/raid1/www/Hosts/bankrupt/TCR_Public/191231.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, December 31, 2019, Vol. 23, No. 364
Headlines
110 WEST PROPERTIES: Seeks to Hire Dykema Gossett as Legal Counsel
1191 DOLSONTOWN: Seeks to Hire Genova & Malin as Attorney
1610 MANDEVILLE: Voluntary Chapter 11 Case Summary
AGGRESSIVELY ORGANIC: Seeks to Hire KC Cohen as Legal Counsel
ALL STAR MATERIALS: Unsec. Creditors to Get Up to 100% in Plan
AMAZING ENERGY: Incurs $2.5M Net Loss for Quarter Ended Oct. 31
AMERITUBE LLC: Seeks to Hire Spector & Cox as Legal Counsel
AMYRIS INC: Secures $4.5 Million Loan from Nikko Chemicals
ARABIE TRUCKING: Selling Trucks & Equipment for $133K
ARRO CORPORATION: U.S. Trustee Forms 7-Member Committee
ASPEN LANDSCAPING: Seeks to Hire McManimon Scotland as Attorney
ASPEN LANDSCAPING: Seeks to Hire Sax LLP as Accountant
ASSOCIATION HEALTH CARE: Final Cash Collateral Order Entered
BARNEYS NEW YORK: Outstanding Admin. Claims Won't Be Paid in Full
BGC HOLDINGS: Unsecureds Get 5% Annually Plus Balance in 2025
BLUE EAGLE: Standridges Buying Snead Farm for $352K
BLUEMAN LLC: Bankr. Administrator Unable to Appoint Committee
BLUESTAR COMMERCIAL: Seeks to Hire Newark Firm as Legal Counsel
BREAD & BUTTER: U.S. Trustee Unable to Appoint Committee
BUFFALO ORIGINAL: Maple Road Buying All Assets for $375K
BULA WORLD: To Seek Plan Confirmation on Jan. 28
CAMPBELL & SON: Seeks to Hire Powder River Ag as Consultant
CARE FOR LIFE: Seeks to Hire Schneider & Stone as Legal Counsel
CENTENNIAL HOTEL: Seeks to Hire Kutner Brinen as Legal Counsel
CHAMBERLAIN FAIRVIEW: Seeks to Hire Spence Custer as Counsel
CHINA LENDING: Changes Name to 'Roan Holdings Group Co., Ltd.'
CLOUD PEAK: Plan Confirmation Order Entered
COMMUNITY BUILDERS: ATR to Get Full Payment in 12 Months
COUNTRY MORNING: Jan. 14, 2020 Plan Confirmation Hearing Set
CUSTOMED INC: Court Approves Extension to Plan & Disclosure Filing
DOUBLE H TRANSPORTATION: U.S. Trustee Unable to Appoint Committee
DOUBLE L FARMS: Feb. 18 Hearing on Disclosure Statement
DURR MECHANICAL: Binsky Buying 2016 Ford F150 XL for $16.5K
ELANAR CONSTRUCTION: Wins Interim Cash Access Thru Jan. 17, 2020
ELAS LLC: 2nd Amended Plan Adds HSBC, Ajax Stipulations
F&S ASSOCIATES: Seeks to Hire Cohen Baldinger as Attorney
FOUR HOLDINGS: Court OKs Creditor's Bid to Bar Cash Use
FOX SUBACUTE: Seeks to Hire Kennedy PC as Special Counsel
FRIENDLY VILLAGE: Selling Long Beach Property for $15 Million
FRIENDSWOOD COMMERCIAL: To Seek Plan Confirmation Feb. 7
FT/R LLC: To Seek Approval of Sale-Based Plan Feb. 7
GALLEON CONTRACTING: Seeks Authority to Use Cash Collateral
GARDEN STATE: Hires Maddaloni Nydick as Accountant
GENERATION NEXT: Seeks to Hire Larson Zirzow as General Counsel
GENERATION NEXT: Seeks to Hire McDonald Hopkins as Co-Counsel
GREENTEC-USA INC: Seeks to Hire Redmon Peyton as Counsel
HARD ROCK:Ch. 11 Trustee Wins Court OK to Cash Access 'til May 2020
HOTEL OXYGEN: U.S. Trustee Forms 3-Member Committee
HRI HOLDING: Landry's Buying All Assets for $40 Million
INTERIM HEALTHCARE: Seeks to Hire Kingsley Group, Appoint CRO
J & C CORP: Hearing on Plan & Disclosures on Jan. 8
J & K LOGGING: Seeks to Hire Lane Law as Legal Counsel
JIT INDUSTRIES: inVision Buying Shares for $17.2K
JONATHAN R. SORELLE: Seeks to Hire Brownstein Hyatt as Counsel
JONATHAN R.SORELLE: Seeks to Hire Inouye CPA as Accountant
KLEIN'S MOTOR: Nutrien Ag Buying McCook Property for $500K
LISA SHAW: Rouhani Buying Washington DC Property for $450K
MANN REALTY: Trustee Selling Susquehanna Property for $199K
MATAWAN ACQUISITION: Unsecureds to Get 100% in 5 Years in Plan
MCCLATCHY CO: NYSE Approves Plan to Regain Compliance
MERIDIAN MARINA: Jan. 10 Hearing on All Assets Sale Set
MICROVISION INC: Signs $16M Securities Sale Agreement With Lincoln
MID-CITIES HOME: Seeks to Use $238K of Membership Interest Money
MJ TRANSPORTATION: U.S. Trustee Unable to Appoint Committee
MY KIDZ DENTIST: Taps Falcone Law Firm as Legal Counsel
NAJEEB KHAN: Slocums Buying Edwardsburg Property for $750K
NAKADDU LLC: Trustee Hires Klosinski Overstreet as Legal Counsel
NC SPECIAL: Bankr. Administrator Unable to Appoint Committee
NILE DEVELOPERS: Cash Use Motion Filed; Denial Order Entered
NOVABAY PHARMACEUTICALS: Appoints New Director to Fill Vacancy
NOVABAY PHARMACEUTICALS: Reports $282K Net Loss for Third Quarter
NSJ GROUP: Hires LaMonica Herbst & Maniscalco as Counsel
ON TIME ELECTRIC: Unsecured Creditors to Get 15% in 5 Years
OPTION CARE: To Pay $200K to Plaintiff's Counsel in "Schmidt" Case
ORIGINAL PUBLIC HOUSE: Has Interim OK to Use Cash Thru January
PARKINSON SEED: Ch. 11 Trustee Seeks Cash Access Thru Mar. 31, 2020
PAZZO PAZZO: Court Approves Disclosure Statement
PC 12 INC: U.S. Trustee Unable to Appoint Committee
PENOBSCOT VALLEY: Anthem Health Wants Secured Claim Resolved
PENOBSCOTT VALLEY: USDA Says Plan Patently Unconfirmable
PETE GOULD: Seeks Court Approval to Hire Cooper's Auction
PETSWAY INC: Case Summary & 20 Largest Unsecured Creditors
PNW HEALTHCARE: Seeks to Hire Foley & Lardner as Legal Counsel
PPV INC: Seeks Authorization to Use Cash Collateral
PRESSURE BIOSCIENCES: Sells $250,000 in Convertible Note
PRIMESOURCE INCORPORATED: Hires Deschenes as Counsel
PRIMESOURCE INCORPORATED: Hires Powder River Ag as Consultant
PUERTO RICO HOSPITAL: Court Approves Extension to Plan Filing
QUALIS CARE OF LOUISIANA: Involuntary Chapter 11 Case Summary
QUALITY REIMBURSEMENT: Eastpoint Corp. Steps Down From Committee
QUOTIENT LIMITED: Terminates Distribution Agreement with Ortho
REGIONAL WEST HEALTH: Fitch Lowers IDR to BB+, Outlook Negative
RENNOVA HEALTH: Signs Securities Exchange Agreement with Alcimede
RILEY DRIVE: U.S. Trustee Unable to Appoint Committee
ROBERT MILLER: VTT Buying Nantucket Condo Unit 120 for $287K
S&D LONGHORN: Glast Phillips Represent New Dawn, Dawn Rochelle
S&D LONGHORN: Seeks to Hire Eric Liepins as Bankruptcy Counsel
SANAM CONYERS: Affilate Janam Gets Final OK to Use Cash Collateral
SANAM CONYERS: Affiliate Covington Gets Continued Cash Access
SARAR USA: Hires Prime Clerk as Administrative Advisor
SIERRA ENTERPRISES: Has Until Jan. 15, 2020 to File Plan
SKY-SKAN INC: Seeks Nod to Use Cash Collateral Thru March 2020
SUGARLOAF HOLDINGS: Triple C Buying All Assets for $21M Cash
SUMMIT FACILITY: Case Summary & 20 Largest Unsecured Creditors
SUNSET VIEW: Seeks to Hire Xtreme International as Broker
SUNYEAH GROUP: Case Summary & 20 Largest Unsecured Creditors
TEMPSTAY INC: Seeks to Hire Michael W. Rose as Accountant
TRANS WORLD: Incurs $23.2 Million Net Loss in Third Quarter
TRANS WORLD: Recurring Losses Cast Substantial Going Concern Doubt
TSC DORSEY: Seeks to Hire Cohen Baldinger as Attorney
TURBOCOMBUSTOR TECHNOLOGY: Moody's Reviews B3 CFR for Downgrade
TURIN AVIATION: Skyport Says Claim Completely Secured
TWIFORD ENTERPRISES: Gets Court OK to Use Cash Thru January
VASCULAR ACCESS: Hires Dilworth Paxson as Counsel
VILLAS OF WINDMILL: Trustee Taps Kravit Law as Special Counsel
VITA CRAFT: U.S. Trustee Unable to Appoint Committee
WALKER ENVIRONMENTAL: Gets Interim Approval to Use Cash Collateral
WESTERN ROBIDOUX: Seeks to Hire Liechti Franken as Accountant
WINDSTREAM HOLDINGS: Cullen, Johnson Represent Utility Companies
WWW GREENWICH: Hires Morrison Tenenbaum as Counsel
[^] Large Companies with Insolvent Balance Sheet
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110 WEST PROPERTIES: Seeks to Hire Dykema Gossett as Legal Counsel
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110 West Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Dykema
Gossett LLP as its bankruptcy and litigation counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor on the requirements of the bankruptcy
court, U.S. bankruptcy laws and the Office of the U.S. Trustee's
guidelines and requirements;
b. advise the Debtor on the rights and remedies of its
bankruptcy estate, and the rights, claims and interests of
creditors;
c. represent the Debtor in any proceeding or hearing before
the court involving its estate unless it is represented in such
proceeding or hearing by a special counsel;
d. conduct examinations of witnesses, claimants or adverse
parties and represent the Debtor in adversary proceedings;
e. assist the Debtor in the preparation of reports, pleadings
and other legal documents; and
f. assist the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization.
The hourly rates range from $285 to $735 for attorneys and from
$230 to $285 for paralegals. Gregory Jones, Esq., the firm's
attorney who will be providing most of the services, will charge
$630 per hour.
Mr. Jones disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Gregory K. Jones, Esq.
Dykema Gossett LLP
333 South Grand Avenue, Suite 2100
Los Angeles, CA 90071
Tel: (213) 457-1800
Fax: (213) 457-1850
Email: gjones@dykema.com
About 110 West Properties LLC
110 West Properties, LLC, a privately held company in Los Angeles,
Calif., filed a voluntary Chapter 11 petition (Bankr. C.D. Cal.
Case No. 19-24048) on Nov. 29, 2019. The petition was signed by
Richard K. Ullman, Sr. of RU, LLC, manager of the Debtor.
At the time of filing, the Debtor estimated $10 million to $50
million in assets and $10 million to $50 million in liabilities.
Gregory K. Jones, Esq., at Dykema Gossett LLP, is the Debtor's
legal counsel.
1191 DOLSONTOWN: Seeks to Hire Genova & Malin as Attorney
---------------------------------------------------------
1191 Dolsontown Road, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of New York to employ Genova &
Malin, as attorney to the Debtor.
1191 Dolsontown requires Genova & Malin to:
a. give the Debtor legal advice with respect to its powers and
duties in its financial situation and management of the
property of the Debtor;
b. take necessary action to void liens against the Debtor's
property;
c. prepare and amend, on behalf of the Debtor, necessary
petitions, schedules, orders, pleadings and other legal
papers; and
d. perform all other legal services to the Debtor which may be
necessary herein.
Genova & Malin will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michelle L. Trier, partner of Genova & Malin, 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.
Genova & Malin can be reached at:
Michelle L. Trier, Esq.
Andrea B. Malin, Esq.
GENOVA AND MALIN
1136 Route 9
Wappingers Falls, NY 12590
Tel: (845) 298-1600
About 1191 Dolsontown Road
1191 Dolsontown Road, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 19-36870) on Nov. 20, 2019, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Michelle L. Trier, partner of Genova & Malin.
1610 MANDEVILLE: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: The 1610 Mandeville Canyon Road Trust
1610 Mandeville Canyon Road
Los Angeles, CA 90049
Type of Debtor: Nevada Asset Trust Under NRS 166
Chapter 11 Petition Date: December 30, 2019
Court: United States Bankruptcy Court
District of Nevada
Case No.: 19-18135
Debtor's Counsel: Steven J. Szostek, Esq.
STEVEN J. SZOSTEK, LTD.
6920 South Cimarron Road
Las Vegas, NV 89113
Tel: 702-325-6224
E-mail: szostek1946@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sharyl Bloom, co-trustee.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the petition is available at PacerMonitor.com for free
at:
https://is.gd/G7y7Lw
AGGRESSIVELY ORGANIC: Seeks to Hire KC Cohen as Legal Counsel
-------------------------------------------------------------
Aggressively Organic, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Indiana to employ KC Cohen,
Lawyer, PC as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a) advise the Debtor of its duties, powers and
responsibilities;
b) investigate and pursue any actions on behalf of the estate
in order to recover assets for or enable the Debtor's estate to
reorganize fairly; and
c) pursue confirmation of the Debtor's plan of
reorganization.
The firm will charge $350 per hour for its services.
KC Cohen, Esq., attests that he neither represents nor holds any
interest adverse to the matters upon which his firm is to be
employed.
The firm can be reached through:
KC Cohen, Esq.
KC Cohen, Lawyer, PC
151 N. Delaware St., Ste. 1104
Indianapolis, IN 46204-2573
Tel: 317-715-1845
Fax: 636-8686
E-mail: kc@esoft-legal.com
About Aggressively Organic Inc.
Based in Fishers, Indiana, Aggressively Organic, Inc. filed of a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ind. Case No. 19-08908) on Dec. 3, 2019, listing less than $1
million in both assets and liabilities. KC Cohen, Esq., is the
Debtor's legal counsel.
ALL STAR MATERIALS: Unsec. Creditors to Get Up to 100% in Plan
--------------------------------------------------------------
Debtors All Star Materials, LLC and Magnum Materials, LLC filed
with the U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, a plan of reorganization that contemplates the
emergence of the Debtors through the continued operation of the
business.
The Debtors believe the cash flow generated from the continued
operation of the business will be sufficient to meet the operating
needs and plan payments.
The Debtor will continue to exist as the Reorganized Debtor, doing
business under the name AllStar Materials, LLC.
The Debtor will pay the holders unsecured claims pro rata until the
Unsecured Pot is paid in full. Each holder of an allowed unsecured
claim will be paid a pro rata share of the Unsecured Pot if not
paid in full. Payments will be made over 60 months and shall
commence on the 30th day after a final order determining all
remaining The Unsecured Pot shall be paid as follows: (i) $6,000
per month for the first six months; (ii) $8,000 per month for the
next four months; (iii) $12,000 per month for all of year two; and
(iv) $15,000 per month for years three through five. Payments
shall continue until the Unsecured Pot or 100% of all Class 2
Claims are paid in full.
Holders of membership interests and warrants currently issued or
authorized in the Debtor are unimpaired. They will retain their
full equity interest in the same amounts, percentages, manner, and
structure as existed on the Petition Date.
Scott Ritchey shall remain the sole manager of the Reorganized
Debtor. Ritchey will not receive compensation from the Debtor
until all claims are paid pursuant to the Plan.
A full-text copy of the disclosure statement is available at
https://tinyurl.com/sahjjbe from PacerMonitor.com at no charge.
About All Star Materials
All Star Materials, LLC is a foreign limited liability company
organized under the laws of the State of Delaware and authorized to
transact business in Florida since March 8, 2019. It has been in
the business of production and sale of construction materials such
as concrete block, aggregate, dirt and fill products.
Magnum Materials sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 19-03010) on May 3, 2019.
All Star Materials filed a voluntary Chapter 11 Petition (Bankr.
M.D. Fla. Case No. 19-05191) on Aug. 7, 2019.
The Debtors are represented by:
Jeffrey S. Ainsworth, Esquire
BransonLaw, PLLC
1501 E. Concord Street
Orlando, Florida 32803
Tel: (407) 894-6834
Fax: (407) 894-8559
E-mail: jeff@bransonlaw.com
AMAZING ENERGY: Incurs $2.5M Net Loss for Quarter Ended Oct. 31
---------------------------------------------------------------
Amazing Energy Oil and Gas, Co. filed its quarterly report on Form
10-Q, disclosing a net loss of $2,525,974 on $228,643 of total
revenue for the three months ended Oct. 31, 2019, compared to a net
loss of $1,387,842 on $130,025 of total revenue for the same period
in 2018.
At Oct. 31, 2019, the Company had total assets of $11,032,657,
total liabilities of $10,592,541, and $440,116 in total
stockholders' equity.
Principal Executive Officer Willard McAndrew III and Principal
Financial Officer and Principal Accounting Officer Benjamin M.
Dobbins said, "The Company has incurred operating losses since
inception. As of October 31, 2019, the Company has limited
financial resources with which to achieve its objectives to obtain
profitability and positive cash flows. At October 31, 2019, the
Company has an accumulated deficit of US$43,120,703 and a working
capital deficit of US$5,982,212. Achievement of the Company's
objectives will be dependent upon the Company's ability to obtain
additional financing, to locate profitable oil and gas properties
and to generate revenue from current and planned business
operations, and control costs. The Company plans to fund its
future operations by joint venturing, obtaining additional
financing from investors, and/or lenders, and attaining additional
commercial production. However, there is no assurance that the
Company will be able to achieve these objectives, therefore
substantial doubt as to its ability to continue as a going concern
exists. Although management believes that it will be able to
obtain the necessary funding to allow the Company to remain a going
concern through the methods discussed, there can be no assurances
that such methods will prove successful."
A copy of the Form 10-Q is available at:
https://is.gd/G1Flct
Amazing Energy Oil and Gas, Co. engages in the exploration,
development, and production of oil and gas in Texas, the United
States. In addition, the company provides oilfield services to oil
and gas well owners. Amazing Energy Oil and Gas, Co. is
headquartered in Plano, Texas.
AMERITUBE LLC: Seeks to Hire Spector & Cox as Legal Counsel
-----------------------------------------------------------
Ameritube, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to employ Spector & Cox, PLLC as its
legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the Debtor of its powers and duties;
(b) prepare and pursue confirmation of a Chapter 11 plan and
approval of a disclosure statement;
(c) prepare on behalf of the Debtor necessary applications,
motions, answers, orders, reports and other legal papers; and
(d) attend court hearings.
The firm's hourly rates are:
Sarah M. Cox $325
Howard Spector $375
Paralegals $105
The Debtor paid the firm a $25,000 retainer.
Sarah Cox, Esq., member of Spector & Cox, attests that the firm is
a "disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Sarah M. Cox, Esq.
Spector & Cox, PLLC
12770 Coit Rd, Suite 1100
Dallas, TX 75251
Phone: +1 214-365-5377
About Ameritube LLC
Ameritube, LLC is a manufacturer of alloys used in a variety of
processes in the oil and gas, HVAC, heat transfer, power, chemical,
marine and defense industries. It is also a distributor of carbon
and stainless steel, seamless tubing, marine pipe, couplings,
fittings, and flanges used in the marine industry.
Ameritube sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Tex. Case No. 19-60863) on Nov. 17, 2019. In the
petition signed by Khariton G. Ravitsky, president, the Debtor was
estimated to have assets and liabilities ranging between $1 million
to $10 million. Judge Ronald B. King oversees the case. The
Debtor is represented by Sarah M. Cox, Esq. at Spector & Cox, PLLC.
AMYRIS INC: Secures $4.5 Million Loan from Nikko Chemicals
----------------------------------------------------------
Amyris, Inc., has entered into a loan agreement with Nikko
Chemicals Co., Ltd., the Company's partner with respect to its
Aprinnova, LLC joint venture, to make available to the Company a
secured loan in the principal amount of $4.5 million, which the
Company borrowed in full on Dec. 19, 2019. The Loan (i) matures on
Jan. 31, 2020, (ii) accrues interest at a rate of 2.75% per annum
from and including the Loan date through the Maturity Date, and
(iii) is secured by a first-priority lien on 27.2% of the JV
interests owned by the Company. The Loan Agreement contains
customary terms, provisions and covenants, including certain events
of default after which the Loan would be due and payable
immediately.
About Amyris
Amyris, Inc., based in 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 it 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.
BDO USA, LLP, in San Jose, California, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
Sept. 30, 2019, on the consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
and these factors, among others, raise substantial doubt about its
ability to continue as a going concern.
Amyris reported a net loss attributable to the Company of $230.23
million in 2018 following a net loss attributable to the Company of
$155.98 million in 2017. As of Sept. 30, 2019, Amyris had $128.11
million in total assets, $336.19 million in total liabilities, $5
million in contingently redeemable common stock, and a total
stockholders' deficit of $213.08 million.
ARABIE TRUCKING: Selling Trucks & Equipment for $133K
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Arabie Trucking Services, LLC, Sugarland Express, LLC and TAK
Enterprises, LLC, ask the U.S. Bankruptcy Court for the Eastern
District of Louisiana to authorize the sale of those identified
trucks and equipment on Exhibit A for $132,500.
The proposed sales as listed on Exhibit A will reduce the secured
indebtedness owed to VFS US LLC and Bank of Commerce as well as
provide $62,000 of unencumbered funds to the estates. The
proposed sale of the property is fair and reasonable and the result
of an arms'-length negotiations between the Debtors and the
companies listed on Exhibit A. The Debtors state that the certain
identified trucks and equipment on Exhibit A are not necessary for
reorganization.
The Debtors are disclosing that the owner of Silver Star Transport,
L.L.C. is a nephew of Sandy Arabie, the owner of the Debtors.
Silver Star is the proposed purchaser of unencumbered equipment as
indicated on Exhibit A.
The Debtors ask that the property will be sold free and clear of
all liens, claims, encumbrances and other interests, with any such
claims attaching to the proceeds of the sale.
Finally, they ask that the Court directs that the order approving
the Motion and the auction will not be automatically stayed for 14
days so the sales can take place.
A copy of the Exhibit A is available at https://tinyurl.com/vel974x
from PacerMonitor.com free of charge.
Arabie Trucking Services, LLC sought Chapter 11 protection (Bankr.
E.D. La. Case No. 19-11603) on June 13, 2019. The Debtor tapped
Douglas S. Draper, Esq., at Heller, Draper, Patrick, Horn &
Manthey, LLC as counsel.
ARRO CORPORATION: U.S. Trustee Forms 7-Member Committee
-------------------------------------------------------
The Office of the U.S. Trustee appointed seven creditors to serve
on the official committee of unsecured creditors in the Chapter 11
case of Arro Corporation.
The committee members are:
(1) The Kraft Heinz Company
200 E. Randolph St., Suite 7600
Chicago, IL 60601
Representative: Todd Brown
(2) Alternative Staffing Inc.
5320 W. Cermak Road
Cicero, IL 60804
Representative: Kyle Carstensen
(3) Onin Group Midwest
2147 N. Western Ave.
Chicago, IL 60647
Representative: Phil McMahon
(4) Backhaul Direct LLC
1 Virginia Ave., Suite 400
Indianapolis, IL 46204
Representative: Jared Palmer
(5) Royal Box Group, LLC
1301 S. 47th Ave.
Cicero, IL 60804
Representative: Michael Soule
(6) Graphic Packaging International
1500 Riveredge Pkwy NW, Suite 100
Atlanta, GA 30328
Representative: Jeff Ross
(7) Bluegrass Dairy and Food, Inc.
1117 Cleveland Ave.
Glasgow, KY 42141
Representative: Jonathan Ford
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Arro Corporation
Arro Corporation -- https://arro.com/ -- provides food contract
manufacturing, processing, logistics and warehousing services. It
offers custom dry, liquid blending, reprocessing, bulk handling and
processing services.
Arro Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-35238) on Dec. 13,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range. The case has been assigned to Judge Janet S. Baer. Adam P.
Silverman, Esq., at Adelman & Gettleman, Ltd., is the Debtor's
legal counsel.
ASPEN LANDSCAPING: Seeks to Hire McManimon Scotland as Attorney
---------------------------------------------------------------
Aspen Landscaping Contracting, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of New Jersey to employ McManimon
Scotland and Baumann, LLC, as attorney to the Debtor.
Aspen Landscaping requires McManimon Scotland to:
a. advise the Debtor with respect to the power, duties and
responsibilities in the continued management of the
financial affairs as a debtor, including the rights and
remedies of the debtor-in-possession with respect to its
assets and with respect to the claims of creditors;
b. advise the Debtor with respect to preparing and obtaining
approval of a Disclosure Statement and Plan of
Reorganization;
c. prepare on behalf of the Debtor, as necessary,
applications, motions, complaints, answers, orders, reports
and other pleadings and documents;
d. appear before the Bankruptcy Court and other officials and
tribunals, if necessary, and protecting the interests of
the Debtor in federal, state and foreign jurisdictions and
administrative proceedings;
e. negotiate and prepare documents relating to the use,
reorganization and disposition of assets, as requested by
the Debtor;
f. negotiate and formulate a Disclosure Statement and Plan of
Reorganization;
g. advise the Debtor concerning the administration of its
estate as a debtor-in-possession; and
h. perform such other legal services for the Debtor, as may be
necessary and appropriate herein.
McManimon Scotland will be paid at these hourly rates:
Partners $325 to $625
Associates $255 to $295
Law Clerks $195
Paralegals/Support Staffs $145 to $215
McManimon Scotland will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Richard D. Trenk, a partner at McManimon Scotland, 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.
McManimon Scotland can be reached at:
Richard D. Trenk, Esq.
Joshua H. Raymond, Esq.
Robert S. Roglieri, Esq.
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Second Floor
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: rtrenk@msbnj.com
jraymond@msbnj.com
rroglieri@msbnj.com
About Aspen Landscaping Contracting
Aspen Landscaping Contracting, Inc. -- https://www.aspennj.net/ --
is a landscaping contractor located in Union, New Jersey serving
commercial and residential clients. The company offers wetland
mitigation, planting, hydroseeding, irrigation, railroad spraying,
tree removal/pruning/clearing, erosion control/soil stabilization,
soil procurement and grading, and landfill work.
Aspen Landscaping Contracting sought Chapter 11 protection (Bankr.
D.N.J. Case No. 19-31885) on Nov. 20, 2019 in Newark, New Jersey.
In the petition was signed by Maria A. Fuentes, president, the
Debtor was listed with total assets at $2,429,468 and total
liabilities at $2,510,983.
Judge Vincent F. Papalia oversees the case.
MCMANIMON, SCOTLAND & BAUMANN, LLC, is the Debtor's counsel. SAX,
LLP, serves as accountant to the Debtor.
ASPEN LANDSCAPING: Seeks to Hire Sax LLP as Accountant
------------------------------------------------------
Aspen Landscaping Contracting, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of New Jersey to employ Sax, LLP,
as accountant to the Debtor.
Aspen Landscaping requires Sax, LLP to:
a. prepare the Debtor's federal and New Jersey state tax
returns;
b. assist the Debtor in connection with preparing and filing
of monthly operating reports;
c. assist the Debtor with preparing such analyses as the
Debtor may request to assist in connection with the
Debtor's negotiations, meetings, and telephone conferences
with creditors or other parties; and
d. perform such other financial services for the Debtor, as
may be necessary and appropriate herein.
Sax, LLP will be paid at these hourly rates:
Partner $405 to $490
Director $340 to $385
Sr. Manager $260 to $335
Manager $220 to $255
Sr. Associate $160 to $205
Associate $125 to $160
Sax, LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.
W. Michael Curry, a partner at Sax, LLP, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates.
Sax, LLP can be reached at:
W. Michael Curry
SAX, LLP
855 Valley Road
Clifton, NJ 07013
Tel: (973) 472-6250
E-mail: mcurry@saxllp.com
About Aspen Landscaping Contracting
Aspen Landscaping Contracting, Inc. -- https://www.aspennj.net/ --
is a landscaping contractor located in Union, New Jersey serving
commercial and residential clients. The company offers wetland
mitigation, planting, hydroseeding, irrigation, railroad spraying,
tree removal/pruning/clearing, erosion control/soil stabilization,
soil procurement and grading, and landfill work.
Aspen Landscaping Contracting sought Chapter 11 protection (Bankr.
D.N.J. Case No. 19-31885) on Nov. 20, 2019 in Newark, New Jersey.
In the petition was signed by Maria A. Fuentes, president, the
Debtor was listed with total assets at $2,429,468 and total
liabilities at $2,510,983.
Judge Vincent F. Papalia oversees the case.
MCMANIMON, SCOTLAND & BAUMANN, LLC, is the Debtor's counsel. SAX,
LLP, serves as accountant to the Debtor.
ASSOCIATION HEALTH CARE: Final Cash Collateral Order Entered
------------------------------------------------------------
Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern
District of Texas signed a final order authorizing American Workers
Insurance Services, Inc., and Association Health Care Management,
Inc. to use cash collateral to operate in the ordinary course of
their businesses subject to further orders by the Court.
As set forth in the Final Order, all protections granted to
Insurety Capital LLC for the Debtors' use of anything that was
Insurety's cash collateral in the Interim Order and the Agreed
Order are preserved to the extent any such cash collateral was used
and to the extent the value of any of such cash collateral
diminished in value.
The Final Order prohibits the Debtors from using the commissions of
Insurety Capital LLC, and requires the Debtors to place those
commissions into a segregated account at Comerica Bank. To allow
Insurety to monitor and confirm that the Debtors are sending to
Insurety all of the Insurety Commissions, the Debtors must provide
detailed reports showing collections on all Insurety Commissions.
About American Workers Insurance
American Workers Insurance Services, Inc., is a health insurance
agency in Rockwall, Texas.
Association Health Care Management, Inc., doing business as Family
Care, provides health care services. AHCM offers assistance,
nursing, patient care, rehabilitation, and dental services.
AWIS and AHCM sought Chapter 11 protection (Bankr. N.D. Tex. Case
No. 19-44208 and 19-44209) on Oct, 14, 2019 in Fort Worth, Texas.
The petitions were signed by Harold Lyndon Brock, Jr., president of
American Workers Insurance, and Landon Jordan, chief executive
officer of Association Health Care.
On the petition date, AWIS was estimated to have $50 million to
$100 million in assets, and $10 million to $50 million in
liabilities; AHCM was estimated to have between $50 million and
$100 million in assets, and between $10 million and $50 million in
liabilities. The Hon. Mark X. Mullin is the case judge for Debtor
AWIS' case, and Hon. Edward L. Morris for Debtor AHCM's case.
Forshey & Prosto, LLP, serves as counsel to both Debtors.
BARNEYS NEW YORK: Outstanding Admin. Claims Won't Be Paid in Full
-----------------------------------------------------------------
Barneys New York, Inc. and its debtor affiliates, which sold most
of their assets to B. Riley and are now undergoing a wind-down,
filed on Dec. 9, 2019 a revised Disclosure Statement in support of
their Chapter 11 plan.
According to the black-lined copy, the company filed a revised
disclosure statement to specify that the Plan provides the best
available alternative for the Debtors' estates and creditor
recoveries. If the Debtors' business were liquidated in a chapter
7 process, store closing processes likely would be stopped in their
tracks, forcing locations to go dark and terminate employees until
a trustee could turn the lights back on. Even then, important
employees with institutional knowledge will be gone for good,
leaving an extremely large and complex liquidation to be managed by
new hires unfamiliar with the Debtors' business. The needless loss
of value to creditors and the Debtors' estates would be enormous.
Creditors would receive lower recoveries in chapter 7 because the
Debtors' estates necessarily would bear additional costs associated
with transitioning to chapter 7, retaining a chapter 7 trustee,
counsel, and advisors, and administering a chapter 7 process.
The company also acknowledged that there won't be enough cash to
pay outstanding administrative claims in full.
Most, if not all, administrative claims arising in the ordinary
course during the Wind Down will be satisfied prior to or after
the Effective Date pursuant to reimbursement obligations of the
Purchasers under the Sale Transaction or Wind Down Funds in
accordance with the Wind Down Budget. Any Administrative Claim not
otherwise satisfied prior to the Effective Date will receive the
treatment set forth in Article II.A of the Plan. It is likely that
there will not be enough Distributable Cash to satisfy all
remaining Allowed Administrative Claims in full in Cash.
The quantum of Allowed Administrative Claims and the related
Administrative and Priority Tax Claims Recovery available to
satisfy such Administrative Claims are dependent on a number of
variables and conditions subsequent that are outside the control of
the Debtors. Those factors include, but are not limited to, the
following:
* whether and to what extent the Purchasers (i) designate
executory contracts and/or unexpired leases for assumption, and/or
(ii) otherwise elect to assume liabilities of the Estates;
* the amount of proceeds generated pursuant to the store closing
process, including satisfaction of certain performance metrics
under the Purchase Agreement which could generate up to $6,000,000
of additional funds to satisfy employee severance obligations; and
* the ultimate timing and manner of the store closing process,
employee separations, and closing of the chapter 11 cases.
The Debtors estimate that Distributable Cash could be equal to
$[2.0] to $[6.0] million, exclusive of $2.0 million already set
aside to fund employee separation costs pursuant to the Sale Order.
Assuming a mid-point of $[4.0] million for Distributable Cash,
potential, illustrative recoveries for Allowed Administrative
Claims are set forth:
Total Allowed Claims Recovery Percentage
-------------------- -------------------
$10 million 40%
$15 million 26.7%
$20 million 20%
$25 million 16%
$30 million 13.3%
$35 million 11.4%
The initial Administrative Claims Bar Date for certain
Administrative Claims that arose prior to Dec. 15, 2019 is January
10, 2020. Pursuant to the Administrative Bar Date Order, any motion
or like request for payment of such claims, including those
relating to obligations not reimbursed by the Purchasers and/or
contemplated under the Wind Down Budget, will be held in abeyance
pending the plan confirmation process.
The Plan contemplates that a Plan Administrator will be appointed
on the Effective Date to finalize the wind down the Debtors'
estates, monetize any remaining assets, and make distributions to
creditors in accordance with the Plan. The Plan Administrator will
be M-III Advisory Partners, LP, the Debtors' financial advisor, or
such other entity or individual appointed by the Debtors in
consultation with the Committee.
A full-text copy of the Revised Disclosure Statement dated Dec. 9,
2019, is available at https://tinyurl.com/ulchak8 from
PacerMonitor.com at no charge.
Co-Counsel for the Debtors:
Edward O. Sassower
Joshua A. Sussberg
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
Chad J. Husnick, P.C.
W. Benjamin Winger
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, Illinois 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
- and -
Steven J. Reisman
KATTEN MUCHIN ROSENMAN LLP
575 Madison Avenue
New York, New York 10022
Telephone: (212) 940-8800
Facsimile: (212) 940-8776
About Barneys New York
Barneys New York -- https://www.barneys.com/ -- is a creative
destination for modern luxury retail, entertainment and dining.
Barneys is renowned for being a place of discovery for some of the
world's leading designers, and for creating the most discerning
edit across women's and men's ready-to-wear, accessories, shoes,
jewelry, cosmetics, fragrances, and home. Barneys' signature
creativity and style comes to life through its innovative concepts
and experiences, imaginative holiday campaigns, famed window
displays, and exclusive activations. Barneys also operates its
iconic restaurants, Freds at Barneys New York, serving an
Italian-inspired and contemporary American menu within four of its
flagship stores.
Barneys New York, Inc., and four affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 19-36300) in
Poughkeepsie, N.Y. The cases are assigned to Judge Cecelia G.
Morris.
Barneys disclosed $457 million in assets and $377 million in
liabilities as of July 6, 2019.
The Debtors tapped Kirkland & Ellis LLP as legal advisor, Houlihan
Lokey as financial advisor, M-III Partners, L.P., as restructuring
advisor, and Katten Muchin Rosenman LLP as conflicts counsel.
Bankruptcy Management Solutions, Inc., which conducts business
under the name Stretto, is the claims agent.
* * *
On Oct. 16, 2019, the Debtors selected a bid submitted by
ABG-Barneys LLC as a "stalking horse" bid for substantially all of
the Debtors' assets. On Oct. 31, 2019, the Bankruptcy Court
approved the sale, and the sale closed Nov. 1, 2019. ABG-Barneys
LLC is a wholly-owned subsidiary of B. Riley Financial, Inc.
BGC HOLDINGS: Unsecureds Get 5% Annually Plus Balance in 2025
-------------------------------------------------------------
BGC Holdings LLC - Arlington Place One filed a Chapter 11 plan of
reorganization that says general unsecured creditors will recover
100% of their claims over a period of 75 months.
Cash flow from operations as well as new value contributions from
rents receivable are projected to be sufficient to make all
payments under the plan. In the event additional funds are needed
to make payments under the plan, Samuel K. Bobby will be available
to make new value contributions to the debtor. Historically Samuel
K. Bobby has made equity contributions to the debtor.
The Plan proposes to treat claims and interests:
* Class 2 Secured claim of Rompsen Mortgage. IMPAIRED. Total
claim of $4,270,000. Monthly payments of $18,681 in months 1-24
increasing to $23,579.10 in months 25-60. Payments Begin in Feb.
15, 2020. Payments end on or before Feb. 14, 2025. Interest rate
of 5.25% fixed interest only months 1-24 followed by fixed payments
of principal and interest amortized over 30 years in months 25-60
with the final payment of $4,079,483.48 due on Feb. 14, 2025.
* Class 3 Secured claim of Zone Mechanical. IMPAIRED. Total
claim of $32,985. Monthly payments of $144 in months 1-24
increasing to $182.14 in months 25-60. Payments Begin in Feb. 15,
2020. Payments End on February 14, 2025. Interest rate % of 5.25%
fixed interest only months 1-24 followed by fixed payments of
principal and interest amortized over 30 years in months 25-60 with
the final payment of $31,469.21 due on February 14, 2025.
* Class 4 Secured claim of Youna Mechanical. IMPAIRED. Total
claim of $31,400. Monthly payments of $137 in months 1-24
increasing to $173.39 in months 25-60. Payments Begin in February
15, 2020. Payments End on February 14, 2025. Interest rate % of
5.25% fixed interest only months 1-24 followed by fixed payments of
principal and interest amortized over 30 years in months 25-60 with
the final payment of $29,956.97 due on February 14, 2025.
* Class 5 Secured claim of Hayes Mechanical. IMPAIRED. Total
claim of $1,256. Monthly payments of $5 in months 1-24 increasing
to $6.94 in months 25-60. Payments Begin in February 15, 2020.
Payments End on February 14, 2025. Interest rate % of 5.25% fixed
interest only months 1-24 followed by fixed payments of principal
and interest amortized over 30 years in months 25-60 with the final
payment of $1,198.11 due on Feb. 14, 2025.
