/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220422.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, April 22, 2022, Vol. 26, No. 111 Headlines 154 LENOX: Seeks to Hire Isaac Nutovic as Bankruptcy Counsel 154 LENOX: Unsecureds Will Receive $150,000 in Plan 3I AVI: Taps the Law Firm of Herren, Dare & Streett as Counsel 4TH STREET MEDICAL: Taps Bluestone, Faircloth & Olson as Counsel 96 WYTHE: Seeks to Extend Plan Solicitation Period to June 17 ACCELER8 REAL: U.S. Trustee Unable to Appoint Committee ACRO BIOMEDICAL: Incurs $7.7 Million Net Loss in 2021 ADHERA THERAPEUTICS: Incurs $6.4 Million Net Loss in 2021 ALL SAINTS EPISCOPAL: Plan Solicitation Period Extended to Oct. 14 ALPHA ENTERTAINMENT: XFL Ex-CEO Asks to Stop Bankruptcy Claim ALPINE 4 HOLDINGS: Incurs $19.4 Million Net Loss in 2021 ALTO MAIPO: Water Organization Asks Ch.11 Deal Assumption Delay ANDOVER SENIOR: Taps McCurdy Real Estate & Auction as Broker AREVALO LC: Court OKs Deal on Cash Collateral Access BAUSCH + LOMB: S&P Rates New Senior Secured Credit Facility 'B+' BEACHSIDE BINGO: Seeks to Hire Georgia Evans as Accountant BETHELITE COMMUNITY: Seeks to Hire Lewis Siegel as Legal Counsel BITNILE HOLDINGS: Incurs $24 Million Net Loss in 2021 BLACK NEWS CHANNEL: Gets Court Okay to Get $1.6 Million Infusion BODYTEK FITNESS: Unsecureds Will Receive 5% Under Plan BUCKHARDT TECHNOLOGIES: Seeks Cash Collateral Access CAN B CORP: Incurs $12.2 Million Net Loss in 2021 CBAK ENERGY: Swings to $61.6 Million Net Income in 2021 CIRTRAN CORP: Posts $126,212 Net Income in 2021 CITY WIDE COMMUNITY: Unsecured Will Receive 100% Under Plan COSMOS HOLDINGS: Incurs $8 Million Net Loss in 2021 CRITERIA EQUIPMENT: Won't Have Unsecured Creditors' Committee DEMZA MASONRY: Seeks Cash Collateral Access EAST/ALEXANDER HOLDINGS: Seeks to Tap Trevett Cristo as Counsel EBERHARDT PARTNERSHIP: Wins Cash Collateral Accesss ENVISION THIS!: Case Summary & Eight Unsecured Creditors ETHEMA HEALTH: Incurs $1.6 Million Net Loss in 2021 EVEREST REAL ESTATE: Unsecureds Will Recover 53% Under Plan FIRST CHOICE: Seeks to Hire The Bush Law Firm as Legal Counsel FOOTPRINT POWER SALEM: To Seek Bids By June,To Auction In July 2022 FREE FLOW: Posts $544K Net Income in 2021 GAUCHO GROUP: Incurs $2.4 Million Net Loss in 2021 GROM SOCIAL: Incurs $10.2 Million Net Loss in 2021 GULF COAST HEALTH CARE: Court Pauses Ch.11 Trial for More Info GULF COAST: Noteholders Lose Bid to Get Priority Higher Payment GWG HOLDINGS: Seeks Chapter 11 Bankruptcy Protection HAJJAR BUSINESS: Amends Unsecured Creditors Claims Pay Details HIGH WIRE: Incurs $13.3 Million Net Loss in 2021 IDE REAL ESTATE: Sept. 7 Hearing on Disclosure and Plan INFOW LLC: Taps W. Marc Schwartz as Chief Restructuring Officer INTELSAT SA: Deal Breach A Money Grab, Creditor Tells Court INTERNATIONAL LAND: Incurs $5.1 Million Net Loss in 2021 ION GEOPHYSICAL: Creditors Will Recover Less Than 1% Under Plan ION GEOPHYSICAL: Seeks to Hire FTI Consulting as Financial Advisor ION GEOPHYSICAL: Seeks to Hire Perella as Investment Banker ION GEOPHYSICAL: Seeks to Tap Winston & Strawn as Legal Counsel IWHEALTH LLC: Taps W. Marc Schwartz as Chief Restructuring Officer KDR SUPPLY: Seeks to Hire Cooper & Scully as Legal Counsel LEDGE LLC: Unsecureds Will Receive Nothing in Plan LIMETREE BAY: Reaches $1.3 Million Deal With Losing Bidders LONG ISLAND CITY DEVELOPERS: Taps DreamSpace Realty as Broker LTL MANAGEMENT: Ovarian Cancer Patients Want Bigger Voice in Ch.11 MACY'S RETAIL: S&P Downgrades ICR to 'BB' on Release of Security MAJESTIC GARDENS: U.S. Trustee Unable to Appoint Committee MDWERKS INC: Swings to $38K Net Income in 2021 MEDLINE BORROWER: S&P Affirms 'B+' ICR on Weakened Credit Metrics MENDEZ ENTERPRISES: Seeks to Hire Knudsen as Bankruptcy Counsel MISSOURI JACK: Unsecureds to Get 5% of Net Free Cash Flow NESV ICE: SP Plan Contribution Hiked to $1.23M OZOP ENERGY: Widens Net Loss to $195.3 Million in 2021 PREMIER SERVICES: Taps Tax & Accounting Professionals as Accountant PURIM HOLDING: Seeks to Tap Michael Jay Berger as Legal Counsel Q BIOMED INC: Incurs $2.3 Million Net Loss in First Quarter RECEPTION PURCHASER: S&P Assigns 'B' ICR, Outlook Stable RED HOOK SOLAR: May 18 Confirmation of the Plan RENNOVA HEALTH: Swings to $5.6 Million Net Income in 2021 REX INC: Chapter 11 Trustee Taps Paul W. Roop as Legal Counsel ROCKALL ENERGY: Committee Seeks to Hire Pachulski as Legal Counsel ROCKALL ENERGY: Committee Taps Riveron RTS as Financial Advisor RUBY PIPELINE: U.S. Trustee Appoints Creditors' Committee SANJAY OM: May 2 Deadline Set for Panel Questionnaires SERVICE ONE: Case Summary & 20 Largest Unsecured Creditors SN MANAGEMENT: Loan Proceeds, and/or Property Sale, to Fund Plan SOAMES LANE: Seeks to Tap Buehler & Kassabian as Litigation Counsel SUN PACIFIC: Swings to $3 Million Net Income in 2021 TEXAS MADE: Seeks to Hire Hayward PLLC as Bankruptcy Counsel TEXAS MADE: Seeks to Hire Pittenger as Bookkeeper and Accountant TI FLUID: S&P Affirms 'BB-' ICR, Alters Outlook to Positive TPT GLOBAL: Reports $4 Million Net Loss in 2021 UNIQUE REO: Seeks to Tap Malinda L. Hayes as Bankruptcy Counsel VERACODE PARENT: S&P Lowers New 1st-lien Term Loan Rating to 'B-' VESTAVIA HILLS: U.S. Trustee Unable to Appoint Committee VIVAKOR INC: Incurs $5.5 Million Net Loss in 2021 VPR BRANDS: Posts $127K Net Income in 2021 WILLIAMS COMMUNICATIONS: Unsecureds be Paid From Remaining Assets WING DINGERS: Court Approves Amended Disclosure Statement [*] MediaMath Executes Comprehensive Recapitalization Transaction [] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace ********* 154 LENOX: Seeks to Hire Isaac Nutovic as Bankruptcy Counsel ------------------------------------------------------------ 154 Lenox LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Isaac Nutovic as its bankruptcy counsel. The firm will render these legal services: (a) advise the Debtor regarding its the powers and duties in the continued operation of its business affairs and management of its property; (b) represent the Debtor before the court at all hearings; (c) advise and assist the Debtor in the preparation and negotiation of a plan of reorganization with creditors; (d) prepare legal papers; and (e) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Isaac Nutovic, Esq. $600 Colleen Dalton, Esq. $400 Associates $275 - $400 Paralegals $125 - $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000. Isaac Nutovic, Esq., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Isaac Nutovic, Esq. Law Offices of Isaac Nutovic 261 Madison Avenue, 26th Floor New York, NY 10016 Telephone: (212) 421-9100 Email: inutovic@nutovic.com About 154 Lenox LLC 154 Lenox, LLC is primarily engaged in activities related to real estate. The company is based in Brooklyn, N.Y. 154 Lenox sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40736) on April 8, 2022. In the petition signed by Ephraim Diamond, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Jil Mazer-Marino oversees the case. Isaac Nutovic, Esq., at the Law Offices of Isaac Nutovic is the Debtor's legal counsel. 154 LENOX: Unsecureds Will Receive $150,000 in Plan --------------------------------------------------- 154 Lenox LLC submitted a Combined Disclosure Statement and Plan of Liquidation. The Debtor's main asset is the property located at 154 Lenox Road in Brooklyn (the "Property") which was encumbered by two mortgages and is a non-income producing construction site. One mortgage was a purchase money mortgage; the second was a partially funded construction mortgage. After Gilad relinquished control, the Debtor attempted to sell the Property. Its efforts were initially blocked by conflicts among the creditor/investor groups. After these were resolved, the pandemic struck, freezing commercial activity. The accumulating interest on the mortgages eventually eroded all equity in the Property. The Debtor believes that the mortgages on the property far exceed its value and that the Plan, which will throw off $150,000 to unsecured creditors, is the best and possibly only, way to provide a dividend to unsecured creditors." Just prior to the Filing Date, the Debtor, Guy Gissin, as Claims Trustee and the Mortgagee entered into Restructuring Support Agreement ("Agreement") whereby the Debtor agreed to file this Plan, Guy Gissin, as Claims Trustee agreed to support it, and the Mortgagee agreed to support this plan and fund it. This plan provides, that in exchange for the Property being transferred to New Owner (an entity to be designated by the Mortgagee), the Mortgagee will pay all administrative expenses (including U.S. trustee fees) up to $30,000 and $150,000 to pay unsecured creditors. The funding is conditioned on the Plan being consummated by June 1, 2022. The Mortgagee is motivated in this agreement by the expiration of NY RPTL section 421-a tax incentives in June. In connection with the agreement the Debtor has licensed Townhouse Builders Inc. to take such action on behalf of the Debtor as is necessary to take advantage of the tax abatement program. The Mortgagee has placed $150,000 in escrow with the Debtor's attorney. As to Class 4 - General Unsecured Claims, the Debtor has stipulated that Guy Gissin as Claims Trustee for holders of various bonds or other debt instruments issued by Brookland Upreal Limited, has an Allowed Claim of no less than $6,369,594. Other claims scheduled by the Debtor are less than $60,000. On the Effective Date, the holders of Allowed Unsecured Claims along with the holders of Class 3 Claims shall receive a pro rata distribution of $150,000 in full satisfaction of such Allowed Claims. Class 4 is impaired. Prior to the Filing Date, the Mortgagee, pursuant to a Restructuring Support Agreement, deposited $150,000 in escrow with the Debtor's attorney to fund the Plan. On the Effective Date, the Debtor shall convey the Property to New Owner free and clear of all Encumbrances (except for the Encumbrances expressly set forth in Section 4.1 of the Plan) in exchange for (i) the Mortgagee's agreement not to pursue any deficiency claim against the Debtor (ii) New Owner's assumption of the liabilities of the Debtor as expressly provided in Section 4.1 of the Plan and (iii) the Mortgagee's agreement to pay $150,000 to Unsecured Creditors and all administrative expenses of the Debtor up to $30,000. Attorneys for the Debtor and Debtor in Possession: Isaac Nutovic, Esq. LAW OFFICES OF ISAAC NUTOVIC 261 Madison Avenue, 26th Floor New York, N.Y. 10016 Tel: (212) 421-9100 A copy of the Disclosure Statement dated April 13, 2022, is available at https://bit.ly/37UOMJX from PacerMonitor.com. About 154 Lenox LLC 154 Lenox LLC is one of many failed real estate projects run by Boaz Gilad and funded by Israeli public bondholders and private investors. The projects were structured such that Brookland Upreal Limited, a British Virgin Islands company, owned several subsidiary holding companies, which in turn owned equity interests in project-level limited liability companies. 154 Lenox was one of the Project Companies. The Project Companies were structured as investments wherein outside investors became members in the Project Companies alongside the Holding Companies. 154 Lenox LLC sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-40736) on April 8, 2022. The Debtor estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The Hon. Jil Mazer-Marino is the case judge. LAW OFFICES OF ISAAC NUTOVIC, led by Isaac Nutovic, Esq., is the Debtor's counsel. 3I AVI: Taps the Law Firm of Herren, Dare & Streett as Counsel -------------------------------------------------------------- 3i AVI, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ the Law Firm of Herren, Dare & Streett as its legal counsel. The firm will render these legal services: (a) advise the Debtor regarding its powers and duties; (b) prepare legal papers; (c) assist the Debtor in effectuating a plan of reorganization and disclosure statement; (d) assist the Debtor in overseeing the continued operation of its business and management of its property; (e) assist the Debtor with potential sale of its interests in its property; (f) advise the Debtors with respect to the possible subordination of claims; and (g) perform other necessary legal services. David Dare, Esq., the primary attorney in this case, will be paid at his hourly rate of $350. The firm received an advance deposit of $90,000 from the Debtor. As disclosed in court filings, Herren, Dare & Streett is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Dare, Esq. Herren, Dare & Streett 439 S. Kirkwood Road, Suite 204 St. Louis, MO 63122 Telephone: (314) 965-3373 Facsimile: (314) 965-2225 Email: hdsstl@hdsstl.com About 3i AVI 3i AVI, LLC, a company that specializes in automated digital imaging solutions and advertising, filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-41053) on April 12, 2022, listing $61.42 million in total assets and $159,339 in total liabilities. Stephen D. Coffin serves as Subchapter V trustee. David M. Dare, Esq., at the law firm of Herren, Dare & Streett serves as the Debtor's counsel. 4TH STREET MEDICAL: Taps Bluestone, Faircloth & Olson as Counsel ---------------------------------------------------------------- 4th Street Medical Building, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Bluestone, Faircloth & Olson, LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Steven M. Olson, Esq. $530 Jacob M. Faircloth, Esq. $360 Marshall E. Bluestone, Esq. $425 Paralegal $175 Steven Olson, Esq., at Bluestone Faircloth & Olson, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven M. Olson, Esq. Bluestone Faircloth & Olson, LLP 1825 4th Street Santa Rosa, CA 95404 Telephone: (707) 526-4250 Facsimile: (707) 526-0347 Email: steve@bfolegal.com About 4th Street Medical Building 4th Street Medical Building, LLC, a single asset real estate, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-10124) on March 28, 2022. In the petition signed by Ruth Skidmore, chair of managers, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Charles Novack oversees the case. Steven M. Olson, Esq., at Bluestone Faircloth and Olson, LLP is the Debtor's legal counsel. 96 WYTHE: Seeks to Extend Plan Solicitation Period to June 17 ------------------------------------------------------------- 96 Wythe Acquisition, LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend to June 17 the period to solicit acceptances for its Chapter 11 plan of reorganization. The company requested an extension to accommodate the hearing to confirm the plan scheduled for June 3 and provide the company enough time to conclude negotiations with its creditors. 96 Wythe Acquisition filed its reorganization plan in September last year. The Plan provides for the preservation of the Williamsburg Hotel, an eight-story hotel in Brooklyn. The plan also provides for the infusion of $11.25 million in cash, payment to all creditors in full over time with interest, and the preservation of tens of millions of dollars in equity. The exclusivity motion is on the court's calendar for May 25. About 96 Wythe Acquisition 96 Wythe Acquisition, LLC operates the Williamsburg Hotel, an eight-story hotel located at 96 Wythe Ave., Brooklyn. 96 Wythe Acquisition sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 1-22108) on Feb. 23, 2021, disclosing zero assets and $79,990,206 in liabilities. CRO David Goldwasser signed the petition. . Judge Robert D. Drain oversees the case. The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer Brown, LLP as bankruptcy counsel, and Fern Flomenhaft, PLLC as insurance counsel. Getzler Henrich & Associates, LLC and Hilco Real Estate, LLC, serve as the Debtor's financial advisors. B. Riley Advisory Services, is the litigation support consultant. ACCELER8 REAL: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 15 on April 19 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Acceler8 Real Estate Group, LLC. About Acceler8 Real Estate Group Acceler8 Real Estate Group, LLC is a Carlsbad, Calif.-based company engaged in activities related to real estate. Acceler8 Real Estate Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 22-00165) on Jan. 28, 2022, listing up to $10 million in assets and up to $1 million in liabilities. Richard Kofoed, chief executive officer, signed the petition. Judge Christopher B. Latham oversees the case. The Debtor tapped Marc C. Forsythe, Esq., at Goe Forsythe & Hodges, LLP as legal counsel and Armory Consulting Co. as financial advisor. ACRO BIOMEDICAL: Incurs $7.7 Million Net Loss in 2021 ----------------------------------------------------- Acro Biomedical Co., Ltd. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $7.70 million on $1.20 million of revenues for the year ended Dec. 31, 2021, compared to a net loss of $117,453 on $687,964 of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $761,077 in total assets, $117,370 in total liabilities, and $643,707 in total stockholders' equity. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company had limited cash as of Dec. 31, 2021, had limited gross profit and incurred a loss from its operations for the year ended Dec. 31, 2021 and past few years. These circumstances, among others, raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1622996/000164033422000809/acro_10k.htm About Acro Biomedical Acro Biomedical Co., Ltd. has been engaged in the business of developing and marketing nutritional products that promote wellness and a healthy lifestyle. The Company's business to date has involved the purchase of products from three suppliers in the Republic of China. The Company sells product in bulk to companies who may use its products as ingredients in their products or sell the products they purchase from the Company to their own customers. ADHERA THERAPEUTICS: Incurs $6.4 Million Net Loss in 2021 --------------------------------------------------------- Adhera Therapeutics, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $6.35 million for the year ended Dec. 31, 2021, compared to a net loss of $3.77 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $196,000 in total assets, $25.30 million in total liabilities, and a total stockholders' deficit of $25.11 million. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has a net loss and cash used in operations of approximately $6.4 million and $665,000 respectively, in 2021 and a working capital deficit, shareholders' deficit and accumulated deficit of $25.1 million, $25.1 million and $53 million respectively, at Dec. 31, 2021. These matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/737207/000149315222010064/form10-k.htm About Adhera Headquartered in Durham, NC, Adhera Therapeutics, Inc. (formerly known as Marina Biotech, Inc.) -- http://www.adherathera.com-- is a clinical stage biopharmaceutical company engaged in the development of novel cancer products and a proprietary vaccine technology. ALL SAINTS EPISCOPAL: Plan Solicitation Period Extended to Oct. 14 ------------------------------------------------------------------ All Saints Episcopal Church obtained an order from the U.S. Bankruptcy Court for the Northern District of Texas extending the period wherein the Debtor has the exclusive right to solicit acceptances for its Chapter 11 plan of reorganization to Oct. 14. The extension gives All Saints Episcopal Church more time to resolve its case against the Corporation of the Episcopal Diocese of Fort Worth and a non-profit religious association, which is set for trial in October. The case stemmed from the dispute over the ownership of some of the church's assets. "Given the nature of the parties' disputes, the debtor believes that most, if not all, of the issues in the adversary proceeding are legal questions that can be determined as a matter of law," attorney for All Saints, Patrick Neligan, Jr., Esq., at Neligan, LLP said in court papers. "As a result, the debtor believes that the adversary proceeding can, and should, be decided before the debtor proceeds to confirmation on its proposed plan of reorganization," Neligan said. All Saints Episcopal Church filed its proposed plan on Feb. 17, which provides for its reorganization and the liquidation of some of its properties to pay creditors. About All Saints Episcopal Church All Saints Episcopal Church, a parish in The Episcopal Church in North Texas, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 21-42461) on Oct. 20, 2021, listing as much as $10 million in both assets and liabilities. Christopher N. Jambor, rector, chairman and president, signed the petition. Judge Edward L. Morris oversees the case. Patrick J. Neligan, Jr., Esq., at Neligan LLP represents the Debtor as legal counsel. The Debtor filed its Chapter 11 plan of reorganization and disclosure statement on Feb. 17, 2022. The plan provides for the Debtor's reorganization and the liquidation of some of its properties to pay claims of its creditors. ALPHA ENTERTAINMENT: XFL Ex-CEO Asks to Stop Bankruptcy Claim ------------------------------------------------------------- Peter Hayes of Bloomberg Law reports that XFL's former CEO asks court to bar the bankruptcy claim against him. Former XFL owner Vince McMahon’s Alpha Entertainment Inc.—the company he created to operate the XFL—should be barred from pursuing bankruptcy claims to recover money paid to the league's former commissioner, Oliver Luck, because the suit duplicates issues raised in Luck's ongoing wrongful firing suit, Luck told the District of Connecticut. About Alpha Entertainment Alpha Entertainment LLC, which does business as the "Xtreme Football League" -- https://www.alphaentllc.com/ -- is a professional American football league. The XFL kicked off with games beginning in February 2020. The XFL offered fast-paced, three-hour games with fewer play stoppages and simpler rules. The XFL featured eight teams, 46-man active rosters, and a 10-week regular season schedule, with a postseason consisting of two semifinal playoff games and a championship game. The eight XFL teams were the DC Defenders, the Dallas Renegades, the Houston Roughnecks, the Los Angeles Wildcats, the New York Guardians, the St. Louis BattleHawks, the Seattle Dragons, and the Tampa Bay Vipers. Alpha Entertainment, based in Stamford, CT, filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10940) on April 13, 2020. The Hon. Laurie Selber Silverstein oversees the case. In its petition, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The petition was signed by John Brecker, independent manager. The Debtor hired Young Conaway Stargatt & Taylor, LLP as counsel. Donlin Recano & Company, Inc., is the claims agent and administrative advisor. ALPINE 4 HOLDINGS: Incurs $19.4 Million Net Loss in 2021 -------------------------------------------------------- Alpine 4 Holdings, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $19.41 million on $51.64 million of net revenues for the year ended Dec. 31, 2021, compared to a net loss of $8.05 million on $33.45 million of net revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $133.04 million in total assets, $60.92 million in total liabilities, and $72.11 million in total stockholders' equity. As of Dec. 31, 2021, the Company has positive working capital of approximately $14.0 million. The Company has also secured bank financing totaling $18.8 million ($18.3 million in Lines of Credit and $0.5 million in capital expenditures lines of credit availability) of which $6.4 million was unused at Dec. 31, 2021. Kent Wilson, CEO of Alpine 4, had this to say: "With our business momentum growing and opportunities expanding at a rapid pace in 2022, we can look back at the foundation and infrastructure we created in 2021 as the inflection point where we will be able to support our growth for the next decade and beyond. In 2021, we raised $77 million in cash, increased working capital by $20.2 million, reduced $19.1 of funded liabilities, invested $1.5 million in our R&D, increased our inventory by $23.3 million, and spent $37.3 million in cash towards six very purposeful subsidiaries that will be the backbone of our revenue over the next decade." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1606698/000109690622000845/alpp_10k.htm About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc.; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. ALTO MAIPO: Water Organization Asks Ch.11 Deal Assumption Delay --------------------------------------------------------------- Vince Sullivan of Law360 reports that a Chilean organization that manages water rights near the site of a hydroelectric dam being developed by debtor Alto Maipo asked a Delaware judge to delay consideration of the debtor's attempt to assume an agreement that allowed the dam development to go forward. In its motion to adjourn the assumption hearing filed late Tuesday, Comunidad de Aguas Canal El Manzano said Alto Maipo is trying to rush its assumption of the agreement they reached in 2008 whereby Manzano would not oppose the dam development and Alto Maipo would create a water intake facility that would protect the water source. About Alto Maipo Alto Maipo owns the Alto Maipo Hydroelectric Project, outside Santiago, Chile, which is currently under construction. The project comprises two run-of-the-river plants with a combined installed capacity of 531 megawatts. The run-of-the-river project is a joint venture between U.S. utility subsidiary AES Gener and Chilean mining company Antofagasta Minerals (AMSA). Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17, 2021. Javier Dib, board president and chief restructuring officer, signed the petitions. At the time of the filing, Alto Maipo Delaware LLC estimated between $1 billion and $10 billion in both assets and liabilities. The cases are handled by Judge Karen B. Owens. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador Abogados & Consultores SpA as local Chilean counsel; AlixPartners, LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard Chile SpA as investment banker. Prime Clerk, LLC is the claims, noticing and administrative agent. ANDOVER SENIOR: Taps McCurdy Real Estate & Auction as Broker ------------------------------------------------------------ Andover Senior Care, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ McCurdy Real Estate & Auction, LLC as real estate broker. The Debtor requires a broker to assist in the sale of its real estate located at 224 E. Central Ave., Andover, Kan. The broker will receive a commission equal to either 10 percent of the real estate's sale price or 5 percent in the event the listing is converted to a traditional listing. As disclosed in court filings, McCurdy is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kendra Cox McCurdy Real Estate & Auction, LLC 12041 E. 13th St. N. Wichita, KS 67206 Telephone: (316) 867-3600 Facsimile: (316) 683-8822 Email: kcox@mccurdy.com About Andover Senior Care Andover Senior Care owns real properties located at 224 E. Central and 408 E. Central, Andover, Kan. The properties are valued at $5 million. Andover Senior Care filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 22-10139) on March 11, 2022, listing $5,351,220 in assets and $16,334,476 in liabilities. Dennis L. Bush, managing member, signed the petition. Judge Mitchell L. Herren oversees the case. Mark Lazzo, Esq., at Mark J. Lazzo, P.A. serves as the Debtor's legal counsel. AREVALO LC: Court OKs Deal on Cash Collateral Access ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, authorized Arevalo LC Farm, LLP to use cash collateral in the ordinary course of business in accordance with the budget, with a 10% variance, and provide adequate protection. An immediate and critical need exists for the Debtor to be permitted access to funds to continue to operate its business. Without the funds, the Debtor said it will not be able to pay its direct operating expenses. As a result, there is a risk the going concern value of the Debtor's business will decline if they cannot make use of cash collateral, in which case the Debtor, its estate, and its stakeholders will be irreparably harmed. Prior to the filing of the Debtor's bankruptcy petition, the Debtor entered into a $150,000 secured loan agreement with the SBA per the Economic Injury Disaster Loan program. The Note and the obligations owing to SBA thereunder are secured by a UCC Financing Statement that was properly filed with the Office of the Clerk, Virginia State Corporation Commission on November 12, 2020, and encumbered property, or rights to property belonging to the Debtor, and secured the future Note obligations owed by the Debtor. Pursuant to the Security Agreement, the Debtor granted SBA a blanket lien on, among other things, the Debtor's personal property, including but not limited to, equipment, inventory, accounts, general intangibles and receivables. As of Petition Date, the Debtor owed SBA $157,428. The Debtor has been using SBA's cash collateral since the Petition Date without SBA's consent or Court authorization. The Debtor recently entered negotiations with SBA seeking its consent to the use of cash collateral, and the lender has consented to such use. As partial adequate protection for the Debtor's use and consumption of the Prepetition Collateral and cash collateral, all pre-petition liens and security interests of SBA are reaffirmed to the same extent and priority as such liens and security interests existed immediately prior to the Petition Date and, to further secure the SBA Prepetition Debt, the lender is granted a fully perfected security interest in and replacement lien upon all of the Debtor's now owned or hereafter acquired assets. As additional partial adequate protection, SBA is granted a superpriority claim in the Debtor's chapter 11 case as provided for in section 507(b) of the Bankruptcy Code with priority over any and all other administrative expenses in the Debtor's chapter 11 case of any kind payable or allowed pursuant to any provision of the Bankruptcy Code, including, but not limited to, sections 105, 326, 328, 330, As additional partial adequate protection to SBA, the Debtor will make monthly payments to the lender of $731 on the 15th day of each successive month starting May 1, 2022, until the occurrence of a Termination Event. A copy of the order is available at https://bit.ly/3jWxrmm from PacerMonitor.com. About Arevalo LC Farm Arevalo LC Farm, LLP is a merchant wholesaler of grocery and related products in Alexandria, Va. Arevalo LC Farm filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10174) on Feb. 17, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. Luis Ramos, a partner at Arevalo Lc Farm, signed the petition. Judge Klinette H. Kindred oversees the case. The Law Office of Richard G. Hall serves as the Debtor's legal counsel. BAUSCH + LOMB: S&P Rates New Senior Secured Credit Facility 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to 's (Bausch Health) proposed senior secured credit facility. The '3' recovery rating reflects S&P's expectation for meaningful recovery (50% to 70; rounded estimate: 60%) in the event of payment default. The developing outlook reflects the likelihood of a downgrade on parent Bausch Health (which is currently has a negative outlook), as well as the potential for a higher rating if the parent ultimately distributes its ownership to Bausch shareholders, which could delink the rating from that of the parent company. Bausch Health, in connection with its announced intention to separate its eye health business, Bausch + Lomb Corp. (B+L), is issuing $2.5 billion of debt, the proceeds of which will be distributed to Bausch Health along with the proceeds of an IPO. B+L has a leading position in the eye care market but is exposed to significant competition from its larger peers. B+L competes in the $50 billion eye care market consisting of contact lenses, over-the-counter (OTC) eye care products, surgical supplies and equipment, and ophthalmic pharmaceuticals. The industry is highly competitive with participants ranging from large, diversified conglomerates such as Johnson & Johnson (J&J)to small manufacturers with specialized offerings. B+L has a leading position in the contact lens and surgical device markets with just below 10% share in each segment, but significantly trails global contact lens market leader J&J (greater than 20%) and surgical market leader Alcon (60%). B+L has a leadership position for contact lenses in emerging markets (including China and India) but is No. 4 (based on sales) in its largest market, the U.S. While the company lacks the financial strength and resources of some larger peers, it has maintained its market share by regularly introducing innovative new products, including the recently launched INFUSE silicone hydrogel (SiHy) daily disposable contact lens. Over the next few years, S&P expects the planned launches of progressive multifocal lenses, cosmetic lenses in fast growing Asian markets, custom lenses for patients with Myopia, and daily SiHy toric lenses to help sustain market position. Within the consumer health business, B+L has leading positions in eyecare products (specifically eye drops, contact lens care, and nutritionals) with durable brands including PreserVision/Ocuvite, Biotrue, and Lumify. However, B+L competes in this space with several large and diversified consumer products companies (including J&J), who S&P believes benefit from strong bargaining power with pharmacies and large retail chains. The surgical business has a relatively long replacement cycle (seven to 10 years) compared with other medical device manufacturers, but the razor/razor-blade model provides reliable, recurring consumables sales and general customer stickiness. S&P said, "Ophthalmic pharmaceuticals is a steady business in our view, but we expect the loss of exclusivity on Lotemax last year will be a headwind for 2022. The development pipeline is weak compared with larger pharmaceutical peers, with just one product (XIPERE, for the treatment of macular edema associated with uveitis) expected to contribute meaningfully to near term revenues. We believe this compares unfavorably to other mid-sized, branded pharmaceutical manufacturers in our rated portfolio, including Horizon Therapeutics." B+L has good product and geographic diversity. B+L's diversified revenue mix with more than 400 products across various price points should protect it from pricing pressure from reimbursement changes, declining disposable income, or intensifying competition. The U.S. is the largest geographic market and accounts for about 43% of total revenues, with the rest generated from international markets in developed and emerging countries. However, S&P believes there is some concentration in certain segments, such as monofocal intraocular lens (IOLs), which still form the majority of the implantable sales in U.S. These are covered under Medicare and are therefore exposed to potential regulatory changes, which could result in price reduction. High loyalty among customers supports revenue predictability, but makes gaining market share more difficult. For contact lenses and some ocular health products, an initial visit to an eye care specialist is needed to gain access, but the customer is the purchaser and the key decision maker. As such, brand awareness is key, and so is spending on marketing and advertising. The market is highly competitive, especially in the daily disposable segment, with intense price competition and wide usage of online channels for repeated purchases. At the same time, customers typically remain loyal—once they choose a brand of lenses or eye drops, they tend to stick to it and switch only in case of complications. The pandemic had a strong impact on the vision care industry, though many markets showed strong signs of recovery in 2021. Throughout the pandemic, governments around the world encouraged or mandated social restrictions on the public, including stay-at-home orders, limited social interaction, closing of non-essential business, and the postponement of surgical and elective medical procedures. This had a very negative impact on B+L's operations for 2020. Revenue declined 10% as contact lens use is highly correlated with public outings and a significant number of ocular surgeries were postponed. As vaccines were rolled out and social restrictions lifted in many markets during 2021, operations improved substantially, with revenues recovering to nearly 100% of 2019 levels. As mandates and restrictions continue to be lifted in 2022, S&P expects B+L to fully recover and return to low-single-digit percentage growth. S&P said, "We expect B+L's adjusted debt to EBITDA to be about 2.9x at the end of 2022, improving to about 2.3x by end of 2023.B+L plans to issue $2.5 billion of debt to fund a dividend to Bausch Health, which will increase adjusted leverage to about 2.9x for 2022. However, we expect leverage to decline to about 2.3x in 2023 due to strong EBITDA growth resulting from new product launches with high margins and solid cash flow generation. We expect free operating cash flow (FOCF) of around $400 million in 2022 and $500 million in 2023. We also expect B+L will continue making acquisitions to expand its product portfolio, which should preclude meaningful deleveraging below 2x. "Our rating on Bausch Health caps our 'B+' issuer credit rating on B+L. We expect the parent to retain majority control following the IPO. We expect the remaining ownership will be transferred to Bausch Health's shareholders eventually, at which point the rating may no longer be tied to the parent and we could raise the rating in line with our stand-alone credit profile on B+L of 'bb+'. We cap our rating because we do not consider B+L an insulated subsidiary and believe the weaker parent could divert assets from the subsidiary or burden it with liabilities during financial stress. "While we expect B+L to remain a restricted subsidiary at transaction close, we could raise our rating on the company by one notch prior to the equity distribution if it was designated as an unrestricted subsidiary. At that point, we could consider B+L a partially insulated entity and apply a one notch uplift from the parent's rating, to reflect the presence of some outside shareholders and our potential view that the parent has an incentive to preserve B+L's credit quality. We expect B+L to remain a restricted subsidiary at transaction launch but believe that it will be unrestricted at some point over the next 12 months once consolidated leverage at Bausch Health falls below 7.6x. "Our outlook on B+L is developing. The rating is currently capped at 'B+', in line with parent company Bausch Health. Over the next 12 months, we could lower the rating if we lower our rating on Bausch Health or raise the rating if the entity qualifies for notching due to insulation. "We could raise the rating if B+L becomes an unrestricted subsidiary of parent company Bausch Health. At that point, we could consider B+L a partially insulated entity and apply a one notch uplift from the rating on the parent, given the presence of some outside shareholders and our potential view that the parent has an incentive to preserve B+L's credit quality. We believe the subsidiary will likely be unrestricted at some point over the next 12 months once consolidated leverage (as per Bausch Health's covenant calculations) falls below 7.6x. "If unrestricted, we could further raise the rating if we believe B+L is fully insulated from Bausch Health, which could cause us to assess credit quality on a standalone basis. This could occur once Bausch Health's ownership stake in B+L is transferred to its shareholders, which we expect to occur once the debt and IPO proceeds are distributed. At that point, it's likely that the rating will no longer be tied to that of Bausch Health and would be raised in line with B+L's stand-alone credit profile. "We could lower the rating on B+L if we lower the rating on parent company Bausch Health. This could occur if the parent faces significant operating challenges in the coming quarters, such that S&P Global Ratings'-adjusted leverage remains above 7.5x." ESG credit indicators: E-2, S-3, G-2 S&P said, "The issuer credit rating and ESG credit indicators are tied to parent company, Bausch Health. Social factors are a moderately negative consideration in our credit rating analysis of Bausch Health. Bausch has exposure to elevated interest in drug price reform in the U.S., where prices and profitability are highest. We are skeptical the company can offset this pressure by developing innovative drugs that benefit human health given its focus in competitive therapeutic areas and its relatively low proportion of spending on R&D as a percentage of revenue." BEACHSIDE BINGO: Seeks to Hire Georgia Evans as Accountant ---------------------------------------------------------- Beachside Bingo, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans, an accountant at Professional Management Systems, Inc. Ms. Evans will render these services: (a) provide financial and accounting advice to the Debtor regarding its powers and duties in the continued management of its property; (b) prepare financial papers; (c) prepare operating reports and financial projections regarding the administration of the Debtor's estate; (d) take all necessary action to administer and preserve the Debtor's estate; and (e) perform all other accounting and financial services for the Debtor. Ms. Evans will be paid at an hourly rate of $85 for her services, plus reimbursement of expenses incurred. Additional accounting and financial services will be billed at an hourly rate of $150. The accountant requires a $1,500 retainer from the Debtor. Ms. Evans disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 Telephone: (850) 441-2000 Facsimile: (866) 401-5685 Email: georgia@promgmtsys.com About Beachside Bingo Beachside Bingo, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 22-50008) on Jan. 6, 2022, listing up to $500,000 in assets and up to $50,000 in liabilities. Jodi D. Dubose serves as Subchapter V trustee. Judge Karen K. Specie oversees the case. The Debtor tapped Michael Austen Wynn, Esq., at Charles M. Wynn Law Office, PA as legal counsel and Georgia Evans at Professional Management Systems, Inc. as accountant. BETHELITE COMMUNITY: Seeks to Hire Lewis Siegel as Legal Counsel ---------------------------------------------------------------- Bethelite Community Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Lewis Siegel, Esq., an attorney practicing in New York, to handle its Chapter 11 case. The Debtor paid the attorney a retainer of $16,738. As disclosed in court filings, Mr. Siegel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Lewis W. Siegel, Esq. 60 East 42nd Street, Suite 4000 New York, NY 10165 Telephone: (212) 286-0010 Email: LWS@LWSEsq.com About Bethelite Community Baptist Church Bethelite Community Baptist Church Inc. is a not-for-profit church, that owns a building located at 36-38 West 123rd Street, New York. The Debtor operates a small private school, which is also not-for-profit, and houses several members of its congregation who are homeless. Bethelite Community Baptist Church filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10374) on March 27, 2022. In the petition filed by James Manning, pastor, the Debtor listed $1 million to $10 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. Lewis W. Siegel, Esq., serves as the Debtor's legal counsel. BITNILE HOLDINGS: Incurs $24 Million Net Loss in 2021 ----------------------------------------------------- Bitnile Holdings, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $23.97 million on $52.40 million of total revenue for the year ended Dec. 31, 2021, compared to a net loss of $32.73 million on $23.87 million of total revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $490.29 million in total assets, $145.11 million in total liabilities, $116.73 million in redeemable noncontrolling interests in equity of subsidiaries, and $228.46 million in total stockholders' equity. As of Dec. 31, 2021, the Company had cash and cash equivalents of $15.9 million and working capital of $11.5 million. In the past, the Company financed its operations principally through issuances of convertible debt, promissory notes and equity securities. During the year ended Dec. 31, 2021, the Company continued to strengthen its liquidity and financial condition through additional equity financing from its 2021 At-the-Market Offering. The Company believes its current cash on hand is sufficient to meet its operating and capital requirements for at least the next twelve months from the date these financial statements are issued. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465922005320/d4722010k.htm About BitNile Holdings BitNile Holdings, Inc. (formerly known as Ault Global Holdings, Inc.) is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com. BitNile reported a net loss of $32.94 million for the year ended Dec. 31, 2019, and a net loss of $32.98 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $225.72 million in total assets, $24.74 million in total liabilities, and $200.98 million in total stockholders' equity. BLACK NEWS CHANNEL: Gets Court Okay to Get $1.6 Million Infusion ---------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Black News Channel has won a federal judge's permission to borrow desperately needed funds from its owner so the troubled media outlet can keep operating while it searches for a buyer. U.S. Bankruptcy Judge Karen Specie said in a hearing Tuesday she’d let the television network borrow about $1.6 million from an entity affiliated with Shahid Khan, the billionaire who has been financing BNC since 2018. The cash will let BNC keep paying vendors and its few remaining employees while it tries to quickly line up a buyer for the operations. About Black News Channel Black News Channel, LLC is a news network and the only provider of 24/7 multiplatform programming dedicated to covering the unique perspectives, challenges and successes of Black and Brown communities. Black News Channel sought Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 22-40087) on March 28, 2022. In the petition signed by Maureen Brown, vice president of finance, the Debtor listed as much as $50 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Richard R. Thames, Esq., at Thames Markey, P.A., is the Debtor's counsel. BODYTEK FITNESS: Unsecureds Will Receive 5% Under Plan ------------------------------------------------------ Bodytek Fitness Pembroke Pines LLC submitted an Amended Disclosure Statement explaining its Chapter 11 Plan. The Debtor's monthly operating reports are evidence that the Debtor has operated with a positive cash flow for the pendency of this case. CLASS 2 will consist of Allowed Unsecured Claims as follows: Claim 2 JP Morgan Chase #9559 $40,384 Claim 3 American Express $14,752 Claim 4 Capital 1 $1,960 Chase Ink #6321 $20,946 Claim 5 Wells Fargo $213,504 -------- Total $291,547 Class 2 creditors will receive a total distribution in an amount equal to 5% of their claim in no more than 60 equal monthly installments commencing on the Effective Date. Class 2 is impaired. Payments to all creditors will be made from operating revenues. Attorney for the Debtor: Susan D. Lasky, Esq. 320 18th Street Ft Lauderdale, FL 33316 Tel: (954) 400-7474 Fax: (954) 206-0628 E-mail: Sue@SueLasky.com A copy of the Disclosure Statement dated April 13, 2022, is available at https://bit.ly/3jL4VUE from PacerMonitor.com. About Bodytek Fitness Pembroke Pines Bodytek Fitness Pembroke Pines, LLC, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-17687) on Aug. 5, 2021, listing up to $100,000 in assets and up to $500,000 in liabilities. Cecelia Facey, managing member, signed the petition. Judge Peter D. Russin oversees the case. Susan D. Lasky, Esq., serves as the Debtor's legal counsel. BUCKHARDT TECHNOLOGIES: Seeks Cash Collateral Access ---------------------------------------------------- Buckardt Technologies, Inc., dba Konsultek, asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor believes access to cash collateral will allow it to operate as a going concern, and thus maximize the value of the estate for all creditors. Prior to the Petition Date, the Debtor borrowed from BMO Harris Bank. As of the Petition Date, the Debtor owed the Secured Lender $381,719, including principal and interest. In addition to the Bank's lien, the Debtor believes these parties have potential secured interest in the Debtor's accounts: a) Funding Circle, by means of a note and security agreement dated December 21, 2022, with a balance of $303,000.00 more or less. b) Small Business Administration, by means of a COVID-19 Economic Injury Disaster Loan (EIDL) and security agreement with a balance of $150,000. c) Internal Revenue Service, by reason of Notice of Levy dated March 22, 2022. d) Ingram Micro, Inc., by reason of a third party citation in Kane County Case No. 2021 L 485, against the Debtor's bank account at BMO Harris Bank. The Debtor contends the citation lien of Ingram Micro, to the extent those create a secured interest in the Debtor's bank account, is a voidable preference pursuant to 11 U.S.C. section 547. The Debtor also asserts the liens of Funding Circle, SBA and Ingram Micro, are junior to the lien of BMO Harris Bank, and are either wholly unsecured, or partially secured under 11 U.S.C. section 506. As adequate protection for the Secured Lender's interest in the cash collateral, the Debtor proposes to use the cash collateral solely for the purposes outlined in the Interim Cash Collateral Order. The Debtor further proposes to: (1) for any diminution in value of the Secured Lender's interests in the Cash Collateral from and after the Petition date, grant the Secured Lender a replacement lien on all of the Debtor's assets; (2) for any diminution in value of the Secured Lender's interests in the Cash Collateral from and after the Petition date, grant the Secured Lender an administrative expense claim pursuant to Section 507(b). A copy of the motion is available at https://bit.ly/3K353cQ from PacerMonitor.com. About Buckardt Technologies, Inc. Buckardt Technologies, Inc. is an information and security technology consulting firm. Buckardt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-04420) on April 18, 2022. In the petition signed by Judith A. Buckardt, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lashonda A. Hunt oversees the case. Richard G. Larsen, Esq., at SpringerLarsenGreene, LLC is the Debtor's counsel. CAN B CORP: Incurs $12.2 Million Net Loss in 2021 ------------------------------------------------- Can B Corp. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $12.17 million on $4.60 million of total revenues for the year ended Dec. 31, 2021, compared to a net loss of $8.88 million on $1.71 million of total revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $16.47 million in total assets, $10.86 million in total liabilities, and $5.62 million in total stockholders' equity. As of Dec. 31, 2021, the Company had cash and cash equivalents of $449,001 and negative working capital of $2,809,418. Cash and cash equivalents decreased $8,797 from $457,798 at Dec. 31, 2020 to $449,001 at Dec. 31, 2021. For the year ended Dec. 31, 2021, $8,174,728 was provided by financing activities, $7,322,732 was used in operating activities, and $860,793 was used in investing activities. The Company currently has no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. The Company currently has no commitments with any person for any capital expenditures. Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company's significant operating losses 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1509957/000149315222010149/form10-k.htm About Can B Corp Headquartered in Hicksville New York, Canbiola, Inc. (now known as Can B Corp) -- http://www.canbiola.com-- develops, produces, and sells products and delivery devices containing CBD. Cannabidiol ("CBD") is one of nearly 85 naturally occurring compounds (cannabinoids) found in industrial hemp (it is also contained in marijuana). The Company's products contain CBD derived from Hemp and include products such as oils, creams, moisturizers, isolate, and gel caps. In addition to offering white labeled products, Canbiola has developed its own line of proprietary products, as well as seeking synergistic value through acquisitions of products and brands in the Hemp industry. CBAK ENERGY: Swings to $61.6 Million Net Income in 2021 ------------------------------------------------------- CBAK Energy Technology, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $61.56 million on $52.67 million of net revenues for the year ended Dec. 31, 2021, compared to a net loss of $7.85 million on $37.57 million of net revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $262.62 million in total assets, $121.73 million in total liabilities, and $140.88 million in total equity. Hong Kong, China-based Centurion ZD CPA & Co., the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has negative cash flows from operating activities, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2021. All these factors 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390022020107/f10k2021_cbakenergy.htm About CBAK Energy Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage including but not limited to uninterruptible power supply (UPS) application, and other high-power applications. Its primary product offering consists of new energy high power lithium batteries, but it is also seeking to expand into the production and sale of light electric vehicles. CIRTRAN CORP: Posts $126,212 Net Income in 2021 ----------------------------------------------- CirTran Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $126,212 on $2.92 million of net sales for the year ended Dec. 31, 2021, compared to net income of $532,134 on $1.73 million of net sales for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $1.46 million in total assets, $42.03 million in total liabilities, and a total stockholders' deficit of $40.56 million. The Company had a history of losses from operations prior to 2020, as its expenses had been greater than its revenues, which had ceased entirely several years earlier. The Company's accumulated deficit was approximately $77.8 million at Dec. 31, 2021. For the year ended Dec. 31, 2021, the Company used approximately $103,000 of cash in operating, investing, and financing activities, compared to generating cash of approximately $108,000 for the prior year from operating and financing activities. During the year ended Dec. 31, 2021, the Company generated approximately $345,000 of net cash in operations, comprised of net income from continuing operations of approximately $114,000, income from discontinued operations of approximately $153,500, noncash expenses of approximately $1.1 mil, and changes in working capital of approximately $1.1 mil. The net change in working capital was primarily driven by increase in accrued interest of approximately $574,000, accounts payable of approximately $540,000 and accrued payroll and compensation of approximately $357,000. During the year ended Dec. 31, 2021, the Company used approximately $443,000 of net cash from financing activities mainly comprised of repayments on related-party loans that totaled $448,000 and proceeds from non-related-party loans of $5,000. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has a significant accumulated deficit and working capital deficiency. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/813716/000149315222010102/form10-k.htm About Cirtran Corp West Valley City, Utah-based CirTran Corporation is an established global company with a diversified expertise in manufacturing, marketing, distribution and technology in a wide variety of consumer products, including tobacco products, medical devices and beverages. CITY WIDE COMMUNITY: Unsecured Will Receive 100% Under Plan ----------------------------------------------------------- City Wide Community Development Corporation et al., submitted a Second Amended Disclosure Statement. The Debtors shall, as the substantively consolidated Reorganized Debtor, continue to exist after the Effective Date as a legal entity organized in the State of Texas without any prejudice to any right to alter or terminate such existence under applicable state law. This Plan provides, with exception of the COD, POC 16-1 claim which must await the resolution of the adversary proceeding described herein, payment in full of other Secured and Unsecured Allowed Claims either within 30 days of the Effective Date or under their respective terms. In the case of resolution of COD POC 16-1, treatment of the claim shall await the final, non-appealable order under the adversary proceeding. The remaining priority claims to the taxing authorities, if not already satisfied in the case of LUVR and LUVC will be paid, at the option of Debtors, either within 30 days of the Effective Date or in full in five years plus interest at the prime rate on the Effective Date. The main priority claims are claims for County of Dallas POC#8-3 and #19-1 for $253,490.12, and $98,810.50 respectively, and the Department of Treasury, Internal Revenue Service ("IRS") POC#13 for $19,050.98. Unsecured creditors, including claims of pre-professional fees not requiring Court approval and trade accounts again with the exception of Catalyst, will be paid 100% of their Allowed Claims in one single lump sum payment to be made within 30 days of the Effective Date. Catalyst, as a lender, will be paid on its Class 3 Allowed Secured Claim, the principal and accrued pre-petition interest amount of its $2.5 million secured note, or $3.220 million, and attorneys' fees for an over-secured creditor under 11 U.S.C. Sec. 506(b) after notice and hearing of $230,000, or such other amount as Allowed after notice and hearing as an Allowed Secured Claim for a total estimated at $3.450 million. This payment will be made as part of a compromise and settlement pursuant to Bankr. R. 9019, (the "Catalyst Settlement") was approved after notice and hearing combined with the over-secured creditor hearing on attorney's fees under 11 U.S.C. 506(b), in which Debtors agree to support up to $230,000. Catalyst, under the Catalyst Settlement, waives any rights to an Allowed Unsecured Claim under the ancillary services management agreement, the Allowed Secured Claim under the Note for post-petition default interest, or otherwise as documented in the Catalyst POC filed in the Residential Case (POC#2); the Commercial Case (POC#4) and the CWCDC case (POC#114). If, however, the 11 USC 506(b) claim is disallowed below the $230,000, then and in that event, Catalyst and Debtors will reach a mutual agreement to an Allowed Unsecured Claim or Allowed Secured Claim up to the $3.450 million amount. Classes 2A-2H Secured and Unsecured Claims-City of Dallas. Paid $0 on POC 18-1, after objection resolution; otherwise paid per terms or on 30 days of the Effective Date except POC 16-1 awaiting dispute resolution. $250,000 is escrowed against potential deficiency on POC 16-1. Impaired on Class 2F only. Otherwise unimpaired. Class 9 Unsecured Claim of Catalyst. Creditors will be paid $0 off any Allowed Claim under Catalyst Settlement. Class 9 is impaired. Class 13 Unsecured Creditors of Professionals and Trade Debt. This class consists of all known non-priority unsecured claims of professionals rendering professional accounting, legal, or other services to the Debtor prior to the filing, whether scheduled or based on proofs of claim on file and some trade claims. Allowed Claims of creditors in Class 13 shall be paid 100% of their Allowed Claims. Creditors will receive a single lump-sum payment of 100% of their Allowed Claim paid within 30 days of the Effective Date. Debtors believe the total Allowed Claims in Class 13 will be approximately $80,000. Class 13 is unimpaired. Class 14 Unpaid Salaries and Benefits. This class consists of all known non-priority unsecured insider claims of employees rendering employment services to the Debtor prior to the filing, whether scheduled or based on proofs of claim on file. Allowed Claims of creditors in Class 14 shall be paid 100% of their Allowed Claims. Creditors will receive a single lump-sum payment of 100% of their Allowed Claim paid within 30 days of the Effective Date. Debtors believe the total Allowed Claims in Class 13 will be approximately $595,000 on the Effective Date. Class 14, as insiders, are not entitled to vote to accept or reject the Plan. Class 14 is impaired. A hearing has been scheduled for May 19, 2022, at 10:30 a.m. (Central Time), before the Honorable Michelle V. Larson, United States Bankruptcy Court for the Northern District of Texas, Dallas Division, 1100 Commerce Street, 14th Floor, and computer video to consider confirmation of the Plan pursuant to Section 1129 of the Bankruptcy Code. Any objection to confirmation of this Plan must be filed and served so as to be actually received on or before 12:00 p.m. CST on May 12, 2022. The deadline to submit the voting ballot is May 12th, 2019, at 12:00 noon C.S.T. Counsel for the Consolidated Debtors: Kevin S. Wiley, Sr., Esq. WILEY LAW GROUP, PLLC 325 N. St. Paul Street, Suite 2250 Dallas, Texas 78201 Tel: (214) 537-9572 Fax: (972) 498-1117 E-mail kwiley@wileylawgroup.com A copy of the Disclosure Statement dated April 9, 2022, is available at https://bit.ly/3KNsmbQ from PacerMonitor.com. About City-Wide Community Development Corp. City-Wide Community Development Corp. and affiliates are primarily engaged in renting and leasing real estate properties. City-Wide Community Development Corp. and affiliates Lancaster Urban Village Residential, LLC and Lancaster Urban Village Commercial, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April 30, 2021. In the petitions signed by Sherman Roberts, president and chief executive officer, the Debtors disclosed $12,026,657 in assets and $10,332,946 in liabilities. Judge Michelle V. Larson oversees the cases. Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley, Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal counsel. COSMOS HOLDINGS: Incurs $8 Million Net Loss in 2021 --------------------------------------------------- Cosmos Holdings Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $7.96 million on $56.24 million of revenue for the year ended Dec. 31, 2021, compared to net income of $820,786 on $55.41 million of revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $49.43 million in total assets, $45.05 million in total liabilities, and $4.38 million in total stockholders' equity. As of Dec. 31, 2021, the Company had working capital of $10,950,492 versus a working capital of $6,482,739 as of Dec. 31, 2020. This increase in the working capital surplus is primarily attributed to the Company's operating profit in the year ending as of Dec. 31, 2021. As of Dec. 31, 2021, the Company had net cash of $286,487 versus $628,395 as of Dec. 31, 2020. For the year ended Dec. 31, 2021, net cash used in operating activities was $7,097,174 versus $11,501,718 net cash used in operating activities for the year ended Dec. 31, 2020. The Company has devoted substantially all of its cash resources to apply its investment program to expand through organic business growth and, where appropriate, the execution on selective company and license acquisitions, and incurred significant general and administrative expenses to enable it to finance and grow its business and operations. During the year ended Dec. 31, 2021, there was $826,817 net cash used in investing activities versus $117,744 used in during the year ended Dec. 31, 2020. In the year ending Dec. 31, 2021 this was due to the purchase of fixed assets and licenses. In the year ending Dec. 31, 2020, this was due to the purchase of fixed assets. During the year ended Dec. 31, 2021, there was $7,267,777 of net cash and cash equivalents provided by financing activities versus $12,460,541 provided by financing activities during the year ended Dec. 31, 2020. Cosmos Holdings stated, "We believe that our current cash in our bank account and working capital as of December 31, 2021 will satisfy our estimated operating cash requirements for the next twelve months. However, the Company will require additional financing in fiscal year 2022 in order to continue at its expected level of operations and potential acquisitions. If the Company is unable to raise additional funds in the future on acceptable terms, or at all, it may be forced to curtail its development activities. "We anticipate using cash in our bank account as of December 31, 2021, cash generated from the operations of the Company and its operating subsidiaries and from debt or equity financing, or from loans from management, to the extent that funds are available to do so to conduct our business in the upcoming year. Management is not obligated to provide these or any other funds." San Francisco, California-based Armanino LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses and cash used in operations that raises 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1474167/000147793222002405/cosm_10k.htm About Cosmos Holdings Cosmos Holdings Inc., together with its subsidiaries, is an international pharmaceutical company with a proprietary line of nutraceuticals and distributor of branded and generic pharmaceuticals, nutraceuticals, over-the-counter (OTC) medications and medical devices through an extensive, established EU and UK distribution network. CRITERIA EQUIPMENT: Won't Have Unsecured Creditors' Committee ------------------------------------------------------------- Judge Henry Callaway of the U.S. Bankruptcy Court for the Southern District of Alabama held that no official unsecured creditors' committee will be appointed in the Chapter 11 case of Criteria Equipment Co., LLC. A written request was sent to Criteria Equipment's unsecured creditors regarding the appointment of a committee but no creditors have expressed willingness to serve on the committee, according to the bankruptcy judge's April 19 order. About Criteria Equipment Co. Criteria Equipment Co., LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-10326) on Feb. 22, 2022, listing as much as $10 million in both assets and liabilities. J. Marion Uter, manager, signed the petition. Judge Henry A Callaway oversees the case. Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain & Postler, P.A. serves as the Debtor's legal counsel. DEMZA MASONRY: Seeks Cash Collateral Access ------------------------------------------- Demza Masonry, LLC asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. On July 14, 2021, the Debtor contracted with Belle Associates, LLC, a building contractor, for the construction of the Triboro Square, Buildings 1 and 3, in Montvale, New Jersey, as a subcontractor on the Project. The contract price for the Project was $242,000 for Building 1 and $223,000 for Building 3 due as the project commenced. On September 14, 2021, a writ of execution was filed by the Funds with the United States District Court for the District of New Jersey and received on September 22, by the United States Marshal Service, and received on October 15 by Belle's office manager. Belle currently owes $37,038 to the Debtor for work completed in the month of August 2021; $4,499 to the Debtor for work completed in the month of October 2021; $20,383 to the Debtor for work completed in November 2021; and $37,442 for work completed in March 2022. In total, this amounts to $99,361. On April 13, 2022, the Debtor filed an adversary complaint with the Court for the purposes of finding the writs of execution held in favor of the Funds to be voidable transfers of interest. The Debtor seeks to use the amount owned from Belle as cash collateral solely for the purpose of paying its employees while awaiting the conclusion of the adversary proceeding. The National Labor Relations Board is an unsecured judgment creditor. The NLRB has filed a proof of claim (Proof of Claim No. 6 in the Claims Registry) in the amount of $204,371 for employee backpay, of which $40,950 is a priority claim. The balance of the NLRB's claim in the amount of $163,421 is treated as unsecured. J.P. Morgan Chase Bank, N.A. is an unsecured creditor. As listed on the Debtor's Schedules, it has two claims. One claim, for $28,452, is for credit card usage (Proof of Claims No. 1 in the Claims Registry). The other claim, for $331,077, (Proof of Claims No. 4 in the Claims Registry) is for money loaned pursuant to the Paycheck Protection Program. The State of New Jersey Division of Taxation Bankruptcy Section has a priority tax claim in the amount of $30,000 (Proof of Claim No. 3 in the Claims Registry). The Trustees of the B.A.C. Local 4 Pension Fund, Trustees of the New Jersey B.A.C. Annuity Fund, Trustees of the B.A.C. Local 5 Pension Fund, Trustees of the New Jersey B.A.C. Health Fund, Trustees of the New Jersey BM&P Apprentice and Education Fund, Trustees of the Bricklayers and Trowel Trades International Pension Fund, and Trustees of the International Masonry Institute are an unsecured judgment creditor. The Funds hold a claim for $837,853. The Debtor believes the Funds' claim to the account receivables are voidable as preferential, and the Debtor has filed an adversary proceeding for the Court to determine the voidability of the lien. The Debtor does recognize that, to the extent a lien does exist, the Secured Creditor is entitled, pursuant to Sections 361 and 363(e) of the Bankruptcy Code, to adequate protection of their alleged interests in the collateral to the extent there is any, and an interest in any diminution in the value of the collateral from and after the Petition Date. The Debtor proposes that the Funds, as adequate protection, are granted replacement liens against the future accounts receivable of the Debtor to the same extent and validity as it may have after determination of the adversary proceedings to determine voidability. In return, the Debtor will have the ability to access the money owed from Belle to pay its administrative fees, including wages, taxes, insurance, and fees for professionals, and to ensure it can continue to operate towards a successful reorganization. The Debtor says it can protect the Funds' interests by (i) continuing to apply for and adequately working on projects contributing to the accounts receivable on which the Funds may have a lien; (ii) maintaining and managing the business operations; and (iii) by providing the Funds with replacement liens on the future receivables. A copy of the motion is available at https://bit.ly/3L8jy0w from PacerMonitor.com. About Demza Masonry Demza Masonry, LLC is a New Jersey-based mason subcontractor that provides masonry in the commercial, industrial, pharmaceutical, and multi unit residential new building construction segment. The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case No. 21 18868) on Nov. 16, 2021. In the petition signed by Willie J. Dempsey, member, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. David L. Stevens, Esq., at SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP, is the Debtor's counsel. EAST/ALEXANDER HOLDINGS: Seeks to Tap Trevett Cristo as Counsel --------------------------------------------------------------- East/Alexander Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ the law firm of Cristo Law Group, LLC, doing business as Trevett Cristo, as its legal counsel. The firm will render these services: (a) advise the Debtor regarding its power and duties in the continued operation of its business and management of its property; (b) take necessary action to avoid liens against the Debtor's property; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon the Debtor's property; (d) represent the Debtor in any proceedings which may be instituted in this court by creditors or other parties; (e) prepare legal papers; and (f) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners $300 Associates $225 Paralegals $75 The Debtor paid the firm a pre-bankruptcy retainer of $16,000. David Ealy, Esq., a partner at Trevett Cristo, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David H. Ealy, Esq. Cristo Law Group LLC Two State Street, Suite 1000 Rochester, NY 14614 Telephone: (585) 454-2181 Facsimile: (585) 454-4026 Email: dealy@trevettcristo.com About East/Alexander Holdings East/Alexander Holdings LLC, a single asset real estate (as defined in 11 U.S.C. Section 101(51B)), sought Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 22-20151) on April 1, 2022. In the petition filed by Louis R. Masaschi, managing member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. David H. Ealy, Esq., at Cristo Law Group LLC is the Debtor's legal counsel. EBERHARDT PARTNERSHIP: Wins Cash Collateral Accesss --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Jose Division, authorized Eberhardt Partnership to use cash collateral on the interim basis. The Debtor is authorized to pay for the normal operating expenses of the business including a draw not to exceed $6,000 per month for Fran Eberhardt and a draw of not to exceed $2,000 per month for Ian Eberhardt. As a condition to use cash collateral, the Debtor grants J.P. Morgan Chase Bank, N.A. and Ascentium Capital, LLC a replacement lien for the use of all pre-petition cash collateral by granting these secured creditors a lien in post-petition receivables in the same amount and in the same priority as these creditors had pre-petition. The Debtor is directed to pay secured creditors, as adequate protection, $1,187 per month to JPMorgan and $633 to Ascentium Capital, with payments commencing on the 15th day of the month following entry of order on the motion continuing through May 17, 2022, subject to further Court order. The adequate protection payment for May will be paid within 48 hours upon entry of the Court order. A continued hearing on the matter is scheduled for May 17 at 2 p.m. A copy of the order is available at https://bit.ly/36ym2X3 from PacerMonitor.com. About Eberhardt Partnership Eberhardt Partnership sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bakr. N.D. Cal. Case No. 22-50291) on April 6, 2022. In the petition filed by Franes Eberhardt, general partner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Stephen L. Johnson oversees the case. Lars Fuller, Esq., at The Fuller Law Firm, PC is the Debtor's counsel. ENVISION THIS!: Case Summary & Eight Unsecured Creditors -------------------------------------------------------- Debtor: Envision This! LLC 6538 Collins Ave #411 Miami Beach, FL 33141-4694 Chapter 11 Petition Date: April 21, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-13086 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th St Ste 200 Fort Lauderdale, FL 33301-1163 Tel: (954) 765-3166 E-mail: chad@cvhlawgroup.com Total Assets: $727,094 Total Liabilities: $5,506,373 The petition was signed by Robert J. Hetzler as managing member. A copy of the Debtor's list of eight unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MKTLJ5Q/Envision_This_LLC__flsbke-22-13086__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RIWMYHI/Envision_This_LLC__flsbke-22-13086__0001.0.pdf?mcid=tGE4TAMA ETHEMA HEALTH: Incurs $1.6 Million Net Loss in 2021 --------------------------------------------------- Ethema Health Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $1.57 million on $1.94 million of revenues for the year ended Dec. 31, 2021, compared to net income of $3.08 million on $338,996 of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $6.55 million in total assets, $16.01 million in total liabilities, $400,000 in preferred stock, and a total stockholders' deficit of $9.86 million. Sunrise, Florida-based Daszkal Bolton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 14, 2022, citing that the Company had accumulated deficit of approximately $44.7 million and negative working capital of approximately $13.2 million at Dec. 31, 2021, which raises 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/792935/000190359622000192/sfs10kgrst033022.htm About Ethema Health Headquartered in West Palm Beach, Florida, Ethema Health Corporation -- http://www.ethemahealth.com-- operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last eight years and has had much success with in-patient treatment for adults. EVEREST REAL ESTATE: Unsecureds Will Recover 53% Under Plan ----------------------------------------------------------- Everest Real Estate Investments LLP submitted a Third Amended Plan of Reorganization. During this case, the Court approved the Debtor opening a second location (SE Texas at Spring Valley) at 9180 Katy Freeway, Houston, Texas 77055 and a third location (SE Texas at Clear Lake) at 1351 Clear Lake City Blvd., Houston, Texas 77062. These locations offer only emergency room service. Like the McKay location, they also accept payments from Medicare, Medicaid, other governmental payment plans as well as private insurance. The Debtor believes that each has a significant advantage over its nearby competitors because it believes these locations are the only free-standing independent emergency rooms that accepts Medicare, Medicaid, other governmental payment plans as well as private insurance. Since entering bankruptcy, the Debtor has been able to focus on improving operations and increasing its patient count and will continue to do so in order to become a profitable entity serving the needs of its patients. The Debtor intends to operate as it has in the past since Dr. Vo became manager. The Plan will treat claims as follows: * Class 4 – Pre-Petition Claims Paid Post-Petition. It consists of the pre-petition Claims Debtor inadvertently paid post-petition due to a delay in stopping its banks from honoring checks written pre-petition presented post-petition. The Debtor will evaluate these payments and take appropriate action, where appropriate, to recover these payments, if any. Class 4 is unimpaired. * Class 6 – Non-Insider Unsecured Claims. It consists of those holding Allowed Unsecured Claims. Attached hereto as Exhibit A which can be found in the following link: https://bit.ly/3O7JRWF is a list of those entitled to treatment under Class 6 and the amount to be paid, subject to the Debtor's right to object to any claim. Each Class 6 claim will receive quarterly pro-rata distributions as described in this plan. The Class 6 Claims will be paid in quarterly payments over approximately 24 months. Class 6 is impaired. Class 8 – Insider Unsecured Claims. Class 8 consists of insiders of the Debtor. Whether they file a proof of claim will not alter the provision of this plan that no distribution will be made by the Debtor on these claims. These claims will be treated as not allowed. The members of this Class include the following: Allergy of Texas PLLC Community ER, PLLC Cypress Creek ER of Harmony PLLC FM 1960 Medical Village II LP Physicians Alliance of Red Oak LP Providence ER of Northwest, PLLC Texas Radiology Associates, PA TMMS Staffing LLC Viventi Med, LLC Dr. Thomas Vo and any owned entity. Dr. Huong Le and any owned entity. Dr. Minh Le and any owned entity. Gary Patterson and any owned entity. The Debtor has always asserted that these above listed claims were contributions of equity to the Debtor. Excluded from this Class is Nutex Health LLC and Tyvan, LLC who are parties to executory contracts with the Debtor and which shall be assumed. Class 8 is impaired. Debtor's assets consist of cash, personal property at the McKay Street location and accounts receivables. The Debtor employed an auctioneer, Rosen Systems, Inc. who provided an "auction value" of $152,635.00 for all of the Debtor's tangible personal property at the McKay Street. The Debtor's accounts receivable have a value of $1,100,000.00, but have a liquidation value of $990,000.00. Cash as of February 28, 2022 was $214,837.33. In liquidation, these total $1,357,472.33. Under this Plan, unsecured creditors will receive approximately 53% of their claim; however, in a chapter 7 liquidation, unsecured creditors will not receive any distribution. In a hypothetical liquidation, there will be nothing available for unsecured creditors because Dr. Vo's $1,000,000.00 administrative claim must be paid in full prior to unsecured creditors receiving a distribution whereas, under the plan, no distributions are required to be made on Dr. Vo's claim. Reorganized Debtor shall continue in the Debtor's business operations. The Reorganized Debtor shall pay a total of $1,467,500.00 on the Class 6 claims in ten quarterly payments. There will be nine payments of $150,000.00 and a final tenth payment of $117,427.33. To the extent the Reorganized Debtor is not able to make any of these 10 payments, Dr. Thomas Vo, or an entity related to him, will ensure that the payment will be made by them. Payments will be made quarterly, the first being due on the 15th day after the Effective Date. See Exhibit C which can be found in the following link: https://bit.ly/3O7JRWF. Based upon Exhibit C, it appears that the distribution on unsecured claims will be in the 50% range. Exhibit D which can be found in the following link: https://bit.ly/3O7JRWF is a projection of income and expenses of the Reorganized Debtor. It shows that the 36-month projection period, position net income will be $15,488.55. There is some uncertainty associated with this projection. The projection can be impacted by whether COVID testing requirements decrease (as has been the case recently, thus reducing gross revenue) or increases in the event of a resurgence of COVID or some other pandemic. A copy of the Plan dated April 13, 2022, is available at https://bit.ly/3M9sF0S from PacerMonitor.com. About Everest Real Estate Investments Everest Real Estate Investments, LLP -- http://www.setexaser.com/ -- is a health care services provider established in Humble, Texas, specializing in general acute care hospital. It offers completely comprehensive medical care, treating both major and minor injuries. Everest Real Estate filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 20-34077) on Aug. 14, 2020, listing up to $50 million in both assets and liabilities. Thomas Vo, M.D., managing partner, signed the petition. Judge Christopher M. Lopez oversees the case. The Debtor tapped The Gerger Law Firm, PLLC as bankruptcy counsel and MouerHuston, PLLC as special counsel. Doeren Mayhew CPAs and Advisors is the Debtor's accountant. FIRST CHOICE: Seeks to Hire The Bush Law Firm as Legal Counsel -------------------------------------------------------------- First Choice Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ The Bush Law Firm, LLC as its legal counsel. The firm will render these legal services: (a) advise the Debtor regarding its rights, powers and duties; (b) prepare and file legal papers; (c) represent the Debtor at court hearings in this matter; (d) prepare and file status report and plan; (e) defend challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and (f) provide other legal services as may be necessary. The firm has agreed to represent the Debtor pro bono, plus reimbursement for expenses incurred. Anthony Bush, Esq., an attorney at The Bush Law Firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About First Choice Real Estate First Choice Real Estate LLC, a real estate company in Ala., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 22-30592)) on April 5, 2022. In the petition filed by Wade G. Clingan, member, the Debtor disclosed up to $500,000 in estimated assets and liabilities. Anthony B. Bush, Esq., at The Bush Law Firm, LLC serves as the Debtor's counsel. FOOTPRINT POWER SALEM: To Seek Bids By June,To Auction In July 2022 ------------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Oaktree-backed power plant, Footprint Power Salem, seeks bids by June, auction in July 2022. The Boston-area power plant backed by Oaktree Capital Management that went bankrupt last moth will be auctioned on July 13 if there is sufficient interest, according to court papers. Footprint Power Salem Harbor Development LP has proposed a bid deadline of June 10 for the 674 megawatt facility, with an auction to follow the next month if necessary. The company's bankruptcy plan calls for toggling to a debt-for-equity swap in lieu of a standard sale if needed. Houlihan Lokey is the investment bank running the deal. About Footprint Power Salem Footprint Power Salem Development LP is a natural gas company based in Salem, Massachusetts. Footprint Power Salem Development LP sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10239) on March 23, 2022. In the petition filed by CRO John R. Castellano, Footprint Power estimated assets between $500 million and $1 billion and liabilities between $500 million and $1 billion. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP, serve as the Debtors' co-counsel. AlixPartners' AP Services LLC has provided John Castellano to serve as the Salem Harbor Companies' chief restructuring officer. Prime Clerk LLC is the claims agent. FREE FLOW: Posts $544K Net Income in 2021 ----------------------------------------- Free Flow Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $543,898 on $745,675 of total revenues for the year ended Dec. 31, 2021, compared to net income of $850,610 on $411,694 of total revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $4.19 million in total assets, $2.42 million in total liabilities, $330,000 in series B redeemable preferred stock, $470,935 in series C redeemable preferred stock, and $968,457 in total stockholders' equity. At Dec. 31, 2021, the Company has a total current assets of $2,640,414 consisting of $10,212 in cash, $104,721 in accounts receivable and $2,525,484 in inventories and work in progress at cost. At Dec. 31, 2021, total current liabilities were $984,453 consisting of $23,709 in accounts payable and $1,989 from related parties and notes payable $958,755 and deferred interest of $9,010. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1543652/000109690622000881/fflo-20211231.htm About Free Flow Free Flow, Inc. was incorporated on Oct. 28, 2011 under the laws of State of Delaware to enter the green energy industry. The Company began with the idea of developing swimming pool solar pump system to create a blend of green energy harvesting while maintaining the present system. Having received firm enquiries from overseas farmers, Free Flow began with focus on the sale of solar panels to the agriculture sector, providing alternate means of electricity to operate pumps for water wells in India and Pakistan. * * * This concludes the Troubled Company Reporter's coverage of Free Flow Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. GAUCHO GROUP: Incurs $2.4 Million Net Loss in 2021 -------------------------------------------------- Gaucho Group Holdings, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $2.39 million on $4.92 million of sales for the year ended Dec. 31, 2021, compared to a net loss of $5.78 million on $635,789 of sales for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $24.31 million in total assets, $10.22 million in total liabilities, and $14.09 million in total stockholders' equity. As of Dec. 31, 2021, the Company had cash, working capital deficit, and an accumulated deficit of $3,649,407, $499,419 and $95,726,534, respectively. During the years ended Dec. 31, 2021 and 2020, the Company used cash in operating activities of $6,809,980 and $4,943,758, respectively. Cash requirements for the Company's current liabilities include approximately $1.5 million for accounts payable and accrued expenses and approximately 175,000 for operating lease liabilities. Cash requirements for the Company's long term liabilities include approximately $1.5 million for operating lease liabilities and approximately $94,000 for loans payable. The Company has convertible debt obligations in the amount of $6,480,000 which, if not converted prior to maturity, are due on Nov. 2, 2022. In addition, the Company is obligated to make additional capital contributions in the aggregate amount of $28.0 million to LVH pursuant to the LVH LLC Agreement. Gaucho Group stated, "We expect that that our cash on hand, plus additional cash from the sales of common stock under the Common Stock Purchase Agreement will fund our operations for a least 12 months after the issuance date of these financial statements." "Since inception, our operations have primarily been funded through proceeds received in equity and debt financings. We believe we have access to capital resources and continue to evaluate additional financing opportunities. There is no assurance that we will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds we might raise will enable us to complete our development initiatives or attain profitable operations." "Our operating needs include the planned costs to operate our business, including amounts required to fund working capital and capital expenditures. Our future capital requirements and the adequacy of our available funds will depend on many factors, including our ability to successfully commercialize our products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement our product and service offerings." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1559998/000149315222009892/form10-k.htm About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. GROM SOCIAL: Incurs $10.2 Million Net Loss in 2021 -------------------------------------------------- Grom Social Enterprises, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $10.22 million on $6.30 million of sales for the year ended Dec. 31, 2021, compared to a net loss of $5.74 million on $6.16 million of sales for the year ended Dec. 31, 2020. The Company reported a net loss of $4.59 million for the year ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $37.85 million in total assets, $11.73 million in total liabilities, and $26.12 million in total stockholders' equity. At Dec. 31, 2021, the Company had cash and cash equivalents of $6,530,161. Net cash used in operating activities for the year ended Dec. 31, 2021 was $7,856,242, compared to net cash used in operating activities of $1,223,148 during the year ended Dec. 31, 2020 representing an increase in cash used of $6,633,094, primarily due to the increase in the Company's loss from operations and the change in working capital assets and liabilities. Net cash used in investing activities for the year ended Dec. 31, 2021 was $417,096, compared to net cash used in investing activities of $574,512 during the year ended Dec. 31, 2020 representing a decrease in cash used of $157,416. This change is attributable to a decrease in the amount of fixed assets purchased and leasehold improvements made by its animation studio in Manilla, Philippines offset by an increase related to acquisition of majority interest for Curiosity, net of cash received. Net cash provided by financing activities for the year ended Dec. 31, 2021 was $14,673,567, compared to net cash provided by financing activities of $1,375,559 for the year ended Dec. 31, 2020 representing an increase in cash provided of $13,298,008. The increase is attributable to proceeds received from the sale of preferred and common stock and the issuance of convertible notes, net of issuance costs, and to the decrease in repayments of convertible notes during the year ended Dec. 31, 2021. The Company's primary sources of cash from financing activities were attributable to $10,220,351 in proceeds from issuance of common stock, $1,050,000 in proceeds from issuance of preferred stock and $4,516,700 in proceeds from issuance of convertible notes during the year ended Dec. 31, 2021 as compared to $483,500 in proceeds from issuance of preferred stock, and $4,143,500 from issuance of convertible notes. The Company believes it has adequate working capital to meet its operational needs for the next 12 months. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1662574/000168316822002738/grom_i10k-123121.htm About Grom Social Boca Raton, Florida-based Grom Social Enterprises, Inc. -- www.gromsocial.com -- is a media, technology and entertainment company focused on delivering content to children under the age of 13 years in a safe secure Children's Online Privacy Protection Act ("COPPA") compliant platform that can be monitored by parents or guardians. The Company operates its business through the following four wholly-owned subsidiaries: Grom Social, Inc., TD Holdings Limited, Grom Educational Services, Inc., and Grom Nutritional Services, Inc. GULF COAST HEALTH CARE: Court Pauses Ch.11 Trial for More Info -------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge on Tuesday, April 19, 2022, postponed the conclusion of Gulf Coast Health Care's Chapter 11 plan confirmation by a week while the nursing home chain produces a previously withheld report on its deal with its largest landlord and secured creditor. Following a morning of virtual testimony, U. S. Bankruptcy Judge Karen Owens adjourned the hearing until April 27, 2022, after nursing home chain Gulf Coast agreed to provide the report to the court and to personal injury litigants objecting to the company's reorganization plan. Gulf Coast and more than 60 affiliates filed for bankruptcy in October 2021. About Gulf Coast Health Care Gulf Coast Health Care, LLC, is a licensed operator of 28 skilled nursing facilities comprising nearly 3,350 licensed beds across Florida, Georgia, and Mississippi. It provides short-term rehabilitation, comprehensive post-acute skilled care, long-term care, assisted living, and therapy services in each of its facilities. Gulf Coast Health Care and 61 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14, 2021. In the petition signed by Benjamin M. Jones as chief restructuring officer, Gulf Coast Health Care listed up to $50 million in assets and up to $500 million in liabilities. The cases are handled by Judge Karen B. Owens. The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting Group LLC as legal counsel and restructuring advisor, respectively. M. Benjamin Jones of Ankura serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC, is the claims, noticing, and administrative agent. On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an fficial committee of unsecured creditors in the Debtors' Chapter 11 cases. Greenberg Traurig, LLP, and FTI Consulting, Inc., serve as the committee's legal counsel and financial advisor, respectively. The Debtor filed its proposed Chapter 11 plan and disclosure statement on Oct. 28, 2021. GULF COAST: Noteholders Lose Bid to Get Priority Higher Payment --------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge Monday, April 18, 2022, shot down a bid by noteholders of nursing home chain Gulf Coast Health Care for a higher payment priority for their Chapter 11 claims, saying payments for Gulf Coast's main landlord and secured lender come first. Saying she needed to clear the way for Gulf Coast's Chapter 11 plan confirmation hearing Tuesday, U.S. Bankruptcy Judge Karen Owens issued a summary judgment from the virtual bench rejecting the noteholders' arguments that the intercreditor agreements subordinating the note claims are no longer in effect. About Gulf Coast Health Care Gulf Coast Health Care, LLC, is a licensed operator of 28 skilled nursing facilities comprising nearly 3,350 licensed beds across Florida, Georgia, and Mississippi. It provides short-term rehabilitation, comprehensive post-acute skilled care, long-term care, assisted living, and therapy services in each of its facilities. Gulf Coast Health Care and 61 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14, 2021. In the petition signed by Benjamin M. Jones as chief restructuring officer, Gulf Coast listed up to $50 million in assets and up to $500 million in liabilities. The cases are handled by Judge Karen B. Owens. The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting Group LLC as legal counsel and restructuring advisor, respectively. M. Benjamin Jones of Ankura serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC, is the claims, noticing, and administrative agent. On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. Greenberg Traurig, LLP, and FTI Consulting, Inc., serve as the committee's legal counsel and financial advisor, respectively. The Debtor filed its proposed Chapter 11 plan and disclosure statement on Oct. 28, 2021. GWG HOLDINGS: Seeks Chapter 11 Bankruptcy Protection ---------------------------------------------------- On April 20, 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas (Bankruptcy Petition # 22-90032, 4:2022bk90032). The bankruptcy filing is devastating for GWG L Bond investors and raises serious doubts about investors' ability to get their principals back. Iorio Altamirano LLP (gwglawyer.com), which has been investigating the GWG L Bonds and is already representing several elderly, retired, and near-retirement GWG L Bond investors, is scheduling free consultations with investors to evaluate their potential claims and review their legal rights. GWG L Bond investors will experience a long and painful process. Chapter 11 Bankruptcy cases can take anywhere from 17 months to five years for larger and more complex cases, and it can take months for debtors to begin distributing payouts to the highest priority class of creditors. As of September 2021, GWG had more than $2 billion in total liabilities, including $1.55 billion in L Bonds. Furthermore, according to the GWG L Bond Prospectus, the L Bonds’ security interest is subordinate to other debt obligations. Given the nature of bankruptcy proceedings and the language in the prospectus, it is unlikely that GWG L Bond investors will ever see their principal back in full. Despite the unwelcomed news of the bankruptcy filing, GWG L Bond investors can file individual arbitration claims to try to recover losses against the brokerage firm that sold them the speculative, high-risk, and illiquid L Bonds. Retail investors can file an individual arbitration claim against the selling brokerage firm without impacting an investor’s potential recovery from GWG Holding Inc.’s bankruptcy proceeding or through any class action lawsuits filed against GWG Holdings. Iorio Altamirano LLP recently published the initial findings of its comprehensive investigation into GWG Holdings and continues to urge individuals who purchased L Bonds issued by GWG Holdings, Inc. to contact the firm to review their legal rights. Investors will receive a free case evaluation. "Brokers and brokerage firms sold the GWG L Bonds as safe and secure investments," said August Iorio, managing partner of Iorio Altamirano LLP. "Our investigation has revealed high-pressure sales tactics and widespread failures by brokers and broker-dealers to fulfill their obligations in connection with the sale of GWG L Bonds to retail investors," according to Mr. Iorio. "The missed payments were the tip of the iceberg. The reality is that GWG's issues go way back. The time for investors to act is now. We are encouraging GWG L Bond investors to immediately commence a securities arbitration proceeding to recover investment losses," added attorney Jorge Altamirano, managing partner of Iorio Altamirano LLP. What Investors Can Do: GWG L Bond investors should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation. The firm will review the terms of investors’ GWG L Bond investments at no cost. Customers may be entitled to compensation without paying any out-of-pocket fees or costs through a contingency fee arrangement with securities arbitration law firm Iorio Altamirano LLP. To set up an evaluation, email securities arbitration attorneys August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, you may call the firm toll-free at (855) 430-4010. About GWG Holdings Inc. Headquartered in Dallas Texas, GWG Holdings, Inc., conducts its life insurance secondary market business through a wholly-owned subsidiary, GWG Life, LLC and GWG Life's wholly-owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, as president and chief executive officer, GWG Holdings estimated assets between $1 billion and $10 billion and estimated liabilities between $1 billion and $10 billion. The case is assigned to Honorable Bankruptcy Judge Marvin Isgur. Charles Stephen Kelley, of Mayer Brown LLP, is the Debtor's counsel. HAJJAR BUSINESS: Amends Unsecured Creditors Claims Pay Details -------------------------------------------------------------- Hajjar Business Holdings, LLC, and its Debtor Affiliates submitted a Joint First Amended Disclosure Statement describing Joint Chapter 11 Plan of Reorganization dated April 18, 2022. On December 4, 2021, the Bankruptcy Court entered a Ninth Interim Order authorizing the use of cash collateral. On March 8, 2022, the Bankruptcy Court entered a Final Order authorizing the use of cash collateral. The Mezzanine Lender asserts that the Mezzanine Entities are in default under the Mezzanine Loan Documents entitling the Mezzanine Lender to exercise all of its rights and remedies in the MSC Lien, the exercise of which is not restricted by the bankruptcy filings of the Owner Debtors. In the event that the Owner Debtors and the Secured Creditor agree to permit the Plan Administrator to proceed with a sale of all or some of the Remaining Properties in the Bankruptcy Court pursuant to Code section 363, any and all rights of the Secured Creditor under: (i) the Code including, without limitation, the right of the Secured Creditor to credit bid for any or all of the Remaining Properties that are put up for sale and/or any other rights afforded to secured creditors pursuant to Code section 363; (ii) any of the Loan Documents; (iii) any of the Forbearance Documents; and (iv) applicable non-bankruptcy law are expressly preserved and retained by the Secured Creditor. Class 2 consists of General Unsecured Claims. Total amount of filed Claims is approximately $482,360.67. If there are valid claims against any of the Owner Debtors, these claims will be paid only after the Secured Creditor is paid in accordance with the terms and conditions of the Forbearance Agreement. If the Secured Creditor is paid in accordance with the terms and conditions of the Forbearance Agreement, then any holder of an Allowed General Unsecured Claim will be paid in full, with postpetition interest accruing from the Petition Dates to the date of payment. All entities holding or claiming to hold an equity interest in and to any of the Owner Debtors (or a security interest in such equity interest) shall retain their equity and/or security interest (and whatever rights such equity and/or security interest entails) and nothing in this Plan shall impair, alter or affect such equity and/or security interests in such equity interest. The Estate of Bryan Massoud has a 30% equity interest in each of Hajjar Medical Office Building of Fairlawn, LLC (8256), and contends that it has a 30% equity interest in each of non-Debtor HMOB of Fair Lawn Mezz, LLC and Debtor HMOB of Fair Lawn Owner, LLC (0822), which notwithstanding anything to the contrary in the Plan, said equity interests and/or claims and/or rights associated therewith are hereby preserved and are not being impaired or prejudiced by the Plan. Jaecals I has a 50% equity interest in Hajjar Medical Office Building of Wayne, LLC (2608) and contends that it has a 50% equity interest in each of non-Debtor HMOB of Waynze Mezz, LLC and Debtor HMOB of Wayne Owner, LLC (9177) which notwithstanding anything to the contrary in the Plan, said equity interests and/or claims and/or rights associated therewith are hereby preserved and are not being impaired or prejudiced by the Plan. Jaecals II has a 50% equity interest in Hajjar Medical Office Building of Jersey City, LLC (6457) and contends that it has a 50% equity interest in each of non Debtor HMOB of Jersey City Mezz, LLC and Debtor HMOB of Jersey City Owner, LLC (8644), which notwithstanding anything to the contary in the Plan, said equity interests and/or claims and/or rights associated therewith are hereby preserved and are not being impaired or prejudiced by the Plan. Jaecals III has a 25% equity interest in each of Hajjar Medical Office Building of Glen Rock, LLC (2638) and contends that it has a 25% equity interest in each of non-Debtor HMOB of Glen Rock Mezz, LLC and Debtor HMOB of Glen Rock Owner, LLC (4671), which notwithstanding anything to the contrary in the Plan, said equity interests and/or claims and/or rights associated therewith are hereby preserved and are not being impaired or prejudiced by the Plan. The Owner Debtors and Secured Creditor have settled their issues, providing a framework for exiting these Chapter 11 Cases. The terms of the settlement are memorialized in the Forbearance Documents. As set forth more fully in the Forbearance Agreement, the Forbearance Agreement permits the Owner Debtors, so long as no Termination Event occurs, during the Forbearance Period (as the same may be extended in accordance with the terms of the Forbearance Agreement), to pay the Payoff Amount in full. The Forbearance Agreement also permits the Owner Debtors to extend the Forbearance Period up to an additional 3 month period. As a condition precedent to such extension, the Owner Debtors shall, among other things, pay an extension fee of $300,000.00. In the event the Payoff Amount is paid in full, the Secured Creditor agrees to fund the balance of the Carve Out from these proceeds on or shortly after the occurrence of the Payoff Date. A full-text copy of the First Amended Disclosure Statement dated April 18, 2022, is available at https://bit.ly/3k2fvai from PacerMonitor.com at no charge. Attorneys for Debtors: McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 Anthony Sodono, III, Esq. Sari B. Placona, Esq. E-mail: asodono@msbnj.com splacona@msbnj.com About Hajjar Business Holdings Hajjar Business Holdings, LLC and 12 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-12465) on Feb. 13, 2020. At the time of filing, Hajjar Business Holdings was estimated to have assets of between $100,000 to $500,000 and liabilities of between $50 million to $100 million. Judge John K. Sherwood oversees the Debtors' cases. Anthony Sodono, III, Esq. and Sari B. Placona, Esq., at McManimon, Scotland & Baumann, LLC, serve as counsel to the Debtors. Wilmington Trust, as lender, is represented by Duane Morris LLP. HIGH WIRE: Incurs $13.3 Million Net Loss in 2021 ------------------------------------------------ High Wire Networks, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss attributable to the company of $13.34 million on $27.21 million of revenue for the year ended Dec. 31, 2021, compared to a net loss attributable to the company of $693,083 on $9.91 million of revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $45.96 million in total assets, $34.81 million in total liabilities, $13.59 million in total mezzanine equity, and a total stockholders' deficit of $2.44 million. Draper, UT-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1413891/000121390022020116/f10k2021_highwire.htm About High Wire High Wire Networks, Inc. is a global provider of managed security, professional services and commercial or industrial electrical solutions delivered exclusively through a channel sales model. Its services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. IDE REAL ESTATE: Sept. 7 Hearing on Disclosure and Plan ------------------------------------------------------- Judge Thomas J. Tucker has entered an order that these deadlines and hearing dates for IDE Real Estate Group LLC are established: a. The deadline for the Debtor to file motions is May 25, 2022. This is also the deadline to file all unfiled overdue tax returns. The case will not be delayed due to unfiled tax returns. b. The deadline for parties to request the Debtor to include any information in the disclosure statement is June 24, 2022. c. The deadline for the Debtor to file a combined plan and disclosure statement is July 25, 2022. d. Unless the Court later orders otherwise, 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, is August 29, 2022. e. No later than September 2, 2022, the Debtor must file a signed ballot summary indicating the ballot count under 11 U.S.C. Sections 1126(c) and 1126(d). A copy of all ballots must be attached to this summary. f. The hearing on objections to final approval of the Disclosure Statement and confirmation of the Plan will be held on Wednesday, September 7, 2022 at 11:00 a.m. g. The deadline for all professionals to file final fee applications is 30 days after the confirmation order is entered. h. The deadline to file objections to this order is 21 days after the date this order is entered. i. The deadline to file a motion to extend the deadline to file a plan is June 24, 2022. j. The deadline to file a motion to extend the time to file a motion to assume or reject a lease under 11 U.S.C. Section 365(d)(4) is September 19, 2022. Counsel for the Debtor must consult with the courtroom deputy to assure that such a motion is set for hearing before October 19, 2022. About IDE Real Estate IDE Real Estate Group LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). IDE Real Estate Group LLC sought Chapter 11 protection (Bankr. E.D. Mich. Case No. 22-bk-42349) on March 26, 2022. The Debtor estimated assets of $500,000 to $1 million and liabilities of $1 million to $10 million. STEVENSON & BULLOCK, P.L.C., led by Elliot G. Crowder, is the Debtor's counsel. INFOW LLC: Taps W. Marc Schwartz as Chief Restructuring Officer --------------------------------------------------------------- InfoW, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ W. Marc Schwartz, a member of Schwartz Associates, LLC, as their chief restructuring officer. Mr. Schwartz will render these services: (a) make business and debt restructuring decisions; (b) manage due diligence requests and other items requested by various constituents as part of the restructuring process; (c) prepare cash flow forecasts and related financial and business models; (d) identify and implement short and long-term liquidity initiatives; (e) prepare statements of financial affairs and schedules, monthly operating reports, and other similar regular Chapter 11 reports required by the court; (f) review inventory marketability and provide monetization alternatives; (g) make operational decisions with advice of appropriate governance body; (h) implement cost containment measures; (i) negotiate with creditors, prospective purchasers, equity holders, equity committees, official committee of unsecured creditors, and all other parties-in-interest; (j) maximize value of the Debtors; (k) oversee all business decisions of the Debtors, as necessary or required, utilizing CRO's business judgment; (l) be authorized, during normal business hours, to (a) review and analyze the books of account, bank accounts, accounting source documents and financial statements of FSS and Jones; (b) have read-only access to bank accounts used by FSS Jones in the conduct of their businesses; and (c) have access to the personnel, managers, and/or financial professionals of FSS and Jones to interview and request additional documents or information; and (m) execute all documents and take all other acts necessary to effectuate the restructuring of the Debtors. The hourly rates of the firm's professionals are as follows: W. Marc Schwartz, Proposed CRO $690 M. Christian Schwartz $470 Managers $350 Associates $280 Analysts $210 Administrative Staff $95 In addition, the firm will seek reimbursement for expenses incurred. The CRO received a retainer of $50,000 from the Debtors. Mr. Schwartz disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Marc Schwartz Schwartz Associates, LLC 712 Main Street, Ste. 1830 Houston, TX 77002 Telephone: (832) 583-7021 Email: admin@schwartzassociates.us About InfoW LLC InfoW, LLC, a lessor of nonfinancial intangible assets, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 22-60020) on April 17, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. W. Marc Scwartz, chief restructuring officer, signed the petition. Hon. Christopher M. Lopez is the case judge. Kyung S. Lee, Esq., at Parkins Lee & Rubio LLP serves as the Debtor's legal counsel. INTELSAT SA: Deal Breach A Money Grab, Creditor Tells Court ----------------------------------------------------------- Vince Sullivan of Law360 reports that a satellite operator creditor of Intelsat SA told a Virginia bankruptcy judge on Tuesday, April 20, 2022, that Intelsat pulled out of a contractual arrangement to split the proceeds from selling capacity on wireless communications spectrum as part of a money grab to stave off bankruptcy. The assertion was made during closing arguments in a trial arising from SES Americom Inc. 's claim for $421 million in damages. SES claims Intelsat breached a consortium agreement that called for a 50/50 split in spectrum sale proceeds. About Intelsat S.A. Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held operator of satellite services businesses, which provides a diverse array of communications services to a wide variety of clients, including media companies, telecommunication operators, internet service providers, and data networking service providers. The Company is also a provider of commercial satellite communication services to the U.S. government and other select military organizations and their contractors. The Company's administrative headquarters are in McLean, Virginia, and the Company has extensive operations spanning across the United States, Europe, South America, Africa, the Middle East, and Asia. Intelsat S.A. and its debtor-affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The petitions were signed by David Tolley, executive vice president, chief financial officer, and co-chief restructuring officer. At the time of the filing, the Debtors disclosed total assets of $11,651,558,000 and total liabilities of $16,805,844,000 as of April 1, 2020. Judge Keith L. Phillips oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal counsel; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners LP as financial advisor & investment banker; Deloitte LLP as tax advisor; and Deloitte Financial Advisory Services LLP as fresh start accounting services provider. Stretto is the claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on May 27, 2020. The committee tapped Milbank LLP and Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as financial advisor; Moelis & Company LLC as investment banker; Bonn Steichen & Partners as special counsel; and Prime Clerk LLC as information agent. INTERNATIONAL LAND: Incurs $5.1 Million Net Loss in 2021 -------------------------------------------------------- International Land Alliance, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $5.06 million on $522,696 of revenues and lease income for the year ended Dec. 31, 2021, compared to a net loss of $2.67 million on $8,290 of revenues and lease income for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $5.86 million in total assets, $4.48 million in total liabilities, $293,500 in preferred stock Series B (temporary equity), and $1.09 million in total stockholders' equity. Irvine, California-based Haskell & White LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has experienced recurring losses from operations, has limited financial resources to repay its obligations and will require substantial new capital to execute its business plans, 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1657214/000149315222010050/form10-k.htm About International Land Alliance International Land Alliance, Inc. -- https://ila.company -- is an international land investment and development firm based in San Diego, California. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building lots, securing financing for the purchase of the lots, improving the properties' infrastructure and amenities, and selling the lots to homebuyers, retirees, investors and commercial developers. ION GEOPHYSICAL: Creditors Will Recover Less Than 1% Under Plan --------------------------------------------------------------- ION Geophysical Corporation, et al., submitted a Joint Chapter 11 Plan and a Disclosure Statement. Under the terms of the Restructuring Support Agreement, which are embodied in the Plan, the Supporting Creditors have agreed to (a) provide the Debtors with a $2.5 million debtor-in-possession financing facility (the "DIP Facility") and continued access to cash collateral, (b) to the extent the prepetition claims under the Revolving Credit Facility are not paid in full in cash, convert their remaining claims into an exit facility, and (c) convert their claims under the Second Lien Notes (as defined below) into 99.75% of the equity of the reorganized company, subject to dilution on account of the management incentive plan, in each case as set forth in that certain Restructuring Support Agreement, dated as of April 12, 2022 (the "Restructuring Support Agreement") and the chapter 11 plan of reorganization filed contemporaneously herewith (the "Plan"). On April 12, 2022, the Debtors and the RCF Lenders (the "Supporting RCF Lenders") and certain Second Lien Noteholders (the "Supporting Second Lien Noteholders" and together with the Supporting RCF Lenders, the "Supporting Creditors") reached an agreement on the terms of a restructuring and entered into the Restructuring Support Agreement. As of the Petition Date, Supporting Creditors holding 100% of the RCF Claims and approximately 80.4% of the Second Lien Notes Claims have signed the Restructuring Support Agreement. More specifically, the Restructuring Support Agreement and Plan contemplate the following: * Certain Supporting Creditors have committed to provide the Debtors with the DIP Facility and the use of cash collateral; * Each holder of an RCF Claim shall receive (a) payment in cash in full, (b) to the extent not paid in full in cash, its pro rata share of an exit facility, or (c) reinstatement or modification of its RCF Claim as agreed to by the Debtors and the lenders; * Each holder of a Second Lien Notes Secured Claim shall receive (a) its pro rata share of 99.75% of the equity of the reorganized debtors, subject to dilution on account of the management incentive plan; * Each holder of a general unsecured claim shall receive its pro rata share of the GUC Recovery Poo. The initial GUC Recovery Pool shall be $125,000 (the "Initial GUC Recovery Pool"); provided that (i) if the aggregate fees and expenses of the advisors to any official committee of unsecured creditors appointed in the chapter 11 cases (the "Committee") incurred during the chapter 11 cases (the "Incurred Committee Professional Fees") is less than the aggregate fees and expenses for the advisors to the Committee set forth in the Initial DIP Budget (the "Committee Professional Fee Allocation"), then the Initial GUC Recovery Pool shall be increased by the difference between the Committee Professional Fee Allocation and the Incurred Committee Professional Fees and (ii) if the Incurred Committee Professional Fees is greater than the Committee Professional Fee Allocation, then the Initial GUC Recovery Pool shall be reduced by the difference between the Incurred Committee Professional Fees and the Committee Professional Fee Allocation (in each case, the results of the foregoing calculations shall be referred to as the "GUC Recovery Pool"); provided, further that the GUC Recovery Pool shall never be less than $0; * Each holder of prepetition common stock issued by ION Geophysical shall receive its pro rata share of and interests in 0.25% of the equity of the reorganized debtors, subject to dilution on account of the management incentive plan; and * All prepetition preferred stock issued by ION Geophysical shall be cancelled, released, and extinguished. Under the Plan, holders of Class 5 General Unsecured Claims will receive its Pro Rata share of the GUC Recovery Pool. Creditors will recover less than 1% of their claims. Class 5 is impaired. The Voting Record Date will be on April 22, 2022. The Bid Procedures Hearing / Hearing for Conditional Approval of the Disclosure Statement will be on April 26, 2022. The Solicitation Deadline will be on May 3, 2022. The Deadline to Submit Bids will be on June 2, 2022. The Auction (if any) will be on June 6, 2022. The Deadline to Object to Sale Transactions will be on June 8, 2022. The Deadline to File Plan Supplement is 7 days prior to the Plan and Disclosure Statement Objection Deadline. The Sale Hearing will be on June 16, 2022. The Voting Deadline will be on June 24, 2022. The Deadline to Object to Plan and Disclosure Statement will be on June 24, 2022. The Combined Hearing on the Plan and the Disclosure Statement will be on July 1, 2022. Proposed Counsel for the Debtors: Katherine A. Preston, Esq. WINSTON & STRAWN LLP 800 Capitol Street, Suite 2400 Houston, Texas 77002 Telephone: (713) 651-2600 Facsimile: (713) 651-2700 Email: kpreston@winston.com - and - Timothy W. Walsh, Esq. 200 Park Avenue New York, New York 10166 Telephone: (212) 294-6700 Facsimile: (212) 294-4700 E-mail: twwalsh@winston.com - and - Daniel J. McGuire, Esq. Laura Krucks, Esq. 35 W Wacker Drive Chicago, IL 60601 Telephone: (312) 558-5600 Facsimile: (312) 558-5700 Email: dmcguire@winston.com lkrucks@winston.com A copy of the Disclosure Statement dated April 13, 2022, is available at https://bit.ly/3vk6TRB from PacerMonitor.com. About ION Geophysical Corp. Headquartered in Houston, Texas, ION (NYSE: IO) -- http://www.iongeo.com-- is an innovative, asset light global technology company that delivers powerful data-driven decision-making offerings to offshore energy, ports and defense industries. The Company is entering a fourth industrial revolution where technology is fundamentally changing how decisions are made. The Company provides its services and products through two business segments -- E&P Technology & Services and Operations Optimization. Ion Geophysical Corp. and its affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 22-30987) on April 12, 2022. In the petition filed by Mike Morrison, as authorized signatory, Ion Geophysical estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The cases are assigned to Honorable Judge Bankruptcy Judge Christopher M. Lopez. WINSTON & STRAWN LLP, is the Debtor's counsel. FTI CONSULTING, INC., is the financial consultant and PERELLA WEINBERG PARTNERS LP is the investment banker. EPIQ CORPORATE RESTRUCTURING, LLC is the claims agent. ION GEOPHYSICAL: Seeks to Hire FTI Consulting as Financial Advisor ------------------------------------------------------------------ ION Geophysical Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ FTI Consulting, Inc. as their financial advisor. FTI will render these services: (a) support the preparation of first day motions and develop procedures and processes necessary to implement such motions; (b) assist with developing accounting and operating procedures to segregate prepetition and post-petition business transactions; (c) assist with the development or review of the Debtors' business plan, as requested; (d) assist in the development of communications materials for internal and external stakeholders around planned milestones and in response to ad hoc communications needs of the Debtors; (e) review or assist with the development of the Debtors' 13-week cash flow forecast and regular variance reporting; (f) assist in the identification of executory contracts and unexpired leases and perform the cost/benefit evaluations with respect to the assumption or rejection of each, as needed; (g) prepare the Debtors with respect to financial disclosures that will be required by the court; (h) assist with the review, classification, and quantification of claims against the estate under the plan of reorganization; (i) assist with bankruptcy reporting requirements; (j) render general financial advice, financial analytics and modeling as directed by the Debtors' management; (k) assist in the development and analysis of various strategic alternatives available to the Debtors; (l) assist in the development of a plan of reorganization and disclosure statement; (m) assist in determining potential creditor recoveries under alternative scenarios; (n) assist in analyzing and developing strategies to address the Debtors' existing obligations; (o) assist with evaluating the Debtors' cash flows under a variety of scenarios; (p) attend meetings, presentations and negotiations as may be requested by the Debtors; (q) assist with claims reconciliation and objections; (r) assist the Debtors in managing and responding to data requests from various constituents; (s) provide expert testimony in support of plan and disclosure statement and other matters, as needed; and (t) provide other services as requested by the Debtors. The hourly rates of FTI's professionals are as follows: Senior Managing Directors $975 - $1,395 Managing Directors/Senior Directors/Directors $735 - $960 Senior Consultants/Consultants $395 - $695 Administrative/Paraprofessionals $160 - $300 In addition, FTI will seek reimbursement for expenses incurred. Prior to the petition date, FTI received a total advance payment of $3,200,460. David Rush, a senior managing director at FTI, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Rush FTI Consulting, Inc. 1301 McKinney St., Suite 3500 Houston, TX 77002 Telephone: (832) 667-5160 Email: david.rush@fticonsulting.com About ION Geophysical Corporation ION Geophysical Corporation is an innovative, asset-light global technology company that delivers data-driven decision-making offerings to offshore energy and maritime operations markets. It is based in Houston, Texas. ION Geophysical Corporation and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-30987) on April 12, 2022. At the time of the filing, ION Geophysical listed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Winston & Strawn, LLP as legal counsel; FTI Consulting, Inc. as financial consultant; and Perella Weinberg Partners, LP as investment banker. Epiq Corporate Restructuring, LLC is the Debtors' notice and claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors on April 18, 2022. ION GEOPHYSICAL: Seeks to Hire Perella as Investment Banker ----------------------------------------------------------- ION Geophysical Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Perella Weinberg Partners, LP as their investment banker. The firm will render these services: (a) General Investment Banking Services: (i) familiarize with the business, operations, properties, financial condition and prospects of the Debtors; (ii) review the Debtors' financial condition and outlook; (iii) assist in the development of financial data and presentations to the Debtors' Board of Directors, various creditors, and other parties; (iv) analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; (v) evaluate the Debtors' debt capacity and alternative capital structures; (vi) participate in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties with respect to any of the transactions contemplated by the Engagement Letter; (vii) advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of various credit facilities; and (viii) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of any of the transactions contemplated by this Engagement Letter, as requested and mutually agreed. (b) Restructuring Services: (i) analyze various restructuring scenarios and the potential impact of those scenarios on the value of the Debtors and the recoveries of those stakeholders impacted by the restructuring; (ii) provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; (iii) provide financial advice and assistance to the Debtors in developing a restructuring; (iv) in connection therewith, provide financial advice and assistance to the Debtors in structuring any new securities to be issued under a restructuring; and (v) assist the Debtors and/or participate in negotiations with entities or groups affected by the restructuring. (c) Financing Services: (i) provide financial advice to the Debtors in structuring and effectuating a financing, identify potential investors and contact and solicit such investors; and (ii) assist in the arranging of a financing. (d) Sale Services: (i) provide financial advice to the Debtors in structuring, evaluating, and effecting a sale, identify potential acquirers, and contact and solicit potential acquirers; and (ii) assist in arranging and executing a sale. The firm will be compensated as follows: (a) a monthly financial advisory fee of $150,000; (b) a transaction fee equal to $2,000,000 payable upon consummation of a restructuring or sale; (c) a financing fee equal to 1 percent of the gross proceeds of any debtor-in-possession financing or secured debt raised, 2 percent of the gross proceeds of any unsecured or convertible debt raised, and 4 percent of the gross proceeds for any equity capital raised; (d) an asset sale fee in an amount equal to 1.5 percent of the transaction value payable upon consummation of each asset sale; and (e) an incentive fee equal to 2 percent of portion of transaction value in excess of $150,000,000; payable upon consummation of a sale or asset sale. In addition, the firm will seek reimbursement for expenses incurred. In the 90 days prior to the petition date, the Debtors paid $600,000 in fees and $401.26 in expenses to the firm for pre-bankruptcy services rendered and expenses incurred. Jakub Mleczko, an executive director at Perella Weinberg Partners, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jakub Mleczko Perella Weinberg Partners LP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 287-3200 Facsimile: (212) 287-3201 About ION Geophysical Corporation ION Geophysical Corporation is an innovative, asset-light global technology company that delivers data-driven decision-making offerings to offshore energy and maritime operations markets. It is based in Houston, Texas. ION Geophysical Corporation and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-30987) on April 12, 2022. At the time of the filing, ION Geophysical listed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Winston & Strawn, LLP as legal counsel; FTI Consulting, Inc. as financial consultant; and Perella Weinberg Partners, LP as investment banker. Epiq Corporate Restructuring, LLC is the Debtors' notice and claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors on April 18, 2022. ION GEOPHYSICAL: Seeks to Tap Winston & Strawn as Legal Counsel --------------------------------------------------------------- ION Geophysical Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Winston & Strawn, LLP as their bankruptcy counsel. The firm will render these legal services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult on their conduct during these Chapter 11 cases; (c) attend meetings and negotiate with representatives of creditors and other parties-in-interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The hourly rates of the firm's counsel and staff are as follows: Partners $890 - $1,945 Of Counsel $795 - $1,370 Associates $640 – $1,045 Paralegals $230 - $400 Practice Support $165 - $985 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $3,234,273.71 from the Debtors. Winston & Strawn provided the following information in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Winston has represented one or more of the Debtors in other capacities since February 2020. Such rates were subject to the same periodic increases from 2021 to 2022 which, like many of its peer law firms, occurs twice a year in the form of: (i) step increases historically awarded in the ordinary course on the basis of advancing seniority and promotion and (ii) periodic increases within each attorney's and paraprofessional's current level of seniority. The step increases do not constitute "rate increases" (as the term is used in the U.S. Trustee Guidelines). Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Answer: Although the Debtors and Winston have not prepared a formal budget and staffing plan, Winston provided the Debtors with a good faith estimate of its fees in connection with these Chapter 11 cases, which is reflected in the line item for counsel under "Company Professionals" in the Debtors' interim budget. Timothy Walsh, Esq., a partner at Winston & Strawn, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Timothy W. Walsh, Esq. Winston & Strawn LLP 200 Park Avenue New York, NY 10166 Telephone: (212) 294-6700 Facsimile: (212) 294-4700 Email: twwalsh@winston.com About ION Geophysical Corporation ION Geophysical Corporation is an innovative, asset-light global technology company that delivers data-driven decision-making offerings to offshore energy and maritime operations markets. It is based in Houston, Texas. ION Geophysical Corporation and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-30987) on April 12, 2022. At the time of the filing, ION Geophysical listed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Winston & Strawn, LLP as legal counsel; FTI Consulting, Inc. as financial consultant; and Perella Weinberg Partners, LP as investment banker. Epiq Corporate Restructuring, LLC is the Debtors' notice and claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors on April 18, 2022. IWHEALTH LLC: Taps W. Marc Schwartz as Chief Restructuring Officer ------------------------------------------------------------------ IWHealth, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ W. Marc Schwartz, a member of Schwartz Associates, LLC, as their chief restructuring officer. Mr. Schwartz will render these services: (a) make business and debt restructuring decisions; (b) manage due diligence requests and other items requested by various constituents as part of the restructuring process; (c) prepare cash flow forecasts and related financial and business models; (d) identify and implement short and long-term liquidity initiatives; (e) prepare statements of financial affairs and schedules, monthly operating reports, and other similar regular Chapter 11 reports required by the court; (f) review inventory marketability and provide monetization alternatives; (g) make operational decisions with advice of appropriate governance body; (h) implement cost containment measures; (i) negotiate with creditors, prospective purchasers, equity holders, equity committees, official committee of unsecured creditors, and all other parties-in-interest; (j) maximize value of the Debtors; (k) oversee all business decisions of the Debtors, as necessary or required, utilizing CRO's business judgment; (l) be authorized, during normal business hours, to (a) review and analyze the books of account, bank accounts, accounting source documents and financial statements of FSS and Jones; (b) have read-only access to bank accounts used by FSS Jones in the conduct of their businesses; and (c) have access to the personnel, managers, and/or financial professionals of FSS and Jones to interview and request additional documents or information; and (m) execute all documents and take all other acts necessary to effectuate the restructuring of the Debtors. The hourly rates of the firm's professionals are as follows: W. Marc Schwartz, Proposed CRO $690 M. Christian Schwartz $470 Managers $350 Associates $280 Analysts $210 Administrative Staff $95 In addition, the firm will seek reimbursement for expenses incurred. The CRO received a retainer of $50,000 from the Debtors. Mr. Schwartz disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Marc Schwartz Schwartz Associates, LLC 712 Main Street, Ste. 1830 Houston, TX 77002 Telephone: (832) 583-7021 Email: admin@schwartzassociates.us About IWHealth LLC IWHealth, LLC, a lessor of nonfinancial intangible assets, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60021) on April 18, 2022. In the petition signed by W. Marc Scwartz, chief restructuring officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Hon. Christopher M. Lopez is the case judge. Kyung S. Lee, Esq., at Parkins Lee & Rubio, LLP serves as the Debtor's legal counsel. KDR SUPPLY: Seeks to Hire Cooper & Scully as Legal Counsel ---------------------------------------------------------- KDR Supply, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Cooper & Scully, PC as its legal counsel. The firm will render these legal services: (a) prepare and file schedules and a statement of financial affairs; (b) negotiate with creditors and handle routine motions; (c) file objections to claims, if necessary; (d) perform legal work necessary to sell property of the estate; (e) draft, file and prosecute adversary proceedings necessary to determine the extent, validity and priority of liens; (f) draft, file and prosecute avoidance actions if necessary; (g) draft, file and prosecute adversary proceedings, motions and contested pleadings as necessary; (h) prepare and file a plan and disclosure statement; (i) conduct discovery that is required for the completion of the case or any matter associated with the case; (j) perform all legal matters that are necessary for the completion of the case; and (k) perform miscellaneous legal duties to complete the bankruptcy case. The hourly rates of the firm's counsel and staff are as follows: Julie M. Koenig $450 Paralegal $125 Prior to the petition date, the Debtor paid the firm a retainer of $27,000. Julie Koenig, Esq., a shareholder of Cooper & Scully, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Julie M. Koenig, Esq. Cooper & Scully, PC 815 Walker St., Suite 1040 Houston, TX 77002 Telephone: (713) 236-6800 Facsimile: (713) 236-6880 Email: julie.koenig@cooperscully.com About KDR Supply KDR Supply Inc. -- https://www.kdrsupply.com/ -- is a leading supplier of pipe, valve and valve automation, fittings, pumps, pump repair, mill and tool supplies, and safety products. KDR Supply filed for Chapter 11 protection (Bankr. E.D. Texas Case No. 22-10115) on April 6, 2022. In the petition signed by Rocky Fisher, president, the Debtor disclosed as much as $10 million in both assets and liabilities. Judge Joshua Searcy oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, PC is the Debtor's legal counsel. LEDGE LLC: Unsecureds Will Receive Nothing in Plan -------------------------------------------------- The Ledge, LLC, submitted a First Amended Disclosure Statement. The Plan proposes to reorganize Debtor's principal liabilities. Revenues to support the Plan and payments to be made under the Plan will be provided by the Debtor and its continued work as a real estate developer. Class 2 - Unsecured Claims consist of all nonpriority claims for which the holder has no security for the repayment thereof or the portion of an Allowed Secured Claim for which the security held by the holder of that claim is insufficient to fully satisfy the Claim. Class 2 claimants shall not receive distribution under the Plan. To the extent the Claim represents the portion of an Allowed Secured Claim for which the security held by the holder of that claim is insufficient to fully satisfy the Claim, such security interest shall be expressly avoided upon confirmation of the Plan. After confirmation, Debtor will continue to operate the Estate by continuing to act as a real estate developer. The Reorganized Debtor will make every effort to repay Creditors pursuant to the terms of the Plan including determining allowed claims, filing tax returns and distributing funds to creditors. The Debtor estimates that its earnings from services rendered will enable it to make the payments to creditors as required in the Plan, which are estimated to be approximately $14,684.27 ($10,747.72 regular payment, $3,936.55 towards arrearage at 5.1% interest). The Reorganized Debtor will be entitled to object to and/or seek disallowance of Claims, to prosecute any avoidance action and to litigate or compromise any other right or cause of action. The Bankruptcy Court has set the following dates regarding the Debtor's Plan: * Ballots Due: May 18, 2022 * Objections to Confirmation Date Due: May 18, 2022 * Hearing on Confirmation of Plan: May 24, 2022 Attorneys for the Debtor: O. Clifton Gooding, Esq. Mark B. Toffoli, Esq. THE GOODING LAW FIRM, A PROFESSIONAL CORPORATION 204 North Robinson Avenue, Suite 1235 Oklahoma City, OK 73102 Telephone: 405.948.1978 Telefacsimile: 405.948.0864 E-mail: cgooding@goodingfirm.com mtoffoli@goodingfirm.com A copy of the Disclosure Statement dated April 13, 2022, is available at https://bit.ly/3KK6PRj from PacerMonitor.com. About The Ledge LLC The Ledge, LLC is an Oklahoma limited liability company engaged in real estate development in the state of Oklahoma, primarily in Woods County, Oklahoma. The Ledge, LLC, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Okla. Case No. 21-13058) on Nov. 18, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Justin Lee Schovanec, managing member of Left Frame, LLC, signed the petition. O. Clifton Gooding, Esq., at The Gooding Law Firm, P.C., is the Debtor's legal counsel. LIMETREE BAY: Reaches $1.3 Million Deal With Losing Bidders ----------------------------------------------------------- Jeff Montgomery of Law360 reports that Caribbean oil refiner Limetree Bay sought emergency bankruptcy court approval in Texas on Wednesday, April 20, 2022, for a $1 million expense reimbursement and $235,000 appeal settlement payout to outbid Chapter 11 sale stalking horse St. Croix Energy. The motion, to be heard on Friday in the U.S. Bankruptcy Court for the Southern District of Texas, landed on the same day that Limetree Bay requested fast track consideration for a $35,000 appeal settlement with a designated backup bidder for St. Croix — Berry Contracting LP, doing business as Bay Ltd. Both parties were left behind after Limetree Bay, which operated a site on the island. About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. LONG ISLAND CITY DEVELOPERS: Taps DreamSpace Realty as Broker ------------------------------------------------------------- Long Island City Developers Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ DreamSpace Realty, LLC as its real estate broker. The Debtor needs the assistance of a broker in the marketing and sale of its commercial building located at 38-24 32nd St., Long Island City, N.Y. The broker will receive a commission of 3 percent upon consummation of the property's sale. Dana Schneider, a real estate agent at DreamSpace Realty, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dana Schneider DreamSpace Realty LLC 704 Putnam Ave. Brooklyn, NY 11221 Telephone: (917) 515-4624 Email: dschnei@gmail.com About Long Island City Developers Group Long Island City Developers Group, LLC is a New York-based company primarily engaged in renting and leasing real estate properties. It owns a 10,000-square-foot commercial building located at 38-24 32nd St., Long Island City, N.Y. Long Island City Developers Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-41272) on May 10, 2021, listing as much as $10 million in both assets and liabilities. Joseph Torres, manager, signed the petition. Judge Jil Mazer-Marino oversees the case. Morrison Tenenbaum, PLLC serves as the Debtor's legal counsel. LTL MANAGEMENT: Ovarian Cancer Patients Want Bigger Voice in Ch.11 ------------------------------------------------------------------ Jeannie O'Sullivan of Law360 reports that a law firm representing ovarian cancer patients urged a New Jersey bankruptcy court to boost their profile in the Chapter 11 case of a Johnson & Johnson talcum powder liability unit, LTL Management, telling the judge that mesothelioma patients unfairly dominate the pool of claimants seeking compensation. In a statement filed Tuesday, April 19, 2022, Aylstock Witkin Kreis & Overholtz PLLC underscored the firm's earlier sentiments urging U. S. Bankruptcy Judge Michael Kaplan to modify the composition of the tort committee claimants who claim their illnesses were caused by asbestos-tainted talcum powder. Ovarian cancer patients represent 99% of the tort creditors with a stake in LTL Management. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. MACY'S RETAIL: S&P Downgrades ICR to 'BB' on Release of Security ---------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Macy's Retail Holdings LLC's second-lien notes to 'BB' from 'BBB-' following completion of the company's offer to repurchase them. Following payment of the total consideration for the tender of the second-lien notes in March, the liens upon the collateral securing the remaining outstanding second-lien notes have been automatically released. As a result, S&P lowered its issue-level rating on the second-lien debt to 'BB' from 'BBB-' and revised the recovery rating to '4' from '1'. The downgrade reflects the reduced recovery prospects for these notes given the release of the security. S&P's 'BB' issuer credit ratings and positive outlooks on Macy's Inc. and Macy's Retail Holdings are unchanged. ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a recessionary environment and shifting consumer preferences, exacerbated by merchandise missteps and increased competition that leads to the continued loss of market share. -- S&P assumes Macy's will emerge as a going concern given its name recognition. It applies a 5x EBITDA multiple (in line with the multiples it uses for other department stores) to its projected emergence-level EBITDA figure. - S&P believes that as Macy's approaches default, it would further rationalize its store footprint and sell assets. -- Macy's capital structure after the transaction consists of a $3 billion asset-based lending (ABL) facility (not rated), about $270 million in second-lien notes (now unsecured and pari passu with other unsecured notes), and about $2.9 billion of additional unsecured notes. -- S&P believes the company could take on additional secured debt as it approaches default, which would pressure recovery prospects for debtholders. -- S&P assumes the ABL facility is 60% drawn at default and believe this claim would rank ahead of secured debt and the unsecured notes' claim in bankruptcy. Simulated default assumptions -- Simulated year of default: 2027 -- Gross enterprise value (EV): $4 billion, based on $2.9 billion of going-concern value (emergence EBITDA of about $578 million and a 5x multiple) and $1.1 billion of adjusted real estate value Simplified waterfall -- Net EV after 5% administrative costs and estimated unfunded pension claims: $3.6 billion -- About 51% of the value distributed to the ABL, and senior secured notes under Macy's Retail Holdings, with the ABL ranking ahead of the secured notes in terms of priority. -- Remaining 49% of the value distributed to the senior unsecured notes. -- ABL secured claims: $1.83 billion* --Recovery expectations: not rated -- Unsecured debt and nondebt claims: $3.7 billion* --Recovery expectations: 30%-50% (rounded estimate: 45%) *All debt claims include six months of prepetition interest. Ratings List ISSUE-LEVEL RATINGS LOWERED; RECOVERY RATINGS REVISED TO FROM MACY'S RETAIL HOLDINGS LLC Senior Secured BB BBB- Recovery Rating 4(45%) 1(95%) ISSUE-LEVEL RATINGS UNCHANGED; RECOVERY EXPECTATION REVISED TO FROM MACY'S RETAIL HOLDINGS LLC Senior Unsecured BB Recovery Rating 4(45%) 4(35%) MAJESTIC GARDENS: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Majestic Gardens Condominium C Association, Inc., according to court dockets. About Majestic Gardens Condominium C Association Inc. Majestic Gardens Condominium C Association, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-18653) on Sept. 3, 2021, listing up to $500,000 in assets and up to $50,000 in liabilities. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. and the Law Offices of Valancy & Reed, P.A. serve as the Debtor's bankruptcy counsel and special counsel, respectively. MDWERKS INC: Swings to $38K Net Income in 2021 ---------------------------------------------- MDwerks, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $37,976 for the year ended Dec. 31, 2021, compared to a net loss of $20,553 for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company reported zero assets, $230,798 in total liabilities, and a total stockholders' deficit of $230,798. Diamond Bar, Calif.