/raid1/www/Hosts/bankrupt/TCR_Public/200102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, January 2, 2020, Vol. 24, No. 1
Headlines
160 ROYAL PALM: Asks Court to Extend Solicitation Period to Jan. 20
1934 BEDFORD: Unsecured Claims are Unimpaired in Plan
5171 CAMPBELLS: L-Four & Linaburg Object to Disclosure Statement
ADVANCED GREEN: Seeks to Extend Exclusivity Period to April 15
ALLIANCE SECURITY: Monitronics Says $1.9M Holdback Not Collectible
AMERICANN INC: Delays Form 10-K for Year Ended Sept. 30
ASOCIACION DE PROPIETARIOS: Unsecureds to Get 1.72% in Plan
BAHIA DEL SOL: Feb. 12, 2020 Disclosure Statement Hearing Set
BERNSOHN & FETNER: Exclusivity Period Extended Until March 6
BROMPTON OIL: DBRS Lowers Preferred Shares Rating to Pfd-5
C.T.W. REALTY: Wilmington Trust Pushes Own Sale Plan
C.T.W. REALTY: Wilmington Trust Seeks Feb. 13 Hearing on Plan
CARMAX INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
CARVANA CO: Subsidiary Enters Into Transfer Agreement with Trust
CHRISVIC BY THE SEA: Hires Almeida & Davila as Bankruptcy Counsel
COASTAL INTERNATIONAL: Seeks More Time to File Bankruptcy Plan
COLFAX CORP: Moody's Alters Outlook on Ba2 CFR to Stable
CORT & MEDAS: Secured Creditor Insists on Competing Plan
COUNTRY MORNING: Jan. 14, 2020 Plan Confirmation Hearing Set
DELCATH SYSTEMS: Implements 1-for-700 Reverse Stock Split
DELCATH SYSTEMS: Registers 1.7 Million Shares for Possible Resale
DIVERSE LABEL: Court Confirms Third Amended Plan of Liquidation
DOVE REAL ESTATE: Has Until Feb. 21, 2020 to File Plan & Disclosure
EMERGE ENERGY: Unsecureds to Get 5% of New LP Interests
FIRST FLORIDA: Exclusivity Period Extended to Jan. 17
FTE NETWORKS: Repurchases 100 Shares of Series H Preferred Stock
GULFSLOPE ENERGY: Reports $13.7M Net Loss for Year Ended Sept. 30
H&B HOLDINGS: Unsecureds to Get Derksen Claim Proceeds
HARD ROCK EXPLORATION: Shareholders Object to Disclosures & Plan
HAWKEYE ENTERTAINMENT: Exclusivity Period Extended to March 20
HERITAGE HOTEL: Jan. 14, 2020 Plan Confirmation Hearing Set
HUMANIGEN INC: Further Extends Maturity of Notes Until March 2020
JAGUAR HEALTH: Receives Noncompliance Notice from Nasdaq
K & B TRUCKING: Wants to Maintain Exclusivity Through March 31
LAJ CONSTRUCTION: Seeks to Hire Colliers International as Broker
LANDING AT BRAINTREE: Second Amended Disclosure & Plan Withdrawn
LUNA DEVELOPMENT: Remaining Assets Are Causes of Action
M.W.CA ORLANDO: Jan. 21, 2020 Plan & Disclosure Hearing Set
MIRAGE DENTAL: To Present Plan for Confirmation Jan. 16
MKGFB INC: Thompson Law Group Approved as Attorney
MOSDOS CHOFETZ: Rabbi Mayer Zaks Seeks Sanctions vs. Brother
MOUNT JOY BAPTIST: Jan. 23, 2020 Disclosure Statement Hearing Set
MOUNTAIN INVESTMENTS: Jan. 9, 2020 Plan Confirmation Hearing Set
O'HARE FOUNDRY: Exclusivity Period Extended to Feb. 24
OZ INDUSTRIES: Hires Steinberg Shapiro as Attorneys
PD-VALMIERA GLASS: Seeks to Extend Exclusivity Period to April 14
PINNACLE GROUP: Court Extends Exclusivity Period to Jan. 15
QUITMAN COUNTY: To Seek Plan Confirmation on Feb. 26
RAM DISTRIBUTION GROUP: Hires Shiryak Bowman as Bankr. Counsel
REGIONAL HEALTH: All 4 Proposals Approved at Annual Meeting
RICHARDSON ACQUISITIONS: 2% Recovery for Unsecureds in Plan
RUI HOLDING: Sale Paid Off Secured Claim, Liquidating Plan Filed
SAN JUAN ICE: Plan & Disclosures Hearing Reset to Jan. 22, 2020
SCHAEFER AMBULANCE: Court Extends Exclusivity Period to Feb. 1
SCHRAD LTD: Unsec. Creditors to Recover 45% in Liquidating Plan
SELFRIDGE PARTNERS: Jan. 21 Hearing on 1st Amended Plan
SELFRIDGE PARTNERS: Jan. 21, 2020 Plan Confirmation Hearing Set
SHARPS RIFLE: Case Summary & 9 Unsecured Creditors
SIGMA LOGISTICS: Hires Jones & Walden as Counsel
SMOKY MOUNTAIN: Hedgepeths Want Residents Informed
SUNOPTA INC: Incurs $11.8 Million Net Loss in Third Quarter
SUNPOWER CORP: Expects to Cut Global Workforce by 3%
TERRAVISTA PARTNERS: Sale to Pico Union to Fund 100% Plan
TEXAS ROADRUNNER: Seeks to Hire Northern Legal as Legal Counsel
TIMS 8 MILE: To Present Plan for Confirmation April 14
TONY'S FAMOUS: Unsec. Creditors to Recover 20% in Plan
VECTOR GROUP: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
WANSDOWN PROPERTIES: Unsecureds Unimpaired Under Plan
[^] Recent Small-Dollar & Individual Chapter 11 Filings
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160 ROYAL PALM: Asks Court to Extend Solicitation Period to Jan. 20
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160 Royal Palm, LLC asked the U.S. Bankruptcy Court for the
Southern District of Florida to extend to Jan. 20 the exclusive
period to solicit acceptances for its proposed Chapter 11 plan of
liquidation.
160 Royal Palm filed its liquidating plan on June 27 last year but
the bankruptcy court did not confirm the plan after determining
that the company did not have sufficient funds to distribute to
creditors due to a buyer's refusal to release the cash
consideration stemming from the sale of its property.
Consequently, the company amended the plan in order to address this
concern by providing for the release of the funds. The company
contends that such amendments do not require re-solicitation.
About 160 Royal Palm
160 Royal Palm, LLC is a Florida limited liability company, which
owns prime real property consisting of a partially constructed
hotel/condominium located at 160 Royal Palm Way, Palm Beach,
Florida. The property is under state court receivership.
160 Royal Palm filed a voluntary petition for relief under chapter
11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No.
18-19441) on Aug. 2, 2018. In the petition signed by Cary
Glickstein, sole and exclusive manager, the Debtor disclosed
$16,447,759 in total assets and $114,926,976 in total liabilities.
The case has been assigned to Judge Erik P. Kimball.
The Debtor tapped Philip J. Landau, Esq., at Shraiberg, Landau &
Page, P.A., as its counsel; and Greenberg Traurig, P.A. as its
special counsel and title agent.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
1934 BEDFORD: Unsecured Claims are Unimpaired in Plan
-----------------------------------------------------
1934 Bedford LLC says its property in Brooklyn, New York, is valued
at $38.6 million, based on December 2018 appraisal. Its
liabilities total $29.4 million. The Debtor thus estimates that
there is at least $10 million in equity in the Debtor's assets.
The Debtor filed a Chapter 11 Plan that says secured creditors and
general unsecured creditors are unimpaired, and they will receive a
100% distribution on the effective date.
If the Debtor refinances the Real Property, it shall continue to
operate the Real Property. The Debtor may sell or refinance the
Real Property within years of the Effective Date. If the Debtor
sells its Real Property the Debtor will determine what to do with
the net proceeds after paying creditors under the Plan.
A full-text copy of the Disclosure Statement dated Dec. 11, 2019,
is available at https://tinyurl.com/vatnn4u from PacerMonitor.com
at no charge.
Attorney for 1934 Bedford LLC:
Wayne M. Greenwald
WAYNE GREENWALD, P.C.
at 475 Park Avenue South - 26th Floor
New York, New York 10016
Tel. No. 212-983-1922
About 1934 Bedford LLC
1934 Bedford LLC operates and develops a multi-unit building in
Brooklyn, New York.
An involuntary petition for relief under Chapter 11 of the
Bankruptcy Code was filed by creditors Simply Brooklyn Realty, HTC
Construction Management, Inc., HTC Plumbing, Inc. against Bedford
(Bankr. E.D.N.Y. Case Number 19-44751) on Aug. 2, 2019. On Sept.
12, 2019, Bedford consented to the entry of an order for relief
under Chapter 11 of the Bankruptcy Code.
The creditors are represented by Rosenberg Musso & Weiner LLP.
Wayne Greenwald, P.C. is the Debtor's counsel.
5171 CAMPBELLS: L-Four & Linaburg Object to Disclosure Statement
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Claimants L-Four, L.P. (L4) and Ronald G. Linaburg, D.M.D.
submitted an objection to the Disclosure Statement to accompany
Plan of debtor 5171 Campbells Land Co., Inc. dated Nov. 12, 2019.
L4's secured claims against Debtor are in the form of Judgment
Liens in the total amount of $713,842.39. These secured claims
attach to certain "Vacant Land" located at 5171 Campbells Run Road,
Pittsburgh, PA 15205.
The value of the Vacant Land is over $50,000 greater than the
amount of the secured non-tax claims on the Vacant Land. As such,
there is no basis to state that a portion of L4's claims are
unsecured. 11 U.S.C. Sec. 506.
As such, L4 objects to the Disclosure Statement as it does not set
forth the actual amount of L4's unsecured claims against Debtor.
The Disclosure Statement provides that Dr. Linaburg's unsecured
claim amounts to a total of $500,000. Dr. Linaburg's unsecured
claims actually total $1,350,000, for which Dr. Linaburg will be
filling proof of claim on or before Dec. 24, 2019, which is the
deadline for filing a proof of claim against Debtor.
A full-text copy of the objection is available at
https://tinyurl.com/t9h7uk6 from PacerMonitor.com at no charge.
L-Four and Linaburg are represented by:
THE LYNCH LAW GROUP, LLC
Michael P. Oliverio, Esq.
Michael C. Mazack, Esq.
John J. Heurich, Jr., Esq.
501 Smith Dr., Suite 3
Cranberry Township, PA 16066
Tel: (724) 776-8000
E-mail: mmazack@lynchlaw-group.com
About 5171 Campbells
Based in Rankin, Pennsylvania, 5171 Campbells Land Co., Inc., is a
privately-held company that operates in the restaurant industry.
5171 Campbells filed a Chapter 11 petition (Bankr. W.D. Pa. Case
No. 19-22715) on July 8, 2019. The petition was signed by William
T. Kane, president. At the time of filing, the Debtor was estimated
to have $1 million to $10 million in assets and $10 million to $50
million in liabilities.
The Debtor is represented by Robert O. Lampl, Esq., in Pittsburgh.
The U.S Trustee for Region 3 appointed a committee of unsecured
creditors on Aug. 1, 2019.
ADVANCED GREEN: Seeks to Extend Exclusivity Period to April 15
--------------------------------------------------------------
Advanced Green Innovations, LLC and its affiliates asked the U.S.
Bankruptcy Court for the District of Arizona to extend to April 15
the period during which only the companies can file a Chapter 11
plan.
The companies need additional time to continue to negotiate with
their lender, CH4 Power LLC, and the official committee of
unsecured creditors on what they hope to be a consensual plan of
reorganization.
About Advanced Green
Advanced Green Innovations LLC and its subsidiaries are clean
energy companies developing and commercializing an array of green
technologies.
Advanced Green Innovations, LLC, ZHRO Power, LLC, and ZHRO
Solutions, LLC sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 19-11766, 19-11768, and 19-11771) on Sept. 16, 2019.
In the petitions signed by Terry Kennon, president, Advanced Green
and ZHRO Solutions were each estimated to have up to $50,000 in
assets and $1 million to $10 million in liabilities. ZHRO Power was
estimated to have up to $50,000 in assets and $10 million to $50
million in liabilities.
The Debtors tapped Michael W. Carmel, Ltd. as their bankruptcy
counsel; and Jaburg & Wilk, P.C. as their special counsel.
CH4 Power, LLC, the DIP Lender, and the ad hoc committee of
creditors are represented by Stinson LLP.
The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Oct. 28, 2019. The
committee is represented by Engelman Berger, P.C.
ALLIANCE SECURITY: Monitronics Says $1.9M Holdback Not Collectible
------------------------------------------------------------------
Monitronics International, Inc., filed an objection to the Second
Amended Disclosure Statement of Alliance Security, Inc.
In April 2008, the Debtor and Monitronics executed an Alarm
Monitoring and Purchase Agreement (the "AMPA") under which
Monitronics had the exclusive right to agree to purchase, at its
option, alarm services contracts from the Debtor. In addition, the
Debtor and a subsidiary of Monitronics executed that certain Master
Contract Monitoring Agreement (the "CMA") dated April 22, 2008,
under which the Debtor was obligated to pay Monitronics for
providing security system monitoring services for the Debtor's
customers. In addition to the indebtedness arising out of the AMPA
and the CMA, the Debtor is also indebted to Monitronics under a
promissory note dated April 13, 2015 in the original principal
amount of $2,000,000.
Monitronics filed a proof of claim (Claim No. 53) ("Moni's Proof of
Claim") asserting its secured claim of $1,560,000 as well as an
unsecured claim of $34,843,130.
According to Monitronics, the Debtor is unable to confirm a plan
without either treating or first adjudicating an objection to
Monitronics' Secured Claim, yet the Second Amended Plan only
provides that the Debtor will object to said claim within 60 days
of confirmation.
Monitronics asserts the Debtor has failed to include a liquidation
analysis in its filings. Instead, without disclosing the amount of
cash on hand from its asset sale, the Debtor's Second Amended Plan
and Disclosure Statement provides only for the following cash
payments:
a. the payment of the secured claims of PNC and Royal Bank
totaling $35,000;
b. the payment in full of professional and U.S. Trustee fees to
after entry of orders allowing those claims, all of which are
estimated to total no less than $635,000;
c. the payment of priority claims to taxing authorities in full
or pro rata of $6,250.57;
Another misstatement relating to Moni's Proof of Claim is at page
7of the Second Amended Disclosure Statement where the Debtor
maintains that it has "Accounts Receivable" due from Monitronics in
the amount of $1,900,000. The Second Amended Disclosure Statement
identifies this as "holdback" funds held by Monitronics pursuant to
the AMPA; however, the Second Amended Disclosure Statement fails
to take into account that this "holdback" amount was entirely
contingent and subject to netting. On the petition date, the
Debtor owed Monitronics $2.8 million for deferred replacement
contracts plus an additional $1.2 million for accounts that
defaulted within one year of purchase plus an indeterminate amount
for purchased accounts still subject to default. Accordingly, none
of the $1.9 million was collectible or vested.
Thus, the Second Amended Disclosure Statement's assertion that the
Debtor has an asset of $1,900,000 is completely illusory and
factually incorrect, according to Monitronics.
Attorneys for Monitronics:
Christopher J. Moser
Linda S. LaRue
Timothy A. York
QUILLING, SELANDER, LOWNDS WINSLETT & MOSER, P.C.
2001 Bryan Street, Suite 1800
Dallas, Texas 75201
Tel: (214) 871-2100
Fax: (214) 871-2111
E-mail: cmoser@qslwm.com
llarue@qslwm.com
tyork@qslwm.com
- and -
Patricia Antonelli
PATRICIA ANTONELLI LAW
E-mail: patty@pattyantonellilaw.com
Tel: 617-733-2234
About Alliance Security
Based in Warwick, Rhode Island, Alliance Security, Inc. --
http://www.alliancesecurity.com/-- is a security system supplier.
Alliance Security filed for Chapter 11 bankruptcy protection(Bankr.
D.R.I. Case No. 17-11190) on July 14, 2017. In the petition signed
by Jasjit Gotra, its president and CEO, the Debtor was estimated
its assets and liabilities at between $1 million and $10 million.
Judge Diane Finkle oversees the case.
The Debtor tapped the firm of Shechtman Halperin Savage, led by
Thomas E. Carlotto and James G. Atchison, as bankruptcy counsel;
Venable, LLP as its special counsel; and DiSanto, Priest & Co. as
its accountant.
The U.S. Trustee for the District of Rhode Island appointed an
official committee of unsecured creditors on July 27, 2017. The
Committee retained Robinson & Cole LLP as its counsel.
AMERICANN INC: Delays Form 10-K for Year Ended Sept. 30
-------------------------------------------------------
In a Form 12b-25 filed with the Securities and Exchange Commission,
Americann, Inc. said that it will be delayed in filing its Annual
Report on Form 10-K for the fiscal year ended Sept. 30, 2019. The
Company did not complete its financial statements for the year
ended Sept. 30, 2019 in sufficient time so as to allow the filing
of the report by Dec. 30, 2019.
About Americann
Headquartered in Denver, Colorado, AmeriCann is a cannabis company
that is developing cultivation, processing and manufacturing
facilities. AmeriCann uses greenhouse technology which is superior
to the current industry standard of growing cannabis in warehouse
facilities under artificial lights. AmeriCann is designing GMP
Certified cannabis extraction and product manufacturing
infrastructure. Through a wholly-owned subsidiary, AmeriCann
Brands, Inc., the Company intends to secure licenses to produce
cannabis infused products including beverages, edibles, topicals,
vape cartridges and concentrates. AmeriCann Brands, Inc. plans to
operate a Marijuana Product Manufacturing business at MMCC with
over 40,000 square feet of state-of-the art extraction and product
manufacturing infrastructure.
Americann reported a net loss of $4.43 million for the year ended
Sept. 30, 2018, compared to a net loss of $2.77 for the year ended
Sept. 30, 2017. As of June 30, 2019, the Company had $10.07
million in total assets, $3.03 million in total liabilities, and
$7.04 million in total stockholders' equity.
MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2016, issued a "going concern" opinion in its report on the
consolidated financial statements for the year ended Sept. 30,
2018, stating that the Company has suffered recurring losses from
operations and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.
ASOCIACION DE PROPIETARIOS: Unsecureds to Get 1.72% in Plan
-----------------------------------------------------------
Asociacion De Propietarios Condominio Radio Centro's Amended Plan
of Reorganization provides that general unsecured creditors
totaling $209,086.80 will recover less than 2 cents on the dollar.
General unsecured claimants will receive from the Debtor a
non-negotiable, interest bearing at 2.5% annually, promissory note
dated as of the Effective Date. Creditors in this class shall
receive a total repayment of 1.72% of their claimed or listed debt
which equals $36,000, plus 2.75% annual interest, to be paid pro
rata to all allowed claimants under this class. The Debtor will
comply with 72 equal monthly installments of $542.96 each
(principal plus 2.75% interest) to be distributed pro rata among
them. The debtor will commence with the monthly installments
within 60 days of the effective date of the Amended Plan.
Upon confirmation of the Amended Plan, the Debtor shall have
sufficient funds to make all payments then due under the Amended
Plan. The funds will be obtained from the condominium maintenance
fees and rental income.
A full-text copy of the Amended Plan of Reorganization dated
December 11, 2019, is available at https://tinyurl.com/t3dh2h5 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Lcda. Gloria Justiniano
Ensanchez Martínez
Calle A. Ramírez Silva
Mayagüez, PR 00680-4714
Tel: (787) 831-3577 & 805-2945
E-mail: justinianolaw@gmail.com
About Asociacion De Propietarios
Condominio Radio Centro
Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019. At the time of the filing,
the Debtor was estimated to have assets of less than $100,000 and
liabilities of less than $500,000. Gloria Justiniano Irizarry,
Esq., at JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.
BAHIA DEL SOL: Feb. 12, 2020 Disclosure Statement Hearing Set
-------------------------------------------------------------
On Dec. 10, 2019, Judge Brian K. Tester ordered that the hearing on
approval of the Disclosure Statement accompanying the Chapter 11
plan of debtor Bahia Del Sol Hotel Corporation is scheduled for
Feb. 12, 2020, at 2:00 p.m. at the U.S. Bankruptcy Court, Jose V.