* Class 6 General Unsecured Claims. IMPAIRED. Semi-annual
Payment of 2.5% of allowed claims equaling 5% payment annually with
the first 2.5% payment made on July 15, 2020 followed by 2.5%
principal reduction payments each successive 6 month period
thereafter until Feb. 15, 2025 when a balloon payment shall be made
to pay the Class 6 claimants in full.
A full-text copy of the Disclosure Statement dated Dec. 2, 2019, is
available at https://tinyurl.com/upnhul4 from PacerMonitor.com at
no charge.
Attorney for the Debtor:
Michael J. Greco
175 W. Jackson Blvd., Suite 240
Chicago, Illinois 60604
312 222-0599
E-mail michaelgreco18@yahoo.com
- and -
James O. Stola,
1200 W. 35th Street
Chicago, Ill. 60616
Tel: 312 687-8004
E-mail: james@stolalaw.net
BGC Holdings LLC
BGC was formed on October 16, 2015 for the purpose of acquiring
commercial real estate. BGC acquired the debtor’s sole asset, the
property located at located at 2340 South Arlington Heights Road,
Arlington Heights, Illinois on December 31, 2015.
This Disclosure Statement contains information about the Debtor and
describes the BGC Holdings LLC - Arlington Place One Plan (the
"Plan") filed by BGC Holdings Arlington Place One LLC - (also
referred to as BGC) on November 1, 2019 and is represented by
Michael J. Greco and James O. Stola.
BLUE EAGLE: Standridges Buying Snead Farm for $352K
---------------------------------------------------
Blue Eagle Farming, LLC, and its affiliated debtors ask the U.S.
Bankruptcy Court for the Northern District of Alabama to authorize
the sale of their 110 acres of real property located in Blount
County, Alabama, identified as the "Snead Farm" property in the
Debtor's schedules with Parcel Numbers 05-09-32-0-000-014.001 and
05-09-32-0-000-002.001, to Chad and Christi Standridge for
$352,000.
Blue Eagle Farming originally purchased the Property on Nov. 7,
2010 for $231,000. Presently, Blue Eagle Farming proposes to sell
the property to Purchasers for the agreed total price. Their
Purchase Agreement provides that the Purchasers will pay all
closing costs. Additionally, there is no real estate agent fee to
be paid in connection with the sale.
Blue Eagle Farming submits that the Court should enter an order
granting the relief requested because it represents a sound
exercise of their business judgment. The offered purchase price is
more than double the price the Debtor paid for the Property. Blue
Eagle Farming has concluded that the sale of the Property presents
the best option for maximizing the value to creditors of their
estate.
The United States of America claims to have a valid lien on the
Property. Blue Eagle Farming asserts the United States does not
have a valid lien. Blue Eagle Farming is hopeful that the United
States will consent to the sale of the Property. However, in the
event that the United States does not consent to the sale, the lien
is in bona fide dispute, as required pursuant to Section 363
(f)(4).
A copy of the Agreement is available at https://tinyurl.com/svxbwrl
from PacerMonitor.com free of charge.
About Blue Eagle Farming
Blue Eagle Farming and H J Farming are engaged in the business of
cattle ranching and farming. Blue Smash Investments operates in
the financial investment industry; War-Horse Properties manages
companies and enterprises; Eagle Ray Investments and Forse
Investments are lessors of real estate while Armor Light, LLC, is
engaged in the business of residential building construction.
Blue Eagle Farming, LLC, and its affiliate H J Farming, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ala. Case Nos. 18-02395 and 18-02397) on June 8, 2018.
On June 9, 2018, five Blue Eagle affiliates filed Chapter 11
petitions: Blue Smash Investments LLC, Eagle Ray Investments LLC,
Forse Investments LLC, Armor Light LLC, and War-Horse Properties,
LLLP (Bankr. N.D. Ala. Case Nos. 18-81707 to 18-81711). The cases
are jointly administered under Case No. 18-02395.
In the petitions signed by Robert Bradford Johnson, general partner
of Blue Eagle Farming, LLC's sole owner, Blue Eagle was estimated
to have $1 million to $10 million in assets and $100 million to
$500 million in liabilities as of the bankruptcy filing.
Judge Tamara O. Mitchell is the presiding judge.
Burr & Forman LLP is the Debtors' legal counsel.
BLUEMAN LLC: Bankr. Administrator Unable to Appoint Committee
-------------------------------------------------------------
The U.S. bankruptcy administrator disclosed in a filing with the
U.S. Bankruptcy Court for the Eastern District of North Carolina
that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Blueman, LLC.
About Blueman LLC
Blueman, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. N.C. Case No. 19-02753) on June 14, 2019. Judge
Joseph N. Callaway oversees the case. The Debtor is represented by
Danny Bradford, Esq.
BLUESTAR COMMERCIAL: Seeks to Hire Newark Firm as Legal Counsel
---------------------------------------------------------------
Bluestar Commercial Fundings, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ A
Newark Firm as its legal counsel.
The firm will represent the Debtor in its Chapter 11 case and will
be paid at these hourly rates for its services:
Attorneys $400
Paralegals $95
The Debtor paid Newark Firm a retainer of $600. Newark Firm will
be reimbursed for work-related expenses incurred.
Robert Newark, III, Esq., a partner at Newark Firm, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
Newark Firm can be reached at:
Robert C. Newark, III, Esq.
A Newark Firm
1341 W. Mockingbird Lane, Ste 600W
Dallas, TX 75247
Tel: (866) 230-7236
Fax: (888) 316-3398
Email: office@newarkfirm.com
About Bluestar Commercial Fundings, LLC
Based in Richardson, Texas, Bluestar Commercial Fundings, LLC filed
a voluntary Chapter 11 petition (Bankr. N.D. Texas Case No.
19-34031) on Dec. 3, 2019, listing under $1 million in both assets
and liabilities. Robert C. Newark, III, Esq., at A Newark Firm,
represents the Debtor as legal counsel.
BREAD & BUTTER: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee disclosed in court filings that no
official committee of unsecured creditors has been appointed in the
Chapter 11 cases of Bread & Butter Concepts, LLC, Texaz Table
Restaurant of KS, LLC and Texaz Crossroads, LLC.
About Bread & Butter Concepts
Bread & Butter Concepts, LLC -- http://breadnbutterconcepts.com/--
was founded in 2011, and owns and operates multiple upscale
restaurants in the Kansas City metropolitan area.
Bread & Butter Concepts and its affiliates Texaz Crossroads LLC,
Texaz Table Restaurant of KS LLC, Texaz South Plaza LLC and Texaz
Plaza Restaurant LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Lead Case No. 19-22400) on Nov. 9,
2019. At the time of the filing, Bread & Butter disclosed
$4,121,754 in assets and $5,079,795 in liabilities. The cases have
been assigned to Judge Dale L. Somers. Sandberg Phoenix & von
Gontard P.C. is the Debtor's counsel.
BUFFALO ORIGINAL: Maple Road Buying All Assets for $375K
--------------------------------------------------------
Buffalo Original Wings, Inc., doing business as Anchor Bar, asks
the U.S. Bankruptcy Court for the Western District of New York to
approve the sale of substantially all assets to Maple Road Wings,
LLC for $375,000, pursuant to their Amended and Restated Asset
Purchase Agreement dated as of Nov. 20, 2019, free and clear of any
liens, claims, encumbrances, and interests.
The Debtor owns and operates a restaurant/bar business as an Anchor
Bar franchisee at 4300 Maple Road, Amherst, New York. Prior to and
as of the Petition Date, the Debtor was a party to an Asset
Purchase Agreement by and among the Purchaser, as the buyer, the
Debtor, as the seller and Minh X. Tran, as shareholder, which was
entered into in May, 2019 providing for the sale of substantially
all of the assets of the Debtor.
The Original Asset Purchase Agreement was amended prior to the
Petition Date to provide for, among other things, a reduced
purchase price of $350,000. Prior to and as of the Petition Date,
the Debtor was a party to a Franchise Agreement with Anchor Bar
Franchise and Development, LLC, as the franchisor and the Debtor as
franchisee. The Franchisor was not a party to the Original Asset
Purchase Agreement; however, said agreement required approval by
the Franchisor as well as a complete cure by the Debtor of any
claimed defaults under the Franchise Agreement.
The terms of the Original Asset Purchase Agreement provided no
limit or other protection as against any claims or claimed defaults
that the Franchisor may have made under the Franchise Agreement
that the Debtor would have been responsible for curing and
addressing in order for the sale to have closed under the Original
Asset Purchase Agreement.
On July 30, 2019, the Debtor filed a Voluntary Petition for Relief
under Chapter 11 of the Code. The filing has allowed the Debtor
time to review its business operations and further assess the
desirability of a sale of substantially all of its assets. It has
also enabled the Debtor to be able to effectively address issues
arising in connection with the Original Asset Purchase Agreement
and negotiate terms that are more favorable and better protect the
interests of creditors.
Negotiations with the Purchaser and the Franchisor subsequent to
the Petition Date, have resulted in the execution of the APA. The
APA provides for a sale of substantially all of the assets of the
Debtor to the Purchaser, consisting of, among other things, the
Debtor's inventory, tangible goods and furniture, fixtures and
equipment. The Debtor has assigned its commercial real property
lease to the Purchaser in connection with the proposed sale. The
Franchisor has consented to the sale and has approved the Purchaser
as an Anchor Bar franchisee if the sale is approved.
In the APA, the Franchisor has agreed to release the Debtor from
any and all claims or claimed defaults under the Franchise
Agreement in consideration of the payment of $20,000 out of the
purchase price. Under the Original Asset Purchase Agreement, upon
information and belief, the Franchisor was seeking or would have
sought a cure substantially in excess of said amount in
consideration of its consent and approval to the sale. Pursuant
to the APA, the purchase price has increased $25,000 over the
Original Asset Purchase Agreement, as previously amended.
As set forth on Schedule D to the Debtor's Bankruptcy Petition, the
creditors holding or claiming liens as of the Petition Date are:
(i) Lease Corporation of America for OS Terminal Software in
the amount of $1,321 holding a security interest in that item;
however, it is believed that that balance has since been reduced to
zero;
(ii) M&T Bank in the amount of $148,730 holding a blanket
security interest in all of the assets of the Debtor; which amount
has been reduced since the Petition Date due to payments of
adequate protection; and
(iii) a secured claim of the Shareholder in the amount of
$700,000 which has now been listed as disputed and arises from a
UCC Financing Statement filed within 90 days of the Petition Date.
The New York State Department of Taxation and Finance has filed a
total claim in the amount of $24,239 of which $16,770 is a priority
claim. Although the claim is unsecured, the Debtor seeks authority
to pay this claim in full, including the unsecured portion, in
order to avoid a potential liability to the Purchaser for which the
Debtor would be responsible for indemnification.
Additionally, the Debtor has agreed under the APA to pay the sales
or transfer taxes associated with the sale and seeks authority to
pay said taxes out of the purchase price. As such, there are more
than sufficient proceeds to pay the Franchisor cure payment, all
lienholders and the claims of the New York State Department of
Taxation and Finance.
Since there are no brokers involved in the proposed transaction, it
is not believed that there are any other transaction costs other
than the Debtor's legal counsel whose fees are subject to future
application and Court approval. The Shareholder has advised that
he consents to the proposed sale. The remaining proceeds would be
held in escrow with the Debtor’s counsel pending a further Order
of the Court.
The Debtor asks the Court to (i) approving the APA and authorize
the sale of substantially all of its assets pursuant to said
agreement; (ii) authorize the payment to M&T Bank in full to the
extent of its lien on the subject assets; (iii) authorize the
payment in full of the entire claim of the New York State
Department of Taxation and Finance, including both priority and
unsecured portions; (iv) authorize the payment of any sales or
transfer taxes or other similar charges arising from the sale of
the subject assets; (v) authorize the payment in the amount of
$20,000 to the Franchisor; and (vi) direct that the net proceeds of
sale be held in escrow pending further order of the Court.
The Debtor submits that reducing the notice period will enable the
Purchaser to accomplish a seamless transition relative to the need
to maintain a license to serve alcoholic beverages by the New York
State Liquor Authority. As a result of the foregoing, the Debtor
asks that the Court waives the 14-day stay period provided by Rule
6004(h).
A hearing on the Motion was set for Dec. 6, 2019 at 1:00 p.m.
A copy of the APA is available at https://tinyurl.com/rfcjh8k from
PacerMonitor.com free of charge.
The Purchaser:
MAPLE ROAD WING, LLC
2740 Main Street
Buffalo, New York 14214
Attn: Andy Klie
E-mail: aklie@franchisedevelopmentgroup.com
The Purchaser is represented by:
RUPP BAASE PFALZGRAF CUNNINGHAM LLC
1600 Liberty Building
Buffalo, NY 14202
Attn: David R. Pfalzgraf, Jr., Esq.
E-mail: pfalzgraf@ruppbaase.com
The Shareholder:
Minh X. Tran
231 Hudson Street
Buffalo, NY 14201
E-mail: tranm@email.com
The Shareholder is represented by:
GLEICHENHAUS, MARCHESE & WEISHAAR, PC
43 Court Street, Suite 930
Buffalo, NY 14202
Attn. Scott J. Bogucki, Esq.
E-mail: sbogucki@gmwlawyers.com
The Franchisor:
ANCHOR BAR FRANCHISE & DEVELOPMENT, LLC
651 Delaware Avenue
Buffalo, NY 14202
Attn: Mark Dempsey
E-mail: markdempsey@-anchorbar.com
The Franchisor is represented by:
BARCLAY DAMON LLP
125 East Jefferson Street
Syracuse, NY 13202
Attn: Jeffrey A. Dove, Esq.
E-mail: jdove@barclaydamon.com
About Buffalo Original Wings
Buffalo Original Wings, Inc., doing business as Anchor Bar, owns
and operates a bar and restaurant in Buffalo, New York --
https://www.anchorbar.com/ -- most famous for its spicy chicken
wings known as Buffalo wings. See https://www.anchorbar.com/ for
more information.
Buffalo Original Wings sought Chapter 11 protection (Bankr.
W.D.N.Y. Case No. 19-11526) on July 30, 2019. As of the Petition
Date, Debtor disclosed total assets of $802,372 and total
liabilities of $1,149,231. BAUMEISTER DENZ LLP, led by partner
Arthur G. Baumeister, Jr., is the Debtor's counsel.
BULA WORLD: To Seek Plan Confirmation on Jan. 28
------------------------------------------------
Judge John K. Sherwood has ordered that the Disclosure Statement
dated Dec. 6, 2019, in support of the Chapter 11 plan filed by
debtor Bula World Holdings Limited Liability Company is
conditionally approved.
A hearing will be held on Jan. 28, 2020 at 10:00 a.m., for final
approval of the Disclosure Statement and for confirmation of the
Plan before the Honorable John K. Sherwood, United States
Bankruptcy Court, District of New Jersey, 50 Walnut St., Newark, NJ
07102, in Courtroom 3D.
Jan. 21, 2020, is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.
Jan. 21, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.
As reported in the Troubled Company Reporter, the Debtor filed a
reorganizing plan that contemplates the continuation of the
Debtor's business and retention of prepetition assets of the
Debtor. Pursuant to the Plan, the Debtor will fund a 100% dividend
to allowed unsecured creditors and restructure the Debtor's primary
secured debt to first mortgagee Comerica Bank.
A full-text copy of the First Amended Combined Plan of
Reorganization And Disclosure Statement dated Dec. 6, 2019, is
available at https://tinyurl.com/sb5uvuf from PacerMonitor.com at
no charge.
Based in Stanhope, New Jersey, Bula World Holdings Limited
Liability Company filed a voluntary Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 19-19243) on May 6, 2019, and is
represented by Stephen B. McNally, Esq., at McNally & Busche,
L.L.C.
Attorneys for Bula World Holdings:
Stephen B. McNally
McNALLY & ASSOCIATES, LLC
93 Main Street
Newton, New Jersey 07860
Tel: (973) 300-4260
Fax: (973) 300-4264
CAMPBELL & SON: Seeks to Hire Powder River Ag as Consultant
-----------------------------------------------------------
Campbell & Son, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Montana to employ Powder River Ag Consulting,
LLC as its consultant.
The services to be provided by the firm are:
(a) conduct a survey of the Debtor's books of account to
accurately determine the Debtor's financial condition;
(b) prepare and provide Debtor's management with financial
statements for inclusion in its Chapter 11 plan;
(c) assist in the preparation of cash flow projections,
analysis of operations and analysis of feasibility of Debtor's
Chapter 11 plan;
(d) work, consult and negotiate with creditors and the Debtor
on the feasibility and financial issues relating to settlements and
confirmation;
(e) provide testimony as an expert witness; and
(f) provide services related to adversary proceedings in which
the Debtor is involved.
J. T. Korkow of Powder River assures the court that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
J. T. Korkow
Powder River Ag Consulting
131 North Highway 59
Volborg MT 59351
About Campbell & Son, LLC
Based in Conrad, Montana, Campbell & Son, LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No.
19-61222) on Dec. 11, 2019, listing under $1 million in both assets
and liabilities. Gary S. Deschenes, Esq., at Deschenes &
Associates, is the Debtor's legal counsel.
CARE FOR LIFE: Seeks to Hire Schneider & Stone as Legal Counsel
---------------------------------------------------------------
Care For Life Home Health, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Schneider & Stone as its legal counsel.
Schneider & Stone will assist the Debtor in planning an effective
reorganization under Chapter 11.
The firm's attorneys and paralegals will charge $375 per hour and
$175 per hour, respectively.
Ben Schneider, Esq., at Schneider & Stone, attests that the firm is
a disinterested person within the meaning of Section l0l(14) of the
Bankruptcy Code.
The firm can be reached through:
Ben L. Schneider, Esq.
Schneider & Stone
8424 Skokie Blvd., Suite 200
Skokie, IL 60077
Phone: 847-933-0300
Email: ben@windycitylawgroup.com
About Care For Life Home Health
Based in South Elgin, Ill., Care For Life Home Health, Inc. filed a
Chapter 11 petition (Bankr. N.D. Ill. Case No. 19-33113) on Nov.
21, 2019, listing less than $1 million in both assets and
liabilities. Ben L Schneider, Esq., at Schneider & Stone, is the
Debtor's legal counsel.
CENTENNIAL HOTEL: Seeks to Hire Kutner Brinen as Legal Counsel
--------------------------------------------------------------
Centennial Hotel, LLC seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to hire Kutner Brinen, P.C. as
its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of its powers and duties;
b. aid the Debtor in the development of a plan of
reorganization under Chapter 11;
c. file pleadings, reports and other legal documents; and
d. take necessary actions to enjoin and stay until a final
decree the continuation of pending proceedings.
Kutner Brinen will be paid at these hourly rates:
Lee M. Kutner $550
Jeffrey S. Brinen $475
Jenny M. Fujii $380
Keri L. Riley $320
Paralegal $75
The Debtor paid the firm its pre-bankruptcy fees and costs in the
amount of $8,115. The firm received a pre-bankruptcy retainer of
$22,902 and will be reimbursed for work-related expenses incurred.
Lee Kutner, Esq., a partner at Kutner Brinen, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Kutner Brinen can be reached at:
Keri L. Riley, Esq.
Lee M. Kutner, Esq.
Kutner Brinen, P.C.
1660 Lincoln Street, Suite 1850
Denver, CO 80264
Tel: (303) 832-2400
Fax: (303) 832-1510
Email: klr@kutnerlaw.com
About Centennial Hotel, LLC
Centennial Hotel, LLC, a privately held company in the hotel and
motel business, filed its voluntary Chapter 11 petition (Bankr. D.
Colo. Case No. 19-20694) on Dec. 17, 2019. In the petition signed
by Gregory G. Fulton, managing member of GGF, LLC, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Lee M. Kutner, Esq. at Kutner Brinen, P.C., is the Debtor's legal
counsel.
CHAMBERLAIN FAIRVIEW: Seeks to Hire Spence Custer as Counsel
------------------------------------------------------------
Chamberlain Fairview Farm seeks authority from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to hire Spence,
Custer, Saylor, Wolfe & Rose, LLC as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in the preparation of a bankruptcy plan;
and provide other legal services related to its Chapter 11 case.
Spence will charge an hourly fee of $300 for its services.
Kevin Petak, Esq., at Spence, disclosed in a court filing that the
firm and its attorneys do not hold any interest adverse to the
Debtor's estate.
The firm can be reached through:
Kevin J. Petak, Esq.
1067 Menoher Boulevard
Johnstown, PA 15905
Tel: 814.536.0735
Fax: 814.539.1245
Email: kpetak@spencecuster.com
About Chamberlain Fairview Farm
Chamberlain Fairview Farm owns and operates a dairy farm in
Clearville, Pa.
Chamberlain Fairview Farm filed a voluntary Chapter 11 petition
(Bankr. W.D. Pa. Case No. 19-70757) on Dec. 17, 2019. In the
petition signed by Lynn E. Chamberlain, general partner, the Debtor
estimated $1,438,190 in assets and $1,127,923 in liabilities.
Kevin J. Petak, Esq., at Spence, Custer, Saylor, Wolfe & Rose, LLC,
is the Debtor's legal counsel.
CHINA LENDING: Changes Name to 'Roan Holdings Group Co., Ltd.'
--------------------------------------------------------------
The Board of Directors of Roan Holdings Group Co., Ltd. approved to
change the Company's name from China Lending Corporation to Roan
Holdings Group Co., Ltd. On Nov. 27, 2019, the BVI Registrar of
Corporate Affairs issued the certificate of change of name to the
Registrant, a BVI company. The Company changed its name because of
the transition of its main business from lending to asset
management, supplier chain financing and business factoring.
On Dec. 13, 2019, the Company filed with the Financial Industry
Regulatory Authority to change the ticker symbols of its ordinary
shares and warrants. Upon approval, the Registrant will make
further disclosure.
Amendment of Memorandum and Articles of Association
On Dec. 6, 2019, the Board passed a resolution to amend the
Company's Memorandum and Articles of Association to (a) create a
new class of shares, to be designated the Class B Preferred Shares,
and (b) amend the rights of the existing Class A Preferred Shares
(as defined in the M&A) to allow for the new Class B Preferred
Shares to rank senior to the Class A Preferred Shares on a
liquidation of the Company. On Dec. 16, 2019, a meeting of the
Class A Members was held at Urumqi, Xinjiang, China. The meeting
approved the amendment of the M&A accordingly. The Company has
filed the amended M&A to the BVI Registry of Corporate Affairs on
Dec. 20, 2019.
Co-Chair of the Board
On Dec. 15, 2019, the Board passed a resolution to elect Zhigang
Liu, the CEO and a director of the Company, as the Co-Chair of the
Board. The Board also appointed Zhigang Liu as its sole
representative with authority to execute documents on behalf of the
Company when such execution is approved by the Board and revoked
any previously granted authority from all persons other than
Zhigang Liu to execute documents on behalf of the Company when
execution is approved by the Board.
About Roan Holdings
Roan Holdings Group Co., Ltd. fka China Lending Corporation is
engaged in asset management, supplier chain financing, and business
factoring.
China Lending reported a net loss US$94.13 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.
Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
CLOUD PEAK: Plan Confirmation Order Entered
-------------------------------------------
On Oct. 4, 2019, Cloud Peak Energy Inc. and Certain of its Debtor
Affiliates filed a Disclosure Statement for the Joint Chapter 11
Plan. On December 5, 2019, Judge Kevin Gross ordered that:
* The Disclosure Statement contains adequate information and is
approved in all respects.
* The Plan is approved in its entirety and confirmed under section
1129 of the Bankruptcy Code. The documents contained in or
contemplated by the Plan, including, without limitation, the Plan
Supplement and Plan Documents, are hereby authorized and approved.
The terms of the Plan are incorporated by reference into and are an
integral part of this Confirmation Order.
* All objections to Confirmation of the Plan and the approval of
the Disclosure Statement on a final basis and other responses,
comments, statements, or reservation of rights, if any, in
opposition to the Plan or the Disclosure Statement that have not
been withdrawn, waived, or otherwise resolved by the Debtors prior
to entry of this Confirmation Order are overruled on the merits.
* The terms of the Plan shall solely govern the classification of
Claims and Interests for purposes of the distributions to be made
thereunder. The classification set forth on the ballots tendered to
or returned by the Holders of Claims in connection with voting on
the Plan: (a) were set forth thereon solely for purposes of voting
to accept or reject the Plan; (b) do not necessarily represent, and
in no event shall be deemed to modify or otherwise affect, the
actual classification of Claims and Interests under the Plan for
distribution purposes; (c) may not be relied upon by any Holder of
a Claim or Interest as representing the actual classification of
such Claim or Interest under the Plan for distribution purposes,
and (d) shall not be binding on the Debtors except for voting
purposes.
* The Combined Hearing Notice complied with the terms of the
Conditional Disclosure Statement Order, was appropriate and
satisfactory based upon the circumstances of the Chapter 11 Cases,
and was in compliance with the provisions of the Bankruptcy Code,
the Bankruptcy Rules, the Local Rules, and applicable nonbankruptcy
law.
A full-text copy of the order is available at
https://tinyurl.com/vq6v95a from PacerMonitor.com at no charge.
About Cloud Peak Energy
Cloud Peak Energy Inc. (OTC:
CLDPQ)--http://www.cloudpeakenergy.com/-- is a coal producer
headquartered in Gillette, Wyo. It mines low sulfur, subbituminous
coal and provides logistics supply services. Cloud Peak owns and
operates three surface coal mines and owns rights to undeveloped
coal and complementary surface assets in the Powder River Basin. It
is a sustainable fuel supplier for approximately two percent of the
nation's electricity.
Cloud Peak Energy and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No.19-11047) on May 10, 2019. The Debtors disclosed $928,656,000 in
assets and $634,982,000 in liabilities as of the bankruptcy
filing.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Vinson & Elkins LLP as lead counsel; Richards,
Layton & Finger, P.A., as local counsel; Centerview Partners LLC as
investment banker; FTI Consulting Inc. as operational advisor; and
Prime Clerk LLC as claims and noticing agent.
COMMUNITY BUILDERS: ATR to Get Full Payment in 12 Months
--------------------------------------------------------
Community Builders and Capital Development, Inc., filed an amended
disclosure statement in support of its Chapter 11 plan.
The Debtor owns a 3.1-acre property in Opa Locka, Flroida, which is
valued at $1.8 million. Hanan's Academic Development Center., an
operating school with hundreds of students, currently occupies the
property. The property has been under contract for purchase by the
school with a facilities occupancy and maintenance agreement in
place. A new sales agreement is being negotiated at $4,200 per
month with all building expenses and capital improvements paid by
Hanan's. Monthly payments of $4,200 began October 2019.
Payments and distributions under the Plan will be funded by the
following rent income as it can be supplemented by donations and
programs going forward.
Under the Plan, Blackstone, owed $1 million, will retain its liens
in the Debtor's assets.
ATR Investments LLC, which has a secured claim of $1,800,000, will
be paid $4,000 per month for 12 months then receive a balloon
payment of $1,885,297.37 to receive payment in full with 7.25%
interest.
General unsecured creditors, comprised of Hanan with a $180,000
claim and DNA 2 LLC with a $30,000 claim, will retain their claims
and will be paid but subordinated in time of payment ATR.
A full-text copy of the Amended Disclosure Statement dated December
9, 2019, is available at https://tinyurl.com/sn5bhmc from
PacerMonitor.com at no charge.
About Community Builders
Community Builders and Capital Development, Inc., a tax-exempt
charitable organization in Opa Locka, Fla., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-16724) on May 22, 2019. At the time of the filing, the Debtor
was estimated to have assets of between $1 million and $10 million
and liabilities of the same range. The case is assigned to Judge
Robert A. Mark. Joel M. Aresty P.A. is the Debtor's legal
counsel.
COUNTRY MORNING: Jan. 14, 2020 Plan Confirmation Hearing Set
------------------------------------------------------------
Debtors Country Morning Farms, Inc. and Country Morning Farms
Cattle, LLC won court approval of the Disclosure Statement in
support of their Chapter 11 Plan.
Jan. 9, 2020, is the deadline for parties in interest who wish to
object to confirmation of the proposed Plan of Reorganization to
file an objection with the Clerk of the Bankruptcy Court at 904 W.
Riverside Ave, P.O. Box 2164, Spokane, WA 99201.
Jan. 14, 2020, at 9:00 a.m., is hearing to consider confirmation of
the Plan, with the hearing to be held before the Honorable
Frederick P. Corbit, at 904 W. Riverside, Spokane, Washington.
A copy of the order is available at https://tinyurl.com/uowe9va
from PacerMonitor.com at no charge.
The Debtors are represented by:
William L. Hames
John W. O'Leary
Hames, Anderson, Whitlow & O'Leary, P.S.
601 W. Kennewick Avenue
P.O. Box 5498
Kennewick, WA 99336-0498
Tel: (509) 586-7797
E-mail: billh@hawlaw.com
johno@hawlaw.com
About Country Morning Farms
Country Morning Farms, Inc., is a privately held company in the
cattle ranching and farming business. Country Morning Farms grows
its own feeds, milk its own cows, and delivers fresh dairy products
to its customers.
Country Morning Farms filed a Chapter 11 petition (Bankr. E.D.
Wash. Case No. 19-00478) on March 1, 2019. The petition was signed
by Robert Gilbert, vice president. The case is assigned to Judge
Frederick P. Corbit. The Debtor is represented by siam L. Hames,
Esq. at Hames, Anderson, Whitlow & O'Leary. At the time of filing,
the Debtor disclosed $6,421,269 in assets and $10,586,970 in
liabilities.
Gregory Garvin, acting U.S. trustee for Region 18, on April 2,
2019, appointed two creditors to serve on an official committee of
unsecured creditors.
CUSTOMED INC: Court Approves Extension to Plan & Disclosure Filing
------------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico has granted the motion filed by Debtor
Customed Inc. requesting extension of time (14 days after the Court
issues a final resolution in Adversary Proceeding No.
19−00448−ESL) to file the amended disclosure statement and plan
of reorganization.
About Puerto Rico Hospital Supply
Puerto Rico Hospital Supply, Inc., distributes medical supplies in
Puerto Rico. Customed Inc., founded in 1991, manufactures surgical
appliances and supplies.
Puerto Rico Hospital Supply, Inc. and Customed, Inc., filed
voluntary Chapter 11 petitions (Bankr. D.P.R. Case Nos. 19-01022
and 19-01023) on Feb. 26, 2019. The petitions were signed by Felix
B. Santos, president. The cases are assigned to Judge Enrique S.
Lamoutte Inclan.
At the time of the filing, Puerto Rico Hospital estimated $50
million to $100 million in assets and $10 million to $100 million
in liabilities while Customed, Inc. estimated $10 million to $50
million in both assets and liabilities. Alexis Fuentes Hernandez,
Esq., at Fuentes Law Offices, represents the Debtors.
DOUBLE H TRANSPORTATION: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Double H Transportation LLC.
About Double H Transportation
Double H Transportation LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-31830) on Nov. 4,
2019. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of less than $50,000. Judge
H. Christopher Mott oversees the case. Michael R. Nevarez, Esq.,
at The Nevarez Law Firm, PC, is the Debtor's legal counsel.
DOUBLE L FARMS: Feb. 18 Hearing on Disclosure Statement
-------------------------------------------------------
A hearing to determine whether the disclosure statement in support
of Double L Farms, Inc.'s Chapter 11 plan contains adequate
information will be held before the US Bankruptcy Judge at the
United States Courthouse, 801 E. Sherman St., Pocatello, ID 83201
on Feb. 18, 2020, at 1:30 p.m. mountain time.
Written objections and/or proposed modifications to the Disclosure
Statement must be filed not less than seven days prior to the time
set for hearing.
As reported in the Troubled Company Reporter, the Debtor filed a
Chapter 11 plan that calls for the payment of all undisputed
creditors over a 10-year period through revenues generated by the
farming of alfalfa, irrigated barley, non-irrigated barley, corn,
potatoes as well as through the sale of milk from the dairy cattle
operation, the sale of non-dairy cattle, and the sale of certain
real estate. The unsecured creditors, owed $2,052,387, will
receive
$50,000 annually, to be divided pro rata.
A copy of the Disclosure Statement explaining the terms of the
Plan, from PacerMonitor.com, is available at https://is.gd/gOQokF
About Double L Farms
Double L Farms, Inc., is a privately-held company in Rigby,
Indiana, that operates in the farming industry.
Double L Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 18-40910) on Oct. 9, 2018. In the
petition signed by Jared Keith Lewis, president, the Debtor was
estimated to have assets of $1 million to $10 million and
liabilities of $10 million to $50 million. Judge Joseph M. Meier
oversees the case. The Debtor tapped Maynes Taggart PLLC as its
legal counsel.
DURR MECHANICAL: Binsky Buying 2016 Ford F150 XL for $16.5K
-----------------------------------------------------------
Durr Mechanical Construction, Inc., asks the U.S. Bankruptcy Court
for the Southern District of New York to authorize the private sale
of its vehicle commonly known as a 2016 Ford F150 XL 4x4 Pick-up,
VIN 1FTMF1E83GFB61339, to Binsky & Snyder, LLC for $16,500.
A hearing on the Motion is set for Jan. 7, 2020 at 10:00 a.m. The
objection deadline is Dec. 31, 2019 at 5:00 p.m.
The Debtor presently finances the Vehicle which has approximately
5,591 miles and is in need of an oil change, tune up and routine
maintenance. As of the date of the Motion, the payoff balance for
the Vehicle is $804, which amount the Debtor will pay off by the
first week of December 2019, at which point the Debtor will be the
sole owner of the Vehicle. The Vehicle has a Kelley Blue Book
Value ("KBB Value") of between $14,200 to $15,683 based upon a
"good" condition of the vehicle.
After informally marketing the Vehicle and discussing with several
other trade creditors, Binsky expressed an interest in purchasing
the Vehicle in an amount consistent with the related KBB Value.
Upon the entry of an order authorizing the Sale, the Debtor intends
to sell the Vehicle through a private sale to Binsky for a price
that is greater than the KBB Value.
The Sale asks to offer the Vehicle for sale "as is, where is" and
free and clear of all liens, claims and encumbrances of whatever
kind or nature, with any such liens to attach to the proceeds of
sale.
The Debtor submits that any sales or applicable tax relating to the
Sale of the Vehicle will be the sole obligation of Binsky, and in
no way will the Debtor be responsible for such obligations.
As the offer to purchase the Vehicle represents fair value
consistent with the KBB Value given the condition of the Vehicle,
the Debtor respectfully asks that the Court authorizes and approves
the Sale of the Vehicle.
The Debtor, in the exercise of its reasonable business judgment,
has concluded that the sale of the Vehicle in a private sale to
Binsky is likely to produce the highest or best offer that could
reasonably be obtained for the Vehicle. Therefore, the sale of the
Vehicle is in the best interests of the Debtor, its estate and
creditors. Approval of the private sale of the Vehicle at this
point in the Debtor's case is necessary to attempt to maximize the
value of the asset for the estate. In this regard, the Debtor
risks the lost opportunity if the private sale is not conducted, to
the detriment of its estate and its creditors.
Finally, the Debtor asks a waiver of the 14-day stay requirement of
Rule 6004 as being in the best interests of the Debtor and its
estate by virtue of the fact that Binsky wants to purchase the
Vehicle as soon as possible, and if it is not achieved in a timely
manner, Binsky will seek to purchase an alternative vehicle (not
from the Debtor). Thus, a stay of such order might further delay
the date that Binsky could take possession and control of the
Vehicle and, therefore, could chill interest in acquiring the
Vehicle.
About Durr Mechanical
Durr Mechanical Construction, Inc. -- http://www.durrmech.com/--
is a mechanical contracting company headquartered in New York. It
offers commercial HVAC, scheduling and cost control, BIM drafting,
erecting and setting equipment, process piping, power piping, and
emergency services.
Durr Mechanical Construction filed a voluntary petition for
reorganization under Chapter 11 of Title 11 of the United States
Code (Bankr. S.D.N.Y. Case No. 18-13968) on Dec. 7, 2018. In the
petition signed by Kenneth A. Durr, president, the Debtor was
estimated to have $100 million to $500 million in assets and $50
million to $100 million in liabilities. LaMonica Herbst &
Maniscalco, LLP, led by Michael Thomas Rozea, and Adam P. Wofse,
serves as counsel to the Debtor.
ELANAR CONSTRUCTION: Wins Interim Cash Access Thru Jan. 17, 2020
----------------------------------------------------------------
Judge Timothy A. Barnes authorized Elanar Construction Co., to use
cash collateral for the period from December 10, 2019 through and
including January 17, 2020, pursuant to the budget.
The budget provides for $16,500 in materials cost and $4,450 for
payroll, for the week-ending Dec. 30, 2019.
As adequate protection for the Debtor's continued use of cash
collateral, the Internal Revenue Service and John Deere Financial
are granted cash collateral equivalents, including the Debtor's
cash and accounts receivable, among other collateral. The secured
parties are also granted replacement liens to the extent of their
pre-petition liens.
A copy of the order and the budget can be accessed at
https://is.gd/T8KHKP from PacerMonitor.com free of charge.
Final hearing on the motion is scheduled for January 15, 2020 at 11
a.m.
About Elanar Construction Co.
Founded in 2001, Elanar Construction is a privately held company in
the commercial & residential construction industry. The Company
sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-01576)
on Jan. 18, 2019. In the petition signed by Ross Burns, president,
the Debtor was estimated to have assets of $1 million to $10
million and liabilities of the same range. The case is assigned to
Judge Timothy A. Barnes. Crane, Simon, Clar & Dan, led by name
partner Arthur G. Simon, is the Debtor's counsel.
ELAS LLC: 2nd Amended Plan Adds HSBC, Ajax Stipulations
-------------------------------------------------------
Elas, LLC d/b/a Calnolopoly, LLC, filed a Second Amended Plan of
Reorganization and Second Amended Disclosure Statement to, among
other things, incorporate stipulations reached with secured
creditors HSBC Bank USA and Ajax Mortgage Loan Trust 2019-A,
regarding the treatment of their claims.
HSBC Bank USA holds a lien secured by a first deed of trust
encumbering Debtor's real property located at 1355-1357 W. Vernon
Avenue, Los Angeles, CA 90037 in the amount of $546,227.11,
including $65,421.81 in prepetition arrears per Proof of Claim No.
4, filed in the Court's claim registry. The payoff balance of loan
as of May 31, 2019 is $573,507.81. This amount may increase prior
to the Effective Date of the Plan as interest and additional
advances may come due prior to the Effective Date.
HSBC and the Debtor agreed to the following treatment of HSBC's
claims:
1. Secured Claim: The Parties agree that upon entry of an order
confirmed the Plan, HSBC Bank USA Claim No. 4 will be treated as
fully secured and HSBC Bank USA will have a fully secured claim in
the amount of $546,227.11 ("Secured Claim").
2. In treatment of the Secured Claim, the Debtor will pay, and
HSBC Bank USA will have its secured claim in the amount of
$546,227.11 payable at $3,101.00 per month for 30 years at 5.5%
fixed interest rate.
3. The monthly payments will commence on the first day of the
first month following the Effective Date of Plan.
4. The Debtor will seek plan confirmation in conformity with the
terms of the Stipulation forthwith and HSBC Bank USA will vote in
favor of confirmation of the Debtor's Plan provided it contains
provisions consistent with the rights and obligations that the
parties set forth in this Stipulation.
5. The terms of the Stipulation are contingent upon the
confirmation of the Chapter 11 Plan by the Debtor. It is the
intent of HSBC Bank USA and the Debtor that these terms govern HSBC
Bank USA's Secured Claim and the Debtor will incorporate these
terms into any order confirming the Debtor's Chapter 11 Plan. In
the event of any discrepancy between this stipulation an the terms
of any confirmed plan, the provisions of this Stipulation will
control.
