan and long-term cash flow projections; participate
in negotiation with lenders and creditors; and provide other
financial services related to their Chapter 11 cases.
Robert Agarwal, a principal at Momentum Advisors, will lead the
engagement and will charge an hourly fee of $390. Other
professionals will also provide services as needed. Their hourly
rates range from $250 to $455.
The Debtors have agreed to pay the firm a retainer of $10,000.
Momentum Advisors is "disinterested" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Stephen E. Judge
Momentum Advisors
1489 Baltimore Pike
Building 100, Suite 104
Springfield, PA 19064
Phone: 484.291.1100
About interTouch Topco LLC and
interTouch Holdings LLC
interTouch is an integrated technology solutions provider based in
Westerville, Ohio. It offers international hotels with the
competitive edge needed to attract increasingly tech-savvy
travelers who want connectivity as well as interactivity at their
fingertips.
interTouch Topco LLC and interTouch Holdings LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 18-12773) on Dec. 10, 2018.
At the time of the filing, interTouch Topco estimated assets of
less than $50,000 and liabilities of less than $50,000. interTouch
Holdings estimated assets of less than $50,000 and liabilities of
$500 million to $1 billion.
The case has been assigned to Judge Brendan Linehan Shannon.
JAGUAR HEALTH: Will Host an Investor Call on January 7
------------------------------------------------------
Jaguar Health, Inc. announced that Company management will host a
conference call on Monday, Jan. 7, 2019 at 8 a.m. Eastern Time to
discuss 4Q'18 performance.
Dial-In Instructions for Conference Call
When: January 7, 2019 at 8 a.m. Eastern Time
Dial-in (US Toll Free): 800-289-0438
Dial-in (International): 323-794-2423
Conference ID number: 3695186
Live webcast on the investor relations section of Jaguar's website
Replay Instructions
Dial-in (US Toll Free): 844-512-2921
Dial-in (International): 412-317-6671
Conference ID number: 3695186
Replay of the webcast on the investor relations section of Jaguar's
website
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial
stage natural-products pharmaceuticals company focused on
developing novel, sustainably derived gastrointestinal products on
a global basis. Its wholly-owned subsidiary, Napo Pharmaceuticals,
Inc., focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas. Jaguar Health's
principal executive offices are located in San Francisco,
California.
Jaguar Health reported a net loss of $21.96 million for the year
ended Dec. 31, 2017, compared to a net loss of $14.73 million for
the year ended Dec. 31, 2016. As of Sept. 30, 2018, Jaguar Health
had $46.12 million in total assets, $26.79 million in total
liabilities, $9 million in series A convertible preferred stock,
and total stockholders' equity of $10.32 million.
BDO USA, LLP, in San Francisco, Calif., issued a "going concern"
opinion in its report on the consolidated financial statements for
the year ended Dec. 31, 2017, stating that the Company has suffered
recurring losses from operations and an accumulated deficit that
raise substantial doubt about its ability to continue as a going
concern.
JAMIE ONE: Unsecured Creditors to Recover 6% Under Amended Plan
---------------------------------------------------------------
Jamie One, LLC, d/b/a Early Learning Children's Academy, filed an
amended small business disclosure statement describing its proposed
plan of reorganization.
Class 3 under the amended plan consists of the general unsecured
class in the aggregate amount of approximately $1,500,000. This
class will receive quarterly payments of $5,000 paid on a pro rata
basis, beginning at the end of the first full quarter following the
Effective Date, with no interest, for a period of five years.
Estimated percent of claims paid is 6% but is dependent upon the
total of Class 3 claims filed and allowed.
Payments and distributions under the plan will be funded by the
following: revenues generated by the Debtor's operations; and
proceeds from recoveries of claims that the Debtor may have under
Chapter 5 of the code.
The only plan risk the Debtor foresees is a recession during the
term of the plan. However, the Debtor does not believe that a
recession will have an impact greater than a reduction of 5% to
possibly as much as 10% of the Debtor's gross revenues. In such
event, the Debtor should still be able to make all required plan
payments, as well as remain current on its operating expenses.
A copy of the Amended Disclosure Statement is available at
https://tinyurl.com/y8rgzb5c from Pacermonitor.com at no charge.
About Early Learning Children's Academy
Early Learning Children's Academy is in the childcare center and
kindergarten business. Its centers are located in Bensalem,
Buckingham, Fort Washington Rising Sun and Springfield.
Jamie One, LLC, doing business as Early Learning Children's
Academy, filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Penn. Case No. 18-17075) on Oct.
25, 2018. In the petition signed by John D. Hertzberg, member, the
Debtor estimated $500,000 to $1 million in assets and $1 million to
$10 million in liabilities.
The case is assigned to Judge Jean K. FitzSimon.
Harry J. Giacometti, Esq. at Flaster/Greenberg, P.C., is the
Debtor's counsel.
JOSEPH A. BRENNICK: $35K Sale of Wauchula Property to Tenerife OK'd
-------------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Joseph A. Brennick's sale of
the real property consisting of two lots located on Palmetto St.
West and 207 Palmetto St. West in Wauchula, Florida to Tenerife
Southwest Investments, Inc., for $35,000, cash.
A hearing on the Motion was held on Dec. 20, 2018, at 3:30 p.m.
The sale is free and clear of any and all liens, claims,
encumbrances and interests.
The Purchaser will pay $35,000 in cash at the closing of the
purchase and sale transaction as contemplated by the Contract in
accordance with the terms of the Contract and the Order.
The Seller will be responsible for the Closing Costs as further
detailed in the Contract, which will be paid from the proceeds from
the sale at the Closing. In addition, the Seller will be
authorized to pay any brokers' fees contemplated by the Contract,
in a total amount not to exceed 6%, which will be paid directly
from the proceeds from the sale at the Closing.
The remainder of the proceeds after payment of the Closing Costs
and the Broker Fees will be distributed to Wauchula State Bank.
The payment received by Wauchula State Bank will be applied to
reduce Wauchula State Bank's secured claim.
Ordinary and necessary pro-rations will be applied at the Closing
pursuant to the terms of the Contract, including pro-rations for
2018 real estate taxes, and for income and expenses from the Real
Property.
Notwithstanding Bankruptcy Rule 6004(g), and 6006(d) and 7062, the
Order is effective and enforceable immediately upon entry and there
is no reason for delay in the implementation of the Order.
Joseph A. Brennick sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 18-07874) on Sept. 18, 2018. The Debtor tapped Edward J.
Peterson, III, Esq., at Stichter, Riedel, Blain & Postler, P.A., as
counsel.
JOSEPH A. BRENNICK: $60K Sale of Wauchula Property to Parks Okayed
------------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Joseph A. Brennick's sale of
the real property consisting of five acres located on Vandolah Rd.
in Wauchula, Florida, to James E. and Sarah J.W. Parks for
$60,000.
A hearing on the Motion was held on Dec. 20, 2018, at 3:30 p.m.
The sale is free and clear of any and all liens, claims,
encumbrances and interests.
The Purchaser will pay $60,000 in cash at the closing of the
purchase and sale transaction as contemplated by the Contract in
accordance with the terms of the Contract and the Order.
The Seller will be responsible for the Closing Costs as further
detailed in the Contract, which will be paid from the proceeds from
the sale at the Closing. In addition, the Seller will be
authorized to pay any brokers' fees contemplated by the Contract,
in a total amount not to exceed 6%, which will be paid directly
from the proceeds from the sale at the Closing.
The remainder of the proceeds after payment of the Closing Costs
and the Broker Fees will be distributed to Wauchula State Bank.
The payment received by Wauchula State Bank will be applied to
reduce Wauchula State Bank's secured claim.
Ordinary and necessary pro-rations will be applied at the Closing
pursuant to the terms of the Contract, including pro-rations for
2018 real estate taxes, and for income and expenses from the Real
Property.
Notwithstanding Bankruptcy Rule 6004(g), and 6006(d) and 7062, the
Order is effective and enforceable immediately upon entry and there
is no reason for delay in the
implementation of the Order.
Joseph A. Brennick sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 18-07874) on Sept. 18, 2018. The Debtor tapped Edward J.
Peterson, III, Esq., at Stichter, Riedel, Blain & Postler, P.A., as
counsel.
KAIROS HOMES: Seeks to Hire Caleb Moore as Litigation Counsel
-------------------------------------------------------------
Kairos Homes, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire the Law Firm of Caleb Moore,
PLLC as its legal counsel.
The firm will assist the Debtor in pursuing claims tied to joint
ventures in which parcels of land were purchased, developed and
sold by the Debtor.
The firm charges an hourly fee of $300 for litigation. It received
an initial retainer of $5,000 from Brian Frazier, president of the
Debtor.
Caleb Moore neither represents nor holds any interest adverse to
the Debtor, according to court filings.
The firm can be reached through:
Caleb Moore, Esq.
Law Firm of Caleb Moore, PLLC
2205 Martin Drive, Suite 200
Bedford, TX 76021
Phone: 817-934-7944
Fax: 817-581-2540
About Kairos Homes
Kairos Homes, L.L.C. -- http://www.kairoshomesllc.com/-- is a home
builder in Fort Worth, Texas. Kairos Homes filed a Chapter 11
petition (Bankr. N.D. Tex. Case No. 18-43969) on Oct. 3, 2018. In
the petition signed by Brian Frazier, president, the Debtor
disclosed $3,006,914 in assets and $1,116,717 in liabilities. The
Hon. Mark X. Mullin presides over the case. John Park Davis, Esq.,
at Davis Law Firm, serves as bankruptcy counsel.
KEVIN FINNERTY: $200K Sale of Auburn Property to Oyarzun Approved
-----------------------------------------------------------------
Judge Arthur I. Harris of the U.S. Bankruptcy Court for the
Northern District of Ohio authorized Kevin Finnerty's sale of a
parcel of residential real property located at 16740 Messenger
Road, Auburn, Ohio, Permanent Parcel No. 01-087000, to Carlos F.
Oyarzun or his nominee for $200,000.
The sale of the Messenger Property will be "as is and where is and
with all faults" and no representations or warranties of any kind
are made by the Debtor; and free and clear of any and all liens,
encumbrances, claims or interests.
At closing, the Debtor is authorized to direct the title company to
disburse the proceeds from the Sale to the RBS Citizen Bank .A.
free and clear of any claim to the proceeds by the State of Ohio or
any other junior lien interest holder.
Kevin Finnerty sought Chapter 11 protection (Bankr. N.D. Ohio Case
No. 18-10515) on Jan. 31, 2018. The Debtor tapped Dennis J.
Kaselak, Esq., as counsel.
L REIT LTD: Seeks to Hire Hoover Slovacek as Legal Counsel
----------------------------------------------------------
L Reit, Ltd. and Beltway 7 Properties, Ltd. seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Hoover Slovacek LLP as their legal counsel.
The firm will advise the Debtors regarding the administration of
their Chapter 11 cases; represent them in negotiation with their
creditors; assist in the preparation of a plan of reorganization;
and provide other legal services related to their bankruptcy
cases.
Hoover Slovacek charges these hourly fees:
Edward Rothberg $500
Deirdre Carey Brown $360
Melissa Haselden $350
Curtis McCreight $325
Brendetta Scott $325
Financial Consultant $195
Legal Assistants/Paralegals $110 - $125
The firm received a pre-bankruptcy retainer of $96,034.37.
Hoover Slovacek is "disinterested" as defined in section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Melissa A. Haselden, Esq.
Edward L. Rothberg, Esq.
Deirdre Brown, Esq.
Vianey Garza, Esq.
5051 Westheimer, Suite 1200
Houston, TX 77056
Telephone: 713.977.8686
Facsimile: 713.977.5395
E-mail: haselden@hooverslovacek.com
E-mail: rothberg@hooverslovacek.com
E-mail: brown@hooverslovacek.com
E-mail: garza@hooverslovacek.com
About L REIT Ltd. and Beltway
7 Properties Ltd.
L REIT, Ltd. is a privately-held lessor of real estate based in
Houston, Texas. Its principal assets are located at 7900, 7904,
7906, 7908, 7840, and 7850 N. Sam Houston Parkway, and 10740 N.
Gessner Road, Houston, Texas.
Beltway 7 Properties, Ltd. retains a 99% ownership interest in L
Reit and is its sole limited partner.
L REIT and Beltway 7 Properties sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 18-36881)
on December 5, 2018.
At the time of the filing, L REIT estimated assets of $50 million
to $100 million and liabilities of $50 million to $100 million.
Beltway estimated assets of $1 million to $10 million and
liabilities of $1 million to $10 million.
The cases have been assigned to Judge David R. Jones.
LASTING IMPRESSIONS: Unsecureds to Receive $713/Mo. Under New Plan
------------------------------------------------------------------
Lasting Impressions Landscape Contractors, Inc., filed an amended
disclosure statement in connection with its proposed plan of
reorganization dated Dec. 21, 2018.
The treatment of Class 33 unsecured claims has been modified. The
Allowed Unsecured Claims will receive Cash Distributions from Cash
Flow anticipated to represent a minimum of 5% of their Face Amount
of the Allowed Claims in Pro Rata distribution on their Allowed
Amount over 120 months from the Effective Date in adjustable
monthly installments. This dividend may increase should Reserves
exist; however, this 5% will act as a minimum Cash Disbursement for
Allowed Unsecured Claims. The threshold minimum Allowed Unsecured
Claims will receive monthly is $713.12 based on upon $85,574.42
which is 5% of $1,711,488.45.
Subject to the use of any necessary Revenues, Cash Distributions
from Cash Flow will be in the priority of payments required by
Title 11 and as demonstrated in greater detail by the pro forma(s)
which will later adjoin the Amended Disclosure Statement to the
Plan. Accordingly, Class 33 Claims are not receiving all Cash
Distributions from Cash Flow, but rather only those Cash
Distributions which are more fully set forth in the pro forma(s)
referenced.
A copy of the Amended Disclosure Statement is available at
https://tinyurl.com/yb3f6rjg from Leagle.com.
About Lasting Impressions
Lasting Impressions Landscape Contractors, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
15-24433) on October 16, 2015, disclosing under $1 million in both
assets and liabilities. The Debtor is represented by John Douglas
Burns, Esq., at The Burns Law Firm, LLC.
No official committee of unsecured creditors has been appointed in
the case.
LOCKWOOD HOLDINGS: Lenders to Contribute $2.8MM to Joint Plan
-------------------------------------------------------------
Lockwood Holdings, Inc., and affiliates, the Prepetition Lenders,
and the Official Committee of Unsecured Creditors filed a
disclosure statement for their compromise joint chapter 11 plan
dated Dec. 21, 2018.
The Plan constitutes a compromise and settlement among the Debtors,
the Committee, and the Prepetition Lenders: the Estate's claims
asserted in the Second Galveston Action and the Committee
Litigation will be settled and dismissed with prejudice, the
Prepetition Lenders will contribute $2.8 million to pay
administrative expense claims; a Creditor Trust will be formed for
the benefit of holders of Allowed General Unsecured Claims and the
Prepetition Lenders' Deficiency Claims; and the proceeds of the
various asset sales approved by the Bankruptcy Court will be turned
over to the Prepetition Lenders.
The assets of the Creditor Trust will be compromised of the
following: (i) all Causes of Action owned by the Debtors or their
respective Estates, except as the same may be dismissed, settled or
released pursuant to the Plan; (ii) the net proceeds from the sale
of the Houston Oaks Property; (iii) the net proceeds from the sale
of a certain aircraft hangar owned by 7807, less $30,885.18 which
will be paid to the Prepetition Lenders; (iv) all proceeds of any
of the Debtors' insurance policies relating to employee theft or
misconduct, or claims against the Debtors' prepetition directors
and officers; (v) the equity interests the Debtors' foreign
subsidiaries; (vi) accounts receivable from the Debtors' Canadian
operations, regardless of whether such receivables have previously
been converted to cash; (vii) any portion of the Prepetition
Lenders' Contribution remaining after payment of Allowed
Administrative Expense Claims; and (viii) any other property of the
Estate not otherwise distributed pursuant to the terms of the
Plan.
Each holder of an Allowed General Unsecured Claim in Class 4 will
receive a Class B Interest in the Creditor Trust and thereafter
receive Cash distributions from the Creditor Trust. Distributions
to holders of Allowed General Unsecured Claims who receive a Class
B Interest will be on a Pro Rata basis with all other Class B
Interest holders. Proceeds of the Creditor Trust will be split
50/50 between the holders of Class A Interests and the holders of
Class B Interests. Holders of General Unsecured Claims are impaired
under the Plan and entitled to vote.
For the avoidance of doubt, the limited substantive consolidation
described in the Plan will not affect the legal and corporate
structures of the Debtors. In addition, such consolidation will not
constitute a waiver of the mutuality requirement for setoff under
section 553 of the Bankruptcy Code.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y9s3dvkp from Pacermonitor.com at no charge.
About Lockwood Holdings
Lockwood Holdings, Inc. -- https://www.lockwoodint.com/ -- is a
privately-owned company headquartered in Houston, Texas, that
offers carbon steel pipe, carbon steel fittings & flanges,
stainless steel pipe, stainless steel fittings & flanges, valves,
valve automation, and engineered products. The company also
provides services from MRO (maintenance, repair and operations) to
large-scale projects, including design, engineering, automation,
production, QA/QC, documentation, inspection, expedition and field
service. Other in-house capabilities include light manufacturing
and machining, modification, repair and NDE testing.
Lockwood Holdings, Inc., sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 18-30197) on Jan. 18, 2018. Its affiliates LH
Aviation, LLC (Case No. 18-30198) and Piping Components, Inc. (Case
No. 18-30199) filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code on Jan. 24, 2018.
The cases are jointly administered and are pending before Judge
David R Jones.
In the petitions signed by CEO Michael F. Lockwood, Lockwood
Holdings estimated assets in the range of $10 million to $50
million and $50 million to $100 million in debt. LH Aviation and
Piping Components estimated their assets in the range of $0 to
$50,000 and $50 million to $100 million in debt.