Toledo Federal Building and U.S. Courthouse, 300 Recinto, Sur,
Courtroom No. 1, Second Floor, Old San Juan, Puerto Rico to
consider and rule upon the adequacy of the Disclosure Statement.
Objections to the form and content of the Disclosure Statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing. Objections not timely filed and served
will be deemed waived.
A full-text copy of the order is available at
https://tinyurl.com/tpank47 from PacerMonitor.com at no charge.
About Bahia Del Sol Corporation
Bahia Del Sol Hotel Corporation filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 19-03234) on June 5, 2019,
estimating under $1 million in both assets and liabilities. The
Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc., as counsel.
BERNSOHN & FETNER: Exclusivity Period Extended Until March 6
------------------------------------------------------------
Judge Robert Drain of the U.S Bankruptcy Court for the Southern
District of New York extended Bernsohn & Fetner LLC's exclusive
period to file a Chapter 11 plan and solicit acceptances to March
6.
The bankruptcy judge also set a March 6 deadline for the company to
file its plan and disclosure statement and an April 22 deadline to
obtain confirmation of the plan.
About Bernsohn & Fetner
Bernsohn & Fetner, LLC -- http://www.bfbuilding.com/-- is a
full-service construction management and general contracting firm
dedicated to residential, corporate, and retail construction.
Bernsohn also offers maintenance service for major New York
buildings. The Company was founded in 2003 by Steven Fetner and
Randall Bernsohn.
Bernsohn & Fetner sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-23707) on Nov. 7,
2017. Steven Fetner, managing member, signed the petition.
At the time of the filing, the Debtor disclosed $1.735 million in
assets and $920,000 in liabilities. The Debtor had no secured
debt.
Judge Robert D. Drain is the presiding judge.
The Debtor hired Bernsohn & Fetner LLC as its legal counsel, and
Vernon Consulting, Inc. as its financial advisor and accountant.
BROMPTON OIL: DBRS Lowers Preferred Shares Rating to Pfd-5
----------------------------------------------------------
DBRS Limited downgraded the rating of the Preferred Shares issued
by Brompton Oil Split Corp. (the Company) to Pfd-5 from Pfd-4
(low). The Company invests in common shares of at least 15
large-capitalization North American oil and gas issuers (the
Portfolio) selected from the S&P 500 Index and the S&P/TSX
Composite Index. The Company may also invest up to 25% of the
Portfolio value in the common shares of issuers listed on the S&P
500 Index or the S&P/TSX Composite Index that satisfy its
investment criteria, operating in energy subsectors including
equipment, services, pipelines, transportation, and infrastructure.
The Portfolio is approximately equally weighted, actively managed,
and rebalanced at least semi-annually. A portion of the Portfolio's
investments are denominated in U.S. dollars; however, substantially
all of this exposure is hedged back to Canadian dollars. The
Company has the ability to write covered call options or engage in
securities lending in order to generate additional income.
Dividends received on the Portfolio are used to pay a fixed
cumulative quarterly distribution to holders of the Preferred
Shares of $0.1250 per Preferred Share ($0.50 per annum or 5.0% per
annum on the initial issue price of $10.00 per Preferred Share).
The dividend coverage ratio was approximately 0.3 times as of
December 11, 2019. Holders of the Capital Shares (the Class A
Shares) may receive a regular monthly non-cumulative cash
distribution of $0.10 per Class A Share ($1.20 per annum), subject
to the asset coverage test, which does not permit any distributions
to holders of the Class A Shares if the net asset value (NAV) of
the Company falls below $15.00. Distributions to the Class A Shares
are currently suspended because of a decline in the Portfolio's NAV
and the asset coverage test not being met.
As of December 11, 2019, the downside protection available to
holders of the Preferred Shares was 0.6%. It has averaged around
this level in the last three months as a result of depressed prices
of energy stocks and the oil market struggling to recover from
lower demand and oversupply. Subsequently, because of the downside
protection reduction below acceptable levels for a prolonged period
of time and weak dividend coverage, which creates further grind on
the Portfolio, DBRS Morningstar downgraded the rating on the
Preferred Shares to Pfd-5.
The maturity date of the Preferred Shares is March 31, 2020. On
March 9, 2019, the Company announced an extension of the term for
another three to five years. The details of the term extension will
be announced at least 60 days before the maturity date.
The main constraints to the rating are the following:
(1) The downside protection available to holders of the Preferred
Shares depends on the value of the common shares held in the
Portfolio.
(2) The volatility of price and changes in the dividend policies of
the underlying issuers may result in significant reductions in
interest coverage or downside protection from time to time.
(3) Reliance on the manager to generate a high yield on the
Portfolio to meet distributions and other Company expenses without
having to liquidate portfolio securities.
(4) The concentration of the Portfolio in one industry
Notes: All figures are in Canadian dollars unless otherwise noted.
C.T.W. REALTY: Wilmington Trust Pushes Own Sale Plan
----------------------------------------------------
Wilmington Trust, N.A., Trustee for the Benefit of the Holders of
LCCM 2017-LC26 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2017-LC26, a secured creditor of debtor C.T.W.
Realty Corp., has submitted a proposed Chapter 11 plan for the
Debtor's estate.
The Debtor owns property at 55-59 Chrystie St., New York, NY, which
is valued at $28 million. Wilmington is owed $33.073 million as of
Dec. 5, 2018, with default interest accruing at a per diem rate of
$7,337.19, which claim is secured by the property.
Secured Creditor believes that, based on the Debtor's substandard
management of the Mortgaged Property giving rise to the Receiver
Order, the Judgment and the order in this case keeping the Receiver
in place, a sale of the Mortgaged Property is the only feasible
method for resolution of the outstanding claims. Secured Creditor
is hopeful that Rosewood will procure a buyer pursuant to the
Auction to maximize proceeds of the Mortgaged Property. However,
continued limbo for the Mortgaged Property threatens to deteriorate
its value further. Therefore, utilizing the benefits of the
Marketing Period, the Secured Creditor seeks to effectuate a sale
of the Mortgaged Property and has proposed this Plan as the most
efficacious way to monetize the maximum value of the Mortgaged
Property.
According to the Disclosure Statement to accompany the Secured
Creditor's Plan of Reorganization dated November 1, 2019, the
Allowed Secured Claim of Wilmington Trust shall, in the event of a
Sale, be paid in full in Cash from the Distribution Fund; provided,
however, that if the value of the Property is less than the amount
of the Allowed Secured Claim of Wilmington Trust, the balance of
such Claim which is not secured by the Property shall be treated as
a Class 3 General Unsecured Claim. Class 1 is Impaired.
Each holder of an Allowed Class 3 General Unsecured Claim shall in
the event of a Sale, receive one or more distributions on a Pro
Rata basis, up to one 100% of such Allowed General Unsecured Claim,
in full and final satisfaction of such Allowed General Unsecured
Claim, from the remaining proceeds of the Distribution Fund, if
any, promptly after the payment in full in Cash of all of the
following: (a) Administrative Claims, (b) Fee Claims, (c) the Class
1 Claim, (d) the Class 2 Claim, and (e) Priority Tax Claims, with
no post-Petition Date interest thereon. Class 3 is Impaired, and
holders of a Class 3 Claim are entitled to vote to accept or reject
the Plan.
Holders of unsecured claims classified as convenience claims in
Class 4 will receive Cash equal to the lesser of $2,500 or the
amount of its Allowed Claim without interest, whichever is smaller.
Class 4 is Impaired, and holders of a Class 4 Claim are entitled to
vote to accept or reject the Plan.
The Debtor's Owner, as the sole holder of an Interest in the Debtor
shall, in the event of a sale, receive a Pro Rata Portion of the
remaining proceeds of the Distribution Fund, if any, after the
payment of all classified and unclassified Allowed Claims. Class 5
Interests are Impaired, and the Debtor’s Owner is entitled to
vote.
The Plan shall be funded with cash on hand and the net proceeds of
a sale of the Property pursuant to the Bid Procedures and a cash
contribution from the Secured Creditor. The Sale Proceeds shall be
used solely to fund the Distribution Fund and utilized to satisfy
payments consistent with the terms of the Plan.
A full-text copy of the Disclosure Statement in support of
Wilmington's Plan is available at https://tinyurl.com/shj8g3r from
PacerMonitor.com at no charge.
Wilmington Trust is represented by:
PERKINS COIE LLP
1155 Avenue of the Americas, 22nd Floor
New York, New York 10036-2711
Tel: (212) 262-6902
E-mail: geisenberg@perkinscoie.com
About C.T.W. Realty Corp.
C.T.W. Realty Corp. is a single asset real estate company which was
formed for the ownership and management of that certain commercial
property located at 55-59 Chrystie Street, New York, NY 10002.
On May 6, 2019, Wilmington Trust, N.A., as Trustee for the Benefit
of the Holders of LCCM2017-LC26 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2017-LC26, filed Motion To Excuse
Compliance By Receiver With 11 U.S.C. Sec. 543. On June 4, 2019,
the Court entered an order granting the Receiver Motion.
C.T.W. Realty Corp., based in New York, NY, filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 19-11425) on May 1, 2019. In
the petition was signed by Gary M. Tse, president, the Debtor
estimated $10 million to $50 million in both assets and
liabilities. Steven B. Smith, Esq., at Herrick Feinstein LLP,
serves as bankruptcy counsel to the Debtor.
C.T.W. REALTY: Wilmington Trust Seeks Feb. 13 Hearing on Plan
-------------------------------------------------------------
Wilmington Trust, N.A., as Trustee for the Benefit of the Holders
of LCCM 2017-LC26 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2017-LC26, a secured creditor, is seeking an
order approving the Disclosure Statement with respect to its Plan
of Reorganization for debtor C.T.W. Realty Corp.
By this Motion, the Secured Creditor seeks entry of the Proposed
Order approving the Disclosure Statement, approving the proposed
form of ballot to be submitted to impaired classes under the Plan
and establishing various procedures and deadlines pertinent to the
confirmation process.
The Secured Creditor further submits that the comprehensive
information set forth in the Disclosure Statement is more than
adequate given the relatively straightforward treatment of claims
in the Plan, the limited value of any additional disclosure to
creditors and other parties in interest, and the increased legal
and financial costs to the Secured Creditor of providing additional
non-essential information in the Disclosure Statement. The Secured
Creditor requests that the Disclosure Statement be approved.
The Secured Creditor proposes that the ballot be approved to
provide that each such Holder of an Allowed Claim in Class 3 be
permitted to elect conditional treatment so that it receives the
greater of the distribution obtaining under Class 3 if Sale
proceeds are sufficient without any contribution from Proponent to
produce a greater distribution than would be realized by such
Holder receiving Class 4 treatment and the treatment for such
Holder receiving Class 4 treatment, in the event Sale proceeds are
insufficient to produce the result.
In accordance with the proposed solicitation schedule, the Secured
Creditor requests that the Confirmation Hearing be scheduled on
Feb. 13, 2020, which is more than 28 days after the hearing to
approve the Disclosure Statement. The proposed schedule complies
with the Bankruptcy Rules and will enable the Secured Creditor to
pursue confirmation of the Plan.
A full-text copy of the Motion is available at
https://tinyurl.com/v8gzufw from PacerMonitor.com at no charge.
Wilmington Trust is represented by:
PERKINS COIE LLP
Gary F. Eisenberg, Esq.
1155 Avenue of the Americas, 22nd Floor
New York, NY 10036
Tel: (212) 262-6900
Fax: (212) 977-1649
E-mail: geisenberg@perkinscoie.com
About C.T.W. Realty Corp.
C.T.W. Realty Corp. is a single asset real estate company which was
formed for the ownership and management of that certain commercial
property located at 55-59 Chrystie Street, New York, NY 10002.
On May 6, 2019, Wilmington Trust, N.A., as Trustee for the Benefit
of the Holders of LCCM2017-LC26 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2017-LC26, filed Motion To Excuse
Compliance By Receiver With 11 U.S.C. Sec. 543. On June 4, 2019,
the Court entered an order granting the Receiver Motion.
C.T.W. Realty Corp., based in New York, NY, filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 19-11425) on May 1, 2019. In
the petition was signed by Gary M. Tse, president, the Debtor was
estimated to have $10 million to $50 million in both assets and
liabilities. Steven B. Smith, Esq., at Herrick Feinstein LLP,
serves as bankruptcy counsel to the Debtor.
CARMAX INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
-------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CarMax Incorporated PLC to BB+ from BBB-.
CarMax Incorporated is the United States' largest used-car retailer
and a Fortune 500 company. The corporate entity behind the
formation of CarMax was Circuit City Stores, Inc. The first CarMax
used-car store opened in September 1993, 1.7 miles from Circuit
City's corporate offices in Richmond, Virginia.
CARVANA CO: Subsidiary Enters Into Transfer Agreement with Trust
----------------------------------------------------------------
In connection with a securitization transaction, a subsidiary of
Carvana Co. entered into a transfer agreement with a statutory
trust established for the securitization, pursuant to which the
securitization trust purchased from such subsidiary approximately
$520.0 million in principal balances of finance receivables. The
finance receivables sold pursuant to the Transfer Agreement
collateralize the asset-backed securities issued by the
securitization trust.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com/-- is a holding company that was formed as
a Delaware corporation on Nov. 29, 2016. Carvana is an e-commerce
platform for buying and selling used cars.
Carvana reported a net loss of $254.74 million in 2018, a net loss
of $164.32 million in 2017, and a net loss of $93.11 million in
2016. As of Sept. 30, 2019, Carvana had $1.68 billion in total
assets, $1.37 billion in total liabilities, and $311.18 million in
total stockholders' equity.
* * *
As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on Carvana Co. to reflect the
company's improved liquidity after it raised $480 million by
issuing about $230 million of common stock and a $250 million
add-on to its existing senior unsecured notes due 2023.
CHRISVIC BY THE SEA: Hires Almeida & Davila as Bankruptcy Counsel
-----------------------------------------------------------------
Chrisvic by the Sea, Corp. requests permission from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Almeida
& Davila, P.S.C. as counsel in this bankruptcy proceeding.
The Debtor agrees to pay Almeida & Davila, P.S.C. the amount of
$3,500.00 as retainer fee. The firm will also bill the Debtor:
-- $250.00 per hour, for work performed or to be performed by
Enrique M. Almeida Bernal, Esq., or by Zelma Davila Carrasquillo,
Esq.;
-- $175 per hour for work performed by its associate
attorneys; and
-- $85.00 for paralegals, plus expenses.
Almeida & Davila, P.S.C. attests that it is a disinterested person
as defined in 11 U.S.C. Sec. 101(14), since it and its members: (a)
are not the Debtor's creditors, equity security holders or
insiders; (b) are not and were not, within two years before the
date of the filing of the petition, directors, officers or
employees of the Debtor; and (c) they do not have an interest
materially adverse to the interest of the estate or of any class of
creditors or equity security holders, by reason of any direct or
indirect relationship to, connection with, or interest in, the
Debtor.
The firm may be reached at:
Enrique M. Almeida Bernal, Esq.
Zelma Davila Carrasquillo, Esq.
ALMEIDA & DaVILA, P.S.C.
PO Box 191757
San Juan, PR 00919-1757
Tel: (787) 722-2500
Fax: (787) 777-1376
Email: ealmeida@almeidadavila.com
About Chrisvic by the Sea
Chrisvic by the Sea, Corp. filed a voluntary Chapter 11 petition
(Bankr. D. P.R. Case No. 19-07109) on December 4, 2019, and is
represented by Enrique M. Almeida Bernal, Esq. and Zelma Davila
Carrasquillo, Esq., at Almeida & Davila, P.S. C. The Debtor listed
under $500,000 in both assets and liabilities.
COASTAL INTERNATIONAL: Seeks More Time to File Bankruptcy Plan
--------------------------------------------------------------
Coastal International, Inc. filed a motion seeking to extend the
exclusivity period to file a Chapter 11 plan to March 13 and the
period to solicit acceptances for the plan to May 15.
The company believes that it will propose a viable plan that will
be confirmed but is concerned that without an extension of
exclusivity, it may be forced to deal with a competing plan during
the confirmation process.
About Coastal International
Coastal International, Inc. is a Nevada corporation formed in 1984,
which provides trade show installation and dismantling services in
the exhibit and event industry. Its operations extend into major
cities across the United States, and the Company maintains a staff
of trained, full-time employees to handle most any installation and
dismantling project from start to finish. Coastal generated
approximately $24 million in revenues during 2018.
Coastal International, Inc., sought creditor protection under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-13584) on Sept. 15, 2019. At the time of the filing, the Debtor
was estimated to have assets of between $1 million and $10 million
and liabilities of between $10 million and $50 million. The case
has been assigned to Judge Theodor Albert. The Debtor is
represented by Weiland Golden Goodrich LLP.
COLFAX CORP: Moody's Alters Outlook on Ba2 CFR to Stable
--------------------------------------------------------
Moody's Investors Service affirmed Colfax Corporation's corporate
family rating at Ba2, the Probability of Default Rating at Ba2-PD
and the senior unsecured ratings at Ba2. In addition, the
Speculative Grade Liquidity rating was maintained at SGL-2. The
rating outlook was changed to stable from negative.
The affirmations and outlook change to stable follow the sale of
the Air & Gas Handling business and application of $1.6 billion of
proceeds to pay down debt, an important step towards lowering
leverage to below 4x. The rating actions also include Moody's
expectations for the integration of DJO to continue progressing to
plan as well as the anticipation that medical technology revenues
will add resiliency to the top line while boosting margins and cash
flow.
RATINGS RATIONALE
Colfax's ratings reflect enhanced revenue diversification with
Moody's expectation that medical technology revenues will
contribute steady, higher margin growth to help offset periodic
softness in the more cyclical fabrication technology segment.
Following some remaining restructuring outlays and catch-up
investments in the medical technology segment, the improving margin
profile is expected to translate into a step-change in cash
generation, pushing free cash flow above $250 million in 2020.
The sale of Air & Gas Handling not only de-risked the balance sheet
but shed a cyclical, lower growth, lower margin business. Pro forma
debt-to-EBITDA for 2019, including Moody's standard adjustments, is
expected to be near 4x, a level more appropriate for the mid-Ba
rating range. Moody's expects continued de-levering in 2020, albeit
at a slower pace, with improvement driven by a combination of
modest earnings growth and further debt repayment from aggregate
free cash flow. Over the longer-term, Moody's anticipates future
acquisitions to be concentrated in the medical technology space
where acquisition multiples are traditionally higher, potentially
resulting in periodic spikes in leverage. However, Moody's expects
the company to maintain a capital structure that can accommodate
these shorter-term swings in leverage, with credit metrics
returning to levels more appropriate for the current rating level
within 12-18 months.
The SGL-2 rating denotes a good liquidity profile supported by
annual free cash flow that should exceed $250 million in 2020, the
expectation for the company to maintain a cash balance in the $150
- $200 million range and approximately $875 million of availability
under a recently downsized $975 million senior unsecured revolving
credit facility set to expire in 2024. The bank agreement includes
maintenance covenants -- minimum interest coverage and a total
leverage ratio - that Moody's expects the company to remain in
compliance with through 2020.
From a corporate governance perspective, Colfax expanded into the
medical technology space, which represented a shift in corporate
strategy and involved a significant amount of debt funding. The
sale of Air & Gas Handling with proceeds used to repay debt
demonstrated a commitment to returning leverage towards
pre-acquisition levels. Accordingly, Moody's expects the company to
maintain a prudent financial policy when funding future purchases,
likely in the medical technology space. Additionally, the company
does not have a history of large, steady share repurchases and does
not pay a recurring dividend to equity investors.
Considering social impacts to the credit profile, expansion into
the medical technology market creates elevated elements of social
risk, including responsible production as well as other social and
demographic trends. Risks associated with responsible production
include compliance with regulatory requirements for safety of
medical devices as well as adverse reputational risks arising from
recalls, safety issues or product liability litigation. Medical
device companies generally benefit from demographic trends, such as
the aging of the populations in developed countries. However,
increasing utilization may pressure payors, including individuals,
commercial insurers or governments to seek to limit use and/or
reduce prices paid. Moody's believes the near-term risks to pricing
are manageable, but rising pressures may evolve over a longer
period as healthcare costs continue to rise.