Ajax Mortgage holds a lien secured by a first deed of trust
encumbering Debtor's real property located at 4715 Presidio Drive,
View Park, CA 90043 in the approximate amount of $540,206.87 per
Proof of Claim No. 5-1. As of November 1, 2019, the Claim amount
has increased to 587,947.06.
The Debtor and Ajax agreed to these terms:
1. The parties stipulate that, on or before November 22, 2019,
Debtor will pay to Lender $35,000 ("Initial Payment") to be applied
by Lender towards Lender's Estimated Claim Amount in accordance
with the terms of the Note and Deed of Trust3. The claim of Lender
to be included in the Plan, after application of the Initial
Payment, is $553,947.06 ("Plan Claim after Initial Payment"). The
Plan Claim after Initial Payment will be considered hereinafter as
the "Modified Claim" and will be paid back pursuant to the terms of
this Stipulation. Interest, fees and costs will accrue on the
Modified Claim in accordance with the terms of the Loan Documents
in accordance with the terms of the Loan Documents, as modified by
this Stipulation.
2. New Principal Balance. The new principal balance of the
Loan shall be the Modified Claim amount ("New Principal Balance").
The New Principal Balance shall accrue interest base on the
interest rate described below.
3. New Interest Rate. The interest rate due under the Note
shall be modified to six (6.00%) fixed ("New Interest Rate") and
shall accrue on the entire New Principal Balance.
4. New Monthly Payments. Interest and principal payments on the
New Principal Balance, amortized over 360 months, will be due and
payable in consecutive monthly installments of $3,315.20 ("New
Monthly Payment") on the first day of each month beginning on
December 1, 2019.
5. Taxes and Insurance. The loan, as modified by this
Stipulation, shall not be escrowed and Debtor shall be responsible
for payments of its own taxes, including, but not limited to the
December 2019 taxes relating to the Property, and it must also
maintain insurance.
A full-text copy of the Second Amended Disclosure Statement dated
Dec. 2, 2019, is available at https://tinyurl.com/v3fhjan from
PacerMonitor.com at no charge.
About Elas LLC
Elas, LLC, owns 100% interest in two real estate properties located
in Los Angeles, California having a total current value of $1.98
million.
Elas, LLC, doing business as Calnopoly, LLC, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 18-12494) on Oct. 8, 2018. The
petition was signed by Latrice Allen, managing member. At the time
of filing, the Debtor had $1,986,300 in total assets and $1,026,878
in estimated liabilities. The case is assigned to Judge Victoria S.
Kaufman. The Debtor is represented by Anthony Obehi Egbase, Esq.
of A.O.E Law & Associates, APC.
Attorneys for the Debtor:
Anthony O. Egbas
Shana Y. Stark
A.O.E LAW & ASSOCIATES | A Professional Law Corporation
350 S. Figueroa Street, Suite 189
Los Angeles, CA 90071
Tel: (213)620-7070; Fax: (213)620-1200
E-mail: info@aoelaw.com
The secured creditor is represented by:
SCHEER LAW GROUP, LLP
Joshua L. Scheer, #242722
Reilly D. Wilkinson, #250086
85 Argonaut, Suite 202
Aliso Viejo, CA 92656
Telephone: (949) 263-8757
Facsimile: (949) 308-7373
E-mail: jscheer@scheerlawgroup.com
F&S ASSOCIATES: Seeks to Hire Cohen Baldinger as Attorney
---------------------------------------------------------
Merrill Cohen, the Chapter 11 Trustee and Plan Administrator of F&S
Associates Limited Partnership, seeks authority from the U.S.
Bankruptcy Court for the District of Maryland to employ to employ
Cohen Baldinger & Greenfeld, LLC, as attorney to the Trustee and
Plan Administrator.
The Trustee and Plan Administrator requires Cohen Baldinger to:
(a) provide the Trustee and Plan Administrator with legal
advice with respect to their powers and duties in the
continued operation of the Debtor's business and
management of its property and in carrying out the
terms of the Chapter 11 Plan;
(b) prepare on behalf of the Trustee and Plan Administrator
necessary motions, applications, answers, orders, reports
and other legal papers; and
(c) perform all other legal services for the Estate and Plan
Administrator which may become necessary in this case.
Cohen Baldinger will be paid at the hourly rates of $425 to $495.
Cohen Baldinger will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Merrill Cohen, partner of Cohen Baldinger & Greenfeld, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Cohen Baldinger can be reached at:
Merrill Cohen, Esq.
Augustus T. Curtis, Esq.
COHEN BALDINGER & GREENFELD, LLC
2600 Tower Oaks Boulevard, Suite 103
Rockville, MD 20850
Tel: (301) 881-8300
About F&S Associates LP
F & S Associates Limited Partnership based in Columbia, MD, filed a
Chapter 11 petition (Bankr. D. Md. Case No. 19-14947) on April 11,
2019. In its petition, the Debtor estimated $1 million to $10
million in both assets and liabilities. The Hon. David E. Rice
oversees the case. The Coyle Law Group LLC serves as bankruptcy
counsel to the Debtor.
FOUR HOLDINGS: Court OKs Creditor's Bid to Bar Cash Use
-------------------------------------------------------
Judge David E. Rice granted the emergency motion filed by David
Sugarman seeking to prohibit Four Holdings, LLC, from using cash
collateral during the pendency of the Debtor's Chapter 11 case.
David Sugarman, a party-in-interest in the Debtor's case, has asked
the Court to prohibit or condition the Debtor's use or sale of Mr.
Sugarman's collateral. Mr. Sugarman extended a loan to the Debtor
for $187,500, evidenced by a confessed judgment note dated April
30, 2018. As security for the performance of the note, the Debtor
executed and delivered a purchase money deed of trust, assignment
of rents and security agreement dated April 30, 2018 to Jeffrey S.
Yablon, predecessor trustee, for the benefit of Mr. Sugarman. As
of Dec. 2, 2019, the Debtor owes $233,221.31 on the loan, for
principal, interest, fees and expenses.
Mr. Sugarman further asked that:
(a) he be granted adequate protection in an amount and nature
sufficient to remedy and guard against the diminution of value of
the cash collateral.
(b) the Debtor be required to account for and remit pre-petition
and post-petition cash collateral.
(c) he be appointed as collection agent.
The motion was filed upon information that the Debtor is using the
cash collateral, and has not collected and segregated all of Mr.
Sugarman's collateral to be applied to the loan. A copy of the
motion is available at https://is.gd/hfzb11 from PacerMonitor.com
free of charge.
Pursuant to the order, Judge Rice enjoined the Debtor from using
Mr. Sugarman's cash collateral, including all rents, products or
proceeds thereof relating to the property known as 5225 Fairlawn
Avenue, Baltimore, Maryland pre-petition from June 1, 2019 to the
Petition Date, as well as oost-petition rents, products or
proceeds.
The Court further ruled that:
* the Debtor will immediately turn over and remit to the
Lender all pre-petition and post-petition cash collateral, which
amounts may be applied by the lender against the indebtedness;
* within 15 days from the date of this order, the Debtor will
provide an accounting of pre-petition and post-petition cash
collateral collected by the Debtor;
* Superior Settlement Services, LLC (attn: Steven Bond) on
behalf of the lender will be appointed as a collection agent for
the 5225 Fairlawn property, with all rights and powers incident
thereto.
A copy of the order is available free of charge at
https://is.gd/2HW1fa from PacerMonitor.com.
The Court denied as moot Mr. Sugarman's request for an expedited
hearing on Dec. 18, 2019, the motion being resolved at the hearing
on Dec. 11, 2019.
About Four Holdings LLC
Four Holdings, LLC, sought Chapter 11 protection (Bankr. D. Md.
Case No. 19-24179) on Oct. 23, 2019 in Baltimore, Maryland. Judge
David E. Rice is assigned to the case. Phoenix Law Group, LLC, is
the Debtor's counsel.
FOX SUBACUTE: Seeks to Hire Kennedy PC as Special Counsel
---------------------------------------------------------
Fox Subacute at Mechanicsburg and its affiliates seek approval from
the U.S. Bankruptcy Court for the Middle District of Pennsylvania
to employ Kennedy P.C. as special counsel.
Kennedy PC will represent the Debtors concerning the Centers for
Medicare and Medicaid Services and other health care billing
issues.
Kennedy's hourly rates are:
Shareholder Attorneys $260
Of Counsel Attorneys $260
Associate Attorneys $190 to $220
Law Clerks $115
Paralegals $90
John Kennedy, Esq., a shareholder of Kennedy P.C., attests that his
firm is disinterested within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
John J. Kennedy, Esq.
Kennedy P.C.
607 N 2nd St
Harrisburg, PA 17102
Phone: +1 717-233-7100
About Fox Subacute
Fox Subacute At Mechanicsburg, LLC is a skilled nursing facility in
Pennsylvania that specializes in pulmonary, neurological, and
rehabilitative care for patients with degenerative neurological and
neuromuscular disease as well as in pulmonary care and ventilator
requirements with an emphasis on vent weaning. Its facilities are
located in Plymouth Meeting, Warrington, Mechanicsburg, and
Philadelphia, Pa., and are licensed by the PA Department of
Health.
On Nov. 1, 2019, Fox Subacute At Mechanicsburg and its affiliates
sought Chapter 11 protection (Bankr. M.D. Pa. Lead Case No.
19-04714). Cunningham, Chernicoff & Warshawsky, P.C., led by
Robert E. Chernicoff, Esq., is the Debtors' legal counsel.
Fox Subacute at Mechanicsburg was estimated to have $1 million to
$10 million in assets and liabilities as of the bankruptcy filing.
FRIENDLY VILLAGE: Selling Long Beach Property for $15 Million
-------------------------------------------------------------
Richard A. Marshack, the chapter 7 trustee of the bankruptcy estate
of Friendly Village MHP, Associates, L.P., asks the U.S. Bankruptcy
Court for the Central District of California to authorize the
bidding procedures in connection with the sale to 5450 Paramount,
LLC for $15 million, subject to overbid, of all of the rights,
titles, shares, claims and interest, if any, to the extent they are
assignable, of the Estate in the following:
(1) Fee simple title to those certain parcels of land located
in the City of Long Beach, County of Los Angeles, State of
California: (a) consisting of approximately 18.73 acres; (b)
commonly known by the street address of 5450 North Paramount Blvd.,
Long Beach, CA 90805, on which is situated a mobile home park with
approximately 182 spaces; and (c) identified by Assessor's Parcel
Number 7157-006-008.
(2) All buildings, structures and other improvements located
on the Land owned by the Seller, the Improvements include, without
limitation: (a) a clubhouse and pool facility, and (b) a two (2)
unit apartment building.
(3) All right, title and interest of Seller in and to any
privileges, easements and appurtenances relating to the Land and
Improvements, including all easements, rights-of-way, rights to
utility connections and hook-ups, and other appurtenances used or
connected with the beneficial use or enjoyment of the Land and
Improvements.
(4) All rights, title and interests of Seller, if any, and
without any the Seller's warranty but with third-party warranties
attendant to such, if any, in and to all machinery, fixtures and
equipment located on the Land or in the Improvements as of the
Closing Date under the Agreement of Purchase and Sale and Escrow
Instruction that are: (a) owned by the Seller; (b) attached to the
Land or the Improvements as of the Execution Date of the Agreement;
and (c) used in connection with the operation, ownership,
maintenance, management, occupancy or improvement of the Land and
Improvements, and all trailers and modular housing, if any, that
are owned by Seller and located upon or attached to the Land as of
the close of escrow ("Tangible Personal Property"). The Tangible
Personal Property does not include any items of machinery,
fixtures, equipment, trailers or modular housing owned by Tenants
under Tenant Leases (both as hereinafter defined) or owned by third
parties.
(5) All right, title and interest of the Seller, if any, and
without any Seller's warranty but with all third-party warranties
attendant to such, if any, in and to all intangible personal
property used in connection with the ownership of the Land and
Improvements as of the Closing Date under Agreement, including: (a)
all existing permits, licenses, and any City, County, State,
Federal, or other approvals for the Land and the Improvements,
whether issued or applied for in the name of Seller or any prior
owner of the Land and Improvements or any agent thereof; and (b)
all assignable warranties and guaranties (expressed or implied)
issued to Seller in connection with the Improvements and/or
Tangible Personal Property, all of which contained are collectively
referenced as the "Intangible Property." The Intangible Property
does not include all rights, title and interest of the Seller
and/or the Debtor under any insurance policy under which the
Seller, the Debtor, its general partner or Trustee is a named
insured or an additional insured, including all rights of the
Seller and/or the Debtor, including any pending claims.
(6) All rights and interests of the Seller and all
obligations of the Seller in all leases, lease amendments,
exhibits, addenda and riders thereto, including any operating
leases, rental agreements, licenses or similar instruments creating
a possessory interest in the Land, Improvements, Appurtenances, and
Tangible Personal Property.
(7) All rights and interests of the Seller and all
obligations of the Seller in all service agreements which are part
of the Agreement.
The sale provided for in the Agreement is the culmination of months
of marketing and attempts to sell the Property. As provided for in
the Agreement, the Buyer has committed to repair, improve and
stabilize the Property, in continuation of the Trustee's duly
authorized efforts to maintain and repair various conditions on the
Property. The Trustee has determined that the sale of the Property
to Buyer is in the best interest of the Estate. Finally, and
subject to the Court granting the Motion, the Trustee is seeking to
assume and assign to the Buyer the Tenant Leases.
The salient terms of the APA are:
a. The Buyer will pay $15 million with the Seller to provide
a repair commitment credit of $2 million to the Buyer as set forth
in the Agreement. The payment of the Purchase Price is all cash;
Within three business days of execution of the Agreement the Buyer
will deposit $300,000 into Escrow Holder. The balance of the
Purchase Price, will be deposited by the Buyer with Escrow Holder
no later than 12:00 noon (PT) one Business Day prior to the Closing
Date. The Closing Payment will be subject to adjustment for any
prorations required pursuant to Article VII of the Agreement.
b. Express conditions to the sale include: (1) entry of an
Order approving the sale free and clear of all liens, claims and
interests; (2) the Title Company is in a position to issue the
Owner’s Title Policy; (3) the Action has been dismissed and (4)
execution of the Agreement and delivery to Escrow of the document
provided for in the Agreement. The Buyer's offer is otherwise
non-contingent.
c. There are no monetary liens against the Property.
d. To the maximum extent permitted by law, the Trustee has
requested that the Court allows the sale of the Property free of
all liens, claims and interests, including, but not limited to Tort
Claims.
e. The proposed sale is subject to overbids.
f. Consideration to be received by the Estate: $15 million
g. Advisor's Fee: 3.3% of the Sales Price
h. There are no tax consequences that should preclude the
sale.
i. Objection Deadline: Dec. 5, 2019
On Nov. 14, 2019, the Trustee filed a motion for order for entry
of an order approving bid procedures. On Nov. 25, 2019, the Court
entered an order, granting the Sale Procedures Motion and
established the following bid procedures: To participate in the
sale, every interested person must become a Qualified Bidder. The
Buyer under the Agreement is deemed to be a Qualified Bidder. To
become a Qualified Bidder, an interested party must deliver to the
Trustee, the Trustee's legal counsel, and the counsel for the Buyer
by no later than 5:00 p.m. (PST), Dec. 12, 2019, one week before
the Auction and the Sale Hearing, which is scheduled for Dec. 19,
2019, at 10:30 a.m.
Qualified Bids must be in writing, unconditional, and irrevocable
on an all-cash basis, and on the same terms and conditions as those
set forth in the Agreement. Qualified Bids must be (i) in an
amount of at least $15.4 million; (ii) accompanied by evidence
satisfactory to the Trustee of the prospective purchaser’s
financial ability to complete the Sale; and (iii) accompanied by a
deposit in the amount of 2.5% of the Minimum Overbid. The Deposit
will be made by wire transfer to: First American Title Co.,
Commercial Escrow Department, Attn: Ryan Hahn, Escrow Officer.
Qualified Bids must provide that the Qualified Bidder has completed
and acknowledges completion of its due diligence of the Property.
No Qualified Bids will be subject to any conditions or further
diligence.
If no timely conforming Initial Overbid is received, the Trustee
will not conduct an Auction, and following the Bid Deadline, the
Buyer will be named the Successful Bidder and the Trustee will
request at the Sale Hearing that the Court approves the Trustee's
entry into the Agreement and consummation of the transactions
contemplated thereby.
If one or more timely conforming Initial Overbids is received, the
Trustee will conduct the Auction on Dec. 19, 2019, at 10:30 a.m. in
the Court. The bidding will commence at the highest and otherwise
best offer. Each subsequent bid will be in increments of no less
than $50,000 above the immediately preceding bid on the Property.
If the Buyer is neither the Successful Bidder nor the Back-Up
Bidder, the Buyer, as the initial stalking-horse bidder, will be
entitled to a break-up fee in the amount of $300,000 to be paid
from the Estate within five business days following the close of
the sale to the Successful Bidder. If the Buyer is the Back-Up
Bidder, the Buyer will be paid the Break-Up Fee within five
business days following close of the Sale to the Successful
Bidder.
At the Sale Hearing, the Trustee will seek Court approval of the
Sale to the Successful Bidder, free and clear of all liens, claims
and encumbrances. He asks that the Court schedules the Sale
Hearing for Dec. 19, 2019, at 10:30 a.m. He proposes that any
objections to the Sale be filed and served by Dec. 5, 2019. Any
reply to any objection to the Sale must be filed and served by Dec.
12, 2019. The Trustee will provide notice of the Bidding
Procedures and the Sale Hearing. The notice will provide that any
party may request a complete copy of the Sale Motion from the
Trustee's counsel.
The Trustee proposes to distribute the sale proceeds in the amounts
estimated below and in the following manner:
Description Total
Sale Price $15,000,000
Repair Commitment Credit
($2,000,000)
Force 10 Fee (3.3% of Sales Price)
($495,000)
Title, escrow, taxes, recording charges (approx.)
($20,000)
Property Taxes (2018) (approximately)
($455,000)
Property Taxes (2019/2020) (approximately)
($15,000)
Estimated Net Proceeds
$12,015,707
By the Motion, the Trustee is also askking authority to assume and
assign the Tenant Leases. He submits that there is a valid
business reason for assuming and assigning the Tenant Leases.
A hearing on the Motion was set for Dec. 19, 2019 at 10:30 a.m.
A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/vpsforx from PacerMonitor.com free of charge.
Counsel for Trustee:
D. Edwards Hays, Esq.
Kristine A. Thagard, Esq.
David A. Wood, Esq.
MARSHACK HAYS LLP
870 Roosevelt
Irvine, CA 92620
Telephone: (949) 333-7777
Facsimile: (949) 333-7778
E-mail: ehays@marshackhays.com
kthagard@marshackhays.com
dwood@marshackhays.com
About Friendly Village MHP, Associates
On Oct.2, 2018, Friendly Village MHP Associates, L.P., filed a
voluntary petition under Chapter 7 of Title 11 of the United States
Code. Initially, Karen S. Naylor was appointed as the Chapter 7
Trustee. On Oct. 5, 2018, Ms. Naylor resigned, and Richard A.
Marshack was appointed as the Chapter 7 Trustee.
FRIENDSWOOD COMMERCIAL: To Seek Plan Confirmation Feb. 7
--------------------------------------------------------
Judge Jeffrey P. Norman has ordered that the disclosure statement
dated Oct. 1, 2019, in support of the Chapter 11 plan filed by
Friendswood Commercial, LLC, the debtor, is approved.
The hearing to consider confirmation of the Plan is scheduled for
Feb. 7, 2020, at 9:30 a.m. at the United States Courthouse, 601
25th Street, Galveston, Texas.
Jan. 23, 2020, is fixed as the last day for filing written
acceptances or rejections of the plan.
Jan. 23, 2020, is also fixed as the last day for filing and serving
written objections to confirmation of the plan.
As reported in the Troubled Company Reporter, Friendswood
Commercial filed with the U.S. Bankruptcy Court for the Southern
District of Texas, Galveston Division, a proposed plan of
reorganization and disclosure statement. The Debtor intends to pay
all unsecured claims (Class 5) 100% of the allowed claim as of the
Effective Date within 3 months of the closing of the sale of the
real property owned by the Debtor. The Debtor is proposing to sell
the property for a gross purchase price of $836,352, which is
approximately $280,000 more than the anticipated unsecured
obligations of the Debtor.
A full-text copy of the Disclosure Statement dated Oct. 1, 2019, is
available at https://tinyurl.com/yxqucwcl from PacerMonitor.com at
no charge.
About Friendswood Commercial
Friendswood Commercial, LLC classified its business as single asset
real estate (as defined in 11 U.S.C. Section 101(51B)). Friendswood
Commercial sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Case No. 19-80177) on June 3, 2019. At the
time of the filing, the Debtor was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range. The case is assigned to Judge Jeffrey P. Norman. The
Debtor is represented by Waldron & Schneider, L.L.P.
FT/R LLC: To Seek Approval of Sale-Based Plan Feb. 7
----------------------------------------------------
Judge Jeffrey P. Norman has ordered that the disclosure statement
dated Oct. 1, 2019, in support of the Chapter 11 plan filed by
FT/R, LLC, the debtor, is approved.
The hearing to consider confirmation of the Plan is scheduled for
Feb. 7, 2020, at 9:30 a.m., at the United States Courthouse, 601
25th Street, Galveston, Texas.
Jan. 23, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.
Jan. 23, 2020, is also fixed as the last day for filing and serving
written objections to confirmation of the plan.
The Debtor is proposing a Chapter 11 plan that will be funded by
the sale of the Debtor's property. The Debtor has proposed to sell
the property for a gross purchase price of $10,248,926, which is
approximately $769,000 more than the anticipated combined total
debt obligations of the Debtor. Thus, general unsecured creditors
owed $2,180,000 will have a return of 100.0%.
A copy of the Disclosure Statement dated Oct. 1, 2019, is available
at
https://is.gd/9A8BcF from PacerMonitor free of charge.
About FT/R LLC
FT/R, LLC, owns residential real estate in Friendswood, Texas which
is under development. Harvey Doerring and Parke Patterson are the
equity holders.
FT/R, LLC, a Single Asset Real Estate Debtor (as defined in 11
U.S.C. Section 101(51B)), sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-80176) on June 3,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $10 million and $50 million and liabilities of $1
million and $10 million. The case is assigned to Judge Jeffrey P.
Norman. The Debtor is represented by Waldron & Schneider, L.L.P.
GALLEON CONTRACTING: Seeks Authority to Use Cash Collateral
-----------------------------------------------------------
Galleon Contracting, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to use cash collateral to
operate its business and to fund its plan.
The proposed budget provides total monthly expenses of
approximately $218,750.
The Debtor believes the following creditors assert an interest in
cash collateral: Fundbox Loans, Funding Circle, Green Capital
Funding, Internal Revenue Service, Kabbage Loans, Kalamata, LG
Funding LLC, Lift Funding, On Deck Business Loans, WG Capital LLC.
The indebtedness claimed by these Secured Creditors is primarily
for money loaned for operating funds.
The Debtor proposes providing adequate protection to Secured
Creditors by granting them a lien on post-petition account
receivables.
Galleon Contracting, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-52911) on Dec. 9,
2019. The petition was signed by its sole managing member, Maurice
Martinez. At the time of filing the Debtor estimated both assets
and liabilities of less than $1 million. The Debtor is represented
by Todd J. Malaise, Esq. at Malaise Law Firm.
GARDEN STATE: Hires Maddaloni Nydick as Accountant
--------------------------------------------------
Garden State Diagnostic Imaging, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of New Jersey to employ Maddaloni
Nydick & Keenan, PC, as accountant to the Debtor.
Garden State requires Maddaloni Nydick to:
-- assist the Debtor with compiling the Quickbooks file to
make sure all of the relevant assets and liabilities,
receipts and disbursements are properly recorded; and
-- advise the Debtor as to the preparation of tax returns for
2019 and to amend prior year tax returns.
Maddaloni Nydick will be paid at these hourly rates:
Senior Partners $315
Junior Partners $300
Accounting Staffs $180 to $230
Clericals $90
Maddaloni Nydick will be paid a retainer in the amount of $2,500.
Maddaloni Nydick will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michael J. Maddaloni, a partner at Maddaloni Nydick & Keenan, PC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Maddaloni Nydick can be reached at:
Michael J. Maddaloni
MADDALONI NYDICK & KEENAN, PC
30 Columbia Turnpike, 204
Florham Park, NJ 07932
Tel: (973) 822-8080
Fax: (973) 822-3501
About Garden State Diagnostic Imaging
Located in Browns Mills, New Jersey, Garden State Diagnostic
Imaging, LLC -- https://www.gsdimaging.com/ -- owns and operates a
new state-of-the-art imaging center offering 1.2 T Open Magnetic
Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound (US
Sonogram), 3D Mammography (MG Breast Tomosynthesis), and Digital
X-ray imaging services.
Garden State Diagnostic Imaging, LLC, based in Browns Mills, NJ,
filed a Chapter 11 petition (Bankr. D.N.J. Case No. 19-29852) on
Oct. 21, 2019. In the petition signed by Hiteshri Patel, managing
member, the Debtor was estimated to have $0 to $50,000 in assets
and $1 million to $10 million in liabilities. The Hon. Kathryn C.
Ferguson oversees the case. Andrew J. Kelly, Esq., at The Kelly
Firm, P.C. serves as bankruptcy counsel.
GENERATION NEXT: Seeks to Hire Larson Zirzow as General Counsel
---------------------------------------------------------------
Generation Next Franchise Brands, Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of Nevada
to hire Larson Zirzow Kaplan & Cottner as their general bankruptcy
counsel.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
(a) prepare motions, applications and other legal papers in
connection with the administration of the Debtors' bankruptcy
estates;
(b) take all necessary or appropriate actions in connection with
a sale of the Debtors' assets and plan of reorganization; and
(c) take all necessary actions to protect and preserve the
Debtors' estates including the prosecution of actions, the defense
of actions commenced against the Debtors, the negotiation of
disputes in which the Debtors are involved, and the preparation of
objections to claims filed against the estates.
Larson Zirzow will be paid at these hourly rates:
Attorneys $500
Paraprofessionals $220
The retainer fee is $28,550, which already includes the filing
fees. Larson Zirzow will receive reimbursement for work-related
expenses incurred.
Matthew Zirzow, Esq., a partner at Larson Zirzow, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
Larson Zirzow can be reached at:
Zachariah Larson, Esq.
Matthew C. Zirzow, Esq.
Larson Zirzow Kaplan & Cottner
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: (702) 382-1170
Fax: (702) 382-1169
Email: zlarson@lzklegal.com
mzirzow@lzklegal.com
About Generation Next Franchise Brands, Inc.
Generation Next Franchise Brands, Inc. is a holding company that
owns three operating subsidiaries: Reis & Irvy's, Inc., Print
Mates, Inc., and 19 Degrees, Inc. The companies primarily develop
and operate unattended retail platforms and related technology
through franchise, licensing, wholesale, and corporate owned
business models.
Generation Next Franchise Brands and its affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 19-17921) on
Dec. 15, 2019. The petitions were signed by Ryan Polk, chief
executive officer. As of Sep. 24, 2019, Generation Next estimated
$15,800,000 in assets and $45,000,000 in liabilities.
The Debtors tapped Larson Zirzow Kaplan & Cottner as general
bankruptcy counsel; McDonald Hopkins LLC as co-counsel with Larson
Zirzow; and Sutter Securities, Inc. as investment banker.
GENERATION NEXT: Seeks to Hire McDonald Hopkins as Co-Counsel
-------------------------------------------------------------
Generation Next Franchise Brands, Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of Nevada
to hire McDonald Hopkins LLC.
McDonald Hopkins will serve as co-counsel with Larson Zirzow Kaplan
& Cottner, the other firm handling the Debtors' Chapter 11 cases.
McDonald Hopkins will be paid at these hourly rates:
Members $345 - $995
Of Counsel $330 - $955
Associates $215 - $520
Paralegals $170 - $345
Law Clerks $45 - $100
Scott Opincar, Esq., and Michael Kaczka, Esq., the firm's attorneys
who will have the primary responsibility for providing the
services, will charge $625 per hour and $510 per hour,
respectively.
During the four weeks prior to the petition date, the Debtors paid
McDonald Hopkins a total of $59,996.75 in fees. The firm also
received reimbursement in the amount of $3.25 for actual expenses
incurred.
Mr. Opincar assured the court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
McDonald Hopkins can be reached at:
Scott N. Opincar, Esq.
Michael J. Kaczka, Esq.
Maria G. Carr, Esq.
McDonald Hopkins LLC
600 Superior Avenue, E. Suite 2100
Cleveland, OH 44114
Tel: (216) 348-5400
Fax: (216) 348-5474
Email: sopincar@mcdonaldhopkins.com
mkaczka@mcdonaldhopkins.com
mcarr@mcdonaldhopkins.com
About Generation Next Franchise Brands, Inc.
Generation Next Franchise Brands, Inc. is a holding company that
owns three operating subsidiaries: Reis & Irvy's, Inc., Print
Mates, Inc., and 19 Degrees, Inc. The companies primarily develop
and operate unattended retail platforms and related technology
through franchise, licensing, wholesale, and corporate owned
business models.
Generation Next Franchise Brands and its affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 19-17921) on
Dec. 15, 2019. The petitions were signed by Ryan Polk, chief
executive officer. As of Sep. 24, 2019, Generation Next estimated
$15,800,000 in assets and $45,000,000 in liabilities.
The Debtors tapped Larson Zirzow Kaplan & Cottner as general
bankruptcy counsel; McDonald Hopkins LLC as co-counsel with Larson
Zirzow; and Sutter Securities, Inc. as investment banker.
GREENTEC-USA INC: Seeks to Hire Redmon Peyton as Counsel
--------------------------------------------------------
GreenTec-USA, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to employ Redmon Peyton &
Braswell, LLP as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
-- assist in the preparation of schedules and statement of
financial affairs;
-- represent the Debtor at initial debtor interview and
creditors' meeting;
-- advise the Debtor of its duties and responsibilities under the
Bankruptcy Code;
-- assist in preparing monthly accounting forms and reports and
cash flow analysis;
-- prepare and file necessary motions;
-- work with the unsecured creditors' committee and other
bankruptcy attorneys, if any;
-- communicate with creditors and its legal counsel; and
-- prepare a disclosure statement and plan of reorganization.
Robert Marino, Esq., a partner at Redmon and the attorney who will
be handling the case, will charge an hourly fee of $375.
The Debtor paid Redmon Peyton an initial retainer of $16,717.
Mr. Marino disclosed in a court filing that he does not hold any
interest adverse to the Debtor's bankruptcy estate.
The firm can be reached through:
Robert M. Marino, Esq.
Redmon Peyton & Braswell, LLP
510 King Street, Suite 301
Alexandria, VA 22314
Phone: 703-684-2000
Fax: 703-694-5109
Email: rmmarino@rpb-law.com
About GreenTec-USA, Inc.
GreenTec-USA, Inc. -- https://greentec-usa.com/ -- offers
cyber-defense, secure data, secure systems, and secure document
storage, video compression, data center modularization and
optimization services.
Based in Sterling, Va., GreenTec-USA filed a voluntary Chapter 11
petition (Bankr. E.D. Va. Case No. 19-14034) on Dec. 10, 2019. In
the petition signed by Stephen Petruzzo, president and chief
executive officer, the Debtor estimated $1 million to $10 million
in both assets and liabilities. Robert M. Marino, Esq., at Redmon
Peyton & Braswell, LLP, is the Debtor's legal counsel.
HARD ROCK:Ch. 11 Trustee Wins Court OK to Cash Access 'til May 2020
-------------------------------------------------------------------
Judge Frank W. Volk authorized Robert W. Leasure, Jr., acting
Chapter 11 Trustee in the bankruptcy cases of Hard Rock
Exploration, Inc., and debtor affiliates, to continue using cash
collateral for the period from January 1, 2020 and terminating May
31, 2020, based on the budget.
The Trustee has sought Court permission to use cash collateral
pursuant to an agreement reached among the Trustee, The Huntington
National Bank and the Official Committee of Unsecured Creditors. A
copy of the motion is available at https://is.gd/QJoHT6 from
PacerMonitor.com free of charge.
The budget provides for a final lump sum payment of $575,688 and a
final monthly payment of $20,000 to HNB in December 2019 as
adequate protection for use of the cash collateral. No further
adequate protection will be made to HNB, the Court ruled.
The Court further ruled that HNB is granted a replacement lien on
all of the Debtors' assets to the same priority, validity and
extent that HNB held properly perfected pre-petition security
interests in said assets. The Court also ruled that HNB's liens on
the cash collateral will be junior to all fees owed to the U.S.
Trustee, and all allowed and unpaid fees, expenses and commissions
due to the Trustee and Court-approved professionals for work done
in the Debtors' Chapter 11 cases during the usage period. The
Trustee may pay said allowed fees upon entry of a final Court order
on fees application.
A copy of the order at https://is.gd/QCTGvZ can be accessed for
free from PacerMonitor.com.
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 and its affiliates sought Chapter 11
protection (Bankr. S.D. W.Va. Lead Case No. 17-20459) on Sept. 5,
2017. In the petitions signed by James L. Stephens, the Debtors'
president, Hard Rock estimated assets of $10 million to $50 million
and liabilities of the same range.
The Hon. Frank W. Volk oversees the cases.
The Debtors are 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 Jan. 3, 2018. The trustee tapped Jackson Kelly PLLC as
his legal counsel, and LS Associates, LLC as his consultant.
HOTEL OXYGEN: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------
The Office of the U.S. Trustee appointed three creditors to serve
on the official committee of unsecured creditors in the Chapter 11
cases of Hotel Oxygen Midtown I, LLC and its affiliates.
The committee members are:
(1) Melzer Deckert & Ruder Architects, Inc.
Attention: Mark Melzer
9511 Irvine Center Drive
Irvine, CA 92618
Phone: 949-474-8188
Email: mmelzer@mdrarchitects.com
(2) HSK Staffers LLC
Attention.: Roberto Hernandez
P.O. Box 134
Glendale, AZ 85311
Email: hskstaffing2013@gmail.com
(3) RS Marketing Assoc.
Attention: Ruth Seigel
24801 N. 84th Street
Scottsdale, AZ 85255
Phone: 602-320-4182
Email: rsmarketingandpr@gmail.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Hotel Oxygen Midtown I
Hotel Oxygen Midtown, I, LLC, and Hotel Oxygen Palm Springs, LLC,
are affiliate companies which operate hotels in Phoenix, Ariz. The
companies are wholly owned subsidiaries of Oxygen Hospitality
Group, Inc., an owner-operator hospitality company that acquires,
renovates and manages a portfolio of mid-to upper scale branded and
independent hotel assets in the U.S. Founded in 2017, Oxygen
Hospitality is privately held and is headquartered in Phoenix,
Ariz.
Hotel Oxygen Midtown, I and its affiliates, Hotel Oxygen Palm
Springs, A Great Hotel Company, Arizona LLC, and A Great Hotel
Company, LLC, filed Chapter 11 petitions (Bankr. D.Ariz. Lead Case
No. 19-14399) on Nov. 12, 2019. In the petitions signed by David
Valade, chief financial officer, Hotel Oxygen Midtown was estimated
to have assets of $1 million to $10 million and liabilities of
$100,000 to $500,000. Judge Paul Sala oversees the cases. Guidant
Law, PLC, is the Debtors' legal counsel.
HRI HOLDING: Landry's Buying All Assets for $40 Million
-------------------------------------------------------
HRI Holding Corp. and debtor affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a notice of their
proposed bidding procedures in connection with their sale of
substantially all assets to Landry's, LLC or permitted successors,
assigns and designees for $40 million, cash, subject to overbid.
On Nov. 13, 2019, the Debtors entered in to an Asset Purchase
Agreement with Landry's with respect to the proposed sale of
substantially all of their subject to a competitive bidding process
as set forth in the Bidding Procedures Order.
At a hearing scheduled for Dec. 5, 2019 at 2:00 p.m., the Debtors
are requesting that the Court enters the Bidding Procedures Order
authorizing, among other things, the Debtors to conduct a
competitive bidding process, including an auction if necessary, to
select the party to purchase the Debtors' assets and approving
proposed procedures related thereto.
The notice is being filed and served in advance of the entry of the
Bidding Procedures Order and is subject to further approval by the
Court. To the extent that information contained in the notice
changes upon approval of the Bidding Procedures Order, the Debtors
promptly will post an amended notice on the Debtors' case website
at www.kccllc.net/HRl.
Copies of (i) the Sale Motion, (ii) the Agreement, (iii) the
proposed Sale Order, (iv) the Bidding Procedures, and (v) the
Bidding Procedures Order can be obtained by contacting the Debtors
at Landis Rath & Cobb LLP, 919 Market Street, Suite 1800,
Wilmington, Delaware 19801 or by visiting the website of the
Debtors' claims and noticing agent, KCC LLC at www.kccllc.net/HRl
free of charge.
All interested parties are invited to make an offer to purchase the
Purchased Assets in accordance with the terms and conditions
detailed in the Bidding Procedures by 4:00 p.m. (ET) on Dec. 16,
2019. Pursuant to the Bidding Procedures, the Debtors may conduct
an Auction for the Purchased Assets beginning at 10:00 a.m. (ET) on
Dec. 18, 2019 at the offices of Landis Rath & Cobb LLP or such
later time or other place as the Debtors notify all Qualified
Bidders who have submitted Qualifìed Bids. Interested bidders are
encouraged to read the Bidding Procedures and Bidding Procedures
Order carefully and, for further infbrmation, are invited to
contact the Debtors' proposed counsel Landis Rath & Cobb LLP , 979
Market Street, Suite 1800, Wilmington, Delaware 19801 (Attn:
Kimberly A. Brown, Esq.) brown@lrclaw.com; or their proposed
investment banker Piper Jaffray & Co., 444 South Flower Street,
Suite 1675, Los Angeles, California 90071 (Attn: Teri Stratton)
teri.l.stratton@pjc.com.
Participation at the Auction is subject to the Bidding Procedures
and the Bidding Procedures Order.
About HRI Holding Corp.
Formed in September 1992 under the name "Gilbert/Robinson, Inc.,"
and headquartered in Leawood, Kansas, HRI Holding Corp. and 39
affiliated debtors own and operate 47 restaurants in 14 states
(Connecticut, Florida, Illinois, Indiana, Kansas, Michigan,
Missouri, Nebraska, New Jersey, New York, Ohio, Pennsylvania,
Texas, and Virginia). The Debtors own Houlihan's Restaurant + Bar,
J. Gilbert's Wood-Fired Steak + Seafood, Bristol Seafood Grill, and
Devon Seafood Grill restaurants. As of the Petition Date, the
Debtors have approximately 3,450 employees.
The Debtors sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 19-12415) on November 14, 2019. On the Petition Date, the
Debtors were estimated with assets of between $50 million and $100
million, and liabilities within the same range. The petitions were
signed by Matthew R. Manning, chief restructuring officer.
LANDIS RATH & COBB LLP serves as the Debtors' counsel. PIPER
JAFFRAY & CO. is the Debtors' investment banker. HILCO REAL
ESTATE, LLC is the Debtors' real estate advisor. KURTZMAN CARSON
CONSULTANTS, LLC serves as the Debtors' claims and noticing agent,
as well as administrative agent.
