/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220628.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, June 28, 2022, Vol. 26, No. 178 Headlines 1 BIG RED: Creditors to Get Proceeds From Liquidation 1145 THORNTON AVE: Files Bare-Bones Petition 1712 PROPERTY HOLDING: Trust's Chapter 11 Filing Set for Dismissal 274 ATLANTIC ISLES: Family Residence Files for Chapter 11 424 GROUP: Court Approves Bidding Procedures for Sale of All Assets 808 B STREET: Wins Cash Collateral Access ABERCROMBIE & FITCH: Moody's Hikes Corporate Family Rating to Ba2 ACTIVA RESOURCES: Seeks to Hire Wyse Advisors as Financial Advisor ALLIED DIVERSIFIED: Taps Taft Stettinius as Special Counsel AMAZING ENERGY: Court Approves $2.6MM Sale of Assets to Miesners AMAZING ENERGY: Court Approves Sale of Assets to AAPIM LLC ANASTASIA PARENT: Moody's Ups CFR & 1st Lien Loans to Caa1 ANDREWS AUTOMOTIVE: Files Subchapter V Case Pro Se ARCHDIOCESE OF ST. PAUL: Buys Office Building for ACC ARLINGTON HIGHER EDUCATION: Moody's Rates 2022 Revenue Bonds 'Ba3' ASPEN CHAPEL: Taps Foster Graham Milstein as Special Counsel ATIS HOLDINGS: Taps Shochet Law Group as Special Counsel ATOKA COUNTY HEALTHCARE: No Patient Complaints, PCO Report Says AUDACY INC: S&P Cuts ICR to 'B-' on Slowing Advertising Growth AVAYA HOLDINGS: New Reduced Term Loan No Impact on Moody's B3 CFR BURTS CONSTRUCTION: Files Emergency Bid to Use Cash Collateral BY CHLOE: Celebrity Chef Coscarelli Settles Trademark Dispute C.L. MAACK: Ponderosa Market Files for Chapter 11 With Plan CDL UNIVERSITY: Seeks to Hire Mitchell & Hammond as Counsel CDP HOLDINGS: Wins Interim Cash Collateral Access CHICAGO AUTO CREDIT: Wins Cash Collateral Access CHRISTIAN CARE: Proposes to Sell Substantially All Assets CLIPPER ACQUISITIONS: S&P Affirms 'BB+' Issuer Credit Rating COLUMBUS MCKINNON: Egan-Jones Retains BB- Senior Unsecured Ratings CORSICANA BEDDING: In Chapter 11 to Pursue Going-Concern Sale COTTAGE GROVE: Wins Interim Cash Collateral Access COUNTS FARMS: Online Auction of Assets Thru Shane Albright Approved CREDITO REAL: To Fight Involuntary Chapter 11 Petition DAVITA INC: Egan-Jones Keeps BB- Senior Unsecured Ratings DCIJ BEE HIVE: Future Income to Fund Plan Payments DET MEDICAL: UST Appoints Joseph J. Tomaino as PCO DIAMOND SCAFFOLD: Seeks Cash Collateral Access DIEBOLD NIXDORF: Egan-Jones Keeps BB- Senior Unsecured Ratings DUNWOODY LABS: Wins Interim Cash Collateral Access EBIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings EDWARD D. HIRSCH MD: Unsecureds to Split $7.5K over 5 Years ELITE HOME: Beatrice & Royal Heritage Offer to Buy Assets for $86K EMPIRE PRIME: Voluntary Chapter 11 Case Summary ENPRO INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings EXPRESS GRAIN: Hearing on Proposed Sale of Vehicles Continued EYP GROUP: Gets Court Okay on $70-Mil. Chapter 11 Asset Sale FAIRPORT BAPTIST: Taps Pullano & Farrow as Special Counsel FFP HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable FLORIDA FOOD: Moody's Rates New $151.5MM 1st Lien Loan Add-on 'B2' FOG INC: Wins Interim Cash Collateral Access FOSSIL GROUP: Egan-Jones Hikes Senior Unsecured Ratings to B- GIRARDI & KEESE: Sept. 21 Auction Sought for Tom's Personal Assets GLAUKOM LLC: Proposed $63K Sale of Equipment and Furniture Approved GOLD STANDARD BAKING: Files for Chapter 11 to Pursue Sale GRAY LAND: Plan Agent Proposes Auction Sale of Equipment GWG HOLDINGS: Committee Taps Akin Gump as Legal Counsel GWG HOLDINGS: Committee Taps AlixPartners as Financial Advisor GWG HOLDINGS: Committee Taps Piper Sandler as Investment Banker GWG HOLDINGS: Committee Taps Porter Hedges as Co-Counsel H&S ALANG: Wins Cash Collateral Access Thru June 30 H-FOOD HOLDINGS: Moody's Affirms 'B3' CFR & Alters Outlook to Neg. HAMON HOLDINGS: Taps B. Riley Securities as Investment Banker HAN JOE RO: Wins Court Nod to Use Cash Collateral HERTZ: Public Notices Ruled Okay In Ch.11 Renter Arrest Disputes HOLMDEL FINANCIAL: Unsecureds Will Get 7% of Claims in 60 Months HOST HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings INDIGO PALMS: Unsecured Creditors to Get $60K in Consensual Plan INTEGRATED PLAN: Seeks to Hire Bronson Law Offices as Counsel INTERDIGITAL INC: Egan-Jones Retains BB+ Senior Unsecured Ratings JAIME GRAY DIETENHOFER: Private Sale of Assets to Creekstone Okayed JAMES M. AMOR: Dr. West Offers to Buy Business Assets for $100K JAMES M. AMOR: June 28 Hearing on $100K Sale of Business Assets LARRY BARBER: Taps Blanchard Law as Bankruptcy Counsel LOPSANG CONSTRUCTION: Taps Latham Luna Eden & Beaudine as Counsel LUIS RIVERA: Gets Court Approval to Buy an Automobile Up to $25K MAGNOLIA OFFICE: Wins Cash Collateral Access Thru Sept 1 MANITOWOC CO: Egan-Jones Retains BB- Senior Unsecured Ratings MARVIN KELLER: Gets Interim Cash Collateral Access Thru Sept. 16 MATHESON FLIGHT: Committee Taps Felderstein as Bankruptcy Counsel MATT'S SMALL: Taps Law Office of Allen P. Turnage as Counsel MAXUS ENERGY: Must Prove That YPF Caused Harm In Ch.11 Lawsuit MAYAN POOLS: Wins Interim Access to Cash Collateral MCK USA: $1.15M Sale of Crimson Condo Unit 1901 to O'Shea Approved MERLIN ACQUISITION: S&P Affirms 'B-' ICR on Frontmatec Acquisition MFA FINANCIAL: Egan-Jones Withdraws Sr. Unsecured Ratings to BB+ MIDSOUTH MEDICAL: Unsecureds to Get Share of Income for 36 Months MORROW GA: Skymark Can't File Plan, Says Trustee MORROW GA: Skymark Plan Unconfirmable, Says Secured Creditor NORTH AMERICAN: Judge Skeptical of Asbestos Settlement Payouts NUVO TOWER: Brooklyn Condo Project Seeks Chapter 11 Protection ONE AND ONE: Seeks Approval to Tap Leo Fox as Bankruptcy Attorney OPERATION IMPACT: Files Chapter 11 Subchapter V Case PEOPLE SPEAK: $2.11-Mil. Sale of Maison Dubois to Glaser Approved PG&E CORP: Fire Victims Trust to Lobby for Financial Assistance PRINCESS PORT: Unsecureds to Recover 100% in Plan RADIANT LIGHTHOUSE: Unsecureds Will Get 100% of Claims in Plan RALPH LAUREN: Egan-Jones Retains BB+ Senior Unsecured Ratings REDWOOD EMPIRE: July 13 Auction of Page Hotel and Related Assets RICHARD C. ANGINO: $825K Sale of Harrisburg Property to Norby OK'd ROBYN ELIZABETH DWECK: Wants to Sell Brooklyn Property for $2.2MM RONALD A. GOODWIN: $1.1M Sale of Wichita Property to Webb Road OK'd RONALD A. GOODWIN: $165K Sale of Wichita Asset to Air Capitol OK'd RUDRA INVESTMENTS: Taps Finestone Hayes as Legal Counsel S&M DISTRIBUTORS: $91K Sale of Trucks & Forklift to Contreras OK'd SALEM HARBOR: Creditor Iberdrola Says Disclosures Insufficient SALEM HARBOR: U.S. Trustee Says Disclosures Inadequate SAN LUIS & RIO: Trustee Taps Ozark Mountain Railcar as Broker SILVER STATE: Taps Wood & Maines as Special Counsel SONEV CONSTRUCTION: Taps Ritchie Bros. to Sell Equipment SOUTH TRAIL AUTOBODY: Repair Shop Files Subchapter V Case STEPHANIE BREE WALKER: Sale of Houston Property to Hernandez Okayed STORCENTRIC INC: $5MM DIP Loan from Serene Wins Interim OK STRAUSS COMPANY: Seeks to Hire Johnson Hickey as Accountant SUNPOWER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings TAB RESTAURANT: Bid to Use Cash Collateral Denied as Moot TALEN ENERGY: Taps Filsinger Energy Partners as Energy Consultant TALEN ENERGY: Taps Quinn Emanuel Urquhart as Litigation Counsel TEREX CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+ TICONDEROGA FARMS: Family Farm Files for Chapter 11 Bankruptcy TOTAL ENERGY: Bid to Access Cash Collateral Denied TRI-STATE PAIN: No Quality of Care Concerns, Final PCO Report Says TULYA KOGAN: Taps Law Offices of Alla Kachan as Bankruptcy Counsel TULYA KOGAN: Taps Wisdom Professional Services as Accountant TUMBLEWEED TINY HOUSE: FR Claim to Affect Unsecureds' Recovery U.S. TOBACCO COOPERATIVE: Will Pay Up To $75 Mil. to Member Farmers U.S. TOBACCO: Joint Plan of Reorganization Confirmed by Judge WC BRAKER: Chapter 11 Trustee Wins Cash Collateral Access WESTBANK HOLDINGS: Taps Robert Reardon as Expert Witness WILLIAMS COMMUNICATIONS: Plan Targets Sale by March 2023 ZACHAIR LTD: $12M to $17M Sale to NVR to Fund Plan ZOHAR FUNDS: Zohar, Tilton Say They Both Control Stila Styles ZOSANO PHARMA: Hires SierraConstellation as Financial Advisor ZOSANO PHARMA: Taps Greenberg Traurig as Legal Counsel ZOSANO PHARMA: Taps Kurtzman Carson as Administrative Advisor [^] Large Companies with Insolvent Balance Sheet ********* 1 BIG RED: Creditors to Get Proceeds From Liquidation ----------------------------------------------------- 1 Big Red, LLC filed with the U.S. Bankruptcy Court for the District of Kansas a First Amended Chapter 11 Plan of Liquidation. This Plan constitutes a liquidating Chapter 11 plan for Debtor. The Plan provides for Debtor's remaining assets to be liquidated, the proceeds to be distributed to holders of Allowed Claims in accordance with the terms of the Plan, and the priority of claims provisions of the Bankruptcy Code. Class 2 consists of all alleged Secured Claims and are Impaired. Most of the Debtor's assets have been liquidated and distributed pursuant to the previous Orders granting sale motions. There are three remaining unresolved Secured Claims that will be decided by this Bankruptcy Court. These claims include the following: * Anchor Assets II, LLC with a claim of $239,260.22. Claims for escrowed funds for property located at 2944 W. 118 Street, Leawood, KS. * PS Funding/FCI with a claim of $10,000.00. Claims for escrowed funds for property located at 1205 West 75th Terrace, Kansas City, Missouri. * PS Funding with unknown claim amount. Claim for property listed for sale at 7410 Sni-A-Bar Road, Kansas City, MO. Creditor received relief from stay. There will not be any additional distribution to the holder of a Secured Claim except as Ordered by the Bankruptcy Court. Any such remaining unpaid Secured Claims will be treated as Class 3 General Unsecured Claims and paid accordingly. Class 3 General Unsecured Claims are Impaired. The holders of Allowed General Unsecured Claims shall receive their Pro Rata share of the Trust Assets after payment of the Allowed Administrative Claims, Priority Tax Claims, Fee Claims, and Class 1 Other Priority Claims. Unless otherwise provided by an order of the Bankruptcy Court, no fees or penalties of any kind shall be paid to the holders of General Unsecured Claims. The holders of Claims in this Class are entitled to vote. Class 4 Interests are Impaired. The holders of Class 4 Interests shall receive no distribution. On the Effective Date, all Interests shall be deemed canceled, null and void, and of no force and effect. Accordingly, the holders of Class 4 Interests are deemed to reject the Plan and are not entitled to vote. On the Effective Date and automatically and without further action, (i) each existing member of the board of directors of Debtor and all members and officers of Debtor shall be deemed to have resigned, and (ii) the