The stable outlook reflects Moody's expectations for steady organic
revenue growth (3%+), improving margins and free cash flow and
modest, if any, debt-funded acquisitions over the next twelve
months. Moody's expects Colfax to focus on positioning both
businesses for longer-term, outsized revenue growth, but especially
the medical technology segment by increasing research & development
spending to rejuvenate product innovation.
Ratings could be upgraded if debt-to-EBITDA trends towards 3x and
free cash flow-to-debt settles in the low-teens range. Accelerated
margin expansion, combined with stronger free cash flow would also
be supportive of positive rating pressure. In addition, the
continuation of prudent balance sheet management, acknowledging the
likelihood of further acquisitions in the medical technology space,
would be a precursor for a higher rating.
Ratings could be downgraded if debt-to-EBITDA moves above 4x for an
extended period or if margins face downward pressure despite a full
run-rate contribution from higher-return medical technology
revenues. The inability to increase free cash flow from the current
$200 million/year range could also pressure ratings.
Moody's took the following rating actions on Colfax Corporation:
Corporate Family Rating affirmed at Ba2
Probability of Default Rating affirmed at Ba2-PD
Senior Unsecured notes affirmed at Ba2 (LGD4)
Speculative Grade Liquidity rating maintained at SGL-2
Outlook, changed to Stable from Negative
Colfax Corporation's Fabrication Technology segment develops and
manufactures consumable products and equipment for use in the
cutting and joining of steels, aluminum, other metals and metal
alloys largely under the ESAB brand. The Medical Technology segment
develops and manufactures medical devices used for rehabilitation,
pain management and physical therapy marketed under a portfolio of
brands. Pro forma revenues for full-year 2019 are expected to be in
the $3.5 billion range.
The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.
CORT & MEDAS: Secured Creditor Insists on Competing Plan
--------------------------------------------------------
1414 Utica Avenue Lender LLC, a secured creditor and mortgagee of
debtor Cort & Medas Associates, LLC, responded to the Cort & Medas'
objection for the entry of an order approving the Disclosure
Statement to the Secured Creditor's Plan of Liquidation for the
Debtor.
The Secured Creditor asserts that the Debtor's Objection does not
provide any basis to deny Secured Creditor's Motion to approve its
Disclosure Statement.
The Debtor claims because there are similarities with Debtor's
First Amended Plan and Secured Creditor's Plan the Motion should be
denied to prevent competing plans. However, while Secured
Creditor's Plan, and the Debtor's Plan both seek to sell the
Property at public auction, there is no basis to permit the Debtor
to control the sale process at this late juncture when the instant
bankruptcy case has been pending since March 2019.
The Debtor, according to the Secured Creditor, incorrectly claims
that the Debtor's Amended Plan and retention of Rosewood Realty
will maximize the value of the Property and lead to preferable
bidding procedures. However, these claims are speculative and
represent nothing more than a delaying tactic. There is no basis
for the Debtor assert its business judgment over the Secured
Creditor's business judgment in the context of Secured Creditor's
Plan.
The Secured Creditor avers that notwithstanding the Debtor's
attempt to confuse the Court, the Disclosure Statement adequately
discloses what creditors will receive under the Plan. The Plan and
Disclosure Statement provide that ESCDC (and general unsecured
creditors) will receive a pro rata distribution based upon the
amount of proceeds derived from the sale of the Property. In
event sale proceeds are inadequate, the Secured Creditor says it
will provide a cash contribution to pay Bankruptcy Fees,
Priority/Admin Claims, and Government Secured Claims in the total
amount of $201,957.30.
A full-text copy of the objection's reply is available at
https://tinyurl.com/ubmm9yn from PacerMonitor.com at no charge.
1414 Utica Avenue is represented by:
KRISS & FEUERSTEIN LLP
Jerold C. Feuerstein, Esq.
Stuart L. Kossar, Esq.
360 Lexington Avenue, Suite 1200
New York, NY 10017
Tel: (212) 661-2900
Fax: (212) 661-9397
E-mail: jfeuerstein@kandfllp.com
skossar@kandfllp.com
About Cort & Medas Associates
Cort & Medas Associates, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-41313) on March 6,
2019. At the time of the filing, the Debtor was estimated to have
assets and liabilities of between $1 million and $10 million. The
case is assigned to Judge Carla E. Craig. Shafferman & Feldman LLP
is the Debtor's legal counsel.
COUNTRY MORNING: Jan. 14, 2020 Plan Confirmation Hearing Set
------------------------------------------------------------
Debtors Country Morning Farm, Inc., and Country Morning Farms
Cattle, LLC, filed with the U.S. Bankruptcy Court for the Eastern
District of Washington a motion for an order approving the Debtors'
First Amended Disclosure Statement.
On Dec. 5, 2019, Judge Frederick P. Corbit approved the Second
Amended Disclosure Statement and established the following dates
and deadlines:
* Jan. 3, 2020, is fixed as the last date for filing Ballots
accepting or rejecting the Plan.
* Jan. 6, 2020, is fixed as the date for Debtors to file the
Report of Ballots.
* Jan. 9, 2020, is fixed as the last date for filing and serving,
pursuant to FRBP 3020(B)(1), written objections to confirmation of
the Plan.
* Jan. 13, 2020, at 9:00 a.m. is fixed as the last date for
filing and serving, written responses to any objections to
confirmation of the Plan.
* Jan. 14, 2020, at 9:00 a.m., in court at 904 W Riverside,
Spokane, Washington is the confirmation hearing.
A full-text copy of the Disclosure Statement Order is available at
https://tinyurl.com/uwj3xv3 from PacerMonitor.com at no charge.
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.
DELCATH SYSTEMS: Implements 1-for-700 Reverse Stock Split
---------------------------------------------------------
Delcath Systems, Inc., has implemented a 1-for-700 reverse stock
split of the Company's issued and outstanding shares of common
stock, par value $0.01 per share, effective Dec. 24, 2019. The
Reverse Split was effected by the filing of a Certificate of
Amendment to the Company's Amended and Restated Certificate of
Incorporation with the Secretary of State of the State of Delaware.
The Certificate of Amendment did not change the number of shares
of Common Stock authorized for issuance by the Company, the par
value of the Common Stock, or any other terms of the Common Stock.
Pursuant to a reset formula included in the terms of the Company's
Series E Convertible Preferred Stock and Series E-1 Convertible
Preferred Stock, as a result of the Reverse Split the conversion
price of the Preferred Stock was reduced from $42.00 per share
(after giving effect to the Reverse Split) to $25.36 per share and
an additional 648,673 shares of Common Stock became issuable upon
the conversion of the outstanding Preferred Stock.
Accordingly, after giving effect to this adjustment, a total of
1,637,208 shares of Common Stock are issuable upon the conversion
of the outstanding shares of Preferred Stock.
Pursuant to a similar reset formula included in the terms of the
Company's warrants issued in connection with the sale of the
Preferred Stock, as a result of the Reverse Split the exercise
price of the 2019 Warrants was reduced from $42.00 per share (after
giving effect to the Reverse Split) to $25.36 per share. As a
result of such reset formula, the number of shares of Common Stock
issuable upon the exercise of the outstanding 2019 Warrants also
was proportionately increased by 657,547 shares. Accordingly,
after giving effect to these adjustments, a total of 1,659,539
shares of Common Stock are issuable upon the exercise of the
outstanding 2019 Warrants.
About Delcath Systems
Headquartered in New York, Delcath Systems, Inc. -- www.delcath.com
-- is an interventional oncology company focused on the treatment
of primary and metastatic liver cancers. The Company's
investigational product -- Melphalan Hydrochloride for Injection
for use with the Delcath Hepatic Delivery System (Melphalan/HDS) --
is designed to administer high-dose chemotherapy to the liver while
controlling systemic exposure and associated side effects. The
Company has been enrolling a global Registration clinical trial for
Patients with Hepatic Dominant Ocular Melanoma (OM) called The
FOCUS Trial and have initiated a global Phase 3 clinical trial for
intrahepatic cholangiocarcinoma (ICC) called The ALIGN Trial.
Melphalan/HDS has not been approved by the U.S. Food & Drug
Administration (FDA) for sale in the U.S. In Europe, its system is
marketed under the trade name Delcath Hepatic CHEMOSAT Delivery
System for Melphalan (CHEMOSAT) and has been used at major medical
centers to treat a wide range of cancers of the liver. Since
January 2019 CHEMOSAT is marketed under an exclusive licensing
agreement with medac, a privately held multi-national
pharmaceutical company headquartered in Germany and specializing in
the treatment and diagnosis of oncological, urological and
autoimmune diseases.
Delcath reported a net loss of $19.22 million for the year ended
Dec. 31, 2018, following a net loss of $45.12 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $18.89
million in total assets, $37.72 million in total liabilities, and a
total stockholders' deficit of $18.82 million.
Marcum LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
June 14, 2019, on the consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a working
capital deficiency, has incurred losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
DELCATH SYSTEMS: Registers 1.7 Million Shares for Possible Resale
-----------------------------------------------------------------
Delcath Systems, Inc. filed with the Securities and Exchange
Commission a Form S-1 registration statement relating to the
re-sale by certain selling stockholders of up to an aggregate of
1,670,894 shares of common stock, $0.01 par value per share, of the
Company.
All net proceeds from the sale or other disposition of the shares
of Common Stock covered by this prospectus will go to the Selling
Stockholders. The Company will receive none of the proceeds from
the sale or other disposition of the shares of common stock covered
by this prospectus by the Selling Stockholders. The Company may
receive proceeds upon the exercise of outstanding warrants for
shares of Common Stock covered by this prospectus if the warrants
are exercised for cash. The Company will bear all expenses of
registration incurred in connection with this offering, but all
selling and other expenses incurred by the Selling Stockholders
will be borne by them.
The Company's Common Stock trades on the OTCQB marketplace
maintained by OTC Markets Group Inc. under the symbol "DCTH". On
Dec. 24, 2019, the Company effected a one-for-700 reverse split of
its Common Stock.
The Selling Stockholders may be deemed "underwriters" within the
meaning of the Securities Act of 1933, as amended, in connection
with the resale or other disposition of the shares of common stock
covered by this prospectus.
Below is a list of 10 of the 51 Selling Stockholders:
(1) Investor Company ITF Rosalind Master Fund L.P.
(2) Rosalind Opportunities Fund I L.P.
(3) Altium Growth Fund, LP
(4) Hudson Bay Master Fund Ltd.
(5) Empery Asset Master Ltd.
(6) Empery Tax Efficient, LP
(7) Empery Tax Efficient II, LP
(8) Sabby Volatility Warrant Master Fund, Ltd.
(9) Bigger Capital Fund, LP
(10) District 2 Capital Fund LP
A full-text copy of the prospectus is available for free at the
SEC's website at:
https://is.gd/exxJB5
About Delcath Systems
Headquartered in New York, Delcath Systems, Inc. --
http://www.delcath.com/-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's investigational product -- Melphalan Hydrochloride
for Injection for use with the Delcath Hepatic Delivery System
(Melphalan/HDS) -- is designed to administer high-dose chemotherapy
to the liver while controlling systemic exposure and associated
side effects. The Company has been enrolling a global Registration
clinical trial for Patients with Hepatic Dominant Ocular Melanoma
(OM) called The FOCUS Trial and have initiated a global Phase 3
clinical trial for intrahepatic cholangiocarcinoma (ICC) called The
ALIGN Trial. Melphalan/HDS has not been approved by the U.S. Food
& Drug Administration (FDA) for sale in the U.S. In Europe, its
system is marketed under the trade name Delcath Hepatic CHEMOSAT
Delivery System for Melphalan (CHEMOSAT) and has been used at major
medical centers to treat a wide range of cancers of the liver.
Since January 2019 CHEMOSAT is marketed under an exclusive
licensing agreement with medac, a privately held multi-national
pharmaceutical company headquartered in Germany and specializing in
the treatment and diagnosis of oncological, urological and
autoimmune diseases.
Delcath reported a net loss of $19.22 million for the year ended
Dec. 31, 2018, following a net loss of $45.12 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $18.89
million in total assets, $37.72 million in total liabilities, and a
total stockholders' deficit of $18.82 million.
Marcum LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
June 14, 2019, on the consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a working
capital deficiency, has incurred losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
DIVERSE LABEL: Court Confirms Third Amended Plan of Liquidation
---------------------------------------------------------------
Debtor Diverse Label Printing, LLC, won approval of its Third
Amended Plan of Liquidation.
On Aug. 30, 2019, the Debtor, Cargill, Bank Capital Services, LLC
d/b/a F.N.B. Equipment Finance, James B. Angell, in his capacity as
Chapter 7 trustee for Brian C. Ewert acting for the Brian C. Ewert
bankruptcy estate and acting as manager of ODDS, LLC, DLP Holdings,
LLC and Jet Me Around, LLC, and Everett B. Saslow, Jr., in his
capacity as Chapter 7 trustee for RFS, Inc., entered into a
comprehensive Settlement Agreement resolving claims by and among
the parties (the "Global Settlement Agreement").
Cargill Incorporated and Cargill Meat Solutions Corporation
(collectively, "Cargill") filed Claim Numbers 45 and 47,
respectively, in the Debtor's proceeding, each in the amount of
$111,172,680 (collectively, the "Cargill Claims"). The Cargill
Claims were designated as unsecured claims but are contested by the
Debtor and the Committee. The Cargill Claims are duplicate claims
and are related to the judgment obtained by Cargill in January of
2018 against WDS, Inc., Brian Ewert and Jennifer Maier in
litigation filed by Cargill in the United States District Court for
the Western District of North Carolina. Confirmation of the Plan
shall constitute approval by the Court of a compromise and
settlement of the Cargill Claims pursuant to Bankruptcy Rule 9019,
as follows:
7.1. The Cargill Claims shall be consolidated into Claim Number
47 and Claim Number 45 shall be disallowed as a duplicate claim.
7.2. Claim Number 47 shall be allowed as (i) a Class 1 Unsecured
Claim in the amount of $8,000,000, (ii) a Class 2 Subordinated
Claim in the amount of $32,818,142, and (iii) a Class 4 Penalty
Claim in the amount of$70,354,538.
7.3. Any recovery by Cargill on the Cargill Claims from a source
other than the Debtor's Estate shall be credited against Cargill's
allowed Class 2 Subordinated Claim.
7.4. Except for the allowance of Claim Number 47 as set forth in
Section7.2 above, the Debtor, on behalf of itself and the
Estate,releases Cargill and Cargill releases the Debtor and the
Estatefrom any obligations, liabilities, causes of action, damages,
claims, and demands of any kind whatsoever, at law or in equity,
direct or indirect, known or unknown, discovered or undiscovered,
any element of which arose or accrued on or before the entry of the
Confirmation Order.
7.5. If the Plan is confirmed, Cargill will support any
objection filed by the Debtor seeking the denial or subordination
of the scheduled and filed claims of WDS, Inc., ODDS, LLC, RFS,
Inc., Brian Ewert and Tracy Ewert.
The Court entered an order on Oct. 23, 2019, which approved the
adequacy of the information contained in the Third Amended
Disclosure Statement.
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Greensboro Division, convened a hearing on Dec. 3, 2019,
in Courtroom #2, U.S. Bankruptcy Court, Greensboro, North Carolina,
to consider confirmation of the Third Amended Plan of Liquidation
filed by debtor Diverse Label Printing on Sept. 9, 2019.
The Plan provides for payment in full of all priority claims on or
before the later of (i) 30 days after the deadline to file
objections to Claims has expired, or (ii) if disputed, 30 days
after the allowed amount of such Claim has been determined by the
Court pursuant to a Final Order. Priority claims are not classified
in the Plan and holders of such claims are not entitled to vote on
acceptance or rejection of the Plan.
The Plan satisfies the requirements of Section 1129(a)(1), as set
forth in the preceding paragraphs of this Order.
The Debtor obtained permission for the use of cash collateral,
obtained permission to hire its professionals employed during the
case, properly solicited approval for the Plan, and otherwise
complied with all provisions of the Bankruptcy Code. The Plan
satisfies the requirements of Section 1129(a)(2).
The Court concludes that any conditions precedent to confirmation
of the Plan have been satisfied. The Court further concludes that
the Debtor has satisfied all the requirements of the Bankruptcy
Code necessary to obtain confirmation of the Plan, confirmation of
the Plan is in the best interest of the Debtor, its estate,
creditors, and all other parties in interest, and the Plan, subject
to the specific modifications set forth below, is hereby confirmed.
A full-text copy of the Plan Confirmation Order is available at
https://tinyurl.com/ssbcsrg from PacerMonitor.com at no charge.
About Diverse Label Printing
Diverse Label Printing, LLC, a company in Burlington, North
Carolina, specializes in producing labels for food, food
processing, supermarket, consumer goods, and other uses. Diverse
Label sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Case No. 18-10792) on July 23, 2018. In the
petition signed by CEO Ed Bidanset, the Debtor disclosed
$15,750,989 in assets and $10,499,186 in liabilities. Judge
Catharine R. Aron oversees the case. The Debtor tapped Northen
Blue, LLP, as its legal counsel, and Nelson & Company, PA as its
accountant.
DOVE REAL ESTATE: Has Until Feb. 21, 2020 to File Plan & Disclosure
-------------------------------------------------------------------
On Dec. 5, 2019, the U.S. Bankruptcy Court for the Central District
of California, Santa Ana Division, conducted a Chapter 11 Status
Conference to consider the Chapter 11 status report filed on behalf
of Debtor Dove Real Estate & Association Management, LLC.
Judge Erithe Smith ordered that:
* The Status Conference is continued to April 9, 2020, at 10:30
a.m. The debtor shall file an updated status report and serve a
copy of the same upon the United States Trustee not later than
March 26, 2020, unless a plan and disclosure statement have been
timely filed, in which case the requirement of a status report will
be waived.
* The Debtor will file its plan of reorganization and disclosure
statement on or before Feb. 21, 2020. The failure of Debtors to
file a plan and disclosure statement by such date may result in the
dismissal or conversion of this case upon the submission of a
declaration by the U. S. Trustee indicating Debtors' noncompliance
with this provision.
A full-text copy of the order is available at
https://tinyurl.com/upud5ey from PacerMonitor.com at no charge.
About Dove Real Estate
Dove Real Estate & Association Management LLC filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-13770) on Sept. 27, 2019, in
Santa Ana, California. In the petition signed by its CEO, Kevin
Shelton, the Debtor was estimated to have assets of less than
$100,000 and debt under $1 million. WEINTRAUB & SELTH APC is the
Debtor's counsel.
EMERGE ENERGY: Unsecureds to Get 5% of New LP Interests
-------------------------------------------------------
Emerge Energy Services LP and its Affiliate Debtors jointly propose
the Second Amended Plan of Reorganization for the resolution of the
outstanding Claims against, and Equity Interests in, each of the
Debtors.
The Plan deems a Claim or Equity Interest to be classified in a
particular Class only to the extent that the Claim or Equity
Interest qualifies within the description of that Class and shall
be deemed classified in a different Class to the extent that any
remaining portion of such Claim or Equity Interest qualifies within
the description of such different Class.
Each Holder of an Allowed Class 6 Claim shall receive, in full
satisfaction, settlement, discharge and release of such Allowed
Class 6 Claim, its Pro Rata share of 5.0% of the New Limited
Partnership Interests issued and outstanding on the Effective Date
prior to dilution by the New Management Incentive Plan Equity and
any issuances pursuant to the New Warrants and New Warrants
representing 10.0% of the New Limited Partnership Interests issued
and outstanding on the Effective Date prior to dilution by the New
Management Incentive Plan Equity.
The Plan incorporates a compromise and settlement of various
potential Claims and Causes of Action of the parties to the
Restructuring Support Agreement, in the form of the Global
Settlement. The Global Settlement is a cornerstone of the Plan and
necessary to achieve a beneficial and efficient resolution of the
Chapter 11 Cases for all parties in interest. Pursuant to the
Global Settlement, solely if Class 6 votes to accept the Plan, the
Majority Noteholders have agreed to carve out from their collateral
a settlement fund consisting of:
* 5% of the New Limited Partnership Interests, subject to
dilution by the New Management Incentive Plan Equity and the New
Warrants; and
* New Warrants for 15% of the equity of the Reorganized Debtors,
subject to dilution by the New Management Incentive Plan Equity.