INTERIM HEALTHCARE: Seeks to Hire Kingsley Group, Appoint CRO
-------------------------------------------------------------
Interim Healthcare of Southeast Louisiana, Inc. seeks approval from
the U.S. Bankruptcy Court for the Eastern District of Louisiana to
hire The Kingsley Group and appoint Richard Blum, president of the
firm, as its chief restructuring officer.
The financial and restructuring advisory services that the CRO and
his firm will render are:
(a) serve as the principal contact with creditors with respect
to the Debtor's financial and operational matters, and negotiate
and enter into agreements and settlements with creditors and
landlords;
(b) assist in identifying cost reduction, employee
re-alignment and operations improvement opportunities, and initiate
and implement employee and officer terminations and reductions in
force;
(c) develop restructuring plans or strategic alternatives for
maximizing the enterprise value of the Debtor, and negotiate and
implement the sale of its assets;
(d) supervise daily cash management and cash disbursements;
(e) respond to information requests of vendors, creditors,
landlords, lenders and government regulatory agencies, and provide
the Debtor's lenders with all updates;
(f) contact the Debtor's former customers, former employees
and any person or other party who previously expressed an interest,
either verbally or written, in providing funding to the Debtor;
and
(g) work with the Debtor to source capital and prepare a plan
of reorganization.
The firm has requested a retainer in the amount of $6,000.
Kingsley will be entitled to a fixed monthly fee of $6,000, with
certain additional services billed at the hourly rates. The firm
will be paid a 5 percent commission in case the Debtor's assets are
sold for more than $100,000.
Kingsley is a "disinterested person" as that phrase is defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Richard K. Blum
The Kingsley Group
701 Papworth Avenue, Suite 207
Metairie, LA 70005
Phone : (504) 834-6484
Fax: (504) 831-2747
Email: rick.blum@kingsleygroup.com
About Interim Healthcare of Southeast Louisiana
Interim Healthcare of Southeast Louisiana, Inc. is a home health
care services provider based in Covington, La.
Interim Healthcare of Southeast Louisiana filed a voluntary Chapter
11 petition (Bankr. Case No. 19-13127) on Nov. 19, 2019. In the
petition signed by Julia Burden, president and chief executive
officer, the Debtor estimated $1 million to $10 million in both
assets and liabilities.
Joseph Patrick Briggett, Esq., at Lugenbuhl, Wheaton, Peck, Rankin
& Hubbard, is the Debtor's legal counsel.
J & C CORP: Hearing on Plan & Disclosures on Jan. 8
---------------------------------------------------
Judge Mildred Caban Flores has ordered that the Disclosure
Statement in support of J & C Corporation Inc.'s Chapter 11 Plan is
conditionally approved.
A hearing to consider final approval of the Disclosure Statement
and the confirmation of the Plan and of such objections as may be
made to either will be held on Jan. 8, 2020, at 9:00 a.m., at the
U.S. Bankruptcy Court, Jose V. Toledo U.S. Post Office and
Courthouse Building, 300 Recinto Sur Street, Courtroom 3, Third
Floor, San Juan, Puerto Rico.
Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date of
the hearing on confirmation of the Plan.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan shall be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.
About J & C Corporation
J & C Corporation Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 19-04176) on July 24, 2019.
At the time of the filing, the Debtor had estimated assets of
between $500,001 and $1 million and liabilities of between $100,001
and $500,000. The case is assigned to Judge Mildred Caban Flores.
The Debtor tapped Modesto Bigas Mendez, Esq., as its legal counsel.
J & K LOGGING: Seeks to Hire Lane Law as Legal Counsel
------------------------------------------------------
J & K Logging, Inc. seeks authority from the U.S. Bankruptcy Court
for the Southern District of Texas to hire The Lane Law Firm, PLLC
as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. assist the Debtor in the administration of its bankruptcy
case;
b. assist the Debtor in analyzing its assets and liabilities,
investigate the extent and validity of lien and claims, and
participate in and review any proposed asset sales or
dispositions;
c. attend meetings and negotiate with representatives of
secured creditors;
d. assist the Debtors in the preparation, analysis and
negotiation of any plan of reorganization;
e. appear, as appropriate, before the bankruptcy court, the
appellate courts and other courts in which matters may be heard to
protect the interests of Debtors.
f. take all necessary actions to protect and preserve the
interests of the Debtors; and
The firm charges $350 per hour for managing or supervising
attorneys, $250 per hour for associate attorneys, and $175 per hour
for bankruptcy legal assistants.
Lane Law Firm received a retainer from the Debtor in the amount of
$25,800.
Russell Van Beustring, Esq., at Lane Law Firm, attests that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Russell Van Beustring
The Lane Law Firm, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Phone: (713) 595-8200
Fax: (713) 595-8201
About J & K Logging Inc.
J & K Logging, Inc., a trucking company providing freight
transportation services, filed a voluntary petition for relief
under Chapter 11 of Bankruptcy Code (Bankr. S.D. Tex. Case No.
19-35189) on Sept. 13, 2019. In the petition signed by Joshua
Russell, president, the Debtor estimated $1,323,905 in assets and
$1,314,807 in liabilities.
The case is assigned to Judge Jeffrey P. Norman.
Russell Van Beustring, Esq., at the Lane Law Firm, represents the
Debtor as counsel.
JIT INDUSTRIES: inVision Buying Shares for $17.2K
-------------------------------------------------
JIT Industries, Inc., asks the U.S. Bankruptcy Court for the
Northern District of Alabama to authorize the private sale of its
equity security interest in inVision Technology, LLC, described as
13,000 shares of Common Units and 7,900 of Non-Voting Units to
inVision for $17,168.
Several years before the state court litigation and the adverse
judgment that led to the filing of the Chapter 11 case, JIT
invested substantial money and work time with another business,
inVision, a Washington State limited liability company. JIT did so
based on the assumption that JIT and inVision would work closely
together to create and market certain engineering designs to the
automotive, aerospace and other industries.
In the course of the Project, JIT became the owner of the Shares in
inVision. Eventually, it became clear that the Project would not
be successful, and the two companies ceased working together. JIT
concluded that it would have to write off the time and money that
it had spent on the Project.
On Jan. 1, 2018, inVision contacted JIT with an offer to repurchase
the Shares as part of its corporate wind-down. The Debtor also
investigated the operations of inVision and found that it is in the
process of winding down its operations and liquidating. It reports
that the Shares are not publicly traded and that no other viable
market exists to sell the Shares. Accordingly, the Debtor believes
that the Sale Offer constitutes the best method to pay maximum
value to the bankruptcy estate in the timeliest manner possible.
The Debtor has signed the Sale Offer, but is holding same pending
approval by the Court. The Sale Offer contains mutual releases
between the parties to the agreement. The Debtor is unaware of any
viable claims or actions it or its bankruptcy estate could bring
against inVision or its principal officers.
Said sale is to be conducted as a private sale to inVision with
these terms and conditions of sale:
a. inVision will tender to the Debtor a check for the total
sum of $17,168 in certified funds at closing.
b. The Debtor will execute and provide the Buyers with
appropriate documents fully conveying the Bankruptcy Estate's Units
in inVision, free and clear of liens and encumbrances. The
property is being sold "as is" with no other warranties or
guarantees.
c. The parties will sign mutual releases of any and all
claims they may possess against each other.
d. The Closing Agent, if any, will serve as the Debtor's
designated agent for the purpose of closing this sale and
distributing the proceeds in compliance with this Notice and any
Order to be issued by the Court.
The Motion will be heard at a date, time, and location to be set by
the Court. Any objection to the sale will be filed with the Court
before the hearing date set by the Court, and served upon the
undersigned. Any objection should state specifically in writing
why the sale should not be consummated.
A copy of the Redemption Agreement is available at
https://tinyurl.com/s9s9ra7 from PacerMonitor.com free of charge.
About JIT Industries
JIT Industries, Inc., a company based in Hartselle, Alabama,
manufactures, repairs and services fluid power, process control,
mil-spec fasteners and aerospace hardware.
JIT Industries sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ala. Case No. 18-80892) on March 23, 2018. In
the petition signed by Ginger McComb, president, the Debtor was
estimated to have assets of less than $500,000 and liabilities of
$1 million to $10 million. Judge Clifton R. Jessup Jr. oversees
the case. The Debtor is represented by Tazewell T. Shepard, Esq.,
at Sparkman, Shepard & Morris, P.C., in Huntsville, Alabama.
JONATHAN R. SORELLE: Seeks to Hire Brownstein Hyatt as Counsel
--------------------------------------------------------------
Jonathan R. Sorelle, M.D., PLLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Nevada to hire
Brownstein Hyatt Farber Schreck, LLP as their counsel.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
a. advise the Debtors of their powers and duties in the
continued management and operation of their businesses
b. attend meetings and negotiate with representatives of
creditors and other parties;
c. take all necessary actions to protect and preserve the
Debtors' estates, including the prosecution of actions, the defense
of any actions commenced against the estates, negotiations
concerning litigation in which the Debtors may be involved and
objections to claims filed against the estates;
d. prepare motions, applications and other legal papers
necessary to administer the estates;
e. negotiate and prepare a plan of reorganization; and
f. appear before the bankruptcy court, appellate courts and
the Office of the U.S. Trustee.
The hourly rates range from $290 to $810 for attorneys and from
$140 to $340 for legal assistants and support staff.
Samuel Schwartz, Esq., shareholder of Brownstein Hyatt, attests
that he and his firm are "disinterested persons," as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at;
Samuel A. Schwartz, Esq.
Connor H. Shea, Esq.
Brownstein Hyatt Farber Schreck, LLP
100 North City Parkway, Suite 1600
Las Vegas, NV 89106
Tel: (702) 802-2207
Fax: (702) 382-8135
About Jonathan R. Sorelle, M.D., PLLC
Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand
Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 19-17870, 19-17871 and 19-17872, respectively) on Dec. 12,
2019. The Debtors each listed less than $1 million in both assets
and liabilities. Samuel A. Schwartz, Esq. a,t Brownstein Hyatt
Farber Schreck, LLP, is the Debtors' legal counsel.
JONATHAN R.SORELLE: Seeks to Hire Inouye CPA as Accountant
----------------------------------------------------------
Jonathan R. Sorelle, M.D., PLLC, and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Nevada to hire
an accountant.
The Debtors propose to employ Inouye CPA LLC to provide general
accounting and bookkeeping services, assist in the preparation of
schedules and monthly operating reports, and maintain their
financial books and records.
Inouye's customary rates range from $120 to $350 per hour. Fraser
Inouye, founder of Inouye CPA, charges an hourly fee of $350.
Mr. Inouye attests that his firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Fraser E. Inouye, CPA
Inouye CPA LLC
711 Mall Ring Circle, Suite 203
Henderson, NV 89014
About Jonathan R. Sorelle, M.D., PLLC
Jonathan R. Sorelle, M.D., PLLC, The Minimally Invasive Hand
Institute, LLC and Jonathan R. Sorelle, filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 19-17870, 19-17871 and 19-17872, respectively) on Dec. 12,
2019. The Debtors each listed under $1 million in both assets and
liabilities. Samuel A. Schwartz, Esq., at Brownstein Hyatt Farber
Schreck, LLP, is the Debtors' counsel.
KLEIN'S MOTOR: Nutrien Ag Buying McCook Property for $500K
----------------------------------------------------------
Klein's Motor & Electric Co. asks the U.S. Bankruptcy Court for the
District of Nebraska to authorize the sale of interest in and to
the real property legally described as that part of the East
One-half of the Southeast Quarter (E1/2SE1/4) of Section 30, and
the West One-half of the Southwest Quarter (W1/2SW1/4) of Section
29, all in Township 3 North, Range 29 West of the Sixth Principal
Meridian, City of McCook, Red Willow County, Nebraska to Nutrien Ag
Solutions Inc. for $500,000.
The proceeds of the sale, less costs, will be paid via check made
payable to MNB Bank, as successor in interest to McCook National
Bank, beneficiary under two separate Deed of Trusts recorded on
April 1, 1999 and Sept. 8, 2008 in Book 172, Page 563 and
Instrument No. 2008-01357 of the Mortgage Records of Red Willow
County, Nebraska, respectively, and First Central Bank McCook,
beneficiary under a Deed of Trust recorded on July 3, 2018 as
Instrument No. 2018-01008 of the Mortgage Records of Red Willow
County, Nebraska within five business days of the date of closing
on the sale of the real property.
Pursuant to Rule 6004-1, tax consequences of the sale of the
personal property described are:
A. Tax Cost Basis of Property is $86,243.
B. Estimated Projected Costs of Sale: (i) Real estate taxes of
$2,710; (ii) closing costs of $2,079; and (iii) commission costs of
$17,500.
C. Estimated Anticipated Capital Gain/Loss is $391,468
(computed as follows: $500,000 less tax cost basis of $86,243, less
estimated costs of sale of $22,289).
D. The estimated Anticipated Net Taxable Income from Sale
After Adjustments is unknown until December because net taxable
would be determined after the end of taxable year.
In the event the proceeds are insufficient to pay MNB Bank, First
Central Bank McCook will endorse the check proceeds to MNB Bank and
all proceeds will be applied to MNB Bank loans. The Debtor will
provide a copy of the closing statement from the sale of the real
property upon the sale of the real property to MNB Bank and First
Central Bank McCook.
A copy of the Real Estate Sale Contract is available at
https://tinyurl.com/r5sxfnk from PacerMonitor.com free of charge.
About Klein's Motor & Electric Co
Klein's Motor & Electric Company, filed a Chapter 11 bankruptcy
petition (Bankr. D. Neb. Case No. 19-40983) on June 5, 2019,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Wolfe Snowden Hurd Ahl Sitzmann Tannehill
& Hahn, LLP.
LISA SHAW: Rouhani Buying Washington DC Property for $450K
----------------------------------------------------------
Sonya Cork, Personal Representative of the Estate of Lisa Shaw,
asks the U.S. Bankruptcy Court for the District of Columbia to
authorize the sale of the real property located at 2612 29th
Street, SE, Washington DC to Ali Rouhani or assigns for $450,000.
Following conversion of the case to Chapter 11 in 2017, the Debtor
was diagnosed with cancer. She ultimately succumbed to the disease
on Oct. 15, 2018. She left behind a minor child.
The Personal Representative utilized the services of her Realtor,
Fox & Associates Partners, Inc., trading as Tranzon Fox, to assist
her in selling by public auction that the Property. Unfortunately,
the purchaser at the auction was unable to close on the successful
bid, and forfeited the deposit made with the Realtor.
Pursuant to its Court-approved contract, the Realtor pursued a sale
of the Property, and has procured a new contract for the sale of
the Property to the Buyer for the sum of $450,000. The Buyer has
made a deposit of $45,000.
The Personal Representative represents and avers that the proposed
sale, at the instant price, is in the best interests of the estate
and the creditors, and she urges the Court to approve said
Agreement.
The Property is unencumbered, thus the sale is not needed to be
free and clear of claims or interests.
A copy of the Agreement is available at https://tinyurl.com/qpguve8
from PacerMonitor.com free of charge.
Counsel for Personal Representative:
Jeffrey M. Sherman, Esq.
LAW OFFICES OF JEFFREY M. SHERMAN
1600 N. Oak Street, Suite 1826
Arlington, VA 22209
Telephone: (703) 855-7394
E-mail: Jeffreymsherman@gmail.com
Lisa Shaw filed a pro se voluntary petition under Chapter 13 of the
U.S. Bankruptcy Code on April 19, 2017. It was later converted to
Chapter 11 (Bankr. D.D.C. Case No. 17-00225). Sonya M. Cork has
been appointed as Personal Representative of the Debtor. On June
6, 2019, the Court appointed and designated Fox & Associates
Partners, Inc., trading as Tranzon Fox, as auctioneer/realtor to
the Personal Representative.
MANN REALTY: Trustee Selling Susquehanna Property for $199K
-----------------------------------------------------------
Markian R. Slobodian, the Chapter 7 Trustee of Mann Realty
Associates, Inc., asks the U.S. Bankruptcy Court for the Middle
District of Pennsylvania to authorize the private sale of the
improved real estate located at 4612 Fargreen Road, Susquehanna
Township, Dauphin County, Pennsylvania, Parcel No.
62-009-005-000-0000, to Curtis M. George and Samette B. George or
their assigns for $199,000, subject to higher and better offers.
On Oct. 30, 2019, as amended by an Addendum dated Nov. 18, 2019,
the Trustee entered into the Sale Agreement for the sale of the
Real Property. Pursuant to the terms of the Sale Agreement and
subject to approval of the Court, the Trustee wishes to sell the
Real Property to the Buyer for the agreed purchase price. The sale
is subject to higher and better offers.
As set forth in the Sale Agreement, in the event the Trustee
receives a higher or better offer prior to the deadline set forth
in his notice of sale, he will ask the Court to approve a breakup
fee to the current proposed the Buyer in the amount of $500.
Accordingly, any higher offer will need to exceed the current
proposed purchase price by that amount.
The Trustee asks that the Court allows distribution of the proceeds
from the private sale of the Real Property to the extent of
available funds, as follows:
a. Realtor's commission of 6% to Iron Valley Real Estate of
Central PA as more fully set forth in the Contract attached to the
Trustee's Application to Employ Real Estate Broker;
b. The Trustee will be reimbursed for all costs and expenses
advanced or incurred by him necessary to manage and sell the Real
Property, including, but not limited to, title or lien search fees,
payment of utility bills, insurance, cleaning fees, refuse removal
fees, personal property removal fees, winterization and
dewinterization expenses, homeowner association fees, eviction
fees, maintenance and repair costs, security costs, professional
fees, appraiser fees and expenses, federal and state taxes,
including, specifically, capital gains and depreciation recapture
income taxes, Bankruptcy Court filing fees, noticing fees, and all
other out of pocket expenses;
c. All closing costs including any real estate transfer taxes
which are the responsibility of the Seller pursuant to the terms of
the Sale Agreement;
d. Past due real estate taxes and present real estate taxes
pro rated to the date of settlement;
e. Municipal claims, including past due sewer, water, or
refuse charges, if any, and any present municipal claims pro rated
to the date of settlement;
f. The Trustee will deposit the sum of $10,000 into the
Trustee's bank account for the Debtor's bankruptcy estate for the
benefit of unsecured creditors and administrative claims;
g. Remaining funds will be applied to the claim of S&T Bank
secured by a first priority mortgage lien on the Real Property;
h. No additional distributions from sale proceeds will be made
to junior lienholders or other parties.
The Trustee asks to have the Court approve the Sale Agreement and
allow him to sell the Real Property to the Buyer free and clear of
all liens and interests of creditors and other parties in interest,
with all liens and interests attaching to the proceeds of the
sale.
Finally, in order to avoid jeopardizing the sale and thereby
harming the bankruptcy estate and its creditors, the Trustee asks
that the Order approving the sale be effective immediately and not
be subject to the stay otherwise imposed by Bankruptcy Rule
6004(h).
A copy of the Agreement is available at https://tinyurl.com/s9yc5al
from PacerMonitor.com free of charge.
About Mann Realty Associates
Mann Realty Associates, Inc., previously filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
17-00080) on Jan. 10, 2017. The petition was a "pro se" filing, or
case filed without attorney. The Debtor is an affiliate of Kimbob,
Inc., which sought bankruptcy protection on March 1, 2017 (Case No.
17-00836).
Mann Realty Associates again filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Pa. Case No. 17-01334) on March 31, 2017.
In the petition signed by Robert M. Mumma, II, its president, the
Debtor was estimated to have assets between $10 million and $50
million and debt between $1 million and $10 million. Judge Robert
N. Opel II presides over the case. Craig A. Diehl, Esq., at the
Law Offices of Craig A. Diehl, serves as the Debtor's bankruptcy
counsel.
MATAWAN ACQUISITION: Unsecureds to Get 100% in 5 Years in Plan
--------------------------------------------------------------
Matawan Acquisition, LLC, filed a reorganization plan that seeks to
reorganize the company's debts by redevelopment of the property and
obtaining financing to pay off its debts.
The Plan will be funded by the investment of Kesar Group and a
working capital loan in connection with the redevelopment of the
Property.
The Plan proposes to treat claims and interests as follows:
* Class 1 - Secured Claim of Sterling National Bank. IMPAIRED.
Total claim $4,330,000. The claim will be paid from the refinance
of the property, which shall be the subject of a motion to approve
post-petition financing, to be filed within one month subsequent to
the Effective Date.
* Class 2 - General Unsecured Claims. IMPAIRED. Total claim
$2,183,579.
General unsecured creditors will be paid in full over a term not to
exceed 60 months subsequent to the Effective Date from a working
capital loan to be obtained thereafter.
* Class 3 - Interest Holders. IMPAIRED. Interest holders will
be paid to the extent available after payment of all other creditor
claims.
A full-text copy of the Disclosure Statement dated Dec. 2, 2019, is
available at https://tinyurl.com/uu6vrz8 from PacerMonitor.com at
no charge.
Attorney for the Debtor:
EUGENE D. ROTH
VALLEY PARK EAST
2520 HIGHWAY 35, SUITE 307
MANASQUAN, NEW JERSEY 08736
Tel: (732) 292-9288
About Matawan Acquisition
Matawan Acquisition, LLC, was formed to acquire property located at
58-60 Main St, Matawan, New Jersey. The Property was acquired for
the potential long-term development opportunity due to its
location. The Property had the added benefit of an income
producing tenant in Quickcheck and the fact that Kamal, Inc., the
wine/liquor store spanning almost 7,000 sq ft, a separate entity
owned by the principal of Matawan, Ronak Shah, was also a tenant.
Matawan Acquisition, LLC, based in Matawan, NJ, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 19-18576) on April 29, 2019. In
the petition signed by Ronak Shah, managing member, the Debtor was
estimated to have $0 to $50,000 in assets and $1 million to $10
million in liabilities. The Hon. Michael B. Kaplan oversees the
case. Eugene D. Roth, Esq., at the Law Office of Eugene D. Roth,
serves as bankruptcy counsel to the Debtor.
MCCLATCHY CO: NYSE Approves Plan to Regain Compliance
-----------------------------------------------------
The NYSE American LLC notified The McClatchy Company on Dec. 13,
2019 that it has accepted the Company's plan to regain compliance
with the NYSE American's continued listing standards.
As previously reported by the Company in a Current Report on Form
8-K on Sept. 13, 2019, the Company received a letter from the NYSE
American on Sept. 9, 2019 stating that the McClatchy was below
compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE
American continued listing standards relating to stockholders'
equity.
The Company submitted a compliance plan to the NYSE American on
Oct. 9, 2019 advising how the Company plans to regain compliance
with the continued listing standards by March 9, 2021. NYSE
American has reviewed and accepted the plan and the Company has
been granted until March 9, 2021 to implement its plan and regain
compliance. The extension is subject to periodic review by the
NYSE American for compliance with the initiatives set forth in the
plan. If the Company is not in compliance with the continued
listing standards by March 9, 2021, or if it does not make progress
consistent with the plan during the plan period, NYSE American may
initiate delisting proceedings as appropriate. The Company intends
to regain compliance with the NYSE American continued listing
standards by such date; however, there is no assurance the Company
will be able to accomplish this.
The NYSE American notification does not affect the Company's
business operations or its Securities and Exchange Commission
reporting requirements and does not conflict with or cause an event
of default under any of the Company's material debt agreements.
During this period, the Company's common stock will continue to be
traded on the NYSE American with the added designation of ".BC" to
indicate that the Company is not in compliance with the NYSE
American's continued listing standards, subject to compliance with
other continued NYSE American listing requirements.
About McClatchy
The McClatchy Company -- http://www.mcclatchy.com/-- operates 30
media companies in 14 states, providing each of its communities
with news and advertising services in a wide array of digital and
print formats. McClatchy is a publisher of iconic brands such as
the Miami Herald, The Kansas City Star, The Sacramento Bee, The
Charlotte Observer, The (Raleigh) News & Observer, and the (Fort
Worth) Star-Telegram. McClatchy is headquartered in Sacramento,
Calif., and listed on the New York Stock Exchange American under
the symbol MNI.
McClatchy reported a net loss of $79.75 million for the year ended
Dec. 30, 2018, compared to a net loss of $332.35 million for the
year ended Dec. 31, 2017. As of Sept. 29, 2019, the Company had
$953.76 million in total assets, $261.79 million in current
liabilities, $1.36 billion in non-current liabilities, and a
shareholders' deficit of $671.54 million.
* * *
As reported by the TCR on Nov. 19, 2019, S&P Global Ratings lowered
its issuer credit rating on U.S.-based newspaper publisher The
McClatchy Co. to 'CCC-' from 'CCC+'. The downgrade reflects the
risk that McClatchy could engage in a distressed debt exchange or
file for Chapter 11 bankruptcy.
Moody's Investors Service downgraded the Corporate Family Rating
for The McClatchy Company to Ca from Caa1, and the Probability of
Default Rating to Ca-PD from Caa1-PD primarily due to concerns
regarding the company's liquidity position in light of the pending
pension plan payments of approximately $120 million in 2020,
according to a TCR report dated Nov. 1, 2019.
MERIDIAN MARINA: Jan. 10 Hearing on All Assets Sale Set
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida will
convene a hearing on Jan. 10, 2020 at 1:30 p.m. to consider
Meridian Marina & Yacht Club of Palm City, LLC's sale of
substantially all assets, free and clear of liens.
The Debtor will serve a copy of the Notice of Hearing on all
required parties within the time frames required by the Bankruptcy
Rules, Local Rules, or orders of the Court, and will file a
certificate of service as required under Local Rules 2002-1(F) and
9073-1(B).
About Meridian Marina & Yacht Club
Meridian Marina & Yacht Club of Palm City, LLC, based in Palm City,
FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
19-18585) on June 27, 2019. In the petition signed by Timothy
Mullen, member and manager, the Debtor disclosed $8,528,155 in
assets and $5,790,533 in liabilities. The Hon. Erik P. Kimball
oversees the case. Craig I. Kelley, Esq. at Kelley Fulton &
Kaplan,
P.L., serves as bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
MICROVISION INC: Signs $16M Securities Sale Agreement With Lincoln
------------------------------------------------------------------
MicroVison, Inc. entered into a purchase agreement with Lincoln
Park Capital Fund, LLC on Dec. 27, 2019, pursuant to which the
Company has the right to sell to Lincoln Park up to $16,000,000 of
shares of its common stock, including the initial purchase of
$1,000,000 at a purchase price of $0.6531 per share, at its
discretion over the next 24 months, subject to the conditions and
limitations set forth in the Purchase Agreement. As consideration
for entering into the Purchase Agreement, the Company agreed to
issue 375,000 shares of its common stock to Lincoln Park as a
commitment fee.
In addition to the Initial Purchase of $1,000,000 of shares of the
Company's common stock, under the Purchase Agreement, from time to
time on any trading day the Company selects, it has the right, in
its sole discretion, subject to the conditions and limitations in
the Purchase Agreement, to direct Lincoln Park to purchase up to
175,000 shares of its common stock over the 24-month term of the
Purchase Agreement; provided, however, that such limit may be
increased to up to 225,000 shares if the last closing sale price of
its common stock is at least $1.25 on the purchase date, up to
275,000 shares if the last closing sale price of our common stock
is at least $1.75 on the purchase date, up to 325,000 shares if the
last closing sale price of its common stock is at least $2.50 on
the purchase date, and up to 425,000 shares if the last closing
sale price of its common stock is at least $3.00 on the purchase
date (each subject to adjustment for any reorganization,
recapitalization, non-cash dividend, stock split, reverse stock
split or other similar transaction as provided in the Purchase
Agreement). The purchase price for shares of common stock to be
purchased by Lincoln Park will be the equal to lesser of (i) the
lowest sale price on the purchase date, as reported by Nasdaq, or
(ii) the arithmetic average of the three lowest closing sale prices
for the Company's common stock during the ten trading days prior to
the purchase date. Lincoln Park's obligation under each Regular
Purchase shall not exceed $1,500,000.
The Company can also direct Lincoln Park to purchase additional
amounts as accelerated purchases, under certain circumstances and
provided the last closing sale price of its common stock is at
least $0.50 per share, in an amount up to the lesser of (i) three
times the number of shares purchased pursuant to such Regular
Purchase or (ii) 30% of the trading volume on such accelerated
purchase date. The purchase price for the additional shares is the
lower of:
* the closing sale price for the common stock on the date of
sale; and
* 97% of the volume weighted average price of the common stock
on the Nasdaq Global Market on the date of sale.
There is no upper or lower limit on the price per share that
Lincoln Park must pay for the Company's common stock under the
Purchase Agreement.
There are no trading volume requirements or restrictions under the
Purchase Agreement. The Company will control the timing and amount
of any sales of its common stock to Lincoln Park. The Company may
at any time, in its sole discretion terminate the Purchase
Agreement without fee, penalty or cost, upon one trading day
written notice.
The Purchase Agreement limits the Company's sales of shares of
common stock to Lincoln Park to 24,766,904 shares of common stock,
representing 19.99% of the shares of common stock outstanding on
the date of the Purchase Agreement (which number of shares will be
reduced, on a share-for-share basis, by the number of shares of
common stock issued or issuable pursuant to any transaction or
series of transactions that may be aggregated with the transactions
contemplated by the Purchase Agreement under applicable Nasdaq
rules), unless (i) shareholder approval is obtained to issue more
than such amount or (ii) the average price of all applicable sales
of the Company's common stock to Lincoln Park under the Purchase
Agreement equals or exceeds the greater of book or market value of
the Company's common stock as calculated in accordance with
applicable Nasdaq rules. In addition, the Purchase Agreement does
not permit the issuance of shares pursuant thereto to the extent
that such issuance would exceed the number of shares of common
stock then available for issuance pursuant to the Company's
certificate of incorporation in effect at such time.
The Purchase Agreement also prohibits the Company from directing
Lincoln Park to purchase any shares of common stock if those
shares, when aggregated with all other shares of the Company's
common stock then beneficially owned by Lincoln Park and its
affiliates, would result in Lincoln Park and its affiliates having
beneficial ownership, at any single point in time, of more than
4.99% of the then total outstanding shares of the Company's common
stock, as calculated pursuant to Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Rule 13d-3 thereunder.
The Purchase Agreement does not limit the Company's ability to
raise capital from other sources at its sole discretion, provided,
however, that the Company shall not enter into any "Variable Rate
Transaction" as defined in the Purchase Agreement, including the
issuance of any floating conversion rate or variable priced
equity-like securities during the 24 months after the date of the
Purchase Agreement, as long as Lincoln Park holds more than 50,000
shares of the Company's common stock.
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. The Company's PicoP scanning
technology is based on its patented expertise in systems that
include 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 reported a net loss of $27.25 million for the year
ended Dec. 31, 2018, compared to a net loss of $25.48 million for
the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company
had $12.39 million in total assets, $17.36 million in total
liabilities, and a total shareholders' deficit of $4.97 million.
Moss Adams LLP, in Seattle, Washington, the Company's auditor since
2012, issued a "going concern" qualification in its report on the
Company's consolidated financial statements for the year ended Dec.
31, 2018. The auditors noted 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.
MID-CITIES HOME: Seeks to Use $238K of Membership Interest Money
----------------------------------------------------------------
Mid-Cities Home Medical Equipment Co., Inc., seeks authority to use
cash, including $238,005.74 of funds from distribution by
Mid-Cities Home Medical Delivery Service, LLC (Delivery) on account
of the Debtor's membership interest in Delivery.
The Debtor proposes to use the funds over and above the amount
needed to pay in full other administrative claims estimated at
$50,000, on the effective date of the Debtor's plan, in order to
make an interim payment to Forshey & Prostok, LLP, the Debtor's
counsel, and to CR3 for the services of William L. Roberts, the
Debtor's chief restructuring officer, upon the approval of their
interim fee applications.
The Debtor's pre-petition lenders assert a security interest in the
Debtor's general intangibles, which includes the membership
interest in Delivery, as well as distributions made on account
thereof.
The pre-petition lenders, and the amount of their claims, include:
* VGM Financial Services: $111,804.87
* Respironics, Inc.
d/b/a Phillips Respironics: $343,537.71
* Colonial Savings, F.A.: $770,315.24
* Fora Financial Advance, LLC: $141,653.78
* Franklin Funding Group, LLC: $79,944.00
The Debtor, however, believes that the security interests asserted
against said membership interest are invalid, as the Debtor did not
have the authority to pledge its interest in Delivery without the
consent of Tracy Reep, pursuant to Delivery's governing document,
says Suzanne K. Rosen, Esq., counsel to the Debtor at Forshey &
Prostok LLP.
The governing document, an operating agreement, expressly restricts
the transfer of the membership interests in Delivery and provides
that "no units can be transferred voluntarily or involuntarily or
by gift, pledge or otherwise without the written consent of a
majority in interest of the units of members". Tracy Reep owns 51%
interest in Delivery.
Alternatively, even if the security interests are determined to be
valid, Ms. Rosen says that the use of the Debtor's funds should be
granted because the pre-petition lenders are adequately protected,
since the Debtor's professionals (by their efforts on behalf of the
Debtor), have created a significant equity cushion in the
membership interest. As a result, the Debtor has been able to
propose a Chapter 11 plan which provides for the payment in full,
with interest, to all creditors in the Debtor's case.
The Debtor reserves all rights to challenge the amount or validity
of any debt allegedly owed to any of the pre-petition lenders, as
well as the validity, enforceability or perfection of any security
interest in or lien on any assets of the Debtor asserted by any of
the pre-petition lenders or any other party.
A copy of the motion is available at https://is.gd/p0j4H0 from
PacerMonitor.com free of charge.
Final hearing on the motion is set for January 14, 2020 at 1:30
p.m.
About Mid-Cities Home Medical Equipment
Based in Grand Prairie, Texas, Mid-Cities Home Medical Equipment
Co., Inc., dba Homepoint Dme, a retailer of medical supplies and
equipment, filed a voluntary Chapter 11 petition (Bankr. N.D. Tex.
Case No. 19-41232) on March 27, 2019. In the petition signed by
Scott Bays, president, the Debtor was estimated to have between
$500,000 and $1 million in assets and between $1 million and $10
million in liabilities.
The Debtor tapped Forshey & Prostok, LLP as its legal counsel. It
also hired CR3 Partners, LLC and designated William Roberts, a
member of the firm, as its chief restructuring officer.
MJ TRANSPORTATION: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of MJ Transportation, Inc.
About MJ Transportation
MJ Transportation, Inc., a cargo and freight company in Wichita,
Kansas, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Kansas Case No. 19-12092) on Oct. 29, 2019. At the time
of the filing, the Debtor disclosed assets of between $1 million
and $10 million and liabilities of the same range. The case is
assigned to Judge Robert E. Nugent. The Debtor is represented by
Mark J. Lazzo, Attorney at Law.
MY KIDZ DENTIST: Taps Falcone Law Firm as Legal Counsel
-------------------------------------------------------
My Kidz Dentist of Fayetteville LLC, My Kidz Dentist PC and My Kidz
Dentist of Carrollton seek authority from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire The Falcon Law Firm,
P.C. as their legal counsel.
The firm will advise the Debtors regarding their duties under the
Bankruptcy Code; assist in analyzing their assets, liabilities and
financial condition; prepare a plan of reorganization; assist in
any potential sale of their assets; and provide other legal
services related to their Chapter 11 cases.
The firm will charge these hourly rates:
Senior Attorneys $350
Associate Attorneys $200
Paralegals $150
Administrative Assistant $50
Ian Falcone, Esq., at Falcone Law Firm, disclosed in a court filing
that his firm does not represent any interest adverse to the
Debtors' estates.
The firm can be reached through:
Ian M. Falcone, Esq.
The Falcone Law Firm, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Fax: 770-426-8968
Email: attorneys@falconefirm.com
About My Kidz Dentist
Pediatric dental clinics My Kidz Dentist PC, My Kidz Dentist of
Carrollton and My Kidz Dentist of Fayetteville LLC filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case Numbers 19-12506, 19-12507 and 19-12508,
respectively) on Dec. 13, 2019. The petitions were signed by Dr.
Lona Bibbs-Walker, authorized representative of the Debtors.
At the time of filing, My Kidz Dentist PC estimates $6,266,597 in
assets and $2,789,640 in liabilities while My Kidz Dentist of
Carrollton estimates $3,202,708 in assets and $1,407,183 in
liabilities. My Kidz Dentist of Fayetteville estimates $6,106,233
in assets and $902,443 in liabilities.
Ian M. Falcone, Esq. at The Falcon Law Firm, P.C. represents the
Debtors as legal counsel.
NAJEEB KHAN: Slocums Buying Edwardsburg Property for $750K
----------------------------------------------------------
Mark T. Iammartino, as the Chapter 11 Trustee for the estate of
Najeeb Ahmed Khan, asks the U.S. Bankruptcy Court for the Western
District of Michigan to authorize the sale of the real property
commonly known as 23411 Lakeview Drive in Edwardsburg, Michigan to
Jonathan T. Slocum and Lindsay A. Slocum for $750,000.
Nancy L. Khan is the Debtor's wife of nearly 30 years. On Aug. 9,
2019, Mrs. Khan filed an action for separate maintenance which is
pending in the 43rd Circuit Court for Cass County, Michigan, Family
Court, Case No. 19-00418-DO. Among other relief, Mrs. Khan has
requested that the Family Court determine spousal support and the
equitable division of marital assets acquired during her marriage
to the Debtor pursuant to MCL 552.7. On Oct. 11, 2019, the Debtor
and Mrs. Khan submitted a Stipulation to Stay Proceedings in the
Family Court, pending further order of the Bankruptcy Court.
Mrs. Khan is the sole title holder of the Property, legally
described as: Real Estate located in the Township of Ontwa, County
of Cass, State of Michigan and described as: The East 35 feet of
Lot Number 26, Block 1; Lots numbered 27 and 28, Block I; all in
Ferrelldale, according to the plat thereof as recorded in Liber I
of Plats, page 142, Cass County Records.
Though the Debtor does not hold record title to the property, his
estate may hold a contingent interest in 23411 Lakeview Drive as
marital property subject to equitable division. The Trustee does
not believe there is any other person or entity that has an
interest in 23411 Lakeview Drive.
Pursuant to the Buy and Sell Agreement, the Buyers have agreed to
purchase 23411 Lakeview Drive from Mrs. Khan for the sum of
$750,000. They have required a closing on Dec. 15, 2019. The real
estate broker is At Home Realty Group. The commission is a flat
rate of $10,000.
The Chapter 11 Trustee has investigated the proposed sale and has
determined the following to the best of his knowledge: (i) the
Buyers have no prior relationship with the Debtor and/or Mrs. Khan
and are disinterested, third-party purchasers; (ii) the Sale
Contract was negotiated, proposed, and entered into by Mrs. Khan
and Buyers without collusion and in good faith, and resulted from
an arm's-length transaction; (iii) the proposed Purchase Price is a
fair offer based on market conditions, a recent appraisal, and
comparable transactions; and (iv) the broker's proposed commission
is fair based on the market for such services.
As a condition to the closing of the sale, the Chapter 11 Trustee
asks the Court's approval of an escrow agreement that incorporates
the following terms:
a. As part of the closing, Mrs. Khan and the Chapter 11
Trustee will escrow the Purchase Price, less the broker's
commission and any other items required by the Sale Agreement to be
paid at the closing;
b. The Chapter 11 Trustee will open a segregated account at
Axos Bank for the sole purpose of holding the Sale Proceeds; and
c. The Chapter 11 Trustee will not be permitted to use the
funds in the Segregated Account for any purpose absent further
order of the Court.