The Debtors tapped Jason S. Brookner, Esq., at Gray Reed & McGraw
LLP as counsel, and Spagnoletti & Co. as their special litigation
counsel. Imperial Capital, LLC, is the Debtors' investment banker;
and jetAVIVA, LLC, is the aircraft broker. The Court appointed
Keen-Summit Capital Partners, LLC as the Debtors' real estate
broker, and Imperial Capital, LLC as their investment banker.
The U.S. Trustee appointed an official committee of unsecured
creditors. The Committee tapped McKool Smith, P.C., as its legal
counsel, and Stout Risius Ross, LLC, as financial advisor.
MANSFIELD BOAT: Seeks to Hire Argus to Manage Properties
--------------------------------------------------------
Mansfield Boat and RV Storage, LLC, seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain Argus
Professional Storage Management, LLC.
The firm will continue to manage the Debtor's properties located at
1945 FM 157 and 305 Smith Street, Mansfield, Texas.
The Debtor will pay the firm a monthly fee of $2,000 or 6% of the
gross revenues per month from the operation of its properties,
whichever is greater. Additionally, the firm will be paid a
"one-time set-up fee" of $2,500 within 30 days after execution of
their agreement.
Argus does not represent any interest adverse to the Debtor,
according to court filings.
The firm can be reached through:
Korey L. Hanson
Argus Professional Storage Management, LLC
2993 S. Peoria St., Suite 105
Aurora, CO 80014
1-800-55-STORE phone
303-317-5334 fax
Email: info@argus-realestate.com
About Mansfield Boat and RV Storage
Mansfield Boat and RV Storage, LLC, operates a self-storage
facility in Mansfield, Texas.
Mansfield Boat and RV Storage sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 18-33926) on Dec.
3, 2018. At the time of the filing, the Debtor estimated assets of
$10 million to $50 million and liabilities of $1 million to $10
million. The case is assigned to Judge Harlin DeWayne Hale. The
Debtor tapped Lusky & Associates, P.C., as its legal counsel.
MATRIX BROADCASTING: Files Amended Chapter 11 Plan of Liquidation
-----------------------------------------------------------------
Matrix Broadcasting, LLC and Matrix Broadcasting Holdings, LLC
filed a disclosure statement in support of their amended chapter 11
plan of liquidation, dated Dec. 21, 2018, which provides for the
liquidation of the Debtors' assets.
Class 4 under the plan consists of all General Unsecured Claims.
Each Holder of an Allowed General Unsecured Claim will receive Cash
in an amount equal to 100% of the amount of its Allowed General
Unsecured Claim, without interest, on or as soon as practicable
after the later of the Effective Date and the date on which such
General Unsecured Claim becomes an Allowed General Unsecured
Claim.
Prior to the Effective Date, the Debtors will continue to operate
their businesses subject to all applicable requirements of the
Bankruptcy Code and the Bankruptcy Rules. The Plan contemplates and
is predicated upon the Sale, the transfer of the Property and
Station Assets to Purchaser on the Effective Date, the dissolution
of the Debtors and the liquidation of the Estates. The Purchaser
will be Alpha Media or its designee.
All consideration necessary for the payment or tender of
Distributions under the Plan will be derived from (i) Cash on hand
on the Effective Date; (ii) Cash proceeds received by the Debtors
from the Purchaser or paid directly by the Purchaser to fund
Distributions; (iii) the assumption of the Assumed Liabilities by
the Purchaser; and (iv) the settlement of Digity's and Alpha's
Claims against the Debtors and their Estates in accordance with the
Plan and the APA. Any such contributions of Cash by the Purchaser
to fund Distributions under the Plan, as well as the settlement by
Digity and Alpha of their Claims against the Debtors and their
Estates, will be deemed to have been contributed directly by the
Purchaser and Digity, as applicable, to the recipients of such
Distributions in exchange for the injunctions and releases provided
in the Plan.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y8yetsc5 from PacerMonitor.com at no charge.
About Matrix Broadcasting
Matrix Broadcasting, LLC owns and operates two radio stations, WZSR
(105.5 FM, "The Star") and WFXF (103.9 FM, "The Fox"). The
Stations are operated from Matrix's studios in Crystal Lake,
Illinois. Matrix Broadcasting Holdings, LLC, which previously
served as the sole member of Matrix, has no operations or assets
but is a guarantor of Matrix's senior secured obligations. The
Company was formed out of the 2014 acquisition by Digity Companies,
LLC, of 33 radio stations from NextMedia Group Inc., which itself
successfully emerged from Chapter 11 in 2010.
Matrix Broadcasting, LLC, and Matrix Broadcasting Holdings, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
Tex. Case No. 18-31045 and 18-31046) on March 27, 2018. In its
petition signed by Peter Handy, CEO, Matrix LLC disclosed $1
million to $10 million in assets and $1 million to $10 million in
liabilities. Matrix Holdings, LLC disclosed $0 to $50 million in
assets and $1 million to $10 million in liabilities.
The Hon. Christine M. Gravelle presides over the case.
The Debtors tapped Michael P. Cooley, Esq., Keith M. Aurzada,
Esq.,and Lindsey L. Robin, Esq., of Bryan Cave LLP as bankruptcy
counsel.
MEEKER NORTH: Plan Filing Period Moved to March 21
--------------------------------------------------
Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the
Northern District of Georgia granted the request of Meeker North
Dawson Nursing, LLC to extend the filing and soliciting acceptances
of the Chapter 11 plan to March 21, 2019.
About Meeker North Dawson Nursing
Meeker North Dawson Nursing, LLC, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-56883) on
April 24, 2018. In the petition signed by Christopher F. Brogdon,
managing member, the Debtor estimated assets of less than $50,000
and liabilities of less than $1 million.
Theodore N. Stapleton P.C. serves as its legal counsel; and Synergy
Healthcare Resources, LLC, as its financial advisor.
Daniel M. McDermott, the U.S. Trustee for Region 21, appoints
William J. Whited as the patient care ombudsman in the Chapter 11
case of Meeker North Dawson Nursing, LLC.
MIAMI VALLEY: Seeks to Hire Steven Hill as Financial Advisor
------------------------------------------------------------
Miami Valley Indoor Golf, LTD., LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to hire a
business consultant and financial advisor.
The Debtor proposes to employ Steven Hill to provide services,
including budgeting and consultation regarding financial, business
and accounting matters.
Mr. Hill will charge an hourly fee of $100. He received payment of
$100 prior to the petition date.
Mr. Hill disclosed in a court filing that he neither holds nor
represents any interest adverse to the Debtor and its bankruptcy
estate.
About Miami Valley Indoor Golf
Based in Dayton, Ohio, Miami Valley Indoor Golf LTD., doing
business as Miami Valley Sports Bar, filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio
Case No. 18-33575) on Nov. 26, 2018. The Debtor estimated up to
$50,000 in assets and $500,001 to $1 million in liabilities. Denis
E. Blasius, Esq., and the Law Offices of Ira H. Thomsen serve as
the Debtor's counsel.
MICROVISION INC: Receives Nasdaq Global Listing Deficiency Notice
-----------------------------------------------------------------
MicroVision, Inc. received a notice on Dec. 28, 2018 from The
Nasdaq Stock Market advising the company that for 30 consecutive
business days preceding the date of the notice, the bid price of
the company's common stock had closed below the $1.00 per share
minimum required for continued listing on The Nasdaq Global Market
pursuant to Nasdaq's listing requirements. In accordance with
Nasdaq's listing rules, the company has 180 calendar days, or until
June 26, 2019, to regain compliance with this requirement. This
notification is simply a notice of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of
MicroVision's common stock on The Nasdaq Global Market at this
time.
During the 180-day compliance period, MicroVision can regain
compliance if the bid price of its common stock closes at $1.00 or
higher for a minimum of ten consecutive business days. If the
company does not regain compliance by June 26, 2019, Nasdaq will
notify the company that its securities are subject to delisting.
The company is monitoring the bid price for its common stock. The
company continues to execute its business plan and will consider
other actions that it may take in order to regain compliance with
the listing requirements.
About MicroVision
Based in Redmond, Washington, MicroVision, Inc. --
http://www.microvision.com/-- is the creator of PicoP scanning
technology, an ultra-miniature laser projection and sensing
solution for mobile consumer electronics, automotive head-up
displays and other applications. PicoP scanning technology is
based on the Company's patented expertise in micro-electrical
mechanical systems (MEMS), laser diodes, opto-mechanics, and
electronics and how those elements are packaged into a small form
factor, low power scanning engine that can display, interact and
sense, depending on the needs of the application.
MicroVision incurred net losses of $24.24 million in 2017, $16.47
million in 2016, and $14.54 million in 2015. As of Sept. 30, 2018,
the Company had $29.97 million in total assets, $17.92 million in
total liabilities and $12.04 million in total shareholders'
equity.
Moss Adams LLP, in Seattle, Washington, the Company's auditor since
2012, issued a "going concern" opinion in their report on the
consolidated financial statements for the year ended Dec. 31, 2017,
stating that the Company has suffered recurring losses from
operations and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.
MILIO INTERNATIONAL: Seeks to Hire Lamey Law Firm as Legal Counsel
------------------------------------------------------------------
Milio International Limited seeks approval from the U.S. Bankruptcy
Court for the District of Minnesota to hire Lamey Law Firm, P.A. as
its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
Lamey Law Firm charges these hourly fees:
John Lamey III, Esq. $335
Associate Attorneys $250
Contract Attorneys $250
Law Clerks $150
Paralegals $130
The firm received a $10,000 retainer from the principal of the
Debtor for pre-bankruptcy services and the court filing fee.
Lamey Law does not have any relationship with the Debtor's
creditors and other "parties in interest," according to court
filings.
The firm can be reached through:
John D. Lamey, III, Esq.
Lamey Law Firm, P.A.
980 Inwood Avenue North
Oakdale, MN 55128
Phone: (651) 309-8180 / (651) 209-3550
Email: bankrupt@lameylaw.com
Email: jlamey@lameylaw.com
About Milio International Limited
Milio International Limited is a crude and products trading firm
with supporting activities across the O&G spectrum, including
upstream, midstream and downstream fuel operations and
infrastructure.
Milio International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 18-34017) on December 30,
2018. At the time of the filing, the Debtor disclosed $6,000,000
in assets and $73,008,113 in liabilities.
The case has been assigned to Judge William J. Fisher.
MISSION COAL: Court Official Seeks Appointment of Fee Examiner
--------------------------------------------------------------
Thomas Corbett, U.S. bankruptcy administrator, asked the U.S.
Bankruptcy Court for the Northern District of Alabama to authorize
the appointment of Direct Fee Review, LLC as fee examiner.
The firm will review all applications for reimbursement of fees and
expenses submitted by bankruptcy professionals employed in the
Chapter 11 cases of Mission Coal Company, LLC and its affiliates.
DFR charges an hourly fee of $225 for the services of its
accountant Don Oliver and W. Joseph Dryer.
Mr. Oliver disclosed in a court filing that the firm and its
members neither hold nor represent any interest adverse to the
Debtors and their bankruptcy estates.
DFR can be reached through:
Don F. Oliver
Direct Fee Review LLC
1000 N. West Street, Suite 1200
Wilmington DE 19801
Tel: 302-295-5095
Email: dfr.dfo@gmail.com
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employs 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq. of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq., of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MISSION COAL: Feb. 27 Auction of Substantially All Assets Set
-------------------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama authorized the bidding procedures of
Mission Coal Co., LLC and its debtor-affiliate and their purchase
agreement with New Coal Acquisition Co., LLC in connection with the
sale of substantially all their assets for $145 million, subject to
overbid.
These dates and deadlines are approved (and may be amended from
time to time by the Debtors in consultation with the Consultation
Parties by filing an appropriate notice on the Court's docket and
posting such notice on the website of the Debtors' notice and
claims agent, Omni Management Group at
https://omnimgt.com/sblite/missioncoal/:
a. Bid Deadline: Feb. 13, 2019 at 4:00 p.m. (PCT)
b. The date and time of the Auction, if needed, is Feb. 27,
2019 at 10:00 a.m. (PET), which time may be extended by the
Debtors, with the consent of the DIP Lenders and in consultation
with the other Consultation Parties, upon written notice filed with
the Court, to be held at the offices of Kirkland & Ellis LLP,
located at 601 Lexington Avenue, New York, New York 10022. The
Debtors will send written notice of the date, time, and place of
the Auction to Qualified Bidders no later than two business days
before such Auction, and will post notice of the same no later than
two business days before such Auction on Omni's website at
https://omnimgt.com/sblite/missioncoal/.
c. Sale Objection Deadline: March 6, 2019 at 4:00 p.m. (PCT)
d. Sale Hearing: March 20, 2019 at 10:00 a.m. (PCT)
Other salient terms of the Bidding Procedures are:
a. Initial Bid: At a minimum, each Bid seeking to acquire all
of the Debtors' assets that are the subject of the Opening Bid must
have a Purchase Price that in the Debtors' reasonable business
judgment, after consultation with the Consultation Parties, has a
monetary value equal or greater than the aggregate Assumed
Liabilities, the Credit Bid and Release contemplated by the Opening
Bid (i.e., $145 million), plus the Cash Consideration (i.e.,
approximately $38 million), plus $1 million in cash or cash
equivalents; or at a minimum, each Bid seeking to acquire
individual assets or combinations of assets that are less than all
of the Debtors' assets must have a Purchase Price that in the
Debtors' reasonable business judgment, after consultation with the
Consultation Parties, has a value, individually or in conjunction
with one or more other Bids, that satisfies the criteria for being
a Qualified Bid. Any Partial Bid must include an allocation of the
Purchase Price with respect to the applicable mines such Partial
Bid seeks to acquire and state whether the Bidder is willing to
purchase any of the Assets included in the Bid individually, and if
so, the Bid must state the price the Bidder would pay for each such
Asset.
b. Deposit: 10% of the aggregate cash Purchase Price of the
Bid
c. Bid Increments: The Debtors shall, in consultation with the
Consultation Parties announce at the Auction.
Any Qualified Bidder who has a valid and perfected lien on any
Assets of the Debtors' estates and the right and power to credit
bid claims secured by such liens, will have the right to credit bid
all or a portion of such Secured Creditor's secured claims. A
Secured Creditor will not be entitled to any Bid Protections. The
Opening Bidder will have the right (including as part of any
applicable Overbid) to credit bid all or a portion of the value of
the secured portion of its claims for the Assets, including any
secured claims on account of its adequate protection liens, which
amount will be no less than approximately $203,340,782, plus all
accrued and unpaid interests.
The Waid Settlement Fund Plaintiffs in the case of JoAnn Waid, et
al. v. Seneca North American Coal, LLC, et al, Case Number CV
04-1234, assert the following position: "Among the Debtors' assets
is an easement on certain properties adjacent to its coal
preparation plant located at 1500 Concord Mine Road, Hueytown,
Alabama. The Claimants believe that assumption of the easement
will require a cure in accordance with the Debtors' settlement
documents with the counter-parties thereto." The Debtors do not
concede that any of the statements made in this paragraph 16 are
factually or legally accurate and reserve all of their rights with
respect thereto, including responding to any objections made to the
Sale. Additional information regarding the Claimants’ position
can be obtained from the Attorney for the Claimants, Walter F.
McArdle; Phone Number- 205-581-6295.
The form of Sale Notice is approved. On three business days after
the entry of the Order, the Debtors will serve the Bidding
Procedures Order and Bidding Procedures upon all interested
parties. The Assumption and Assignment Procedures set forth in the
Bidding Procedures Motion regarding the assumption and assignment
of the Assigned Contracts proposed to be assumed by the Debtors and
assigned to a Successful Bidder are approved.
On Jan. 14, 2019, the Debtors will file with the Court and serve
the Cure Notice on all Contract Counterparties, and post the Cure
Notice to the Case Website
(https://omnimgt.com/sblite/missioncoal/). The objection deadline
is Feb. 11, 2019 at 4:00 p.m. (PCT).
Notwithstanding anything to the contrary in the Motion or the
Order, the relief set forth will be subject to the terms,
conditions, limitations, and requirements of the Final DIP Order.
The terms and conditions of the Order will be immediately effective
and enforceable upon its entry.
A copy of the Bidding Procedures and Sale Notice attached to the
Motion is available for free at:
http://bankrupt.com/misc/Mission_Coal_490_Order.pdf
About Mission Coal Company
Mission Coal Company LLC and its subsidiaries are engaged in the
mining and production of metallurgical coal, also known as "met"
coal, which is a critical component of the steelmaking process.
The Company is headquartered in Kingsport, Tennessee and operate
subterranean, surface, and longwall mining complexes in West
Virginia and Alabama. The Company employs 1,075 individuals on a
full-time or part-time basis.
Mission Coal and 10 of its subsidiaries filed for bankruptcy
protection in the U.S. Bankruptcy Court for the Northern District
of Alabama (Birmingham) on Oct. 14, 2018, with Lead Case No.
18-04177. In the petition signed by CRO Kevin Nystrom, Mission
Coal estimated assets and liabilities of $100 million to $500
million.
Daniel D. Sparks, Esq. and Bill D. Bensinger, Esq. of Christian &
Small LLP, as well as James H.M. Sprayregen, P.C., Brad Weiland,
Esq., and Melissa N. Koss, Esq., of Kirkland & Ellis LLP and
Kirkland & Ellis International LLP, serve as counsel to the
Debtors. The Debtors also tapped Jefferies LLC as investment
banker, Zolfo Cooper LLC as financial advisor, and Omni Management
Group as notice and claims agent.
On Oct. 25, 2018, the Bankruptcy Administrator for the Northern
District of Alabama appointed the Official Committee of Unsecured
Creditors. The Committee retained Lowenstein Sandler LLP, as
counsel; Baker Donelson Bearman Caldwell & Berkowitz, PC, as local
counsel; and Berkeley Research Group, LLC, as financial advisor.
MOUNTAIN INVESTMENTS: Default Provision Added in 3rd Amended Plan
-----------------------------------------------------------------
Mountain Investments, LLC, filed a third amended disclosure
statement in connection with its chapter 11 plan of reorganization
dated Dec. 21, 2018.
In this latest filing, the Debtor disputes the secured claims of
Specialized Loan Servicing, LLC and U.S. Bank Trust N.A. in class 5
and 6 respectively. Debtor believes that both Creditors have not
taken into account all payments tendered by Debtor. If Debtor is
unable to reach a compromise regarding the claim amount, Debtor
reserves the right to file an objection to Creditors' claims.