Liquidating Agent shall be deemed the sole officer, director, member, and shareholder of Debtor. The Plan shall be administered by the Liquidating Agent and all actions taken hereunder in the name of Debtor shall be taken through the Liquidating Agent. The Liquidating Trust established pursuant to the Liquidating Trust Agreement is established for the purpose of satisfying Allowed Claims by making distributions from the Trust Assets, through liquidation or distribution in kind, net of all Trust Expenses, to the holders of Allowed Claims in accordance with the terms of the Plan. The Liquidating Trust shall have no objective of continuing or engaging in any trade or business, and shall not conduct business activities, except to the extent reasonably necessary to, and consistent with, the aforementioned purpose of the Liquidating Trust. On or before the Effective Date, Debtor shall convey and transfer all the Trust Assets to the Liquidating Agent on behalf of the Liquidating Trust which shall be Sean Tarpenning. Debtor shall convey and transfer to the Liquidating Agent, on behalf of the Liquidating Trust and for the benefit of the Beneficiaries as detailed in the Liquidating Trust Agreement, the Trust Assets, free and clear of all Claims and Liens except as set forth herein. The Liquidating Trust shall receive the Trust Assets and the proceeds thereof. The only funds available to be paid shall be balance of the funds held in the Debtor's Debtor-in-Possession Bank Account in the approximate amount $61,395.16, after payment of currently due Administrative Claims, which shall be paid to the Liquidating Agent to fund the Trust Expenses (the "Initial Payment"). A full-text copy of the First Amended Liquidating Plan dated June 23, 2022, is available at https://bit.ly/39R8RlO from PacerMonitor.com at no charge. Attorneys for Debtor: Colin N. Gotham, Esq. Thomas M. Mullinix, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com tmullinix@emlawkc.com About 1 Big Red LLC 1 Big Red, LLC, a Kansas City, Mo.-based company engaged in activities related to real estate, filed a petition for Chapter 11 protection (Bankr. D. Kan. Case No. 21-20044) on Jan. 15, 2021, listing total assets at $2.5 million and $3,094,099 in liabilities. Judge Robert D. Berger oversees the case. The Debtor tapped Colin Gotham, Esq., at Evans & Mullinix, P.A., as legal counsel. 1145 THORNTON AVE: Files Bare-Bones Petition -------------------------------------------- 1145 Thornton Ave LLC filed for chapter 11 protection in the District of New Jersey, without stating a reason. The Debtor appears to be the owner of the property at 143-45 Thornton Ave Plainfield, NJ 07060. The 1,881 square feet property is a single family home with five beds and three baths. According to court documents, the Debtor estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 27, 2022, at 9:00 AM at Telephonic. Proofs of claim are due by Aug. 31, 2022. About 1145 Thornton Ave 1145 Thornton Ave LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-15056) on June 22, 2022. In the petition filed by Angelo Rizzolo, as managing member, the Debtor estimated assets and liabilities up to $50,000 each. Andre L. Kydala, of the Law Firm of Andre L. Kydala, is the Debtor's counsel. 1712 PROPERTY HOLDING: Trust's Chapter 11 Filing Set for Dismissal ------------------------------------------------------------------ 1712 Property Holding Trust filed a Chapter 11 bankruptcy petition. Judge Elizabeth L. Gunn order that on or before June 30, 2022, the Debtor, by counsel, must file a paper with the Court to show cause as to why this case should not be dismissed for failure to be an eligible debtor under Sec. 109 as a business trust and/or for failure to be represented by counsel. The order noted that unless the Debtor is a "business trust," it may not be a debtor under Title 11 and this case must be dismissed. Upon a review of the Petition, the Debtor initially has not met its burden of proof to establish its eligibility to be a debtor under Title 11 as a business trust. Further, according to the judge, the Petition is not signed by an attorney who is a member of the bar of the district court of which this Court is a unit. It is well-established that corporate entities such as the Debtor are not permitted to appear pro se and must be represented by and appear through counsel and a case filed without counsel must be dismissed. About 1712 Property Holding Trust 1712 Property Holding Trust sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 22-00104) on June 22, 2022. In its petition, 1712 Property Holding Trust reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. 274 ATLANTIC ISLES: Family Residence Files for Chapter 11 --------------------------------------------------------- 274 Atlantic Isles LLC, the owner of a piece of real property, a single-family residence located at 274 Atlantic Isle, Sunny Isles, Florida, filed for chapter 11 protection in the Southern District of Florida. The Debtor is the owner of Isaac Halwani and Giselle Halwani's residence. The Debtor does not conduct any operations, and the expenses of the Debtor are paid by the Halwanis. The Debtor is the equitable owner of the Property, which is currently the subject of litigation pending in Miami-Dade Circuit Court, bearing Case Number 2021-012322-CA01. In that litigation, the mortgage lender has filed an action for ejectment (against the Debtor and Debtor's husband and wife principals and their minor children in possession) after holding a deed-in-lieu of foreclosure in escrow to secure the payment of money due under the loan and then recording that deed (which is an improper conveyance under Fla. Stat. Sec. 697.01). The Debtor says the Property has substantial equity above any alleged mortgages against the Property. The Debtor filed Chapter 11 to protect that equity. It is the Halwanis' intent to use the equity in the Property to support a plan of reorganization in their individual Chapter 11 case, which are to be filed. The Debtor says the Property is worth $6 million. The disputed secured claim, held by Eric R. Schwartz, as Trustee UTA dated 3/4/2019, is in the approximate amount of $2.5 million. The petition states funds will be available to unsecured creditors. About 274 Atlantic Isles 274 Atlantic Isles LLC filed for chapter 11 protection (Bankr. S.D. Fla. Case No. 22-14810) on June 22, 2022. In the petition filed by Isaac Halwani, as manager, the Debtor estimated assets and liabilities between $1 million and $10 million each. Glenn D Moses, Esq, of Genovese Joblove & Battista, P.A., is the Debtor's counsel. 424 GROUP: Court Approves Bidding Procedures for Sale of All Assets ------------------------------------------------------------------- Judge Sandra L. Klein of the U.S. Bankruptcy Court for the Central District of California approved 424 Group, Inc.'s proposed bidding procedures, with changes as noted on the record, in connection with the sale of substantially all assets. The bid procedures governed all bids and bid proceedings relating to the purchase of the Debtor's business assets and property. The procedure for assumption and assignment of Assumed Contracts as modified on the record was approved. The Sale Hearing to consider approval of the sale was set for June 22, 2022, at 9:00 a.m. The salient terms of the Bidding Procedures were: a. Bid Deadline: June 15, 2022 b. Initial Bid: $1,175,000 c. Deposit: $100,000 d. Auction: The auction took via Zoom on June 21, 2022, at 10:00 a.m. (PST) and was conducted by the Debtor's counsel. e. Bid Increments: $25,000 f. Sale Hearing: June 22, 2022 at 9:00 a.m. (PST) g. Sale Objection Deadline: June 13, 2022, at 12:00 p.m. (PST) h. Closing: Five business days of the entry of a Bankruptcy Court order approving the Sale A hearing on the Motion was held on June 1, 2022, at 9:00 a.m. About 424 Group 424 Group, Inc., a Los Angeles-based company that owns and operates a clothing store, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-19407) on Dec. 23, 2021, listing as much as $10 million in both assets and liabilities. Gregory Kent Jones serves as the Subchapter V trustee. Judge Sandra R. Klein oversees the case. The Debtor tapped Weintraub & Selth, APC as bankruptcy counsel; Bellizio + Igel, PLLC, Chapman Law Group, A.P.C., and Spheriens Avvocati as special counsels; and Stephen Coats as accountant. 808 B STREET: Wins Cash Collateral Access ----------------------------------------- The U.S. Bankruptcy Court for the Southern District of West Virginia authorized 808 B Street, LLC to use cash collateral, on an interim basis, and provide adequate protection to Putnam County Bank. The Debtor requires the use of cash collateral for the continued viability of its business. The Debtor and PCB agree that: 1. PCB is a secured creditor of the Debtor on account of a Promissory Note and Security Agreement for Note dated March 10, 2017, in the original principal balance of $1,275,000 with an existing loan payoff balance of $1,167,000 due and owing. The Security Agreement for Note granted PCB a valid and enforceable first deed of trust in the Debtor's namesake property, a commercial business building with commercial and residential tenants at 808 B Street, St. Albans, West Virginia. 2. The payoff amount of the subject debt as of July 1, 2022, is $1,167,000. 3. The Promissory Note will be modified by agreement of the parties with the payoff sum of $1,167,000 being re-amortized over 20 years bearing fixed interest at 4.8292% per annum with a new monthly payment of $7,592 for a term of 20 years (or 240 payments), commencing July 1, 2022, and continuing on the first day of each month thereafter until paid in full. 4. Any funds actually received by PCB as a result of a pre-petition assignment of funds made by Debtor's principal, Steven Michael Newton, in favor of PCB will fully credit towards the monthly payment due and owing. 5. Any funds actually received by PCB as a result of a pre-petition assignment of funds made by Debtor's principal, Steven Michael Newton, in favor of PCB will fully credit towards the monthly payment due and owing. 6. No prepayment penalty will apply. 7. All provisions of the deed of trust and/or note requiring that the property be insured with PCB as loss payee to the extent of its indebtedness and all provisions requiring the payment of real estate taxes by Debtor shall remain in full force and effect. 8. The Debtor agrees that it will resolve the existing arrearage in payment of ad valorem real estate taxes either by agreement with the taxing authorizing outside of bankruptcy, by actual payment of the same or by payment through a Plan of Reorganization. Should the Debtor at any time fail to pay any taxes due resulting in the sale of any tax liens(s) against the property, then such a failure constitutes default by the Debtor and constitutes grounds for PCB to foreclose on the property, even if the new monthly loan payments are current. 