The Trustee respectfully asks that the Court enters an order (i)
granting the Motion, (ii) waiving the 14-day period set forth in
Fed. R. Bankr. P. 6004(h), to the extent it applies; (iii)
requiring that the Sale Proceeds be placed in a Segregated Account
pursuant to the terms of the Escrow Agreement until further order
of the Court; and (iv) granting the rustee such further relief as
is ppropriate.
A copy of the Agreement is available at https://tinyurl.com/qljxvyk
from PacerMonitor.com free of charge.
About Najeeb Ahmed Khan
Najeeb Ahmed Khan sought Chapter 11 protection (Bankr. W.D. Mich.
Case No. 19-04258) on Oct. 8, 2019. The Debtor tapped Denise D.
Twinney, Esq., and Robert F. Wardrop, II, Esq., at Wardrop &
Wardrop. P.C., as counsel.
On Oct. 29, 2019, the Court appointed Mark. T. Iammartinoas the
Chapter 11 Trustee for the Debtor's estate.
On Nov. 1, 2019, the U.S. Trustee appointed an official committee
of unsecured creditors.
NAKADDU LLC: Trustee Hires Klosinski Overstreet as Legal Counsel
----------------------------------------------------------------
James Overstreet Jr., the Chapter 11 trustee for Nakaddu LLC, seeks
approval from the U.S. Bankruptcy Court for the Southern for the
District of Georgia to hire Klosinski Overstreet, LLP as its legal
counsel.
The firm will help the trustee administer the estate's assets, and
investigate and liquidate possible asset of the estate.
The hourly rates for members of the firm range from $350 to $375.
Associates and legal assistants charge $250 per hour and $75 per
hour, respectively.
Klosinski is a disinterested person as the term is defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
James C. Overstreet, Jr., Esq.
Klosinski Overstreet, LLP
1229 Augusta W Pkwy
Augusta, GA 30909
Phone: +1 706-863-2255
About Nakaddu, LLC
Based in Augusta, Georgia, Nakaddu, LLC, classifies its business as
single asset real estate as defined in 11 U.S.C. Section 101(51B).
It is the fee simple owner of an apartment complex located at 405
Hale St., Augusta, Ga., having an appraised value of $3.8 million.
Nakaddu, LLC filed a Chapter 11 petition (Bankr. S.D. Ga. Case No.
19-10977) on July 31, 2019, and is represented by Jon A. Levis,
Esq., in Swainsboro, Georgia. The petition was signed by Jerome
Kiggundu, managing member. At the time of the filing, the Debtor
had $3,205,875 in total assets and $2,915,273 in total
liabilities.
James Overstreet Jr. was appointed as Chapter 11 trustee for the
Debtor. The trustee is represented by Klosinski Overstreet, LLP as
its legal counsel.
NC SPECIAL: Bankr. Administrator Unable to Appoint Committee
------------------------------------------------------------
The U.S. bankruptcy administrator disclosed in a filing with the
U.S. Bankruptcy Court for the Eastern District of North Carolina
that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of NC Special Police, LLC.
About NC Special Police
NC Special Police, LLC filed for Chapter 11 bankruptcy (Bankr.
E.D.N.C. Case No. 19-04972) on Oct. 28, 2019, listing under $1
million in both assets and liabilities. Judge David M. Warren
oversees the case. Sasser Law Firm is the Debtor's legal counsel.
NILE DEVELOPERS: Cash Use Motion Filed; Denial Order Entered
------------------------------------------------------------
Nile Developers, LLC asked the Bankruptcy Court to authorize use of
cash collateral in order to continue operations and reorganize its
business.
Specifically, the Debtor proposed to use cash collateral relating
to three properties:
(1) real property known as 3248 East Baltimore Street, Baltimore
City, MD 21224 (including the improvements thereon), as a tenant in
common along with Addis Developers, LLC, and with Mr. Mengesha.
The recorded lien on the property is held by Lapidus Investments,
LLLP. As of December 6, 2019, $154,216.72,is owed to Lapidus
Investments LLP and prepetition arrears are roughly $18,375. The
post-petition secured arrears is estimated at $25,000. The taxes
on the property are $4,750 annually.
(2) real property known as 319 S. Highland Ave, Baltimore, MD
21224.
The recorded lien on the property is held by Patch of Land c/o
Cohen Financial . As of July 2019, $110,000 is owed to Patch of
Land. The prepetition arrears are $18,375. The post-petition
arrears are $2,450. The property taxes are roughly $2,500
annually.
(3) real property known as 401 K St NE Washington, DC 20002.
The recorded liens that encumber the property are held by two
recorded liens:
* a first lien of roughly $921,860.79 held by TVC Funding
d/b/a BSI Financial Services. The pre-petition arrears for TVC
Funding is $890,000 and post-petition arrears is $300,000.
* a second lien of roughly $320,000 held by Elhab, LLC. The
prepetition arrears is $300,000 and post-petition arrears is
$28,000.
As adequate protection, the Debtor proposed to grant the
pre-petition secured parties with:
(a) an allowed super priority administrative claim pursuant to
section 507(b) of the Bankruptcy Code, and
(b) security interests and liens pursuant to Sections 361 and
363 of the Bankruptcy Code in the form of a priority liens on, and
security interest in, all tangible and intangible assets, including
all pre-petition and post-petition property of the Debtor's
estates, subject only to the Carve-out.
The carve-out includes unpaid fees to the clerk of the Bankruptcy
Court and the Office of the U.S. Trustee, fees and expenses of
professionals employed in the Debtor's Chapter 11 case incurred
prior to delivery by the lender of a carve-out trigger notice, plus
court costs, allowed and unpaid fees and expenses of professionals
incurred on or after the delivery of a carve-out trigger notice in
an aggregate amount of up to $50,000.
A copy of the motion is available for free at https://is.gd/CZZV6U
from PacerMonitor.com.
* * *
Judge Lori S. Simpson, however, denied the motion, without
prejudice to refiling separate motions for the three properties.
Judge Simpson ruled that the new motions must comply with and
contain the information required by local Bankruptcy Rule 4001-5.
A copy of the order is available at https://is.gd/BxTXdq from
PacerMonitor.com free of charge.
About Nile Developers LLC
Nile Developers, LLC, is a privately held building construction
consultant in Silver Spring, Maryland.
The Debtor previously sought bankruptcy protection on May 23, 2019
(Bankr. D. Md. Case No. 19-17000).
Nile Developers, LLC, again sought Chapter 11 protection (Bankr. D.
Md. Case No. 19-19384) on July 11, 2019. In the petition signed by
Addisu Mengesha, president, the Debtor estimated both assets and
liabilities in the range of $1 million to $10 million.
The Debtor tapped Alisha Elaine Gordon, Esq., at Law Offices of
Alisha Gordon as counsel.
NOVABAY PHARMACEUTICALS: Appoints New Director to Fill Vacancy
--------------------------------------------------------------
The Board of Directors of NovaBay Pharmaceuticals, Inc., increased
the size of the Board to seven directors and appointed Ms. Swan Sit
to fill the vacancy on the Board resulting from the increased Board
size, effective as of Dec. 17, 2019. Ms. Sit is an independent
member of the Board and will be a Class III director to serve until
the Company's Annual Meeting of Stockholders in 2022, subject to
her prior death, resignation or removal from office as provided by
law.
Ms. Sit, age 42, currently acts as an independent business
consultant to various public and private companies. Most recently
she served as the vice president of NA Digital Commerce
Capabilities, Business Operations and Service and the vice
president of Global Digital Marketing of Nike, Inc. from 2018 to
2019. Ms. Sit's experience includes digital transformation
experience supplemented by management consulting, brand management
and advertising. She has built front-end consumer experiences
across ecommerce, omnichannel, mobile, media, social, apps and
innovation as well as integrated back-end operations. Ms. Sit
previously was the vice president of Global Digital of Revlon and
Elizabeth Arden, Inc. from 2015 to 2017 and the executive director
of Strategy and Planning, Online of The Estee Lauder Companies,
Inc. Ms. Sit received an MBA from Columbia Business School and a
B.A. in Economics from Harvard University.
In connection with her service, Ms. Sit will receive the Company's
standard director's compensation package. Ms. Sit will not serve
on any of the Board's committees at this time.
About NovaBay Pharmaceuticals
Based in Emeryville, California, NovaBay Pharmaceuticals --
http://www.novabay.com/-- is a biopharmaceutical company focusing
on commercializing and developing its non-antibiotic anti-infective
products to address the unmet therapeutic needs of the global,
topical anti-infective market with its two distinct product
categories: the NEUTROX family of products and the AGANOCIDE
compounds. The Neutrox family of products includes AVENOVA for the
eye care market, NEUTROPHASE for wound care market, and CELLERX for
the aesthetic dermatology market. The Aganocide compounds, still
under development, have target applications in the dermatology and
urology markets.
Novabay reported a net loss and comprehensive loss of $6.54 million
for the year ended Dec. 31, 2018, compared to a net loss and
comprehensive loss of $7.40 million for the year ended Dec. 31,
2017. As of Sept. 30, 2019, the Company had $14.60 million in
total assets, $11.09 million in total liabilities, $584,000 in
series A non-voting convertible preferred stock, and total
stockholders' equity of $2.92 million.
OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" opinion in its report dated
March 29, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
experienced operating losses for most of its history and expects
expenses to exceed revenues in 2019. The Company also has
recurring negative cash flows from operations and an accumulated
deficit. All of these matters raise substantial doubt about its
ability to continue as a going concern.
NOVABAY PHARMACEUTICALS: Reports $282K Net Loss for Third Quarter
-----------------------------------------------------------------
Novabay Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss and comprehensive loss of $282,000 on $1.61 million of net
total sales for the three months ended Sept. 30, 2019, compared to
a net loss and comprehensive loss of $1.54 million on $3.14 million
of net total sales for the same period in 2018.
For the nine months ended Sept. 30, 2019, the Company reported a
net loss and comprehensive loss of $6.97 million on $4.89 million
of net total sales compared to a net loss and comprehensive loss of
$5.28 million on $8.88 million of net total sales for the nine
months ended Sept. 30, 2018.
As of Sept. 30, 2019, the Company had $14.60 million in total
assets, $11.09 million in total liabilities, $584,000 in series A
non-voting convertible preferred stock, and total stockholders'
equity of $2.92 million.
As of Sept. 30, 2019, the Company's cash and cash equivalents were
$9.0 million, compared to $3.2 million as of Dec. 31, 2018. Based
primarily on the funds available at Sept. 30, 2019, the Company
believes these resources will be sufficient to fund its operations
into the second quarter of 2020. The Company has sustained
operating losses for the majority of its corporate history and
expects that its 2019 expenses will exceed its 2019 revenues, as
the Company continues to re-invest in its Avenova commercialization
efforts. The Company expects to continue incurring operating
losses and negative cash flows until revenues reach a level
sufficient to support ongoing growth and operations. Accordingly,
the Company's planned operations raise substantial doubt about its
ability to continue as a going concern.
A full-text copy of the Form 10-Q is available for free at the
SEC's website at:
https://is.gd/6Zd4PA
About NovaBay Pharmaceuticals
Based in Emeryville, California, NovaBay Pharmaceuticals --
http://www.novabay.com-- is a biopharmaceutical company focusing
on commercializing and developing its non-antibiotic anti-infective
products to address the unmet therapeutic needs of the global,
topical anti-infective market with its two distinct product
categories: the NEUTROX family of products and the AGANOCIDE
compounds. The Neutrox family of products includes AVENOVA for the
eye care market, NEUTROPHASE for wound care market, and CELLERX for
the aesthetic dermatology market. The Aganocide compounds, still
under development, have target applications in the dermatology and
urology markets.
Novabay reported a net loss and comprehensive loss of $6.54 million
for the year ended Dec. 31, 2018, compared to a net loss and
comprehensive loss of $7.40 million for the year ended Dec. 31,
2017.
OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" opinion in its report dated
March 29, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
experienced operating losses for most of its history and expects
expenses to exceed revenues in 2019. The Company also has
recurring negative cash flows from operations and an accumulated
deficit. All of these matters raise substantial doubt about its
ability to continue as a going concern.
NSJ GROUP: Hires LaMonica Herbst & Maniscalco as Counsel
--------------------------------------------------------
The NSJ Group II LTD. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Lamonica Herbst and
Maniscalco, LLP as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the Debtor of its powers and duties in accordance
with the provisions of the Bankruptcy Code in the continued
operation of its business and the management of its property;
(b) prepare applications, motions and other legal documents;
(c) assist the Debtor in the development and implementation of a
plan of reorganization; and
(d) provide all other legal services necessary to reorganize the
Debtor's affairs.
LaMonica Herbst will be paid at these hourly rates:
Partners $635
Associates $425
Paraprofessionals $200
The firm will be paid a retainer in the amount of $19,217 and will
receive reimbursement for work-related expenses incurred.
Melanie FitzGerald, Esq., a partner at LaMonica Herbst, assured the
court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
LaMonica Herbst can be reached at:
Melanie A. FitzGerald, Esq.
Lamonica Herbst and Maniscalco, LLP
3305 Jerusalem Avenue
Wantagh, NY 11793
Telephone: (516) 826-6500
About The NSJ Group II LTD.
d/b/a Edible Arrangements
Based in Babylon, N.Y. ,The NSJ Group II LTD., which conducts
business under the name Edible Arrangements, filed a voluntary
petition for reorganization under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 19-77392) on Oct. 28, 2019, listing under
$1 million in both assets and liabilities. Salvatore LaMonica at
Lamonica Herbst And Maniscalco represents the Debtor as counsel.
ON TIME ELECTRIC: Unsecured Creditors to Get 15% in 5 Years
-----------------------------------------------------------
Small business debtor On Time Electric, Inc., has filed a
reorganization plan that proposes to return 15 cents on the dollar
to unsecured creditors.
Payments and distributions under the Plan will be funding by cash
flow from operations and future income.
The Plan proposes to pay claims and interests as follows:
* Class 2.01 - Secured Claim of Harris County et al. IMPAIRED.
Total claim $26,126.95. The claim will be paid in equal monthly
installments over a 5-year period following the effective date of
the plan, with interest accruing at 12%. Thus, payments to Harris
County et al will be $599.31 beginning on the 15th day of the first
monthly following 30 days after the effective date of the plan.
* Class 2.02 - Secured Claim of Texas Gulf Bank, NA. IMPAIRED.
Total claim $10,414.76. The claim will be paid in equal monthly
installments over a 2-year period following the effective date of
the plan, with interest accruing at 6.5%. Thus, payments to Texas
Gulf Bank, NA for this class will be $463.94 beginning on the 15th
day of the first monthly following 30 days after the effective date
of the plan.
* Class 2.03 - Secured Claim of Texas Gulf Bank, NA. IMPAIRED.
Total claim $416,310.10. The claim will be paid in equal monthly
installments over a 8-year period following the effective date of
the plan, with interest accruing at 7.75%. Thus, payments to Texas
Gulf Bank, NA will be $5,832.48 beginning on the 15th day of the
first monthly following 30 days after the effective date of the
plan.
* Class 2.04 – Secured Claim of Internal Revenue Service.
IMPAIRED. Total claim $842,328.43. The secured claim of the
Internal Revenue Service is disputed and is wholly unsecured.
Thus, the claim of the Internal Revenue Service will be treated as
a general, unsecured claim and paid pro rata pursuant to the terms
of Class 3 claims.
* Class 3 - Non-priority Unsecured Claims. IMPAIRED. The
allowed general unsecured claims will be paid 15% of their claim in
annual payments over a 5-year period. Payments will be due and
payable beginning on January 15th, 2021. The amount to be paid pro
rata is estimated at $225,212.34
* Class 4 – Equity Security Holders of the Debtor. IMPAIRED.
Equity Security Holders will receive no distributions under this
plan on account of any prepetition insider claims, and will retain
their interests in the limited liability company.
A full-text copy of the Disclosure Statement dated Dec. 2, 2019, is
available at https://tinyurl.com/sngv569 from PacerMonitor.com at
no charge.
Attorney for the Debtor:
Michael L. Hardwick
MICHAEL HARDWICK LAW, PLLC
2200 North Loop West, Suite 116
Houston, TX 77018
Tel: (832) 930-9090
Fax: (832) 930-9091
E-mail: michael@michaelhardwicklaw.com
About On Time Electric
On Time Electric Inc., a full-service electrical contractor in
Houston, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 19-33152) on June 3, 2019. At the time
of the filing, the Debtor had estimated assets of less than
$500,000 and liabilities of between $1 million and $10 million.
The case has been assigned to Judge Jeffrey P. Norman. Michael
Hardwick Law, PLLC, is the Debtor's bankruptcy counsel.
OPTION CARE: To Pay $200K to Plaintiff's Counsel in "Schmidt" Case
------------------------------------------------------------------
Option Care Health, Inc. has agreed to pay $200,000 to plaintiff's
counsel for attorneys' fees and expenses in full satisfaction of
the claim for attorneys' fees and expenses in an action captioned
Schmidt v. Pate, et al., C.A. No. 2019-0430-SG.
On June 7, 2019, the members of BioScrip's board of directors were
named as defendants in a purported stockholder class action filed
in the Delaware Court of Chancery by a BioScrip stockholder. The
complaint alleged that BioScrip's directors breached their
fiduciary duties of care, loyalty, good faith and/or disclosure by
failing to disclose to BioScrip stockholders all material
information necessary to make an informed decision regarding its
proposal to issue common stock in connection with the Merger.
Among other remedies, the plaintiff sought to enjoin the Merger and
to hold BioScrip's directors liable for allegedly breaching their
fiduciary duties.
On March 14, 2019, HC Group Holdings I, LLC and HC Group Holdings
II, Inc. entered into a definitive agreement to merge with and into
a wholly-owned subsidiary of BioScrip, Inc. (now known as Option
Care Health, Inc.) in an all-stock transaction. On April 30,
2019, BioScrip filed with the U.S. Securities and Exchange
Commission a proxy statement on Schedule 14A to solicit stockholder
votes to approve, among other things, the issuance of BioScrip
common stock in connection with the transaction. After the
complaint was filed, BioScrip determined to include additional
disclosures in (i) a Schedule 14A filed by BioScrip with the SEC on
June 26, 2019, and (ii) a Form 8-K filed by BioScrip with the SEC
on July 24, 2019, to moot plaintiff's claims. On Aug. 7, 2019, the
Court approved a notice under which the plaintiff voluntarily
dismissed the action with prejudice as to himself only, but without
prejudice as to any other putative class member. The Court
retained jurisdiction solely for the purpose of adjudicating the
anticipated application of plaintiff's counsel for an award of
attorneys' fees and reimbursement of expenses in connection with
the supplemental disclosures included in the (i) Schedule 14A filed
on June 26, 2019 and (ii) Form 8-K filed on July 24, 2019. The
Court has not been asked to review, and will pass no judgment on,
the payment of the attorneys' fees and expenses or their
reasonableness.
About Option Care Health
Option Care Health (NASDAQ: BIOS) --
http://www.OptionCareHealth.com/-- is an independent provider of
home and alternate site infusion services in the United States.
The Company has 6,000 teammates, including approximately 2,900
clinicians. Option Care Enterprises, Inc. and BioScrip, Inc.
successfully completed their merger in August, 2019.
Bioscrip reported a loss attributable to common stockholders of
$62.90 million in 2018, a loss attributable to common stockholders
of $74.27 million, and a loss attributable to common stockholders
of $51.85 million. As of Sept. 30, 2019, Option Care had $2.58
billion in total assets, $1.66 billion in total liabilities, and
$921.68 million in total stockholders' equity.
Option Care received on Aug. 7, 2019, a letter from the Nasdaq
Staff informing it that, since the merger between Option Care
Enterprises, Inc. and BioScrip, Inc. constituted a change of
control for purposes of the Nasdaq Listing Rules, Option Care was
required to meet all applicable criteria for initial listing on The
Nasdaq Global Select Market. The letter indicated that, since
Option Care did not satisfy the minimum $4.00 bid price requirement
upon consummation of the merger, Option Care's securities were
subject to delisting unless it requests a hearing before the Nasdaq
appeals panel, which will allow Option Care to remain listed
pending the outcome of the hearing. Option Care plans to take all
reasonable actions to demonstrate compliance with the applicable
Nasdaq Listing Rules so as to maintain its listing on Nasdaq and/or
apply to list its securities on the NYSE American exchange where it
believes it would satisfy all of the applicable initial listing
criteria, including the price requirement for listing on that
exchange.
ORIGINAL PUBLIC HOUSE: Has Interim OK to Use Cash Thru January
--------------------------------------------------------------
Judge Clifton R. Jessup, Jr., granted The Original Public House,
Inc., continued access to cash collateral through and including
January 29, 2020. The Court directed the Debtor to pay Bryant Bank
the sum of $1,100 per week as additional adequate protection.
A copy of the third interim order is available for free at
https://is.gd/nSK6ih from PacerMonitor.com.
About Original Public House
The Original Public House, Inc., operates a restaurant in
Huntsville, Alabama, which is commonly known as "The Original
Public House / Beauregard's". The Company filed for Chapter 11
bankruptcy (Bankr. N.D. Ala. Case No. 19-83046) on October 10,
2019, listing under $1 million in assets and liabilities. Kevin D.
Heard, Esq., at Heard, Ary & Dauro, LLC, serves as counsel to the
Debtor.
PARKINSON SEED: Ch. 11 Trustee Seeks Cash Access Thru Mar. 31, 2020
-------------------------------------------------------------------
Gary L. Rainsdon, Chapter 11 Trustee of Parkinson Seed Farm, Inc.,
asks the Bankruptcy Court to authorize continued use of cash
collateral for the period from December 31, 2019 through March 31,
2020, or until an order of confirmation or other Court order is
entered. The Trustee asserts that the continued use of cash
collateral is necessary to pay the ongoing operating expenses
pending confirmation of a Chapter 11 plan.
The proposed three-month budget through March 31, 2020 provides for
$835,903 in total expenses including $124,000 in fertilizer cost,
$313,560 in seed costs, and $65,000 for equipment lease. A copy of
the motion and the budget is available at https://is.gd/b6eZoU from
PacerMonitor.com free of charge.
The Debtor seeks that the terms and conditions in the final order,
which was entered on Sept. 17, 2019 and which terminates on Dec.
31, 2019, will remain in full force and effect.
About Parkinson Seed Farm
Located in Saint Anthony, Idaho, Parkinson Seed Farm, Inc. --
http://www.parkinsonseedfarm.com/-- farms approximately 7,200
acres of potatoes. It raises seed potatoes, hard red and hard
white wheat, and a small amount of alfalfa (mostly to feed horses
for recreational purposes). The company raises 11 of what it
considers to be more mainstream varieties such as the Russet
Burbank, Ranger, three different line selections of Russet
Norkotah, white varieties such as Cal Whites and Atlantics, and
reds like the Dark Red Norland. The company was founded in 1937.
Parkinson Seed Farm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Idaho Case No. 18-40412) on May 15,
2018. In the petition signed by Dirk Parkinson, president, the
Debtor disclosed $6.11 million in assets and $26.92 million in
liabilities.
Judge Joseph M. Meier oversees the case. The Debtor tapped
Robinson & Associates as its legal counsel.
Gary L. Rainsdon was appointed as the Debtor's Chapter 11 trustee.
The trustee tapped Daniel C. Green, Esq., as his bankruptcy
attorney.
PAZZO PAZZO: Court Approves Disclosure Statement
------------------------------------------------
Judge John K. Sherwood has ordered that the Third Modified
Disclosure Statement in support of the Third Modified Plan of
Reorganization of Pazzo Pazzo, Inc., is approved.
The Court will convene a hearing on Jan. 22, 2020, at 10:00 a.m.,
to consider confirmation of the Third Modified Plan.
Jan. 10, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.
Jan. 15, 2020, is fixed as the last day for filing and serving
written objections to confirmation of the Plan.
As reported in the Troubled Company Reporter, Berley Associates
Inc. filed a Third Modified Plan of Reorganization that seeks to
accomplish payments
under the Plan by funding to be provided by an affiliate. General
unsecured claims totaling $170,696 (which excludes Lenox Hill's $10
million disputed claim) will be paid in full over time.
A full-text copy of Berley's Third Amended Disclosure Statement
dated Nov. 27, 2019, is available at https://is.gd/YBZ28f from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Morris S. Bauer
NORRIS McLAUGHLIN, P.A.
400 Crossing Boulevard, 8th Floor
P.O. Box 5933
Bridgewater, New Jersey 08807
Tel: (908) 722-0700
E-mail: msbauer@norris-law.com
About Pazzo Pazzo
Pazzo Pazzo Inc., filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 18-13516) on Feb. 23, 2018, estimating under $1
million in assets and liabilities. Lawrence Berger, Esq., at
Berger & Bornstein, LLC, is the Debtor's counsel.
PC 12 INC: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of PC 12, Inc.
About PC 12 Inc.
PC 12, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Kan. Case No. 19-12086) on Oct. 29, 2019. At the
time of the filing, the Debtor disclosed assets of between $100,001
and $500,000 and liabilities of the same range. The Debtor is
represented by William H. Zimmerman, Jr., Esq., at Eron Law, P.A.
PENOBSCOT VALLEY: Anthem Health Wants Secured Claim Resolved
------------------------------------------------------------
Anthem Health Plans of Maine, Inc., d/b/a Anthem Blue Cross and
Blue Shield, filed an objection to the Disclosure Statement with
respect to Penobscot Valley Hospital's First Plan of Reorganization
which was filed on Oct. 15, 2019.
According to Anthem Health, the Disclosure Statement fails to
provide adequate information to allow creditors to make an informed
judgment on the Plan for two reasons: first, it fails to identify
the Assumed Contracts and Rejected Contracts, or even when the
Debtor will provide such information to creditors; and second, the
Disclosure Statement does not adequately describe the treatment of
the secured portion of Anthem's Amended Claim.
The Disclosure Statement, Anthem Health tells the Court, fails to
describe the treatment of the secured portion of Anthem's Amended
Claim. Anthem needs to know how the Debtor intends to resolve the
secured portion of its claim before it can be expected to vote on
the Plan. Thus, the Plan and Disclosure Statement should be
amended to describe the proposed treatment of the secured portion
of Anthem’s Amended Claim.
Anthem also notes that the Plan fails to identify the Assumed and
Rejected Contracts or even when those exhibits will be submitted.
Conceivably, the final exhibits listing the Assumed and Rejected
Contracts could not be provided to creditors right up to the
Plan’s confirmation and even its effective date. Thus, the Plan,
as drafted, fails to definitively afford Anthem the time necessary
to comply with § 4303(7)(A) in the event the 2017 Agreement is
rejected. Thus, the Plan violates the requirement under §§
1129(a)(3) and 1123 that a plan comply with otherwise applicable
nonbankruptcy law.
According to Anthem, the Court should not approve the Disclosure
Statement until the Plan is amended to provide Anthem with at least
75 days' notice of a decision to reject the 2017 Agreement, which
will provide Anthem sufficient time to give its members 60 days'
notice per state law consistent with § 4303(7)(A).
A full-text copy of the objection is available at
https://tinyurl.com/shaxh2c from PacerMonitor.com at no charge.
Anthem Health is represented by:
Christopher R. Drury
Eric S. Goldstein
Shipman & Goodwin LLP
One Constitution Plaza
Hartford, CT 06103-1919
Telephone: (860) 251-5000
Facsimile: (860) 251-5218
E-mail: cdrury@goodwin.com
egoldstein@goodwin.com
About Penobscot Valley Hospital
Penobscot Valley Hospital -- http://www.pvhme.org/-- operates a
general medical and surgical facility in Lincoln, Maine. It has
been serving the community for over 40 years with a wide variety of
services and treatment options.
Penobscot Valley Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Maine Case No. 19-10034) on Jan. 29,
2019. At the time of the filing, the Debtor was estimated to have
assets of $1 million to $10 million and liabilities of $1 million
to $10 million. The case is assigned to Judge Michael A. Fagone.
The Debtor tapped Murray Plumb & Murray as its legal counsel.
PENOBSCOTT VALLEY: USDA Says Plan Patently Unconfirmable
--------------------------------------------------------
The United States, on behalf of the United States Department of
Agriculture and the United States Department of Health and Human
Services, Centers for Medicare and Medicaid Services, objects to
the approval of the Disclosure Statement With Respect to the First
Plan of Reorganization of Debtor Penobscott Valley Hospital.
According to the USDA, if the Debtor is unable to make such
forward-looking projections, the creditors -- and the Court --
cannot be expected simply to assume that the Plan is feasible; the
more reasonable conclusion would be that it is not feasible.
The USDA adds:
* The Disclosure Statement does not provide adequate information
to creditors regarding how it intends to be in a position to make a
balloon payment in the amount of up to over $2.6 million to USDA in
(approximately) the year 2044. The vague, tepid assurances
regarding the future financial picture of Debtor are totally
inadequate, and lack the sort of necessary detail that would be
relevant to creditors’ determinations of whether to accept or
reject the plan.
* The Disclosure Statement, however, fails to indicate whether
PVH will be assuming the Medicare or Medicaid provider agreements,
along with their benefits and burdens, or if it will reject the
agreements and end enrollment in the programs. Considering that
PVH’s participation in Medicare and Medicaid provide two-thirds
of Debtor’s revenue, this detail is essential for creditors to
evaluate feasibility.
* The Plan is patently unconfirmable because its treatment of
CMS's claims in Class 3 is barred by the Medicare Act, and this
Court lacks jurisdiction to adopt its unlawful terms. Congress has
given HHS and CMS broad authority over the Medicare Program.
* Because of these impediments in the Plan, the Court should not
permit the Debtor to waste judicial and estate resources by
soliciting acceptances of a plan that includes provisions that are
outside this court’s jurisdiction and are impermissible under
First Circuit law.
A full-text copy of the objection is available at
https://tinyurl.com/w5sodsk from PacerMonitor.com at no charge.
About Penobscot Valley Hospital
Penobscot Valley Hospital -- http://www.pvhme.org/-- operates a
general medical and surgical facility in Lincoln, Maine. It has
been serving the community for over 40 years with a wide variety of
services and treatment options.
Penobscot Valley Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Maine Case No. 19-10034) on Jan. 29,
2019. At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case is assigned to Judge Michael A. Fagone. The
Debtor tapped Murray Plumb & Murray as its legal counsel.
PETE GOULD: Seeks Court Approval to Hire Cooper's Auction
---------------------------------------------------------
Pete Gould & Sons, Inc. seeks authority from the U.S. Bankruptcy
Court for the Southern District of West Virginia to employ an
auctioneer.
The Debtor proposes to employ Cooper's Auction Service of Jackson
County, W. Va., to conduct an auction of surplus parts, obsolete
equipment, and certain machinery. The firm has agreed to a
commission fee of 12 percent.
Cooper's Auction does not represent any interest adverse to the
Debtor's bankruptcy estate, according to court filings.
The firm can be reached through:
Robert Cooper
Cooper's Auction Service
681 North Church Street
Ripley, WV 25271
Phone: (304) 514-2992
Email: coopersauction@gmail.com
About Pete Gould & Sons, Inc.
Founded in 1966, Pete Gould & Sons, Inc. provides general
contracting services such as constructing water and sewer mains.
Pete Gould & Sons filed a Chapter 11 petition (Bankr. N.D. W.Va.
Case No. 18-20047) on Feb. 5, 2018. In the petition signed by
Bryan Gould, member, the Debtor estimated $1 million to $10 million
in both assets and liabilities. Judge Frank W. Volk presides over
the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee, is the
Debtor's legal counsel.
PETSWAY INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Petsway, Inc.
FDBA General Pet, Inc.
FDBA Pet Warehouse, Inc.
1669 E. St. Louis St.
Springfield, MO 65802
Business Description: Founded in 1951, Petsway, Inc. --
https://petsway.com -- is a pet store
offering pet food and supplies. Based in
Springfield, Missouri, with additional
locations in St. Louis and Poplar Bluff,
Petsway also offers pet grooming services,
dog training, monthly vet clinics, and self-
serve dog washes (at select locations).
Chapter 11 Petition Date: December 30, 2019
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 19-61542
Judge: Hon. Cynthia A. Norton
Debtor's Counsel: Ronald S. Weiss, Esq.
BERMAN DELEVE KUCHAN & CHAPMAN, LLC
1100 Main, Suite 2850
Kansas City, MO 64105
Tel: (816) 471-5900
E-mail: rweiss@bdkc.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 milion
The petition was signed by Karl W. Keller, II, vice president &
co-owner.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available at
PacerMonitor for free at:
https://is.gd/M8DsIV
PNW HEALTHCARE: Seeks to Hire Foley & Lardner as Legal Counsel
--------------------------------------------------------------
PNW Healthcare Holdings LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire Foley &
Lardner LLP as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. analyze the Debtor's current financial and legal
situation;
b. prepare and file applications, motions, pleadings and other
legal documents;
c. assist the Debtor with respect to any potential sale of its
assets;
d. advise the Debtor of its powers and duties in the continued
operation of its businesses and management of its property;
e. assist in the negotiation and documentation of financing
agreements, debt restructuring, cash collateral arrangements and
related transactions;
f. negotiate with creditors and equity security holders;
g. review the nature and validity of liens asserted against
the property of the Debtor and advise the Debtor concerning the
enforceability of such liens;
h. assist in the drafting and preparation of leases, security
instruments and other contracts;
i. represent the Debtor at the meeting of creditors and court
hearings;
h. advise the Debtor concerning the actions that it might take
to collect and to recover property for the benefit of its estate;
i. advise the Debtor in connection with any plan of
reorganization; and
j. prepare a disclosure statement and assist the Debtor in
soliciting acceptances for the plan.
Foley & Lardner will be paid at these hourly rates:
McDow, Ashley M. Bankruptcy Counsel $700
Helt, Marcus A Bankruptcy Counsel $700
Moses, Shane J. Of Counsel $620
Mohan, Timothy C. Associate $535
Thomas-Nichols, Edna Dianne Paralegal $235
Foley & Lardner received a pre-bankruptcy retainer from the Debtor
in the amount of $250,000. The firm will receive reimbursement for
work-related expenses incurred.
Ashley McDow, Esq., a partner at Foley & Lardner, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ashley M. McDow, Esq.
Foley & Lardner LLP
555 South Flower Street, Suite 3300
Los Angeles, CA 90071
Tel: 213-972-4615
213-972-4500
Fax: 213-486-0065
Email: amcdow@foley.com
About PNW Healthcare
PNW Healthcare Holdings, LLC and other subsidiaries of Aldercrest
Health & Rehabilitation Center --
http://www.aldercrestskillednursing.com/-- are providers of
long-term skilled nursing care and short-term rehabilitation
solutions. On Nov. 22, 2019, the Debtors filed Chapter 11
petitions (Bankr. W.D. Wa. Lead Case No. 19-43754) in Seattle,
Wash.
At the time of the filing, PNW Healthcare had estimated assets of
less than $50,000 and liabilities of between $1 million and $10
million.
Judge Christopher M. Alston oversees the cases.
The Debtors tapped Foley & Lardner LLP as lead bankruptcy counsel;
D. Bugbee & Scalia, PLLC as co-counsel with Foley; Getzler Henrich
& Associates LLC as financial advisor; and Omni Agent Solutions as
notice, claims and balloting agent, and as administrative advisor.
PPV INC: Seeks Authorization to Use Cash Collateral
---------------------------------------------------
PPV, Inc. and Bravo Environmental NW, Inc. seeks authorization from
the U.S. Bankruptcy Court for the District of Oregon to use cash
collateral and to obtain credit for the payment of operating
expenses.
The Debtors require the use of the cash generated from their
businesses to maintain and continue its current line of credit with
Crestmark, a division of MetaBank, as successor to Crestmark Bank,
and Crestmark Equipment Finance, a division of MetaBank.
Pursuant to their projected operating expense budget through Jan.
10, 2020, the Debtors propose to use credit advances/cash
collateral of up to $1,345,525. The Debtors further propose that
their authority to use cash collateral and to obtain credit be
limited to the cumulative amounts and uses as set forth in the
Budget, subject to a 10% variance.
The Debtors propose to grant to each of the Lien Creditors the
following protection to secure payment of an amount equal to the
aggregate diminution (from the Petition Date) in the value of the
property of Debtors to which any of the liens of the Lien Creditors
have attached:
(a) A replacement lien on all of the post-petition property of
the same nature and kind in which each of them has a pre-petition
line or security interest. The replacement liens will have the same
relative priority vis-a-vis one another as existed on the petition
date with respect to the original liens.
(b) The Debtors will timely perform and complete all actions
necessary and appropriate to protect Lien Creditors' collateral
against diminution in value.
(c) The Debtors have also agreed to certain additional
adequate protection to Crestmark, including adequate protection
payments, reporting requirements.
(d) Subject to Debtors' sole discretion, or if subsequently
ordered by the Court after notice and hearing, to commence making
monthly payments of interest only , to each Lien Creditor, which
payment will be calculated at the then applicable non-default rates
based on the value of each respective Lien Creditor's interest in
their respective collateral.
In addition, the Debtors believe the Lien Creditors enjoy an equity
cushion of 11.69% based on the most recent liquidation values of
the collateral.
About PPV, Inc.
PPV, Inc. -- https://www.ppvnw.com/ -- is a waste management
services provider in Portland, Oregon. The company offers
industrial cleaning, recycling, treatment, and technical waste
management services.
Founded in 2002, Bravo Environmental NW, Inc. --
https://www.ppvnw.com/ -- provides industrial cleaning, recycling,
treatment, and technical waste management Services.
PPV and Bravo sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Or. Lead Case No. 19-34517) on Dec. 10, 2019. The
petition was signed by Joseph J. Thuney, president of sole
shareholder/parent company, PPV, Inc. At the time of filing, the
Debtor estimated $1 million to $10 million in both assets and
liabilities. Judge David W. Hercher is assigned to the case.
Douglas R. Ricks, Esq. at Vanden Bos & Chapman, LLP is the Debtor's
counsel.
PRESSURE BIOSCIENCES: Sells $250,000 in Convertible Note
--------------------------------------------------------
Pressure BioSciences, Inc., entered into a securities purchase
agreement on Dec. 20, 2019, with an accredited investor pursuant to
which the Investor purchased from the Company, for a purchase price
of $250,000: (i) a 10% senior secured convertible promissory note
in the principal amount of $275,000; and (ii) a common stock
purchase warrant permitting the Investor to purchase up to 55,000
shares of the Company's common stock, par value $0.01 per share, at
an exercise price of $3.50 per share.
The Note accrues interest at a rate of 10% per annum and matures on
the earlier of (i) Dec. 20, 2020; or (ii) upon the closing of a
Qualified Offering, as defined in the Note. The Note contains
customary events of default. If an Event of Default occurs, all
outstanding obligations owing under the Notes will become
immediately due and payable at the Investor's election. Any
outstanding obligations owing under the Note which is not paid when
due will bear interest at the rate of 18% per annum. The Note is
convertible into shares of the Company's Common Stock, subject to
adjustments. The conversion price shall equal to $2.50.
In connection with the issuance of the Note, the Company entered
into a General Security Agreement with the Investor whereby the
Company granted to the Investor a continuing security interest in,
lien upon and a right of setoff against, all of the Company's
right, title and interest in all of the Company's assets.
In connection with the SPA, the Company entered into a Registration
Rights Agreement pursuant to which it will (i) use its best efforts
to file initial registration statement on Form S-1 with the U.S.
Securities and Exchange Commission to register the Securities,
within 30 calendar days after the final closing date of the
Company's offering of Series AA Convertible Preferred Stock; and
(ii) have the Registration Statement declared effective by the
Commission within 150 days of the Filing Deadline.