All Cash necessary for the Debtors or the Reorganized Debtors to
make payments required pursuant to this Plan will be obtained from
their respective Cash balances, including Cash from operations, the
Wind-Down Reserve established pursuant to this Plan and solely in
connection with Emerge GP's dissolution, and the Exit Facility
Credit Agreement. The Debtors and the Reorganized Debtors, as
applicable, may also make such payments using Cash received from
their subsidiaries through their respective consolidated cash
management systems and the incurrence of intercompany transactions,
but in all cases subject to the terms and conditions of the
Restructuring Documents.
A full-text copy of the Second Amended Plan of Reorganization dated
Dec. 10, 2019, is available at https://tinyurl.com/qmgaftw from
PacerMonitor.com at no charge.
About Emerge Energy Services LP
Emerge Energy Services LP -- http://www.emergelp.com/-- is engaged
in the mining, processing and distributing silica sand, a key input
for the hydraulic fracturing of oil and gas wells. The Company and
its affiliates conduct their mining and processing operations from
facilities located in Wisconsin and Texas. In addition to mining
and processing silica sand primarily for use in the oil and gas
industry, they also, to a lesser degree, sell their sand for use in
building products and foundry operations. Emerge Energy was formed
in 2012 by management and affiliates of Insight Equity Management
Company LLC and its affiliated investment funds.
Emerge Energy Services and its affiliates protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11563)
on July 15, 2019.
As of Sept. 30, 2018, the Debtors had total assets of $329,385,000
and total liabilities of $266,077,000.
The Debtors tapped Richards, Layton & Finger, P.A. and Latham &
Watkins LLP as bankruptcy counsel; Houlihan Lokey Capital Inc. as
financial advisor; and Kurtzman Carson Consultants LLC as claims
and noticing agent and administrative advisor. The Debtors also
hired Ankura Consulting Group LLC to provide interim management
services.
FIRST FLORIDA: Exclusivity Period Extended to Jan. 17
-----------------------------------------------------
Judge Jerry Funk of the U.S. Bankruptcy Court for the Middle
District of Florida extended to Jan. 17 the period during only
First Florida Living Options, LLC can file a Chapter 11 plan.
The company can solicit acceptances for the plan until March 20.
About First Florida Living Options
First Florida Living Options LLC, formerly known as Surrey Place of
Ocala, conducts its business under the names Hawthorne Health and
Rehab of Ocala, Hawthorne Village of Ocala and Hawthorne Inn of
Ocala. The company is based in Ocala, Fla.
First Florida Living Options filed a Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-02764) on July 22, 2019. The petition was
signed by John M. Crock, vice president of Florida Living Options.
The Debtor was estimated to have $1 million to $10 million in both
assets and liabilities as of the bankruptcy filing. Johnson Pope
Bokor Ruppel & Burns, LLP is the Debtor's bankruptcy counsel.
FTE NETWORKS: Repurchases 100 Shares of Series H Preferred Stock
----------------------------------------------------------------
FTE Networks, Inc. entered into a preferred stock repurchase
agreement with Fred Sacramone and Brian McMahon, pursuant to which
the Company repurchased from the Sellers 100 shares of Series H
Preferred Stock, par value $0.01 per share, of the Company, for an
aggregate purchase price of $100. The Series H Preferred Stock
repurchased by the Company pursuant to the Repurchase Agreement
represented all of the issued and outstanding shares of Series H
Preferred Stock. Following such repurchase, these shares of Series
H Preferred Stock were cancelled and returned to the status of
authorized but unissued shares of Series H Preferred Stock. The
Repurchase Agreement contains customary representations, warranties
and covenants of each party.
Changes in Control of Registrant
As a result of the Company's repurchase and cancellation of all of
the outstanding shares of Series H Preferred Stock, the Company
experienced a change in control.
Prior to the cancellation of the Series H Preferred Stock, pursuant
to the Certificate of Designation of Series H Preferred Stock filed
with the Secretary of State of the State of Nevada effective as of
June 29, 2019, the holders of the Series H Preferred Stock, voting
separately as a class, had the right to vote on all shareholder
matters equal to 51% of the total number of votes to be cast by all
classes or series of capital stock of the Company. Moreover, the
Company was prohibited, without the affirmative vote of the holders
of at least 66-2/3% of the outstanding shares of Series H Preferred
Stock, from amending, altering or repealing any provision of the
Certificate of Designation. The Series H Preferred Stock was not
entitled to any dividends, liquidation preference, conversion
rights or redemption rights, but by virtue of the foregoing voting
provisions, it exercised control over all matters submitted to a
vote of the shareholders.
Following the consummation of the transactions contemplated by the
Repurchase Agreement, the Series H Preferred Stock has been
cancelled and the former holders the Series H Preferred Stock no
longer control the vote on all matters submitted to a vote of the
shareholders.
As a result of the repurchase and cancellation of the outstanding
Series H Preferred Stock, control over the Company has been
restored to the holders of the Company's outstanding voting stock,
which currently consists of the Company's Common Stock and the
Company's Series A Preferred Stock and Series A-1 Preferred Stock.
Pursuant to the Company's Amended and Restated Articles of
Incorporation filed with the Secretary of State of the State of
Nevada on April 24, 2008, subject to certain protective voting
provisions with respect to the Company's outstanding preferred
stock, matters submitted to a vote of the shareholders may be
approved by holders of a majority of the Company's outstanding
Common Stock and the Company's Series A Preferred Stock and Series
A-1 Preferred Stock, voting as a single class. Each share of
Common Stock entitles the holder thereof to one vote per share,
while each share of Series A Stock and Series A-1 Stock entitles
the holder thereof to the number of votes equal to the number of
whole shares of Common Stock into which such shares are
convertible. No other class of voting securities is currently
outstanding.
The Company is not aware of any arrangements or understandings
among members of either the former or new control group and their
associates with respect to election of directors or other matters.
There are no arrangements known to the Company, including any
pledge by any person of securities of the Company, the operation of
which may at a subsequent date result in a change in control of the
Company.
Amendments to Articles of Incorporation
On Dec. 23, 2019, the Company filed a Certificate of Designation
with the Secretary of State of the State of Nevada to amend its
Amended and Restated Articles of Incorporation. The Certificate of
Designation, which was effective upon filing, fixes the
designations, preferences, limitations and relative rights of 2,500
shares of the Company's Series I Non-Convertible Preferred Stock,
$0.01 par value per share. The Series I Preferred Stock has no
dividend rights, no liquidation preference, is not convertible and
has no voting rights.
About FTE Networks
Formerly known as Beacon Enterprise Solutions Group, FTE Networks,
Inc. -- http://www.ftenet.com/-- through its subsidiaries
Crosslayer and Juscom divisions provide technology solutions for
smart building platforms, edge computing and network infrastructure
solutions for residential and commercial properties. The Company
creates transformative smart platforms and buildings. FTE's
services are predicated on smart design and consistent standards
that reduce deployment costs and accelerate delivery of leading
edge projects and services. The Company works with Fortune 100/500
companies, including some of the world's leading Telecommunications
and IT Services Providers as well as REITs and Media Providers.
FTE Networks reported a net loss attributable to common
shareholders of $20.11 million for the year ended Dec. 31, 2017,
following a net loss attributable to common shareholders of $6.31
million for the year ended Dec. 31, 2016. As of Sept. 30, 2018,
the Company had $158.88 million in total assets, $164.44 million in
total liabilities, and a total stockholders' deficit of $5.56
million.
On July 2, 2019, FTE Networks completed its previously announced
debt restructuring by entering into an amended and restated Credit
Agreement by and among the Company and its subsidiaries, Lateral
Juscom Feeder LLC and several lenders party thereto and by amending
and restating its Series A convertible notes and Series B
promissory notes issued to Fred Sacramone and Brian McMahon and a
super-senior bridge loan note issued to Mr. Sacramone. Pursuant to
the Credit Agreement Amendment, terms of the $12.9 million
super-senior bridge loan were amended to extend the maturity to
Sept. 30, 2020, to amend the interest rate to 12% per annum payable
in cash, to add a 4% extension fee to the principal amount (subject
to reduction) and to provide for monthly amortization payments
based on available cash flow. In addition, the terms of the $37.9
million senior debt were amended to extend the maturity to April
30, 2021, amend the interest rate to 12% per annum payable in cash,
to add a 4% extension fee to the principal amount thereof (subject
to reduction) and to include monthly amortization payments based on
available cash flow.
On Dec. 11, 2019, FTE Networks notified the NYSE American LLC that
the Company was not in compliance with Section 301 and Section
713(a) of the NYSE American Company Guide as a result of the
Company's issuance of shares of its common stock, par value $0.001
per share, without stockholder approval, in an amount equal to more
than 20% of its then-outstanding stock for less than the greater of
book or market value of the stock, and without submitting an
application for the listing of additional shares with the
Exchange.
FTE Networks received on Oct. 14, 2019 a notice of
non-compliance from the NYSE Regulation staff of the New York Stock
Exchange advising the Company that it was no longer in compliance
with NYSE's continued listing requirements set forth in Part 8 of
the NYSE American Company guide as a result of the board
resignations that were disclosed in the Company's Form 8-K filed on
Oct. 11, 2019.
On Oct. 17, 2019, the NYSE notified the Company that it had
determined to accept its request and granted the Company an
extension to file its 10-K and 10-Q's through Jan. 17, 2020.
GULFSLOPE ENERGY: Reports $13.7M Net Loss for Year Ended Sept. 30
-----------------------------------------------------------------
GulfSlope Energy, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$13.72 million on $0 of revenues for the year ended Sept. 30, 2019,
compared to a net loss of $2.64 million on $0 of revenues for the
year ended Sept. 30, 2018.
As of Sept. 30, 2019, the Company had $30.78 million in total
assets, $31.11 million in total liabilities, and a total
stockholders' deficit of $328,908.
The Company has incurred accumulated losses as of Sept. 30, 2019 of
$55.6 million, and has a net capital deficiency. Further losses
are anticipated in developing its business, and there exists
substantial doubt about the Company's ability to continue as a
going concern. As of Sept. 30, 2019, the Company had $1.1 million
of cash on hand, $0.6 million of this amount is for the payment of
joint payables from drilling operations. The Company estimates
that it will need to raise a minimum of $10 million to meet its
obligations and planned expenditures through December 2020. The
Company plans to finance operations and planned expenditures
through equity and/or debt financings and/or farm-out agreements.
The Company also plans to extend the agreements associated with all
loans, the accrued interest payable on these loans, as well as the
Company's accrued liabilities. There are no assurances that
financing will be available with acceptable terms, if at all. The
Company said that if it is not successful in obtaining financing,
operations would need to be curtailed or ceased or the Company
would need to sell assets or consider alternative plans up to and
including restructuring.
Pannell Kerr Forster of Texas, P.C., in Houston, Texas, the
Company's auditor since November 2019, issued a "going concern"
qualification in its report dated Dec. 30, 2019 on the consolidated
financial statements for the year ended Sept. 30, 2018, citing that
the Company has a net capital deficiency, and further losses are
anticipated in developing the Company's business, which raise
substantial doubt about its ability to continue as a going
concern.
A full-text copy of the Form 10-K is available for free at the
SEC's website at:
https://is.gd/SxjGDg
About GulfSlope
Headquartered in Houston, Texas, GulfSlope Energy, Inc. --
http://www.gulfslope.com/-- is an independent crude oil and
natural gas exploration and production company whose interests are
concentrated in the United States Gulf of Mexico federal waters.
GulfSlope Energy commenced commercial operations in March 2013.
GulfSlope Energy was originally organized as a Utah corporation in
2004 and became a Delaware corporation in 2012.
H&B HOLDINGS: Unsecureds to Get Derksen Claim Proceeds
------------------------------------------------------
Debtor H&B Holdings, Inc., has filed a reorganization plan.
The dispute with C&S Sales, LLC d/b/a Derksen Portable Buildings,
led to the Debtor's Chapter 11 filing. The Debtor is currently
readying to pursue a claim against Derksen. Any proceeds received
from its claim against Derksen will be distributed to unsecured
creditors.
In May of 2018, the Debtor was accused by their largest customer,
Derksen, and is the industry leader, of invoicing for lumber that
Debtor never received. Even though Debtor provided a massive
amount of evidence and proof that this was not the case, including
a signed BOL by Derksen. This left Debtor holding invoices owed to
Derksen for over $130,000. Derksen slandered the Debtor's name and
rumors spread throughout the industry causing the Debtor to lose
its top four customers literally overnight. In the months
following, the Debtor lost a massive amount of money each month
while trying to rebuild and keep cash flowing by selling all its
inventory to try and appease vendors in order to try and continue
doing business. This eventually played out and the Debtor was not
able to purchase any lumber forcing the Debtor to start
restructuring from a lumber sales company to a service company.
Currently, Debtor is still trying to rebuild and is now only
servicing other companies lumber. This is called treating service
only "TSO" and manufacturing service only "MSO."
Under the Plan, holders of allowed unsecured claims in Class 2 will
be paid the net proceeds of the Derksen Claim. It is anticipated
that the Derksen Claim may be worth $300,000 to to in excess of
$700,000.
Member Harvey F. Robbins, III, in Class 3, will receive no equity
distribution (other than salary) unless and until Class 2 is paid
in full.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/tchepps from PacerMonitor.com at no charge.
The Debtor is represented by:
Stuart M. Maples
MAPLES LAW FIRM, PC
200 Clinton Avenue West, Suite 1000
Huntsville, Alabama 35801
Tel: (256) 489-9779
Fax: (256) 489-9720
E-mail: smaples@mapleslawfirmpc.com
About H&B Holdings
H&B Holdings Inc. is a privately held company in the wholesale
lumber business.
H&B Holdings, Inc., based in Tuscumbia, AL, filed a Chapter 11
petition (Bankr. N.D. Ala. Case No. 19-82417) on Aug. 13, 2019. In
the petition signed by Harvey F. Robbins, III, president, the
Debtor disclosed $236,441 in assets and $7,641,392 in liabilities.
The Hon. Clifton R. Jessup Jr. oversees the case. Stuart M.
Maples, Esq., at Maples Law Firm, P.C., is serving as bankruptcy
counsel to the Debtor.
HARD ROCK EXPLORATION: Shareholders Object to Disclosures & Plan
----------------------------------------------------------------
James Stephens, Jr., Monica Francisco, Duane Yost, and Gregory
Laughlin, as shareholders, guarantors, creditors, and Class 4
claimants (Shareholders), submit their objections to Disclosure
Statement and Plan of Liquidation filed by Debtors Hard Rock
Exploration, Inc., et al.
On March 21, 2016, Debtors and Shareholders jointly initiated a
civil action in state court against the Huntington National Bank
(HNB) and its loan officer, alleging serious and numerous claims of
lender liability and other tortious conduct, challenging HNB's
right to collect on its loans and obligations with Debtors and
Shareholders.
In their objection, the shareholders complain that:
* There is no descriptive information contained in the
disclosure statement or the proposed plan to adequately inform as
to how the Trustee determined HNB's Class 1 secured claim was
valued at $30 million.
* There is no information contained in the filed documents
establishing how the Trustee determined HNB\s Class 3 unsecured
claims amounted to $17,100,000.
* The net difference in the sale proceeds of Debtors' assets in
the amount of $10,425,000, and the gross sum of the payments to HNB
on its allowed Class 1 secured claims in the amount of $5,655,624
is $4,769,376. The disclosure statement and proposed plan do not
explain where and how this difference was used or applied for the
benefit of Debtors' estate.
* The disclosure statement and proposed plan do not provide a
clear accounting of the aggregate positive cash generated for
Trustee's operation of Debtors' business.
* Neither the disclosure statement nor the proposed plan
provides adequate information to reasonably understand the use and
application of all proceeds of the sale of Defendants’ assets by
Trustee.
A full-text copy of Shareholders' objection is available at
https://tinyurl.com/uo5zuhq from PacerMonitor.com at no charge.
Counsel for Duane V. Yost:
J. Michael Benninger
Benninger Law
P.O. Box 623
Morgantown, WV 26507
Tel: (304) 241-1856
Counsel for Plaintiff Gregory Laughlin:
Shawn P. George, Esquire
George & Lorensen, PLLC
1526 Kanawha Boulevard E.
Charleston, WV 25311
Tel: (304) 343-5555
Counsel for James Stephens, Jr., and Monica Francisco:
Marc R. Weintraub, Esquire
Bailey & Glasser, LLP
209 Capitol Street
Charleston, WV 25301
Tel: (304) 414-3182
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.
HAWKEYE ENTERTAINMENT: Exclusivity Period Extended to March 20
--------------------------------------------------------------
Judge Maureen Tighe of the U.S. Bankruptcy Court for the Central
District of California extended the period during which only
Hawkeye Entertainment, LLC can file a Chapter 11 plan of
reorganization to March 20, and the period to solicit acceptances
the plan to May 22.
Hawkeye's reorganization is dependent upon the assumption of the
lease and sublease for the premises commonly known as the Pacific
Stock Exchange Building in Los Angeles, Calif. A motion to assume
the lease and sublease was filed on Oct. 10 and an evidentiary
hearing is set to be held in February.
About Hawkeye Entertainment, LLC
Hawkeye Entertainment, LLC's most valuable asset is a written lease
agreement, along with its First Amendment, for the first four
floors and basement of the real property commonly known as the
Pacific Stock Exchange Building located at 618 S. Spring Street, in
Los Angeles, California. Hawkeye is a holding company for the
Lease, which is sublet to a related entity. The business of the
related sublessee operates an event venue in downtown Los Angeles
for private parties, corporate events, live entertainment, fashion
shows and more. Hawkeye previously filed a Chapter 11 petition on
Sept. 30, 2013 (Bankr. C.D. Calif. Case No. 13-16307) due to
disputes with its landlord.
Hawkeye sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 19-12102) on Aug. 21, 2019. At the time
of the filing, the Debtor disclosed assets ranging between $1
million to $10 million and liabilities of the same range. The
petition was signed by Adi McAbian, president of Saybian Gourmet,
Inc., member of Hawkeye Ent.
Judge Victoria S. Kaufman is assigned to the case.
Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, Inc., is
the Debtor's legal counsel.
HERITAGE HOTEL: Jan. 14, 2020 Plan Confirmation Hearing Set
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, convened a hearing for consideration of the conditional
approval of the disclosure statement filed by Debtor Heritage Hotel
Associates, LLC dba Hotel Indigo − St. Pete Downtown. On December
10, 2019, Judge Caryl E. Delano conditionally approved the
disclosure statement and established the following dates and
deadlines:
* Jan. 14, 2020, at 3:30 PM in Tampa, FL - Courtroom 9A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue is the
hearing on confirmation of the Plan, including timely filed
objections to confirmation, objections to the Disclosure Statement,
motions for cramdown, applications for compensation, and motions
for allowance of administrative claims.
* Parties in interest shall submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than eight
days before the date of the Confirmation Hearing.
* Objections to confirmation shall be filed with the Court and
served on the Local Rule 1007−2 Parties in Interest List no later
than seven days before the date of the Confirmation Hearing.
A full-text copy of the order is available at
https://tinyurl.com/tsmpz2q from PacerMonitor.com at no charge.
About Heritage Hotel Associates
Heritage Hotel Associates, LLC, is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)). Heritage Hotel
Associates sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-09946) on Oct. 21, 2019. At the
time of the filing, the Debtor was estimated to have assets of
between $10 million and $50 million, and liabilities of between $1
million and $10 million.
HUMANIGEN INC: Further Extends Maturity of Notes Until March 2020
-----------------------------------------------------------------
As previously reported, on June 28, 2019, Humanigen, Inc. made
three short-term, secured bridge notes evidencing an aggregate of
$1.7 million of loans made to the Company by three parties: Cheval
Holdings, Ltd., an affiliate of Black Horse Capital, L.P., the
Company's controlling stockholder, lent $750,000; Nomis Bay LTD,
the Company's second largest stockholder, lent $750,000; and
Cameron Durrant, M.D., MBA, the Company's chief executive officer
and Chairman of the Board of Directors, lent $200,000.