9. This is a permanent restructuring of the loan balance and will remain in place regardless of whether the Debtor remains in a bankruptcy case or the Bankruptcy Petition is dismissed for failure to have a Plan of Reorganization approved after a good faith effort to advance a confirmable plan. 10. The Debtor agrees that should it continue with a bankruptcy case, then it will not propose a Plan of Reorganization inconsistent in any way with the provision of the Order, nor will it attempt to change the payment, interest rate, or term. 11. PCB agrees that if the Debtor remains in a bankruptcy case and prepares a Plan of Reorganization consistent in all respects with the Agreed Order and is current in its payment and not otherwise in default, that it will notify the Court by ballot or other appropriate means that it approves such plan. 12. PCB agrees, within 30 days of the entry of the order, to execute and record a release of that certain second deed of trust recorded against the subject property of 808B to secure a loan of another entity, which deed of trust appears of record in the Office of the Clerk of the County Commission of Kanawha County, West Virginia, in Trust Deed Book. A copy of the order is available at https://bit.ly/3QYu1iy from PacerMonitor.com. About 808 B Street, LLC 808 B Street, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.Va. Case No. 22-20075) on May 5, 2022. In the petition signed by Steven M. Newton, manager, the Debtor disclosed $958,994 in assets and $1,939,961 in liabilities. Judge B. Mckay Mignault oversees the case. Andrew S. Nason, Esq., at Pepper and Nason is the Debtor's counsel. Putnam County Bank, as lender, is represented by: Scott Tree, Esq. Tyree, Embree and Associates, PLLC 3564 Teays Valley Road Hurricane, WV 25526 ABERCROMBIE & FITCH: Moody's Hikes Corporate Family Rating to Ba2 ----------------------------------------------------------------- Moody's Investors Service upgraded Abercrombie & Fitch Management Co.'s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. Concurrently, Moody's affirmed the company's Ba2 senior secured notes rating. The outlook was changed to stable from positive and the speculative-grade liquidity rating (SGL) remains SGL-1. The CFR and PDR upgrades reflect Moody's expectation that credit metrics and liquidity will remain solid despite near-term earnings declines driven by freight, input cost inflation, promotional activity to clear out excess inventory, and weakening consumer spending following the stimulus-supported 2021 spike. Moody's projects 2022 EBITDA to decline towards 2019 levels, however despite these pressures Moody's-adjusted debt/EBITDA will remain below 3x and funded debt/EBITDA will be around 1x, with balance sheet cash continuing to exceed funded debt. Longer term, Moody's expects Abercrombie's ongoing investment in its brands, marketing, digital and omnichannel capabilities to result in improved margins, resumed earnings growth and solid free cash flow generation. The affirmation of the senior secured notes rating at Ba2, on par with the CFR, reflects their junior position relative to the asset-based revolving credit facility and priority administrative claims, as well as seniority relative to unsecured claims in the liability waterfall. Moody's took the following rating actions for Abercrombie & Fitch Management Co.: Corporate Family Rating, Upgraded to Ba2 from Ba3 Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD Gtd Senior Secured Global Notes, Affirmed Ba2 (LGD3) Outlook, Changed to Stable from Positive RATINGS RATIONALE Abercrombie's Ba2 CFR reflects from the company's well-recognized brands with global presence and high digital penetration. Over the past several years, the turnaround of the Abercrombie & Fitch business, reduction in occupancy costs and growth in e-commerce have positioned the company well within its target teen and young adult apparel market. The rating also benefits from Abercrombie's solid credit metrics, relatively low levels of funded debt relative to cash balances and very good liquidity. The rating also reflects that credit metrics are likely to weaken from current levels in 2022. Moody's projects debt/EBITDA will increase to 2.1x from 1.7x and EBIT/interest expense to fall to 3.0x from 4.1x. The rating also incorporates governance considerations, specifically Abercrombie's track record of balanced financial strategies with a focus on maintaining moderate leverage and solid liquidity. The ratings are constrained by the company's very high business risk as a niche retailer in the highly competitive teen apparel market, which is subject to elevated fashion risk, volatile discretionary spending and elevated investment needs in order to evolve with customer demand. In addition, the company is subject to social and environmental factors, including responsible sourcing, product and supply sustainability, privacy and data protection. The stable outlook reflects Moody's expectations for moderate leverage and very good liquidity despite significant earnings declines in 2022. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade in the near term is unlikely given the uncertain operating environment and the company's very high business risk. The ratings could be upgraded if Abercrombie demonstrates consistent revenue and operating income growth following the current volatile period, while maintaining balanced financial strategies. An upgrade would also require maintaining very good liquidity, including consistent solid positive free cash flow and cash balances that comfortably cover daily operations and the outstanding debt balance. Quantitative metrics include debt/EBITDA sustained below 2.0 times and EBIT/interest expense above 5 times. The ratings could be downgraded if operating performance deteriorates beyond 2022 including because of any potential execution issues, such that there is limited cash flow generation to support the company's capital investment needs. Quantitatively, the ratings could be downgraded if debt/EBITDA is maintained above 3 times and EBIT/interest expense below 3.5 times. The ratings could also be downgraded if the company adopts more aggressive financial policies such as debt-financed share repurchases or if liquidity weakens. Abercrombie & Fitch Management Co. (Abercrombie) is an indirect subsidiary of Abercrombie & Fitch Co. The company offers apparel and accessories through approximately online operations and over 700 specialty apparel stores in North America, Europe, and the Asia Pacific regions under the "Abercrombie & Fitch", "abercrombie kids", "Hollister", "Gilly Hicks" and "Social Tourist" brands. For the twelve months ended April 30, 2022, the company generated approximately $3.7 billion in revenue. The principal methodology used in these ratings was Retail published in November 2021. ACTIVA RESOURCES: Seeks to Hire Wyse Advisors as Financial Advisor ------------------------------------------------------------------ Activa Resources, LLC and Tiva Resources, LLC seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Wyse Advisors LLC as their financial advisors. The firm will render these services: a. prepare all marketing materials relating to a potential investment in the Debtors, whether in the form of a capital raise, DIP financing or otherwise; b. establish, populate and maintain a data room with information to assist with potential investor due diligence; c. contact potential investors; d. assist in negotiations with potential investors; e. take any and all actions necessary to fulfill its responsibilities, including executing all necessary documentation; and f. perform such other financial advisory services as may be reasonably requested from time to time. In connection with the Capital Raise Services, the firm will earn a flat fee of $20,000, plus a fee equal to 1.5 percent of the total amount of investment. For other advisory services, the firm will receive compensation at discounted hourly rates ranging from $275 to $650. Michael Wyse, managing director at Wyse Advisors, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Wyse Wyse Advisors LLC 51 JFK Parkway Short Hills, NJ 07078 Tel.: (937) 218-2407 Email: jgatlin@wyseadvisorsllc.com About Activa Resources and Tiva Resources Activa Resources, LLC and Tiva Resources, LLC operate in the oil and gas extraction industry. Both companies are based in San Antonio, Texas. On Feb. 3, 2022, Activa Resources and Tiva Resources sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Lead Case No. 22-50117). In the petitions signed by John Hayes, president, Activa Resources disclosed as much as $50 million in both assets and liabilities while Tiva Resources disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Michael M. Parker oversees the cases. The Debtors tapped Bernard R. Given II, Esq., at Loeb and Loeb LLP as legal counsel, and Haynie & Company as accountant and auditor. Donlin, Recano & Company, Inc. is the claims, noticing and solicitation agent. ALLIED DIVERSIFIED: Taps Taft Stettinius as Special Counsel ----------------------------------------------------------- Allied Diversified Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Taft Stettinius & Hollister, LLP as special counsel. The Debtor needs the firm's legal assistance in connection with a litigation styled as Herbert R. Chisling et al. v. Allied Diversified Construction, Inc. et al, currently pending before the Court of Common Pleas, Cuyahoga County, Ohio. The firm will be paid at hourly rates ranging from $480 to $495. Julie Crocker, Esq., a partner at Taft Stettinius & Hollister, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Julie Crocker, Esq. Taft Stettinius & Hollister LLP One Indiana Square, Suite 3500 Indianapolis, IN 46204 Tel: (317) 713-3500 Fax: (317) 713-3699 Email: jcrocker@taftlaw.com About Allied Diversified Construction Allied Diversified Construction, Inc. is a construction company located at 881 3rd Ave. SW, Suite 100, Carmel, Ind. The company's primary business is constructing residential projects. Allied Diversified Construction filed a petition under Chapter 11 Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-00739) on March 9, 2022, listing $3,719,565 in total assets and $1,195,431 in total liabilities. Deborah J. Caruso serves as Subchapter V trustee. Judge James M. Carr oversees the case. KC Cohen, Esq., at KC Cohen, Lawyer PC and Taft Stettinius & Hollister, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. AMAZING ENERGY: Court Approves $2.6MM Sale of Assets to Miesners ---------------------------------------------------------------- Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas authorized Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing Energy, LLC, to sell the assets set forth on Exhibit A to Jed and Lesa Miesner, Petro Pro, Ltd., and JLM Strategic Investments, LP, and/or their designee(s) or assignee(s), for $2.6 million. Amazing Energy LLC is authorized to sell, assume (to the extent legally necessary) and assign the Assets to the Miesner Interests or Buyer. The Miesner Interests will amend their amended proofs of claim which were previously filed as secured claims to unsecured claims in the aggregate amount of $2.6 million. Amazing Energy LLC is deemed to have assumed (if allowed by applicable law) and sold to the Miesner Interests or Buyer all of the Debtors' right title and interest in the Assets listed on Exhibit A and A-1. Amazing Energy LLC will assign all of its rights, title and interest to the leases, wells, fixtures and easements and rights of way specifically described on Exhibit A and A-1 (the "Assets") to the Miesner Interests or Buyer. In connection with the sale of the Assets listed on Exhibit A and A-1, the Buyer and the Miesner Interests will assume all plugging and abandonment liabilities of the Debtors incident to such Assets. The sale to the Buyer or the Miesner Interests is free and clear of the claims asserted by the Debtors that the Miesner Interests do not possess a valid and perfected lien on the leases, wells, fixtures, easements and rights of way described on Exhibit A and A-1. The Debtors will dismiss with prejudice the claim asserted by the Debtors that the Miesner Interests do not have valid and perfected liens and/or claims on the leases, wells, fix tures, easements and rights of way set forth on Exhibit A and A-1. Amazing Energy LLC is authorized to perform its obligations under and comply with the terms of the Assignment. Entry of the Order will not be stayed pursuant to Bankruptcy Rule 6004. The Buyer will assume all plugging and abandonment and decommissioning liabilities and claims in connection with the Assets. Amazing Energy LLC, will provide to the Buyer all information in any WolfPack software utilized by Amazing Energy LLC and/or its operator relating to the wells and oil and gas leases on Exhibit A and A-1. The sale of the Assets will have an Effective Date as of May 1, 2022. The Debtors will be paid the proceeds of production from the Assets attributable to any period prior to the Effective Date and will pay all expenses and royalties due incident to such production and operating costs for the period through the Effective Date. All operating costs associated with the Assets including any royalties due for production occurring after the Effective Date are the responsibility of the Buyer. Lucas Knickerbocker is authorized to execute all documents necessary to effectuate the terms of the Order on behalf of Amazing Energy LLC. A copy of the Exhibit A is available at https://tinyurl.com/45c48abf from PacerMonitor.com free of charge. About Amazing Energy Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing Energy, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case Nos. 20-01243, 201245 and 20-01244) on April 6, 2020. On July 13, 2020, the cases were transferred to the U.S. Bankruptcy Court for the Eastern District of Texas and were assigned new case numbers (20-41558 for Amazing Energy MS, 20 41563 for Amazing Energy Holdings and 20-41561 for Amazing Energy LLC). The cases are jointly administered under Case No. 20-41558. At the time of filing, Amazing Energy MS and Amazing Energy Holdings disclosed assets of between $1 million and $10 million and liabilities of the same range while Amazing Energy, LLC estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Brenda T. Rhoades oversees the cases. The Debtors are represented by Heller, Draper, Patrick, Horn & Manthey, LLC and Wheeler & Wheeler, PLLC. Arnold Jed Miesner, Lesa Renee Miesner, and JLM Strategic Investments, LP, as secured creditors are represented by: Carol Lynn Wolfram, Esq. Rosa R. Orenstein, Esq. Nathan M. Nichols, Esq. LAW OFFICE OF CAROL LYNN WOLFRAM P.O. Box 1925 Denton, TX 76202-1925 Tel: (940) 321-0019 Fax: (940) 497-1143 E-mail: clwolframlegal@gmail.com AMAZING ENERGY: Court Approves Sale of Assets to AAPIM LLC ---------------------------------------------------------- Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas authorized Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing Energy, LLC, to sell the assets listed on Exhibit A to AAPIM, LLC or its designee or assignee. The Debtors are authorized to sell, assume (to the extent possible) and assign the oil and gas interests described on Exhibit A, free and clear of any claims possessed by the Debtors. The release of the Debtor's claims will include, but not be limited to, any claims asserted by the Debtors that the Buyer does not have a valid and perfected lien or claim against the property set forth on Exhibit A or that the secured claim asserted by the Buyer is voidable by the Debtors pursuant to 11 USC 544, 547 or 548 or that AAPIM does not possess a claim against the Debtors. All such claims possessed by the Debtors that the liens of the Buyer on the property described in Exhibit A are not valid nor perfected hereby dismissed with prejudice. Any valid and perfected lien or claim possessed by a creditor asserting a lien or claim against the Assets will attach to the proceeds of the sale (if any) actually received by the Debtors to the same extent and with the same priority as such lien or claim attached to the Assets. The lien will not attach to any credit sale of the Assets. The Debtors are authorized to perform their obligations under and comply with the terms of the Assignment set forth on Exhibit 1. Entry of the Order will not be stayed pursuant to Bankruptcy Rule 6004. Entry of the Order does not limit, diminish or in any manner affect the supervisory and regulatory authority or rights of the State of Texas or New Mexico, through any of its various agencies, to enforce any of the Debtors' obligations with respect to the Assets, to the extent such obligations are not assumed by the Buyer. The Buyer will assume all plugging and abandonment and decommissioning liabilities and claims in connection with Assets. The sale of the Assets will have an Effective Date as of May 1, 2022. The Debtors will be paid the proceeds of production from the Assets attributable to any period prior to the Effective Date and will pay all expenses and royalties due incident to such production for the period through the Effective Date. All costs associated with the Assets including any royalties after the Effective Date or due after the Effective Date are the responsibility of the Buyer. The Clerk of Court of Pecos County, Texas is hereby directed to act consistent with the Sale Motion and the Order to cancel or erase from the public record all liens or encumbrances bearing against the estates' interest in the Assets identified in the Order. Lucas Knickerbocker is authorized to execute all documents necessary to effectuate the terms of the Order on behalf of the Debtors. A copy of the Exhibits is available at https://tinyurl.com/2p85wr6m from PacerMonitor.com free of charge. About Amazing Energy Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing Energy, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case Nos. 20-01243, 201245 and 20-01244) on April 6, 2020. On July 13, 2020, the cases were transferred to the U.S. Bankruptcy Court for the Eastern District of Texas and were assigned new case numbers (20-41558 for Amazing Energy MS, 20 41563 for Amazing Energy Holdings and 20-41561 for Amazing Energy LLC). The cases are jointly administered under Case No. 20-41558. At the time of filing, Amazing Energy MS and Amazing Energy Holdings disclosed assets of between $1 million and $10 million and liabilities of the same range while Amazing Energy, LLC estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Brenda T. Rhoades oversees the cases. The Debtors are represented by Heller, Draper, Patrick, Horn & Manthey, LLC and Wheeler & Wheeler, PLLC. Arnold Jed Miesner, Lesa Renee Miesner, and JLM Strategic Investments, LP, as secured creditors are represented by: Carol Lynn Wolfram, Esq. Rosa R. Orenstein, Esq. Nathan M. Nichols, Esq. LAW OFFICE OF CAROL LYNN WOLFRAM P.O. Box 1925 Denton, TX 76202-1925 Tel: (940) 321-0019 Fax: (940) 497-1143 E-mail: clwolframlegal@gmail.com ANASTASIA PARENT: Moody's Ups CFR & 1st Lien Loans to Caa1 ---------------------------------------------------------- Moody's Investors Service upgraded Anastasia Parent, LLC's Corporate Family Rating to Caa1 from Caa2 and its Probability of Default Rating to Caa1-PD from Caa2-PD. Moody's also upgraded Anastasia's first lien senior secured revolving credit facility and term loan ratings to Caa1 from Caa2. The outlook remains stable. The upgrade reflects Anastasia's continued recovery in sales and earnings as a result of improved market demand for color cosmetics as consumers resume more social activities. Anastasia' earnings improvement also reflects the company's cost reduction initiatives and reduced promotional activities taken during 2020 and 2021 to reduce inventory. The company is also benefiting from its high specialty retail concentration. Sephora and Ulta are expanding their presence with Kohl and Target, respectively, and pushing premium beauty products to the mass market. New customer acquisition and higher foot traffic translate to higher sales to the brands they carry, including Anastasia. The company has adequate liquidity, including a relatively sizeable cash balance and no borrowings on the revolver as of March 31, 2022. Moody's also anticipates Anastasia will generate modestly positive free cash flow in fiscal 2023, after capex and a tax distribution. As the company has relatively small scale and a narrow focus on color cosmetics, Anastasia needs to continue its earnings momentum and execute well to further reduce its debt-to-EBITDA towards 6.0x for another rating upgrade. Moody's expects the company will proactively address the revolver refinancing ahead of its maturity in August 2023. Ratings Upgraded: Issuer: Anastasia Parent, LLC Corporate Family Rating, Upgraded to Caa1 from Caa2 Probability of Default Rating, Upgraded to Caa1-PD from Caa2-PD Gtd Senior Secured First Lien Revolving Credit Facility, Upgraded to Caa1 (LGD4) from Caa2 (LGD4) Gtd Senior Secured First Lien Term Loan B, Upgraded to Caa1 (LGD4) from Caa2 (LGD4) Outlook Actions: Issuer: Anastasia Parent, LLC Outlook, Remains Stable RATINGS RATIONALE The Caa1 CFR reflects Anastasia's relatively small scale with revenues of roughly $240 million and high financial leverage, with debt-to-EBITDA at 8.3x for the twelve-month ending March 31, 2022. Moody's anticipates the company's financial leverage will improve to low 7x debt-to-EBITDA by fiscal 2023, supported by both solid market demand for color cosmetics as consumers resume more social activities and a continued recovery in brick-and-mortar distribution channels. Moody's views the company's risk of a debt restructuring has declined with the rebound in earnings and improved liquidity. Nevertheless, the company is facing intense competition from many successful, larger competitors, and its narrow focus in prestige color cosmetics leaves Anastasia highly exposed to fashion risk should consumer preferences shift away from the company's products. Larger competitors have greater scale, possess more product and geographic diversity, and have greater investment capacity through a range of economic cycles. Anastasia has limited geographic diversity with a significant amount of sales generated in the U.S. Moreover, execution risk is elevated at present amid inflationary cost pressures and supply chain disruptions affecting consumer product companies and retailers. Effectively managing its supply chain and inventory is crucial to continue the company's recovery of earnings and cash flow generation. The rating is supported by Anastasia's good brand name recognition in niche markets and product development capabilities. Anastasia also has a strong presence with specialty retail at Sephora and Ulta, and grows when these customers expand distribution. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, continuation will be closely tied to containment of the virus. As a result, there is uncertainty around Moody's forecasts. Moody's regards the coronavirus outbreak as a social risk under Moody's ESG framework, given the substantial implications for public health and safety. Social considerations impact Anastasia in that the company is largely a prestige color cosmetics company. Products related to makeup help individuals enhance their self-image and align with social customs. Hence social factors are the primary driver of Anastasia's sales. To the extent such social factors change, it could have an impact -- positive or negative – on the company's sales and earnings. Governance risk is elevated due to private ownership including a significant minority share held by private equity firm TPG Capital. Moody's expects aggressive financial policies as evidenced by the high leverage in part due to a sizable dividend distribution paid in 2018. The stable outlook reflects Moody's view that Anastasia will continue to improve its credit metrics over the next 12-18 months, including reducing its debt-to-EBITDA to a low 7x level by fiscal 2023. Moody's also expects the company to generate modest free cash flow and maintain at least adequate liquidity, including successfully extending the maturity of its revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if there is renewed earnings deterioration or if Anastasia's liquidity weakens, including failure to extend the maturity of its revolving credit facility. A downgrade could also occur if the company engages in debt funded acquisitions or shareholder distributions. The ratings could be upgraded if Anastasia materially improves its operating performance and reduces its financial leverage, such that debt-to-EBITDA sustained below 6.0x. In addition, the company would need to successfully extend the maturity of its revolver, which expires in August 2023. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Based in Beverly Hills, CA, Anastasia is a marketer and seller of prestige color cosmetics largely in the U.S. Anastasia is majority owned by the Soare family with TPG owning a minority interest. The company generated roughly $240 million in annual revenue for the twelve months ending March 31, 2022. ANDREWS AUTOMOTIVE: Files Subchapter V Case Pro Se -------------------------------------------------- Andrews Automotive, LLC, filed for chapter 11 protection in the Northern District of Alabama. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. According to court filing, Andrews Automotive estimates between 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. The petition indicates that the Debtor is not represented by an attorney. A show cause hearing has been scheduled for July 27, 2022, at 9:30 a.m. The Debtor is required to show cause why the Chapter 11 case should not be dismissed because [t]he rule is well established that a corporation is an artificial entity that can act only through agents, cannot appear pro se, and must be represented by counsel Palazzo v. Gulf Oil Corp., 764 F.2d 1381, 1385 (11th Cir. 1985). About Andrews Automotive Andrews Automotive, LLC -- https://www.andrewsautotransport.com/ -- is an auto repair shop. Andrews Automotive filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-01410) on June 22, 2022. In the petition filed by Dejon Hayes, as member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. John M Caraway has been appointed as Subchapter V trustee. ARCHDIOCESE OF ST. PAUL: Buys Office Building for ACC ----------------------------------------------------- Maria Wiering of The Catholic Spirit reports that after renting an office building on St. Paul's East Side for the Archdiocesan Catholic Center since 2017, the Archdiocese of St. Paul and Minneapolis has purchased that building, Archbishop Bernard Hebda announced June 21, 2022 in a letter to priests. "The building serves our needs well and I am pleased that we were able to work with the owner to purchase it at a fair price," he wrote. The ACC moved its offices to 777 Forest St., in St. Paul's Dayton's Bluff neighborhood, in February 2017. Archdiocesan staff previously worked from three buildings near the Cathedral of St. Paul. The Archdiocese of St. Paul and Minneapolis sold those buildings in 2016 to increase the amount available to clergy abuse victim-survivors in its bankruptcy reorganization, which began in January 2015 and was resolved in December 2018. The purchase of 777 Forest St. was made possible by a 2020 estate gift by James and Florence Trainor, parishioners of St. Patrick in Edina. Archbishop Hebda said that when the archdiocese received the gift, he asked the Archdiocesan Finance Corporate Board to "evaluate best options for the bequest." Those board members, he said, recommended that the gift be used for three purposes. First was paying off early the $3 million remaining on the survivor trust promissory note, which was part of the 2018 bankruptcy settlement. That was done in June 2021. The second recommendation was to fund abuse prevention programs and victim-survivor support programs, which the archdiocese continues to do, Archbishop Hebda said. The third purpose was to consider capital projects, including the purchase of the ACC building. He did not announce the total amount of the gift. "In addition to solidifying our presence in the Dayton's Bluff community, our transition from renter to owner comes with annual rent and property tax savings of approximately $600,000. That significant savings will be helpful for funding our evangelical and charitable mission into the future," Archbishop Hebda wrote. He said he plans to dedicate the ACC to the Trainor family in July 2022, which will include the display of a memorial plaque in the building's lobby. "Please join me in a prayer of thanksgiving to God for the Trainor family and the many generous benefactors of the Archdiocese," Archbishop Hebda wrote. Designed by industrial architect Albert Kahn in the Moderne style and built in 1939, the ACC building originally served as the administration building for Minnesota Mining and Manufacturing Company, now known as 3M. It served as the company’s headquarters until 1962, when 3M moved its main campus to Maplewood. It continued to use other buildings on the St. Paul campus until 2009, when it sold the property to St. Paul Port Authority, the city's development arm. The administration building was added to the National Register of Historic Places in 2015. About the Archdiocese of St. Paul The Archdiocese of Saint Paul and Minneapolis was originally established by the Vatican in 1850 and serves a geographical area consisting of 12 greater Twin Cities metro-area counties in Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chicago, Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright counties. There are 187 parishes and approximately 825,000 Catholic individuals in the region. These individuals and parishes are served by 3,999 priests and 173 deacons. The Archdiocese of St. Paul and Minneapolis filed for Chapter 11 protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on Jan. 16, 2015, saying it has large and growing liabilities related to child sexual abuse and that its pension obligations are underfunded. The Debtor disclosed $45,203,010 in assets and $15,890,460 in liabilities as of the Chapter 11 filing. The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11 counsel; BGA Management LLC, d/b/a Alliance Management, as financial advisor; Lindquist & Vennum LLP as attorney; Regnier Consulting Group, Inc., as loss reserve analyst; and CliftonLarsonAllen LLP, as accountant. The U.S. Trustee appointed five creditors to serve on the Committee of Parish Creditors. Ginny Dwyer was appointed as the acting chairperson of the committee until such time as the members can meet and officially elect their own person. The Committee tapped Lamey Law Firm, P.A., as its conflict counsel. Other dioceses across the county have commenced Chapter 11 bankruptcy cases to address and settle claims from current and former parishioners who say they were sexually molested by priests. ARLINGTON HIGHER EDUCATION: Moody's Rates 2022 Revenue Bonds 'Ba3' ------------------------------------------------------------------ Moody's Investors Service has assigned an initial Ba3 underlying rating to Arlington Higher Education Finance Corporation, TX's $45 million Education Revenue Bonds (BASIS Texas Charter Schools, Inc.), Series 2022. Concurrently, Moody's has assigned an initial Ba3 rating to the previously issued Arlington Higher Education Finance Corporation, TX's $65 million Education Revenue Bonds (BASIS Texas Charter Schools, Inc.), Series 2021. Both series of bonds are issued by the Arlington Higher Education Finance Corporation with proceeds loaned to BASIS Texas Charter Schools, Inc., a Texas nonprofit corporation currently operating an open-enrollment charter school network in the State of Texas. The outlook is stable. RATINGS RATIONALE The initial Ba3 rating reflects BASIS Texas Charter Schools, Inc.'s very aggressive expansion in Texas over the past several years, which has resulted in extremely high leverage and weak operating margins, debt service coverage, and days cash on hand. While leverage will improve as new campuses open and enrollment expands, operating margin, debt service coverage, and days cash on hand are projected to remain fairly weak until the network's planned transition of legacy schools (subordinate participating campuses) in fiscal 2026 to the obligated group supporting the Series 2021 and 2022 bonds (Texas MTI; senior participating campuses). The network's debt structure is complex and includes June 15, 2026 put options on the Series 2021 and 2022 bonds; the put option resides solely with the holder of the bonds. The network's competitive profile is strong, demonstrated by academic performance that materially exceeds state benchmarks, a key social consideration, which is driving enrollment growth and strong waitlists. The school's governance structure is positive and supported by a 10 year charter renewal in 2018 (which covers all Texas schools) coupled with a management team and CMO with experience replicating the BASIS formula across more than 30 campuses in multiple states. Nevertheless, the organizational structure of this obligated group is somewhat complex; continued strong governance will be key as management addresses its aggressive future expansion and construction plans. RATING OUTLOOK The stable outlook reflects Moody's expectation that projected enrollment growth amid new campus openings and a healthy waitlist will grow operating revenue over the next several years and maintain stable, though weak, operating margins, debt service coverage, and days cash on hand. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Financial results of Texas MTI that are materially stronger than current projections regarding operating margins, debt service coverage, and days cash on hand Successful transition of the legacy schools to the Texas MTI that results in materially stronger operating margins, debt service coverage, and days cash on hand FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Financial results of Texas MTI or legacy schools that are materially weaker than current projections regarding operating margins, debt service coverage, and days cash on hand Construction delays or material cost overruns that disrupt the opening of the Cedar Park campus Inability to successfully transition the legacy schools to the Texas MTI LEGAL SECURITY The bonds are special limited obligations of the Arlington Higher Education Finance Corporation, payable solely from payments to be made by BASIS Charter School Inc. pursuant to the Loan Agreement and related trust indentures. The network's principal source of revenue is state funding derived from its charter school operations. The network has also executed a deed of trust mortgaging each senior campus location as security for repayment. The Texas MTI marginally benefits from a subordinate pledge of excess revenue of the legacy campuses. USE OF PROCEEDS The proceeds of the Series 2022 bonds will be loaned by the Arlington Higher Education Finance Corporation to BASIS Texas Charter Schools, Inc. to finance the construction and equipping of the BASIS Cedar Park Campus, fund a debt service reserve, and fund capitalized interest. PROFILE BASIS Texas Charter Schools, Inc. is a multiple-campus charter school network and nonprofit corporation organized under the laws of the State of Texas. The organization was granted an initial charter in 2013 for a period of five years. The charter was renewed in 2018 for a period of ten years ending in July 2028. As of the close of fiscal 2022, the network operated seven schools across six campuses and served nearly 3,400 students. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in September 2016. ASPEN CHAPEL: Taps Foster Graham Milstein as Special Counsel ------------------------------------------------------------ The Aspen Chapel received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Foster Graham Milstein & Calisher, LLP as special counsel. The Debtor needs the firm's legal assistance in connection with a pending motion to reject the Aspen Jewish Congregation's use of the chapel, any related adversary litigation, and any ongoing state court proceedings. The hourly rates charged by the firm's attorneys and paralegals are as follows: Partners $350 to $495 per hour Associates $215 per hour Paralegals $100 to $150 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. John Chanin, Esq., a partner at Foster, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Chanin, Esq. Foster Graham Milstein & Calisher, LLP 360 S Garfield St. #600 Denver, CO 80209 Tel: (303) 333-9810 Fax: (303) 333-9786 Email: jchanin@fostergraham.com About The Aspen Chapel The Aspen Chapel, doing business as Aspen Chapel of the Prince of Peace, sought Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 22-11531) on May 3, 2022. In the petition filed by Virginia C. Newton, as chair of the Board of Trustees, The Aspen Chapel listed up to $10 million in assets and up to $500,000 in liabilities. The case is assigned to Judge Michael E. Romero. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor PC and Foster Graham Milstein & Calisher, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. ATIS HOLDINGS: Taps Shochet Law Group as Special Counsel -------------------------------------------------------- Atis Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Shochet Law Group as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 6:21-cv-546-RBD-LRH) involving Century Surety Company where it asserts claims for damages in connection with property loss due to a fire, which occurred at its Holden Avenue shop. The case is pending in the U.S. District Court of the Middle District of Florida, Orlando Division. Shochet Law Group has agreed to provide legal services for fees ultimately to be determined by the court. Randal Mark Shochet, Esq., a partner at Shochet Law Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Randal Mark Shochet, Esq. Shochet Law Group 3900 Woodlake Blvd. Greenacres, FL 33463 Tel: (561) 244-5308 About Atis Holdings Atis Holdings, LLC is an operator of coin-operated laundries and drycleaners located at 16226 Bridgepark Drive, Lithia, Fla. Atis Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00919) on March 9, 2022, disclosing as much as $1 million in both assets and liabilities. Ruediger Mueller serves as Subchapter V trustee. Judge Catherine Peek Mcewen oversees the case. James W. Elliott, Esq., at McIntyre Thanasides Bringgold Elliott, Shochet Law Group and Accurate Tax & Bookkeeping Services, LLC serve as the Debtor's bankruptcy counsel, special counsel and accountant, respectively. ATOKA COUNTY HEALTHCARE: No Patient Complaints, PCO Report Says --------------------------------------------------------------- Deborah Burian, Patient Care Ombudsman for Atoka County Healthcare Authority, filed with the Bankruptcy Court a thirty-second report covering the period from March 2 to April 30, 2022. Ms. Burian reported that the facility continues with stable management. During the monitoring period, the hospital has continued to manage issues associated with the COVID-19 pandemic. The Omicron surge has abated, while the facility continues to be prepared for COVID-19 issues, there are currently no areas of concern. The PCO found no reported issues with staffing. Dietary services were reviewed during the site visit. The facility has employed a new manager for the dietary department. In addition, therapeutic menus were in place and 100% of meal trays reviewed were in compliance with physicians' ordered. Moreover, three patients were interviewed and there were no complaints or concerns. One client had an issue with discharge planning which was addressed by a case manager. A copy of the 32nd Report is available for free at https://bit.ly/3bqVyIR from Pacermonitor.com. Attorneys for Deborah Burian: Mark B. Toffoli, Esq. THE GOODING LAW FIRM, P.C. 204 North Robinson Ave., Suite 1235 Oklahoma City, OK 73102 Telephone: (405) 948-1978 Facsimile: (405) 948-0864 Email: mtoffoli@goodingfirm.com About Atoka Based in Atoka, Oklahoma, Atoka County Healthcare Authority provides health care services. The Healthcare Authority filed for Chapter 9 bankruptcy protection (Bankr. E.D. Okla. Case No. 17-80016) on Jan. 10, 2017. The Debtor was estimated to have assets of less than $50,000, and debt of between $10 million and $50 million. Jeffrey E. Tate, Esq., at Christensen Law Group PLLC, represents the Debtor. AUDACY INC: S&P Cuts ICR to 'B-' on Slowing Advertising Growth -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating to 'B-' from 'B' on Audacy Inc. At the same time, S&P lowered its ratings on the first-lien secured debt to 'B+' from 'BB-', and on the second-lien debt to 'CCC+' from 'B-'. S&P said, "2022 broadcast advertising is slowing relative to our previous expectations, and we now expect leverage will remain elevated through 2023. Audacy guided that its second-quarter revenue will increase in the mid- to upper-single digit-percent area and that the pace of bookings has slowed versus the first quarter. This is significantly lower than the 14% growth in the first quarter and our expectation for 18%-22% revenue growth for 2022. Given the rapidly deteriorating macroeconomic environment, we expect this slowdown in growth to persist over the second half of 2022 and believe the full-year 2022 growth rate will also be substantially lower than our previous expectations. We now expect leverage will remain elevated at 7.8x-8x in 2022 and 2023, significantly above our 6.5x downgrade threshold for the 'B' rating." Audacy's leverage would increase further in a recession. Broadcast radio advertising revenue is highly correlated to GDP growth because expectations for consumer spending drive advertising budgets. Radio advertising also has very short lead times and is one of the first advertising mediums to experience declines when the economy slows. Multiple radio broadcasters have publicly indicated that national advertising is slowing much faster than local advertising. In previous downturns, such as 2008 and 2020, national advertising was the first category to experience declines. Larger advertisers are likely concerned about the economic outlook and it is possible this is the beginning of a broader pullback in radio advertising. S&P Global Ratings economists believe the risk of recession has increased significantly over the past six months as inflation has remained above expectations and the Federal Reserve has become more aggressive with its interest rate policy. S&P said, "If a recession does occur, Audacy's revenue and EBITDA generation would likely be materially weaker than our current forecast. Our previous base-case assumption was that the broadcast radio industry would likely return to 85% of pre-pandemic levels in 2022. As the recovery is already slowing and Audacy's broadcast advertising has only recovered to roughly 75%-77% of pre-pandemic levels, we no longer believe that is likely in 2022. If a recession occurs, it is more likely the industry would face additional losses relative to pre-pandemic levels and radio companies with elevated leverage, such as Audacy, may not be able to recover to pre-pandemic credit metrics." 