In connection with the SPA, the Company paid a 10% cash fee (a
total of $25,000), to Garden State Securities, Inc. for acting as
placement agent for the sale of the Securities. The Company will
also issue a warrant to the Placement Agent for it to purchase
shares of Common Stock equal to 10% of the Securities.
About Pressure Biosciences
South Easton, Massachusetts-based Pressure BioSciences --
http://www.pressurebiosciences.com/-- is engaged in the
development and sale of innovative, broadly enabling,
pressure-based solutions for the worldwide life sciences industry.
The Company's products are based on the unique properties of both
constant (i.e., static) and alternating (i.e., pressure cycling
technology) hydrostatic pressure. PCT is a patented enabling
technology platform that uses alternating cycles of hydrostatic
pressure between ambient and ultra-high levels to safely and
reproducibly control bio-molecular interactions.
Pressure Biosciences reported a net loss attributable to common
shareholders of $23.47 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to common shareholders of
$10.71 million for the year ended Dec. 31, 2017. As of Sept. 30,
2019, the Company had $2.41 million in total assets, $12.03 million
in total liabilities, and a total stockholders' deficit of $9.62
million.
MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 16, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has a
working capital deficit, has incurred recurring net losses and
negative cash flows from operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
PRIMESOURCE INCORPORATED: Hires Deschenes as Counsel
----------------------------------------------------
Primesource Incorporated, seeks authority from the U.S. Bankruptcy
Court for the District of Montana to employ Deschenes & Associates
Law Offices, as counsel to the Debtor.
Primesource Incorporated requires Deschenes to:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation
of the Debtor's business and management of Debtor's
property; and
b. perform all legal services for the Debtor-in-Possession
which may be necessary in connection with the Chapter 11
case.
Deschenes will be paid at these hourly rates:
Attorneys $175 to $345
Paralegals $110 to $135
Deschenes & Associates received from the Debtor a retainer
pre-petition in the amount of $8,000 to cover the prepetition
services, the filing fee of $1,717, and a retainer for
post-petition work. Said prepetition services cost $2,287.50. The
Debtor has deposited the sum of $3,995.50, the balance of said
payment, in Deschenes & Associates' trust account as a retainer.
Deschenes & Associates has also received $2,000 postpetition.
Deschenes will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gary S. Deschenes, partner of Deschenes & Associates Law Offices,
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.
Deschenes can be reached at:
Gary S. Deschenes, Esq.
Katherine A. Sharp, Esq.
DESCHENES & ASSOCIATES LAW OFFICES
309 First Avenue North
Great Falls MT 59403-3466
Tel: (406) 761-6112
Fax: (406) 761-6784
E-mail: gsd@dalawmt.com
katie@dalawmt.com
About Primesource Inc.
Primesource Incorporated sought Chapter 11 protection (Bankr. D.
Mont. Case No. 19-61154) on Nov. 14, 2019, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices.
PRIMESOURCE INCORPORATED: Hires Powder River Ag as Consultant
-------------------------------------------------------------
Primesource Incorporated seeks authority from the U.S. Bankruptcy
Court for the District of Montana to employ Powder River Ag
Consulting, LLC as its consultant.
The services to be provided by the firm are:
(a) conduct a survey of the Debtor's books of account to
accurately determine the Debtor's financial condition;
(b) prepare and provide Debtor's management with financial
statements for inclusion in its Chapter 11 plan;
(c) assist in the preparation of cash flow projections,
analysis of operations and analysis of feasibility of Debtor's
plan; and
(d) work, consult and negotiate with the Debtor and creditors
on feasibility and financial issues relating to settlements and
plan confirmation;
(e) provide testimony as an expert witness; and
(f) provide services related to adversary proceedings in which
the Debtor is involved.
J. T. Korkow of Powder River Ag Consulting assures the court that
his firm is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
J. T. Korkow
Powder River Ag Consulting
131 North Highway 59
Volborg MT 59351
About Primesource Incorporated
Based in Great Falls, Montana, Primesource Incorporated filed a
petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont.
Case No. 19-61154) on Nov. 14, 2019, listing under $1 million in
both assets and liabilities. Gary S. Deschenes, Esq., at Deschenes
& Associates, is the Debtor's legal counsel.
PUERTO RICO HOSPITAL: Court Approves Extension to Plan Filing
-------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico has granted the motion filed by Debtor
Puerto Rico Hospital Supply Inc. requesting extension of time (14
days after the Court issues a final resolution in Adversary
Proceeding No. 19−00448−ESL) to file the amended disclosure
statement and plan of reorganization.
About Puerto Rico Hospital Supply
Puerto Rico Hospital Supply, Inc., distributes medical supplies in
Puerto Rico. Customed Inc., founded in 1991, manufactures surgical
appliances and supplies.
Puerto Rico Hospital Supply, Inc. and Customed, Inc., filed
voluntary Chapter 11 petitions (Bankr. D.P.R. Case Nos. 19-01022
and 19-01023) on Feb. 26, 2019. The petitions were signed by Felix
B. Santos, president. The cases are assigned to Judge Enrique S.
Lamoutte Inclan.
At the time of the filing, Puerto Rico Hospital estimated $50
million to $100 million in assets and $10 million to $100 million
in liabilities while Customed, Inc. estimated $10 million to $50
million in both assets and liabilities. Alexis Fuentes Hernandez,
Esq., at Fuentes Law Offices, represents the Debtors.
QUALIS CARE OF LOUISIANA: Involuntary Chapter 11 Case Summary
-------------------------------------------------------------
Alleged Debtor: Qualis Care of Louisiana, LLC
4201 Woodland Drive, 3rd Floor
New Orleans, LA 70130
Business Description: Located in New Orleans, La., Qualis Care of
Louisiana offers residential treatment for
individuals struggling with substance use
disorder (including opioid dependency),
mental health disorders, or co-occurring
disorders.
Involuntary Chapter 11 Petition Date: December 30, 2019
Court: United States Bankruptcy Court
Eastern District of Louisiana
Case Number: 19-13441
Petitioners' Counsel: Douglas S. Draper, Esq.
HELLER, DRAPER, PATRICK, HORN & MANTHEY, LLC
650 Poydras Street, Suite 2500
New Orleans, LA 70130
Tel: 504-299-3330
E-mail: ddraper@hellerdraper.com
Alleged creditors who signed the involuntary petition:
Name Nature of Claim Claim Amount
----------- --------------- ------------
The Cooking Therapist, LLC Open Account $26,162
5214 Dauphine Street
New Orleans, LA 70117
Nicole Dumas Open Account $500
10818 Hilmont Ave.
Baton Rouge, LA 70810
Hermes Health Alliance, LLC rent/utilities/ $45,185
3067 E. Causeway Approach CAM
Mandeville, LA 70448
A full-text copy of the Involuntary Petition is available for free
at the PacerMonitor's website at:
https://is.gd/6FnVEr
QUALITY REIMBURSEMENT: Eastpoint Corp. Steps Down From Committee
----------------------------------------------------------------
The Office of the U.S. Trustee disclosed in court filings that
Eastpoint Corporation resigned from the committee of unsecured
creditors appointed in the Chapter 11 case of Quality Reimbursement
Services, Inc.
The remaining members of the committee are:
(1) Ontash Systems Inc.
c/o Aruchunan Vaseekaran, president
370 W. Passaic St.
Rochelle Park, NJ 07662-3009
Phone: 201-233-3593
Fax: 201-295-0642
Email: vasee@ontash.net
(2) Secure Defense
c/o janahan Ramanathan
705 Butternut Circle
Blue Bell, PA 19422
Phone: 610-585-3233
(3) David Cohan
22321 De Grasse Drive
Calabasas, CA 91302
Phone: 818-335-9776
Email: David@Cohans.com
(4) Levitt, Leichenger & Aberle, LLP
c/o David B. Leichenger, Esq.
8383 Wilshire Boulevard, Suite 970
Beverly Hills, CA 90211
: 323-655-1101
Fax: 323-655-0525
Email: David@LLAlawyers.com
About Quality Reimbursement Services
Quality Reimbursement Services, Inc. --
http://www.qualityreimbursement.com/-- has been reviewing Medicare
and Medicaid cost reports for more than twelve years. The Company's
corporate office is located in Arcadia (CA). The Company also has
offices located in Birmingham (AL), Scottsdale (AZ), Los Angeles
(CA), Colorado Springs (CO), Jacksonville (FL), Chicago (IL),
Detroit and Shelby Township (MI), Guttenberg (NJ), Dallas/Fort
Worth (TX), and Spokane (WA).
Quality Reimbursement Services filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 19-20918) on Sept. 13, 2019. In the petition signed by
James C. Ravindran, president/CEO, the Debtor was estimated to have
$1 million to $10 million in assets and $10 million to $50 million
in liabilities.
Judge Julia W. Brand oversees the case.
Garrick A. Hollander, Esq., at Winthrop Couchot Golubow Hollander,
LLP, represents the Debtor.
The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Oct. 22, 2019. The
committee hired Buchalter, a Professional Corporation as its legal
counsel.
QUOTIENT LIMITED: Terminates Distribution Agreement with Ortho
--------------------------------------------------------------
In its Current Report on Form 8-K, filed Nov. 27, 2019, Quotient
Limited previously reported that, in connection with the Company's
distribution and supply agreement with Ortho-Clinical Diagnostics
Inc. to sell and distribute its MosaiQ Microarrays in certain
markets:
* the Company had delivered a notice to Ortho that it had
terminated the Ortho Distribution Agreement, effective as of
Dec. 27, 2019;
* Ortho had initiated an arbitration proceeding under the
Ortho Distribution Agreement, in which Ortho sought a
declaration that the Company does not have the right to
terminate the Ortho Distribution Agreement, specific
performance of certain provisions of the Ortho Distribution
Agreement and damages; and
* Ortho had also filed a complaint in federal district court,
seeking an order enjoining the Company from terminating the
Ortho Distribution Agreement until the Arbitration has been
completed.
On Dec. 20, 2019, the Company entered into an agreement with Ortho
pursuant to which Ortho agreed to withdraw the Complaint and its
application for a preliminary injunction, and the Company agreed,
while the Arbitration is pending, not to enter into any
commercialization agreement in respect of products that overlap
with Ortho's rights under the Ortho Distribution Agreement without
prior written notice to Ortho. On Dec. 23, 2019, Ortho withdrew
the Complaint and, on Dec. 27, 2019, the termination of the Ortho
Distribution Agreement became effective. As of
Dec. 27, 2019, the Arbitration is still ongoing.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of $105.4 million for the year
ended March 31, 2019, a net loss of $82.33 million for the year
ended March 31, 2018, and a net loss of $85.06 million for the year
ended March 31, 2017. As of Sept. 30, 2019, the Company had
$176.97 million in total assets, $223.91 million in total
liabilities, and a total shareholders' deficit of $46.94 million.
REGIONAL WEST HEALTH: Fitch Lowers IDR to BB+, Outlook Negative
---------------------------------------------------------------
Fitch Ratings removed Regional West Health Services ratings from
Rating Watch Negative and has downgraded the Issuer Default Rating
and the rating on the following hospital revenue refunding and
improvement bonds issued through Hospital Authority No. 1 of Scotts
Bluff County, Nebraska on behalf of RWHS to 'BB+' from 'BBB':
-- $67.5 million series 2016A.
The Rating Outlook is Negative.
SECURITY
The bonds are secured by a pledge of gross revenues and a mortgage
lien from the obligated group (OG).
ANALYTICAL CONCLUSION
The downgrade to 'BB+' primarily reflects RWHS's consecutive years
of weak operational performance and its severe cash reserve
deterioration in fiscal 2018 and through the first nine-months of
fiscal 2019. RWHS's unrestricted cash and investments measured
$28.1 million at the nine-month interim period (ending Sept. 30,
2019), which is a 63% decline from fiscal 2017 levels and equates
to a very weak 33.8% cash to adjusted debt and 37 days cash on hand
(DCOH). Fitch attributes the weak performance and liquidity
deterioration to disruptions from RWHS's recent electronic medical
record (EMR) implementation (Cerner), which includes ongoing
revenue cycle issues. As of fiscal 2018, RWHS had $59 million in
accounts receivable (AR), which equated to a high 93 days in AR. At
the nine-month interim period, RWHS had $54.5 million in its AR,
which equates to a high 83 days in AR demonstrating minimal
improvement in its revenue cycle.
The 'BB+' rating also incorporates RWHS's dominant market position,
unusually fast amortization schedule, ongoing and significant
financial benefit of its investment in the Medical Center of the
Rockies (MCR), and the expectation that RWHS will improve its
operating performance and liquidity position in fiscal 2020 as it
recovers and stabilizes from its EMR implementation issues, which
negatively impacted its operations over the last two years. The
Negative Outlook reflects the execution risks associated with
RWHS's financial turnaround as well as the uncertainty surrounding
its cash recovery plan, including the amount of cash it will
receive as it improves its revenue cycle issues and the timing of
the revenue cycle improvement.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'; Dominant Market Position
RWHS's revenue defensibility is midrange, which is supported by its
dominant market position and limited competition in a somewhat weak
service area. In fiscal 2018, RWHS had an 83% market share in its
primary service area (PSA). Although the service area has
experienced some weak demographic trends, RWHS acts as a regional
referral center in western Nebraska and is the largest provider
within 150 miles. Furthermore, RWHS's payor mix remains solid as
evidenced by combined Medicaid and self-pay accounting for less
than 20% of gross revenues in recent years.
Operating Risk: 'bb'; Very Weak Profitability in Recent Years
Fitch views RWHS's operating risk as weak, which is supported by
its historically weak operating profitability levels, which have
been further compressed over the last couple years primarily due to
issues related to its Cerner EMR implementation project. At the
nine-month interim period, RWHS has a very weak negative 7.1%
operating EBITDA margin and 0.2% EBITDA margin. However, Fitch
expects RWHS to address its weak profitability issues in fiscal
2020 as it recovers from its recent EMR implementation project.
Additionally, RWHS has a high average age of plant at approximately
20 years in fiscal 2018, which will likely require increased
capital needs over the medium term.
Financial Profile: 'bb'; Improvement Expected Through the Cycle
Following substantial erosion in its cash reserve levels over the
last two years from disruptions, costs, and revenue cycle issues
related to its Cerner EMR implementation, RWHS's financial profile
is assessed as weak, reflecting its very weak 33.8% cash to
adjusted debt at the nine-month interim period. Fitch expects RWHS
to demonstrate substantial improvements in its liquidity position
in 2020 as it reduces its outstanding accounts receivable. After
2020, net leverage metrics improve as the long-term debt pays off
rapidly by 2021 yielding metrics that are consistent with a 'bb'
category rating through the cycle, despite a stressed scenario
where economic and investment performance is negatively affected.
Asymmetric Additional Risk Considerations
No asymmetric risk factors affected this rating determination.
RATING SENSITIVITIES
IMPROVED OPERATIONS/NET LEVERAGE: The 'BB+' rating incorporates
Fitch's expectation that RWHS will improve its operating EBITDA
levels to 5%-6% by fiscal 2021, while growing its liquidity and
moderating its leverage position. An inability to quickly rebuild
cash in the first two quarters of 2020 through the reduction of
accounts receivable and improved cash flow could put downward
pressure on the rating. Additionally, given its very weak cash to
adjusted debt position, any further liquidity deterioration would
put negative pressure on the rating that could result in a
multi-notch downgrade. Conversely, the rating could stabilize over
the short-term if RWHS is able to successfully execute on its 2020
budget, reflecting substantially improvement in its cash reserve
levels and operating EBITDA levels above 7%.
CREDIT PROFILE
RWHS is a non-profit corporation that is organized as a parent
company for affiliated non-profit healthcare organizations. The OG
consists solely of Regional West Medical Center (RWMC), an acute
care general hospital in Scottsbluff, Nebraska. RWMC is licensed to
operate 188 acute care beds and is a regional referral center.
Other affiliated entities of RWHS that are not part of the OG
include Regional West Physicians Clinic, Regional West Foundation,
Regional West Village, Regional West Garden County and Regional
Care. As of fiscal 2018, the OG accounted for approximately 81% of
total revenues and 72% of total assets. Fitch's analysis is based
on the consolidated entity. Total revenue in fiscal 2018 was $251
million.
Revenue Defensibility
RWHS's payor mix remains solid, with combined self-pay and Medicaid
accounting for approximately 17% of total gross revenues in fiscal
2018. Historically, RWHS's combined self-pay and Medicaid has
consistently represented less than 20% of gross revenues in recent
years. In addition to self-pay and Medicaid, Medicare comprised 48%
of gross revenues, while commercial accounted for 26% and other
payors accounted for 9% in fiscal 2018. Blue Cross Blue Shield
accounts for approximately half of its commercial care business.
RWHS's midrange revenue defensibility is largely supported by its
dominant market position in its PSA. In fiscal 2018, RWHS had an
83% market share in its PSA. RWHS is an essential service provider
in its PSA and remains one of three level-II trauma centers in the
state of Nebraska. RWHS has limited competition for services, as
only one other hospital operates in its PSA. Additionally, no
hospital has more than 25 licensed beds in RWHS's primary,
secondary or tertiary service areas, and the nearest hospital with
similar services is over 150 miles away. Fitch believes RWHS's
dominant market position and limited competition should continue to
support demand for its services. Despite a dominant market
position, RWHS has seen some pressures on inpatient volumes over
the last year, reflecting its limited service area demographics
characterized by a declining population base. Additionally, RWHS's
inpatient market share has shown some decline in recent years,
which management attributes to capacity issues causing outmigration
of services. RWHS plans to add 20 critical care beds in fiscal
2020, which is expected to address the unnecessary outmigration and
support improved volumes and top-line revenue growth.
RWMC is located in Scottsbluff, the largest city in the Nebraska
panhandle. RWMC's PSA encompasses Scotts Bluff County, Morrill
County, Banner County, Sioux County, and Box Butte County, and its
secondary service area includes Dawes, Cheyenne, and Kimball
Counties in Nebraska and Goshen County in Wyoming. Approximately
70% of its RWMC's admissions originate from its PSA. Overall,
RWMC's PSA is considered weak and is characterized by a declining
population base, below average income levels and above average
employment levels. Despite the limited service area
characteristics, Fitch believes RWMC's service area should support
a stable payor mix moving forward.
Operating Risk
RWHS's profitability levels have historically been weak and have
been further compressed in recent years due to flat revenue growth,
one-time costs and ongoing revenue cycle issues related to its
recent Cerner EMR implementation. During fiscal years 2016-2018,
RWHS has averaged a very weak negative 3.1% operating EBITDA margin
and positive 4% EBITDA margin. Fitch attributes the weak
performance in these years to RWHS's declining inpatient volumes,
elevated clinical costs of labor, and ongoing one-time costs and
disruptions related to its Cerner implementation project. These EMR
issues continued to hamper operational performance through the
nine-month interim period as evidenced by RWHS's very weak negative
7.1% operating EBITDA margin and 0.2% EBITDA margin. RWHS's
consecutive years of negative operating EBITDA margins are
reflected in its weak operating risk assessment.
While RWHS's weak core profitability levels remain an ongoing
concern and are reflected in the downgrade, RWHS's non-operating
income continues to be strong due to its 12% equity interest in the
166-bed MCR located in Loveland, CO. Based on its ownership
interest in MCR, RWHS receives semi-annual distributions of net
distributable cash flow, which totaled approximately $18 million
over the last two fiscal years. RWHS accounts for its ownership in
MCR using the equity method and reports all changes in income as
non-operating revenues for a combined total of $24 million in
fiscal 2018 and 2017. As of fiscal 2018, RWHS's equity investment
in MCR totaled approximately $27.7 million.
Despite the benefit from its equity interest in MCR, RWHS's weak
core profitability levels remain an ongoing credit concern and are
reflected in the downgrade to 'BB+' and Negative Outlook. RWHS
management is expecting substantial improvement in its operational
performance in fiscal 2020, which is reflected in its 2020 budget
of a 7.2% operating EBITDA margin. Furthermore, RWHS management
expects substantial cash improvement in fiscal 2020 reflecting both
improvement in its core operations as well as recovery in its AR.
Additionally, RWHS management expects strong growth in its revenue
base in 2020 following revenue cycle stabilization and its 20 new
critical care beds coming online. The Negative Outlook reflects the
recent trend in weaker operational performance, as well as the
challenges management faces over the short term to address AR and
profitability issues. However, Fitch believes that RWHS's weak
operating risk assessment could transition to mid-range over the
medium term if RWHS successfully executes on 2020 budget and
demonstrates consecutive years of 7% operating EBITDA margins or
better.
Fitch views RWHS's capex requirements as weak, which is supported
by its very high average age of plant of 20 years in fiscal 2018.
However, RWHS management is expecting to address its capital needs
over the medium term, and Fitch believes that RWHS has some
flexibility in this regard due to their dominant market position
and limited competition. RWHS's capital spending has been high over
the last two fiscal years at approximately 163% of depreciation,
which largely reflects capital outlays related to its Cerner EMR
project. Currently, Fitch expects RWHS to spend approximately 100%
of depreciation over the next five years to address the ongoing
campus needs.
Financial Profile
As of the nine-month interim period, RWHS's unrestricted cash and
investment positon declined to $28.1 million, which is
approximately 63% lower than fiscal 2017 levels and equates to a
very low 34% cash to adjusted debt and 37 DCOH. Fitch notes that
RWHS has no debt equivalents, with no operating leases and no
exposure to a defined benefit plan. The substantial drop in RWHS's
cash reserves is reflected both in the downgrade to 'BB+' as well
as the Negative Outlook and is attributed to RWHS's weak
profitability levels and from disruptions and revenue cycle issues
related to its Cerner EMR implementation that went live in
September 2018. Despite RWHS's very weak net leverage metrics in
fiscal 2018 and the nine-month interim period, Fitch expects RWHS
to significantly improve both its cash to adjusted debt, net
adjusted debt to adjusted EBITDA (NADAE), and DCOH has it recovers
its AR and improves its core operations in fiscal 2020.
Furthermore, RWHS's debt structure has a fast amortization schedule
with approximately $21 million in principal, or 25% of its total
debt outstanding, being paid off over the next three fiscal years.
Fitch's base case reflects the expectation that RWHS will gradually
improve its core operations to approximately 5-6% operating EBITDA
margins over the short-term, while recovering approximately $12
million in its AR as it stabilizes its revenue cycle. Following its
heightened capital spending over the last two years, Fitch expects
RWHS's capital spending to be approximately 100%-110% of
depreciation over the next five years. With improved core
operational performance and recovery of its AR, RWHS demonstrates
the ability to steadily improve its net leverage metrics over the
medium term. Under a stressed scenario, Fitch applied a standard
stress with the expectation that management would reduce expenses
and capital outlays in years two and three in response to the
stressed environment. Despite its recent cash reserve
deterioration, RWHS's investment allocation remains somewhat
aggressive resulting in an approximate 12.5% decline in its
portfolio over the first two years of the stressed case. Overall,
despite the stressed scenario, RWHS's net leverage metrics improve
through the cycle as a result of improvements in its core
profitability levels, recovery in its AR, solid earnings from its
investment in MCR, and its fast debt amortization schedule. By year
five of the stressed scenario, RWHS cash to adjusted debt and NADAE
improve to 90% and 0.2x, respectively, which is consistent with its
current rating level in context of its midrange revenue
defensibility and weak operating risk assessments.
Asymmetric Additional Risk Considerations
No asymmetric risk factors affected this rating determination.
As of fiscal 2017, RWHS had approximately $89 million in
outstanding debt, which primarily consisted of the $67.5 million in
series 2016A bonds, $4.5 million in series 2016B bonds and
approximately $12.7 million in series 2017A&B bonds. RWHS has no
exposure to derivative instruments, a defined benefit pension plan
or operating leases, which is viewed favorably. Outside of its
series 2016A bonds, RWHS's debt structure is short-lived with
approximately $21 million in debt amortizing over the next three
years. Additionally, RWHS's maximum annual debt service (MADS) of
$11.3 million is expected to fall to $6 million over the next five
years.
The low days cash on hand and high losses do not result in a
covenant asymmetric risk factor as RWHS does not have a liquidity
covenant and debt service coverage ratio is tested only on the
obligated group basis, which excludes the Regional West Physicians
Clinic, where most of the losses reside.
RENNOVA HEALTH: Signs Securities Exchange Agreement with Alcimede
-----------------------------------------------------------------
Rennova Health, Inc., on Dec. 23, 2019, entered into an exchange
agreement with Alcimede LLC, of which Seamus Lagan, the Company's
chief executive officer, is the sole manager. Pursuant to the
Agreement, the Company issued to Alcimede 250,000 shares of its
Series K Convertible Preferred Stock in exchange for the 250,000
shares of the Company's Series J Convertible Preferred Stock held
by Alcimede. The holder of the Series J Preferred Stock was
entitled to receive, when and as declared by the Board of Directors
of the Company, but only out of funds that were legally available
therefor, cumulative cash dividends at the rate of 8% of the stated
value per annum on each share of Series J Preferred Stock. The
Series J Preferred Stock had been issued to Alcimede on July 23,
2018 and upon the issuance of the Series K Preferred Stock to
Alcimede, the shares of Series J Preferred Stock were cancelled.
Under the Agreement, Alcimede relinquished all rights to any
cumulative dividends on the Series J Preferred Stock. As
previously disclosed, the terms of the Series K Preferred Stock do
not provide for cumulative dividends.
As a result of conversions and exercises of the Company's
securities, as of Dec. 26, 2019 the Company had 9,648,936,775
shares of common stock issued and outstanding.
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates
three rural hospitals in Tennessee and provides diagnostics and
supportive software solutions to healthcare providers.
Rennova Health reported a net loss to common shareholders of $245.9
million for the year ended Dec. 31, 2018, compared to a net loss to
common shareholders of $108.54 million for the year ended Dec. 31,
2017. As of June 30, 2019, the Company had $16.93 million in total
assets, $64.56 million in total liabilities, $5.83 million in
redeemable preferred stock - Series I-1, $2.18 million in
redeemable preferred stock - Series I-2, and a total stockholders'
deficit of $55.65 million.
Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Oct. 18, 2019, on the consolidated financial statements for
the year ended Dec. 31, 2018, citing that the Company has
significant net losses, cash flow deficiencies, negative working
capital and an accumulated deficit. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
RILEY DRIVE: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Riley Drive Entertainment XV, Inc.
About Riley Drive Entertainment
Riley Drive Entertainment XV, Inc., which conducts business under
the name Saints Lenexa, is a hospitality and management company.
Founded by Marc Mundt and Scott Anderson in 2005, Riley Drive owns
and operates numerous restaurants and bars in the Des Moines and
Kansas City metro areas.
Riley Drive -- http://rileydrive.com/-- filed a Chapter 11
petition (Bankr. D. Kan. Case No. 19-41328) on Oct. 29, 2019 in
Topeka, Kansas. At the time of the filing, the Debtor was
estimated with assets between $100,000 to $500,000, and liabilities
between $1 million to $10 million. The petition was signed by
Scott Anderson, president. The Hon. Dale L. Somers is the
presiding judge . McDowell, Rice, Smith & Buchanan, PC is the
Debtor's attorney.
ROBERT MILLER: VTT Buying Nantucket Condo Unit 120 for $287K
------------------------------------------------------------
Robert Clark Miller asks the U.S. Bankruptcy Court for the Northern
District of California to authorize the sale of the real property
located at 1 Miller's Lane, Unit 120, Nantucket, Massachusetts,
also known as Condominium Unit No. 120, Nantucket Inn at Nobadeer
Condominium Association, to VTT Holdings, LLC for $286,570.
After entry of the order approving sale, the counsel for the Lead
Sellers, Wesley E. Finch, Dennis H. Blackington, Trustee, and
Rosanna P. Tartaro, on behalf of the Nantucket Inn at Nobadeer
Condominium, Ms. Julie Fitzgerald, notified the Debtor that the
Order Authorizing Sale required additional changes before the title
company assigned to the transaction would approve and underwrite
the transaction.
The majority of changes are de-minimus; however, one arguably
material change is that the gross sale price is being reduced
$2,000 from $288,570 to $286,570.
A copy of the original order (Exhibit A), the track changes
requested in the proposed amended order (Exhibit B), and the
proposed amended order (Exhibit C) is available at
https://tinyurl.com/rlgxzhj from PacerMonitor.com free of charge.
Given the fact that the Debtor already served the underlying motion
and did not receive any objections, the Debtor is applying to amend
said order on an ex parte basis. If the Court or any party in
interest requires, the Debtor will serve the instant ex parte
application on 21-day notice to all creditors, as sufficient time
remains.
The Debtor just learned that the Buyer in contract to purchase all
units extended the anticipated Closing Date to March 26, 2020 and
also increased its non-refundable deposit from $900,000 to $1.05
million.
Robert Clark Miller sought Chapter 11 protection (Bankr. N.D. Cal.
Case No. 18-52639) on Nov. 29, 2018. The Debtor tapped Matthew D.
Metzger, Esq., at Belvedere Legal, PC, as counsel.
S&D LONGHORN: Glast Phillips Represent New Dawn, Dawn Rochelle
--------------------------------------------------------------
In the Chapter 11 cases of S&D Longhorn Partners, LLC, the law firm
of Glast, Phillips & Murray, P.C. submitted a verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose that it is representing Dawn Rochelle Shore and New Dawn
Realty, LLC.
While Client's Attorneys do not believe the following disclosures
are necessary pursuant to Rule 2019(b)(1) of the Federal Rules of
Bankruptcy Procedure, they nonetheless make them out of an
abundance of caution:
New Dawn Realty, LLC
5028 Lakewood Dr., Plano, TX 75093
Interest: 11.1% equity holder in the Debtor
Date acquired: More than 1 year ago
Dawn Rochelle Shore
5028 Lakewood Dr., Plano, TX 75093
Interest: Unsecured creditor of the Debtor and a
member and the Manager and President of
New Dawn Realty, LLC
Date acquired: More than 1 year ago
For the avoidance of doubt, Clients' Attorneys do not have an
economic interest in the Debtor or Clients, other than the economic
interest attendant to fees and expenses for their legal services
related to this Bankruptcy Case.
Counsel for Dawn Rochelle Shore and New Dawn Realty, LLC can be
reached at:
GLAST, PHILLIPS & MURRAY, P.C.
James S. Robertson, III, Esq.
Jonathan L. Howell, Esq.
14801 Quorum Drive, Suite 500
Dallas, TX 75254-1449
Telephone: (972)419-8300
Facsimile: (972)419-8329
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/aZV7lL
S&D Longhorn Partners, LLC, sought Chapter 11 protection (Banks.
N.D. Tex. Case No. 19-34149) on Dec. 17, 2019. S&D Longhorn
disclosed $5,000,000 in assets and $4,966,827 in liabilities as of
the bankruptcy filing. The Hon. Harlin Dewayne Hale is the
presiding judge. ERIC LIEPINS PC is the Debtor's counsel.
S&D LONGHORN: Seeks to Hire Eric Liepins as Bankruptcy Counsel
--------------------------------------------------------------
S&D Longhorn Partners, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Eric A. Liepins,
P.C. as its legal counsel.
The firm will represent the Debtor in its Chapter 11 case and will
be paid at these hourly rates for its services:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
Liepins was paid a retainer of $5,000, plus the filing fee. The
firm will receive reimbursement for work-related expenses.
Eric Liepins, Esq., attests that his firm is disinterested within
the meaning of Section 101(14) of the Bankruptcy Code.
The firm may 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 S&D Longhorn Partners, LLC
S&D Longhorn Partners, LLC, a privately held company in Dallas,
Texas, filed a voluntary Chapter 11 petition (Bankr. N.D. Tex. Case
No. 19-34149) on Dec. 17, 2019. In the petition signed by Jay
LaFrance, managing member, the Debtor disclosed $5,000,000 in
assets and $4,966,827 in liabilities. Eric A. Liepins, Esq., at
Eric A. Liepins, P.C., is the Debtor's legal counsel.
SANAM CONYERS: Affilate Janam Gets Final OK to Use Cash Collateral
------------------------------------------------------------------
Judge Wendy Hagenau approved, on a final basis, the motion to use
cash collateral filed by Janam Madison Lodging, Inc., debtor
affiliate of Sanam Conyers Lodging, LLC. Previously, the Court has
granted the Debtor's cash collateral motion a first, second and a
third interim approval.
Before the Petition Date, the Debtor contracted loans with
parties-in-interest, which loans were evidenced by promissory notes
and backed by a security deed on the Debtor's property. These
creditors later assigned their interests in the notes, as follows:
(a) Dr. Kiran and Pallavi Patel 2017 Foundation for Global
Understanding, Inc., successor-in-interest to NOA Bank with respect
to the promissory note in the original principal amount of $926,000
for which the Debtor executed a security deed granting NOA Bank a
security interest in the Debtor's real property, along with rents
and accounts.
The schedules filed in the Debtor's case listed NOA Bank's secured
claim at $869,000. NOA Bank, however, did not file a claim in this
case.
(b) U.S. Small Business Administration (SBA), assignee of
Florida Business Development Corporation. The Debtor's schedules
disclosed Florida Business Development Corporation' as having a
secured claim of $606,482. SBA filed a claim in the Debtor's case
for $618,084.61.
The records filed in Court disclosed that The Patel Foundation, as
assignee of NOA Bank, has a first priority lien on cash collateral
and the SBA, as assignee of the Florida Business Development Corp.,
has a second priority lien on cash collateral.
The Court ruled that:
(a) Debtor must establish and maintain a DIP account with any
bank insured by the Federal Deposit Insurance Company, as approved
by the Court and/or the United States Trustee, other than a bank
which is a creditor of Debtor, its officers, shareholder, members
or managers. Debtor must deposit into the DIP account all monies
which constitute cash collateral as generated by the Debtor's
business.
(b) the Debtor grant the lender a valid, perfected and
enforceable security interest in and upon all property described in
the security deed and other loan documents, of every kind and
nature in existence after the Petition Date and created after the
Petition Date, with the same validity, to the same extent and
priority as its pre-petition lien equivalent to the lien granted
under Section 364(c) of the Bankruptcy Code, as security for the
amount of cash collateral used by the Debtor.
(c) as adequate protection, the Debtor will make post-petition
monthly payments to lender for $5,432 beginning December 5, 2019
(or within 5 days after entry of this order whichever occurs later)
and continuing on the 5th of each month thereafter until further
Court order, or when the parties otherwise agree in writing, or the
Debtor's plan of reorganization is confirmed.
(d) any net profit will be held in reserve by Debtor. Once
the cash reserve reaches $50,000, Debtor will pay to lender any
additional net profit on a monthly basis, as additional adequate
protection, to be applied directly to the principal of any amount
owed by Debtor to lender.
The budget (covering the months of December 2019, January 2020 and
February 2020) provides for $13,374.93 in total undistributed
operating expenses for December 2019, including $4,223 in franchise
fees and $3,168.31 in utility costs.
A copy of the final consent order, with the approved budget, is
available at https://is.gd/kx6CHh from PacerMonitor.com free of
charge.
Counsel to GRP Capital, LLC and Drs. Kiran & Pallavi Patel 2017
Foundation for Global Understanding, Inc., may be reached through:
Ian M. Falcone, Esq.
The Falcone Law Firm, P.C.
Marietta, GA 30060
Telephone: (770) 426-9359
E-mail: imf@falconefirm.com
About Janam Madison Lodging
Janam Madison Lodging, Inc., along with related debtor entities,
filed a Chapter 11 petition on March 26, 2019 in the U.S.
Bankruptcy Court for the Northern District of Georgia. Their cases
are jointly administered In Re: Sanam Conyers Lodging, LLC (Bankr.
Lead Case No. 19-54798). Danowitz Legal, PC, is the Debtors'
counsel. Judge Wendy L. Hagenau oversees the case.
SANAM CONYERS: Affiliate Covington Gets Continued Cash Access
-------------------------------------------------------------
Judge Wendy L. Hagenau authorized Covington Lodging, LLC to use
cash collateral to pay fees to U.S. Trustee and actual amounts owed
on any tax, utility or insurance premium, and for any expenses
critical to the safety and maintenance of the Debtor's commercial
real property located at 10101 Alcovy Road, Covington, Newton
County, Georgia, which was pledged to United Community Bank.
Debtor and UCB, successor-in-interest to First Madison Bank &
Trust, have conferred and have agreed to entry of the fifth interim
order allowing the Debtor to use cash collateral generated from the
operations of its business and use of the real property on which
UCB asserts a lien pursuant to a deed to secure debt recorded on
June 3, 2008, in the records of the Superior Court of Newton
County, Georgia, as amended.
As adequate protection, UCB is granted a valid, attached, choate,
enforceable, perfected and continuing security interest in, and
liens upon all post-petition assets of Debtor of the same
character, type, to the same nature, extent and validity as the
liens and encumbrances of UCB attached to Debtor's assets
pre-petition.
The Court will conduct a further and final hearing on the motion on
Jan. 23, 2020 at 1:30 p.m. Objections must be filed no later than
Jan. 19, 2020.
A copy of the fifth interim order is available at
https://is.gd/yKIpUT from PacerMonitor.com free of charge.
The respective counsels to the Debtor and UCB may be reached
through:
Edward F. Danowitz, Esq.
Danowitz Legal, P.C.
300 Galleria Parkway, Suite 960
Atlanta, Georgia 30339
Telephone: (770) 933-0960
Email: edanowitz@danowitzlegal.com
counsel to the Debtor
Ron C. Bingham, II
Adams and Reese LLP
3424 Peachtree Road, NE, Suite 1600
Atlanta, Georgia 30326
Email: ron.bingham@arlaw.com
Telephone: (470) 427-3701
counsel to United Community Bank
The Debtor's Chapter 11 case is jointly administered under case no.
19-54798-WLH In Re: Sanam Conyers Lodging, LLC, et al.
About Covington Lodging
Covington Lodging, LLC filed a Chapter 11 petition on March 26,
2019 in the United States Bankruptcy Court for the Northern
District of Georgia, Atlanta Division. The case is jointly
administered with the Chapter 11 cases filed by the Debtor's
related entities (Bankr. N.D. Ga. Lead Case No. 19-54798) In Re:
Sanam Conyers Lodging, LLC, on April 29, 2019. Judge Wendy L.
Hagenau is assigned to the case. Danowitz Legal, P.C., is the
Debtor's legal counsel.
SARAR USA: Hires Prime Clerk as Administrative Advisor
------------------------------------------------------
Sarar USA, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of New Jersey to employ Prime Clerk LLC, as
administrative advisor to the Debtor.
Sarar USA requires Prime Clerk to:
a. assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports,
as required in support of confirmation of a chapter 11
plan, and in connection with such services, process
requests for documents from parties in interest, including,
if applicable, brokerage firms, bank back-offices, and
institutional holders;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs
and gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a
chapter 11 plan; and
f. provide such other processing, solicitation, balloting, and
other administrative services described in the Engagement
Agreement, but not covered by the Section 156(c) Order, as
may be requested from time to time by the Debtor, the
Court, or the Office of the Clerk of the Bankruptcy Court
(the "Clerk").
Prime Clerk will be paid at these hourly rates:
Director of Solicitation $210
Solicitation Consultant $195
COO and Executive VP No charge
Director $175 to $195
Consultant/Senior Consultant $65 to $170
Technology Consultant $35 to $95
Analyst $30 to $50
Prime Clerk will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Benjamin J. Steele, vice president of Prime Clerk LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Prime Clerk can be reached at:
Benjamin J. Steele
PRIME CLERK LLC
60 East 42nd Street, Suite 1440
New York, NY 10165
Tel: (212) 257-5490
About Sarar USA, Inc.