A default provision has also been added which states that upon
Debtor's default in making any payments required by the Plan of
Reorganization, the Creditor may serve written notice of default to
Debtor and Debtor's attorney. If Debtor fails to cure the default
within 15 days after mailing such notice, Creditor may file and
serve a declaration under penalty of perjury specifying the
default, together with a proposed order allowing Creditor to
proceed with its state law remedies, which the Court may grant
without further notice or hearing.
A copy of the Third Amended Disclosure Statement is available at
https://tinyurl.com/yb9rs6d3 from Pacermonitor.com at no charge.
About Mountain Investments
Mountain Investments, LLC, fdba WIS Holdings, LLC fdba Wealth
Investment Solutions, LLC filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 16-50906), on March 28, 2016. The petition was signed
by Michael T. Noble, managing member. The case is assigned to Judge
Stephen L. Johnson. The Debtor is represented by Ralph P. Guenther,
Esq. at Dougherty & Guenther, APC. At the time of filing, the
Debtor had estimated $1 million to $10 million in both assets and
liabilities.
MR MILCENT: Seeks to Hire Andril & Espinosa as Legal Counsel
------------------------------------------------------------
Mr. Milcent & Sons, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Andril & Espinosa, LLC
as its legal counsel.
The firm will assist the Debtor in the preparation of a bankruptcy
plan and will provide other legal services related to its Chapter
11 case.
Andril & Espinosa will charge an hourly fee of $350. The firm
requested an initial retainer of $4,500.
The firm is "disinterested" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.
Andril & Espinosa can be reached through:
Antonio R. Espinosa, Esq.
Andril & Espinosa, LLC
534 Westfield Ave.
Elizabeth, NJ 07208
Phone: (908) 558-0100
Email: andespbk@gmail.com
About Mr. Milcent & Sons
Mr. Milcent & Sons, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 18-34191) on Dec. 9, 2018.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.
NATIONAL AUTO: Committee Taps Genovese Joblove as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of National Auto
Lenders, Inc., seeks authority from the U.S. Bankruptcy Court for
the Southern District of Florida (Miami) to retain Paul J.
Battista, Esq. and the law firm of Genovese Joblove & Battista,
P.A., as counsel to the Committee nunc pro tunc to Dec. 18, 2018.
The Committee requires GJB to:
a. advise the Committee with respect to its rights, powers and
duties in this chapter 11 case as enumerated in Sections 1102 and
1103 of the Bankruptcy Code;
b. assist and advise the Committee in its investigation of the
acts, conduct, assets, liabilities and financial condition of the
Debtor and the operation of the Debtor's business;
c. assist and advise the Committee in its consultations and
negotiations with the Debtor relative to the administration of this
chapter 11 case;
d. assist and advise the Committee about all relevant matters
that arise in this chapter 11 case, including cash collateral
issues, dealings with the Debtor's senior secured creditors, and
evaluating the prospect of a plan of reorganization, including the
negotiation and development of such a plan;
e. draft and file any and all pleadings and documents on
behalf of the Committee in this chapter 11 case as may be necessary
to further the interests and objectives of the Committee;
f. appear on behalf of the Committee at all hearings,
depositions, meetings and other proceedings in this chapter 11
case;
g. assist and advise the Committee with respect to its
communication with the general creditor body regarding significant
matters in this chapter 11 case;
h. review and analyze all applications, motions, orders, and
schedules filed with the Court in this chapter 11 case and advise
the Committee in connection therewith; and
i. perform such other legal services as may be required by the
Committee and are deemed by the Committee to be in its best
interests.
GJB's professionals bill at these hourly rates:
Paul J. Battista, Esq., Partner $495
Glenn D. Moses, Esq., Partner $425
Associate Attorneys $200 to $650
Legal Assistants/Paralegals $125 to $195
Paul J. Battista, Esq. and the law firm of Genovese Joblove &
Battista, P.A., attests that GJB is a "disinterested" person as
such term is defined in 11 U.S.C. Sec. 101(14) and has no
connection with the Debtor, its creditors or any other party in
interest which would impair GJB's disinterestedness or otherwise
preclude GJB from representing the Committee.
The counsel can be reached at:
Paul J. Battista, Esq.
Genovese Joblove & Battista, P.A.
100 Southeast Second Street, 44th Floor
Miami, FL 33131
Tel: (305) 349-2300
Fax: (305) 349-2310
About National Auto Lenders
National Auto Lenders, Inc. -- http://www.nalenders.com/-- is a
non-prime auto finance company that purchases loans from auto
dealers. It has been established for more than 20 years and buys
loans in multiple states. National Auto Lenders is headquartered
in Miami, Florida.
National Auto Lenders, Inc. filed a voluntary petition for relief
under chapter 11 of title 11 of the United States Code (Bankr. S.D.
Fla. Case No. 18-24586) on Nov. 23, 2018. In the petition signed
by Dania Ramos-Infante, vice president, CFO, and COO, the Debtor
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities. Judge Laurel M. Isicoff presides over
the case. Berger Singerman LLP, led by Paul Steven Singerman, is
the Debtor's counsel.
The U.S. Trustee for Region 21 on Dec. 4 appointed nine creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of National Auto Lenders, Inc.
NATIONAL AUTO: Committee Taps KapilaMukamal as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of National Auto
Lenders, Inc., seeks authority from the U.S. Bankruptcy Court for
the Southern District of Florida (Miami) to retain Soneet Kapila,
CPA and the firm of KapilaMukamal, LLP, as financial advisors to
the Committee nunc pro tunc to December 17, 2018.
The Committee requires KM to:
a. assist and advise the Committee in its investigation of the
acts, conduct, assets, liabilities and financial condition of the
Debtor and the operation of the Debtor's business;
b. assist and advise the Committee in its consultations and
negotiations with the Debtor relative to the administration of this
chapter 11 case;
c. assist and advise the Committee about all relevant matters
that arise in this chapter 11 case, including cash collateral
issues, dealings with the Debtor's senior secured creditors, and
evaluating the prospect of a plan of reorganization, including the
negotiation and development of such a plan; and
d. perform such other accounting and financial advisory
services as may be required by the Committee and are deemed by the
Committee to be in its best interests.
The current hourly rates for the accountants range between $150 and
$570.
Sonet R. Kapila, CPA, founding partner of KapilaMukamal, LLP, KM is
a "disinterested person" as such term is defined in 11 U.S.C. Sec.
101(14) and has no connection with the Debtor, its creditors or any
other party in interest which would impair KM's disinterestedness
or otherwise preclude KM from advising the Committee.
The firm can be reached at:
Sonet R. Kapila, CPA
KapilaMukamal, LLP
Kapila Building
1000 South Federal Hwy, Suite 200
Fort Lauderdale, FL 33316
Phone: 954-761-1011
About National Auto Lenders
National Auto Lenders, Inc. -- http://www.nalenders.com/-- is a
non-prime auto finance company that purchases loans from auto
dealers. It has been established for more than 20 years and buys
loans in multiple states. National Auto Lenders is headquartered
in Miami, Florida.
National Auto Lenders filed a voluntary petition for relief under
chapter 11 of title 11 of the United States Code (Bankr. S.D. Fla.
Case No. 18-24586) on Nov. 23, 2018. In the petition signed by
Dania Ramos-Infante, vice president, CFO, and COO, the Debtor
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities. Judge Laurel M. Isicoff presides over
the case. Berger Singerman LLP, led by Paul Steven Singerman, is
the Debtor's counsel.
The U.S. Trustee for Region 21 on Dec. 4, 2018, appointed nine
creditors to serve on an official committee of unsecured creditors.
NOBLE REY: Seeks to Hire Eric A. Liepins as Counsel
---------------------------------------------------
Noble Rey Brewing Co., LLC, seeks authority from United States
Bankruptcy Court for the Northern District of Texas (Dallas) to
hire Eric A. Liepins and the law firm of Eric A. Liepins, P.C., as
counsel for the Debtor.
Noble Rey Brewing requires Eric A. Liepins to provide legal
services and represent the Debtor in the Chapter 11 bankruptcy
proceedings.
Eric A. Liepins will be paid at these hourly rates:
Attorneys $275
Paralegals $30 to $50
Eric A. Liepins will be paid a retainer in the amount of $5,000.
Eric A. Liepins will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Eric A. Liepins, partner of Eric A. Liepins, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Eric A. Liepins can be reached at:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
About Noble Rey Brewing Co.
Noble Rey Brewing Co., LLC, owns and operates a taproom offering
homemade beers, ciders & meads, other local brews & regular live
music.
Noble Rey Brewing Co., LLC, filed its Voluntary Petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D.
Tex. Case No. 18-34214) on Dec. 19, 2018. In the petition signed
by Chris Rigoulot, managing member, the Debtor estimated $50,000 in
assets and $1 million to $10 million in liabilities. The Debtor's
counsel is Eric A. Liepins, P.C.
PACIFIC DRILLING: Zonda Debtors File Chapter 11 Plan
----------------------------------------------------
Pacific Drilling VIII Limited and Pacific Drilling Services Inc.
(Zonda Plan Debtors) filed a disclosure statement for their joint
plan of reorganization/liquidation dated Dec. 21, 2018.
The Zonda Plan Debtors are engaged in the Zonda Arbitration with
SHI in connection with the Zonda Construction Contract. Under the
Plan, all Claims against the Zonda Plan Debtors are unimpaired, and
will be paid in full, with the exception of the Zonda Secured
Claims and the Zonda Deficiency Claims. If the Zonda Plan Debtors
do not prevail in the Zonda Arbitration, Intercompany Claims will
likely be cancelled. If the Zonda Plan Debtors Prevail in the Zonda
Arbitration, the Reorganized Zonda Debtors will become guarantors
on the following notes, in connection with the proposed
restructuring of the Zonda Plan Debtors (the "Restructuring"):
(a) $750 million in aggregate principal amount of 8.375% notes
maturing Oct. 1, 2023, secured by a first-priority security
interest in and lien on the New Notes Collateral (the "New First
Lien Notes"), the offering and sale of which was completed on
September 26, 2018; and
(b) $273.6 million in aggregate principal amount of 11%/12%
notes maturing April 1, 2024, with interest payable in kind or in
cash at the option of the issuer, subject to certain limitations,
secured by a second priority security interest and lien on the New
Notes Collateral, the offering and sale of which was completed on
Sept. 26, 2018.
If the Zonda Plan Debtors do not prevail in the Zonda Arbitration,
on the Effective Date, the Liquidation Trust will be formed to
liquidate the Liquidation Trust Assets, including the prosecution
of the Retained Actions, and to enable the Liquidation Trustee to
distribute the proceeds to Holders of Liquidation Trust Interests
in accordance with the Plan and the Liquidation Trust Agreement.
If the Zonda Plan Debtors do not prevail in the Zonda Arbitration,
all Cash necessary for the Liquidation Trust to make payments
required by the Plan will be obtained from (a) existing Cash held
by the Zonda Plan Debtors, (b) the disposition of the Pacific
Zonda, (c) the disposition of the Zonda Plan Debtors' equipment on
the Pacific Zonda, (d) proceeds from any Retained Actions, and (e)
the Liquidation Trust Funding Amount.
A copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/nysb17-13203-14.pdf
About Pacific Drilling
Pacific Drilling S.A. (OTC: PACDQ) a Luxembourg public limited
liability company (societe anonyme), operates an international
offshore drilling business that specializes in ultra-deepwater and
complex well construction services. Pacific Drilling --
http://www.pacificdrilling.com/-- owns seven high-specification
floating rigs: the Pacific Bora, the Pacific Mistral, the Pacific
Scirocco, the Pacific Santa Ana, the Pacific Khamsin, the Pacific
Sharav and the Pacific Meltem. All drillships are of the latest
generations, delivered between 2010 and 2014, with a combined
historical acquisition cost exceeding $5.0 billion. The average
useful life of a drillship exceeds 25 years.
On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
17-13193). The cases are pending before the Honorable Michael E.
Wiles and are jointly administered.
Pacific Drilling disclosed $5.46 billion in assets and $3.18
billion in liabilities as of Sept. 30, 2017.
The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel
but was later replaced by Togut, Segal & Segal LLP; Evercore
Partners International LLP as investment banker; AlixPartners, LLP,
as restructuring advisor; Alvarez & Marsal Taxand, LLC as executive
compensation and benefits consultant; Ince & Co LLP and Jones
Walker LLP as special counsel; and Prime Clerk LLC as claims and
noticing agent; Deloitte Financial Advisory Services LLP, as
accounting advisor to the Debtor.
The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT
Partners LP, as financial advisor.
The ad hoc group of RCF Lenders engaged White & Case LLP, as
counsel.
The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as
counsel, and Moelis & Company LLC, as financial advisor.
The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020
Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton &
Garrison, in New York as counsel.
PAINTSVILLE INVESTORS: Plan Confirmation Hearing Set for Jan. 24
----------------------------------------------------------------
Bankruptcy Judge Gregory R. Schaaf issued an order approving
Paintsville Investors, LLC's amended disclosure statement referring
to an amended plan dated Dec. 21, 2018.
Jan. 17, 2019, is fixed as the last day for filing written
acceptances or rejections of the Plan, and fixed as the last day
for filing and serving written objections to confirmation of the
Plan.
The hearing on confirmation of the Plan will be held on Jan. 24,
2019 at 9:00 a.m. (ET) in the United States Bankruptcy Court, 100
East Vine Street, Second Floor Courtroom, Lexington, Kentucky.
Under the amended plan, Class 3 consists of the Allowed Secured
Claim of First Insurance Funding Corp. in the amount of $108,614 as
of the Petition Date. The First Insurance Claim was secured by any
unearned premium for the Debtor's liability insurance policy which
expired on August 31, 2018. The First Insurance Claim was paid in
full after the Petition Date, and no additional sums are due to
First Insurance.
If RealCo is formed, the Debtor intends to assign its real property
lease to RealCo, subject to all existing liens and rights of
X-Caliber Capital Corp. and right of approval by HUD under their
respective Mortgage and Regulatory Agreement. RealCo will be bound
by the terms of the Mortgage and enter into a Regulatory Agreement
with HUD, and intends to follow applicable HUD policies and
procedures to obtain any required HUD approvals of the assignment
and to otherwise comply with applicable HUD regulations and
directives. The Reorganized Debtor may enter into an agreement with
RealCo to pay rent for the facilities, and such rents shall be
subject to the security interests and rights of X-Caliber and HUD.
After any assignment, RealCo will be responsible for compliance
with the terms of the real property lease and physical maintenance
of the facilities. The Reorganized Debtor will retain its provider
numbers, nursing facility license and other permits needed to
operate the long term care and independent living businesses
conducted by the Debtor, and will continue to provide care and
services to its residents in the ordinary course of business,
receiving ongoing income from operations, and using all income to
pay its customary operating expenses and necessary capital
expenditures and Plan payments. The Reorganized Debtor and RealCo
will be jointly obligated under the terms of the Mortgage Note and
will execute documents deemed necessary by X-Caliber to establish
or maintain its rights under the Mortgage and Mortgage Note.
A copy of the Amended Disclosure Statement is available at
https://tinyurl.com/ycl6xvyq from Pacermonitor.com at no charge.
About Paintsville Investors
Mountain Manor of Paintsville --
http://mountainmanorofpaintsville.com/-- is a 126-bed skilled
nursing facility in Prestonsburg, Kentucky. Mountain Manor of
Paintsville provides inpatient nursing and rehabilitative services
to patients who require continuous health care. It offers many
amenities for its patients, including: two large gathering rooms
for family events, daily planned activities, secured courtyard,
chapel, hair salon, in-house laundry, registered dietician,
physical therapy services, occupational therapy services, speech
therapy services, spacious dining room, 24/7 skilled nursing,
private/semi-private rooms and a rehab unit.
Paintsville Investors, LLC, doing business as Mountain Manor of
Paintsville, doing business as Buckingham Place, filed a Chapter 11
petition (Bankr. E.D. Ky. Case No. 18-70219), on April 9, 2018. In
the petition signed by Franklin D. Fitzpatrick, trustee, manager,
the Debtor disclosed $7.01 million in total assets and $9.81
million in total debt. The case is assigned to Judge Tracey N.
Wise.
The Debtor is represented by Dean A. Langdon, Esq. at Delcotto Law
Group PLLC; and Providence Health Group, LLC, serves as its
management consultant.
PARKER DRILLING: Hires Alvarez & Marsal as Financial Advisor
------------------------------------------------------------
Parker Drilling Company, and its debtor-affiliate seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Alvarez & Marsal North America, LLC, to serve as
restructuring and financial advisors to the Debtors.
Parker Drilling requires A&M to:
(a) assist in evaluation of the Debtors' current business plan
and in preparation of a revised operating plan and cash flow
forecast and presentation of such plan and forecast to the
Company's Board of Directors and its creditors;
(b) assist in the management of a 13-week cash flow forecast,
including ongoing variance reports and discussion with the Debtors'
stakeholders regarding the same;
(c) assist in the preparation of financial-related disclosures
required by the Court having jurisdiction over the Debtors' chapter
11 cases, including the First Day Motions, Schedules of Assets and
Liabilities, the Statement of Financial Affairs and Monthly
Operating Reports;
(d) assist in the preparation of financial information for
distribution to creditors and others, including, but not limited
to, cash flow projections and budgets, cash receipts and
disbursement analysis, analysis of various asset and liability
accounts, and analysis of proposed transactions for which the
Court's approval is sought;
(e) assist the Debtors regarding development of a
debtor-in-possession financing budget;
(f) assist the Debtors with claims management processes
resulting from these chapter 11 cases;
(g) as requested, provide testimony with respect to financial
and restructuring matters;
(h) as requested, assist with testimony, litigation support,
and other support related to the developed key employee and
incentives, retention and other critical employee benefit
programs;
(i) report to the Debtors' Board as desired or directed by the
Debtors' management; and
(j) render such other general business consulting or such
other assistance as the Debtors' management or counsel may deem
necessary consistent with the role of a restructuring and financial
advisor, and agreed to by A&M, to the extent that it would not be
duplicative of services provided by other professionals in this
proceeding.