2024 maturities present a near-term refinancing risk. Audacy's revolving credit facility, accounts receivable facility, and its term loan B are all due at various points in 2024. This maturity wall is roughly $782 million of debt as of March 31, 2022. As lending conditions have tightened and Audacy's growth has slowed, the risk associated with refinancing this paywall has increased. In past down cycles, radio companies with high leverage have faced difficulty accessing the debt markets. Audacy may be dependent on macroeconomic conditions improving or it may have to pay a significant premium to refinance its upcoming maturities. S&P said, "The negative outlook reflects our expectation that the recovery in broadcast advertising will continue to slow over the second half of 2022 and Audacy's leverage will remain elevated near 8x. It also reflects the elevated risk of recession over the next 12 months and our view that Audacy may face difficulty refinancing its 2024 maturities if a recession occurs." S&P could lower the rating if it believes the company's capital structure will become unsustainable over the next 12 months. This could occur if: -- Radio advertising growth slows faster than expected, such that S&P expects the company will be unable to generate positive cash flow and reduce leverage; or -- The economy enters a prolonged recession and S&P expects Audacy's leverage to spike and remain at unsustainable levels. Additionally, S&P could lower the rating by multiple notches if it expects either of the following to occur: -- Market conditions remain unfavorable and Audacy is unable to refinance its 2024 maturities before they become current; or -- The company pursues a subpar debt exchange that S&P would view as a default. S&P could revise the outlook to stable if: -- The company successfully refinances or extends its 2024 maturities without a significant increase in its interest expense; and -- S&P believes the risk of an economic recession has declined below 30% over the next 12 months. ESG credit indicators: E-2, S-2, G-2 AVAYA HOLDINGS: New Reduced Term Loan No Impact on Moody's B3 CFR ----------------------------------------------------------------- Moody's Investors Service says that Avaya Holdings Corp.'s proposed $250 million exchangeable senior notes due 2027, subject to concurrent closing of a new downsized term loan, for total gross proceeds of no less than $500 million, does not impact ratings. All existing ratings, including the B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B3 debt instrument rating on Avaya's now downsized first lien term loan as proposed, remain unchanged. The outlook for both Avaya Holding Corp. and Avaya Inc. remains negative. Net proceeds from the incremental proposed term loan and exchangeable senior notes will be used to prefund repayment or repurchase of the existing unrated $350 million convertible notes due June 2023 and fund liquidity needs over the interim. The reduced term loan size from $500 million at the time of Moody's last rating action does not materially affect Moody's credit view because the total incremental secured debt amount is comparable, and more importantly, the proposed issuance addresses the upcoming convertible maturity and provides an adequate liquidity cushion. Avaya's B3 CFR continues to reflect the company's continued cash burn and fragile credit profile resulting from migrating existing perpetual license users to subscription licenses and cloud based solutions (together referred to as "OneCloud"). The company's current annual recurring revenue ("ARR") profile cannot support the existing capital structure, with pro forma LTM fiscal Q2 2022 debt/CASH EBITDA ("CASH EBITDA" defined as Moody's adjusted EBITDA inclusive of the change in contract assets) exceeding 11.5x. Moody's adjusted EBITDA and debt include adjustments for both operating leases and pension liabilities. However, Avaya's pace of migrations has remained solid, and a very large existing user base of enterprise clients provides fuel for future ARR growth. Avaya reported ARR growth of roughly 120% and 20% over Q2 2021 and Q1 2022 results, respectively, and enterprise clients contributing >$1 million ARR account for more than 60% of Q2 2022 $750 million ARR. Avaya bolsters its cash reserves through the proposed refinancing to bridge liquidity until it reaches a critical mass of OneCloud ARR, expected by fiscal year-end 2024. The proposed term loan and exchangeable notes together are a key step to managing Avaya's debt maturity profile, which supports near term liquidity and long term ratings. Moody's projects the company will maintain at least $150 million of cash on hand until it reaches breakeven free-cash-flow (FCF) in H2 2023/H1 2024. The negative outlook continues to reflect Moody's belief that Avaya's very high debt balance remains the core of credit risk and leaves little room for operational missteps over the next 36 months. The company operates in an intensely competitive industry and its ability to achieve critical mass ARR is dependent on successfully raising average revenue per user (ARPU) of converted users through cross-selling and up-selling services over time. The incremental debt burden from the proposed term loan, senior exchangeable notes, and unwound interest rate swap could hinder its ability to reinvest into product development and could stunt the adoption rate for its emerging CCaaS cloud solutions. Cloud solutions, which currently contribute only 20% of OneCloud ARR, are more supportive of cross-selling relative to term license solutions, and Avaya will need to improve its ARR mix of cloud users for its capital structure to remain tenable. Moody's projects debt/CASH EBITDA and FCF/debt will approach 7x and 2.5%, respectfully, over the next 12-18 months on the strength of ARR growth. Avaya Inc. provides software products and solutions to improve and simplify communication and collaboration between internal stakeholders through the Unified Communications and Collaboration segment (UC) and/or with external customers through the Contact Center segment (CC). Only 11% of current revenue is derived from hardware. Additionally, Avaya provides ancillary services ranging from initial planning and design, to implementation and integration, to ongoing managed operations, optimization, training and support. The company generated GAAP revenues of roughly $2.9 billion for the last twelve months ending March 31, 2022. BURTS CONSTRUCTION: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Burts Construction, Inc. asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and provide adequate protection through August 11, 2022. The Debtor requires the emergency use of cash collateral in the amount of $89,162 to meet payroll and expenses to continue its business operations. The majority of these funds are for payroll, payroll taxes and benefits, insurance, and continuing expenses. The anticipated income for this period is $95,000. In addition, the Debtor requires the use of cash collateral on a monthly basis. On January 9, 2017, the Debtor executed a Promissory Note in the original principal amount of $1,500,000 payable to Allegiance Bank. On February 2, 2022, the Debtor executed a Change in Terms Agreement with Allegiance with regards to the Note. Under the Change in Terms Agreement, the balance of the Note, $686,406, was payable as an interest only note. The maturity date on the Note was changed to a balloon payment due on August 2, 2022. The Note is secured by a blanket lien on all of the Debtor's assets by virtue of a UCC-1 Financing Statement filed with the Texas Secretary of State on May 11, 2020. The current balance due on the Note is $611,406 with interest only payments in the amount of $3,251. Interest is charged at the rate of 5.5% per annum. As adequate protection for the use of cash collateral, the Debtor will agree, with Court approval, to grant replacement liens to Allegiance Bank equal to those held pre-petition and to continue making the monthly, interest only payments. The security interests granted to the Allegiance Bank post-petition will not have priority over (a) prior perfected and unavoidable liens and security interests in the property of the Debtor's estate as of the Petition Date other than its liens in the Pre-Petition Collateral, provided that such liens and security interest are prior to other prepetition liens and security interests, valid, perfected, not adequately protected, and non-avoidable in accordance with applicable law; (b) the quarterly fees payable to the United States Trustee pursuant to 28 U.S.C. section 1930; and, (c) the carve-out for attorney's fees. A copy of the motion is available at https://bit.ly/3NejKM3 from PacerMonitor.com. * * * At the Debtor's behest, the Court entered an order authorizing the Debtor to use cash collateral on an interim basis for the purpose of meeting its postpetition obligations in the ordinary course of business through the date of the final hearing. The final hearing is scheduled for July 6, 2022 at 9:30 am. A copy of the order is available at https://bit.ly/3brLmA4 from PacerMonitor.com. About Burts Construction, Inc. Burts Construction, Inc. is a family-owned general contractor that offers, among other services, land clearing, demolition, site preparation, soil stabilization, underground utilities, and paving services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31700) on June 20, 2022. In the petition signed by Katherine Burts, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Christopher M. Lopez oversees the case. Julie M. Koenig, Esq. at Cooper and Scully, PC is the Debtor's counsel. BY CHLOE: Celebrity Chef Coscarelli Settles Trademark Dispute ------------------------------------------------------------- Jasmin Jackson of Law360 reports that the chef behind vegan restaurant chain "By Chloe," Chef Chloe Coscarelli said Tuesday, June 21, 2022, she has settled two trademark infringement suits against private equity firms and a hospitality group that she accused of profiting off of her name and likeness. Chef Chloe Coscarelli said in a stipulation of voluntary dismissal she'd entered into a settlement agreement with Bain Double Impact Fund LP, Kitchen Fund LP and a host of other private equity firms, resolving claims they infringed Coscarelli's registered trademark for the term "chef chloe. "The deal will also resolve her separate trademark suit against ESquared Hospitality, which helped her launch "By Chloe" in 2015. About By Chloe By Chloe is a fast-casual vegan