Sarar USA, Inc. -- https://www.sararonline.com/ -- is a retailer of
high-end men's apparel selling suits, tuxedos, shirts, jackets,
trousers, shoes, polo shirts, outerwear, knitwear and accessories.
The company is an affiliate of a company based in EskiSehir,
Turkey. Sarar USA was founded in 2001 and is headquartered in
Little Falls, New Jersey.
Sarar USA, Inc., d/b/a Sarar USA, sought Chapter 11 protection
(Bankr. D.N.J. Lead Case No. 18-24538) on July 20, 2018. In the
petition signed by CEO Emre Duru, Sarar USA estimated assets of $1
million to $10 million and liabilities of $10 million to $50
million.
The Hon. John K. Sherwood is the case judge.
The Debtor tapped Schuyler G. Carroll, Esq., and Jeffrey Vanacore,
Esq., of Perkins Coie LLP as counsel. Prime Clerk LLC acts is the
Debtor's claims agent.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case. The Committee
selected Kelley Drye & Warren LLP as its legal counsel.
SIERRA ENTERPRISES: Has Until Jan. 15, 2020 to File Plan
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington,
at Tacoma, convened a hearing on the motion of Debtor Sierra
Enterprises, Inc. for an extension of time to confirm their Plan of
Reorganization beyond
300 days from the petition date and beyond the 45 days between
filing the plan
and the date of confirmation pursuant to 11 U.S.C. Sec. 1121(e)(3)
and 1129(e).
On Dec. 5, 2019, Judge Mary Jo Heston ordered that the deadline to
file a Plan of Reorganization and Disclosure statement in these
proceedings is extended until Jan. 15, 2020. Said Plan and
Disclosure Statement will be noted for approval and confirmation at
the earliest possible regularly scheduled calendar. In addition,
the Debtor's request to extend the 45-day confirmation window is
denied without prejudice.
A full-text copy of the order is available at
https://tinyurl.com/v65dp42 from PacerMonitor.com at no charge.
About Sierra Enterprises
Sierra Enterprises Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-40607) on March 1,
2019. At the time of the filing, the Debtor had estimated assets
of less than $500,000 and liabilities of less than $1 million. The
case has been assigned to Judge Mary Jo Heston. The Debtor tapped
Bortman & Feinstein as its legal counsel.
SKY-SKAN INC: Seeks Nod to Use Cash Collateral Thru March 2020
--------------------------------------------------------------
Sky-Skan, Inc., asks the Bankruptcy Court for the District of New
Hampshire to authorize the use of up to $781,441 of cash collateral
to pay costs and expenses incurred in the ordinary course of the
Debtor's business during the period from January 3, 2020 through
March 27, 2020.
As adequate protection, the Debtor proposes to:
* give the Internal Revenue Service and Coastal valid, binding,
enforceable and automatically perfected liens on all of the
Debtor's after acquired cash collateral arising post-petition to
the same extent and in the same priority as such lien existed prior
to the Petition Date, on account of any diminution in the value of
the IRS's and Coastal's interests in cash collateral to the extent
of such diminution as may be caused by the imposition of the
automatic stay under Section 362(a) of the Bankruptcy Code or the
Debtor's use of cash collateral,
* timely pay each federal tax deposit as it accrues by
electronic transfer or through a federal depository payable to the
Debtor's depository institution,
* timely file all post-petition tax returns on the due date
with the appropriate IRS office with a copy to be provided to the
IRS either by mail to Gail Irving, Bankruptcy Specialist, Internal
Revenue Service, Insolvency Unit, P.O. Box 9502, Portsmouth, NH
03802-9502, or by facsimile transmission to the attention of Gail
Irving at 855-876-3986.
The Debtor proposes and believes that the cash collateral will be
adequately replaced during the use period such that
parties-in-interest including the IRS and Coastal will be in a
better position by allowing access to the cash collateral, than it
would be if there were an immediate cessation of the business.
Since February 2018 the Debtor has been paying into escrow at the
Tamposi Law Group the monthly sum of $14,053.84 to be applied to
the secured debt of the IRS and/or Coastal and/or the Debtor's
administrative creditors as their interests may ultimately be
adjudicated, or by consensual agreement. The payments have been
made and will continue to be made on the 15th day of each month
thereafter until confirmation of the Debtor's Chapter 11 plan.
The Debtor has sought and obtained permission for late filing of
the cash collateral motion.
A copy of the cash collateral motion is available at
https://is.gd/2kGpZq from PacerMonitor.com free of charge.
About Sky-Skan Inc.
Sky-Skan, Inc., was founded in 1967 as a company dedicated solely
to the development and manufacture of specialized devices for
depicting dynamic visualizations of astronomical and meteorological
phenomena on planetarium domes in museums, schools, and
universities. The company has since grown to become a provider of
digital full dome science visualization, theater control, and show
programming systems for hundreds of planetariums on six continents,
serving hundreds of clients in the niche field of immersive science
interpretation and education. From the initial planning stage to
staff training and ongoing support, Sky-Skan provides all services
required by the most advanced digital full-dome planetariums and
visualization theaters.
Sky-Skan, based in Nashua, NH, filed a Chapter 11 petition (Bankr.
D.N.H. Case No. 17-11540) on Nov. 1, 2017. In the petition signed
by Steven T. Savage, president, the Debtor was estimated to have
less than $50,000 in assets and $1 million to $10 million in
liabilities as of the bankruptcy filing.
Peter N. Tamposi, Esq., at The Tamposi Law Group, P.C., serves as
bankruptcy counsel to the Debtor, and SquareTail Advisors, LLC, is
the financial advisor.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Dec. 1, 2017. The Committee retained
William S. Gannon PLLC as its bankruptcy counsel.
SUGARLOAF HOLDINGS: Triple C Buying All Assets for $21M Cash
------------------------------------------------------------
Sugarloaf Holdings, LLC, asks the Bankruptcy Court for the District
of Utah to authorize the sale of substantially all assets to Triple
C Farms, L.L.C. for $20,719,813, cash, subject to higher and better
offers.
The Debtor contacted numerous persons asking financing or a sale of
its business and properties in the last year. It informally
reached out to numerous other parties and potentially interested
parties for financing or purchase of its properties and business,
but as of the date of the Motion, has not received a solid offer
for financing or sale except from Triple C.
After its extensive efforts to find financing or sell its property,
on Nov. 16, 2019, the Debtor received a binding purchase offer for
substantially all of its assets from the Purchaser for a purchase
price of $20,719,813 all as set forth more specifically in the
Asset Purchase Agreement. The Purchase Price is sufficient to pay
all of the Debtor's secured and unsecured debts.
The Debtor proposes to sell substantially all of its assets as set
forth in the APA to the Purchaser free and clear of all liens,
claims, rights, interests and encumbrances except as specified in
the APA. In consideration for the Purchased Assets, the Purchaser
will pay (i) a cash purchase price of $20,719,813, with specified
adjustments for Prepayments and Pro-rations and (ii) the assumption
by the Purchaser of the Assumed Liabilities.
The Debtor will receive the net Purchase Price into its DIP account
and, as set forth in the Sale Order, immediately make distributions
to its primary unsecured creditor, Bank of the West ("BOTW"), and
retain the remainder of the proceeds to fund its chapter 11 case
and, ultimately as authorized by the Bankruptcy Court, to fund a
distribution under a plan of reorganization, a conversion to
chapter 7 for distribution by a trustee, or a structured dismissal
of the chapter 11 case, whichever is in the best interest of the
creditors.
All Purchased Contracts will be assumed by the Seller and assigned
to the Purchaser at the Closing. A complete list of the Debtor's
executory contracts is found on the Notice of Intent to Assume and
Assign Executory Contracts and on Schedule 1.1(c) of the APA, filed
and served contemporaneously with the Motion. The exclusion of any
executory contract will not reduce the Purchase Price.
Effective as of the Closing Date, the Purchaser will assume certain
Liabilities of the Seller as set forth in Section 2.3 of the APA.
The Closing of the Sale will occur no later than not later than
11:59 p.m. on the Outside Date (which is defined in the APA as Jan.
30, 2020, or on such earlier date and time as may be agreed to by
the Parties).
Except as specifically set forth in the APA, the Purchaser accepts
the Purchased Assets at the Closing "as is, where is, if is," and
"with all faults."
The Debtor sent the Sale Notice to all parties in interest
including the U.S. Trustee, all parties on the Debtor's creditor
matrix, all counterparties to all executory contracts and unexpired
leases, and all parties who have appeared in this case and
requested notice. The Sale Notice apprises all parties in
interest of the proposed Sale and requests that any person willing
to submit a higher or better offer for the Purchased Assets and
willing to close by the Closing Date send the offer to the Debtor
prior to the Sale Haring.
The Debtor respectfully asks that the Court enters an order (a)
authorizing the Sale of the Purchased Assets free and clear of
liens, claims, encumbrances, and interests; (b) waiving the 14-day
stay otherwise applicable under Bankruptcy Rules 6004 and 6006; (c)
authorizing the assumption and assignment of certain executory
contracts, setting cure amounts, and finding adequate assurance of
future performance; (d) authorizing immediate distribution of
certain sale proceeds to the Debtor's primary secured creditor,
Bank of the West; and (e) granting related relief.
A copy of the APA is available at https://tinyurl.com/usear45 from
PacerMonitor.com free of charge.
The Purchaser:
TRIPLE C FARMS, L.L.C.
Attn: Mark R. McDougal
2352 Old Rosebud Ln
South Jordan, UT 84095
E-mail: mark.r.mcdougal@gmail.com
About Sugarloaf Holdings
Sugarloaf Holdings, LLC -- http://sugarloafholdings.com/-- is a
privately-held company in Lehi, Utah, whose business consists of
farming and ranching operations.
Sugarloaf Holdings filed a Chapter 11 petition (Bankr. D. Utah Case
No. 18-27705) on Oct. 15, 2018. In the petition signed by David J.
Gray, manager, the Debtor disclosed $21,067,619 in total assets and
$15,666,618 in total debt. The case is assigned to Judge Kevin R.
Anderson. The Debtor is represented by Parsons Behle & Latimer.
The Debtor tapped Berkeley Research Group as its financial advisor;
Dwayne Asay and Squire & Company, PC, as accountants; and J. Philip
Cook and J. Philip Cook, LLC, as forensic real estate
professionals.
SUMMIT FACILITY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Summit Facility and Kitchen Service, LLC
DBA Summit Commercial Facilities Group
2445 Nevada Ave N
Golden Valley, MN 55427-3611
Business Description: Summit Facility and Kitchen Service, LLC --
http://www.summitcanfixit.com-- is a full-
service mechanical and construction
contractor servicing commercial customers,
specializing in equipment installation and
upgrades, equipment service/repair, and
equipment maintenance. It also offers
small appliance repair services, commercial
kitchen fabrication, and field service for
mobile and portable commercial kitchens.
Chapter 11 Petition Date: December 30, 2019
Court: United States Bankruptcy Court
District of Minnesota
Case No.: 19-43872
Judge: Hon. Kathleen H. Sanberg
Debtor's Counsel: Lynn J. Wartchow, Esq.
WARTCHOW LAW OFFICE, LLC
5200 Willson Rd Ste 150
Edina, MN 55424-1300
Tel: (952) 836-2717
E-mail: lynn@wartchowlaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kevin G. Yakes, CEO.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available at
PacerMonitor for free at:
https://is.gd/DCAElP
SUNSET VIEW: Seeks to Hire Xtreme International as Broker
---------------------------------------------------------
Sunset View Ranches, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Xtreme
International Realty as real estate broker.
The firm will assist the Debtor in the sale of its property located
at 2801 SW 148th Ave., Davie, Fla.
The firm's compensation will be based upon a total 6 percent
commission on the sales price of the properties sold for both
seller's and buyer's brokers combined.
As disclosed in the court filing, Xtreme International Realty is
disinterested as defined in the Bankruptcy Code.
The firm can be reached through:
Sonia Martinez
Xtreme International Realty
11386 W State Rd 84
Davie, FL 33325
Phone: 954-303-5986
Email: gabymartinez2000@gmail.com
About Sunset View Ranches
Sunset View Ranches, LLC is primarily engaged in renting and
leasing real estate properties. It owns a property located at 2801
SW 148th Ave., Davie, Fla., which is valued at $3.2 million.
Sunset View Ranches filed a voluntary Chapter 11 petition (Bankr.
S.D. Fla. Case No. 19-25581) on Nov. 19, 2019. The petition was
signed by Judith Villarroel, manager. The Debtor disclosed
$4,800,017 in assets and $2,110,372 in debt at the time of the
filing.
The case is assigned to Judge Scott M. Grossman. The Debtor is
represented by Advantage Law Group, P.A.
SUNYEAH GROUP: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sunyeah Group Corporation
930 S. Wanamaker Ave
Ontario, CA 91761
Business Description: Sunyeah Group Corporation --
http://www.sunyeah.us-- is a glass
manufacturer in Ontario, California. Its
products include glass, mirrors, shower
doors, table tops, heavy glass, windows,
storefronts, stair railings, balustrades,
partitions, doors, glass shelves and more.
Chapter 11 Petition Date: December 30, 2019
Court: United States Bankruptcy Court
Central District of California
Case No.: 19-21185
Judge: Hon. Mark D. Houle
Debtor's Counsel: David B. Golubchik, Esq.
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Blvd., Suite 1700
Los Angeles, CA 90067
Tel: (310) 229-1234
Email: dbg@lnbyb.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Xiaodong Shi, chief executive officer.
A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available at
PacerMonitor for free at:
https://is.gd/ZTiVkF
TEMPSTAY INC: Seeks to Hire Michael W. Rose as Accountant
---------------------------------------------------------
TempStay, Inc. seeks authority from the U.S. Bankruptcy Court for
the Southern District of Texas to hire Michael W. Rose, CPA PC as
its accountant.
The Debtor has selected the firm to assimilate the data necessary
to prepare the annual corporate tax return, reconcile all accounts,
prepare payroll processing, and prepare monthly financial
statements.
The firm charges a flat fee of $1,500 to prepare the annual
corporate tax return; a flat fee of $12,000 to reconcile all
accounts from May 2019 through December 2019; a monthly fee of $150
for payroll services; and a monthly fee of $1,000 to reconcile all
accounts starting in January 2020.
Michael Rose, a certified public accountant, assures the court that
his firm is a "disinterested person" within the meaning of Section
101 (14) of the Bankruptcy Code.
The firm can be reached at:
Michael W. Rose, CPA
Michael W. Rose, CPA PC
614 Texas Parkway, Suite 300
Missouri City, TX 77489
Phone: +1 281-403-0730
About TempStay Inc.
Based in Houston, Texas, TempStay, Inc. filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Case No. 19-36776) on Dec. 5, 2019, listing under $1 million
in both assets and liabilities. Margaret Maxwell McClure, Esq. is
the Debtor's counsel. Judge Eduardo V. Rodriguez oversees the
case.
TRANS WORLD: Incurs $23.2 Million Net Loss in Third Quarter
-----------------------------------------------------------
Trans World Entertainment Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $23.15 million on $69.45 million of total revenue for
the thirteen weeks ended Nov. 2, 2019, compared to a net loss of
$14.05 million on $91.98 million of total revenue for the thirteen
weeks ended Nov. 3, 2018.
For the thirty-nine weeks ended Nov. 2, 2019, the Company reported
a net loss of $39.08 million on $225.61 million of total revenue
compared to a net loss of $31.71 million on $290.76 million of
total revenue for the thirty-nine weeks ended Nov. 3, 2018.
As of Nov. 2, 2019, Trans World had $141.48 million in total
assets, $116.60 million in total liabilities, and $24.87 million in
total shareholders' equity.
The Company has an accumulated deficit of $89.3 million at Nov. 2,
2019. In addition, net cash used in operating activities for the
thirty-nine weeks ended Nov. 2, 2019 was $30.8 million. Net cash
used in operating activities for the thirty-nine weeks ended Nov.
3, 2018 was $53.3 million. The Company also experienced negative
cash flows from operations during fiscal 2018 and 2017, and expects
to incur net losses in the foreseeable future. Based on its
recurring losses from operations, expectation of continuing
operating losses for the foreseeable future, and uncertainty with
respect to any available future funding, as well as the completion
of other strategic alternatives, the Company has concluded that
there is substantial doubt about its ability to continue as a going
concern for a period of one year after the date of filing of this
Quarterly Report on Form 10-Q (Dec. 23, 2019).
Management has plans to address the Company's current liquidity
position. The Company implemented strategic initiatives on Dec.
11, 2018, aimed at improving organizational efficiencies and
conserving working capital needed to support the growth of the
etailz segment. As a result of the initiative, and inventory
management in the fye segment, the Company was able to reduce cash
used in operations by $22.5 million for the thirty-nine weeks ended
Nov. 2, 2019 as compared to the thirty-nine weeks ended Nov. 2,
2018. The Company anticipates continued improvement in cash flows
used in operations for the remainder of fiscal 2019. In addition,
the Company continues to evaluate other strategic initiatives
including establishing a credit facility at the etailz segment
which could provide additional liquidity. At Nov. 2, 2019, the
Company had cash and cash equivalents of $3.1 million, net working
capital of $35.4 million, short-term borrowings in the amount of
$27.8 million on the Company's revolving credit facility and $11.0
million of availability on its revolving credit facility. This
compares to $4.5 million in cash and cash equivalents, net working
capital of $70.0 million, short-term borrowings in the amount of
$27.4 million on the Company’s revolving credit facility at Nov.
3, 2018, and $22.1 million of availability on the Company's
revolving credit facility.
A full-text copy of the Form 10-Q is available for free at the
SEC's website at:
https://is.gd/4AkaLR
About Trans World
Headquartered in Albany, New York, Trans World Entertainment is a
multi-channel retailer, blending a 40-year history of entertainment
retail experience with digital marketplace expertise. Its brands
seamlessly connect customers with the most comprehensive selection
of music, movies, and pop culture products on the channel of their
choice. The Company has operated as a specialty retailer of
entertainment and pop culture merchandise with stores in the United
States and Puerto Rico, primarily under the name fye, for your
entertainment, and on the web at www.fye.com and
www.secondspin.com. In October 2016, the Company acquired etailz,
Inc., a digital marketplace expert retailer, operating both
domestically and internationally. etailz uses a data driven
approach to digital marketplace retailing utilizing proprietary
software and ecommerce insight coupled with a direct customer
relationship engagement to identify new distributors and
wholesalers, isolate emerging product trends, and optimize price
positioning and inventory purchase decisions. Trans World
Entertainment, which established itself as a public company in
1986, is traded on the Nasdaq National Market under the symbol
"TWMC".
Trans World reported a net loss of $97.38 million for the year
ended Feb. 2, 2019, following a net loss of $42.55 million for the
year ended Feb. 3, 2018.
TRANS WORLD: Recurring Losses Cast Substantial Going Concern Doubt
------------------------------------------------------------------
Trans World Entertainment Corporation filed its quarterly report on
Form 10-Q, disclosing a net loss of $23,155,000 on $69,456,000 of
total revenue thirteen weeks ended Nov. 2, 2019, compared to a net
loss of $14,052,000 on $91,984,000 of total revenue for the same
period in 2018.
At Nov. 2, 2019, the Company had total assets of $141,480,000,
total liabilities of $116,605,000, and $24,875,000 in total
shareholders' equity.
Based on its recurring losses from operations, expectation of
continuing operating losses for the foreseeable future, and
uncertainty with respect to any available future funding, as well
as the completion of other strategic alternatives, the Company has
concluded that there is substantial doubt about the Company's
ability to continue as a going concern for a period of one year
after the date of filing of the Quarterly Report on Form 10-Q.
A copy of the Form 10-Q is available at:
https://is.gd/4AkaLR
Trans World Entertainment Corporation, together with its
subsidiaries, operates as a specialty retailer of entertainment
products. The company operates in two segments, For Your
Entertainment (fye) and etailz. The fye segment offers trend,
video, music, electronics, and related products, as well as used
compact discs, DVDs, Blu-Ray, and video games through its retail
stores and e-commerce sites. Trans World Entertainment Corporation
was founded in 1972 and is headquartered in Albany, New York.
TSC DORSEY: Seeks to Hire Cohen Baldinger as Attorney
-----------------------------------------------------
Merrill Cohen, the Chapter 11 Trustee and Plan Administrator of TSC
Dorsey Run Road-Jessup, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Maryland to employ to employ
Cohen Baldinger & Greenfeld, LLC, as attorney to the Trustee and
Plan Administrator.
The Trustee and Plan Administrator requires Cohen Baldinger to:
(a) provide the Trustee and Plan Administrator with legal
advice with respect to their powers and duties in the
continued operation of the Debtor's business and
management of its property and in carrying out the
terms of the Chapter 11 Plan;
(b) prepare on behalf of the Trustee and Plan Administrator
necessary motions, applications, answers, orders, reports
and other legal papers; and
(c) perform all other legal services for the Estate and Plan
Administrator which may become necessary in this case.
Cohen Baldinger will be paid at the hourly rates of $425 to $495.
Cohen Baldinger will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Merrill Cohen, a partner at Cohen Baldinger, 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.
Cohen Baldinger can be reached at:
Merrill Cohen, Esq.
Augustus T. Curtis, Esq.
COHEN BALDINGER & GREENFELD, LLC
2600 Tower Oaks Boulevard, Suite 103
Rockville, MD 20850
Tel: (301) 881-8300
About TSC Dorsey Run Road-Jessup
TSC Dorsey Run Road - Jessup, LLC, is a privately held company
engaged in activities related to real estate. The Company is the
fee simple owner of a property located at 7869 Dorsey Run Road in
Jessup, Maryland having a current value of $2.45 million.
TSC Dorsey Run Road - Jessup, LLC, based in Columbia, MD, filed a
Chapter 11 petition (Bankr. D. Md. Case No. 18-25597) on Nov. 28,
2018. The Hon. Michelle M. Harner oversees the case. The Law
Offices of David W. Cohen, led by founding partner David W. Cohen,
serves as bankruptcy counsel. In the petition signed by Bruce S.
Jaffe, manager, the Debtor disclosed $2,450,000 in assets and
$2,359,552 in liabilities.
TURBOCOMBUSTOR TECHNOLOGY: Moody's Reviews B3 CFR for Downgrade
---------------------------------------------------------------
Moody's Investor's Service placed its ratings for TurboCombustor
Technology, Inc. on review for downgrade, including the company's
B3 corporate family rating and B3-PD probability of default rating,
as well as its B3 senior secured debt ratings.
RATINGS RATIONALE
The review follows last week's announcements by Boeing and Spirit
AeroSystems that production on the 737 MAX program and aircraft
deliveries related thereto will cease effective January 2020, and
reflects the anticipated negative impact of this unexpected
development on TurboCombustor's near-term liquidity profile,
particularly in consideration of the company's near-term debt
maturities (albeit in the context of a relatively moderately
levered balance sheet) that will have to be refinanced prior to
December 2020. Moody's expects broad-based operational disruption
to ripple through much of the global aerospace supply chain given
the high-volume and large participation of companies attached to
the MAX program, with heightened financial risk for TurboCombustor
given its weak free cash flow profile and a high degree of
concentration on the LEAP-1B engine which powers the MAX (estimated
to be about 20% to 25% of total sales). Moody's noted the
heightened risk that even reduced MAX volumes -- if production
resumes -- would negatively impact TurboCombustor's earnings and
cash flow profile and constrain near-term liquidity.
Moody's review will primarily consider the financial impact of the
halt in production of the 737 MAX program, but also a more
broad-based assessment of TurboCombustor's near- and medium-term
liquidity profile and its ability to withstand what could
potentially be not insignificant incremental earnings and cash flow
pressures -- potentially for a multi-month period until aircraft
production and deliveries resume. Moody's will also assess the
likelihood of support that the company might receive to bolster its
backstop liquidity provisions in the event of a period of extended
disruption.
The following summarizes the rating actions:
Issuer: TurboCombustor Technology, Inc.
Corporate Family Rating, Placed on Review for Downgrade, currently
B3
Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD
$260 million senior secured first-lien term loan due 2020, Placed
on Review for Downgrade, currently B3 (LGD3)
$70 million senior secured first-lien revolving credit facility due
2020, Placed on Review for Downgrade, currently B3 (LGD3)
Outlook, Changed to Rating Under Review from Stable
The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.
Headquartered in Manchester, Connecticut, TurboCombustor
Technology, Inc. is involved with the fabrication and assembly of
gas turbine engine parts for use in commercial, military and
industrial applications. The company is majority-owned by entities
affiliated with The Carlyle Group. Revenues for the twelve months
ended September 2019 were approximately $560 million.
TURIN AVIATION: Skyport Says Claim Completely Secured
------------------------------------------------------
Creditor Skyport Holdings Tampa LLC filed a response to the
Supplement to Plan and Disclosure Statement of debtor The Turin
Aviation Group, LLC and states as follows:
Creditor requests that any administrative expense claims not be
awarded "superpriority" status and instead be paid at the same rate
and in the same manner as the other secured creditors under the
Plan.
Creditor objects to the suggestion in Paragraph 21 that Class 5 is
not completely secured. However, as this is a 100% plan that issue
becomes less pressing. There has been no court ruling that
suggests that the Creditor is not fully secured, however, and
Creditor requests that the plan reflect this.
One issue that Creditor would like clarification on is the current
plan to pay $1,008 per month to the Creditor. As stated before,
Creditor objects to giving super-priority status to the
administrative expenses claims. The real issue, however, is that
Creditor would like to have specific options set out in case the
Debtor does not make the payments.
Debtor also suggests, in paragraph 22, that the Creditor's secured
claim will be paid in full at the time of the sale of the ProVest
jet, but again, Creditor has concerns this won't be enough and
would like to have an outline of how the issue will be handled if
it is not enough.
Creditor also intends to file a 506(b) motion to recover
postpetition attorneys fees as an oversecured creditor, but will
not do that until all the adversary proceedings have been
completed.
A full-text copy of the objection is available at
https://tinyurl.com/u9xpjmd from PacerMonitor.com at no charge.
Skyport Holdings is represented by:
Kevin Comer
600 76th Avenue North Suite 211
St. Petersburg FL 33702
kevin@comer.work
727-729-2719
About Turin Aviation Group
Turin Aviation Group is a family of Companies that include Falcon
Aircraft Services, Vintage Aero, Inc., and the newly established
Turin Advance Concepts
Turin Aviation Group, LLC, filed a voluntary petition for relief
under Chapter II of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
19-01890) on March 6, 2019. The Debtor estimated $500,001 to $1
million in assets and $100,001 to $500,000 in liabilities. The
Debtor tapped Johnson Pope Bokor Ruppel & Burns, LLP as its legal
counsel.
TWIFORD ENTERPRISES: Gets Court OK to Use Cash Thru January
-----------------------------------------------------------
Judge Cathleen D. Parker authorized Twiford Enterprises, Inc., to
use cash collateral amounting to $335,000 to pay operating expenses
to be incurred for the period through January 2020, pursuant to the
budget. The budget provides for $38,603 in total operating
expenses for the month of December 2019, including $11,500 for
labor cost and $3,978 for rent.
A copy of the budget is available for free at https://is.gd/rrk7Iv
from PacerMonitor.com.
Judge Parker ruled that Petsch entities (Petsch Farms LLC, dba Y6
Feeders, and Petsch Ranches, Inc.) will be provided adequate notice
of any intent to remove cattle from its possession to allow it time
to follow the state law procedures for filing an agister's lien.
The Petsch entities, who assert $104,698.85 for feed and care of
the Debtor's livestock from Oct. 16, 2019 through Nov. 30, 2019,
has filed an objection to the Debtor's cash collateral motion
expressing its unwillingness to continue feeding said livestock
without payment. Otherwise, the Court must demand that the Debtor
remove its livestock to avoid further economic risk or loss, the
Petsch entities said. A copy of Petsch entities objection is
available at https://is.gd/AtulOe from PacerMonitor.com free of
charge.
Rolling Hills Bank and Trust also filed an objection noting that
the Debtor's cash collateral motion is facially deficient because
the Debtor failed to, among others, provide a proposed form of
order, and to set out the material terms of the proposed use of
cash collateral. A copy of RHB's objection is available for free
at https://is.gd/5OloQu from PacerMonitor.com.
The Court ruled that any request for use of cash collateral after
January 2020 must include adequate protection payments for secured
creditors. A copy of the minutes of proceeding of the December 10,
2019 hearing is available at https://is.gd/m51r2V from
PacerMonitor.com free of charge.
About Twiford Enterprises
Twiford Enterprises, Inc., is a privately held company in Glendo,
Wyoming in the crop farming industry. The Company owns in fee
simple 2870 acres of land and buildings located at 642 Horseshoe
Creek Road Glendo, Wyoming having an appraised value of $4.65
million. Its gross revenue amounted to $2.23 million in 2017 and
$2.38 million in 2016.
Twiford Enterprises filed a Chapter 11 bankruptcy petition (Bankr.
D. Wyo. Case No. 18-20120) on March 9, 2018. In its petition
signed by its secretary, Jack Twiford, the Debtor disclosed total
assets of approximately $7.68 million and $6.49 million in total
debt. The Hon. Cathleen D. Parker is the case judge. The Debtor
hired Stephen R. Winship, Esq., at Winship & Winship, P.C., as
counsel.
VASCULAR ACCESS: Hires Dilworth Paxson as Counsel
-------------------------------------------------
Vascular Access Centers, L.P., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to employ
Dilworth Paxson LLP, as counsel to the Debtor.
Vascular Access requires Dilworth Paxson to:
a. provide the Debtor with legal services with respect to its
eligibility for bankruptcy relief and their powers and
duties as debtors-in-possession;
b. prepare on behalf of the Debtor or assisting the Debtor in
preparing all necessary pleadings, motions, applications,
complaints, answers, responses, orders, U.S. Trustee
reports, and other legal papers;
c. represent the Debtor in any matter involving contests with
secured or unsecured creditors, including the claims
reconciliation process;
d. assist the Debtor in providing legal services required to
prepare, negotiate and implement a plan or plans of
reorganization; and
e. perform all other legal services for the Debtor which may
be necessary herein, other than those requiring specialized
expertise for which special counsel, if necessary, may be
employed.
Dilworth Paxson will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Lawrence G. McMichael, a partner at Dilworth Paxson, 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.
Dilworth Paxson can be reached at:
Lawrence G. McMichael, Esq.
DILWORTH PAXSON LLP
1500 Market St., Suite 3500E
Philadelphia, PA 19102
Tel: (215) 575-7268
Fax: (215) 575-7200
About Vascular Access Centers
Vascular Access Centers -- https://www.vascularaccesscenters.com/
-- provides comprehensive dialysis access maintenance including
thrombectomy and thrombolysis, fistulagrams, fistula maturation
procedures, vessel mapping, central venous occlusion treatment and
complete catheter services. Its centers offer an alternative
setting for a wide spectrum of vascular interventional procedures,
including central venous access for oncology, nutritional and
medication delivery, venous insufficiency (including venous ulcer
and non-healing ulcer treatments), peripheral arterial disease
(PAD), limb salvage, uterine fibroid embolization and pain
management.
On Nov. 12, 2019, an involuntary petition was filed against
Vascular Access Centers under Chapter 11 of title 11 of the United
States Code (Bankr. E.D. Pa. Case Number. 19-17117). The petition
was filed by creditors Philadelphia Vascular Institute, LLC, Metter
& Company and Crestwood Associates, LLC. David Smith, Esq., at
Smith Kane Holman, LLC, is the petitioner's counsel.
On Nov. 13, 2019, the Debtor consented to the relief sought under
Chapter 11.
Judge Ashely M. Chan is the presiding judge.
The Debtor tapped Dilworth Paxson LLP as its legal counsel.
VILLAS OF WINDMILL: Trustee Taps Kravit Law as Special Counsel
--------------------------------------------------------------
Leslie Osborne, Chapter 11 trustee for Villas of Windmill Point II
Property Owners Association, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Kravit Law, P.A. as special counsel.
The trustee requires the services of the firm to explore, research
and determine if the Debtor needs to be revitalized as an
association under Florida Law, and to undertake the revitalization
if needed.
Cory Kravit, Esq., the firm's attorney who will be providing the
services, charges an hourly fee of $300. Paralegals charge $125
per hour.
Mr. Kravit disclosed in court filings that he and his firm neither
hold nor represent any interest adverse to the Debtor's bankruptcy
estate and are disinterested persons as required by Section 327(a)
of the Bankruptcy Code.
The firm can be reached through:
Cory B. Kravit, Esq.
Kravit Law, P.A.
2101 Corporate Blvd NW #410
Boca Raton, FL 33431
Phone: +1 561-922-8536
About Villas of Windmill Point II Property
Based in Port Saint Lucie, Fla., Villas of Windmill Point II
Property Owners Association, Inc. is a non-profit corporation with
volunteers that self manages 89 separately deeded, single family
residential villa units that are attached in four and five-unit
clusters within a Planned Unit Development (PUD).
Villas of Windmill filed a Chapter 11 petition (Bankr. S.D. Fla.
19-20400) on August 2, 2019. At the time of filing, the Debtor
estimated $1 million to $10 million in assets and $1 million to $10
million in liabilities.
The Debtor is represented by Brian K. McMahon, Esq., in West Palm
Beach, Fla.
Leslie S. Osborne was appointed as the Debtor's Chapter 11 trustee.
The trustee is represented by Rappaport Osborne Rappaport.
VITA CRAFT: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Vita Craft Corporation.
About Vita Craft Corp
Vita Craft Corporation, a company that manufactures cookwares,
filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy
Code (Bankr. D. Kan. Case No. 19-22358) on Nov. 1, 2019. In the
petition signed by Gary E. Martin, president, the Debtor disclosed
$7,843,679 in assets and $2,698,042 in liabilities. Judge Robert D.
Berger oversees the case. Robert J. Haupt, Esq., at Lathrop Gage
LLP, is the Debtor's counsel.
WALKER ENVIRONMENTAL: Gets Interim Approval to Use Cash Collateral
------------------------------------------------------------------
Walker Environmental Services, Inc., d/b/a Rebel High Velocity
Sewer Services, asked the Bankruptcy Court for the Southern
District of Mississippi to authorize use of cash collateral on an
interim basis to pay all necessary operating expenses of its
business including payments to BankPlus. The Debtor also sought a
final hearing schedule on the motion.
BankPlus holds liens on the Debtor's accounts, accounts receivable
and personal property, as well as a mortgage on a real property
located at 2648 Ridgewood Road, Jackson, Mississippi, with a
building located thereon that is owned by Walker Investment
Properties, LLC. The total amount owed to BankPlus is
approximately $350,000.
A copy of the motion is available for free at https://is.gd/XfUU4p
from PacerMonitor.com free of charge.
By agreement of the parties, Judge Neil P. Olack authorized the
Debtor to use the cash collateral. A copy of the order is
available at https://is.gd/lup73g from PacerMonitor.com at no
charge.
About Walker Environmental
Walker Environmental Services, Inc., d/b/a Rebel High Velocity
Sewer Services, is a provider of plumbing services. The company
filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 19-04314)
on Dec. 4, 2019 in Jackson, Mississippi.
On the Petition Date, the Debtor estimated up to $50,000 in assets
and between $1 million and $10 million in liabilities. The
petition was signed by Andrew C. Walker, vice-president. Judge
Neil P. Olack is assigned to the case. Hood & Bolen, PLLC is the
Debtor's counsel.
WESTERN ROBIDOUX: Seeks to Hire Liechti Franken as Accountant
-------------------------------------------------------------
Western Robidoux, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Missouri to employ Liechti,
Franken & Young as its accountant.
The services Liechti Franken will render are:
a. prepare the Debtor's monthly and quarterly reports required
by the U.S. Trustee;
b. prepare financial reports and analyses to assist the Debtor
in its Chapter 11 case; and
c. prepare tax returns and advise the Debtor on tax issues.
The hourly rates range from $125 for junior accountants to $350 for
senior accountants. The firm charges a flat fee of $1,995 for
quarterly financial statements and $5,225 for tax preparation.
David Liechti, the firm's accountant who will be providing the
services, assures the court that he is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Liechti
Liechti, Franken & Young, LLC
3801 Beck Rd
Saint Joseph, MO 64506
Phone: (816)233-7472
Fax: (816)233-8927
Email: dgliechti@gmail.com
About Western Robidoux
Western Robidoux Inc. is a family-owned commercial printing and
fulfillment company in St. Joseph, Mo.
Western Robidoux sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mo. Case No. 19-50505) on Oct. 19,
2019. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.
The case is assigned to Judge Brian T. Fenimore. The Debtor is
represented by Victor F. Weber, Esq., at Merrick, Baker & Strauss,
P.C.
WINDSTREAM HOLDINGS: Cullen, Johnson Represent Utility Companies
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Cullen And Dykman LLP and Law Firm of Russell R.
Johnson III, PLC submitted a verified statement that they are
representing the utility companies in the Chapter 11 cases of
Windstream Holdings, Inc., et al.
The names and addresses of the Utilities represented by the Firm
are:
Appalachian Power Company
Indiana Michigan Power Company
Kentucky Power Company
Ohio Power Company
Public Service Company of Oklahoma and
Southwestern Electric Power Company
Attn: Dwight C. Snowden
American Electric Power
1 Riverside Plaza, 13th Floor
Columbus, Ohio 43215
Arizona Public Service Company
Attn: Sandra Rosales
2043 W. Cheryl Dr., Bldg. M
Mail Station 3209
Phoenix, Arizona 85021-1915
CenterPoint Energy Resources Corp.
Attn: Timothy Muller, Esq.
Senior Counsel
CenterPoint Energy, Inc.
1111 Louisiana St.
Houston, TX 77002
Commonwealth Edison Company
PECO Energy Company
Attn: Lynn R. Zack, Esq.
Assistant General Counsel
Exelon Corporation
2301 Market Street, S23-1
Philadelphia, PA 19103
Constellation NewEnergy, Inc.
Constellation NewEnergy — Gas Division, LLC
Attn: C. Bradley Burton
Credit Analyst
Constellation Energy
1310 Point Street, 12th Floor
Baltimore, MD 21231
Virginia Electric and Power Company
d/b/a Dominion Energy Virginia
Attn: Sherry Ward
600 East Canal Street, 10th Floor
Richmond, VA 23219
The East Ohio Gas Company
d/b/a Dominion East Ohio
Attn: Lessie M. Jones, Esq.
1201 East 55th Street
Cleveland, OH 44103
The Connecticut Light and Power Company
Public Service Company of New Hampshire
Yankee Gas Services Company
NStar Electric Company, Eastern Massachusetts
NStar Electric Company, Western Massachusetts
Attn: Honor S. Heath, Esq.
Eversource Energy
107 Selden Street
Berlin, CT 06037
The Cleveland Electric Illuminating Company
Jersey Central Power & Light Company
Metropolitan Edison Company
Ohio Edison Company
Pennsylvania Electric Company
Pennsylvania Power Company
Potomac Edison Company
West Penn Power Company
Toledo Edison Company
Attn: Kathy M. Hofacre
FirstEnergy Corp.
76 S. Main St., A-GO-15
Akron, OH 44308
Florida Power & Light Company
Attn: Kevin Donaldson, Esq.
Law Department
700 Universe Blvd.
Juno Beach, FL 33408
Boston Gas Company
Colonial Gas Company
KeySpan Energy Delivery Long Island
KeySpan Energy Delivery New York
Massachusetts Electric Company
Narragansett Electric Company
Niagara Mohawk Power Corporation
Attn: Christopher S. Aronson
Senior Counsel
National Grid
40 Sylvan Road
Waltham, MA 02451
Public Service Electric and Gas Company
Attn: Vilna Waldron Gaston, Esq.