A&M's customary hourly billing rates are:
Managing Directors $850-$1,100
Directors $650-$850
Analysts/Associates $400-$625
Ryan Omohundro, Managing Director with Alvarez & Marsal North
America, LLC, attests that A&M is "disinterested" as such term is
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ryan Omohundro
Alvarez & Marsal North America, LLC
700 Louisiana Street, Suite 3300
Houston, TX, 77002
Tel: +1 713 571 2400
Fax: +1 713 547 3697
About Parker Drilling Company
Houston-based Parker Drilling (OTC:PKDSQ) --
http://www.parkerdrilling.com/-- provides drilling services and
rental tools to the energy industry. The Company's Drilling
Services business serves operators in the inland waters of the U.S.
Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in
select U.S. and international markets and harsh environment regions
utilizing Parker-owned and customer-owned equipment. The Company's
Rental Tools Services business supplies premium equipment and well
services to operators on land and offshore in the U.S. and
international markets.
Parker Drilling Company and 19 subsidiaries sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-36958) on Dec. 12,
2018.
Parker Drilling reported $937,219,000 in assets and $695,489,000 in
liabilities as of Sept. 30, 2018.
The Hon. Marvin Isgur is the case judge.
Kirkland & Ellis LLP is serving as legal advisor to Parker in
connection with the restructuring. Moelis & Company is serving as
Parker's investment banker, and Alvarez & Marsal is serving as its
financial advisor. Jackson Walker L.L.P. is the co-bankruptcy
counsel. Prime Clerk LLC is the claims agent.
Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to
the stakeholders that are parties to the RSA, and Houlihan Lokey is
serving as financial advisor.
PARKER DRILLING: Hires Moelis & Company as Investment Banker
------------------------------------------------------------
Parker Drilling Company, and its debtor-affiliate seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Moelis & Company LLC as investment banker and financial
advisor for the Debtors.
Services Moelis & Company will render are:
a. assist the Debtors in reviewing and analyzing the Debtors'
results of operations, financial condition, and business plan;
b. assist the Debtors in reviewing, analyzing, and structuring
any potential Restructuring or Capital Transaction;
c. assist the Debtors in negotiating any Restructuring or
Capital Transaction;
d. advise the Debtors on the terms of securities they offer in
any potential Capital Transaction;
e. advise the Debtors on their preparation of an information
memorandum for a potential Capital Transaction;
f. at the Debtors' request, meet with the Debtors’ board of
directors to discuss the proposed Transaction and its financial
implications;
g. assist the Debtors in contacting potential purchasers of a
Capital Transaction and/or existing creditors in connection with a
Restructuring that Moelis and the Debtors agree are appropriate,
and meet with and provide them with the Information Memo and such
additional information about the Debtors' assets, properties or
businesses that is acceptable to the Debtors, subject to customary
business confidentiality agreements; and
h. provide such other financial advisory and investment
banking services, including without limitation testimony with
respect to any Transaction, in connection with a Restructuring or
Capital Transaction as Moelis and the Debtors may mutually agree
upon.
Moelis will be compensated according to this fee arrangement:
a. Monthly Fee. During the term of the Engagement Letter, a
fee of $125,000 per month, payable in advance of each month. The
Debtors will paid the first Monthly Fee immediately upon the
execution of the Engagement Letter, and all subsequent monthly fees
are payable prior to each monthly anniversary of the effective date
of the Engagement Letter. Whether or not a Restructuring or a
Capital Transaction occurs, Moelis shall earn and be paid the
Monthly Fee every month during the term of the Engagement Letter.
b. Restructuring Fee. At the closing of a Restructuring
pursuant to title 11 of the United States Code, a fee of 1.00% of
the debt liabilities outstanding as of the Petition Date. The
Debtors will pay a separate Restructuring Fee in respect of each
Restructuring in the event that more than one Restructuring occurs.
The Monthly Fee is not creditable against any Restructuring Fee.
c. Capital Transaction Fee. At the closing of a Capital
Transaction, a non-refundable cash fee of:
(i) 4% of the aggregate gross amount or face value of
capital Raised in the Capital Transaction as equity, equity-linked
interests, options, warrants or other rights to acquire equity
interests, plus
(ii) 2% of the aggregate gross amount of unsecured debt
obligations and other interests Raised in the Capital Transaction,
plus
(iii) 1.25% of the aggregate gross amount of secured debt
obligations and other interests Raised in the Capital Transaction.
The Debtors will pay a separate Capital Transaction Fee in respect
of each Capital Transaction in the event that more than one Capital
Transaction occurs. "Raised" shall equal the amount committed to
the Debtors, whether or not the Debtors draw the full amount, and
whether or not the Debtors apply such amounts to refinance any of
its obligations. Moelis' Capital Transaction Fee shall be subject
to a cap of $1.875 million. In the event that the aggregate secured
debt obligations raised by the Company in the Capital Transactions
is less than $150 million, such Capital Transaction Fee Cap shall
be reduced by the product of (x) 1.25% (y) and the difference
between $150 million and the aggregate amount of the secured debt
obligations raised in the Capital Transactions.
Bassam J. Latif, Managing Director of Moelis & Company LLC, attests
that Moelis is a "disinterested person" within the meaning of
section
101(14) of the Bankruptcy Code; does not hold or represent an
interest materially adverse to the Debtors’ estates; and has no
connection to the Debtors, their creditors, or related parties.
The firm can be reached through:
Bassam J. Latif
Moelis & Company LLC
1200 Smith Street, 19th Floor
Houston, TX 77002
Tel: 713 343 6420
Fax: 713 343 6421
About Parker Drilling Company
Houston-based Parker Drilling (OTC:PKDSQ) --
http://www.parkerdrilling.com/-- provides drilling services and
rental tools to the energy industry. The Company's Drilling
Services business serves operators in the inland waters of the U.S.
Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in
select U.S. and international markets and harsh environment regions
utilizing Parker-owned and customer-owned equipment. The Company's
Rental Tools Services business supplies premium equipment and well
services to operators on land and offshore in the U.S. and
international markets.
Parker Drilling Company and 19 subsidiaries sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-36958) on Dec. 12,
2018.
Parker Drilling reported $937,219,000 in assets and $695,489,000 in
liabilities as of Sept. 30, 2018.
The Hon. Marvin Isgur is the case judge.
Kirkland & Ellis LLP is serving as legal advisor to Parker in
connection with the restructuring. Moelis & Company is serving as
Parker's investment banker, and Alvarez & Marsal is serving as its
financial advisor. Jackson Walker L.L.P. is the co-bankruptcy
counsel. Prime Clerk LLC is the claims agent.
Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to
the stakeholders that are parties to the RSA, and Houlihan Lokey is
serving as financial advisor.
PB PIED-DE-TERRE: Sale of Palm Beach Property Denied w/o Prejudice
------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida denied without prejudice PB Pied-de-Terre,
LLC's sale of real property located at 235 Sunrise Ave, Unit #2245,
Palm Beach, Florida.
As of the date of entry of the Order, no attorney has entered a
notice of appearance on the Debtor's behalf or filed an application
to be employed as its counsel. Accordingly, the Debtor remains
unrepresented by counsel. Corporate debtors cannot file motions
pro se through its officers.
The Chapter 11 case is In re PB Pied-de-Terre, LLC (Bankr. S.D.
Fla. Case No. 8-25382).
PETROQUEST ENERGY: Hires LSH Partners as Placement Agent
--------------------------------------------------------
Petroquest Energy, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ LSH Partners Securities LLC to serve as the placement
agent for the Debtors.
Petroquest requires LSH to:
a. serve as placement agent in connection with the Proposed
Financing;
b. assist in structuring the financing and the terms of the
related securities;
c. assist the Debtors in preparing one or more offering
memorandums and/or private placement memorandums or other marketing
materials describing the HCV Joint Venture and the Proposed
Financing;
d. identify potential investors to provide the HCV Joint
Venture with any equity and/or debt financing;
e. organize meetings between potential Investors and
representatives of the HCV Joint Venture;
f. assist the Debtors with the preparation of communications
to be used in placing the securities; and
g. assist the Debtors as reasonably requested with respect to
the negotiation of the sale of the related securities to the
Investors.
LSH's fees are:
-- A non-refundable fee equal to 5% of the aggregate gross
proceeds received from buy-in payments made by an Investor
identified by LSH;
-- The Debtors may accept investments from potential Investors not
identified by LSH with respect to 100% of the Proposed Financing
for the HCV Joint Venture prior to October 1, 2018, and the Debtors
will pay LSH a total Success Fee of two hundred fifty thousand
dollars ($250,000) in satisfaction of any Success Fee obligations
owed to LSH upon the earlier of the Debtors receipt of buy-in
payments from potential Investors or December 31, 2018;
-- A non-refundable $25,000 cash fee upon the execution of the
Engagement Letter;
-- An additional Retainer Fee on the three-month anniversary of
the Engagement Effective Date; and
-- The Retainer Fees shall be credited against any Success Fee
payable.
James L. Kempner, President of LSH Partners Securities LLC, assures
the Court that LSH has no connection with the Debtors, their
creditors, or other parties in interest in these Chapter 11 Cases,
does not hold any interest adverse to the Debtors' estates, and
believes it is a "disinterested person" as defined by Bankruptcy
Code Section 101(14), as modified by Bankruptcy Code Section
1107(b), and as required by Bankruptcy Code Section 327(a).
The firm can be reached at:
James L. Kempner
LSH Partners Securities LLC
152 West 57th Street, 5th Floor,
New York, NY 10019
Phone: (646) 453-5650
About Petroquest Energy
PetroQuest Energy, Inc. -- http://www.petroquest.com/-- is an
independent oil and gas companies engaged in the exploration,
development, acquisition and operation of oil and gas properties in
Texas and Louisiana, primarily in the Cotton Valley, Gulf Coast
Basin, and Austin Chalk plays. The Company maintains offices in
Lafayette, Louisiana and The Woodlands, Texas. It currently
employs 64 people and utilizes the services of an additional 8
specialized and trained field workers and engineers through
third-party service providers.
Petroquest along with its seven affiliates filed for chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 18-36322) on
Nov. 6, 2018.
In the petition signed by Charles T. Goodson, CEO and president,
Petroquest estimated assets at $1 million to $10 million and
estimated liabilities at $100 million to $500 million.
The Hon. David R. Jones is the case judge.
Porter Hedges LLP, led by John F. Higgins, Esq., Joshua W.
Wolfshohl, Esq., and M. Shane Johnson, Esq., serves as counsel to
the Debtors. The Debtors also tapped Seaport Global Securities as
investment banker, FTI Consulting Inc as financial advisor, and
Epiq Corporate Restructuring LLC as claims, noticing and
solicitation agent.
Henry Hobbs, Jr., acting U.S. trustee for Region 7, on Nov. 20,
2018, appointed three creditors to serve on an official committee
of unsecured creditors. The Committee retained Heller Draper
Patrick Horn & Manthey, LLC, as counsel.
PETROQUEST ENERGY: Hires Ryan, LLC, as Tax & Financial Consultant
-----------------------------------------------------------------
Petroquest Energy, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Ryan, LLC to provide state and local tax and financial
consulting services to the Debtors.
Ryan's compensation are:
1. Non-Adjudicated Claims — In the event Ryan obtains any
royalty refunds, credits, or reductions, PetroQuest agrees to pay
Ryan and hereby assigns to Ryan, as compensation for this service,
28% of any royalty refunds, credits, or reductions, including
interest and penalties, which PetroQuest receives from the Office
of Natural Resources Revenue.
2. Adjudicated Claims — In the event of any litigation or
other adjudication of any claims or issues, PetroQuest agrees that
Ryan has the right to engage legal counsel to represent PetroQuest,
at Ryan's expense, subject to PetroQuest's approval.
3. Follow-On Claims — In the event Ryan obtains any refunds,
credits, or reductions as a result of an Adjudication, and
PetroQuest receives any royalty refunds, credits, or reductions in
connection with other transactions due to the same legal issues as
matters resolved in favor of PetroQuest in the Adjudication,
PetroQuest agrees to pay Ryan and hereby transfers, conveys, and
assigns to Ryan, as compensation for this service, all rights,
title, interest, and ownership in and to 40% of any such royalty
refunds, credits, or reductions, including interest and penalties
thereon, and tax savings imputed on such transactions for which
PetroQuest was entitled to a tax assessment reduction, through the
date in which a final, non-appealable judgment is obtained in the
Adjudication, regardless of whether obtained by Ryan.
Winston Z. Post, Principal at Ryan, LLC, atteats that Ryan has no
connection with the Debtors, their creditors, or other parties in
interest in these Chapter 11 Cases, does not hold any interest
adverse to the Debtors' estates, and is a "disinterested person"
as defined by Section 101(14) of the Bankruptcy Code, as modified
by Bankruptcy Code Section 1107(b), and as required by Section
327(a).
The firm can be reached at:
Winston Z. Post
Ryan, LLC
Three Galleria Tower
13155 Noel Road, Suite 100
Dallas, TX 75240
Phone: 972-934-0022
Fax: 972-960-0613
Email: winston.post@ryan.com
About Petroquest Energy
PetroQuest Energy, Inc. -- http://www.petroquest.com/-- is an
independent oil and gas companies engaged in the exploration,
development, acquisition and operation of oil and gas properties in
Texas and Louisiana, primarily in the Cotton Valley, Gulf Coast
Basin, and Austin Chalk plays. The Company maintains offices in
Lafayette, Louisiana and The Woodlands, Texas. It currently employs
64 people and utilizes the services of an additional 8 specialized
and trained field workers and engineers through third-party service
providers.
Petroquest along with its seven affiliates filed for chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 18-36322) on
Nov. 6, 2018. In the petition signed by Charles T. Goodson, CEO
and president, Petroquest estimated assets at $1 million to $10
million and estimated liabilities at $100 million to $500 million.
The Hon. David R. Jones is the case judge.
The Debtors engaged Porter Hedges LLP, led by John F. Higgins,
Esq., Joshua W. Wolfshohl, Esq., and M. Shane Johnson, Esq., as
counsel. The Debtors also tapped Seaport Global Securities as
investment banker, FTI Consulting Inc. as financial advisor, and
Epiq Corporate Restructuring LLC as claims, noticing and
solicitation agent.
The official committee of unsecured creditors formed in the cases
retained Heller Draper Patrick Horn & Manthey, LLC, as counsel.
PHOENIX RISES: Taps Joan D. Haynes as Real Estate Broker
--------------------------------------------------------
The Phoenix Rises, LLC, seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Joan D. Haynes
Blessed Real Estate LLC, as the Debtor's real estate broker in this
Chapter 11 case.
The Debtor owns the Property, which is encumbered by a mortgage in
favor of National Loan Investors, L.P. and a mortgage, junior to
NLI, held by the Small Business Administration. NLI obtained a
judgment of foreclosure and sale against the Debtor, causing the
Debtor to file for chapter 11 protection to stay the foreclosure
sale.
On Nov. 7, 2018 the Debtor filed its second amended plan of
reorganization and disclosure statement. The Plan provides for the
Debtor to contemporaneously seek exit financing to satisfy the NLI
mortgage or in the event that the Debtor cannot obtain exit
financing, to sell the Property pursuant to bidding procedures
attached to the Plan.
In order to comply with the terms of the Plan, the Debtor is
required to retain a broker to market the Property for sale. The
Debtor believes that Joan D. Haynes will be best able to market the
Property to achieve the highest value for the Property.
The Debtor will pay Joan D. Haynes a commission of 5.0% of the
final purchase price, should the Property be sold to a buyer
procured by Joan D. Haynes. However, should the Debtor obtain
refinancing, Joan D. Haynes will not be paid a commission, but will
be entitled to reimbursement of up to $5,000 for any out of pocket
expenses incurred in the marketing of the Property.
Joan D. Haynes, agent for Joan D. Haynes Blessed Real Estate LLC,
attests that her firm represents no interest adverse to the Debtor,
its estate or creditors and is a disinterested person pursuant to
Sec. 101(14) of the Code.
The broker can be reached through:
Joan D. Haynes
Joan D. Haynes Blessed Real Estate LLC
253 E 52nd St.
Brooklyn, NY 11203
Phone: (917)733-7149
Fax: (718)498-3504
E-mail: joan@jdhblessedrealestate.com
About The Phoenix Rises
The Phoenix Rises, LLC, owns the real property and improvements
located at 934 E. 51st Street, Brooklyn, New York. Phoenix Rises
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 18-42184) on April 19, 2018. In the petition
signed by Mark Bobb, managing member, the Debtor estimated assets
of $1 million to $10 million and liabilities of less than $1
million. Judge Elizabeth S. Stong presides over the case.
PREMIERE GLOBAL: S&P Cuts ICR to 'CCC-' on Steep Revenue Decline
----------------------------------------------------------------
S&P Global Ratings noted that U.S.-based global audio conferencing
service provider Premiere Global Services Inc.'s (PGi) operating
and financial performance continue to deteriorate, increasing the
likelihood that the company will default or undertake a distressed
exchange in the coming months absent unanticipated significantly
favorable changes in its circumstances.
S&P is thus lowering its issuer credit rating on PGi to 'CCC-' from
'CCC+'.
At the same time, S&P is lowering its issue-level rating on PGi's
first-lien debt to 'CCC-' from 'B-' and revising its recovery
rating on the debt to '3' from '2' based on its expectation for
more claims outstanding at default.
The downgrade reflects steep declines in PGi's automated
conferencing business, which -- combined with a deterioration in
the company's liquidity profile -- has made a default or distressed
exchange or redemption appear almost inevitable in the first half
of 2019 absent external liquidity support. While S&P recognizes the
company received some support from its private-equity sponsor in
2018 ($25 million in the third quarter and $5 million in the fourth
quarter), it believes there is a decreased likelihood that PGi will
receive additional cash infusions from its sponsor in 2019 given
the accelerated declines in its operating performance.
The negative outlook on PGi reflects the likelihood that a default
or distressed exchange or redemption appears to be inevitable in
the first half of 2019 absent an unanticipated significantly
favorable change in the company's circumstances.
S&P said, "We could lower our rating on PGi to 'CC' if we expect a
default to be a virtual certainty, which would likely occur if
management announced a missed interest payment or distressed
exchange.