On Oct. 8, 2019, the Company and the lenders agreed to extend the
maturity date of the Notes from Oct. 1, 2019 until Dec. 31, 2019
and to waive any prior default up to and including the date of the
amendment. On Dec. 30, 2019, the Company and the lenders agreed to
further extend the maturity date of the Notes until March 31, 2020.
No other changes to the terms of the Notes were made in connection
with either extension of the maturity date.
About Humanigen
Based in Brisbane, California, Humanigen, Inc. (OTCQB: HGEN),
formerly known as KaloBios Pharmaceuticals, Inc. --
http://www.humanigen.com/-- is a biopharmaceutical company
pursuing cutting-edge science to develop its proprietary monoclonal
antibodies for immunotherapy and oncology treatments. Derived from
the company's Humaneered platform, lenzilumab and ifabotuzumab are
lead compounds in the portfolio of monoclonal antibodies with
first-in-class mechanisms. Lenzilumab, which neutralizes human
GM-CSF, is in development as a potential biologic therapy to make
CAR-T therapy safer and more effective, as well as a potential
treatment for hematologic cancers. Ifabotuzumab, which targets the
Eph type-A receptor 3 (EphA3), is being explored as a potential
treatment for a range of solid tumors, as well as a backbone for a
novel CAR-T construct, and a bispecific antibody platform. HGEN005
which selectively targets the eosinophil receptor EMR1 is being
explored as a potential treatment for a range of eosinophilic
diseases including eosinophilic leukemia both as an optimized naked
antibody and as the backbone for a novel CAR-T construct.
Humanigen reported a net loss of $12 million for the 12 months
ended Dec. 31, 2018, compared to a net loss of $21.98 million for
the 12 months ended Dec. 31, 2017. As of Sept. 30, 2019, the
Company had $594,000 in total assets, $13.26 million in total
liabilities, and a total stockholders' deficit of $12.67 million.
HORNE LLP, in Ridgeland, Mississippi, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 26, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, stating that the Company has
suffered recurring losses from operations and its total liabilities
exceed its total assets. This raises substantial doubt about the
Company's ability to continue as a going concern.
JAGUAR HEALTH: Receives Noncompliance Notice from Nasdaq
--------------------------------------------------------
Jaguar Health, Inc. received a letter from the Listing
Qualifications Staff of The Nasdaq Stock Market LLC on Dec. 30,
2019, indicating that the bid price for the Company's common stock
for the last 30 consecutive business days had closed below the
minimum $1.00 per share required for continued listing under Nasdaq
Listing Rule 5550(a)(2).
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
granted a 180 calendar day grace period, or until June 29, 2020, to
regain compliance with the minimum bid price requirement. The
continued listing standard will be met if the Company evidences a
closing bid price of at least $1.00 per share for a minimum of 10
consecutive business days during the 180 calendar day grace period.
In order for Nasdaq to consider granting the Company additional
time beyond June 29, 2020, the Company would be required, among
other things, to meet the continued listing requirement for market
value of publicly held shares as well as all other standards for
initial listing on Nasdaq, with the exception of the minimum bid
price requirement. If measured today, the Company would qualify
for Nasdaq's consideration of an extension because the Company
currently has stockholders' equity of at least $5 million. In the
event the Company does not regain compliance with the $1.00 bid
price requirement by June 29, 2020, eligibility for Nasdaq's
consideration of a second 180 day grace period would be determined
on the Company's compliance with the above referenced criteria on
June 29, 2020.
The Company said it is diligently working to evidence compliance
with the minimum bid price requirement for continued listing on
Nasdaq; however, there can be no assurance that the Company will be
able to regain compliance or that Nasdaq will grant the Company a
further extension of time to regain compliance, if necessary. If
the Company fails to regain compliance with the Nasdaq continued
listing standards, its common stock will be subject to delisting
from Nasdaq.
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
Its wholly-owned subsidiary, Napo Pharmaceuticals, Inc., focuses on
developing and commercializing proprietary human gastrointestinal
pharmaceuticals for the global marketplace from plants used
traditionally in rainforest areas. Jaguar Health's principal
executive offices are located in San Francisco, California.
Jaguar Health reported a net loss of $32.14 million for the year
ended Dec. 31, 2018, compared to a net loss of $21.96 million for
the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had
$35.63 million in total assets, $15.25 million in total
liabilities, $9 million in series A convertible preferred stock,
and total stockholders' equity of $11.38 million.
BDO USA, LLP, in San Francisco, California, the Company's auditor
since 2013, issued a "going concern" opinion in its report dated
April 10, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
suffered recurring losses from operations and an accumulated
deficit that raise substantial doubt about its ability to continue
as a going concern.
K & B TRUCKING: Wants to Maintain Exclusivity Through March 31
--------------------------------------------------------------
K & B Trucking, Inc. asked the U.S. Bankruptcy Court for the
Eastern District of Tennessee to extend to March 31 the exclusive
period during which it must have an accepted Chapter plan.
The company filed its plan and disclosure statement on Nov. 20,
2019. The court conditionally approved the disclosure statement
and scheduled a hearing on final approval of the disclosure
statement for Jan. 9.
About K & B Trucking
K & B Trucking, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Tenn., Case No. 19-32453) on Aug. 2,
2019. The petition was signed by Brian K. Miles, vice president. At
the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $1 million. The case is
assigned to Judge Suzanne H. Bauknight. Brenda G. Brooks, Esq., at
Moore and Brooks, is the Debtor's legal counsel.
LAJ CONSTRUCTION: Seeks to Hire Colliers International as Broker
----------------------------------------------------------------
LAJ Construction Inc. seeks authority from the U.S. Bankruptcy
Court for the Eastern District of California to hire Colliers
International as its real estate broker.
Colliers International will assist the Debtor in the sale of its
commercial and residential properties in Sacramento, Calif. The
firm's compensation is 6 percent of the gross sale price.
Colliers International does not have an interest materially adverse
to the Debtor and its bankruptcy estate, according to court
filings.
The firm can be reached through:
John Shaffer
Colliers International CA, Inc.
301 University Avenue, #100
Sacramento, CA 95825
Phone: 916-616-5267
About LAJ Construction Inc.
LAJ Construction Inc. owns six properties in Sacramento, Calif.,
valued by the company at $18.86 million in the aggregate.
LAJ Construction filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 19-25566) on Sep. 4,
2019. In the petition signed by Madan Lal Sharma, president, the
Debtor estimated $18,860,100 in assets and $6,989,494 in
liabilities. Mark J. Hannon, Esq. is the Debtor's legal counsel.
LANDING AT BRAINTREE: Second Amended Disclosure & Plan Withdrawn
----------------------------------------------------------------
At the hearing on Dec. 10, 2019, the Second Amended Disclosure
Statement and Second Amended Chapter 11 Plan of Debtor Landing at
Braintree, LLC, were withdrawn by the Debtor in open court. The
Creditor Northeast Bank has agreed not to file a Motion for Relief
from Stay prior to Jan. 14, 2020, pending a hearing on the debtor's
motion to approve a stipulation with the condominium association.
About Landing at Braintree and
10 Homestead Avenue
Landing at Braintree LLC owns units in a condominium complex named
Landing at Braintree Condominiums located at 125-141 Commercial
Street, Braintree, Mass.
10 Homestead Avenue, LLC, an affiliate of Landing at Braintree,
owns condominium units located at 10 Homestead Avenue, Quincy,
Mass.
Landing at Braintree and 10 Homestead Avenue filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Mass. Case Nos. 18-14159 and 18-14158) on Nov. 6, 2018.
In the petitions signed by William T. Barry, manager, the Debtors
were each estimated to have $1 million to $10 million in assets and
liabilities.
Judge Frank J. Bailey oversees 10 Homestead Avenue's bankruptcy
case while Judge Christopher J. Panos presides over Landing at
Braintree's case.
The Debtors tapped Ann Brennan Law Offices as their bankruptcy
counsel, and The Law Office of Lipman & White as their special
counsel.
LUNA DEVELOPMENT: Remaining Assets Are Causes of Action
-------------------------------------------------------
Luna Developments Group, LLC, through its receiver, Alan Barbee,
filed a plan of liquidation and a disclosure statement.
The Debtor was a single purpose entity formed for the purpose of
purchasing and operating a residential property located in Broward
County, Florida (the "Luna Property").
Drew Dillworth was initially appointed as receiver over Luna and
Bal Harbour Quarzo, LLC, but upon learning of the foregoing
transactions, he resigned from his appointment over Luna. Alan
Barbee was appointed as successor receiver and filed a proof of
claim for Luna against the Bal Harbour Quarzo, LLC's Estate in the
amount of $5 million. The basis for the proof of claim is transfer
of the $5 million to or on behalf of Bal Harbour Quarzo.
The Plan is a liquidating plan. The Debtor's remaining assets are
causes of action, which will continue to be pursued and liquidated
by the liquidating trustee. Based on the foregoing, the Debtor,
through the Receiver, asserts that it is able to perform all of the
obligations under the Plan, and as such, the Plan satisfies Section
1129(a)(11) of the Code.
Under the Plan, each allowed unsecured claim against the Debtor's
Estate will be satisfied by distributions on a pro rata basis with
the holders of unsecured claims in this class. The distributions
will be made from the available cash on deposit with the Debtor
and/or the Liquidating Trustee in accordance with the terms of the
Plan and the Liquidating Trust Agreement.
On the Effective Date, all interests will be cancelled and
discharged and shall be of no further force and effect, whether
surrendered for cancellation or otherwise and holders of such
Interests will not receive or retain any property under the Plan on
account of such interests.
All payments as provided for in the Debtor's Plan shall be funded
by the orderly liquidation of the Debtor's assets, either prior to
confirmation of the Plan or after confirmation of the Plan by the
Receiver or Liquidating Trustee, as applicable.
The Receiver for the Debtor believes that its Plan of Liquidation
provides full value for all claims of creditors and is in the best
interest of creditors.
A full-text copy of the Disclosure Statement and Plan is available
at https://tinyurl.com/u5rvycc from PacerMonitor.com at no charge.
Receiver Alan Barbee is represented by:
FURR COHEN
Robert C. Furr, Esq.
Jason S. Rigoli, Esq.
2255 Glades Road, Suite 301E
Boca Raton, Florida 33431
Tel: (561) 395-0500
Fax: (561) 338-7532
E-mail: rfurr@furrcohen.com
jrigoli@furrcohen.com
About Luna Developments Group
The receiver for Luna Developments Group, LLC, a company based in
West Palm Beach, Florida, filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 19-11169) for Luna Developments on Jan. 28, 2019. In
the petition signed by Alan Barbee, the receiver appointed by a
Florida state court, the Debtor disclosed $5,000,000 in assets and
$3,366,816 in liabilities. The Hon. Erik P. Kimball oversees the
case. Robert C. Furr, Esq., at Furr Cohen, serves as the Debtor's
bankruptcy counsel.
No official committee of unsecured creditors has been appointed.
M.W.CA ORLANDO: Jan. 21, 2020 Plan & Disclosure Hearing Set
-----------------------------------------------------------
Debtor M.W.CA Orlando Commissary LLC filed with the U.S. Bankruptcy
Court for the Middle District of Florida, Orlando Division, a
proposed Disclosure Statement and a Plan of Reorganization. On
Dec. 5, 2019, Judge Cynthia C. Jackson conditionally approved the
disclosure statement and established the following dates and
deadlines:
* Jan. 21, 2020, at 02:00 PM in Courtroom 6D, 6th Floor, George
C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801
is the combined disclosure and confirmation hearing.
* Creditors and other parties in interest shall file with the
clerk their written acceptances or rejections of the plan (ballots)
no later than seven days before the date of the Confirmation
Hearing.
* Any party desiring to object to the disclosure statement or to
confirmation will file its objection no later than seven days
before the date of the Confirmation Hearing. The objecting party
will serve a copy of the objection at the same time it is filed on
the debtor, counsel for the debtor, the trustee (if any), counsel
for each official committee (if any), and the United States
Trustee.
* In accordance with Local Bankruptcy Rule 3018−1, the Debtor
will file a ballot tabulation no later than four days before the
date of the Confirmation Hearing.
A full-text copy of the order is available at
https://tinyurl.com/w77nqg7 from PacerMonitor.com at no charge.
About M.W.CA Orlando Commissary
M.W.CA Orlando Commissary LLC is a Florida limited liability
company formed pursuant to the Florida Limited Liability Company
Act on July 3, 2018. It engages in all aspects of mobile food
service and is a real estate holding company. It leases property
located at 1206 W. Robinson Street, Orlando, Florida 32805.
M.W.CA Orlando Commissary LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03317) on May 20,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $500,001 and $1 million and liabilities of the
same range. The case is assigned to Judge Cynthia C. Jackson.
BransonLaw PLLC is the Debtor's counsel.
MIRAGE DENTAL: To Present Plan for Confirmation Jan. 16
-------------------------------------------------------
Judge Joseph G. Rosania Jr. has ordered that the Disclosure
Statement of Mirage Dental Associates, Professional, L.L.C. is
approved.
It is further ordered ballots for accepting or rejecting the Plan
be submitted, in writing, by the holders of all claims or interests
on or before Jan. 6, 2020. Ballots can be mailed, faxed or
e-mailed to the Debtor's counsel:
Kelsey Jamie Buechler
Michael J. Guterson
BUECHLER LAW OFFICE, LLC
999 - 18th Street, Suite 1230-S
Denver, CO 80202
Telephone: (720) 381-0045
Facsimile: (720) 381-0382
E-mail: jamie@Kjblawoffice.com
E-mail: mike@Kjblawoffice.com
It is further ordered objections to confirmation of the Plan be
filed and served on or before Jan. 6, 2020.
It is further ordered a hearing for consideration of confirmation
of the Plan will be held on Thursday, Jan. 16, 2020, at 1 p.m., in
Courtroom B, United States Bankruptcy Court for the District of
Colorado, U.S. Custom House, 721 — 19th Street, Denver, CO
80202.
It is further ordered the Debtor will file a report regarding the
submission of ballots accepting or rejecting the Plan on or before
January 13, 2020.
About Mirage Dental Associates
Mirage Dental Associates, Professional, LLC, is a privately-held
company in Castle Rock, Colorado, that owns a dental clinic.
Mirage Dental Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 18-12496) on March 30,
2018. In the petition signed by Michael J. Moroni, Jr., managing
member, the Debtor disclosed $5.41 million in assets and $8.72
million in liabilities. Judge Joseph G. Rosania Jr. oversees the
case. The Debtor tapped Buechler & Garber, LLC, as its legal
counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
MKGFB INC: Thompson Law Group Approved as Attorney
--------------------------------------------------
MKGFB, Inc., sought and obtained permission from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Thompson Law Group, P.C. and Brian C. Thompson, Esq., as its
attorneys in this bankruptcy case.
The Debtor needs Thompson Law Group to:
a. Give legal advice with respect to the Debtor's powers and
duties as debtor-in-possession;
b. Take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is involved and object to claims filed against the Debtor's
estate;
c. Prepare all necessary motions, answers, reports, orders,
and other legal papers in connection with the administration of the
Debtor's estate;
d. Perform any and all other legal services for the Debtor in
connection with its Chapter 11 case; and
e. Perform other legal services as the Debtor may request
with respect to any matter appropriate in assisting the Debtor's
effort to reorganize.
The Debtor desires to employ Thompson Law Group at its normal
hourly rates for Attorneys at $200.00 or $250.00. Expenses charged
to clients also include telephone and facsimile charges,
photocopying charges, travel expenses, expenses for "working meals"
and computerized legal research.
Thompson Law Group attests it does not represent or hold an
interest adverse to the estate in the matters upon which it is to
be engaged, is a disinterested person as defined in 11 U.S.C. Sec.
101(14) and its retention is in the best intertest of the Debtor's
estate.
The firm may be reached at:
Brian C. Thompson, Esq.
THOMPSON LAW GROUP, P.C.
125 Warrendale Bayne Road, Suite 200
Warrendale, PA 15086
Tel: (724) 799-8404
Fax: (724) 799-8409
Email: bthompson@thompsonattorney.com
About MKGFB Inc.
MKGFB, Inc., doing business as Full Pint Brewing Company, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 19-24391) on Nov. 11, 2019. The petition was signed by
Mark Kegg, part-owner. At the time of the filing, the Debtor was
estimated to have assets of between $100,001 and $500,000 and
liabilities of the same range. The case is assigned to Judge
Carlota M. Bohm. Brian C. Thompson, Esq., at Thompson Law Group,
P.C. is the Debtor's legal counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
MOSDOS CHOFETZ: Rabbi Mayer Zaks Seeks Sanctions vs. Brother
------------------------------------------------------------
Rabbi Mayer Zaks, President, Dean and Rosh Yeshiva of reorganized
debtor Mosdos Chofetz Chaim, Inc., filed an emergency motion for
entry of an order holding his brother, Rabbi Aryeh Zaks in contempt
for willful violation of the Order of this Court confirming the
Debtor's Second Amended Plan of Reorganization and awarding damages
against Rabbi Aryeh for his willful violation of the Confirmation
Order.
Rabbi Zaks tells the Court that Rabbi Aryeh has manipulated this
Court and engaging in a fraudulent and nefarious scheme to extort
value and equity from the Debtor. If Rabbi Aryeh is allowed to
proceed with his fraud, he stands to steal in over $20 million from
the Debtor and its estate. In order to extort value from the
Debtor, Rabbi Aryeh signed documents prior to confirmation of the
Debtor's Plan to transfer the claim held by TBG, which Rabbi Aryeh
negotiated under a settlement agreement to be an allowed secured
mortgage claim against the Property in the amount of $22,173,784.04
as of December 2017. According to Rabbi Zaks, the Litigation
Injunction sought by Shem Olan in State Court is impermissible
under applicable law and directly contrary to the Confirmation
Order.
Rabbi Zaks asserts that:
* To the extent that Rabbi Aryeh and Henoch have secreted the
Debtor's asset, including refinancing the Property following the
fraudulent transfer, to extract millions of dollars from the
Property, all bank accounts of Rabbi Aryeh and Henoch Zaks and
under their dominion and control should be immediately frozen
pending further investigation and determination of monies that
belong to the Debtor's estate.
* It appears that Rabbi Aryeh has willfully and in bad faith
violated the express terms of the Confirmation Order. Further,
Rabbi Aryeh and Henoch are continuing to seek an end–run around
the authority and jurisdiction of this Court and their obligations
under the Confirmation Order, and are attempting to preclude other
parties, including Rabbi Zaks, from enforcing the terms of the
Confirmation Order.
* Rabbi Aryeh has demonstrated that he do not intend to comply
with the Confirmation Order. Under these circumstances, it is
appropriate for the Court to impose sanctions against Rabbi Aryeh
and any other parties working in concert with him, including Henoch
Zaks, which are severe enough to ensure compliance with this
Court’s orders and include the costs and fees incurred by Rabbi
Zaks as a result of Rabbi Aryeh’s noncompliance with the
Confirmation Order and Plan.
Rabbi Zaks believes that the relief requested in this Motion is
both necessary to compel Rabbi Aryeh to comply with the
Confirmation Order and appropriate in light of Rabbi Aryeh’s
blatant disregard of the Confirmation Order and fraudulent
conduct.
A full-text copy of the motion is available at
https://tinyurl.com/srhvg7o from PacerMonitor.com at no charge.
Rabbi Mayer Zaks is represented by:
KIRBY AISNER & CURLEY LLP
Julie Cvek Curley, Esq.
700 White Plains Road, Suite 237
Scarsdale, New York 10583
Tel: (914) 401-9500
E-mail: jcurley@kacllp.com
Mosdos Chofetz Chaim, Inc., which owns a yeshiva religious school
campus on five acres of land in Spring Valley, New York, filed a
voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-23616)
on September 6, 2012.
No official committee of unsecured creditors has been appointed in
this case by the Office of the United States Trustee.
MOUNT JOY BAPTIST: Jan. 23, 2020 Disclosure Statement Hearing Set
-----------------------------------------------------------------
On Dec. 5, 2019, plan sponsor Craig M. Palik filed with the U.S.