-based TAAD LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses from operations that raises 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: https://www.sec.gov/ix?doc=/Archives/edgar/data/1295514/000168316822002731/mdwerks_i10k-123121.htm About MDWerks MDwerks, Inc. operates various entities engaged in the sale of products and services to the health care industry. The Company has recently shifted its focus away from the funding solution business and is currently focused on the sale and leasing of digital pen technology and in connection therewith the provision of funding to the healthcare provider industry. The Company's products, software and services can help doctors, clinics, surgical or hospital based practices, home health care, nursing homes and other healthcare providers and their vendors significantly improve their electronic medical records. MEDLINE BORROWER: S&P Affirms 'B+' ICR on Weakened Credit Metrics ----------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Medline Borrower L.P., including the 'B+' issuer credit rating. The outlook remains stable, which reflects S&P's expectations of low-single digit revenue growth, an EBITDA margin on 10.4% for the year, and leverage at or below 8x, despite scheduled LBO-related management payouts. S&P said, "While inflationary pressures have hurt credit metrics, we continue to expect leverage will be at or below 8x in 2022. Our base-case expectation is that the company will grow at a low-single-digit-percent rate in 2022, with tailwinds from pandemic-related demand abating, offset by new customer wins and market share gains. We expect the company's EBITDA margin will be hurt by unfavorable cost pressures and expect an EBITDA margin of about 10.4% in 2022. Our base-case expectation is that revenue will continue to grow in 2023 and cost pressures will not materially worsen. We are also incorporating an expectation of acquisition spending of less than $200 million this year. We also expect that cash flow generation and some excess cash on hand will be used to fund the LBO-related payments to leadership (MPU) and any acquisitions, resulting in adjusted leverage at or below 8x this year." Despite cost pressures, Medline's business remains strong. Management has stated that it will be able to pass along some of the cost increases to customers with price increases. The company also appears to be gaining share from its medical distribution competitors, given its growth rate and new customer wins. Underlying demand for medical supplies also appears to be healthy, despite some declines in COVID-19-related items. Organic growth for 2021 was nearly 11%, excluding pandemic impacts and foreign exchange. S&P continues to view the medical supplies business and medical distribution business as highly complementary. Medline's leadership is due payments from the change of control when the company was purchased by The Blackstone Group, The Carlyle Group, and Hellman & Friedman LLC last year. There are two remaining payments of $500 million each, one in late 2022 and the other in late 2023. S&P said, "We expect the company will be able to fund the 2022 payment with a mix of cash on hand and expected free cash flow generation. Given our base-case expectations, we expect leverage will be in the high 7x to 8x range by the end of 2022." S&P said, "The outlook is stable, which reflects our expectation that revenue will grow, its EBITDA margin will be 10.4% for the year. It also reflects our expectation that the company will generate cash flow for the year, such that if the LBO-related leadership payouts are made in cash, leverage will be at or below 8x. "We could lower the rating if we believe the company will sustain leverage above 8x. This could occur if growth slows or inflationary pressures weigh on margins. Leverage could also remain elevated if the company makes sizable acquisitions or uses debt-financing to make the MPU payments. "We could upgrade the company if it continues to generate solid growth and we believe it will sustain leverage below 6.5x. This would require a strong commitment to maintain leverage at lower levels, which we view as unlikely given financial sponsor ownership." ESG credit indicators: E2, S2, G3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of Medline Borrower L.P. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of the controlling owners, in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." MENDEZ ENTERPRISES: Seeks to Hire Knudsen as Bankruptcy Counsel --------------------------------------------------------------- Mendez Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ the law firm of Knudsen, Berkheimer, Richardson & Endacott, LLP as its counsel. The firm will render these legal services: (a) advise the Debtor regarding its powers and duties in the operation of its business and management of its properties; (b) meet with and negotiate with creditors as to the Debtor's estate and its affairs and business; (c) take any necessary actions to avoid liens against the property of the estate and to set aside preferences of other transfers which may qualify to be avoided or set aside under the Bankruptcy Code; (d) take such other necessary and required actions which are deemed by such counsel as ordinary and necessary in such proceedings; (e) provide representation in connection with any adversary proceedings filed in court by various creditors or adversary proceedings required to be filed for the protection and preservation of property of the estate and the determination of various creditors' claims; (f) prepare legal papers; (g) perform any and all other legal services which may be necessary herein; and (h) prosecute any and all appeals of any court order deemed necessary to the success of these reorganization proceedings. The hourly rates of the firm's counsel and staff are as follows: Trev E. Peterson $250 Charles Wilbrand $250 Carly Bahramzad $200 The Debtor owes the firm fees for pre-bankruptcy representation but it has agreed to reduce the fee amount to $9,999. Trev Peterson, Esq., a partner at Knudsen, Berkheimer, Richardson & Endacott, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Trev E. Peterson, Esq. Knudsen, Berkheimer, Richardson & Endacott, LLP 3800 VerMaas Place, Suite 200 Lincoln, NE 68502 Telephone: (402) 475-7011 Facsimile: (402) 475-8912 Email: tpeterson@knudsenlaw.com About Mendez Enterprises Mendez Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 22-40339) on April 18, 2022. In the petition signed by Vince Mendez, member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Brian S. Kruse oversees the case. Trev E. Peterson, Esq., at Knudsen, Berkheimer, Richardson & Endacott, LLP is the Debtor's legal counsel. MISSOURI JACK: Unsecureds to Get 5% of Net Free Cash Flow --------------------------------------------------------- Missouri Jack, LLC, et al., submitted a First Amended Chapter 11 Plan of Reorganization. The MoJack Debtor and IlJack Debtor are proposing a plan to reorganize that provides for the continuing operation of their businesses after Confirmation of the Plan. After a lengthy period of negotiations, the MoJack Debtor and IlJack Debtor each arrived at an agreement for a consensual plan with JIB which is embodied in the JIB Plan Supplement and the Plan. Pursuant to such JIB Plan Supplement, JIB agrees to concessions under the JIB Franchise Agreements, including the following: * Modification in royalty rates. * Authorization for the MoJack Debtor to close certain locations, without triggering defaults under the JIB Franchise Documents; provided certain payments are made to JIB. * Modification of certain royalties due with respect to previously closed locations and in connection with the locations authorized to be closed in connection with the reorganization. * A secured note with favorable terms for the treatment of the Secured Claims asserted by JIB. * JIB acceptance of no dividend on its unsecured claims in the IlJack and MoJack Cases. * Consent by JIB to the assumption of the JIB Franchise Agreements (as modified by the JIB Plan Supplement) and JIB Franchise Leases for the remaining locations. * Additional concessions discussed herein and set forth in the JIB Plan Supplement. In addition, Secured Creditor, Trinity, has agreed to a restructuring of its secured note on favorable payment terms which treatment is incorporated into the Plan. After the filing of the Cases, the Disputed Claim held by CNB was purchased by an entity known as Pegasus. Pegasus has expressed an interest in acquiring the equity Interests in the Reorganized Debtors. The conditions and procedures under the Plan for acquisition of the equity Interests in the Reorganized Debtors is summarized below and explained in greater detail in Article IV of the Plan. Should Pegasus elect to proceed with its acquisition, reach agreement with the Debtors, and obtain approval from JIB to the change of control of the Reorganized Debtors, its Claim will be converted to equity under the Plan. Otherwise, TNH intends to use the DIP Claim to acquire the equity Interests by converting it to equity; and, absent an alternative consensual arrangement with Pegasus, the Debtors intend to pursue litigation to determine the nature, extent, validity, priority and amount of the Disputed Claim asserted by Pegasus and deem it to be entirely unsecured, undersecured or subordinated. The Debtors believe that the Plan is nevertheless feasible and confirmable regardless of the outcome of such litigation. The Conquest Debtor is the sole member of the MoJack Debtor and IlJack Debtor. As a result of the financial condition of the MoJack Debtor and IlJack Debtor, this Plan proposes that the Conquest Debtor will not retain its Interest in the MoJack Debtor and IlJack Debtor after the Effective Date of the Plan and that the Conquest Debtor will liquidate its assets (other than its membership Interests in the MoJack Debtor and IlJack Debtor which are being eliminated under the Plan) for the benefit of creditors. The Interests in the Reorganized MoJack Debtor and Reorganized IlJack Debtor will be distributed to the Plan Funder. The Plan Funder will be either the Plan Contributor, which may include Pegasus or some other non-insider third party wishing to acquire the Interests in Reorganized MoJack and Reorganized IlJack, or the New Value Contributor, which is TNH or a newly formed entity owned by the members of TNH. The Plan Contributor is the Person or Persons (other than the New Value Contributor) that (a) timely delivers the Plan Contribution Deposit; (b) timely makes the Plan Contribution; (c) is approved by JIB as the JIB Post Effective Date Franchisee; (d) satisfies the Plan Contribution Conditions; and (e) is approved by the Court as part of Confirmation as the JIB Post Effective Date Franchisee. The Plan Contributor is the Person making the highest and best offer to acquire the Interests (and that is an entity or individual other than Conquest or other Insiders of the Debtors). The Plan Contribution is a contribution to be made by the Plan Contributor on or before the Confirmation Hearing in such amount as agreed to by the Plan Contributor and the Debtors, but in an amount that is not less than the amount necessary to fund the Effective Date Payments. The Effective Date Payments consists of any and all payments required to be made, or reserved for, on the Effective Date of the Plan, including, without limitation, Administrative Claims (including, for the avoidance of doubt, the DIP Claim and Professional Fee Claims), U.S. Trustee Fees, Priority Claims (including Other Priority Claims), Cure Obligations (excluding the JIB Cure Unpaid Cure Administrative Expense Claim which shall become part of the JIB Secured Note), Disputed Claims, Plan Reserves, and the initial payments due under the Plan on the Effective Date to (i) Priority Tax Claims, (ii) Secured Claims (including Other Secured Claims), and (iii) all other Classes under the Plan receiving payment on the Effective Date. In the event there is no Plan Contributor that qualifies and complies with the requirements set forth above and elsewhere in the Plan or in the event that the Plan Contributors offer is not the highest and best offer, the New Value Contributor can acquire the Interests in Reorganized MoJack and Reorganized IlJack in exchange for the New Value Contribution, all or part of which New Value Contribution can be accomplished by conversion of all or part of the DIP Claim. The New Value Contributor would then perform in accordance with the funding requirements of the Plan and its restrictions. Under the Plan, the Holders of General Unsecured Claims against the MoJack Debtor and IlJack Debtor will be receiving a Pro Rata share of up to 5 General Unsecured Annual Plan Payments equal to 5% of Net Free Cash Flow, if any, remaining after payment of the JIB Additional Payments. The Plan will treat claims as follows: * Class 3 JIB Secured Claim Against the MoJack Debtor and the IlJack Debtor. On the Effective Date, the JIB Secured Claim against the MoJack Debtor and the IlJack Debtor shall be Allowed in the aggregate amount of $615,584 of which $318,403 shall be deemed Allowed against the MoJack Debtor, as more specifically set for in the JIB Plan Supplement ("JIB Missouri Allowed Secured Claim") and $248,959 shall be deemed Allowed against the IlJack Debtor, as more specifically set for in the JIB Plan Supplement ("JIB Illinois Allowed Secured Claim"). On the Effective Date, the Holder of the JIB Secured Claim shall receive the JIB Secured Note, which shall be treated as set forth in the JIB Plan Supplement. After the Effective Date, the Debtors shall have no further obligations under or related to the JIB Closure Agreement 4079, JIB Closure Agreement 4080, JIB Closure Note 4071, and JIB Closure Note 4080. Class 3 is impaired. * Class 9 General Unsecured Claims Against the MoJack Debtor. Holders of Allowed General Unsecured Claims will receive their respective portion of up to five (5) General Unsecured Annual Plan Payments, if any, on or before March 31 of the year following each General Unsecured Annual Payment Determination Date, which shall be distributed Pro Rata among the Holders of the Allowed General Unsecured Claims in Classes 8 (to the extent of the Allowed Pegasus' General Unsecured Claim, if any), 9 and 9A (taking into consideration the Disputed Claims, if any). * Class 9A General Unsecured Claims Against the IlJack Debtor. Holders of Allowed General Unsecured Claims will receive their respective portion of up to five (5) General Unsecured Annual Plan Payments, if any, on or before March 31 of the year following each General Unsecured Annual Payment Determination Date, which shall be distributed Pro Rata among the Holders of the Allowed General Unsecured Claims in Classes 8 (to the extent of the Allowed Pegasus' General Unsecured Claim), 9 and 9A (taking into consideration the Disputed Claims, if any). * Class 9B General Unsecured Claims Against the Conquest Debtor. The Holders of the General Unsecured Claims against the Conquest Debtor shall receive Cash from liquidation of the Conquest Debtor remaining after payment of any senior Claims. Class 9B is impaired. All amounts necessary for the Debtors to make payments or distributions under the Plan shall be obtained from the proceeds of the Plan Contribution or New Value Contribution (or sale proceeds), as applicable and continued operation of the JIB Restaurants. Unless otherwise agreed, distributions required by this Plan on account of Allowed Claims shall be the sole responsibility of the Reorganized MoJack Debtor and IlJack Debtor; provided that any Allowed Administrative Claim that is satisfied prior to the Effective Date shall also be an obligation of the Plan Funder. Reorganization Attorneys for Missouri Jack, LLC, Illinois Jack, LLC, and Conquest Foods, LLC: Sandford L. Frey, Esq. Dennette A. Mulvaney, Esq. Robyn B. Sokol, Esq. LEECH TISHMAN FUSCALDO & LAMPL, INC 200 S. Los Robles Avenue, Suite 300 Pasadena, CA 91101 Telephone: (626) 796-4000 Facsimile: (626) 795-6321 Email: sfrey@leechtishman.com rsokol@leechtishman.com David A. Sosne, Esq. SUMMERS COMPTON WELLS LLC 903 S. Lindbergh Blvd., Suite 200 St. Louis, MO 63131 A copy of the Plan dated April 13, 2022, is available at https://bit.ly/3M5E1TU from PacerMonitor.com. About Missouri Jack Missouri Jack, LLC, and its affiliates Illinois Jack, LLC and Conquest Foods, LLC, collectively own and operate 70 Jack in the Box restaurants throughout Missouri and Illinois pursuant to various franchise related agreements with Jack in the Box Inc., a Delaware corporation, and its affiliated entities. The Debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on Feb. 16, 2021 (Bankr. E.D. Mo. Case No. 21-40540). The petitions were signed by Navid Sharafatian, manager of TNH Partners, LLC, the sole manager of Missouri Jack and Illinois Jack, and the sole managing member of Conquest. Missouri Jack disclosed $10 million to $50 million in estimated assets, and $1 million to $10 million in estimated liabilities. Judge Barry S. Schermer oversees the cases. Leech Tishman Fischaldo & Lampl, Inc. and Summers Compton Wells, LLC serve as the Debtors' bankruptcy counsel and local counsel, respectively. On Dec. 13, 2021, the Debtors filed a jointly Chapter 11 plan of reorganization and disclosure statement. NESV ICE: SP Plan Contribution Hiked to $1.23M ---------------------------------------------- NESV Ice, LLC, et al., submitted a Second Amended Disclosure Statement with respect to Amended Joint Plan of Reorganization dated April 18, 2022. The Plan will be funded from the Plan Loan of approximately $12,000,000, the SP Plan Contribution of approximately $1,225,000, and the Reorganized Debtors' continued operations. ASVL has agreed to release its Liens against the Debtors and convert its Claims into Equity Interests in NESV Holding, a new holding company that will own the Reorganized Debtors' new Equity Interests issued under the Plan. The DIP Loan will also be converted to Equity Interests in NESV Holding. The Plan permits the Debtors to restructure their debts, continue operations and proceed with the further development of their planned sports village. Allowed Secured Claims and Allowed Administrative Expense Claims will be paid in full. General Unsecured Claims against Ice will receive a Pro Rata share of the: (a) the Plan Payment, a cash contribution equal to the equal to the lesser of 5% of the aggregate Allowed General Unsecured Claims against Ice, or $125,000.00, and (b) fifty percent (50%) of the net recoveries from Avoidance Actions. Absent the restructuring proposed under the Plan, the Proponents believe that the Debtors' assets will be liquidated and, with the exception of claims for real estate taxes and the holder of the first mortgage on the Debtors properties, no creditors will receive a recovery on account of their claims. The Proponents believe that the Plan presents the best alternative for a recovery for all of the Debtors' creditors. The Reorganized Debtors intend to prosecute the litigation against SHS after the confirmation of the Plan. Under the Plan, the Proponents will file a motion asking the Bankruptcy Court to estimate the amount of SHS' Secured Claims at the Confirmation Hearing. SHS estimates that it will incur approximately $750,000 in professional fees through August of 2022. SHS asserts that it is entitled to recover these professional fees as part of its Allowed Claim. The Proponents reserve all of their rights, claims and defenses with respect to any professional fees incurred by SHS. Like in the prior iteration of the Plan, each holder of an Allowed General Unsecured Claim shall receive a Pro Rata share of: (a) the Plan Payment, and (b) fifty percent (50%) of the Net Proceeds of any Avoidance Actions recovered by the Reorganized Debtors. "Plan Payment" means a cash payment, within five (5) Business Days of the Effective Date, equal to the lesser of five percent (5%) of the aggregate Allowed General Unsecured Claims against Ice, or $125,000.00. The Plan will be funded by the Plan Loan, the Plan Contribution and from the Debtors' continued operations. Upon the Effective Date, the Debtors are authorized to take all action permitted by their Organization Documents (as applicable) and by the law, including, without limitation, to use their Cash and other Assets for all purposes provided for in the Plan and in their operations, to borrow funds, to obtain new financing secured by their Assets, and to grant liens on their unencumbered Assets. Eighty-three percent (83%) of the Equity Interests in NESV Holding shall be issued to SP, or its designee, on the Effective Date. A full-text copy of the Second Amended Disclosure Statement dated April 18, 2022, is available at https://bit.ly/3xH828z from PacerMonitor.com at no charge. Co-Counsel for Shubh Patel, LLC: Donald R. Lassman, Esq. LAW OFFICE OF DONALD R. LASSMAN P.O. Box 920385 Needham, MA 02492 Telephone: (781) 455-8400 Email: don@lassmanlaw.com - and - Harold B. Murphy, Esq. D. Ethan Jeffery, Esq. MURPHY& KING, PROFESSIONAL CORPORATION One Beacon Street Boston, MA 02108 Telephone: (617) 423-0400 Email: EJeffery@murphyking.com Counsel for the Debtors: Joseph M. Downes III, Esq. William S. McMahon, Esq. DOWNES MCMAHON LLP 215 Lewis Wharf Boston, MA 02110 Telephone: (617) 600-86935 Email: jdownes@dmlawllp.com Counsel for Ashcroft Sullivan Sports Village Lender, LLC: Gary M. Hogan, Esq. BAKER, BRAVERMAN & BARBADORO, P.C. 300 Crown Colony Drive, Suite 500 Quincy, MA 02169-0904 Telephone: (781) 848-9610 Email: garyh@bbb-lawfirm.com About NESV Ice, LLC NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East, LLC, offer fitness and sports training services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-11226) on August 26, 2021. The petitions were signed by Stuart Silberberg as manager. Judge Christopher J. Panos oversees the case. William McMahon, Esq., at Downes McMahon LLP is the Debtor's counsel. OZOP ENERGY: Widens Net Loss to $195.3 Million in 2021 ------------------------------------------------------ Ozop Energy Solutions, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $195.30 million on $11.93 million of revenue for the year ended Dec. 31, 2021, compared to a net loss of $20.97 million on $1.41 million of revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $11.57 million in total assets, $39.32 million in total liabilities, and a total stockholders' deficit of $27.75 million. Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2022, citing that as of Dec. 31, 2021, the Company had an accumulated deficit of $217,326,611 and a working capital deficit of $28,225,908 (including derivative liabilities of $20,966,701). As of Dec. 31, 2021, the Company was in default of $1,973,847 and accrued interest on debt instruments due to non-payment upon maturity dates, and subsequent to Dec. 31, 2021, an additional $13,310,000 and accrued interest on debt instruments also were in default status due to non-payment upon maturity dates. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1679817/000149315222010106/form10-k.htm About Ozop Energy Solutions Ozop Energy Solutions (http://ozopenergy.com)invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. The Company's strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy. PREMIER SERVICES: Taps Tax & Accounting Professionals as Accountant ------------------------------------------------------------------- Premier Services, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Tax & Accounting Professionals, Inc. as its accountant. The Debtor needs an accountant to prepare its monthly operating reports, cash flow projections, and tax return for the 2022 tax year. Tax & Accounting Professionals will charge a flat fee of $1,000 for any tax return filed. Charles Wickstrom, the owner and operator of the firm, may also assist with the preparation of financial statements necessary for the prosecution of the case. His hourly rate is $125. Mr. Wickstrom disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles R. Wickstrom Tax & Accounting Professionals, Inc. 5230 W. Quarles Drive Littleton, CO 80128 Telephone: (303) 437-1303 About Premier Services Premier Services, Inc., a part of the water, sewage and other systems industry headquartered in Parker, Colo., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 21-14900) on Sept. 24, 2021. In the petition signed by James F. Bauer, Jr., president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. The Debtor tapped Berken Cloyes PC as bankruptcy counsel and Tax & Accounting Professionals, Inc. as accountant. PURIM HOLDING: Seeks to Tap Michael Jay Berger as Legal Counsel --------------------------------------------------------------- Purim Holding, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as its bankruptcy counsel. The firm will render these legal services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the U.S. Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. The hourly rates of the firm's attorneys and staff are as follows: Michael Jay Berger, Esq. $595 Sofya Davtyan, Senior Associate Attorney $545 Debra Reed, Mid-level Associate Attorney $435 Carolyn M. Afari, Mid-level Associate Attorney $435 Robert Poteete, Mid-level Associate Attorney $435 Samuel Boyamian, Associate Attorney $395 Gary Baddin, Bankruptcy Analyst/Field Agent $275 Senior Paralegals and Law Clerks $250 Bankruptcy Paralegals $200 The Debtor paid the firm $20,000 retainer, plus Chapter 11 filing fee of $1,738. Michael Jay Berger, Esq., the sole owner of the Law Offices of Michael Jay Berger, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: michael.berger@bankruptcypower.com About Purim Holding Purim Holding, LLC filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 22-10400) on April 5, 2022, listing as much as $10 million in both assets and liabilities. Arash Soleimany, managing member, signed the petition. Judge Martin R. Barash oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael J. Berger, is the Debtor's counsel. Q BIOMED INC: Incurs $2.3 Million Net Loss in First Quarter ----------------------------------------------------------- Q BioMed, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.29 million on $75,059 of net sales for the three months ended Feb. 28, 2022, compared to a net loss of $2.48 million on zero sales for the three months ended Feb. 28, 2021. As of Feb. 28, 2022, the Company had $538,426 in total assets, $6.37 million in total liabilities, and a total stockholders' deficit of $5.83 million. "We have not yet established an ongoing source of significant revenues and must cover our operating costs through debt and equity financings to allow us to continue as a going concern. We had approximately $137,000 in cash as of February 28, 2022. Our ability to continue as a going concern depends on the ability to obtain adequate capital to fund operating losses until we generate adequate cash flows from operations to fund our operating costs and obligations. If we are unable to obtain adequate capital, we could be forced to cease operations," Q BioMed said. "Our primary requirements for liquidity are to fund our working capital needs, capital expenditures and general corporate needs. Our ongoing capital expenditures are principally related to expanding revenue generating sales efforts and ongoing research and development costs. We estimate our capital expenditures will be approximately $6.0 million for the next 18 months period," the Company said. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1596062/000141057822000915/tmb-20220228x10q.htm About Q BioMed Inc. Q BioMed Inc. -- http://www.QBioMed.com-- is a biotech acceleration and commercial stage company. The Company is focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need. Q Biomed reported a net loss of $8.24 million for the year ended Nov. 30, 2021, compared a net loss of $13.49 million for the year ended Nov. 30, 2020. As of Nov. 30, 2021, the Company had $809,480 in total assets, $5.49 million in total liabilities, and a total stockholders' deficit of $4.69 million. New York, NY-based Marcum LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Feb. 28, 2022, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. RECEPTION PURCHASER: S&P Assigns 'B' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Reception Purchaser LLC (operating as STG Logistics). S&P also assigned its 'B' issue-level rating and '3' recovery rating (rounded estimate: 60%) to the proposed first-lien credit facility. S&P said, "The stable outlook reflects our expectation that credit metrics will improve modestly over the next year and remain in line with the rating, with debt to EBITDA improving to the low-4x area in 2023 from the high-4x area in 2022, as the company integrates the former XPO operations. "We expect the merger with the former XPO Intermodal (XPOI) business will increase STG's scale and support its competitive position. XPOI ranks as one of the largest providers of intermodal transportation services in the U.S., which involves the movement of shipping containers via different transportation modes including ship, rail, and truck. The company arranges for the short-haul truck movement of shipping containers to and from rail terminals, ports, and warehouses (known as drayage),as well as the long-haul movement of shipping containers via railroads. XPOI does not directly operate trucks or railroads, instead arranging transportation facilitated by third parties. Although the company maintains a large fleet of primarily leased shipping containers and truck chassis (used in the transportation of containers), XPOI does not own any trucks. Thus, while this makes the company more asset-intensive than other rated third-party logistics providers, its maintenance capital expenditures remain low, and its use of leased assets allow for fleet reduction during periods of reduced demand. We also believe intermodal rail brokerage has higher barriers to entry than truck brokerage. Brokers must negotiate contracts with rail operators and supply intermodal shipping containers. XPOI benefits from its long-term contracts with CSX Corp. and Union Pacific Corp., which provide rail service in the eastern and western U.S., respectively. Intermodal rail pricing also tends to be less volatile than truck pricing given the highly consolidated Class I railroad industry. "We view XPOI as complementary to STG's existing business, which primarily involves the consolidation and transloading of cargo into domestic shipping containers, as well as the arranging of shipments to and from points of origin and destination. XPOI's drayage and rail brokerage offerings will allow STG to provide these services to its existing customers directly rather than have to rely on other parties. STG will be able to provide XPOI's customers transloading and consolidation services. Moreover, XPOI brings customer relationships primarily with beneficial cargo owners to STG, whose customers tend to be third-party logistics providers. We believe this should support customer retention for the combined company." Although XPOI is significantly larger on a revenue and EBITDA basis than stand-alone STG, both companies already operate at key ports and rail terminals, including Los Angeles, Long Beach, Chicago, and New York. While S&P believes there is execution risk associated with the transaction, it believes this is somewhat mitigated by the retention of XPOI leadership, as well as familiarity with the XPOI business among STG's management team. S&P said, "Despite current supply chain bottlenecks and labor challenges, we believe STG will benefit from growth in intermodal demand over the long term. U.S. containerized import levels remained strong in the first quarter of 2022, with volumes increasing approximately 12% from the previous year according to S&P Global Market Intelligence Panjiva. However, intermodal volumes handled by U.S. railroads declined about 7% over the same period according to the Association of American Railroads. We attribute this decline in part to reduced labor availability at U.S. railroads, equipment shortages, and insufficient drayage capacity. Together, these factors have likely caused shippers to divert some intermodal shipments away from rail. Nonetheless, we expect railroad operations will improve through 2022, as companies add new workers and acquire new equipment. Over time, intermodal volumes should also benefit from the truck driver shortage, which is especially acute on long-haul routes that directly compete against rail, and the greater fuel efficiency of rail transportation, especially if energy prices remain elevated. Therefore, we forecast organic revenue growth in the 10%-12% area in 2022, with both segments growing around the same rate given the correlated focus on containerized freight. "We currently expect overall freight demand will normalize in 2023. As pandemic-related restrictions ease, consumer spending will continue to shift toward services and away from goods, leading to lower import volumes. We forecast organic revenue will decline modestly, in the low single-digit percent area in 2023, as the favorable characteristics of intermodal support volumes over other transportation modes. Despite this slight organic decline, we forecast the company will generate free operating cash flow of at least $100 million annually (including lease adjustments). "We believe the company's capital structure will support credit metrics over the next 12-18 months. Following the transaction, STG's capital structure will primarily consist of the proposed $725 million term loan. Our adjusted debt amount also includes about $300 million in leases, mainly associated with the company's leased transportation assets and warehouses. We expect the company will work to convert a portion of operating leases to finance leases in 2022, but this is unlikely to affect our adjusted credit metrics since our debt and EBITDA amounts include adjustments for leases. Our base case scenario also assumes STG is able to realize some cost savings at the legacy XPOI business, primarily related to lower allocated costs from its former parent. As a result, we expect debt to EBITDA will improve to the low-4x area in 2023 from the high-4x area 2022, mainly on full-year contribution from the acquired business. On a fully pro forma basis, we expect leverage would remain stable in the low-4x area in 2022 and 2023. "Our issuer credit rating incorporates our view of the company's potential financial policy. Because the company has a limited track record as a combined entity under the joint ownership of Wind Point and Oaktree, we believe there is some risk that credit metrics could decline should management or its sponsors adopt an aggressive financial policy that, for example, pursues significant debt-financed acquisitions or dividends. "The outlook is stable. We expect supply and demand conditions for freight transportation will normalize somewhat over the next 12 months but expect the company's operating performance will benefit from the integration of the former XPO Intermodal business and improving intermodal service among Class I railroads. We also believe the company's credit metrics will benefit from mostly stable debt levels following the transaction and operating lease conversions. We forecast debt to EBITDA will improve to the low-4x area in 2023 from the high-4x area, while funds from operations (FFO) to debt remains in the low-teens percent area over the same period." S&P could raise its rating over the next 12 months if: -- Debt to EBITDA remains below 5x; -- FFO to debt remains above 12% on a sustained basis; and -- S&P expects management and the company's financial sponsors would pursue a financial policy that would remain supportive of these metrics over the longer term through additional debt issuances, whether this is for dividends and/or acquisitions. S&P could lower its rating over the next 12 months if STG's debt to EBIDA increases above 6.5x or FFO to debt will decrease to the mid-single-digit percent area on a sustained basis. This could occur if: -- The company pursues a more aggressive acquisition strategy than S&P currently expects; -- The company engages in a debt-financed shareholder distribution; or -- Demand for intermodal transportation declines due to lower truck pricing, rail service interruptions, or weaker-than-expected macroeconomic activity. ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors have a moderately negative influence on our credit rating analysis of STG. S&P views financial-sponsor-owned companies with highly leveraged financial risk profiles as demonstrating corporate decision-making that prioritizes the controlling owners' interests, typically with finite holding periods and a focus on maximizing shareholder returns. Although STG primarily arranges intermodal shipping, which is more fuel-efficient than traditional trucking because of the use of railroads, environmental advantages are not a material factor in our credit analysis." RED HOOK SOLAR: May 18 Confirmation of the Plan ----------------------------------------------- Judge Robert E. Littlefield, Jr. has entered an order that the Court will hold a telephonic hearing to consider confirmation of the Plan of Red Hook Solar Corp. on May 18, 2022, at 10:30 a.m. Any creditor or other party in interest that wishes to object to confirmation of the Plan must file such objection with the Court and serve it in accordance with Fed. R. Bankr. P. 3020(b)(1) no later than 7 days prior to the hearing of confirmation. On or before May 11, 2022, all creditors and other parties in interest entitled to vote on the Plan must transmit written notice of their acceptance or rejection of the Plan to Debtor's counsel, or to Debtor if Debtor is not represented by counsel. About Red Hook Solar Corp. Red Hook Solar Corp. is in the solar construction industry with a principal place of business located at 160 Nevis Rd. Tivoli, NY 12583, Columbia County, New York. Red Hook Solar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 21-10759 on Aug. 9, 2021. In the petition signed by Chad Dickason, president, the Debtor disclosed $1,302,866 in total assets and $363,146 in total liabilities. Judge Robert E. Littlefield Jr. oversees the case. Michael L. Boyle, Esq., at Boyle Legal, LLC is the Debtor's counsel. NYBDC Local Development Corp., as secured creditor, is represented by: Paul A. Levine, Esq. Lemery Greisler, LLC 50 Beaver Street, 2nd Floor Albany, NY 12207 Tel No: (518) 433-880 RENNOVA HEALTH: Swings to $5.6 Million Net Income in 2021 --------------------------------------------------------- Rennova Health, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $5.61 million on $3.22 million of net revenues for the year ended Dec. 31, 2021, compared to a net loss of $18.34 million on $7.20 million of net revenues for the year ended Dec. 31, 2020. Net loss available to common stockholders for the year ended Dec. 31, 2021, was $500.87 million while the net loss available to common stockholders for the year ended Dec. 31, 2020, was $281.59 million. As of Dec. 31, 2021, the Company had $19.63 million in total assets, $46.94 million in total liabilities, and a total stockholders' deficit of $27.30 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has recognized recurring losses and negative cash flows from operations, and currently has minimal revenue producing activities. This raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/931059/000149315222010066/form10-k.htm About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com-- is a provider of health care services to rural communities. The Company owns one operating acute care hospital in Oneida, Tennessee known as Big South Fork Medical Center (classified as a critical access hospital), an acute care hospital and physician's office located in Jamestown, Tennessee that it plans to reopen and operate, and a rural clinic in Kentucky. REX INC: Chapter 11 Trustee Taps Paul W. Roop as Legal Counsel -------------------------------------------------------------- Michelle Steele, the appointed trustee in the Chapter 11 case of R.E.X., Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Paul Roop, II, Esq., an attorney practicing in Beckley, W. Va., as her counsel. Mr. Roop will be paid at his hourly rate of $375. The rate for paralegal services is $100 per hour. As disclosed in court filings, Mr. Roop is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Paul W. Roop, II, Esq. Roop Law Office, LC P.O. Box 1145 Beckley, WV 25802 Telephone: (304) 255-7667 About R.E.X. Inc. R.E.X., Inc. owns real estate in West Virginia, including a shopping center located off U.S. Route 60 in Barboursville, which consists of space leased to certain shops and businesses. The company has been operating and owning real estate since 1977. R.E.X. filed a Chapter 11 bankruptcy petition (Bankr. S.D. W. Va. Case No. 20-30290) on July 27, 2020, listing as much as $10 million in both assets and liabilities. Michelle Steele is the Debtor's Subchapter V trustee and is represented by Paul Roop, II, Esq., an attorney practicing in Beckley, W. Va. Judge B. McKay Mignault oversees the case. The Debtor tapped Caldwell & Riffee, PLLC as legal counsel and Paul Khoury, CPA as accountant. ROCKALL ENERGY: Committee Seeks to Hire Pachulski as Legal Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Rockall Energy Holdings, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as its legal counsel. The firm will render these legal services: (a) assist, advise, and represent the committee in its consultations with the Debtors regarding the administration of these cases; (b) assist, advise, and represent the committee in analyzing the Debtors' assets and liabilities; (c) assist, advise, and represent the committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; (d) assist, advise, and represent the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors and their operations; (e) assist, advise, and represent the committee in its participation in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; (f) advise the committee on the issues concerning the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; (g) assist, advise, and represent the committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules; (h) assist, advise, and represent the committee in the evaluation of claims and on any litigation matters; and (i) provide such other services to the committee as may be necessary or appropriate in these cases. The firm has not received any retainer or payment from the Debtors or the committee. The hourly rates of the firm's counsel and staff are as follows: Partners $945 - $1,775 Of Counsel $725 - $1,425 Associates $675 - $825 Paraprofessionals $460 - $495 In addition, the firm will seek reimbursement for expenses incurred. The firm provided the following information in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: N/A Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Answer: N/A Jeffrey Pomerantz, Esq., a partner at Pachulski Stang Ziehl & Jones, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey N. Pomerantz, Esq. Paul J. Labov, Esq. Jordan A. Kroop, Esq. Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Boulevard, 13th Floor Los Angeles, CA 90067 Telephone: (310) 277-6910 Facsimile: (310) 201-0760 Email: jpomerantz@pszjlaw.com plabov@pszjlaw.com jkroop@pszjlaw.com About Rockall Energy Holdings Rockall Energy Holdings, LLC is a mid-sized oil exploration and production company. Rockall Energy and its affiliates sought Chapter 11 bankruptcy protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9, 2022. In the petition filed by David Mirkin, as chief financial officer, Rockall Energy Holdings listed $100 million and $500 million in both assets and liabilities. The cases are handled by Honorable Judge Mark X. Mullin. The Debtors tapped Vinson & Elkins, LLP as legal counsel; Lazard Freres & Co., LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisor. Stretto, Inc. is the claims agent. On March 18, 2022, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel and Riveron RTS, LLC as financial advisor. ROCKALL ENERGY: Committee Taps Riveron RTS as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Rockall Energy Holdings, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Riveron RTS, LLC as its financial advisor. The firm will render these services: (a) assist in the analysis, review and monitoring of the restructuring process; (b) assist in the assessment and monitoring of any sales process conducted on behalf of the Debtors and analysis of proposed consideration; (c) assist in the review of financial information prepared by the Debtors; (d) assist in the review of the Debtors' prepetition financing structure; (e) assist in the review of the Debtors' debtor in possession facility; (f) assist with review of any tax issues; (g) assist with the review of the Debtors' assets; (h) attend meetings and assist in discussions with the Debtors' potential investors, banks, other secured lenders, the committee and any other official committees organized in these Chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; (i) assist in the review of financial related disclosures required by the court; (j) assist with the review of the affirmation or rejection of various executory contracts; (k) assist with the review and evaluation of the Debtors' employee retention and compensation plans; (l) assist in the evaluation, analysis and forensic investigation of avoidance actions; (m) assist in the evaluation and analysis of the perfection of liens; (n) assist in the prosecution of committee responses/objections to the Debtors' motions; (o) render such other general business consulting or such other assistance as the committee or its counsel may deem necessary; and (p) assist and support in the evaluation of restructuring, sale and liquidation alternatives. The hourly rates of the firm's counsel and staff are as follows: Senior Managing Directors $1,130 - $1,420 Managing Directors $930 - $960 Senior Directors $820 - $900 Directors $750 - $820 Associate Directors $650 - $700 Managers $610 - $640 Senior Associates $490 - $600 Associates $250 - $460 In addition, the firm will seek reimbursement for expenses incurred. John Young, Jr., a senior managing director at Riveron RTS, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John T. Young, Jr. Riveron RTS, LLC Two Houston Center 909 Fannin Street, Suite 4000 Houston, TX 77010 Telephone: (713) 391-8498 Email: john.young@riveron.com About Rockall Energy Holdings Rockall Energy Holdings, LLC is a mid-sized oil exploration and production company. Rockall Energy and its affiliates sought Chapter 11 bankruptcy protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9, 2022. In the petition filed by David Mirkin, as chief financial officer, Rockall Energy Holdings listed $100 million and $500 million in both assets and liabilities. The cases are handled by Honorable Judge Mark X. Mullin. The Debtors tapped Vinson & Elkins, LLP as legal counsel; Lazard Freres & Co., LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisor. Stretto, Inc. is the claims agent. On March 18, 2022, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel and Riveron RTS, LLC as financial advisor. RUBY PIPELINE: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 on April 19 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Ruby Pipeline, LLC. The committee members are: 1. Wilmington Savings Fund Society, FSB, as Trustee Attn: Patrick J. Healy 500 Delaware Avenue Wilmington, DE 19801 Phone: (302) 888-7420 Fax: (302) 421-9137 Email: phealy@wsfsbank.com 2. Cigna Investments, Inc. Attn: Christopher Potter Wilde Building, 900 Cottage Grove Road Bloomfield, CT 06002 Phone: (860) 226-3641 Fax: (860) 226-3577; Email: Christopher.Potter@cigna.com. 3. BlackGold Capital Management, LP Attn: Shalin Patel 3231 Audley Street Houston, TX, 77098 Phone: (713) 581-8884 Fax: 713-400-6810 Email: spatel@blackgoldcap.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Ruby Pipeline Ruby Pipeline, LLC, a Houston-based natural gas pipeline company, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10278) on March 31, 2022. In the petition filed by Will W. Brown, as commercial vice-president, Ruby Pipeline listed $500 million to $1 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's bankruptcy counsel while PJT Partners, LP is the investment banker. Kroll Restructuring Administration, LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. Counsel to the Ad Hoc Group and Special Counsel to the Indenture Trustee are Morris, Nichols, Arsht & Tunnell LLP, and Davis Polk & Wardwell LLP. SANJAY OM: May 2 Deadline Set for Panel Questionnaires ------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Sanjay Om Tewari. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3xyWyE1 and return by email it to USTPRegion02.NYECF@usdoj.gov at the Office of the United States Trustee so that it is received no later than 12:00 p.m., on May 2, 2022. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Sanjay Om Sanjay Om Tewari filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10465) on April 15, 2022. Heath Berger, Esq. represents the Debtor. SERVICE ONE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Service One, LLC 4801 Keller Springs Road Addison, TX 75001 Business Description: Service One, LLC specializes in construction, roofing, insurance estimating and claims, construction and property management, and renovation services. Chapter 11 Petition Date: April 21, 2022 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 22-40503 Debtor's Counsel: Christopher J. Moser, Esq. QUILLING, SELANDER, CUMMINSKEY & LOWNDS 2001 Bryan Street, Ste. 1800 Dallas, TX 75201 E-mail: cmoser@qslwm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dell James as manager and Mike Bates as appointed financial advisor. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BZZMYIQ/Service_One_LLC__txebke-22-40503__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BVBBFXI/Service_One_LLC__txebke-22-40503__0001.0.pdf?mcid=tGE4TAMA SN MANAGEMENT: Loan Proceeds, and/or Property Sale, to Fund Plan ---------------------------------------------------------------- SN Management, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Plan of Reorganization and Disclosure Statement dated April 18, 2022. SN Management, LLC, is a Michigan limited liability company. Debtor sole business is to own the land and building and act as a landlord to a nursing home owned by its principals, known as Aberdeen Skilled Nursing. The only significant obligation of the Debtor was owed to JPMorgan Chase Bank, N.A., pursuant to a loan in the initial amount $4,492,823. The intervention of the Covid pandemic made it virtually impossible for the nursing home to obtain refinancing of the Chase loan. As the restrictions are being lifted, it is anticipated that there is again a lending market for nursing homes. It will be the proceeds of a loan and/or a sale of the nursing home that will fund this Chapter 11 Plan. Class 1 shall consist of the Allowed Secured Claim of Fund Investment 141, LLC. Class 1 Creditor Fund Investment 141, LLC's claim is unimpaired. Its Allowed Secured Claim will be paid in full. The Debtor obtained a loan from JPMorgan Chase Bank, N.A. ("Chase") in the amount of $4,492,823, which loan is secured by a mortgage on the Debtor's property. The loan is guaranteed by the Debtor's affiliate and tenant Sana Health, Inc. The Debtor has also guaranteed a loan due from its affiliate Sana Nasir, Inc. who operates a nursing home known as Aerius. Chase assigned the loan and security documents to Fund Investment 141, LLC (the "Fund"). Beginning on the Effective Date, Debtor will pay to the Fund on a monthly basis an amount equal to an interest only payment of six percent of the Allowed Secured Claim in the amount of $22,464.12, which will be applied to the outstanding principal and interest on the loan. One hundred twenty days after the adjudication of the amount of Fund's Allowed Secured Claim, the Debtor's property and/or the property of its affiliate tenant Sana Heath, Inc. will be sold or refinanced in an amount sufficient to pay the Allowed Secured Claim in full. All real estate taxes have been and shall continue to be paid when due by the Debtor's tenant who shall also continue to maintain insurance on the property and provide that the secured creditor is an insured beneficiary of its interest in its collateral. This Creditor will retain its mortgage lien on the property until paid in full. The contingent claim arising out of the Debtor's Guaranty of the loan made to Sana Nasir, Inc. will be paid in full by the borrower in accordance with the plan of reorganization filed by Zara Management, LLC (Case No. 21-49032). Class 2 shall consist of all allowed non-priority unsecured claims against the Debtor, including but not limited to, penalties and interest on penalties for any general priority tax claim. The Class 2 Creditors are unimpaired under the Plan. The General Unsecured Creditors shall receive 100% of the amount of their Allowed claims on the Effective Date. Class 3 shall consist of all unsecured claims of Debtor's insiders, Dr. Iqbal Nasir and his wife, Shahida Nasir ("Insider Claims"). Class 3 Creditors, Debtor's insiders, Dr. Iqbal Nasir and his wife, Shahida Nasir ("Insider Claims") are impaired. The Insider Claims shall be subordinated to all other Claims and shall be paid only after all Superior Claims have been paid in full. Debtor's assets shall remain in the Debtor's possession and control. Chase assigned the loan and security documents to Fund Investment 141, LLC (hereinafter the "Fund"). The Debtor also guaranteed a loan made by Chase to Sana Nasir, Inc. which was also assigned to the Fund. There is a companion case pending before this Court (Case No. 21-49032) for Zara Management, LLC who also guaranteed the same loan made by Chase to Sana Nasir, Inc. The plan of reorganization of the companion case provides for a payment in full of the loan made to Sana Nasir, Inc. One hundred twenty days after the adjudication of the amount of Fund's Allowed Secured Claim due from Zara Management, the Debtor's property and/or the property of its affiliate tenant, Sana Health, Inc. will be sold or refinanced in an amount sufficient to pay the Allowed Secured Claim in full. The Debtor's tenant will provide rent in an amount necessary to pay the monthly interest obligations to the Fund and shall also pay all real estate taxes and the cost of insurance. A full-text copy of the Combined Plan and Disclosure Statement dated April 18, 2022, is available at https://bit.ly/3EAzy96 from PacerMonitor.com at no charge. About SN Management SN Management, LLC, a company based in Trenton, Mich., filed a petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 21-49033) on Nov. 17, 2021. Dr. Iqbal Nasir, managing member, signed the petition. As of Dec. 31, 2020, the Debtor had total assets of $4,253,276 and total debts of $5,255,675. Jerome D. Frank, Esq., and Tami R. Salzbrenner, Esq., at Frank & Frank, PLLC are the Debtor's bankruptcy attorneys. SOAMES LANE: Seeks to Tap Buehler & Kassabian as Litigation Counsel ------------------------------------------------------------------- Soames Lane Trust seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Buehler & Kassabian, LLP as its special litigation counsel. The Debtor needs a special counsel to provide legal assistance in a pending adversary proceeding, styled "Soames Lane Trust, Debtor and Debtor-in-Possession, and Colin Nix, an individual, Plaintiffs, vs. J.P. Morgan Chase Bank, N.A., and Wilmington Trust, N.A., Defendants," Case No. 2:22-ap-01060-BB. The hourly rates of the firm's counsel and staff are as follows: George W. Buehler $500 Mark M. Kassabian $500 Paralegals $150 - $385 In addition, the firm will seek reimbursement for expenses incurred. The firm has requested the Debtor to pay a post-petition retainer of $50,000. Mark Kassabian, Esq., a principal at Buehler & Kassabian, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark M. Kassabian, Esq. Buehler & Kassabian, LLP 350 West Colorado Boulevard, Suite 200 Pasadena, CA 91105 Telephone: (626) 792-0500 Email: mkassabian@buehlerkassabian.com About Soames Lane Trust Soames Lane Trust filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-17932) on Oct. 14, 2021, listing up to $50 million in both assets and liabilities. Grover Henry Nix, III, trustee, signed the petition. Judge Sheri Bluebond oversees the case. The Debtor tapped the Law Offices of Paul A. Beck, APC as bankruptcy counsel and Buehler & Kassabian, LLP as special counsel. SUN PACIFIC: Swings to $3 Million Net Income in 2021 ---------------------------------------------------- Sun Pacific Holding Corp filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $2.97 million on $377,593 of revenues for the year ended Dec. 31, 2021, compared to a net loss of $1.87 million on $289,028 of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $286,705 in total assets, $3.17 million in total liabilities, and a total stockholders' deficit of $2.88 million. Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses from operations since inception and has a significant working capital deficiency, both of which raise substantial doubt about its ability to continue as a going concern. The Company has an accumulated deficit of approximately $7.8 million and a working capital deficit of approximately $2.9 million as of Dec. 31, 2021. The Company said its continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and/or obtain additional financing from its stockholders and/or other third parties. "In order to further implement its business plan and satisfy its working capital requirements, the Company will need to raise additional capital. There is no guarantee that the Company will be able to raise additional equity or debt financing at acceptable terms, if at all," Sun Pacific said. "There is no assurance that the Company will ever be profitable. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern," the Company said. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1343465/000149315222010104/form10-k.htm About Sun Pacific Headquartered in Manalapan NJ, Sun Pacific Holding Corp -- http://www.sunpacificholding.com-- offers "Next Generation" solar panel and lighting products by working closely with design, engineering, integration and installation firms in order to deliver turnkey solar and other energy efficient solutions. It provides solar bus stops, solar trashcans and "street kiosks" that utilize advertising offerings that provide State and local municipalities with costs efficient solutions. The Company provides general, electrical, and plumbing contracting services to a range of both public and commercials customers in support of its goals of expanding its green energy market reach. TEXAS MADE: Seeks to Hire Hayward PLLC as Bankruptcy Counsel ------------------------------------------------------------ Texas Made Sports Development, Inc., doing business as Chaparral Ice, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Hayward, PLLC as its legal counsel. Hayward will render these legal services: (a) advise the Debtor regarding its powers and duties in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) prepare and file legal papers; (d) assist the Debtor in preparing and filing the required schedules, statement of affairs, monthly financial reports, the initial debtor report and other required documents; (e) represent the Debtor in connection with adversary proceedings and other contested and uncontested matters; (f) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate; and (g) assist the Debtor in the formulation of a plan of reorganization and disclosure statement. The hourly rates of Hayward's counsel and staff are as follows: Ron Satija $450 Charlie Shelton $350 Other attorneys $200 - $450 Paralegal $190 - $195 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, Hayward received $50,000 as a pre-bankruptcy retainer from the Debtor. Charlie Shelton, Esq., an attorney at Hayward, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jamie Kirk, Esq. Charlie Shelton, Esq. Hayward, PLLC 10501 N. Central Expy., Suite 106 Dallas, TX 75231 Telephone: (972) 755-7100 Email: JKirk@HaywardFirm.com CShelton@HaywardFirm.com About Texas Made Sports Development Texas Made Sports Development, Inc., owns and operates an ice facility in Austin, Texas, for figure skaters, hockey fans, and kids' camps. Texas Made Sports Development filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 22-10172) on March 18, 2022. In the petition signed by Ryan Raya, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge H. Christopher Mott oversees the case. The Debtor tapped Hayward, PLLC as legal counsel and Pittenger CPA, PC as bookkeeper and accountant. TEXAS MADE: Seeks to Hire Pittenger as Bookkeeper and Accountant ---------------------------------------------------------------- Texas Made Sports Development, Inc., doing business as Chaparral Ice, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Pittenger CPA, PC as its bookkeeper and accountant. Pittenger CPA will render these services: (a) monthly bookkeeping services; (b) monthly accounting services; (c) monthly Chapter 11 operating reports for the court; and (d) other bookkeeping and accounting services. Pittenger CPA will charge the Debtor a monthly fee of $2,100. Todd Pittenger, a shareholder of Pittenger CPA, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd Pittenger, CPA Pittenger CPA, PC 11701 Farm to Market Road 2244, Suite 217 Bee Cave, TX 78738 Telephone: (512) 505-2306 About Texas Made Sports Development Texas Made Sports Development, Inc., owns and operates an ice facility in Austin, Texas, for figure skaters, hockey fans, and kids' camps. Texas Made Sports Development filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 22-10172) on March 18, 2022. In the petition signed by Ryan Raya, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge H. Christopher Mott oversees the case. The Debtor tapped Hayward, PLLC as legal counsel and Pittenger CPA, PC as bookkeeper and accountant. TI FLUID: S&P Affirms 'BB-' ICR, Alters Outlook to Positive ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on TI Fluid Systems PLC and revised the outlook to positive from stable. S&P said, "Our positive outlook reflects the likelihood that we could upgrade the company within the next 12 months if credit measures improve in line with our expectations, including sustained debt to EBITDA well below 4x and FOCF-to-debt ratio above 10%." Following a series of equity offerings, TI Fluid Systems is now less than 40% owned by private equity. As a result, S&P no longer considers the company financial sponsor-owned. S&P said, "We believe the reduced ownership stake by private equity alleviates financial policy risk and increases the likelihood that TI Fluid's cash flow adequacy approaches our upside triggers. Bain Capital reduced its ownership stake below 40% following several public equity offerings. We expect the reduced stake will result in the financial sponsor having less influence on the company's strategy and capital deployment. We expect debt to EBITDA will decline to below 4x by year-end 2022 and improve further in 2023 as auto production improves with gradual restoration of semiconductor supply to automakers. TI plans to reduce net debt to between 1x-1.5x in line with those of its European auto supplier peers. Therefore, the company's ongoing free cash flow generation will play an important role in reaching its target. We expect investment in capitalized research and development as well as capital expenditure (capex) could increase over the next couple years as the company transitions its portfolio of products to serve electric vehicles. How the company navigates this transition and the impact to margins and free cash flow will be a key factor in evaluating the rating. "Volatility in automaker production and inflationary pressures will continue in 2022, which will reduce margins and free cash flow, but we remain constructive in our outlook for 2023 and 2024. We recently reduced our expected recovery in global auto sales and production volumes due to further supply chain issues because of the war in the Ukraine. Recent temporary plant shutdowns in China due to quarantine measures for COVID-19 could potentially decrease volumes more than previously expected. We have reduced our forecast for the recovery in TI Fluid's revenues and reduced our 2022 margin forecast (to 9% from nearly 11%). However, given the high fixed-cost nature of automaker suppliers, we think the incremental margins on improving volumes in 2023 and 2024 will improve credit metrics for TI, particularly FOCF to debt, which we expect to increase well above 10% by the end of 2023." Risks remain, including potentially higher labor costs as the company increases headcount when volumes recover. While passing through higher commodity costs is mostly a matter of time for high value-added suppliers such as TI Fluid, increasing labor and supply chain costs can be challenging for parts suppliers. It has been some time since companies faced a more inflationary environment. This negotiation could become particularly difficult if its automaker customers must lower car prices meaningfully as supply normalizes and consumer affordability gets tight over the next 12-24 months. S&P said, "Our positive outlook reflects the likelihood that we could upgrade TI Fluid within the next 12 months if credit measures improve in line with our expectations, including sustained debt to EBITDA well below 4x and an FOCF-to-debt ratio above 10%. "We could upgrade TI Fluid within the next 12 months if EBITDA margins recover during 2022 and we expect further recovery in 2023. This would increase our confidence that the company can lower and maintain leverage well below 4x and sustainably increase FOCF to debt well above 10%. This could occur if global auto production recovers and the company successfully manages inflationary pressures. "We could revise the outlook back to stable within the next 12 months if we expect debt to EBITDA to remain near 4x or higher or the FOCF-to-debt ratio below 10% on a sustained basis." This could occur if the company's margins and free cash flow fail to improve due to continued supply chain issues affecting auto production and increasing input costs for suppliers. It could also be due to a midsize or larger acquisition that reduces the company's cash balances and increases net leverage. ESG credit indicators: E-3, S-2, G-2 S&P said, "Environmental factors are a moderately negative consideration in our credit rating analysis of TI Fluid. While TI Fluid will likely gain new content with electric vehicles, more than 40% of its revenue is connected to fuel tank and delivery systems. Though we note prospects for higher content on electric thermal fluid products and systems, the potential elimination of its gas engine, fuel lines, and the fuel tank assembly in a battery electric vehicle remains a risk. As the industries marches toward pure battery vehicles, we recognize the potential benefits with higher content on hybrid vehicles in the interim. We also expect expansion of its thermal coolant heat transfer, fluid storage, and delivery systems for the added battery electric range. The company could face reduced volumes and margins if the shift to electric vehicles accelerates." TPT GLOBAL: Reports $4 Million Net Loss in 2021 ----------------------------------------------- TPT Global Tech, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss attributable to shareholders of $4.02 million on $10.03 million of total revenues for the year ended Dec. 31, 2021, compared to a net loss attributable to shareholders of $8.07 million on $11.09 million of total revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $10.68 million in total assets, $36.70 million in total liabilities, $5.04 million in total mezzanine equity, and a total stockholders' deficit of $31.06 million. Draper, UT-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 14, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raises substantial doubt about its ability to continue as a going concern. TPT Global stated, "In order for us to continue as a going concern for a period of one year from the issuance of these financial statements, we will need to obtain additional debt or equity financing and look for companies with cash flow positive operations that we can acquire. There can be no assurance that we will be able to secure additional debt or equity financing, that we will be able to acquire cash flow positive operations, or that, if we are successful in any of those actions, those actions will produce adequate cash flow to enable us to meet all our future obligations. Most of our existing financing arrangements are short-term. If we are unable to obtain additional debt or equity financing, we may be required to significantly reduce or cease operations." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1661039/000165495422004988/tptw_10k.htm About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as echnology solutions. It offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS). TPT Global Tech offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT Global Tech's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. It also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Cell phone Accessories and Global Roaming Cell phones. UNIQUE REO: Seeks to Tap Malinda L. Hayes as Bankruptcy Counsel --------------------------------------------------------------- Unique REO Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the Law Offices of Malinda L. Hayes as its legal counsel. The firm will render these legal services: (a) advise the Debtor regarding its powers and duties in the continued management of its business operations; (b) advise the Debtor of its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare and file legal papers; (d) protect the Debtor's interest in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan of reorganization. The firm received a pre-bankruptcy retainer of $17,000 from the Debtor. Malinda Hayes, Esq., the primary attorney in this representation, will be paid at her hourly rate of $375. Ms. Hayes disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Malinda L. Hayes, Esq. Law Offices of Malinda L. Hayes 378 Northlake Blvd., Ste. 218 North Palm Beach, FL 33408-5421 Telephone: (561) 537-3796 Email: malinda@mlhlawoffices.com About Unique REO Properties Unique REO Properties, LLC is the fee simple owner of a condominium unit in Beach Club Two, located at 1830 S. Ocean Dr. Apt. 1410, Hallandale, Fla. The property is valued at $770,000. Unique REO Properties filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-12924) on April 15, 2022. In the petition signed by Liran Koren, manager, the Debtor disclosed $772,100 in total assets and $1,143,068 in total liabilities. The Law Offices of Malinda L. Hayes serves as the Debtor's legal counsel. VERACODE PARENT: S&P Lowers New 1st-lien Term Loan Rating to 'B-' ----------------------------------------------------------------- S&P Global Ratings lowered the issue-level rating on Veracode Parent L.P.'s proposed new $815 million first-lien term loan to B-' and revised the recovery rating to '3' from '2', reflecting the absence of second-lien debt in the capital structure and decreasing cushion supporting the first-lien debt in an event of a default. S&P's '3' recovery rating reflects its expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in a payment default. At the same time, S&P raised the issue-level rating on the firm's proposed new $75 million revolver, which will now have super-priority claim status, to 'BB-' and revised the recovery rating to '1+'. S&P's '1+' recovery rating reflects its expectation of full recovery (100%) in a payment default. Veracode announced that it plans to upsize the first-lien debt issuance to fund TA Associates Management L.P.'s majority investment in the company by $235 million, while removing the $235 million second-lien term loan from the previously proposed capital structure. S&P said, "The total quantity of debt involved in the financing of the acquisition is unchanged and the shift of $235 million to first-lien debt from second-lien debt does not materially impact the company's credit metrics, thus our 'B-' corporate credit rating and stable outlook on Veracode are unchanged. Our rating and outlook on Veracode reflect our expectation that the company will continue to benefit from strong demand in the DevOps market over at least the next 12 months, maintain revenue growth while modestly improving profitability, and generate sufficient free cash flow to support high starting S&P Global Ratings-adjusted leverage of around 8x." Issue Ratings - Recovery Analysis Key analytical factors -- S&P's simulated default scenario analysis on Veracode contemplates a default in 2024 following a significant decline in revenue from increasing competition. Severe attrition among its existing client base and failure to expand into adjacent markets could also result in an inability to cover its debt and interest expense. -- The proposed $75 million revolver has a super-priority claim on all company assets while the proposed $815 million term loan has a first-lien claim on all company assets. -- In S&P's analysis, it values Veracode as a going concern, which would maximize value to creditors. -- S&P applied a 6.5x EBITDA multiple to an assumed distressed emergence EBITDA to derive an estimated gross recovery value of about $522 million. The valuation multiple is consistent with what S&P applies to similar software companies and rated industry peers. Simulated default assumptions -- Simulated year of default: 2024 -- EBITDA multiple: 6.5x Simplified waterfall -- Gross recovery value: $522 million -- Net enterprise value (after 5% administrative costs): $496 million -- Valuation split (obligors/nonobligors): 100%/0% -- Super-priority claims: $128 million -- Value available to priority claims: $496 million --Recovery expectations: 100% -- Value available to first-lien debt claims: $430 million -- Secured first-lien debt claims: $834 million --Recovery expectations: 50%-70% (rounded estimate: 50%) Ratings List VERACODE PARENT L.P. Issuer Level Ratings B-/Stable/-- B-/Stable/-- ISSUE-LEVEL RATINGS LOWERED; RECOVERY RATINGS REVISED TO FROM MITNICK CORPORATE PURCHASER INC. Senior Secured US$580 mil 1st lien TL bank ln due 2029 B- B Recovery Rating 3(50%) 2(75%) US$75 mil superpriority revolver bank ln due 2027 BB- B Recovery Rating 1+(100%) 2(75%) VESTAVIA HILLS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 15 on April 19 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Vestavia Hills, Ltd. About Vestavia Hills Ltd. Vestavia Hills, Ltd., which conducts business under the name Mount Royal Towers, operates a continuing care retirement community and assisted living facility for the elderly in Vestavia Hills, Ala. It offers individualized senior living options for a convenient community lifestyle and provides personalized nursing care. Vestavia Hills sought Chapter 11 protection (Bankr. S.D. Calif. Case No. 20-00018-11) on Jan. 3, 2020. The Debtor disclosed $18,531,957 in assets and $29,742,790 in liabilities as of the bankruptcy filing. Judge Louise Decarl Adler oversees the case. The Debtor tapped Sullivan Hill Rez & Engel as bankruptcy counsel; Campbell Partners, APC as special litigation counsel; and Harbuck Keith & Holmes, LLC as special Alabama licensing and regulatory counsel. VIVAKOR INC: Incurs $5.5 Million Net Loss in 2021 ------------------------------------------------- Vivakor, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss attributable to the company of $5.48 million on $1.09 million of revenues for the year ended Dec. 31, 2021, compared to a net loss attributable to the company of $2.18 million on $1.46 million of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $47.35 million in total assets, $20.19 million in total liabilities, and $27.15 million in total stockholders' equity. The Company has historically suffered net losses and cumulative negative cash flows from operations and, as of Dec. 31, 2021 and 2020, the Company had an accumulated deficit of approximately $36 million and $30.2 million. As of Dec. 31, 2021 and 2020, the Company had cash and cash equivalents of $1,493,719 and $398,904, with $199,952 and $89,500 attributed to variable interest entities, respectively. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1450704/000168316822002744/vivakor_i10k-123121.htm About Vivakor Inc. Coralville, Iowa-based Vivakor, Inc., is a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, primarily focused on soil remediation. The Company specializes in the remediation of soil and the extraction of hydrocarbons, such as oil, from properties contaminated by or laden with heavy crude oil and other hydrocarbon-based substances. VPR BRANDS: Posts $127K Net Income in 2021 ------------------------------------------ VPR Brands, LP filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $127,174 on $6.22 million of revenues for the year ended Dec. 31, 2021, compared to a net loss of $563,779 on $3.97 million of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $1.25 million in total assets, $3.37 million in total liabilities, and a total partners' deficit of $2.11 million. Los Angeles, California-based Paris Kreit & Chiu CPA's LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has an accumulated deficit of $10,214,999 and a working capital deficit of $1,834,867 at December 31, 2021. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1376231/000121390022020167/f10k2021_vprbrands.htm About VPR Brands Headquartered in Ft. Lauderdale, FL, VPR Brands, LP -- http://www.VPRBrands.com-- is company engaged in the electronic cigarette and personal vaporizer business. WILLIAMS COMMUNICATIONS: Unsecureds be Paid From Remaining Assets ----------------------------------------------------------------- Williams Communications, Inc., submitted a First Amended Disclosure Statement explaining its Chapter 11 Plan. Subject to Court approval, the Debtor shall sale the Debtor's remaining assets by private sale on or before March 8, 2023. If the Debtor has a contract for sale in hand on March 8, 2023, the Debtor may file the same and request additional time to have said contract for sale approved and closed. If the Debtor does not sell the Debtor's remaining assets to by private sale by March 8, 2023, the Debtor will immediately seek another buyer for the Debtor's remaining assets. Under the Plan, Unsecured Claims in this case are estimated to be 870,957. To this amount shall have to be added any unsecured portion of the claims alleged to be secured. After the payment in full of all allowed administrative expenses, allowed priority claims and allowed secured claims, the Debtor proposes to pay each of the unsecured claimholders based upon the allowed amount of their claim on a pro rata basis from the remaining proceeds from the liquidation of the Debtor's assets. Attorney for the Debtor: Harry P. Lon, Esq. Post Office Box 1468 Anniston, Alabama 36202 Tel: (256) 237-3266 E-mail: hlonglegal8@gmail.com A copy of the Disclosure Statement dated April 13, 2022, is available at https://bit.ly/3rtDoLW from PacerMonitor.com. About Williams Communications Williams Communications, Inc., a privately held company in the radio and television broadcasting business, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-41720) on Oct. 11, 2019. In the petition signed by Walt Williams, Jr., president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Tamara O. Mitchell presides over the case. Harry P. Long, Esq., at The Law Offices of Harry P. Long, LLC, represents the Debtor. WING DINGERS: Court Approves Amended Disclosure Statement --------------------------------------------------------- Judge Joshua P. Searcy has entered an order approving the Amended Disclosure Statement of Wing Dingers Texas, LLC. The hearing to consider the confirmation of the Debtor's proposed Chapter 11 Plan is fixed and will be held on Monday, June 27, 2022 at 9:30 a.m. in person in the Courtroom of the United States Bankruptcy Court, Eastern District of Texas, Plaza Tower, 110 North College Avenue, Ninth Floor, in Tyler, Texas. Friday, June 10, 2022 is fixed as the last day for filing and serving written objections to confirmation of the Debtor's proposed Chapter 11 Plan. Friday, June 10, 2022 is fixed as the last day for filing written acceptances or rejections of the Debtor's proposed Chapter 11 Plan which must be received by 5:00 p.m. (CST). Friday, May 27, 2022, is fixed as the last day for any class of secured claims to make an election of application of Section 1111(b)(2) of the Bankruptcy Code pursuant to the directives of Fed. R. Bankr. P. 3014. About Wing Dingers Texas Wing Dingers Texas, LLC, a Mineola, Texas-based owner and operator of restaurants, filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 21-60327) on Aug. 5, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Christopher Fischer, sole member, signed the petition. Judge Joshua P. Searcy oversees the case. Eric A. Liepins, P.C., is the Debtor's bankruptcy counsel while White and Williams, LLP serves as the Debtor's special counsel. [*] MediaMath Executes Comprehensive Recapitalization Transaction ----------------------------------------------------------------- MediaMath has consummated a comprehensive recapitalization transaction whereby certain existing shareholders and financial stakeholders, including funds advised by Searchlight Capital Partners, L.P. ("Searchlight"), have committed to invest up to $150 million into the business through a mix of new capital and a refinancing of existing debt. In concert with the recapitalization, an affiliate of Searchlight merged with and into MediaMath Holdings, Inc., and Searchlight became the indirect majority owner of MediaMath. The additional capital will enhance MediaMath's platform, bringing renewed focus and financial resources, and enable the Company to continue to serve as a value-added partner to its customers, suppliers, and the broader digital advertising ecosystem. "This transaction is a part of the ongoing commitment by our investors to the Company and its employees, customers, and partners. The transaction and investment will strengthen our financial foundation and enable the company to deliver on the value proposition of a global independent omnichannel platform. The entire MediaMath team and I are excited to drive the next chapter in this company's rich history as a technology partner to marketers and agencies," said Neil Nguyen, MediaMath's Chief Executive Officer. "We appreciate the support of our world-class customers and ecosystem partners, and look forward to continuing to be a leading, innovative partner in this industry." "MediaMath's business has immense promise -- the spirit of innovation and culture of partnership with customers and suppliers is a differentiator," said Darren Glatt, Partner at Searchlight Capital. "We look forward to continuing and extending our partnership with Neil and the talented MediaMath team as they unlock the full potential of the platform and continue to provide world-class service to its clients and suppliers." MediaMath is represented in this matter by Weil, Gotshal & Manges LLP as legal counsel, FTI Consulting as an advisor and Centerview Partners as investment banker. Searchlight Capital is represented by Latham & Watkins LLP as legal counsel. Latham & Watkins LLP represents Searchlight in the transaction with a corporate deal team led by New York partner David Beller and New York counsel Edmond Parhami, with associates William Tevlin and Shanta Chirravuri. Advice was also provided on restructuring matters by New York partners George Davis and George Klidonas, with associates Alistair Fatheazam, Brian Rosen, and Misha Ross; on private equity finance matters by New York partner Scott Ollivierre, with associates Jordan Gratch and Chen Tang; on tax matters by New York partner Matthew Dewitz, with associate Ron Moore; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum and Houston counsel Krisa Benskin. About MediaMath MediaMath is the demand-side platform that offers the most powerful off-the-shelf and custom capabilities for brands to reach and influence customers and prospects on any screen, making it possible for the world's leading advertisers and their agency partners to deliver personalized digital advertising across all connected touchpoints. Over 9,500 marketers in 42 countries use our enterprise software every day to launch, analyze, and optimize their digital advertising campaigns across display, native, mobile, video, audio, digital out of home, and advanced TV formats. Founded in 2007 as a pioneer in "programmatic" advertising, MediaMath is recognized as a Leader in the Gartner 2020 Magic Quadrant for Ad Tech and has won Best Account Support by a Technology Company for two years in a row in the AdExchanger Awards. About Searchlight Searchlight -- http://www.searchlightcap.com-- is a global private investment firm with over $10 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. [] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace ------------------------------------------------------------ Author: Warren E. Agin Publisher: Bowne Publishing Co. List price: $225.00 Review by Gail Owens Hoelscher Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over the last 12 months! Microstrategy Inc. has roller-coasted from a high of 333 to a low of 7 over the same period! Just when the IPO boom is imploding and high-technology companies are running out of cash, Warren Agin comes out with a guide to the legal issues of the cyberage. The word "cyberspace" did not appear in the Merriam-Webster Dictionary until 1986, defined as "the on-line world of computer networks." The word "Internet" showed up that year as well, as "an electronic communications network that connects computer networks and organizational computer facilities around the world." Cyberspace has been leading a kaleidoscopic parade ever since, with the legal profession striding smartly in rhythm. There is no definition for the word "cyberassets" in the current Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in Cyberspace tells us what cyberassets are and lays out in meticulous detail how to address them, not only for troubled technology companies, but for all companies with websites and domain names. Cyberassets are primarily websites and domain names, but also include technology contracts and licenses. There are four types of assets embodied in a website: content, hardware, the Internet connection, and software. The website's content is its fundamental asset and may include databases, text, pictures, and video and sound clips. The value of a website depends largely on the traffic it generates. A domain name provides the mechanism to reach the information provided by a company on its website, or find the products or services the company is selling over the Internet. Examples are Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the value of a domain name is comparable to valuing trademark rights. Domain names can come at a high price! Compaq Computer Corp. paid Alta Vista Technology Inc. more than $3 million for "Altavista.com" when it developed its AltaVista search engine. The subject matter covered in this book falls into three groups: the Internet's effect on the practice of bankruptcy law; the ways substantive bankruptcy law handles the impact of cyberspace on basic concepts and procedures; and issues related to cyberassets as secured lending collateral. The book includes point-by-point treatment of the effect of cyberassets on venue and jurisdiction in bankruptcy proceedings; electronic filing and access to official records and pleadings in bankruptcy cases; using the Internet for communications and noticing in bankruptcy cases; administration of bankruptcy estates with cyberassets; selling bankruptcy estate assets over the Internet; trading in bankruptcy claims over the Internet; and technology contracts and licenses under the bankruptcy codes. The chapters on secured lending detail technology escrow agreements for cyberassets; obtaining and perfecting security interests for cyberassets; enforcing rights against collateral for cyberassets; and bankruptcy concerns for the secured lender with regard to cyberassets. The book concludes with chapters on Y2K and bankruptcy; revisions in the Uniform Commercial Code in the electronic age; and a compendium of bankruptcy and secured lending resources on the Internet. The appendix consists of a comprehensive set of forms for cyberspace-related bankruptcy issues and cyberasset lending transactions. The forms include bankruptcy orders authorizing a domain name sale; forms for electronic filing of documents; bankruptcy motions related to domain names; and security agreements for Web sites. Bankruptcy and Secured Lending in Cyberspace is a well-written, succinct, and comprehensive reference for lending against cyberassets and treating cyberassets in bankruptcy cases. ********* 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., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***