"Although unlikely, we could raise our rating on PGi if the company
is able to improve its liquidity position such that it no longer
faces a near-term cash default or covenant breach, which would most
likely occur following asset sales and a material deceleration in
its automated conferencing revenue declines."
PROGRESSIVE SOLUTIONS: Taps Paul Kleven Law as Appellate Counsel
----------------------------------------------------------------
Progressive Solutions, Inc., seeks authority from the United States
Bankruptcy Court for the Central District of California (Santa Ana)
to hire the Law Offices of Paul Kleven as special appellate
counsel.
Paul Kleven will charge $300 per hour and will seek third party
expense reimbursement. Prior to the filing of the petition, the
firm received $7,500 in fees.
Debtor suffered entry of a $977,000 money judgment in the District
Court for the Northern District of California in favor of the City
of Oakland and a Mr. Stanley. The judgment is solely for
attorney's fees and costs awarded upon dismissal of Debtor's
affirmative claims. Debtor has appealed the judgment to the Ninth
Circuit. Kleven is representing Debtor in the Ninth Circuit
appeal.
Paul Kleven assures the Court that his firm is a disinterested
person as that term is defined in 11 U.S.C. Sec. 101(14), and has
no interest adverse to the Debtor, its creditors, or the estate.
The firm can be reached through:
Paul Kleven
Law Offices of Paul Kleven
1604 Solano Avenue
Berkeley, CA 94707
Tel: (510) 528-7347
Fax: (510) 526-3672
Email: Pkleven@KlevenLaw.com
About Progressive Solutions
Founded in 1979, Progressive Solutions, Inc. --
http://www.progressivesolutions.com/-- is a provider of software
and support services to governmental entities. The Company is
headquartered in Brea, California.
Progressive Solutions commenced a Chapter 11 case (Bankr. C.D. Cal.
Case No. 18-14277) on Nov. 21, 2018. In the petition signed by
Glenn Vodhanel, president, the Debtor estimated $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Lewis R. Landau, Attorney-at-Law, represents the Debtor.
QUALITY CONSTRUCTION: Taps Frederick & Beckers as Special Counsel
-----------------------------------------------------------------
Quality Construction & Production, LLC, and its debtor-affiliates
seek approval from the U.S. Bankruptcy Court for the Western
District of Louisiana to hire Brent Frederick, Frederick & Beckers,
LLC, and Ryan Ours, Ryan N. Ours, Attorney at Law, LLC, as special
counsel.
The special counsel will advise and represent the Debtors in
possible breaches of the non-disclosure agreement between the
Debtors and The Stone Street Group, Inc., breach of fiduciary duty,
failure to abide by good faith and fair dealing, unfair trade
practices and other causes of action against The Stone Street
Group, Inc., and other parties.
Mr. Frederick, Mr. Ours, and their firms do not hold or represent
any interests adverse to the estate with respect to the matters on
which these attorneys are to be employed under 11 U.S.C. 327(e), as
disclosed in the Court filing.
Mr. Frederick and Mr. Ours will be paid based upon the work
performed, at the rate of $325.00 per hour. Other attorneys at
Frederick & Beckers will be billed at between $250.00 and $325.00
per hour and paralegal services are billed at $120.00 per hour.
The counsels can be reached at:
Brent Frederick, Esq.
Frederick & Beckers, LLC
112 Founders Dr., Suite 101
Baton Rouge, LA 70810
Phone: 225-372-6000
Fax: 225-372-6015
-- and --
Ryan N. Ours, Esq.
Ryan N. Ours, Attorney at Law, LLC
451 Florida Street 800
Baton Rouge, LA 70801
Phone: (225) 442-0632
About Quality Construction &
Production LLC
Quality Construction & Production, LLC, and its subsidiaries
operate a group of oilfield service companies in the areas of
onshore and offshore fabrication, installation, and production
operations in Youngsville, Louisiana, and together employ
approximately 850 people. The Company's onshore fabrication
services include spool piping, production modules, manifolds, deck
extensions, and riser guards and clamps. QCP's offshore services
include hook-ups, facilities maintenance/upgrades, compressor
installations and field welding. Quality Construction was founded
by Nathan Granger and Troy Collins in 2001.
Quality Construction & Production, LLC, and three affiliates sought
Chapter 11 protection (Bankr. W.D. La. Lead Case No. 18-50303) on
March 16, 2018. In the petition signed by Nathan Granger,
president, Quality Construction estimated $10 million to $50
million in assets and debt.
The Hon. Robert Summerhays is the case judge.
The Debtors tapped Weinstein & St. Germain, LLC, as their
bankruptcy counsel; Elmore Consulting, LLC, as financial
consultant; and Donlin, Recano & Company as claims and noticing
agent.
The Office of the U.S. Trustee for Region 5 appointed an official
committee of unsecured creditors on April 23, 2018. The Committee
hired H. Kent Aguillard as counsel.
QUANTUM CORP: B. Riley Financial Has 11.8% Stake as of Dec. 26
--------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of Quantum Corporation as of Dec. 26, 2018:
Shares Percentage
Beneficially of
Reporting Person Owned Shares
---------------- ------------ -----------
B. Riley Financial, Inc. 4,094,589 11.81%
BRC Partners Opportunity Fund, LP 1,493,801 4.31%
B. Riley Capital Management, LLC 2,431,893 7.01%
BRC Partners Management GP, LLC 1,493,801 4.31%
B. Riley FBR, Inc. 1,662,696 4.80%
Dialectic Antithesis Partners, LP 938,092 2.71%
BR Dialectic Capital Management, LLC 938,092 2.71%
The percentages are calculated based on 34,674,000 shares of Common
Stock outstanding.
A full-text copy of the regulatory filing is available at no charge
at: https://is.gd/COspd4
About Quantum Corp.
Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a scale-out tiered storage, archive
and data protection company, providing solutions for capturing,
sharing, managing and preserving digital assets over the entire
data lifecycle. From small businesses to major enterprises, more
than 100,000 customers have trusted Quantum to address their most
demanding data workflow challenges. Quantum's end-to-end, tiered
storage foundation enables customers to maximize the value of their
data by making it accessible whenever and wherever needed,
retaining it indefinitely and reducing total cost and complexity.
As of Sept. 30, 2017, Quantum Corp had $211.2 million in total
assets, $335.5 million in total liabilities, and a total
stockholders' deficit of $124.3 million.
On Jan. 11, 2018, Quantum received a subpoena from the SEC
regarding its accounting practices and internal controls related to
revenue recognition for transactions commencing April 1, 2016.
Following receipt of the SEC subpoena, the Company's audit
committee began an independent investigation with the assistance of
independent advisors, which is currently in process.
On Feb. 15, 2018, the New York Stock Exchange notified Quantum that
it is not in compliance with the NYSE's continued listing standard
because the company has not timely filed its Form 10-Q for its
fiscal third quarter 2018 ended Dec. 31, 2017.
REIHNER ENTERPRISES: Taps Kathleen Smychynsky as Accountant
-----------------------------------------------------------
Reihner Enterprises, Inc., seeks approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to hire Kathleen Smychynsky
Accounting, LLC, as the accountant for the Debtor in Possession.
Reihner Enterprises requires Kathleen Smychynsky to:
a. advise the Applicant with respect to financial matters;
b. assist in the preparation of all reports, tax returns and
the like necessary in the case.
c. perform such other accounting services as may be necessary
in connection with this case.
Kathleen Smychynsky will charge $400 per hour for its services.
Kathy Smychynsky, accountant at Kathleen Smychynsky Accounting,
LLC, attests that her firm does not hold or represent an interest
adverse to the estate with respect to the matters on which it is
employed.
The firm can be reached at:
Kathy Smychynsky
Kathleen Smychynsky Accounting, LLC
17080 Moseley Rd
Thompson, OH 44086
Phone: (440) 417-2503
Fax: (440) 607-4211
E-mail: Pksmychynsky@gmail.com
About Reihner Enterprises
Reihner Enterprises, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-16436) on Oct.
25, 2018. At the time of the filing, the Debtor estimated assets
of less than $50,000 and liabilities of less than $500,000. Judge
Arthur I. Harris presides over the case. The Debtor tapped Forbes
Law LLC as its legal counsel.
RELATIVITY MEDIA: Plan of Liquidation Declared Effective
--------------------------------------------------------
Relativity Media, LLC, and 57 of its direct and indirect
subsidiaries filed with the U.S. Bankruptcy Court for the Southern
District of New York a disclosure statement dated December 13,
2018.
The general unsecured claims of the Debtor is at $50,000.00 -
$307,000,000.00, with .02 - 5% estimated recovery rate.
The Plan contemplates a liquidation of the Debtors remaining
intangible assets and their Estates. The Plan's primary objective
is to maximize the value of recoveries to all holders of allowed
claims and distribute all property of the estates that is or
becomes available for distribution in accordance with the
priorities established by the Bankruptcy Code.
Further, if the requisite acceptances are not received or if the
Plan is not confirmed, the Debtors could attempt to formulate and
propose different plans. However, the Plan Proponents have
evaluated alternatives to the Plan and the only real prospect is an
orderly liquidation of assets. In a chapter 7 liquidation, a
trustee is elected or appointed to liquidate the debtor’s assets
for distribution to creditors in accordance with the priorities
established by the Bankruptcy Code. Further, because there are
multiple separate Debtors, there could be multiple chapter 7
trustees -- one for each Debtor -- whose interests and obligations
conflict. This, in turn, would result in additional legal and other
expenses.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/nysb18-11358-634.pdf
The Debtor is represented by:
Justin E. Rawlins, Esq.
Daniel J. McGuire, Esq.
Carrie V. Hardman, Esq.
Aaron M. Gober-Sims, Esq
WINSTON & STRAWN LLP
200 Park Avenue
New York, NY 10166
Tel: (212) 294-6700
Fax: (212) 294-4700
-- and --
Scott F. Gautier, Esq.
Michael T. Delaney, Esq.
ROBINS KAPLAN LLP
399 Park Avenue, Suite 3600
New York, NY 10022
Tel: (212) 980-7400
Fax: (212) 980-7499
About Relativity Media
Relativity -- http://www.relativitymedia.com/-- is a global media
company engaged in multiple aspects of content production and
distribution, including movies, television, sports, digital and
music.
Relativity Studios, the company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations. Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and
The Fighter.
Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 15-11989) on July 30, 2015. The case
is assigned to Judge Michael E. Wiles.
An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.
21, 2015, completed its purchase of the assets of Relativity
Television.
After selling their TV business, the Debtors and CEO Ryan C.
Kavanaugh filed a plan of reorganization that contemplated
reorganizing the Debtors' non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing. The Court on Feb. 8, 2016,
confirmed the Debtors' Fourth Amended Plan.
Relativity Media and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 18-11358)
on May 3, 2018. This is the company's second trip to Chapter 11.
In the 2018 petition signed by CRO Colin M. Adams, Relativity Media
estimated assets of $100 million to $500 million and liabilities of
$500 million to $1 billion.
Judge Michael E. Wiles presides over the cases.
In the 2015 cases, the Debtors tapped Sheppard Mullin Richter &
Hampton LLP, and Jones Day as counsel; FTI Consulting, Inc., as
crisis and turnaround management services provider; Blackstone
Advisory Partners L.P. as investment; and Donlin, Recano & Company,
Inc., as claims and noticing agent.
In the 2018 cases, the Debtors tapped Winston & Strawn LLP as their
legal counsel; M-III Partners, LP as restructuring advisor; and
Prime Clerk LLC as noticing and claims consultant.
On May 18, 2018, the Office of the United States Trustee appointed
an official committee of unsecured creditors. The Committee
selected Robins Kaplan LLP to serve as counsel.
* * *
In the 2018 cases, Netflix, Inc., has a pending request before the
Court for the appointment of a trustee to manage the operations of
the Debtors.
RESOLUTE FOREST: Egan-Jones Hikes Senior Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on December 27, 2018, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Resolute Forest Products Inc. to BB- from B+.
Resolute Forest Products Inc. is headquartered in Montreal, Canada.
The company produces electricity at seven cogeneration facilities
and seven hydroelectric dams.
RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel
----------------------------------------------------------
RGE Caribbean LLC seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Figueroa Y Morgade Legal
Advisors as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
Maria Mercedes Figueroa y Morgade, Esq., the attorney who will be
handling the case, charges an hourly fee of $225. She was paid a
retainer of $8,000 prior to the petition date by RGE President
Miguel Roberto Camino Landron from his personal account.
Ms. Morgade disclosed in a court filing that she is "disinterested"
as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Maria Mercedes Figueroa y Morgade, Esq.
Figueroa Y Morgade Legal Advisors
3415 Alejandrino Ave., Apt. 703
Guaynabo, PR 00969-4856
Tel: 787-234-3981
Email: figueroaymorgadelaw@yahoo.com
About RGE Caribbean
RGE Caribbean LLC is privately-held company in San Juan, Puerto
Rico, engaged in utility system construction.
RGE Caribbean sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 18-07178) on Dec. 9, 2018. At the
time of the filing, the Debtor disclosed $1,353,420 in assets and
$1,904,761 in liabilities. The Hon. Edward A. Godoy is the case
judge. The Debtor tapped Figueroa Y Morgade Legal Advisors as its
legal counsel, and Tamarez CPA, LLC as its accountant.
RICHARD OSBORNE: $290K Sale of Mentor House & Lot to Melaragno OK'd
-------------------------------------------------------------------
Judge Arthur I. Harris of the U.S. Bankruptcy Court for the
Northern District of Ohio authorized Richard M. Osborne's sale of
interest in the house and lot located at 7325 Reynolds Road, Mentor
Ohio, PPN 16C0700000160, to Anthony D. Melaragno for $290,000.
The sale is free and clear of any interest of any entity other than
the estate.
The Escrow Agent, upon the closing of the 7325 Reynolds Road sale,
is authorized and directed to disburse from the Gross Sale Proceeds
an amount sufficient to pay the Closing Costs, the Real Estate
Taxes and the Partial Citizens Payment (via wire transfer to
Citizens pursuant to wire transfer instructions to be provided to
the Escrow Agent prior to the Closing), and to pay the Net Proceeds
to Debtor to hold in a separate and segregated DIP Account subject
to further Court order. For avoidance of any doubt, the Debtor may
not use or transfer any portion of the Net Proceeds unless and
until the Court issues an order instructing how the Net Proceeds
are to be distributed, and then, only subject to that order.
The Citizens' Lien on the Property will transfer to and encumber
the Net Proceeds, and Citizens may at any time file a Motion
seeking the Court to issue an order requiring the Debtor to pay the
full amount of the Net Proceeds to Citizens.
All other interests in 7325 Reynolds Road are hereby subject to
distribution pursuant to later order of the Court, in accordance
with the respective rights and priorities of the holders any
interest in 7325 Reynolds Road, as such right appears and is
entitled to be enforced against 7325 Reynolds Road, the Estate or
the Debtor under the Bankruptcy Code or applicable nonbankruptcy
law.
About Richard Osborne
On Dec. 17, 2017, Richard M. Osborne filed his voluntary petition
for relief under chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ohio Case No. 17-17361).
The Debtor has continued in possession of his property and has
continued to operate and manage his businesses as
debtor-in-possession pursuant to Sec. 1107(a) and 1108 of the
Bankruptcy Code. No request has been made for the appointment of a
trustee or examiner, and the United States Trustee has indicated
that no official creditor committee is being formed in the case.
Frederic P. Schwieg, Esq., in Rocky River, Ohio, serves as counsel
to the Debtor.
RIO MALL: $5.75M Sale of Assets to Cape May County Approved
-----------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Rio Mall, LLC's sale of the (i)
tract or tracts of land, containing approximately 17.87 acres,
located generally at 3801 Route 9 South, Rio Grande, New Jersey,
08242, Tax Block 1450, Lots 5 & 10, Assessor's Parcel Number
0601450-000005, together with all improvements in and on the Land,
including a multi-tenanted shopping center commonly known as the
Rio Mall and containing approximately 175,424 square feet of
enclosed building area and related improvement, all easements, if
any, benefiting the Land, and all rights and appurtenances
pertaining to the foregoing, if any, including any right, title and
interest of Seller, if any, in and to adjacent streets, alleys or
rights-of-way; (ii) Leases; (iii) tangible personal property; and
(iv) other property, to Cape May County for $5.75 million.
A hearing on the Motion was held on Dec. 21, 2018.
Pursuant to the Bid Procedures Order, an auction of the Property
was held on Dec. 14, 2018. At the Auction: (a) Cape May County
submitted the winning bid, which is a cash bid of $5.75 million;
(b) 417 Callowhill, Inc. submitted the second highest bid, which is
a cash bid of $5.7 million; and (c) Investors Bank submitted the
third highest bid, which is a credit bid of $5.675 million.
The sale is free and clear of all liens, claims, encumbrances, or
interests, and any existing liens, claims, encumbrances, or
interests will attach to the net proceeds of the sale of the
Property in the order of their respective priority.
The Debtor will use funds in its bank accounts to pay all closing
adjustments upon the sale of the Property; from the balance
then-remaining in its bank accounts, the Debtor will pay the sum of
$60,000 to Investors Bank at the closing of the purchase and sale
of the Property, in consideration for which, by virtue of the entry
of the Sale Approval Order and effective upon the Closing.
The entirety of the net proceeds from the sale of the Property will
be remitted to Investors Bank at Closing. The phrase "net
proceeds" will mean the gross amount of the Successful Bid or
Back-Up Bid, as appropriate, less the commissions and expenses due
to NAI Mertz Corp. (which will be paid at Closing) pursuant to the
Order Approving Employment of the Broker.
The sale and recordation of the deed transferring the Real Property
is exempt from realty transfer taxes (including the so-called
Mansion Tax).
The Debtor is directed to cooperate with Cape May County (or 417
Callowhill, Inc. or the Credit Bidder, if applicable) to assure
that all documents necessary to effectuate the Transactions are
signed, provided, however, that the Court retains jurisdiction to
determine which, if any, such documents are genuinely necessary for
the Debtor to execute incident to the Transactions.