Bankruptcy Court for the District of Maryland a Disclosure
Statement and a Plan for debtor Mount Joy Baptist Church of
Washington, D.C. On December 10, 2019, Judge Thomas J. Catliota
ordered that:
* Jan. 23, 2020, at 10:00 am, is the hearing to consider the
approval of the Disclosure Statement to be held in Courtroom 3E of
the U.S. Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane,
Greenbelt, Maryland 20770.
* Jan. 10, 2020, is fixed as the last day for filing and serving
in accordance with Federal Bankruptcy Rule 3017(a) written
objections to the Disclosure Statement.
* Within seven days after the entry of the Order, this Order and
the Disclosure Statement and Plan shall be distributed by the Plan
Sponsor in accordance with Federal Bankruptcy Rule 3017(a); and
counsel for the Plan Sponsor shall file a certificate of service.
About Mount Joy Baptist Church
Mount Joy Baptist Church of Washington, D.C., a baptist church in
Oxon Hill, Md., filed a Chapter 11 petition (Bankr. D.Md. Case No.
19-11707) on Feb. 8, 2019. In the petition signed by Rev. Bruce
Mitchell, pastor and CEO, the Debtor estimated $1 million to $10
million in both assets and liabilities. Craig M. Palik, Esq., at
McNamee Hosea Jernigan Kim Greenan & Lynch, P.A., serves as
bankruptcy counsel to the Debtor. The Debtor tapped TD Emory, CPA &
Associates as its accountant.
MOUNTAIN INVESTMENTS: Jan. 9, 2020 Plan Confirmation Hearing Set
----------------------------------------------------------------
On Nov. 7, 2019, a hearing on the motion of debtor Mountain
Investments, LLC to approve Fourth Amended Disclosure Statement,
before the Honorable Stephen L. Johnson, United States Bankruptcy
Judge of the Northern District of California, San Jose Division.
On Dec. 10, 2019, the Court approved the Fourth Amended Disclosure
Statement filed by Debtor dated Dec. 6, 2019, and established the
following dates and deadlines:
* Jan. 2, 2020, is the deadline for the Debtor's counsel to file
and serve a separate Notice of Hearing indicating that any
objections to confirmation.
* Jan. 9, 2020, at 1:30 p.m., is the hearing on confirmation of
Debtor’s Plan of Reorganization.
A full-text copy of the order is available at
https://tinyurl.com/wugp9gm from PacerMonitor.com at no charge.
The Debtor is represented by:
RALPH P. GUENTHER, Esq.
DOUGHERTY & GUENTHER, APC
601 S. Main Street
Salinas, CA 93901
Tel: (831) 649-5100
E-mail: rguenther@montereylaw.com
About Mountain Investments
Mountain Investments, LLC, is a limited liability company formed in
2008 by Michael and Brenda Noble. The Nobles purchased seven rental
properties in the Gulfport area of Mississippi after Hurricane
Katrina devastated Mississippi and Louisiana in 2005. The Nobles
intended to rehabilitate the properties to provide affordable
housing for local residents.
Property values in and around Gulfport declined precipitously
beginning in 2008 and have yet to recover. The rents generated by
the properties were insufficient to pay the amounts due for each
note secured by the properties. The divorce settlement required Mr.
Noble to transfer the properties to Mountain Investments, LLC, and
to indemnify and hold harmless Brenda Noble for any liability on
the notes secured by the properties.
In order to enjoin the pending foreclosures and reorganize, Mr.
Noble authorized Mountain Investments to seek bankruptcy
protection.
Mountain Investments, LLC, f/d/b/a WIS Holdings, LLC, f/d/b/a
Wealth Investment Solutions, LLC, sought Chapter 11 protection
(Bankr. N.D. Cal. Case No. 16-50906) on March 28, 2016. In the
petition signed by Michael T. Noble, managing member, the Debtor
was estimated to have $1 million to $10 million in both assets and
liabilities. The case is assigned to Judge Stephen L. Johnson.
The Debtor is represented by Ralph P. Guenther, Esq., at Dougherty
& Guenther, APC.
O'HARE FOUNDRY: Exclusivity Period Extended to Feb. 24
------------------------------------------------------
Judge Charles Rendlen III of the U.S. Bankruptcy Court for the
Eastern District of Missouri extended to Feb. 24 the period during
which only O'Hare Foundry Corporation can file a Chapter 11 plan.
The company can solicit acceptances for the plan until April 28.
About O'Hare Foundry Corporation
Established in 1921, O'Hare Foundry Corporation --
http://www.oharefoundry.com-- manufactures sand castings from
brass, brass and bronze alloys, and aluminum alloys.
O'Hare Foundry Corporation sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mo. Case No. 19-41834) on March
27, 2019. At the time of the filing, the Debtor estimated assets
of between $1 million and $10 million and liabilities of between $1
million and $10 million. The case is assigned to Judge Charles E.
Rendlen III.
The Debtor tapped Danna McKitrick, P.C. as legal counsel; Tueth,
Keeney, Cooper, Mohan, and Jackstadt, PC as special counsel; and
Stark & Company, P.C. as accountant.
OZ INDUSTRIES: Hires Steinberg Shapiro as Attorneys
---------------------------------------------------
Oz Industries, LLC, sought and obtained authorization from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ the
law firm of Steinberg Shapiro & Clark as their attorneys.
The Debtor contends it is necessary to employ counsel to represent
it in all matters relating to the Chapter 11 proceedings, and the
Debtor is informed and believes that the law firm has the
appropriate legal skills and personnel necessary to perform legal
services required in this case.
The Debtor paid Steinberg Shapiro & Clark a retainer of $20,000.00
on November 19, 2019, prior to the commencement of this case. The
sum of $6,619.50 of this retainer was applied to services performed
prior to the filing of the case, including prepetition negotiations
with the principal secured creditor in the case, the drafting of
schedules and statements and the filing fee for the Chapter 11
case. The remaining retainer of $13,380.50 is intended to be
applied toward services rendered in connection with this Chapter 11
Case. The law firm has held and will continue to hold the retainer
in its Client Trust Account, where the funds will remain until the
allowance and payment of such fees to the law firm is authorized by
this Court.
The hourly fees charged by Steinberg Shapiro & Clark will range
from $400 per hour for Mark H. Shapiro; $325 per hour for Tracy M.
Clark; $225 per hour for Lauren Schumacher Oriani; and $95 for any
legal assistant.
Steinberg Shapiro attests that the law firm and its employees are
disinterested persons within the meaning of 11 U.S.C. Sec. 101(14)
and Bankruptcy Rule 2014.
The firm may be reached at:
Mark H. Shapiro, Esq.
STEINBERG SHAPIRO & CLARK
25925 Telegraph Road, Suite 203
Southfield, MI 48033
Tel: (248) 352-4700
Email: shapiro@steinbergshapiro.com
About Oz Industries
Oz Industries, LLC filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 19-32761) on November 21, 2019. The
Hon. Joel D. Applebaum oversees the case.
Oz Industries, LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)). The Company owns a commercial
property located at 780 N. Van Dyke Road in Almont, MI 48003 having
an appraised value of $500,000.
In its petition, the Debtor estimated $514,555 in total assets and
$1,236,643 in total liabilities. The petition was signed by David
Mroz, sole member.
The Debtor is represented by Mark H. Shapiro, Esq., at Steinberg
Shapiro & Clark.
PD-VALMIERA GLASS: Seeks to Extend Exclusivity Period to April 14
-----------------------------------------------------------------
P-D Valmiera Glass USA Corp. asked the U.S. Bankruptcy Court for
the Northern District of Georgia to extend the period during which
only the company can file a Chapter 11 plan to April 14, and the
period to solicit acceptances for the plan to June 15.
The company recently commenced a formal sale process and it is
expected that it will take several months to identify potential
purchasers and obtain approval for and close on one or more sale
transactions. The results of the sale process will impact
significantly the structure and terms of a proposed plan and, thus,
the company needs more time to formulate a plan.
About P-D Valmiera Glass USA Corp.
P-D Valmiera Glass USA Corp. -- http://www.valmiera-glass.com/--
manufactures fiberglass and fiberglass products. P-D Valmiera Glass
USA sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 19-59440) on June 17, 2019. At the time
of the filing, the Debtor was estimated to have assets of between
$100 million and $500 million and liabilities of the same range.
The case is assigned to Judge Paul W. Bonapfel. The Debtor is
represented by Scroggins & Williamson, P.C.
The U.S. Trustee for Region 21 appointed creditors to serve on the
official committee of unsecured creditors on July 8, 2019. The
committee hired Kilpatrick Townsend & Stockton LLP as its legal
counsel, and Dundon Advisers LLC as its financial advisor.
PINNACLE GROUP: Court Extends Exclusivity Period to Jan. 15
-----------------------------------------------------------
Judge John Olson of the U.S. Bankruptcy Court for the Southern
District of Florida extended the period during which only Pinnacle
Group, LLC and its affiliates can file a Chapter 11 plan to Jan.
15.
The companies can solicit acceptances for the plan until March 20.
About Pinnacle Group
Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are
wholesalers of motor vehicle parts and accessories. Pinnacle Group
and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 19-13519) on March 19, 2019. In its petition,
Pinnacle Group estimated assets of $500,000 to $1 million and
liabilities of $1 million to $10 million. Judge John K. Olson
oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne
& Rappaport, PLLC, is the Debtor's bankruptcy counsel.
QUITMAN COUNTY: To Seek Plan Confirmation on Feb. 26
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Mississippi
conducted a hearing on the Disclosure Statement filed by debtor
Quitman County Development Organization, Inc. on November 5, 2019.
On Dec. 10, 2019, Judge Jason D. Woodard ordered that the
Disclosure Statement is approved.
An evidentiary hearing to consider confirmation of the Chapter 11
Plan of Reorganization will be held at Oxford Federal Building, 911
Jackson Avenue, Oxford, MS 38655, on Feb. 26, 2020, at 10:30 a.m.
Objections to confirmation of the Plan are due Jan. 13, 2020.
Written acceptances or rejections (Ballots) as to the Plan are also
due Jan. 13, 2020.
About Quitman County Development
Quitman County Development Organization, Inc., is a duly qualified
501(c)(3) non-profit organization, that is dedicated, at least in
part, to improving the plight of the citizenry in Quitman County,
Mississippi, by improving housing, recreation, education and
uplifting its citizens to a higher and better quality of life.
Quitman County Development Organization filed a Chapter 11
bankruptcy petition (Bankr. N.D. Miss. Case No. 19-10967) on March
6, 2019. The Debtor hired the Law Offices of Craig M. Geno, PLLC,
as attorney.
RAM DISTRIBUTION GROUP: Hires Shiryak Bowman as Bankr. Counsel
--------------------------------------------------------------
Ram Distribution Group, LLC, dba Tal Depot seeks permission from
the U.S. Bankruptcy Court for the Eastern District of New York to
employ Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP, as his
attorney in this case.
The Debtor is an online grocer, selling nonperishable groceries on
its own website as well as major third-party sellers such as
Amazon.
Since 2015, the Debtor has suffered numerous setbacks that have
compounded and eventually significantly hampered its ability to
turn a profit and run efficiently.
In an effort to restructure, the Debtor has significantly reduced
its staff and has been running its operations on a reduced scale.
The Debtor believes it is necessary to retain SBAGK to render these
services:
a) Assist the Debtor in administering this case;
b) Make such motions and court appearances or taking such action as
may be appropriate or necessary under the Bankruptcy Code;
c) Take steps as may be necessary for the Debtor to marshal and
protect the estate's assets;
d) Negotiate with the Debtor's creditors in formulating a plan of
reorganization for the Debtor in this case.
e) Draft and prosecute the confirmation of the Debtor's plan of
reorganization in this case; and
f) Render additional services as the Debtor may require in this
case.
SBAGK shall bill the Debtor for legal services at its regular
hourly rates:
$400.00 per hour for attorney time; and
$175.00 per hour for clerks' and paraprofessionals'
time
SBAGK shall also be reimbursed for its disbursements incidental to
its representing the Debtor in this case.
To the best of the Debtor's knowledge, SBAGK has no connection with
the Debtor, the creditors or any other party in interest, or their
respective attorneys. The Debtor believes that SBAGK does not hold
or represent an adverse interest to the estate and is a
disinterested person.
The firm may be reached at:
Btzalel Hirschhorn, Esq.
SHIRYAK, BOWMAN, ANDERSON,
GILL & KADOCHNIKOV LLP
80-02 Kew Gardens Road, Suite 600
Kew Gardens, NY 11415
Tel: (718) 263-6800
Email: bhirschhorn@sbagk.com
About Ram Distribution Group
Tal Depot owns and operates an e-commerce website at
https://taldepot.com that sells snacks, drinks, groceries, wellness
and home goods products.
Ram Distribution Group, LLC, dba Tal Depot filed for Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 19-72701) on April
12, 2019.
In its petition, the Debtor estimated $100 thousand to $500
thousand in assets and $10 million to $50 million in and
liabilities. The petition was signed by Jeremy J. Reichmann, chief
executive officer.
The Debtor is represented by Btzalel Hirschhorn, Esq., at Shiryak,
Bowman, Anderson, Gill & Kadochnikov LLP.
REGIONAL HEALTH: All 4 Proposals Approved at Annual Meeting
-----------------------------------------------------------
At the 2019 Annual Meeting of Shareholders of Regional Health
Properties, Inc. which was held on Dec. 23, 2019, the
shareholders:
(1) elected Michael J. Fox, Brent Morrison, Kenneth W. Taylor,
and David A. Tenwick as directors to serve until the 2020
Annual Meeting of Shareholders and until their successors
are elected and qualified, or until their earlier death,
resignation or removal;
(2) approved, on a non-binding advisory basis, the Company's
executive compensation ("Say-on-Pay") as described in the
Proxy Statement;
(3) recommended, on an advisory basis, the option which calls
for the frequency of the Say-on-Pay vote to be held every
three years; and
(4) ratified the appointment of Cherry Bekaert LLP as the
Company's independent registered public accounting firm
for the year ending Dec. 31, 2019.
About Regional Health
Regional Health Properties, Inc. (NYSE American: RHE) (NYSE
American: RHEpA) -- http://www.regionalhealthproperties.com-- is
the successor to AdCare Health Systems, Inc., and is a self-managed
healthcare real estate investment company that invests primarily in
real estate purposed for senior living and long-term healthcare
through facility lease and sub-lease transactions. Regional
currently owns, leases or manages for third parties 24 facilities
(12 of which are owned by Regional, nine of which are leased by
Regional and three of which are managed by Regional for third
parties).
Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated May 16, 2019, on the consolidated financial statements for
the year ended Dec. 31, 2018, citing that the Company has incurred
a net loss of $11.9 million for the year ended Dec. 31, 2018, has
an accumulated deficit of $118.2 million and negative working
capital of $28.6 million with $20.2 million of long term-debt
classified as current due to the Company's short-term forbearance
agreement pursuant to noncompliance with certain covenants under
the loan documents and the lender's ability to exercise
default-related rights and remedies, including the acceleration of
the maturity of such debt and a $4.1 million mortgage indebtedness
maturing in June 2019, which raise substantial doubt about its
ability to continue as a going concern.
RICHARDSON ACQUISITIONS: 2% Recovery for Unsecureds in Plan
-----------------------------------------------------------
Richardson Acquisitions Group, Inc., has a reorganization plan that
will be funded by operating income of the Debtor.
If any class of impaired claims votes to reject the Plan, then
Debtor will proceed with an auction of the interests of the
Reorganized Debtor. Any new value contribution shall be
distributed pro rata to allowed unsecured claims. Debtor will
conduct an auction of the equity interest of the Reorganized Debtor
on the Effective Date at 10:00 a.m., which may be adjourned by the
Court or Debtor.
Richardson Acquisitions Group's Combined Plan of Reorganization and
Disclosure Statement proposes to treat claims and interests as
follows:
* E.1 Secured Claim of Northstar Bank: Class 1 is comprised of
the Secured Claim of Northstar Bank. IMPAIRED. Total claim
$525,817.35. The Class 1 Secured Claim of Northstar Bank shall be
divided into two parts and receive the following treatment:
A. Part One: Part One of Northstar Bank’s Secured Claim will
be set at the amount of approximately $355,000.00 (“Part One
Amount”). Payment of Part One of the Northstar Bank Secured Claim
will be memorialized with a new term note executed by the Debtor
which will include the following payment terms:
1. The Part One Amount shall be amortized over five (5)
years at five and one quarter percent (5.25%) interest.
2. Commencing thirty (30) days after the Effective Date,
Part One of the Class 1 Secured Claim of Northstar Bank shall
receive sixty (60) monthly payments of $6,740.02 in principal and
interest.
B. Part Two: Part Two of Northstar Bank's Secured Claim will
be set at the approximate amount of $170,000.00, the balance of the
Northstar Secured Claim less the Part One Amount (the "Part Two
Amount"). Payment of the Part Two Amount will be memorialized by a
new revolving line of credit including the following terms:
1. The maximum allowable balance of $200,000.
2. An initial outstanding balance of $170,000.
3. The line of credit line would cap at eighty five percent
(85%) of account receivable less than 90 days.
4. Interest will accrue on the outstanding principal at the
rate of 6.5 percent per year.
5. Payments would be interest only on a monthly basis with
principal repayment required to remain within formula.
6. All principal and interest shall be paid no later than
sixty (60) months after the Effective Date.
* E.2 Secured Claim of Intech Funding Corp.: Class 2 is
comprised of the Secured Claim of Intech Funding Corp. IMPAIRED.
Total claim $16,680.00. The Class 2 Secured Claim of Intech Funding
Corp. shall be amortized over five (5) years at six and one-half
percent (6.50%) interest. Commencing thirty (30) days after the
Effective Date, the Class 2 Secured Claim of Intech Funding Corp.
will receive 60 monthly payments of $326.36 in principal and
interest.
* E.3 Claim of the Small Business Administration: Class 3 is
comprised of the Claim of the Small Business Administration.
IMPAIRED. Total claim $212,594. The Class 3 Secured Claim of the
Small Business Administration shall be amortized over five years at
3.50 percent interest. Commencing 30 days after the Effective
Date, the Class 3 Secured Claim of the Small Business
Administration shall receive 60 monthly payments of $3,867 in
principal and interest.
* E.4 Claim of The Huntington National Bank: Class 4 is
comprised of the Claim of The Huntington National Bank. IMPAIRED.
Total claim $4,016,827. The Class 4 Secured Claim of Huntington
National Bank shall be amortized over five years at 3.50 percent
interest. Commencing 30 days after the Effective Date, the Class 4
Secured Claim of The Huntington National Bank shall receive 60
monthly payments of $6,085.16 in principal and interest.
* E.5 Unsecured Claims Against the Debtor: Class 5 consists of
the Allowed General Unsecured Claims against the Debtor. IMPAIRED.
Total claim $4,619,160. Commencing 30 days after the Effective
Date, the Debtor will make monthly payments in the amount of $1,500
to be distributed to the Allowed Unsecured Claims on a pro rata
basis. The Debtor will make 60 monthly payments. Over the term of
the Plan the total amount to be paid to Class 5 Unsecured Claims
will be $90,000.
* E.6 Equity Interest: Class 6 consists of equity interests in
the Debtor. IMPAIRED. If all impaired classes of Creditors vote to
accept the Plan, then the rights of the Interest Holders shall
remain the same. If any class of Creditors vote to reject the Plan
or if the Bankruptcy Court requires, for any reason, that New Value
be provided to the Debtor, the equity interest in the Debtor shall
be canceled and new equity shall be issued to Mason Richardson.
A full-text copy of the Combined Plan of Reorganization and
Disclosure Statement dated Dec. 2, 2019, is available at
https://tinyurl.com/s69y6y3 from PacerMonitor.com at no charge.
Attorney for the Debtor:
Mark H. Shapiro
STEINBERG SHAPIRO & CLARK
25925 Telegraph Rd., Suite 203
Southfield, MI 48033
Tel: (248) 352-4700
E-mail: shapiro@steinbergshapiro.com
About Richardson Acquisitions Group
Richardson Acquisitions Group, Inc., owns and operates a machine
shop in Walled Lake, Mich. Richardson Acquisitions Group filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Mich. Case No. 19-48340) on June 4, 2019. In the
petition signed by Mason Richardson, president, the Debtor was
estimated to have $500,000 to $1 million in assets and $1 million
to $10 million in liabilities. Judge Maria L. Oxholm oversees the
case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark, is the
Debtor's counsel.