Associate General Litigation Counsel
PSEG Services Corporation
80 Park Plaza, T5D
Newark, New Jersey 07102-0570
New York State Electric and Gas Corporation
Attn: Kelly Potter
Bankruptcy Department
James A. Carrigg Center, 18 Link Drive
Binghamton, NY 13904
Rochester Gas and Electric Corporation
Attn: Patricia Cotton
89 East Avenue
Rochester, NY 14649
The nature and the amount of claims (interests) of the Utilities,
and the times of acquisition thereof are as follows:
a) The following Utilities have unsecured claims against the
above-referenced Debtors arising from prepetition utility usage:
Appalachian Power Company, Indiana Michigan Power Company, Kentucky
Power Company, Ohio Power Company, Public Service Company of
Oklahoma, Southwestern Electric Power Company, Arizona Public
Service Company, CenterPoint Energy Resources Corp., Commonwealth
Edison Company, Constellation NewEnergy, Inc., Constellation
NewEnergy — Gas Division, LLC, PECO Energy Company, The Dominion
East Ohio Gas Company d/b/a Dominion East Ohio, Virginia Electric
and Power Company d/b/a Dominion Energy Virginia, Connecticut Light
& Power Company, Public Service Company of New Hampshire, Yankee
Gas Services Company, NStar Electric Company, Eastern
Massachusetts, NStar Electric Company, Western Massachusetts, West
Penn Power Company, Potomac Edison Company, Toledo Edison Company,
Metropolitan Edison Company, Jersey Central Power & Light Company,
Pennsylvania Electric Company d/b/a Penelec, The Cleveland Electric
Illuminating Company, Ohio Edison Company, Pennsylvania Power
Company, Florida Power & Light Company, Boston Gas Company,
Colonial Gas Company, KeySpan Energy Delivery Long Island, KeySpan
Energy Delivery New York, Massachusetts Electric Company,
Narragansett Electric Company, Niagara Mohawk Power Corporation,
New York State Electric and Gas Corporation and Rochester Gas &
Electric Corporation.
b) For more information regarding the claims and interests of the
Utilities in these jointly-administered cases, refer to the
Objection of Certain Utility Companies To the Debtors Motion For
Entry Of An Order (I) Prohibiting Utility Providers From Altering,
Refusing, Oil Discontinuing Utility Services, (II) Determining
Adequate Assurance Of Payment For Future Utility Services, And
(III) Establishing Procedures For Determining Adequate Assurance Of
Payment [Docket 228] and the Joinder filed for Public Service
Electric and Gas Company [Docket No. 244] filed in the
above-captioned, jointly-administered, bankruptcy cases.
The Law Firm of Russell R. Johnson III, PLC was retained to
represent the foregoing Utilities in March 2019. The circumstances
and terms and conditions of employment of tie Firm by the Companies
is protected by the attorney-client privilege and attorney work
product doctrine.
Co-Counsel for Appalachian Power Company, et al.:
CULLEN AND DYKMAN LLP
Thomas R. Slome, Esq.
Michael Kwiatkowski, Esq.
100 Quentin Roosevelt Boulevard
Garden City, NY 11530
Telephone: (516) 296-9165
Facsimile: (516) 357-3792
Email: ts1ome@CullenandDykman.com
mkwiatkowski@CullenandDykman.com
- and -
LAW FIRM OF RUSSELL R. JOHNSON III, PLC
Russell R. Johnson III, Esq.
John M. Craig, Esq.
2258 Wheatlands Drive
Manakin-Sabot, VA 23103
Telephone: (804) 749-8861
Facsimile: (804) 749-8862
Email: russell@russelljohnsonlawfirm.com
john@iusselljohnsonlawfirm.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/uatlx0
About Windstream Holdings
Windstream Holdings, Inc. and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States. They also offer broadband, entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.
Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.
The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019. The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP as
its financial advisor, and Perella Weinberg Partners LP, as its
investment banker.
WWW GREENWICH: Hires Morrison Tenenbaum as Counsel
--------------------------------------------------
WWW Greenwich Railroad LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Morrison Tenenbaum, PLLC, as counsel to the Debtor.
WWW Greenwich requires Morrison Tenenbaum to:
a. advise the Debtor with respect to its powers and duties as
debtor-in-possession in the management of its estate;
b. assist in any amendments of Schedules and other financial
disclosures and in the preparation/review/amendment of a
disclosure statement and plan of reorganization;
c. negotiate with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;
d. prepare on behalf of the Debtor all necessary motions,
applications, answers, proposed orders, reports and other
papers to be filed by the Debtor in this case;
e. appear before the Bankruptcy Court to represent and protect
the interests of the Debtor and its estate; and
f. perform all other legal services for the Debtor that may be
necessary and proper for an effective reorganization.
Morrison Tenenbaum will be paid at these hourly rates:
Partners $425 to $525
Associates $380
Paraprofessionals $175
Morrison Tenenbaum will be paid a retainer in the amount of
$15,000.
Morrison Tenenbaum will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Lawrence F. Morrison, a partner at Morrison Tenenbaum, 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.
Morrison Tenenbaum can be reached at:
Lawrence F. Morrison, Esq.
Brian J. Hufnagel, Esq.
MORRISON TENENBAUM PLLC
87 Walker Street, Floor 2
New York, NY 10013
Tel: (212) 620-0938
E-mail: lmorrison@m-t-law.com
bjhufnagel@m-t-law.com
About WWW Greenwich Railroad LLC
WWW Greenwich Railroad LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 19-46066) on Oct. 4, 2019, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Lawrence F. Morrison, Esq., at Morrison Tenenbaum,
PLLC.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TE 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV AV 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GZ 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TH 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GR 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV SW 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV* MM 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB QT 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBVUSD EU 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBVEUR EU 59,441.0 (8,226.0) 2,673.0
ABBVIE INC-BDR ABBV34 BZ 59,441.0 (8,226.0) 2,673.0
ABSOLUTE SOFTWRE ALSWF US 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE ABT CN 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE OU1 GR 106.3 (48.4) (27.6)
ABSOLUTE SOFTWRE ABT2EUR EU 106.3 (48.4) (27.6)
ACASTI PHARMA IN ACST CN 37.8 (1.7) 12.4
ADVANZ PHARMA ADVZ CN 1,593.8 (11.0) 246.2
ADVANZ PHARMA 80CD TH 1,593.8 (11.0) 246.2
AGENUS INC AJ81 GZ 174.8 (178.0) (25.8)
AGENUS INC AGENUSD EU 174.8 (178.0) (25.8)
AGENUS INC AJ81 QT 174.8 (178.0) (25.8)
AGENUS INC AJ81 TH 174.8 (178.0) (25.8)
AGENUS INC AGENEUR EU 174.8 (178.0) (25.8)
AGENUS INC AJ81 GR 174.8 (178.0) (25.8)
AGENUS INC AGEN US 174.8 (178.0) (25.8)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMYRIS INC 3A01 GR 128.1 (208.1) (103.8)
AMYRIS INC 3A01 TH 128.1 (208.1) (103.8)
AMYRIS INC AMRSUSD EU 128.1 (208.1) (103.8)
AMYRIS INC AMRSEUR EU 128.1 (208.1) (103.8)
AMYRIS INC AMRS US 128.1 (208.1) (103.8)
APPLIED DNA SCIE APDNEUR EU 3.6 (0.8) (0.1)
AQUESTIVE THERAP AQST US 48.8 (34.5) 18.0
AUTODESK INC ADSK US 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD TH 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSKEUR EU 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSKUSD EU 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK TE 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD GZ 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK AV 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK* MM 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD GR 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD QT 5,036.6 (171.5) (1,133.4)
AUTOZONE INC AZ5 TH 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 GR 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZOUSD EU 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 GZ 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO AV 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 TE 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO* MM 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZOEUR EU 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 QT 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO US 12,700.5 (1,776.1) (711.3)
AUTOZONE INC-BDR AZOI34 BZ 12,700.5 (1,776.1) (711.3)
AVID TECHNOLOGY AVID US 266.2 (172.9) (17.8)
AVID TECHNOLOGY AVD GR 266.2 (172.9) (17.8)
AYR STRATEGIES I AYR/A CN 472.9 224.2 5.2
BABCOCK & WILCOX BW US 672.6 (290.1) (160.6)
BENEFITFOCUS INC BNFTEUR EU 328.1 (27.1) 107.3
BENEFITFOCUS INC BTF GR 328.1 (27.1) 107.3
BENEFITFOCUS INC BNFT US 328.1 (27.1) 107.3
BEYONDSPRING INC BYSI US 34.1 22.3 21.9
BIOCRYST PHARM BCRX US 90.5 (41.3) (3.4)
BIOCRYST PHARM BCRXUSD EU 90.5 (41.3) (3.4)
BIOCRYST PHARM BCRX* MM 90.5 (41.3) (3.4)
BJ'S WHOLESALE C BJ US 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ GR 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ TH 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ QT 5,478.1 (104.5) (509.4)
BLOOM ENERGY C-A BE1USD EU 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB QT 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB TH 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE US 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB GR 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE1EUR EU 1,169.9 (11.1) 196.6
BLUE BIRD CORP BLBD US 365.4 (67.8) 2.4
BOEING CO-BDR BOEI34 BZ 132,598.0 (3,809.0) 9,810.0
BOEING CO-CED BA AR 132,598.0 (3,809.0) 9,810.0
BOEING CO-CED BAD AR 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA TE 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO GR 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BAEUR EU 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BOE LN 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA US 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO TH 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA SW 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA* MM 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BAUSD SW 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO GZ 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA AV 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA EU 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BA CI 132,598.0 (3,809.0) 9,810.0
BOEING CO/THE BCO QT 132,598.0 (3,809.0) 9,810.0
BOMBARDIER INC-B BBDBN MM 26,363.0 (4,680.0) (225.0)
BRINKER INTL EAT US 2,491.0 (585.1) (342.7)
BRINKER INTL BKJ GR 2,491.0 (585.1) (342.7)
BRINKER INTL EAT2EUR EU 2,491.0 (585.1) (342.7)
BRINKER INTL BKJ QT 2,491.0 (585.1) (342.7)
BRP INC/CA-SUB V DOOCAD EU 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V B15A GZ 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOEUR EU 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOO CN 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V B15A GR 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOO US 3,804.7 (558.4) (140.4)
CADIZ INC CDZI US 73.5 (86.6) 13.3
CADIZ INC CDZIEUR EU 73.5 (86.6) 13.3
CADIZ INC 2ZC GR 73.5 (86.6) 13.3
CAMPING WORLD-A CWHUSD EU 3,441.0 (65.6) 470.8
CAMPING WORLD-A CWH US 3,441.0 (65.6) 470.8
CAMPING WORLD-A CWHEUR EU 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 GR 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 QT 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 TH 3,441.0 (65.6) 470.8
CASTLE BIOSCIENC CSTL US 113.2 82.3 100.6
CATASYS INC CATS US 24.5 (17.7) 11.5
CATASYS INC HY1N GR 24.5 (17.7) 11.5
CATASYS INC CATSEUR EU 24.5 (17.7) 11.5
CATASYS INC HY1N GZ 24.5 (17.7) 11.5
CDK GLOBAL INC C2G QT 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDK* MM 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDKUSD EU 3,058.9 (671.6) 196.9
CDK GLOBAL INC C2G TH 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDKEUR EU 3,058.9 (671.6) 196.9
CDK GLOBAL INC C2G GR 3,058.9 (671.6) 196.9
CDK GLOBAL INC CDK US 3,058.9 (671.6) 196.9
CHEWY INC- CL A CHWY US 858.7 (389.5) (445.2)
CHOICE HOTELS CHHUSD EU 1,374.3 (56.7) (56.0)
CHOICE HOTELS CHH US 1,374.3 (56.7) (56.0)
CHOICE HOTELS CZH GR 1,374.3 (56.7) (56.0)
CINCINNATI BELL CBB US 2,619.0 (127.6) (114.7)
CINCINNATI BELL CIB1 GR 2,619.0 (127.6) (114.7)
CINCINNATI BELL CBBEUR EU 2,619.0 (127.6) (114.7)
CLOVIS ONCOLOGY C6O GR 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVS US 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O SW 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSUSD EU 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O QT 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O TH 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSEUR EU 716.9 (87.5) 307.1
COGENT COMMUNICA CCOI US 932.3 (190.5) 388.1
COGENT COMMUNICA OGM1 GR 932.3 (190.5) 388.1
COMMUNITY HEALTH CYH1USD EU 15,895.0 (1,267.0) 1,027.0
CYTOKINETICS INC CYTK US 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A GR 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A TH 187.4 (19.9) 155.0
CYTOKINETICS INC CYTKUSD EU 187.4 (19.9) 155.0
CYTOKINETICS INC CYTKEUR EU 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A QT 187.4 (19.9) 155.0
DELEK LOGISTICS DKL US 767.8 (142.5) 4.4
DELEK LOGISTICS D6L GR 767.8 (142.5) 4.4
DENNY'S CORP DENN US 441.4 (118.7) (48.8)
DENNY'S CORP DENNEUR EU 441.4 (118.7) (48.8)
DENNY'S CORP DE8 GR 441.4 (118.7) (48.8)
DIEBOLD NIXDORF DBD SW 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBDEUR EU 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBDUSD EU 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBD US 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DBD GR 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DLD TH 3,889.1 (425.2) 324.3
DIEBOLD NIXDORF DLD QT 3,889.1 (425.2) 324.3
DINE BRANDS GLOB DIN US 1,997.5 (239.8) (14.7)
DINE BRANDS GLOB IHP GR 1,997.5 (239.8) (14.7)
DOCEBO INC DCBO CN 20.3 (18.6) (12.9)
DOLLARAMA INC DOL CN 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GR 3,696.2 (112.7) (28.1)
DOLLARAMA INC DLMAF US 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GZ 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLEUR EU 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 TH 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 QT 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLCAD EU 3,696.2 (112.7) (28.1)
DOMINO'S PIZZA EZV TH 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZEUR EU 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZUSD EU 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV GR 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ US 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV GZ 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ AV 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA DPZ* MM 1,160.3 (2,935.6) 184.1
DOMINO'S PIZZA EZV QT 1,160.3 (2,935.6) 184.1
DOMO INC- CL B DOMO US 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GR 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GZ 217.9 (25.2) 38.6
DOMO INC- CL B DOMOEUR EU 217.9 (25.2) 38.6
DOMO INC- CL B DOMOUSD EU 217.9 (25.2) 38.6
DOMO INC- CL B 1ON TH 217.9 (25.2) 38.6
DUNKIN' BRANDS G DNKN US 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB TH 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB GZ 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB GR 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G 2DB QT 3,802.2 (620.9) 306.5
DUNKIN' BRANDS G DNKNEUR EU 3,802.2 (620.9) 306.5
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I G2C GR 1,567.6 (72.0) 10.3
EVERI HOLDINGS I G2C TH 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRI US 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRIUSD EU 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRIEUR EU 1,567.6 (72.0) 10.3
FRONTDOOR IN FTDR US 1,217.0 (218.0) 116.0
FRONTDOOR IN 3I5 GR 1,217.0 (218.0) 116.0
FRONTDOOR IN FTDREUR EU 1,217.0 (218.0) 116.0
GOGO INC GOGO US 1,280.4 (382.8) 195.1
GOGO INC G0G SW 1,280.4 (382.8) 195.1
GOGO INC G0G TH 1,280.4 (382.8) 195.1
GOGO INC GOGOUSD EU 1,280.4 (382.8) 195.1
GOGO INC GOGOEUR EU 1,280.4 (382.8) 195.1
GOGO INC G0G QT 1,280.4 (382.8) 195.1
GOGO INC G0G GR 1,280.4 (382.8) 195.1
GOOSEHEAD INSU-A GSHD US 44.4 (27.9) 7.6
GOOSEHEAD INSU-A 2OX GR 44.4 (27.9) 7.6
GOOSEHEAD INSU-A GSHDEUR EU 44.4 (27.9) 7.6
GRAFTECH INTERNA EAF US 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G GR 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G TH 1,825.7 (606.9) 724.6
GRAFTECH INTERNA EAFEUR EU 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G QT 1,825.7 (606.9) 724.6
GRAFTECH INTERNA EAFUSD EU 1,825.7 (606.9) 724.6
GRAFTECH INTERNA G6G GZ 1,825.7 (606.9) 724.6
GREEN PLAINS PAR GPP US 119.8 (74.9) (137.8)
GREEN PLAINS PAR 8GP GR 119.8 (74.9) (137.8)
GREENSKY INC-A GSKY US 897.1 (66.5) 268.8
H&R BLOCK INC HRB TH 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB US 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB GR 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRBUSD EU 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB QT 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRBEUR EU 2,756.7 (75.7) (662.5)
HANGER INC HO8 GR 801.4 (14.2) 95.2
HANGER INC HNGR US 801.4 (14.2) 95.2
HANGER INC HNGREUR EU 801.4 (14.2) 95.2
HCA HEALTHCARE I 2BH GR 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I 2BH TH 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCA US 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCA* MM 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCAUSD EU 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I 2BH TE 43,912.0 (1,447.0) 3,645.0
HCA HEALTHCARE I HCAEUR EU 43,912.0 (1,447.0) 3,645.0
HERBALIFE NUTRIT HOO GR 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLF US 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLFUSD EU 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HOO GZ 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HLFEUR EU 2,545.6 (467.5) 468.7
HERBALIFE NUTRIT HOO QT 2,545.6 (467.5) 468.7
HEWLETT-CEDEAR HPQC AR 33,467.0 (1,193.0) (5,116.0)
HEWLETT-CEDEAR HPQ AR 33,467.0 (1,193.0) (5,116.0)
HILTON WORLDWIDE HLTEUR EU 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLT* MM 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTW AV 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 TE 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 TH 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HI91 GR 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLTUSD EU 15,067.0 (199.0) (645.0)
HILTON WORLDWIDE HLT US 15,067.0 (199.0) (645.0)
HOME DEPOT - BDR HOME34 BZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD TE 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD US 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI TH 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD* MM 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDUSD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD AV 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD CI 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDEUR EU 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI QT 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDUSD EU 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDC AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HD AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDD AR 52,309.0 (1,082.0) 1,609.0
HP COMPANY-BDR HPQB34 BZ 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ US 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP TH 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GR 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ TE 33,467.0 (1,193.0) (5,116.0)
HP INC 0J2E LI 33,467.0 (1,193.0) (5,116.0)
HP INC HPQUSD SW 33,467.0 (1,193.0) (5,116.0)
HP INC HPQEUR EU 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GZ 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ* MM 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ CI 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ AV 33,467.0 (1,193.0) (5,116.0)
HP INC HWP QT 33,467.0 (1,193.0) (5,116.0)
HP INC HPQUSD EU 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ SW 33,467.0 (1,193.0) (5,116.0)
IAA INC IAA US 2,079.9 (186.9) 181.7
IAA INC 3NI GR 2,079.9 (186.9) 181.7
IAA INC IAA-WEUR EU 2,079.9 (186.9) 181.7
IGM BIOSCIENCES IGMS US 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GR 269.9 254.6 241.7
IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GZ 269.9 254.6 241.7
IMMUNOGEN INC IMGN US 254.1 (86.2) 137.5
IMMUNOGEN INC IMU TH 254.1 (86.2) 137.5
IMMUNOGEN INC IMU GR 254.1 (86.2) 137.5
IMMUNOGEN INC IMU SW 254.1 (86.2) 137.5
IMMUNOGEN INC IMGNUSD EU 254.1 (86.2) 137.5
IMMUNOGEN INC IMU GZ 254.1 (86.2) 137.5
IMMUNOGEN INC IMGNEUR EU 254.1 (86.2) 137.5
IMMUNOGEN INC IMGN* MM 254.1 (86.2) 137.5
IMMUNOGEN INC IMU QT 254.1 (86.2) 137.5
INSEEGO CORP INO QT 158.7 (38.3) (119.3)
INSEEGO CORP INO TH 158.7 (38.3) (119.3)
INSEEGO CORP INSGUSD EU 158.7 (38.3) (119.3)
INSEEGO CORP INSG US 158.7 (38.3) (119.3)
INSEEGO CORP INO GR 158.7 (38.3) (119.3)
INSEEGO CORP INSGEUR EU 158.7 (38.3) (119.3)
INSEEGO CORP INO GZ 158.7 (38.3) (119.3)
INSPIRED ENTERTA INSE US 175.4 (31.8) 6.8
IRONWOOD PHARMAC IRWD US 334.3 (153.0) 204.8
IRONWOOD PHARMAC I76 GR 334.3 (153.0) 204.8
IRONWOOD PHARMAC I76 TH 334.3 (153.0) 204.8
IRONWOOD PHARMAC IRWDUSD EU 334.3 (153.0) 204.8
IRONWOOD PHARMAC I76 QT 334.3 (153.0) 204.8
IRONWOOD PHARMAC IRWDEUR EU 334.3 (153.0) 204.8
JACK IN THE BOX JACK US 958.5 (737.6) 69.2
JACK IN THE BOX JBX GR 958.5 (737.6) 69.2
JACK IN THE BOX JBX GZ 958.5 (737.6) 69.2
JACK IN THE BOX JBX QT 958.5 (737.6) 69.2
JACK IN THE BOX JACK1EUR EU 958.5 (737.6) 69.2
JOSEMARIA RESOUR JOSES I2 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSE SS 18.6 (6.1) (5.6)
JOSEMARIA RESOUR NGQSEK EU 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSES IX 18.6 (6.1) (5.6)
JOSEMARIA RESOUR JOSES EB 18.6 (6.1) (5.6)
L BRANDS INC LTD TH 10,630.0 (1,238.0) 383.0
L BRANDS INC LB US 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD GR 10,630.0 (1,238.0) 383.0
L BRANDS INC LBUSD EU 10,630.0 (1,238.0) 383.0
L BRANDS INC LBRA AV 10,630.0 (1,238.0) 383.0
L BRANDS INC LBEUR EU 10,630.0 (1,238.0) 383.0
L BRANDS INC LB* MM 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD QT 10,630.0 (1,238.0) 383.0
L BRANDS INC-BDR LBRN34 BZ 10,630.0 (1,238.0) 383.0
LENNOX INTL INC LII US 2,214.8 (277.3) 207.4
LENNOX INTL INC LXI GR 2,214.8 (277.3) 207.4
LENNOX INTL INC LXI TH 2,214.8 (277.3) 207.4
LENNOX INTL INC LII1USD EU 2,214.8 (277.3) 207.4
LENNOX INTL INC LII* MM 2,214.8 (277.3) 207.4
LENNOX INTL INC LII1EUR EU 2,214.8 (277.3) 207.4
MARTIN MIDSTREAM MMLP US 691.1 (33.4) 108.7
MARTIN MIDSTREAM MMLPUSD EU 691.1 (33.4) 108.7
MCDONALDS - BDR MCDC34 BZ 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD TE 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD US 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD SW 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO GR 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD* MM 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDUSD SW 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDEUR EU 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO GZ 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD AV 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO TH 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP 0R16 LN 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCD CI 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MDO QT 45,805.0 (8,599.2) (670.7)
MCDONALDS CORP MCDUSD EU 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCDC AR 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCD AR 45,805.0 (8,599.2) (670.7)
MCDONALDS-CEDEAR MCDD AR 45,805.0 (8,599.2) (670.7)
MEDICINES COMP MZN SW 897.3 (26.0) (96.4)
MEDICINES COMP MZN GZ 897.3 (26.0) (96.4)
MEDICINES COMP MZN GR 897.3 (26.0) (96.4)
MEDICINES COMP MZN QT 897.3 (26.0) (96.4)
MEDICINES COMP MZN TH 897.3 (26.0) (96.4)
MEDICINES COMP MDCO US 897.3 (26.0) (96.4)
MEDICINES COMP MDCOUSD EU 897.3 (26.0) (96.4)
MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1
MICHAELS COS INC MIKEUR EU 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIK US 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIM GR 3,845.1 (1,631.8) 259.2
MILESTONE MEDICA MMD PW 1.3 (12.4) (13.3)
MILESTONE MEDICA MMDPLN EU 1.3 (12.4) (13.3)
MOTOROLA SOL-CED MSI AR 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA TH 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA GR 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MOT TE 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI US 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI1USD EU 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MSI1EUR EU 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA GZ 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MOSI AV 10,373.0 (1,084.0) 498.0
MOTOROLA SOLUTIO MTLA QT 10,373.0 (1,084.0) 498.0
MSCI INC 3HM GR 3,479.7 (147.9) 641.6
MSCI INC MSCI US 3,479.7 (147.9) 641.6
MSCI INC MSCIUSD EU 3,479.7 (147.9) 641.6
MSCI INC 3HM QT 3,479.7 (147.9) 641.6
MSCI INC MSCI* MM 3,479.7 (147.9) 641.6
MSG NETWORKS- A MSGN US 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 GR 1,001.9 (667.2) 176.5
MSG NETWORKS- A MSGNUSD EU 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 QT 1,001.9 (667.2) 176.5
MSG NETWORKS- A MSGNEUR EU 1,001.9 (667.2) 176.5
MSG NETWORKS- A 1M4 TH 1,001.9 (667.2) 176.5
N/A BJEUR EU 5,478.1 (104.5) (509.4)
NATHANS FAMOUS NFA GR 107.1 (62.9) 78.9
NATHANS FAMOUS NATH US 107.1 (62.9) 78.9
NATHANS FAMOUS NATHEUR EU 107.1 (62.9) 78.9
NATIONAL CINEMED XWM GR 1,084.1 (122.3) 83.1
NATIONAL CINEMED NCMI US 1,084.1 (122.3) 83.1
NATIONAL CINEMED NCMIEUR EU 1,084.1 (122.3) 83.1
NAVISTAR INTL IHR TH 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAV US 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAVEUR EU 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAVUSD EU 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR QT 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR GZ 6,917.0 (3,723.0) 1,377.0
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NESCO HOLDINGS I NSCO US 739.0 (15.8) 28.3
NEW ENG RLTY-LP NEN US 243.7 (38.2) -
NOTOX TECHNOLOGI NTOX US 0.7 (1.7) (2.2)
NRG ENERGY NRG US 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA GR 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA TH 9,527.0 (1,552.0) 623.0
NRG ENERGY NRG1USD EU 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA QT 9,527.0 (1,552.0) 623.0
NRG ENERGY NRGEUR EU 9,527.0 (1,552.0) 623.0
OMEROS CORP OMER US 91.3 (139.9) 17.0
OMEROS CORP 3O8 GR 91.3 (139.9) 17.0
OMEROS CORP OMERUSD EU 91.3 (139.9) 17.0
OMEROS CORP OMEREUR EU 91.3 (139.9) 17.0
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OPTIVA INC RE6 GR 87.7 (16.1) 18.5
OPTIVA INC RKNEF US 87.7 (16.1) 18.5
OPTIVA INC OPT CN 87.7 (16.1) 18.5
OPTIVA INC RKNEUR EU 87.7 (16.1) 18.5
OPTIVA INC 3230510Q EU 87.7 (16.1) 18.5
PAPA JOHN'S INTL PZZA US 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GR 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PZZAEUR EU 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GZ 730.6 (69.4) (27.5)
PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8)
PHILIP MORRI-BDR PHMO34 BZ 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1 TE 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 TH 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMI SW 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1EUR EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1 EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 GR 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM US 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM1CHF EU 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 0M8V LN 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMOR AV 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 GZ 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PM* MM 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN 4I1 QT 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMIZ IX 41,420.0 (9,155.0) 1,530.0
PHILIP MORRIS IN PMIZ EB 41,420.0 (9,155.0) 1,530.0
PLANET FITNESS-A PLNT1USD EU 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL QT 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT1EUR EU 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT US 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL TH 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL GR 1,420.2 (442.1) 170.3
QUANTUM CORP QNT2 GR 158.3 (203.1) (22.7)
QUANTUM CORP QMCO US 158.3 (203.1) (22.7)
QUANTUM CORP QTM1EUR EU 158.3 (203.1) (22.7)
RADIUS HEALTH IN RDUS US 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSUSD EU 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 TH 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSEUR EU 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 QT 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 GR 227.5 (24.3) 155.6
REATA PHARMACE-A 2R3 GR 259.1 (67.4) 172.0
REATA PHARMACE-A RETAEUR EU 259.1 (67.4) 172.0
REATA PHARMACE-A RETA US 259.1 (67.4) 172.0
RECRO PHARMA INC RAH GR 167.7 (19.9) 71.4
RECRO PHARMA INC REPH US 167.7 (19.9) 71.4
REVLON INC-A RVL1 GR 3,059.5 (1,227.5) 134.3
REVLON INC-A REV US 3,059.5 (1,227.5) 134.3
REVLON INC-A REVUSD EU 3,059.5 (1,227.5) 134.3
REVLON INC-A REVEUR EU 3,059.5 (1,227.5) 134.3
REVLON INC-A RVL1 TH 3,059.5 (1,227.5) 134.3
RH RH US 2,362.0 (63.2) (344.2)
RH RHEUR EU 2,362.0 (63.2) (344.2)
RH RS1 GR 2,362.0 (63.2) (344.2)
RH RH* MM 2,362.0 (63.2) (344.2)
RIMINI STREET IN RMNI US 121.3 (130.1) (99.3)
ROSETTA STONE IN RST US 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 TH 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 GR 206.9 (10.6) (66.4)
ROSETTA STONE IN RST1USD EU 206.9 (10.6) (66.4)
ROSETTA STONE IN RST1EUR EU 206.9 (10.6) (66.4)
RR DONNELLEY & S DLLN TH 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRDUSD EU 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRDEUR EU 3,540.5 (276.9) 523.6
RR DONNELLEY & S RRD US 3,540.5 (276.9) 523.6
RR DONNELLEY & S DLLN GR 3,540.5 (276.9) 523.6
SALLY BEAUTY HOL SBH US 2,098.4 (60.3) 707.5
SALLY BEAUTY HOL SBHEUR EU 2,098.4 (60.3) 707.5
SALLY BEAUTY HOL S7V GR 2,098.4 (60.3) 707.5
SATSUMA PHARMACE STSA US 127.5 118.1 120.6
SATSUMA PHARMACE STSAEUR EU 127.5 118.1 120.6
SATSUMA PHARMACE 1LV GR 127.5 118.1 120.6
SBA COMM CORP SBACUSD EU 9,201.1 (3,546.3) (180.9)
SBA COMM CORP 4SB GZ 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBAC* MM 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBAC US 9,201.1 (3,546.3) (180.9)
SBA COMM CORP 4SB GR 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBJ TH 9,201.1 (3,546.3) (180.9)
SBA COMM CORP SBACEUR EU 9,201.1 (3,546.3) (180.9)
SCIENTIFIC GAMES TJW GZ 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES SGMS US 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES SGMSUSD EU 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES TJW GR 7,907.0 (2,125.0) 606.0
SCIENTIFIC GAMES TJW TH 7,907.0 (2,125.0) 606.0
SEALED AIR CORP SEE US 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA GR 5,676.4 (304.1) 89.1
SEALED AIR CORP SEE1EUR EU 5,676.4 (304.1) 89.1
SEALED AIR CORP SEE1USD EU 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA TH 5,676.4 (304.1) 89.1
SEALED AIR CORP SDA QT 5,676.4 (304.1) 89.1
SERES THERAPEUTI MCRB1EUR EU 124.2 (32.2) 47.3
SERES THERAPEUTI MCRB US 124.2 (32.2) 47.3
SERES THERAPEUTI 1S9 GR 124.2 (32.2) 47.3
SHELL MIDSTREAM SHLXUSD EU 2,019.0 (757.0) 297.0
SHELL MIDSTREAM 49M GR 2,019.0 (757.0) 297.0
SHELL MIDSTREAM 49M TH 2,019.0 (757.0) 297.0
SHELL MIDSTREAM SHLX US 2,019.0 (757.0) 297.0
SIRIUS XM HO-BDR SRXM34 BZ 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO TH 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI US 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO GR 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRIUSD EU 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI TE 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRIEUR EU 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO GZ 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN SIRI AV 11,088.0 (748.0) (2,315.0)
SIRIUS XM HOLDIN RDO QT 11,088.0 (748.0) (2,315.0)
SIX FLAGS ENTERT 6FE GR 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIXEUR EU 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIXUSD EU 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT 6FE TH 3,020.7 (89.8) 97.7
SIX FLAGS ENTERT SIX US 3,020.7 (89.8) 97.7
SLEEP NUMBER COR SNBR US 802.3 (164.5) (443.5)
SLEEP NUMBER COR SL2 GR 802.3 (164.5) (443.5)
SLEEP NUMBER COR SNBREUR EU 802.3 (164.5) (443.5)
STARBUCKS CORP SRB GR 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB TH 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX TE 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXEUR EU 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX IM 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXUSD SW 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUXUSD EU 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB GZ 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX AV 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP 0QZH LI 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX* MM 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX CI 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SRB QT 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX US 19,219.6 (6,231.0) (514.8)
STARBUCKS CORP SBUX SW 19,219.6 (6,231.0) (514.8)
STARBUCKS-BDR SBUB34 BZ 19,219.6 (6,231.0) (514.8)
STARBUCKS-CEDEAR SBUX AR 19,219.6 (6,231.0) (514.8)
STARBUCKS-CEDEAR SBUXD AR 19,219.6 (6,231.0) (514.8)
SUNPOWER CORP SPWR US 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 TH 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 GR 1,889.7 (160.3) 264.2
SUNPOWER CORP SPWREUR EU 1,889.7 (160.3) 264.2
SUNPOWER CORP SPWRUSD EU 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 GZ 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 QT 1,889.7 (160.3) 264.2
SUNPOWER CORP S9P2 SW 1,889.7 (160.3) 264.2
TAILORED BRANDS TLRDEUR EU 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM TH 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRDUSD EU 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GZ 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD US 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GR 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD* MM 2,540.4 (64.5) 238.1
TAUBMAN CENTERS TU8 GR 4,536.9 (89.0) -
TAUBMAN CENTERS TCO US 4,536.9 (89.0) -
TG THERAPEUTICS TGTX US 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 TH 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 GR 93.3 (25.8) 0.2
TRANSDIGM GROUP TDG US 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D GR 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDG* MM 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D TH 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDGUSD EU 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP T7D QT 16,254.7 (2,885.1) 3,326.5
TRANSDIGM GROUP TDGEUR EU 16,254.7 (2,885.1) 3,326.5
TRIUMPH GROUP TG7 GR 2,761.8 (590.8) 217.7
TRIUMPH GROUP TGI US 2,761.8 (590.8) 217.7
TRIUMPH GROUP TGIEUR EU 2,761.8 (590.8) 217.7
TUPPERWARE BRAND TUP US 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GR 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP SW 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP TH 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP1EUR EU 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP1USD EU 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GZ 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP QT 1,335.9 (185.0) (116.2)
UBIQUITI INC 3UB GR 750.6 (239.4) 373.5
UBIQUITI INC UI US 750.6 (239.4) 373.5
UBIQUITI INC 3UB SW 750.6 (239.4) 373.5
UBIQUITI INC 3UB GZ 750.6 (239.4) 373.5
UBIQUITI INC UBNTEUR EU 750.6 (239.4) 373.5
UNISYS CORP UIS EU 2,405.8 (1,117.4) 266.1
UNISYS CORP UIS US 2,405.8 (1,117.4) 266.1
UNISYS CORP UIS1 SW 2,405.8 (1,117.4) 266.1
UNISYS CORP UISEUR EU 2,405.8 (1,117.4) 266.1
UNISYS CORP UISCHF EU 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 TH 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GR 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GZ 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 QT 2,405.8 (1,117.4) 266.1
UNITI GROUP INC CSALUSD EU 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC TH 5,031.2 (1,436.8) -
UNITI GROUP INC UNIT US 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC GR 5,031.2 (1,436.8) -
VALVOLINE INC 0V4 GR 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 TH 2,064.0 (258.0) 374.0
VALVOLINE INC VVVEUR EU 2,064.0 (258.0) 374.0
VALVOLINE INC 0V4 QT 2,064.0 (258.0) 374.0
VALVOLINE INC VVV US 2,064.0 (258.0) 374.0
VECTOR GROUP LTD VGR GR 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR US 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGREUR EU 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGRUSD EU 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR TH 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR QT 1,486.7 (628.7) 27.5
VERISIGN INC VRSN US 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS GR 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSN* MM 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSNUSD EU 1,886.7 (1,451.9) 337.3
VERISIGN INC VRSNEUR EU 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS GZ 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS TH 1,886.7 (1,451.9) 337.3
VERISIGN INC VRS QT 1,886.7 (1,451.9) 337.3
VERISIGN INC-BDR VRSN34 BZ 1,886.7 (1,451.9) 337.3
W&T OFFSHORE INC UWV GR 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI US 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI1EUR EU 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI1USD EU 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC UWV TH 1,027.1 (257.8) (27.3)
WAYFAIR INC- A W US 3,007.6 (682.4) 237.0
WAYFAIR INC- A WUSD EU 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF QT 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF GR 3,007.6 (682.4) 237.0
WAYFAIR INC- A WEUR EU 3,007.6 (682.4) 237.0
WESTERN UNIO-BDR WUNI34 BZ 8,803.7 (19.7) (192.1)
WESTERN UNION W3U TH 8,803.7 (19.7) (192.1)
WESTERN UNION WU* MM 8,803.7 (19.7) (192.1)
WESTERN UNION WUUSD EU 8,803.7 (19.7) (192.1)
WESTERN UNION WUEUR EU 8,803.7 (19.7) (192.1)
WESTERN UNION W3U GZ 8,803.7 (19.7) (192.1)
WESTERN UNION WU US 8,803.7 (19.7) (192.1)
WESTERN UNION W3U GR 8,803.7 (19.7) (192.1)
WESTERN UNION W3U QT 8,803.7 (19.7) (192.1)
WIDEOPENWEST INC WOW US 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 TH 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 GR 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WOW1EUR EU 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 QT 2,469.0 (267.5) (95.5)
WINGSTOP INC WING1EUR EU 168.1 (211.6) (4.8)
WINGSTOP INC WING US 168.1 (211.6) (4.8)
WINGSTOP INC EWG GR 168.1 (211.6) (4.8)
WINMARK CORP GBZ GR 48.5 (3.1) 12.6
WINMARK CORP WINA US 48.5 (3.1) 12.6
WORKHORSE GROUP WKHSUSD EU 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO TH 28.0 (38.4) (20.5)
WORKHORSE GROUP WKHS US 28.0 (38.4) (20.5)
WW INTERNATIONAL WW6 GR 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW US 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTWUSD EU 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 GZ 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTW AV 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTWEUR EU 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 QT 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 TH 1,516.4 (719.9) (35.9)
WYNDHAM DESTINAT WD5 GR 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYND US 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 TH 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYNUSD EU 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 QT 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYNEUR EU 7,563.0 (570.0) 499.0
YELLOW PAGES LTD Y CN 353.3 (77.7) 54.9
YELLOW PAGES LTD YLWDF US 353.3 (77.7) 54.9
YELLOW PAGES LTD YMI GR 353.3 (77.7) 54.9
YELLOW PAGES LTD YEUR EU 353.3 (77.7) 54.9
YUM! BRANDS -BDR YUMR34 BZ 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR GR 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR TH 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM* MM 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMUSD SW 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMUSD EU 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR GZ 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM AV 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR TE 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM US 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUMEUR EU 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC TGR QT 5,003.0 (8,097.0) 561.0
YUM! BRANDS INC YUM SW 5,003.0 (8,097.0) 561.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***