If Cape May County defaults by failing to timely close on the
purchase of the Property: (a) Cape May County's $575,000 deposit
will be immediately remitted to Investors Bank if the Default was
caused by any action or inaction of Cape May County (otherwise, the
Deposit will be immediately returned to Cape May County); and (b)
the Debtor will notify 417 Callowhill, Inc. of the Default within
one business day via email to jamie@alineacap.com and
avi.nechemia@gmail.com. Thereafter, 417 Callowhill, Inc. will
close on the purchase and sale of the Property pursuant to the
Callowhill Agreement and the terms and provisions of the Sale
Approval Order no later than two business days following receipt of
the Default Notice. If 417 Callowhill, Inc. defaults by failing to
timely close on the purchase of the Property: (a) the $100,000
deposit of 417 Callowhill, Inc. will be immediately remitted to
Investors Bank if the Callowhill Default was caused by any action
or inaction of 417 Callowhill, Inc. (otherwise, the Callowhill
Deposit will be immediately returned to 417 Callowhill, Inc.); and
(b) the Debtor will immediately (within one business day following
notice from the Credit Bidder to the Debtor) close and consummate
the Transaction with the Credit Bidder (or its assignee) pursuant
to the provisions of the Sale Approval Order.
Except as may expressly be set forth in or contemplated by either
the Sale Approval Order or the Cape May County Agreement (or, if
applicable, the Callowhill Agreement or the provisions of the Sale
Approval Order applicable to the Credit Bidder), any right, title
or interest the Debtor has in the Property will be sold "as is,
where is, and how is" without any representation or warranty of any
type whatsoever, including the implied warranties of
merchantability or fitness for a particular purpose, if applicable,
except as otherwise set forth in the Cape May County Agreement (or
the Callowhill Agreement or this Sale Approval Order as applicable
to the Credit Bidder, as applicable).
Pursuant to 11 U.S.C. 365(a), the Leases are assumed by the Debtor
and assigned to Cape May County (or to 417 Callowhill, Inc. or to
the Credit Bidder, if applicable) effective upon Closing.
The Order is without prejudice to the rights and remedies of
Investors Bank, under the Agreed Order On Motion To Dismiss/For
Stay Relief entered on Oct. 5, 2018, with respect to its claims
against Bruce Frank or otherwise with respect to its claims against
Frank Investments, Inc.
About Rio Mall
Rio Mall, LLC, is a real asset company whose principal assets are
located at 3801 Route 9 South Rio Grande, NJ 08242.
Rio Mall, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 18-17840) on June 28, 2018. In the petition signed by Bruce
Frank, manager, the Debtor estimated assets and liabilities at $1
million to $10 million. The case is assigned to Judge Erik P.
Kimball. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page
PA, is the Debtor's counsel. No official committee of unsecured
creditors has been appointed in the Chapter 11 case.
RONALD L WINN: Seeks to Hire Vortman & Feinstein as Counsel
-----------------------------------------------------------
Ronald L Winn DDS PS seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire Vortman & Feinstein,
PS as its legal counsel.
The firm will represent the Debtor in negotiation with its
creditors, assist in the preparation of a bankruptcy plan, and
provide other legal services related to its Chapter 11 case.
Vortman was paid $2,500 for its pre-bankruptcy services and an
additional $5,000 as a retainer.
Larry Feinstein, Esq., a partner at Vortman and the attorney who
will be handling the case, will charge an hourly fee of $425.
Mr. Feinstein does not have any prior connection with the Debtor,
creditors or any "party in interest," according to court filings.
Vortman can be reached through:
Larry B. Feinstein, Esq.
Vortman & Feinstein, PS
929 108th Ave NE, Suite 1200
Bellevue, WA 98004
Phone: 206-223-9595
Fax: 206-386-5355
Email: lbf@chutzpa.com
Email: feinstein1947@gmail.com
About Ronald L Winn DDS PS
Ronald L Winn DDS PS, a healthcare business known as Glo Dental
Studio, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Wash. Case No. 18-14732) on December 13, 2018. At the
time of the filing, the Debtor had estimated assets of less than
$500,000 and liabilities of $1 million to $10 million. The case
has been assigned to Judge Marc Barreca.
SANJAC SECURITY: Seeks to Hire Paul Oppermann as Accountant
-----------------------------------------------------------
Sanjac Security, Inc., seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Paul Oppermann CPA
as its accountant.
The accounting services to be provided by the firm include the
preparation of financial statements; consulting and court
appearances; and the preparation of tax returns.
Paul Oppermann will charge $125 per hour for its services.
The firm does not have any interest adverse to the Debtor's
bankruptcy estate, creditors and equity security holders, according
to court filings.
Paul Oppermann can be reached through:
Paul Oppermann
Paul Oppermann CPA
848 Heights Boulevard
Houston, TX 77007
Phone: (713) 861-8585
Fax: (713) 583-1502
Email: pao@oppermanncpa.com
About Sanjac Security Inc.
Based in Humble, Texas, Sanjac Security, Inc., formerly filed a
Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-31008) on Feb.
24, 2015.
Sanjac Security again filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 18-36350) on Nov. 8, 2018. The case is assigned to Judge
Jeff Bohm. The Debtor hired Margaret M. McClure, Esq., as its
bankruptcy counsel.
SCOTTY'S HOLDINGS: Taps JND Corporate as Claims and Noticing Agent
------------------------------------------------------------------
Scotty's Holdings, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of Indiana (Indianapolis) to hire
JND Corporate Restructuring as claims, noticing, and balloting
agent.
The services to be provided by JND are:
(a) prepare and serve required notices and documents in the
chapter 11 cases in accordance with the Code and the Federal Rules
of Bankruptcy Procedure in the form and manner directed by Debtors
and/or the Court, including (i) notice of any claims bar date, (ii)
notice of transfers of claims, (iii) notices of objections to
claims and objections to transfers of claims, (iv) notices of any
hearing on any disclosure statement and confirmation of Debtors'
plan or plans of reorganization, including under Bankruptcy Rule
3017(d), (v) notice of the effective date of any plan or plans, and
(vi) all other notices, orders, pleadings, publications and other
documents as Debtors or the Court may deem necessary or appropriate
for an orderly administration of the chapter 11 cases;
(b) if requested, manage the publication of legal notices;
(c) maintain an official copy of Debtors' schedules of assets
and liabilities and statements of financial affairs, listing
Debtors' known creditors and amounts owed thereto;
(d) maintain (i) a list of all potential creditors, equity
holders, and other parties-in-interest; and (ii) a "core" mailing
list consisting of all parties described in Bankruptcy Rules
2002(i), (j) and (k) and those parties that have filed a notice of
appearance pursuant to Bankruptcy Rule 9010; update said lists, and
make said lists available upon request by a party-in-interest or
the Clerk;
(e) furnish a notice to all potential creditors of the last
date for the filing of proofs of claim and a form for the filing of
a proof of claim, after such notice and form are approved by the
Court;
(f) maintain a post office box or address for the purpose of
receiving claims and returned mail and process all mail received;
(g) for all notices, motions, orders or other pleadings or
documents served, prepare and file or cause to be filed with the
Clerk an affidavit or certificate of service within seven (7)
business days of service which includes (i) either a copy of the
notice served or the docket number(s) and title(s) of the
pleading(s) served, (ii) a list of persons to whom it was mailed
(in alphabetical order) with their addresses, (iii) the manner of
service, and (iv) the date served;
(h) process all proof of claims received, including those
received by the Clerk's office, and check said processing for
accuracy, and maintain the original proofs of claim in a secure
area;
(i) relocate, by messenger or overnight delivery, all proofs
of claim filed with the Clerk to JND's offices, not less than
weekly;
(j) maintain the official claims register for the Debtor on
behalf of the Clerk; upon the Clerk's request, provide the Clerk
with a certified, duplicate unofficial Claims Register; and specify
in the Claims Register the following information for each claim
docketed: (i) the claim number assigned, (ii) the date received,
(iii) the name and address of the claimant and agent, if
applicable, who file the claim (iv) the amount asserted, (v) the
asserted classification(s) of the claim (e.g., secured, unsecured,
priority, etc.), (vi) the applicable Debtor, and (vii) any
disposition of the claim;
(k) implement necessary security measures to ensure the
completeness and integrity of the Claims Register and the
safekeeping of the original claims;
(l) record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
(m) process hard copy claims received by JND, i.e., date
stamped, claim number affixed, scanned, original placed in folder
in fire-proof safe and a datestamped copy returned to claimant (if
claimant has provided a copy and a selfaddressed, postage-prepaid
envelope);
(n) check the ECF filing system on a weekly basis and download
electronically filed claims for processing and inclusion on the
Claims Register;
(o) upon completion of the docketing process for all claims
received to date for the case, turn over to the Clerk copies of the
claims register for the Clerk's review (upon the Clerk's request);
(p) monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations and/or changes to the Claims Register;
(q) assist in the dissemination of information to the public
and respond to requests for administrative information regarding
the cases as directed by Debtors or the Court, including through
the use of a case web site and/or call center;
(r) maintain a post office box or address for the purpose of
receiving ballots, and process all ballots received;
(s) receive, record and tabulate ballots, and upon completion
of the ballot process, JND shall file a report with the Court
showing the results of balloting;
(t) retain all ballots at all times in a secure area or as
provided by the Clerk's office, and JND shall dispose of all
ballots at the close of the cases;
(u) if the cases are converted to cases under chapter 7,
contact the Clerk's office within three (3) business days of the
notice to JND of entry of the order converting the cases;
(v) if the cases are converted to cases under chapter 7,
arrange the delivery of all claims materials to the trustee;
(w) thirty (30) days prior to the close of the cases, to the
extent practicable, request that Debtors submit to the Court a
proposed order dismissing JND and terminating the services of JND
upon completion of its duties and responsibilities and upon the
closing of this cases;
(x) within seven (7) days of notice to JND of entry of an
order closing the chapter 11 cases, provide to the Court the final
version of the Claims Register as of the date immediately before
the close of the chapter 11 cases;
(y) at the close of the cases, coordinate with the Clerk for
the delivery of original documents, including original proofs of
claims to (i) the Federal Archives Record Administration, located
at Great Lakes Region, 7358 South Pulaski Road, Chicago, IL
60629-5898 or (ii) any location requested by the Clerk's office;
and
(z) at the close of the cases, help Debtors file a final
version of the Claims Register, in PDF format, using the "Notice of
Submission" event.
JND will charge these hourly fees:
Clerical $35
Case Assistant $75
IT Manager $110
Case Consultant $130
Senior Case Consultant $150
Case Director $175
Travis Vandell, chief executive officer of JND, disclosed in a
court filing that the firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.
JND can be reached through:
Travis Vandell
JND Corporate Restructuring
8269 E. 23rd Avenue, Suite 275
Denver, CO 80238
Phone: 855-812-6112
E-mail: travis.vandell@jndla.com
E0mail: restructuring@jndla.com
About Scotty's Brewhouse
Scotty's Brewhouse is a craft beer sports bar with 16 locations
throughout Indiana, Illinois, Ohio, Florida, and Texas. The
original Scotty's Brewhouse was opened in Muncie, Indiana in 1996.
Scotty's Brewhouse and its affiliates simultaneously filed
voluntary petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 18-09243) on Dec. 11,
2018. In the petitions signed by Berekk Blackwell, executive
manager, Scotty's Holdings estimated $1 million to $10 million in
both assets and liabilities and Scotty's Brewhouse estimated
$100,000 to $500,000 in both assets and liabilities.
Lucy R. Dollens, Esq. at Quarles & Brady LLP represents the Debtor
as counsel.
SPI ENERGY: Reports $5.5 Million Net Loss for H1 2018
-----------------------------------------------------
SPI Energy Co., Ltd. has furnished the Securities and Exchange
Commission its Unaudited Condensed Consolidated Statements of
Consolidated Balance Sheets and Unaudited Condensed Consolidated
Statements of Operations for the six-month period ended June 30,
2018.
The Company's Interim Financial Statements are prepared and
presented in accordance with U.S. GAAP. However, the Interim
Financial Statements have not been audited or reviewed by the
Company's independent registered accounting firm. During the
course of preparing the Interim Financial Statements, the Company
noted various significant outstanding and uncertain matters,
including but not limited to, its liquidity and ability to continue
as a going concern.
SPI Energy reported a net loss attributable to shareholders of the
Company of $5.48 million on $51.42 million of net sales for the six
months ended June 30, 2018, compared to a net loss attributable to
shareholders of the Company of $14.38 million on $67.53 million of
net sales for the same period during the prior year.
As of June 30, 2018, SPI Energy had $312.23 million in total
assets, $413.95 million in total liabilities, and a total deficit
of $101.71 million.
A full-text copy of the Quarterly Report is available at no charge
at: https://is.gd/JuCgb7
About SPI Energy
SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors. SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America. The Company operates an online energy
e-commerce and investment platform in China, as well as B2B
e-commerce platform offering a range of PV and storage products in
Australia. The Company has its operating headquarters in Hong Kong
and maintains global operations in Asia, Europe, North America and
Australia.
SPI reported a net loss attributable to shareholders of the Company
of $91.08 million for the year ended Dec. 31, 2017, compared to a
net loss attributable to shareholders of the Company of $220.69
million for the year ended Dec. 31, 2016.
SYNERGY PHARMACEUTICALS: Sale of Assets to Fund Proposed Plan
-------------------------------------------------------------
Synergy Pharmaceuticals Inc. and its affiliates filed a disclosure
statement for their joint plan of reorganization dated Dec. 21,
2018.
Class 4 under the plan consists of the general unsecured claims.
Each Holder of an Allowed General Unsecured Claim will receive:
(A) if Class 4 votes to accept the Plan, and the Excess Sale
Proceeds are greater than or equal to $32.1 million in Cash but
less than or equal to $37.1 million in Cash, each Holder of an
Allowed General Unsecured Claim will receive its Pro Rata Share of
$12.0 million in Cash contributed by the Holders of Allowed Term
Loan Claims to Holders of Allowed General Unsecured Claims;
(B) if Class 4 votes to accept the Plan, and the Excess Sale
Proceeds are greater than $37.1 million in Cash but less than or
equal to $42.1 million in Cash, each Holder of an Allowed General
Unsecured Claim will receive its Pro Rata Share of (x) $12.0
million in Cash plus (y) the amount equal to 25% of the excess of
the Second Tier Sale Amount over $37.1 million in Cash, in each
case, contributed by the Holders of Allowed Term Loan Claims to
Holders of Allowed General Unsecured Claims;
(C) if Class 4 votes to accept the Plan, and the Excess Sale
Proceeds are greater than $42.1 million in Cash, each Holder of an
Allowed General Unsecured Claim will receive its Pro Rata Share of
(x) $13.25 million in Cash plus (y) the amount equal to 50% of the
excess of the Third Tier Sale Amount over $42.1 million in Cash, in
each case, contributed by Holders of Allowed Term Loan Claims to
Holders of Allowed General Unsecured Claims until the Allowed
General Unsecured Claims are paid in full;
(D) if Class 4 General Unsecured Claims vote to reject the Plan,
and the Excess Sale Proceeds are insufficient to pay Allowed Term
Loan Claims in full, the Holders of Allowed General Unsecured
Claims will not receive or retain any property under the Plan on
account of such Claims; or
(E) if Class 4 General Unsecured Claims vote to reject the Plan,
and the Excess Sale Proceeds are sufficient to pay Allowed Term
Loan Claims in full, each Holder of an Allowed General Unsecured
Claim shall receive, its Pro Rata Share of (x) the first
[$6,000,000] of the Excess Sale Proceeds made available to the
Holders of Allowed General Unsecured Claims, before the balance, if
any, will be paid to the Term Loan Agent to satisfy all but
[$500,000] of the Allowed Term Loan Claims; (y) the Excess Sale
Proceeds, if any, on account of its Allowed General Unsecured Claim
after payment of all but [$500,000] of the Allowed Term Loan
Claims, and (z) the proceeds of Avoidance Actions, if any, until
such Allowed General Unsecured Claim is paid in full.
The Plan contemplates and is predicated upon the deemed substantive
consolidation of the Estate and Chapter 11 Case of each Debtor with
the Estate and Chapter 11 Case of each other Debtor for
distribution purposes only. On the Effective Date, each Claim filed
or to be filed against any Debtor will be deemed filed only against
Synergy Pharmaceuticals and shall be deemed a single Claim against
and a single obligation of Synergy Pharmaceuticals for distribution
purposes only and the claims register will be updated accordingly.
This limited substantive consolidation effected pursuant to Section
5.01 of the Plan shall not otherwise affect the rights of any
Holder of any Claim, or affect the obligations of any Debtor with
respect to such Claim.
Distributions under the Plan and the Plan Administrator's
post-Effective Date operations will be funded from the following
sources:
* The proceeds of the sale of substantially all of the Debtors'
assets to Purchaser, as contemplated by the Asset Purchase
Agreement and approved by the Sale Order or to a third-party
purchaser pursuant to an Acceptable Sale approved by the Bankruptcy
Court.
* All Cash necessary for the Liquidating Debtors to make
payments required by the Plan shall be obtained from the Debtors'
Cash balances on hand at the time such payment is required, after
giving effect to the transactions contemplated in the Plan.
A copy of the Disclosure Statement is available at
https://tinyurl.com/ybtub99u from Pacermonitor.com at no charge.
About Synergy Pharmaceuticals
Synergy (NASDAQ: SGYP) -- http://www.synergypharma.com/-- is a
biopharmaceutical company focused on the development and
commercialization of novel gastrointestinal (GI) therapies. The
company has pioneered discovery, research and development efforts
around analogs of uroguanylin, a naturally occurring human GI
peptide, for the treatment of GI diseases and disorders. Synergy's
proprietary GI platform includes one commercial product TRULANCE(R)
(plecanatide) and a second product candidate - dolcanatide.
Synergy Pharmaceuticals Inc. (Lead Case) and its subsidiary Synergy
Advanced Pharmaceuticals, Inc. filed voluntary Chapter 11 petitions
(Bankr. S.D. N.Y. Lead Case No. 18-14010) on Dec. 12, 2018. The
petition was signed by Gary G. Gemignani, executive vice president
and chief financial officer.