RUI HOLDING: Sale Paid Off Secured Claim, Liquidating Plan Filed
----------------------------------------------------------------
RUI Holding Corp., RU Corp., Restaurants Unlimited, Inc., and
Restaurants Unlimited Texas, Inc. filed a proposed Joint Plan of
Liquidation and a Disclosure Statement.
During the course of the Debtors' bankruptcy cases, the Debtors
sold substantially all of their assets. The net proceeds received
by the Debtors upon the sale of substantially all of their assets
were used to indefeasibly pay, in part, the DIP Claim and
Prepetition Senior Secured Claim. The collection and liquidation
of the Debtors' remaining assets and the proceeds of Third Party
Claims, if any, will be used to make payments, to the extent of
available cash, to holders of allowed claims in the order of
priority under Section 507 of the Bankruptcy Code, including
Allowed Administrative Claims (including Professional Fee
Claims), Allowed Priority Tax Claims and Allowed Claims in Class 1,
Class 2, Class 3, and Class 4. To the extent of any available
Cash and the proceeds of Third Party Claims after payment of
Allowed Administrative Claims (including Professional Fee Claims),
Allowed Priority Tax Claims and Allowed Claims in Class 1, Class 2,
and Class 3, the Plan Administrator shall make Pro Rata
Distributions to holders of General Unsecured Claims in Class 4
from such sums.
Holders of general unsecured claims in Class 4 will each receive
its pro rata share of the Class 4 Distribution Amount. The
Disclosure Statement still has blanks as to the total amount of
unsecured claims and the estimated percentage recovery.
The Plan is a liquidating plan and provides for the liquidation of
the Plan Assets and the payment of the proceeds generated therefrom
to holders of Allowed Claims in accordance with the priorities set
forth in the Bankruptcy Code. The Debtor says the amount of the
Plan distribution on account of Class 4 General Unsecured Claims
cannot be determined with certainty. The Disclosure Statement also
did not provide for the amount of the "Class 4 Distribution
Amount".
A full-text copy of the Disclosure Statement dated December 2,
2019, is available at https://tinyurl.com/tjt2k9a from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Domenic E. Pacitti
Michael W. Yurkewicz
Sally E. Veghte
KLEHR HARRISON HARVEY BRANZBURG LLP
919 Market Street, Suite 1000
Wilmington, DE 19801
Telephone: (302) 426-1189
Facsimile: (302) 426-9193
Email: dpacitti@klehr.com
Email: myurkewicz@klehr.com
About RUI Holding
RUI Holding Corp. and its subsidiaries -- https://www.r-u-i.com/
--
operate 18 different restaurant brands in 35 locations throughout
six states. Unique restaurant concepts run by the companies
include Portland City Grill, Palisade, Cutters Crabhouse, and
Skates on the Bay. The companies' multi-unit brands include
Kincaid's, Palomino, Henry's Tavern, Portland Seafood Company and
Stanford's.
The companies have 1,885 part-time hourly employees, 168 full-time
restaurant salaried employees, and 50 salaried employees at their
corporate headquarters in Seattle.
RUI Holding and its subsidiaries sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11509) on
July 7, 2019. At the time of the filing, the Debtors disclosed
assets of between $50 million and $100 million and liabilities of
the same range.
The Debtors tapped Klehr Harrison Harvey Branzburg LLP as
bankruptcy counsel; Configure Partners LLC as investment banker;
Carl Marks Advisory Group LLC as restructuring advisor; and Epiq
Corporate Restructuring, LLC, as claims and noticing agent.
SAN JUAN ICE: Plan & Disclosures Hearing Reset to Jan. 22, 2020
---------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the motion of debtor San Juan Ice
Inc. requesting continuance of the confiramtion hearing.
The hearing on final approval of the disclosure statement and
confirmation of the plan scheduled for Dec. 11, 2019, at 9:00 a.m.,
is rescheduled, for cause, for Jan. 22, 2020, at 9:00 a.m., at the
United States Bankruptcy Court, Jose V. Toledo Federal Building and
US Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor,
San Juan, Puerto Rico.
The time period to confirm the plan is extended, for cause, until
Feb. 5, 2020.
About San Juan Ice Inc.
San Juan Ice Inc., based in San Juan, PR, sought Chapter 11
protection (Bankr. D.P.R. Case No. 18-01784) on April 3, 2018. In
the petition signed by Ramiro Rodriguez Pena, president, the Debtor
disclosed $580,495 in assets and $1.17 million in liabilities. The
Hon. Mildred Caban Flores oversees the case. Robert Millan, Esq.,
at Millan Law Offices, serves as bankruptcy counsel to the Debtor.
SCHAEFER AMBULANCE: Court Extends Exclusivity Period to Feb. 1
--------------------------------------------------------------
Judge Neil Bason of the U.S. Bankruptcy Court for the Central
District of California extended to Feb. 1 the period during which
only Schaefer Ambulance Service, Inc. can file a Chapter 11 plan.
The company can solicit acceptances for the plan until May 1.
About Schaefer Ambulance Service
Schaefer Ambulance Services, Inc. -- http://www.schaeferamb.com/--
is an emergency medical services provider specializing in basic
life support; paramedic; critical care; neonatal; event standbys;
and other specialized medical services. The Company offers ground
transport for hospitals, urgent care centers, convalescent homes,
physicians, insurance companies, fire departments and
private/public events. Schaefer Ambulance was founded by Walter
Schaefer in 1932.
Schaefer Ambulance Services filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 19-11809) on Feb. 20, 2019. In the petition
signed by Leslie Maureen McNeal, treasurer, the Debtor is estimated
to have $1 million to $10 million in assets and $1 million to $10
million in liabilities. The case is assigned to Judge Neil W.
Bason. Craig G. Margulies, Esq., at Margulies Faith LLP, is the
Debtor's counsel. BidMed, LLC, is the asset liquidation broker.
SCHRAD LTD: Unsec. Creditors to Recover 45% in Liquidating Plan
---------------------------------------------------------------
Schrad, Ltd., Honey Bee Bakers, LLC and Red Apple Resources of
South Texas, LLC, have a Chapter 11 Plan that provides for the
liquidation of substantially all of the assets of the Joint
Debtors. It is anticipated that the proceeds from liquidation of
the Joint Debtors' assets will be sufficient to pay all allowed
secured and priority claims together with a dividend of 45% to
holders of allowed unsecured claims. The Joint Debtors' operations
will cease.
Holders of allowed unsecured claims in Class 6, totaling $200,000,
will be paid from the remaining proceeds of the sale of the
Debtors' assets after the claims in Classes 1, 2, 3, 4, and 5 are
paid. The remaining unencumbered sale proceeds, after payment of
administrative expenses which is estimated to be $90,000 will be
paid pro rata to creditors with allowed unsecured claims.
A full-text copy of the Second Amended Joint Disclosure Statement
dated Dec. 2, 2019, is available at https://tinyurl.com/ta7wpa5
from PacerMonitor.com at no charge.
Attorneys for the Debtors:
Michael J. O'Connor
LAW OFFICES OF MICHAEL J. O'CONNOR
921 Proton Road
San Antonio, Texas 78258
Phone: (210) 729-6009
Fax: (210) 729-6003
oconnorlaw@gmail.com
About Schrad Ltd
Schrad Ltd. and its affiliates, Honey Bee Bakers, LLC and Red Apple
Resources of South Texas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 19-51331) on June
3, 2019. In the petitions signed by James E. Schrad, president,
Schrad estimated assets and liabilities of less than $50,000. The
Debtors are represented by the Law Office of Michael J. O'Connor.
SELFRIDGE PARTNERS: Jan. 21 Hearing on 1st Amended Plan
-------------------------------------------------------
Selfridge Partners, LLC, filed a First Amended Chapter 11 Plan.
The Debtor's Plan provides that secured creditors take to the
extent of their security interest. Unsecured creditors will take
from a fund or "pot" established by Debtor, which will be
distributed in accordance with 11 U.S.C. Sec. 507 et seq.
The Debtor plans to utilize the estate's largest asset in a way
that it may be maximized for the benefit of all creditors. Despite
the setback of the loss of the structure on the property, the
Debtor has cleaned the property and has engaged a restoration
company to address any harmful /environmental issues at the
property. The Debtor is looking to put a modular home on the
property so that the property can be rented and can start
generating income to the benefit of creditors and to fund the
Plan.
The insurance company has issued checks for the portion of the
claim that was covered and the funds are being used to reduce the
debt to the holder of the first trust deed on the property,
Wilmington Savings fund Society, FSB, d/b/a Christiana Trust and
the holder of the second trust deed on the property, Wells Fargo.
The Debtor is currently engaging in negotiations with BSI and Wells
Fargo for the balances owed. The Debtor's workout plan involves
the use of a modular home on the property which will generate
sufficient income to service the modest left debt after application
of the insurance proceeds.
The hearing where the Court will determine whether or not to
confirm the Plan will take place on Jan. 21, 2020, at 11:30 a.m.,
in Courtroom 201, United States Bankruptcy Court for the Central
District of California – SANTA BARBARA DIVISION, 1415 State
Street, Santa Barbara, California.
The Plan, as amended, treats claims and interests as follows:
* Class 1: First Mortgage on 28901 Selfridge Drive Property.
IMPAIRED. Total claim $487,961.24. Wilmington's claim will be paid
according to the terms of the original note, except that it has
agreed to a $250,000 carve out to pay Wells Fargo. This Claim shall
be paid in accordance with the terms of the current promissory note
or any modification agreement related thereto.
* Class 2: Second Mortgage on 28901 Selfridge Drive Property.
IMPAIRED. Total claim $449,201.72. Wells Fargo's claim will
either:
1. Receive $250,000 from BSI in full settlement, or
2. Be re-amortized to be paid at 5% interest over 30 years.
* Class 3 Third Mortgage on 28901 Selfridge Drive Property.
IMPAIRED. Total claim $2,000,000. Hunter Pendleton and Colton
Pendleton's claims will be paid in accordance with the terms of the
current promissory note except they will be subordinate to
postpetition financing to implement the plan.
* Class 4: Priority Unsecured Claims. The Debtor is not aware
of any such claims.
* Class 5: General Unsecured Claims. General unsecured claims
are unsecured claims not entitled to priority under 11 U.S.C. Sec.
507(a). The Debtor is not aware of any such claims.
* Class 6: Interest Holders. All remaining property not
distributed by the Plan revests in the interest holder.
The Plan will be funded by the following:
a. Available Cash: $26,125.00 of cash available on the
Effective Date.
b. Future Disposable Income: The Debtor will fund the Plan
primarily through the income received from the operation of the
Property.
c. DIP Funding: The Debtor will be able to restore the
property using funds from a loan or a lease. The Debtor's
principal has a loan commitment for the construction. As a backup
plan, the Debtor also has a written offer for a long-term lease
which would fund construction. During construction, Debtor will
fund debt service through funds from a loan.
d. Income: On a monthly basis, the Debtor will receive rental
income of approximately $6,000.
A full-text copy of the First Amended Disclosure Statement dated
Dec. 2, 2019, is available at https://tinyurl.com/sytmrud from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
WILLIAM E. WINFIELD
NELSON COMIS KETTLE & KINNEY LLP
300 E. Esplanade Drive, Suite 1170
Oxnard, California 93036-0238
Telephone: (805) 604-4106
Facsimile: (805) 604-4150
E-mail: wwinfield@calattys.com
About Selfridge Partners
Selfridge owns in fee simple interest a rental property (a single
family dwelling at 28901 Selfridge Drive, Malibu, CA 90265) valued
at $2.50 million.
Selfridge filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
17-11618) on Sept. 7, 2017. In the petition signed by Candace C.
Pendleton, its managing member, the Debtor disclosed $2.50 million
in assets and $4.90 million in liabilities. Judge Peter Carroll
oversees the case.
Nelson Comis Kettle & Kinney LLP is currently serving as the
Debtor's counsel. Simon Resnik Hayes LLC had previously
represented the Debtor as bankruptcy counsel.
SELFRIDGE PARTNERS: Jan. 21, 2020 Plan Confirmation Hearing Set
---------------------------------------------------------------
On Dec. 10, 2019, Judge Deborah J. Saltzman of the U.S. Bankruptcy
Court for the Central District of California, Northern Division,
established the following dates and deadlines for debtor Selfridge
Partners, LLC:
* Jan. 7, 2020, is the deadline to object to the Debtor's First
Amended Disclosure Statement and First Amended Plan.
* Jan. 7, 2020, is the deadline to cast ballots to accept or
reject the Debtor's First Amended Plan.
* Jan. 14, 2020, is the deadline for the Debtor to reply to any
objections to the First Amended Disclosure Statement and First
Amended Plan.
* Jan. 14, 2020, is the deadline for the Debtor to file a ballot
summary.
* Jan. 21, 2020, at 11:30 a.m., is the confirmation hearing on
the Debtor's First Amended Plan.
The Debtor is represented by:
WILLIAM E. WINFIELD
NELSON COMIS KETTLE & KINNEY LLP
300 E. Esplanade Drive, Suite 1170
Oxnard, California 93036-0238
Telephone: (805) 604-4106
Facsimile: (805) 604-4150
E-mail: wwinfield@calattys.com
About Selfridge Partners
Selfridge owns in fee simple interest a rental property (a single
family dwelling at 28901 Selfridge Drive, Malibu, CA 90265) valued
at $2.50 million.
Selfridge filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
17-11618) on Sept. 7, 2017. In the petition signed by Candace C.
Pendleton, its managing member, the Debtor disclosed $2.50 million
in assets and $4.90 million in liabilities. Judge Peter Carroll
oversees the case.
Nelson Comis Kettle & Kinney LLP is currently serving as the
Debtor's counsel. Simon Resnik Hayes LLC had previously represented
the Debtor as bankruptcy counsel.
SHARPS RIFLE: Case Summary & 9 Unsecured Creditors
--------------------------------------------------
Debtor: Sharps Rifle Company, Inc.
1195 US Highway 20-26-87
Glenrock, WY 82637
Business Description: Sharps Rifle Company, Inc. --
https://www.srcarms.com -- manufacturers and
markets firearms.
Chapter 11 Petition Date: December 31, 2019
Court: United States Bankruptcy Court
District of Wyoming
Judge: Hon. Cathleen D. Parker
Debtor's Counsel: Clark D. Stith, Esq.
CLARK D. STITH
505 Broadway
Rock Springs, WY 82901
Tel: 307-382-5565
E-mail: clarkstith@wyolawyers.com
Case No.: 19-20817
Total Assets: $59,725
Total Liabilities: $4,062,066
The petition was signed by Jay Johnston, president.
A copy of the petition containing, among other items, a list of the
Debtor's nine unsecured creditors is available at PacerMonitor.com
for free at:
https://is.gd/5lIdqf
SIGMA LOGISTICS: Hires Jones & Walden as Counsel
------------------------------------------------
Sigma Logistics, Inc., seeks permission from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ the law firm
of Jones & Walden, LLC as counsel in this Chapter 11 case.
The Debtor will require professional services from attorneys to:
(a) Prepare pleadings and applications;
(b) Conduct examination;
(c) Advise the Debtor of its rights, duties and obligations as a
debtor-in-possession;
(d) Consult with the Debtor and represent them with respect to a
Chapter 11 plan;
(e) Perform legal services incidental and necessary to the
day-to-day operations of the Debtor's business, including, but not
limited to, institution and prosecution of necessary legal
proceedings, and general business legal advice and assistance;
(f) Take any and all other action incident to the proper
preservation and administration of the Debtor's estate and
business.
The Firm charges $225.00 to $375.00 per hour for attorneys and
$125.00 to $150.00 per hour for paralegals.
Jones & Walden attests that the firm and its professionals have or
represent no interest adverse to the Debtor or the Debtor's estate.
The Firm has no connections with the Debtor, its creditors, any
other party in interest or their respective attorneys or
accountants. The Firm is not a creditor of the Debtor.
The firm may be reached at:
Leslie M. Pineyro, Esq.
JONES & WALDEN, LLC
21 Eighth Street, NE
Atlanta, GA 30309
Tel: (404) 564-9300
Fax: (404) 564-9301
Email: lpineyro@joneswalden.com
About Sigma Logistics
Sigma Logistics, Inc. is a full service logistics provider that
specializes in dedicated operations. The Company is equipped to
warehouse dry products and transport both dry and refrigerated
products.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Ga. Case No. 19-69496) on December 4, 2019. The Hon. Paul Baisier
oversees the case.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Tarrance Houston, authorized representative.
The Debtor is represented by Leslie M. Pineyro, Esq., at Jones &
Walden, LLC.
SMOKY MOUNTAIN: Hedgepeths Want Residents Informed
--------------------------------------------------
Ronnie C. Hedgepeth, Jr., and Shira L. Hedgepeth filed an objection
to the Disclosure Statement of Smoky Mountain Country Club Property
Owner’s Association, Inc.
The Hedgepeths are residents of Smoky Mountain Country Club in
Whittier, NC having owned a townhouse unit since September 2017.
"For some inexplicable reason, the new Board is pushing this Court
to expedite the process to approve a Disclosure Statement and
confirm a plan where there is no demonstrable reason for such
speed. Objector, like many residents of the Club do not reside
full time in the community and receive mail at another location.
To date, the disclosure statement has not been properly served upon
the Objector and others of the Club," the Hedgepeths said in court
filings.
The Hedgepeths point out that the expedited process requested by
the new Board and being granted by the Court is unfair and
prejudicial to the residents who are members of the Association and
who are unaware of the agreement the new Board is trying to
expedite through the Court.
The Hedgepeths are currently current on all fees and have always
been current on all fees, but the Disclosure Statement moves to
punish them for monies awarded in a lawsuit for unpaid fees of the
members that the Association was found to have a duty to collect.
The Hedgepeths assert that it is unreasonable to allow the Board to
expedite the Disclosure Statement without the knowledge of the
members in which they intend to make pay for its approval.
The Hedgepeths complain that the Association's action on its face
appears to be an attempt to circumvent the Court and act to
purposefully harm the members, that it has been elected to
protect.
About Smoky Mountain Country Club
Property Owners Association
The Debtor, a North Carolina nonprofit corporation, is an
association of homeowners of the Smoky Mountain Country Club, a
residential planned community, in Whittier, North Carolina.
Smoky Mountain Country Club Property Owners Association, Inc. filed
a voluntary petition for relief under chapter 11 of the Bankruptcy
Code (Bankr. W.D.N.C. Case No. 19-10286) on July 26, 2019. In the
petition signed by Paul DeCarlo, president, the Debtor estimated
$50,000 in assets and $1 million to $10 million in liabilities.
The case is assigned to Judge George R. Hodges.
John R. Miller Jr., Esq. at Rayburn Cooper & Durham, P.A., is
representing the Debtor.
SUNOPTA INC: Incurs $11.8 Million Net Loss in Third Quarter
-----------------------------------------------------------
SunOpta Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of US$11.78
million on US$295.94 million of revenues for the three months ended
Sept. 28, 2019, compared to a net loss of US$4.53 million on
US$308.37 million of revenues for the three months ended Sept. 29,
2018.
For the three quarters ended Sept. 28, 2019, the Company reported
net earnings of US$4.90 million on US$894.22 million of revenues
compared to a net loss of US$12.12 million on US$940.33 million of
revenues for the three quarters ended Sept. 29, 2018.
As of Sept. 28, 2019, the Company had US$958.61 million in total
assets, US$741.71 million in total liabilities, US$82.21 million in
series A preferred stock, and US$134.70 million in total equity.
During the third quarter of 2019, cash provided by operating
activities was $4.3 million, compared to $10.5 million during the
third quarter of 2018. The $6.2 million decrease in cash provided
by operating activities primarily reflects a year over year
increase in consolidated net loss due primarily to lower
profitability in the Company's Healthy Fruit platform. Cash used
in investing activities was $7.6 million in the third quarter of
2019, compared with $6.0 million in the third quarter of 2018, an
increase in cash used of $1.6 million due mainly to lower proceeds
from sales of businesses and assets.