At Sept. 30, 2018, the Debtors posted total assets of $83,039,825
and total liabilities of $179,282,378.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
bankruptcy counsel; Sheppard, Mullin, Richter & Hampton LLP as
special counsel; FTI Consulting, Inc. as Financial Advisor;
Centerview Partners Holdings LP as investment banker; and Prime
Clerk LLC as notice and claims agent.
TECHNICAL COMMUNICATIONS: Needs More Time to File Fiscal 2018 10-K
------------------------------------------------------------------
Technical Communications Corporation has filed with the Securities
and Exchange Commission a Form 12b-25 notifying the delay in the
filing of its Annual Report on Form 10-K for the period ended Sept.
29, 2018. Technical was unable to file its Annual Report within
the prescribed time period without unreasonable effort or expense.
The Company requires additional time to finalize the financial
statements to be filed as part of the 2018 Form 10-K. The
additional time is required for, but not limited to, the Company to
review its revenue recognition policies. The Company has been
reviewing its interpretations of ASC 605, Revenue Recognition.
Based upon this review, the Company has reached a preliminary
conclusion that the Company needs to modify certain aspects of its
revenue recognition policies. Such modifications may result in the
restatement of revenue for prior periods.
The Company currently expects to file the 2018 Form 10-K on or
before Jan. 11, 2019, the prescribed due date under the fifteen
calendar day extension period provided under Rule 12b-25.
About Technical Communications
Concord, Massachusetts-based Technical Communications Corporation
-- http://www.tccsecure.com/-- specializes in secure
communications systems and customized solutions, supporting its
CipherONE best-in-class criteria, to protect highly sensitive
voice, data and video transmitted over a wide range of networks.
Government entities, military agencies and corporate enterprises in
115 countries have selected TCC's proven security to protect their
communications.
Technical Communications reported a net loss of $1.43 million for
the year ended Sept. 30, 2017, compared to a net loss of $2.47
million for the year ended Oct. 1, 2016.
As of June 30, 2018, the Company had $3.84 million in total assets,
$481,000 in total current liabilities and $3.36 million in total
stockholders' equity.
Moody, Famiglietti & Andronico, LLP, in Tewksbury, Mass., issued a
"going concern" opinion in its report on the consolidated financial
statements for the year ended Sept. 30, 2017, citing that the
Company has an accumulated deficit, has suffered significant net
losses and negative cash flows from operations and has limited
working capital that raise substantial doubt about its ability to
continue as a going concern.
THOMAS O. EIFLER: $27.5K Private Sale of Three Trucks Approved
--------------------------------------------------------------
Judge Thomas H. Fulton of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized Thomas O. Eifler, Sr.'s private
sale of (i) a 1935 Ford SNBB fire truck; (ii) a 1951 Mack S14 fire
truck; and (iii) a 1976 American LaFrance fire truck for $27,500.
The Debtor is authorized to perform any other ordinary task in the
transfer thereof and to pay any usual and customary costs and
expenses necessary thereto.
Thomas O. Eifler, Sr., filed a Chapter 11 petition (Bankr. W.D. Ky.
Case No. 17-31862) on June 6, 2017. At the time of filing, the
Debtor estimated both assets and liabilities at $1,000,000 to $10
million each.
The Debtor is represented by:
James E. McGhee III, Esq.
Kaplan & Partners LLP
710 West Main Street, Fourth Floor
Louisville, KY 40202
Phone: (502) 416-1630
E-mail: jmcghee@kplouisville.com
TOISA LIMITED: Jan. 24 Hearing on Disclosure Statement
------------------------------------------------------
The Bankruptcy Court will convene a hearing on Jan. 24, 2019 at
11:00 a.m., to consider the adequacy of the disclosure statement
explaining Toisa Limited and affiliates's first amended joint plan
of liquidation dated Dec. 21, 2018. Objections to approval of the
Disclosure Statement are due Jan. 18.
Since the outset of these Chapter 11 Cases, the Debtors and their
advisors have engaged in discussions and negotiations with
prepetition lenders, including the Informal Committee as well as
their principals, financial advisors, and attorneys, as applicable,
and the Creditors' Committee and its advisors and attorneys, in an
effort to reach a global resolution with respect to these Chapter
11 Cases. Since the corporate governance changes were effectuated
in January 2018, the Debtors have diligently continued those
efforts.
As a result of the continued negotiations between and among the
Debtors and the Informal Committee, the Debtors' secured lenders,
and the Creditors' Committee a general consensus has been reached
on the Plan. However, as the Debtors are in the process of reaching
agreement with their various creditors and stakeholders on certain
matters, including the amount of certain Allowed Claims and the
terms of certain releases, and thus the Debtors anticipate that the
Plan will be further amended prior to the Disclosure Statement
Hearing.
The purpose of the Plan is to allow the Debtors to liquidate all of
their assets and address their liabilities in an orderly manner.
The Plan provides for the distribution of substantially all of the
Debtors' assets, including proceeds from the completed, ongoing,
and future sale or assignment of substantially all of the Debtors'
assets, including the Oceangoing Vessels, the Offshore Vessels, the
G-IV Aircraft, and the Newbuild Contracts. The proceeds from these
sales have been and will continue to be used to pay down the
Debtors' prepetition secured indebtedness, fund the ongoing
wind-down costs of the Chapter 11 Cases, and fund distributions
under the Plan, including payment of the Secured Lenders’
Superpriority Claims. The Plan also provides that the Plan
Administrator will continue to liquidate and wind down any
remaining assets of the Debtors not sold prior to the Effective
Date.
The Debtors believe that the liquidation contemplated by the Plan
is in the best interests of its creditors. If the Plan is not
confirmed and the settlements with and releases of the Debtors'
various creditors and stakeholders are not approved, the Debtors
believe that they will be forced to liquidate in a manner that will
likely result in litigation with its various creditors.
Class 29 under the plan consists General Unsecured Claims. Each
Holder of an Allowed
Class 29 General Unsecured Claim will receive its ratable share of
the General Unsecured Claims Distribution Reserve to be distributed
to Holders of Allowed Class 29 General Unsecured Claims. Holders of
Allowed Class 29 General Unsecured Claims who received any payment
from the Debtors during the Chapter 11 Cases pursuant to any order
of the Bankruptcy Court will not be excluded from receiving
Distributions under the Plan on account of such Claims unless such
Claims were fully satisfied by any prior payments from the Debtors;
provided, however, that Distributions on account of such Claims
shall be made only to the extent such Claims were not previously
satisfied. The Debtors reserve all rights to challenge the legal
basis and amount of any asserted Class 29 General Unsecured Claim,
and each such Holder reserves all rights and defenses with respect
to any such challenge.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/nysb17-10184-0981.pdf
About Toisa Limited
Toisa Limited owns and operates offshore support vessels for the
oil and gas industry.
Toisa Limited and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 17-10184) on Jan. 29,
2017. In the petitions signed by Richard W. Baldwin, deputy
chairman, Toisa Limited estimated $1 billion to $10 billion in
assets and liabilities.
Judge Shelley C. Chapman is the case judge.
Togut, Segal & Segal LLP serves as bankruptcy counsel to the
Debtors. The Debtors hired Kurtzman Carson Consultants LLC as
administrative agent, and claims and noticing agent; and Scura
Paley Securities LLC, as financial advisor.
The U.S. Trustee for Region 2 formed an official committee of
unsecured creditors on May 18, 2017. The Creditor's Committee
retained Sheppard Mullin Richter & Hampton LLP, as counsel; and
Klestadt Winters Jureller Southard & Stevens, LLP, as conflicts
counsel. Blank Rome LLP, is the special maritime counsel.
TOMMIE LINGENFELTER: Masons Buying Warner Robins Property for $218K
-------------------------------------------------------------------
Tommie J. Lingenfelter and Judith R. Lingenfelter ask the U.S.
Bankruptcy Court for the Middle District of Georgia to authorize
the sale of their interest in the real property located at 108
Colonial Oaks, Warner Robins, Georgia to Joshua L. Mason and Kelly
Mason for $217,500.
Respondent JPMCC 2002-CIBC4 Thomaston Retail, Limited Partnership
("JPMCC") is a Georgia Limited partnership whose principal address
is c/o LNR Partners, LLC, 1601 Washington Avenue, Suite 800, Miami
Beach, Florida 33139, and may be served via first class mail upon
its registered agent for service of process in Georgia, C T Corp.
System, at 289 Culver Street, Lawrenceville, Georgia 30046-4805,
with a notice copy to its attorney Gregory M. Taube, Esq., Nelson
Mullins Riley & Scarborough LLP, 201 17th Street NW, Suite 1700,
Atlanta, Georgia 30363. JPMCC claims an interest in the Property
by virtue of a judgment dated Aug.21, 2015 and entered by the
Superior Court of Houston County, Georgia in the original amount of
$1,494,160. The Houston County Judgment was recorded at Book 270,
Page 188, Superior Court of Houston County.
Respondent Robins Financial Credit Union, formerly known as Robins
Federal Credit Union ("RFCU") is a credit union with its principal
office located at 803 Watson Blvd., Warner Robins, Georgia 31093.
RFCU may be served via first class mail on its Registered Agent and
CEO, John R. Rhea at 803 Watson Blvd., Warner Robins, Georgia
31093, with a notice copy to its attorney Kirby R. Moore, Esq. at
Kirby R. Moore, LLC, 961 Walnut Street, Macon, Georgia, 31201. It
claims an interest in the Property on account of a first priority
mortgage.
Respondent Hon. Mark Kushinka, Houston County Tax Commissioner is
the duly elected and serving Tax Commissioner of Houston County,
Georgia. The Respondent may be served at 200 Carl Vinson Parkway,
Warner Robins, Georgia, 31088. He may claim an interest in the
Property for ad valorem taxes owing on the Property.
on Dec. 20, 2018, Debtors Tommy and Judith Lingenfelter, as the
Sellers, entered into a certain Purchase and Sale Agreement with
the Purchasers relating to the purchase and sale of the Property.
In pertinent part, the Contract provides that the Debtors will sell
the Property to the Purchasers for a purchase price of $217,500,
as-is. The closing date is set for the later of (i) Jan. 30, 2019
and (ii) Court approval of the sale. The Contract calls for $1,000
in earnest money, which is currently held in the trust account of
Sheridan Solomon & Associates, and $5,000 in closing costs to be
paid by Debtors. The brokerage fee, if any, due to the Broker (or
brokers involved in the sale) is payable out of the purchase price
pursuant to a Listing Agreement dated on July 24, 2018 between the
Debtors and the Broker and estimated to be $13,050 (i.e., 6%). The
Court authorized the Broker's employment on Oct. 1, 2018.
The Debtors move for the entry of an Order: (a) authorizing
Debtors' sale of the Property in accordance with the Contract, and
authorizing and approving the sale free and clear of liens, claims,
and interests, with such liens, claims, and interests, if any, to
attach to the net proceeds of such sale; and (b) authorizing
disbursal of the proceeds of the sale as follows: (i) pay liens for
unpaid ad valorem taxes assessed against the Property through the
closing of the sale; (ii) pay to the Debtors their claimed
exemptions in the Property of $44,200, consisting of $43,000 and
$1,200, provided that the Debtors obtain, as necessary, an order
avoiding the judgment lien of JPMCC to the extent that such lien
impairs the Debtors' exemptions; the exemption amount will be held
in escrow by the Debtor's counsel pending order and otherwise
distributed to the Debtors or JPMCC as the Court directs; (iii) pay
all usual, customary, and reasonable costs associated with the sale
as agreed in the Contract and the Listing Agreement, including
$5,000 in closing costs as required in the Contract and the broker
fee; (iv) pay to RFCU at closing the net proceeds necessary to
satisfy the RFCU indebtedness; and (iv) pay to JPMCC any remaining
net proceeds allocated to the Debtors' interest in the Property;
(c) determining the value of the Property being sold securing the
liens; (d) authorizing the compensation of the Broker, real estate
broker for the Debtors; and (e) granting other relief as set
forth.
Despite the fact that the Debtors scheduled the Property as having
a value of $350,000 and entered into a prior Contract calling for a
$236,000 sale price (which prior Contract did not close for reasons
that the Debtors understand to have been related to repair issues),
ample business justification exists in the instant case for the
sale of the Property to the Purchasers for $217,5000 because the
Debtors believe that the sale price for the Property on an as-is
basis is at or above the market price and the very best price that
the market will bear after engaging a highly-regarded local real
estate broker and exposing the property to competing bids for
almost five months.
The Debtors ask authorization to sell the Property free and clear
of all interests. They ask that all broker commissions or sales
commissions arising out of the sale, if any, and all closing costs,
if any, that have been attributed to the Debtors under the Contract
and the Listing Agreement be paid from the gross proceeds of the
proposed sale.
Finally, the Debtors believe that time is of the essence in closing
the transactions by the contemplated Closing Date. Therefore, they
ask that the Court waives the 14-day stay of any order approving
the Motion pursuant to F.R.B.P. 6004(h) and 6006(d).
About the Lingenfelters
Tommie J. Lingenfelter and Judith R. Lingenfelter sought Chapter 11
protection (Bankr. M.D. Ga. Case No. 17-51934) on Sept. 5, 2017.
The Debtors continue to operate their businesses and manage their
properties as debtors-in-possession pursuant to Sections 1107(a)
and 1108 of the Bankruptcy Code.
No creditors' committee has been appointed in the case. No trustee
or examiner has been appointed.
The Debtors tapped David L. Bury, Jr., Esq., at Stone & Baxter,
LLP, as counsel. On Feb. 23, 2018, the Court appointed Independent
Realty of Central Georgia, Inc., doing business as Washburn &
Associates, as broker.
TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing
-----------------------------------------------------
Bankruptcy Judge Keith L. Phillips approved Toys "R" Us Property
Company I and affiliates' disclosure statement describing their
proposed chapter 11 plan.
Plan objection and voting deadline is on Jan. 18, 2019, at 4:00
P.M. Prevailing Eastern Time.
Confirmation hearing date is Jan. 24, 2019, at 1:00 P.M. Prevailing
Eastern Time.
About Toys "R" Us
Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.
Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate entities,
were not part of the Chapter 11 filing and CCAA proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial
advisor; and Moelis & Company LLC as investment banker.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and
3,000 employees, was sent into administration in the United Kingdom
in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company. The Administrators act as
agents only and without personal liability.
The Administrators said they will make every effort to secure a
buyer for all or part of the business.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
Propco I Debtors
Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States. The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for all
of TRU's North American businesses, which operates the majority of
the properties as Toys "R" Us stores, Babies "R" Us stores or
side-by-side stores, or subleases them to alternative retailers.
Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary of
Toys "R" Us Inc.
Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.
The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.
Judge Keith L. Phillips presides over the Propco I Debtors' cases.
The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.
TSC BAYVIEW DRIVE: Jan. 29 Plan Confirmation Hearing Set
--------------------------------------------------------
Bankruptcy Judge Thomas J. Catliota issued an order approving
TSC/Bayview Drive, LLC's disclosure statement referring to a
chapter 11 plan dated Oct. 29, 2018.
Jan. 22, 2019 is fixed as the last day of filing written
acceptances or rejections of the Plan and the last day for filing
and serving written objections to confirmation of the Plan.
Jan. 29, 2019 at 11:00 a.m. is fixed for the hearing on
confirmation of the Plan to take place in Courtroom 3E of the U.S.
Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt,
Maryland 20770.
About TSC/Bayview Drive
TSC/Bayview Drive, LLC, filed for Chapter 11 bankruptcy (Bankr. D.
Md. Case No. 18-19487) on July 18, 2018, estimating between
$100,000 and $500,000 in assets and liabilities. Judge Nancy V
Alquist oversees the case. David W. Cohen, Esq. at Law Office of
David W. Cohen serves as the Debtor's counsel.
VERITY HEALTH: Sale of All Assets of Hospital Affiliates Approved
-----------------------------------------------------------------
Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central
District of California has issued a notice of his intention to
authorize Verity Health System of California, Inc., and its
affiliated debtors to sell all the assets of two hospitals to the
County of Santa Clara for approximately $235 million.
A hearing on the Motion was held on Dec. 19, 2018 at 10:00 a.m.
The Court intends to authorize the sale, free and clear of the
Conditions, for the reasons set forth in the Preliminary Findings
and Conclusions.
By no later than Dec. 24, 2018 at 12:00 p.m., the Debtors, the
California Attorney General, the Official Committee of Unsecured
Creditors, and the County of Santa Clara will file responses to the
Preliminary Findings and Conclusions. Any other interested party
with standing may also submit a response.
The matter will stand submitted as of Dec. 24, 2018. If the Court
determines that further oral argument is necessary, the parties
will be notified.
The Attorney General is equitably estopped from contesting the
Debtors' ability to sell the Hospitals free and clear of the
Conditions.
A copy of the Preliminary Findings and Conclusions attached to the
Order is available for free at:
http://bankrupt.com/misc/Verity_Health_1125_Order.pdf
About Verity Health System
Verity Health System -- https://www.verity.org/ -- operates as a
non-profit health care system in the state of California, with
approximately 1,680 inpatient beds, six active emergency rooms, a
trauma center, and a host of medical specialties, including
tertiary and quaternary care. Verity's two Southern California
hospitals are St. Francis Medical Center in Lynwood and St. Vincent
Medical Center in Los Angeles. In Northern California, O'Connor
Hospital in San Jose, St. Louise Regional Hospital in Gilroy,
Seton
Medical Center in Daly City and Seton Coastside in Moss Beach are
part of Verity Health. Verity Health also includes Verity Medical
Foundation.
With more than 100 primary care and specialty physicians, VMF
offers medical, surgical and related healthcare services for people
of all ages at community-based, multi-specialty clinics
conveniently located in areas served by the Verity hospitals.
Verity Health System was created in a transaction approved by
California Attorney General Kamala Harris and completed in December
2015.
Verity Health System of California, Inc., and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition
signed by CEO Richard Adcock, Verity Health estimated assets of
$500 million to $1 billion and liabilities of $500 million to $1
billion.
Judge Ernest M. Robles presides over the cases.
The Debtors tapped Dentons US LLP as their bankruptcy counsel;
Berkeley Research Group, LLC, as financial advisor; Cain Brothers
as investment banker; and Kurtzman Carson Consultants as claims
agent.
The official committee of unsecured creditors formed in the case
retained Milbank, Tweed, Hadley & McCloy LLP as counsel.
WALDEN PALMS CONDOMINIUM: Seeks to Hire Arias as General Counsel
----------------------------------------------------------------
Walden Palms Condominium Association, Inc., seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
Arias Bosinger PLLC.
The firm will serve as the Debtor's general counsel to advise and
guide its future actions within the Florida law of condominium
associations.
Arias Bosinger will charge $225 per hour for general counsel
services; $250 per hour for litigation services; $275 per hour for
title insurance, real estate closings and certain other services;
and $75 to $100 per hour for paralegal services.
The firm received a retainer in the sum of $10,000.
Adam Carls, Esq., at Arias Bosinger, disclosed in a court filing
that he and his firm do not represent any entity adverse or
potentially adverse to the Debtor and its bankruptcy estate.
The firm can be reached through:
Adam W. Carls, Esq.
Arias Bosinger, PLLC
140 N. Westmonte Drive, Suite 203
Altamonte Springs, FL 32714
Phone: 407-636-2549
Fax: 321-280-2489
Email: acarls@ablawfl.com
About Walden Palms Condominium Association
Walden Palms Condominium Association, Inc., is a nonprofit property
management company in Orlando, Florida. Walden Palms Condominium
Association sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 18-07945) on Dec. 24, 2018. At the
time of the filing, the Debtor estimated assets of $1 million to
$10 million and liabilities of $10 million to $50 million. The
case is assigned to Judge Cynthia C. Jackson. The Debtor tapped
Shapiro, Blasi, Wasserman & Hermann, P.A., as its bankruptcy
counsel.
WALDEN PALMS CONDOMINIUM: Seeks to Hire JD Law as Special Counsel
-----------------------------------------------------------------
Walden Palms Condominium Association, Inc., seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
The JD Law Firm as special counsel.
The services to be provided by the firm include collecting
delinquent assessments from unit owners within the Debtor's
condominium community, and representing the Debtor in foreclosure
actions against unit owners.
JD Law Firm will charge a flat rate of $2,000 per file for the
filing and foreclosure of uncontested liens; $250 or $350 per file
for standard or rush estoppels; $250 per hour for contested liens;
and $250 per hour for other legal services.
D. Jefferson Davis, Esq., at JD Law Firm, disclosed in a court
filing that he and his firm do not represent any entity adverse or
potentially adverse to the Debtor and its bankruptcy estate.
The firm can be reached through:
D. Jefferson Davis, Esq.
The JD Law Firm
180 S. Knowles Avenue, Suite 7
Winter Park, FL 32789
Phone: 407-864-1403
Fax: 407-992-9403
Email: jeff@thejdlaw.com
About Walden Palms Condominium Association
Walden Palms Condominium Association, Inc., is a nonprofit property
management company in Orlando, Florida. Walden Palms Condominium
Association sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 18-07945) on Dec. 24, 2018. At the
time of the filing, the Debtor estimated assets of $1 million to
$10 million and liabilities of $10 million to $50 million. The
case is assigned to Judge Cynthia C. Jackson. The Debtor tapped
Shapiro, Blasi, Wasserman & Hermann, P.A., as its bankruptcy
counsel.
WALDEN PALMS CONDOMINIUM: Taps Winderweedle as Special Counsel
--------------------------------------------------------------
Walden Palms Condominium Association, Inc., seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
Winderweedle, Haines, Ward & Woodman, P.A. as special counsel.
The firm will render counseling in connection with a number of
ongoing land use issues, which include reviewing proposals,
coordinating with insurance adjusters, engineers, and general
contractors, and working to ensure full performance by such vendors
in connection with the Debtor's efforts to resolve code violations
within its condominium community.
The hourly rates range from $250 to $400 for the firm's attorneys
and from $100 to $175 for paralegals. The firm received a retainer
in the sum of $15,000.
Lionel Rubio, Esq., at Winderweedle, disclosed in a court filing
that he and his firm do not have connections with any creditor or
person adverse or potentially adverse to the Debtor and its
bankruptcy estate.
The firm can be reached through:
Lionel E. Rubio, Esq.
Winderweedle, Haines, Ward & Woodman, P.A.
329 Park Avenue North, Second Floor
P.O. Box 880
Winter Park, FL 32790-0880
Phone: 407-423-4246
Fax: 407-645-3728
Email: lerubio@whww.com
About Walden Palms Condominium Association
Walden Palms Condominium Association, Inc., is a nonprofit property
management company in Orlando, Florida.
Walden Palms Condominium Association sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
18-07945) on Dec. 24, 2018. At the time of the filing, the Debtor
had estimated assets of $1 million to $10 million and liabilities
of $10 million to $50 million. The Hon. Cynthia C. Jackson is the
case judge. The Debtor tapped Shapiro, Blasi, Wasserman & Hermann,
P.A., as its bankruptcy counsel.
WALDRON DEVELOPMENT: $945K Sale of Kenmore Property to Lucas Okayed
-------------------------------------------------------------------
Judge Jacqueline P. Cox of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Waldron Development Co.'s
sale of the real estate located at 3838 North Kenmore, Chicago,
Illinois to Candice and William Lucas for $945,000.
The Debtor is authorized to close on the sale of the Kenmore
Property under the terms and conditions set forth in the Motion.
The Debtor's request for shortened notice is granted and the notice
of the Motion is deemed sufficient.
The balance owed on the note secured by mortgage against Kenmore
Property recorded on July 14, 2014 as document number 0419611218,
must be paid in full at closing.
About Waldron Development Company
Waldron Development Company owns a three-flat apartment building at
3838 North Kenmore, Chicago, Illinois.
Waldron Development sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 17-37011) on Dec. 14,
2017. The Debtor intends to use Chapter 11 to effectuate a sale of
the building under Section 363(b) of the Bankruptcy Code, or to
restructure the debt on the building.
At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million.
Judge Jacqueline P. Cox presides over the case.
The Debtor tapped The Law Office of William J. Factor, Ltd., as its
legal counsel; Larry Goldsmith and the firm of CJBS, LLC, as its
accountants; and Ten-X LLC as its marketplace and transaction host
relating to the sale of the Debtor's real property.
WALL STREET THEATER: Unsecureds to Recoup 10% of Allowed Claims
---------------------------------------------------------------
Wall Street Theater Company, Inc., and affiliates filed a
disclosure statement for their proposed joint chapter 11 plan of
reorganization.
Commencing in October 2018, the Debtors, together with various
other parties, engaged in mediation before the Honorable James J.
Tancredi, United States Bankruptcy Judge. The goal of the mediation
was to resolve the disputes in a way that cleared a path for
Debtors to press ahead and seek approval of a chapter 11 plan. The
efforts expended towards mediation proved successful, and
contemporaneously herewith, Debtors filed a motion with the
Bankruptcy Court seeking approval of a settlement agreement and
stipulation ("Master Settlement Agreement") by and among the
Debtors; Patriot Bank, N.S., GTL Construction, LLC; The Morganti
Group, Inc.; Lockwood & Meade, LLC; R&B Ceramic Tile and Floor
Covering, Inc.; XTX Associates, LLC; Susan Cahill, Frank Farricker
and Enhanced Capital HTC Fund I, LLC. Pursuant to the Master
Settlement Agreement, the parties have agreed to the manner of
treatment of their respective claims under the Debtors’ Plan. The
Master Settlement Agreement does not, however, resolve claims of
SuperTech, Queen City and Lyric Hall.
Class 4 under the joint plan consists of non-priority general
unsecured claims. Creditors holding allowed Class 4 Claims will
receive payment pro-rata from a pool of funds in the amount of
$385,494. The Debtors anticipate that general unsecured creditors
will receive approximately 10% of the allowed or agreed value of
their claims. Pursuant to the Master Settlement Agreement, which
remains subject to court approval, six creditors have agreed to the
allowed and payment amounts of their unsecured claims.
The Debtors intend to use income generated by the Tax Credits, as
well as the payment by Enhanced Capital HTC Fund I, LLC, together
with income from operations (i.e. ticket sales for theater
productions), to fund the Plan.
A copy of the Disclosure Statement is available at
https://tinyurl.com/y7qm4b2p from Pacermonitor.com at no charge.
A copy of the Plan is available at https://tinyurl.com/y6valrbn
from PacerMonitor.com at no charge.
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.
X-TREME BULLETS: Marksman Buying Assets of Non-Debtor Affiliates
----------------------------------------------------------------
X-Treme Bullets, Inc., Ammo Loan Worldwide, Inc., Clearwater
Bullets, Inc., Freedom Munitions, LLC, Howell Machine, Inc., Howell
Munitions & Technology, Inc. ("HMT"), Lewis-Clark Ammunition and
Components, LLC and Components Exchange, LLC, ask the U.S.
Bankruptcy Court for the District of Nevada to authorize the
bidding procedures in connection with the sale of substantially all
assets of two non-debtor affiliates of the Debtors, Twin River
Contract Loading, Inc. and Big Canyon Environmental, LLC, to
Marksman Acquisitions, LLC, subject to overbid.
The Stalking Horse Bidder will purchase the Assets for (i) a credit
bid by the Stalking Horse Bidder of the Zions Secured Claim that
the Stalking Horse will acquire from Zions pursuant to the Zions
Loan Purchase Agreement, with the Stalking Horse Bidder's waiving
or subordinating any balance of the Zions Secured Claim as of the
Closing Date; (ii) $3.75 million cash, provided pursuant to a
subordination and carve-out of the Zions Secured Claim to be
acquired by the Stalking Horse Bidder pursuant to the Zions Loan
Purchase Agreement; (iii) a release to HMT of the TTB Levied Funds
($832,000), subject to any competing claim of the TTB; (iv) the
Stalking Horse Bidder’s assumption of the Assumed Liabilities;
and (v) the other financial commitments and obligations of the
Stalking Horse Bidder pursuant to the Asset Purchase Agreement.
A hearing on the Motion is set for Jan. 9, 2019 at 2:00 p.m.
After consultation with the Official Committee of Unsecured
Creditors, the Debtors have determined, that, in order to maximize
the value of their estates, they should seek to effectuate a
prompt, going concern sale of their businesses and the assets used
therein, subject to a competitive bidding and sale process. After
extensive marketing of their assets, the Debtors have determined,
subject to the approval of the Court, to sell and to assign to the
Stalking Horse Bidder substantially all of their assets and
properties pursuant to the terms and conditions of the Asset
Purchase Agreement. The Debtors propose the sale and bidding
procedures in order to facilitate the sale process and potentially
an Auction of the Purchased Assets, for the benefit of their
creditors.
The Debtors have determined that the best means to obtain the most
favorable recovery for creditors in these cases is for the Sellers
to conduct an Auction of the Purchased Assets, subject to open
bidding, with the Auction to be conducted before the Court
immediately before the hearing on the Sale Motion. The Sellers
then will seek, at the Sale Motion Hearing, the Court's approval of
the Successful Bidder for the Purchased Assets, so that a Closing
of the Transaction may occur by Feb. 22, 2019. By the Sale
Procedures Motion, the Debtors ask that the Court approves the sale
and bidding procedures proposed by the Debtors, as described in the
Sale Procedures Memorandum, in connection with the sale process and
the conducting of the Auction.
The Stalking Horse Bidder has entered into an agreement to acquire
from Zions the Zions Secured Claim at a substantial discount.
Pursuant to the Sellers' proposed Asset Purchase Agreement with the
Stalking Horse Bidder, the Stalking Horse Bidder will be entitled
to make a credit bid for the Sellers' assets and properties up to
the full amount of the Zions Secured Claim that will be acquired by
the Stalking Horse Bidder pursuant to the Zions Loan Purchase
Agreement, and, if the Debtors close on the Asset Purchase
Agreement with the Stalking Horse Bidder, the Stalking Horse Bidder
will waive or subordinate any balance of the Zions Secured Claim as
of the Closing Date.
As a result of the Stalking Horse Bidder's acquisition of the Zions
Secured Claim at a substantial discount pursuant to the Zions Loan
Purchase Agreement, the Stalking Horse Bidder is willing to pay,
and pursuant to the Asset Purchase Agreement has agreed to pay, to
the Sellers the substantial Purchase Price set forth therein
pursuant to a carve-out and subordination of the Zions Secured
Claim to be acquired by the Stalking Horse Bidder by the Zions Loan
Purchase Agreement.
The material terms of the Asset Purchase Agreement are:
a. The Sellers will sell and assign to the Stalking Horse
Bidder, and the Stalking Horse Bidder will purchase from the
Sellers, substantially all of the assets and properties of the
Sellers. All assets and properties of the Sellers will be sold to
the Stalking Horse Bidder free and clear of all claims, liens and
interests.
b. The Stalking Horse Bidder will not assume or be liable for
any of the liabilities of the Sellers, except for the Assumed
Liabilities specifically set forth in Section 2.3 of the Asset
Purchase Agreement.
c. Pursuant to Section 3.1 of the Asset Purchase Agreement,
the Purchase Price to be paid by the Stalking Horse Bidder will be
as follows: (i) a credit bid by the Stalking Horse Bidder of the
Zions Secured Claim that the Stalking Horse will acquire from Zions
pursuant to the Zions Loan Purchase Agreement, with the Stalking
Horse Bidder's waiving or subordinating any balance of the Zions
Secured Claim as of the Closing Date; (ii) $3.75 million cash,
provided pursuant to a subordination and carve-out of the Zions
Secured Claim to be acquired by the Stalking Horse Bidder pursuant
to the Zions Loan Purchase Agreement; (iii) a release to HMT of the
TTB Levied Funds ($832,000), subject to any competing claim of the
TTB; (iv) the Stalking Horse Bidder's assumption of the Assumed
Liabilities; and (v) the other financial commitments and
obligations of the Stalking Horse Bidder pursuant to the Asset
Purchase Agreement.
d. Pursuant to Section 4.4 of the Asset Purchase Agreement,
the Stalking Horse Bidder may terminate the Asset Purchase
Agreement, in part, on the following grounds: (i) if the Bidding
Procedures Motion is not approved by the Court by Jan. 11, 2019;
(ii) if the hearing on the Sale Motion to be filed in the Court has
not taken place by Feb. 15, 2019; (iii) if the Court has not
entered the Sale Order approving the Sale Motion by Feb.19, 2019;
or (iv) if the Closing of the Sale Transaction has not occurred by
Feb. 22, 2019.
e. The Stalking Horse Bidder will be entitled to a Break-Up
Fee in the amount of $150,000 if the Asset Purchase Agreement is
terminated because the Sellers have entered into an Alternative
Transaction with another bidder and such Alternative Transaction
closes.
f. A condition precedent to the Closing is that Twin River and
Big Canyon file in this Court Chapter 11 petitions for relief by
Jan. 14, 2019. Twin River and Big Canyon will join in the Sale
Motion to be filed in this Court by which the Debtors, Twin River
and Big Canyon will ask that the Court approves the Asset Purchase
Agreement and authorizes them to perform their obligations
thereunder.
g. The Sellers may solicit other bids for the assets and
properties of the Sellers.
The salient terms of the Bidding Procedures are:
a. Initial Bid: The initial overbidding increment with
respect to the Transaction is $100,000. The Stalking Horse
Bidder's bid has a value in excess of $18 million (the initial
overbid, then, is only about 0.5% of the Stalking Horse Bidders’
overbid). The proposed initial bidding increment should not impair
materially any competitive bidding.
b. Bid Increments: $50,000
The Debtors ask, therefore, that the Court approves the Break-Up
Fee and the Bid Protections and the other sale and bidding
procedures reflected in the Sale Procedures Memorandum by Jan. 11,
2019, the deadline set forth by the Asset Purchase agreement for
the Sellers to obtain approval of the Sale Procedures Motion.
The Asset Purchase Agreement provides that the Sale Motion Hearing
must be conducted by Feb. 15, 2019 and that the Closing of the
Transaction must occur by Feb. 22, 2019. The Debtors have
scheduled, with the approval of the Court, the Sale Motion Hearing
for Feb. 14, 2019.
About X-Treme Bullets
X-Treme Bullets, Inc., and its subsidiaries are in the business of
manufacturing and selling small arms ammunition components,
assembling ammunition, custom building ammunition manufacturing
equipment, and repairing and refurbishing existing ammunition
manufacturing equipment. They sell ammunition from company-owned
brands, which they manufacture in-house, as well as ammunition from
third-party brands, which they source as finished goods. They
operate a production facility in Carson City, Nevada and operate
four facilities in Idaho, including three production facilities and
one distribution center.
X-Treme Bullets and certain affiliates filed sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
18-50609) on June 8, 2018. In the petition signed by David Howell,
president, the Debtor estimated assets and liabilities at $10
million to $50 million.
The case is assigned to Judge Bruce T. Beesley.
The Debtor tapped Harris Law Practice LLC as counsel, and Winthrop
Couchot Golubow Hollander, LLP, as co-counsel. J. Michael Issa of
GlassRatner Advisory & Capital Group, LLC, serves as chief
restructuring officer.
On July 23, 2018, the U.S. Trustee for Region 17 appointed an
official committee of unsecured creditors in the case. The
Committee retained Goldstein & McClintock LLLP as its counsel.
[^] BOOK REVIEW: Crafting Solutions for Troubled Businesses
-----------------------------------------------------------
Authors: Stephen J. Hopkins and S. Douglas Hopkins
Publisher: Beard Books
Hardcover: 316 pages
List Price: US$74.95
Own your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankrupt
Crafting Solutions for Troubled Businesses: A Disciplined Approach
to Diagnosing and Confronting Management Challenges, by Stephen J.
Hopkins and S. Douglas Hopkins, will change the way you think about
the problems of businesses in distress.
The book will be of great value to turnaround management
practitioners, lenders facing loan covenant defaults, Board Members
of struggling companies who need a basis for evaluating and
assisting their management to realistically confront problems, and
private equity firm management facing problems with portfolio
companies or seeking to identify turnaround investment
opportunities.
*********
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.
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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
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than a balance sheet solvency test.
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Monthly Operating Reports are summarized in every Saturday edition
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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 2019. All rights reserved. ISSN: 1520-9474.
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