"In the third quarter, we delivered consolidated revenue growth,
adjusted for changes in our business of 6.6% and adjusted EBITDA of
$9.9 million. This was led by outstanding performance in our
plant-based beverage and broth business, as a direct result of the
investments we have made and our enhanced focus on optimizing our
product portfolio," said Joe Ennen, chief executive officer at
SunOpta. "Our Healthy Beverage platform reported 31% adjusted
revenue growth and a 390 basis-point increase in margins, supported
by the addition of new capacity to the aseptic network in 2019. We
continue to see strong demand across channels and product
categories within Healthy Beverage, supporting the capacity
expansion that was brought online this summer. Heading into the
fourth quarter, our beverage capacity and capabilities are
meaningfully improved when compared to last year, which should
allow us to more efficiently meet higher demand for broth during
this seasonally strong period."
"Revenue and margins in our Healthy Fruit platform were consistent
with our expectations. While Healthy Fruit was unprofitable in the
third quarter, the impact of this year's weather-related strawberry
crop shortfall was in-line with our second quarter outlook. We
believe the third quarter will represent the low point for frozen
fruit margins, and we anticipate sequential improvement in the
fourth quarter and into 2020. We are making progress on the fruit
margin optimization plan, including the installation of further
automation to lower variable labor costs, building rational
customer pricing structures, and enhancing business planning and
leadership. We remain flexible and nimble in our response to the
crop shortfalls in Mexico and California, leveraging our global
sourcing capabilities to service our customers through the
procurement of additional supply from South America. While
progress against our fruit margin optimization plan will continue
to be masked in the near-term by the 2019 crop shortfall, we remain
confident that the structural improvements we have made to date are
building a strong foundation for future profitability."
"In the third quarter, we also completed a reorganization of our
corporate and CPG organizational structure. The goal of this
action was to delayer the top of the organization, create more
direct accountability by fully aligning all commercial functions
under general managers, and to increase our speed and decisiveness.
While these changes resulted in minimal savings for the quarter,
the annualized benefit of these changes is expected to be $8 to $10
million. This reorganization has the dual benefit of both
improving SunOpta's profitability and accelerating SunOpta's
transformation to a more nimble and entrepreneurial company,"
concluded Mr. Ennen.
A full-text copy of the Form 10-Q is available for free at the
SEC's website at:
https://is.gd/w2NUVW
About SunOpta Inc.
Headquartered in Ontario, Canada, SunOpta Inc. is a global company
focused on organic, non-genetically modified ("non-GMO") and
specialty foods. SunOpta specializes in the sourcing, processing
and packaging of organic and non-GMO food products, integrated from
seed through packaged products; with a focus on strategic
vertically integrated business models. SunOpta's organic and
non-GMO food operations revolve around value-added grain, seed,
fruit and vegetable-based product offerings, supported by a global
sourcing and supply infrastructure.
SunOpta reported a net loss of $109.14 million for the year ended
Dec. 29, 2018, a net loss of $134.57 million for the year ended
Dec. 30, 2017, and a net loss of $51.13 million for the year ended
Dec. 31, 2016.
* * *
As reported by the TCR on Sept. 18, 2019, S&P Global Ratings
lowered its issuer credit rating on Mississauga, Ont.-based SunOpta
Inc. to 'CCC' from 'CCC+'. The downgrade reflects weak operating
performance due to crop shortages in SunOpta's key strawberry
sourcing regions.
SUNPOWER CORP: Expects to Cut Global Workforce by 3%
----------------------------------------------------
SunPower Corporation has adopted a restructuring plan to realign
and optimize workforce requirements in light of recent changes to
its business, including the previously announced planned spin-off
of Maxeon Solar Technologies, Pte. Ltd. In connection with the
restructuring plan, which includes actions implemented in the
fourth quarter of 2019 and is expected to be completed by mid-2023,
the Company expects between 145 and 160 non-manufacturing
employees, representing approximately 3% of the Company's global
workforce, to exit the company over a period of approximately 12 to
18 months. Between 65 and 70 of these employees in the SunPower
Technologies business unit and corporate have largely been informed
and are expected to exit the Company following the Spin-Off and
completion of transition services. As the SunPower Energy Services
business unit hones its focus on distributed generation, storage,
and energy services, 80 to 90 employees exited or are expected to
exit the Company during the fourth fiscal quarter of 2019 and the
first half of 2020. The Company expects to incur restructuring
charges totaling approximately $16 million to $22 million,
consisting primarily of severance benefits (between $8 million and
$11 million) and retention benefits (between $8 million and $11
million) primarily associated with the retention of employees
impacted by the spin-off transaction and certain key research and
development employees. A substantial portion of such charges have
been and are expected to be incurred in the fourth quarter of
fiscal 2019 and the first quarter of fiscal 2020, and the Company
expects between $14 million and $19 million of the charges to be
cash. The actual timing and costs of the plan may differ from the
Company's current expectations and estimates.
About SunPower
Headquartered in San Jose, California, SunPower Corporation --
http://www.sunpower.com/-- provides a diverse group of customers
with complete solar solutions and services. The company serves
residential customers, businesses, governments, schools and
utilities.
SunPower reported a net loss of $917.49 million for the fiscal year
ended Dec. 30, 2018, a net loss of $1.17 billion for the fiscal
year ended Dec. 31, 2017, and a net loss of $521.41 million for the
fiscal year ended Jan. 1, 2017. As of Sept. 29, 2019, SunPower had
$1.89 billion in total assets, $2.05 billion in total liabilities,
and a total deficit of $160.25 million.
TERRAVISTA PARTNERS: Sale to Pico Union to Fund 100% Plan
---------------------------------------------------------
Terravista Partners - Pecan Manor, Ltd., Terravista Partners -
Roselawn, Ltd.,
Terravista Partners - Spanish Spur, Ltd., and Terravista Partners -
Westwood Ltd., filed a First Amended Joint Chapter 11 Plan of
Reorganization to provide that the sale of property to Pico Union
Housing Corp. will fund the plan.
Pursuant to the provisions of the Purchase and Sale Agreement, the
Debtors, through the Confirmation of the Plan, will obtain Court
approval to sell each of the Debtors' respective real property to
Pico Union Housing Corporation (or its assignee(s)). The closing
of the sale shall occur on Jan. 2, 2020 (or a later date in January
2020 if the parties agree pursuant to the provisions of a written
amendment to the attached PSA).
In addition, pursuant to the Debtors' agreement with Pico, the
purchase price (in addition to a charitable contribution component)
set forth in PSA is allocated as follows:
Pecan Manor: $5,140,000
Roselawn: $4,720,000
Spanish Spur: $8,500,000
Westwood: $16,940,000
Winston Square*: $6,300,000
* Winston Square is not a Debtor.
The net sale proceeds (after paying closing costs of 4% of the
total sales price and any applicable federal taxes) will be more
than adequate to pay all allowed claims held by each Debtor's
creditors.
A full-text copy of the First Amended Joint Chapter 11 Plan of
Reorganization dated December 2, 2019, is available at
https://tinyurl.com/r65cv32 from PacerMonitor.com at no charge.
About Terravista Partners
Terravista Partners - Hidden Village, Ltd. conducts business under
the names Hidden Village Apartments and Hidden Village Apartment
Homes. It is a real estate lessor headquartered in San Antonio,
Texas.
Terravista Partners filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 18-52901) on Dec. 4, 2018. The petition was signed by
Philip W. Stewart, president of Terravista - Hidden Village
Corporation. At the time of the filing, the Debtor was estimated
to have assets and liabilities of between $1 million and $10
million.
Four affiliates Terravista Partners - Pecan Manor, Ltd., aka The
Villas of Pecan Manor (Case No. 19-51100), Terravista Partners -
Roselawn, Ltd., aka Roselawn Apartment (Case No. 19-51101),
Terravista Partners - Spanish Spur, Ltd., aka Spanish Spur
Apartments (Case No. 19-51104), and Terravista Partners - Westwood,
Ltd., aka Westwood Plaza Apartments (Case No. 19-51105) each filed
a Chapter 11 petition on May 6, 2019.
The cases are jointly administered under Case No. 19-51100.
Judge Craig A. Gargotta oversees the cases.
The Law Offices of William B. Kingman, P.C., is the Debtors'
counsel.
TEXAS ROADRUNNER: Seeks to Hire Northern Legal as Legal Counsel
---------------------------------------------------------------
Texas Roadrunner Express, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire
Northern Legal, 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. prepare and pursue confirmation of a 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. appear in court.
Northern Legal will charge $250 per hour for services rendered by
its attorneys, $150 per hour for associate attorneys, and $50 per
hour for paralegals.
Van Northern, Esq., at Northern Legal, attests that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Van W. Northern, Esq.
Northern Legal, P.C.
2700 S Western St Ste 200
Amarillo, TX 79109-1536
Tel: 806-374-2266
Email: northernlegalpc@gmail.com
northernlaw@suddenlinkmail.com
About Texas Roadrunner Express, LLC
Texas Roadrunner Express, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-20361) on Nov.
15, 2019. In the petition signed by Delfino I. Moreno, managing
member, the Debtor was estimated to have under $50,000 in assets
and under $500,000 in debt. The Debtor is represented by Van W.
Northern, Esq., at Northern Legal, P.C.
TIMS 8 MILE: To Present Plan for Confirmation April 14
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division - Detroit, establishes the following deadlines,
hearing dates and procedures after reviewing of the schedules and
statement of financial affairs and consulting with Debtor Tims 8
Mile LLC and the other parties:
* March 2, 2020, is the deadline for creditors who are required
by law to file claims except that for governmental units the
deadline to file claims is 180 days from the date the petition was
filed.
* Jan. 24, 2020, is the deadline for parties to request the
debtor to include any information in the disclosure statement.
* Feb. 25, 2020, is the deadline for the debtor to file a
combined plan and disclosure statement.
* April 7, 2020, is the deadline to return ballots on the plan,
as well as to file objections to final approval of the disclosure
statement and objections to confirmation of the plan.
* April 14, 2020, at 10:30 a.m., in Room 1875, 211 W. Fort
Street, Detroit, Michigan is the hearing on objections to final
approval of the disclosure statement and confirmation of the plan.
A full-text copy of the order is available at
https://tinyurl.com/t6xmvs2 from PacerMonitor.com at no charge.
About Tims 8 Mile LLC
Tims 8 Mile LLC, Tims Milner LLC, Tims 12 Mile LLC, Tims Five-Mile
LLC, Tims Greenfield LLC, Tims Evergreen LLC, and Tims Compuware,
LLC each operated Tim Hortons franchise restaurant in southeast
Michigan. Currently, only Tims 8 Mile, LLC and Tims Compuware, LLC
are operating, although they are not operating as Tim Hortons
franchises. Instead, they are operating as unbranded restaurants,
serving coffee and breakfast food.
Shortly after Debtors began operating their franchise locations,
they began having disputes with Tim Hortons and the parties have
been involved in various litigation since.
Tims 8 Mile LLC and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mich. Lead Case No. 19-55172) on Oct. 25, 2019. In
the petition signed by Nicole Wilski, member, Tims 8 Mile was
estimated to have $500,000 to $1 million in assets and $10 million
to $50 million in liabilities.
The cases are assigned to Judge Marci B McIvor.
Daniel J. Weiner, Esq. at Schafer and Weiner, PLLC, represents the
Debtors.
TONY'S FAMOUS: Unsec. Creditors to Recover 20% in Plan
------------------------------------------------------
Tony's Famous Tomato Pie Bar and Restaurant, a small business
chapter 11 case, has a Chapter 11 plan that says payments and
distributions will be funded by amounts from lawsuits' settlement
or judgment and cash from operations.
Under the Plan, general unsecured creditors will receive monthly
payments of $240 beginning on Effective Date and ending after 60
months. The estimated recovery for the class is 20 percent.
A full-text copy of the Disclosure Statement dated December 2,
2019, is available at https://tinyurl.com/s59l779 from
PacerMonitor.com at no charge.
About Tony's Tomato Pie
Tony's Tomato Pie Bar and Restaurant has operated a restaurant
since 2015. The company sought Chapter 11 protection (Bankr. E.D.
Pa. Case No. 19-13427) on May 29, 2019. Ronald Lee Daugherty,
Esq., at SALMON RICCHEZZA SINGER & TURCHI, LLP, is the Debtor's
counsel.
VECTOR GROUP: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 27, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Vector Group Limited to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.
Vector Group Limited is an American diversified holding company
with two major businesses: Liggett Group LLC and New Valley LLC,
including Douglas Elliman. Bennett S. LeBow founded Vector Group in
1986. Since then, he has served as Chairman.
WANSDOWN PROPERTIES: Unsecureds Unimpaired Under Plan
-----------------------------------------------------
Wansdown Properties Corporation N.V. filed a reorganization plan
that says secured creditors and unsecured creditors are unimpaired
under the plan.
The Plan described in the Disclosure Statement provides the allowed
claims of creditors to be satisfied from the sale of the Debtor's
seven-story townhouse located at 29 Beekman Place, New York. The
Debtor has entered into a contract to sell the property to 29
Beekman Corp., pursuant to a residential contract of sale for the
purchase price of $10,300,000. The Debtor has marketed the
Property for over 12 months in connection with a real estate
broker.
Based on the interest garnered from the numerous marketing efforts,
the Debtor determined that the offer made by 29 Beekman Corp. to
be the highest and best offer that it could currently obtain as a
result of its sale efforts and represents fair and adequate
consideration for the purchase of the Property.
The Chapter 11 case has been commenced by the Debtor to protect its
sole asset and to sell it in an organized sale process, and not a
fire sale, so that the Debtor will maximize its value. Under the
Purchase Agreement, 29 Beekman Corp., among other things, has
agreed to:
(a) pay the purchase price of $10,300,000;
(b) close on the sale of the Property on or before January 31,
2020;
(c) deliver a cash deposit of $1,030,000; and
(d) purchase the Property "as is" being fully aware of its
physical condition and state of repair.
The deadline to file and serve any objection or response to the
Plan will on Jan. 7, 2020 at 5:00 p.m. (prevailing Eastern Time).
The deadline for ompleted ballots to be received by the Ballot
Collector will be on Jan. 7, 2020 at 5:00 p.m. (prevailing Eastern
Time).
The scheduled date and time for the commencement of the combined
hearing to consider final approval of the Disclosure Statement and
confirmation of the Plan and to approve sale of the property will
be on Jan. 14, 2020 at 10:00 a.m. (prevailing Eastern Time).
Under the Plan, Class 1 Priority Claims, Class 2 Real Property Tax
Claims, Class 3 Secured Claims, and Class 4 General Unsecured
Claims are unimpaired.
General unsecured creditors will receive cash from the Plan Fund in
the amount of the allowed claims payable plus accrued post-petition
interest at the Federal Judgment Rate on the Effective Date.
A full-text copy of the Disclosure Statement dated Dec. 2, 2019, is
available at https://tinyurl.com/vwxu2vo from PacerMonitor.com at
no charge.
About Wansdown Properties
Wansdown Properties Corporation, N.V.'s primary asset is a
seven-story townhouse located at 29 Beekman Place, New York, New
York. It was incorporated in 1979 under the laws of Curacao,in
accordance with Article 38 of the Commercial Code of the
Netherlands Antilles and continues to exist under the laws of the
Netherland Antilles. Wansdown Properties was formed as a holding
company to own and manage the Property for an affluent individual
who deceased in January 2016.
Wansdown Properties Corporation sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13223) on Oct.
8, 2019. At the time of the filing, the Debtor was estimated to
have assets of between $10 million and $50 million and liabilities
of the same range. The case is assigned to Judge Stuart M.
Bernstein.
Counsel for the Debtor:
Paul A. Rubin
Hanh V. Huynh
RUBIN LLC
345 Seventh Avenue, 21st Floor
New York, New York 10001
Tel: 212.390.8054
Fax: 212.390.8064
E-mail: prubin@rubinlawllc.com
hhuynh@rubinlawllc.com
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re M.H.P. Development, Inc.
Bankr. W.D. Va. Case No. 19-71672
Chapter 11 Petition filed December 26, 2019
See https://is.gd/U4UilQ
represented by: Robert T. Copeland, Esq.
SCOT S. FARTHING, ATTORNEY AT LAW, PC
E-mail: robertc@sfarthinglaw.com
In re Acres Imperial, LLC
Bankr. E.D. Cal. Case No. 19-27917
Chapter 11 Petition filed December 26, 2019
See https://is.gd/ADJFdz
Filed Pro Se
In re Hy-Force Hydraulic Services, LLC
Bankr. N.D. Ill. Case No. 19-36292
Chapter 11 Petition filed December 27, 2019
See https://is.gd/mL128j
represented by: Ben Schneider, Esq.
SCHNEIDER & STONE
E-mail: ben@windycitylawgroup.com
In re TW Trucking LLC
Bankr. M.D. Ga. Case No. 19-71548
Chapter 11 Petition filed December 27, 2019
See https://is.gd/watzPR
represented by: Shelba D. Sellers, Esq.
SELLERS & MITCHELL, P.C.
E-mail: shelba_sellers@yahoo.com
In re Mr. Mister, LLC
Bankr. D. Md. Case No. 19-27075
Chapter 11 Petition filed December 27, 2019
See https://is.gd/xqOPaI
represented by: Robert N. Grossbart, Esq.
GROSSBART, PORTNEY & ROSENBERG, P.A
E-mail: Robert@Grossbartlaw.com
In re Lanre Adeyan-Ju
Bankr. S.D.N.Y. Case No. 19-37021
Chapter 11 Petition filed December 27, 2019
represented by: Vincent DeCicco, Esq.
In re Emanuela Costa
Bankr. E.D.N.Y. Case No. 19-47733
Chapter 11 Petition filed December 27, 2019
represented by: Lawrence Morrison, Esq.
In re Deron James Robertson and Janette Elizabeth Robertson
Bankr. N.D. Cal. Case No. 19-52599
Chapter 11 Petition filed December 27, 2019
represented by: Michael Malter, Esq.
In re Amish Farmers, Inc.
Bankr. N.D. Ill. Case No. 19-36391
Chapter 11 Petition filed December 30, 2019
See https://is.gd/mduWAm
represented by: Ben Schneider, esq.
SCHNEIDER & STONE
E-mail: ben@windycitylawgroup.com
In re MCBB Corp.
Bankr. S.D. Tex. Case No. 19-37075
Chapter 11 Petition filed December 30, 2019
See https://is.gd/YKFPUW
represented by: Mathew B. Probus, Esq.
WAUSON PROBUS
E-mail: mbprobus@w-plaw.com
In re Yager Enterprises Incorporated
Bankr. D. Minn. Case No. 19-43873
Chapter 11 Petition filed December 30, 2019
See https://is.gd/WmUKKO
represented by: Thomas H. Olive, Esq.
THOMAS H. OLIVE LAW, P.A.
In re Araceli Toribio
Bankr. E.D.N.Y. Case No. 19-47773
Chapter 11 Petition filed December 30, 2019
represented by: Charles Higgs, Esq.
In re Canopy Property Solutions LLC
Bankr. S.D. Tex. Case No. 19-37091
Chapter 11 Petition filed December 30, 2019
See https://is.gd/NCPGoE
represented by: Jessica Hoff, Esq.
HOFF LAW OFFICES, P.C.
E-mail: jhoff@hofflawoffices.com
In re James Chaim Bond
Bankr. D. Hawaii Case No. 19-01657
Chapter 11 Petition filed December 30, 2019
In re Roger Iraj Shadgou
Bankr. C.D. Cal. Case No. 19-25205
Chapter 11 Petition filed December 31, 2019
In re Platinum Oilfield Services, LLC
Bankr. E.D. Okla. Case No. 19-81492
Chapter 11 Petition filed December 31, 2019
See https://is.gd/TgtUp9
represented by: Teddy Joe Abbott, Esq.
ABBOTT LAW OFFICE, LLC
E-mail: teddy@bankruptcypc.com
In re Min Ki Paik and Hye Ja Paik
Bankr. N.D. Cal. Case No. 19-52625
Chapter 11 Petition filed December 31, 2019
represented by: Drew Henwood, Esq.
In re Terrell A. Thompson
Bankr. D. Nev. Case No. 19-18219
Chapter 11 Petition filed December 31, 2019
represented by: David A. Riggi, Esq.
*********
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,
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
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