restaurant chain based in New York City. BC Hospitality Group Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13103) on Dec. 14, 2020. BC Hospitality was estimated to have assets of $10 million to $50 million and liabilities of $1 million to $10 million. YOUNG CONAWAY STARGATT & TAYLOR, LLP, is the Debtors' counsel. ANKURA CONSULTING GROUP, LLC, is the financial advisor. C.L. MAACK: Ponderosa Market Files for Chapter 11 With Plan ----------------------------------------------------------- C.L. Maack Inc. filed for chapter 11 protection with a proposed Chapter 11 Plan of Reorganization pursuant to Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor owns and operates a general store, souvenir shop, coffee shop, and bakery operating under the name "Ponderosa Market." Cinthyan Lee Maack is the sole shareholder and President of Debtor. Ms. Maack and her husband, Robert, bought the business known as the "Ponderosa Market" in November of 1997. The Maacks purchased the corner lot where the new Ponderosa Market now stands in 2006. Another entity owned by the Maacks, Hardscrabble Investments, Inc., obtained a loan from Stockmans Bank to construct buildings on the land. The property was then quit claimed to Hardscrabble. In June 2021, the Debtor signed a deal to sell the business to Nileh Gajera and Sharad Gajera for $500,000. The Gajeras paid only $2,000 as an Earnest Money Deposit, agreed to pay $298,000 cash at closing and $200,000 over five years with interest at the rate of 5% per annum. Due to concerns about the Gajeras, the Gajera Contract, their failure to provide the requested financial statements and the possible impact that the transaction would have on Debtor's unsecured creditors and employees, Ms. Maack decided not to continue with the transaction with the Gajeras. In October 2021, the Gajeras filed a Complaint in Federal District Court in Arizona against Debtor, Ms. Maack and Hardscrabble on October 14, 2021. The Complaint seeks specific performance and an award of damages. Hardscrabble and Ms. Maack obtained a loan from Zions Bank in the original principal amount of $975,000 in December, 2021 to refinance the existing debt on the land and buildings leased to the Debtor and Pine Time. The Debtor guaranteed the Zions loan. Zions Bank holds an unsecured claim against the Debtor for approximately $960,000 plus attorneys' fees, costs and other charges based on the Guaranty. The bank declared Debtor to be in default under the Guaranty and Hardscrabble to be in default under the promissory note and deed of trust because Debtor neglected to inform the bank about the Gajera Contract and the Gajera Lawsuit and Cindy did not inform the bank that she had filed a personal bankruptcy in May of 2011. Hardscrabble and Zions Bank have entered into a forbearance and loan modification agreement to address those defaults. The Debtor acknowledges the existence of that modification and that its liability under the Guaranty is not affected by that modification. Zions Bank has agreed to waive C.L. Maack’s defaults under the Guaranty on the date that is six months after the Effective Date of the company's Chapter 11 Plan of Reorganization subject to the full and complete performance of C.L. Maack's obligations to the bank under the Plan for a period of six months. The Debtor filed for bankruptcy due to the ongoing burden of the Gajera Lawsuit and because the rejection of the Gajera Contract, as permitted by 11 U.S.C. Sec. 365(a), was in the best interest of creditors and parties in interest. The Plan proposes to pay creditors holding allowed claims out of Debtor's Net Disposable Income over three years after the Effective Date of the Plan. The Plan provides for payment in full of Allowed Administrative Claims and Priority Claims on the Effective Date or over such period of time as the creditor and Debtor may agree. The Debtor anticipates that holders of general unsecured claims will be paid 36.6% of their Allowed Claims even if the Claim of the Gajeras is allowed by the Court in an amount of $12,000. The pro rata distribution to each unsecured creditor will be less if the claim of the Gajeras is allowed in a greater amount. About C.L. Maack Inc. C.L. Maack Inc., owns and operates a general store, souvenir shop, coffee shop, and bakery operating under the name "Ponderosa Market." C.L. Maack Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-04046) on June 23, 2022. In the petition filed by Cinthyan L. Maack, as owner and president, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Christoper R. Kaup, of TIFFANY & BOSCO, P.A., is the Debtor's counsel. CDL UNIVERSITY: Seeks to Hire Mitchell & Hammond as Counsel ----------------------------------------------------------- CDL University, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Mitchell & Hammond as its counsel. The Debtor requires a legal counsel to assist it in all matters relating to this Chapter 11 case. Mitchell & Hammond will charge up to $400 per hour for attorneys and $70 per hour for legal assistants and law clerks. In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Mitchell & Hammond, 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: Gary D. Hammond, Esq. Mitchell & Hammond 512 N.W. 12th Street Oklahoma City, OK 73103 Telephone: (405) 216-0007 Facsimile: (405) 232-6358 Email: gary@okatty.com About CDL University CDL University is a truck driving school in Oklahoma City, Oklahoma. CDL University, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 22-11257) on June 10, 2022. The petition was signed by Darin Miller as managing member. At the time of filing, the Debtor estimated $249,006 in assets and $1,168,389 in liabilities. Gary D. Hammond, Esq. at Mitchell & Hammond represents the Debtor as counsel. CDP HOLDINGS: Wins Interim Cash Collateral Access ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York authorized CDP Holdings Group, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance and provide adequate protection. The Debtor requires the use of cash collateral to prevent immediate and irreparable harm to the Debtors' estates. Between 2016 and 2019, the Debtors entered into a number of loan transactions with Northpoint Commercial Credit, LLC and Northpoint Capital Partners LLC pursuant to which Northpoint advanced funds for acquisition of assets and for working capital to be utilized at various radiology facilities that the Debtors operated in Nassau and Queens counties, New York. Northpoint was granted a security interest in certain of the Debtors' assets, which may have included the Debtors' cash and cash equivalents. In connection therewith, Northpoint filed UCC-1 financing statements which indicated that it held such liens on the Debtors' assets. Northpoint asserts that it is owed approximately $3 million. On December 6, 2020, debtor Neighborhood Radiology Services, P.C. entered into a loan transaction with American Equity Bank n/k/a Luminate Bank pursuant to which AEB tendered $6.75 million to NRS and was granted a "blanket lien" on all of NRS' assets. On December 14, 2020, AEB filed a UCC-1 financing statement which indicated that it held such liens on NRS' assets. On December 6, 2020, NRS entered into a loan transaction with AEB pursuant to which AEB tendered $6.75 million to NRS and was granted a "blanket lien" on all of NRS' assets. On December 14, 2020, AEB filed a UCC-1 financing statement which indicated that it held such liens on NRS' assets. AEB also asserts a lien on the assets of debtor Neighborhood Radiology Management Services, LLC by virtue of the filing of a UCC-1 financing statement filed on December 17, 2019, however, the Debtors have been unable to ascertain to what obligation this asserted lien relates. As of the Filing Date, AEB was owed approximately $7 million from NRS. The U.S. Small Business Administration holds a duly perfected subordinate security interest in all of the Debtors' respective personal property, including the proceeds thereof, by virtue of a note and security agreement, entered into in by the Debtor on June, 2020 and the filing of UCC-1 Financing Statements evidencing such interest. As of the Filing Date, the Debtors were each indebted to the SBA in the approximate amount of $150,000. As adequate protection, the Secured Creditors are granted replacement liens in the cash collateral, to the extent that said liens were valid, perfected and enforceable as of the Filing Date and in the continuing order of priority of the liens and security interests held by the Secured Creditors, and solely to the extent Collateral Diminution occurs during the Chapter 11 case, subject to: (i) up to $100,000 for the claims of Chapter 11 professionals duly retained and to the extent awarded pursuant to sections 330 or 331 of the Bankruptcy Code or pursuant to any monthly fee order entered in the Chapter 11 case; (ii) United States Trustee fees pursuant to 28 U.S.C. Section 1930 and interest pursuant to 31 U.S.C. Section 3717; and (iii) the payment of any claim of any subsequently appointed Chapter 7 Trustee to the extent of $10,000; and (iv) estate causes of action and the proceeds of any recoveries of estate causes of action under Chapter 5 of the Bankruptcy Code. As additional adequate protection, the Debtors will pay to AEB monthly interest only debt service payments, at the contract (non-default) rate of interest, as set forth in the underlying loan agreement. The Replacement Liens and security interests granted are automatically deemed perfected upon entry of the Order without the necessity of the Secured Creditors having to take possession, file financing statements, mortgages or other typical security documents. The Debtors' authorization to use cash collateral will immediately terminate without further Order on the earlier of: (a) July 18 at 5:00 p.m. EST; (b) the entry of and order granting any party relief from the automatic stay with respect to any property of the Debtors in which the Secured Creditors claim a lien or security interest, whether pursuant to this Order or otherwise; (c) the entry of an order dismissing the Chapter 11 proceedings or converting these proceedings to a case under Chapter 7 of the Bankruptcy Code; (d) the entry of an order confirming a plan of reorganization; or (e) the entry of an order by which the current Order is reversed, revoked, stayed, rescinded, modified or amended without the consent of the Secured Creditors thereto. A final hearing on the matter is scheduled for July 18 at 1:30 p.m. A copy of the order is available at https://bit.ly/3HWZJbJ from PacerMonitor.com. About CDP Holdings Group CDP Holdings Group, LLC, and affiliate Neighborhood Radiology Management Services, LLC are management service organizations or "MSOs" that provide administrative and operational non-medical services at various diagnostic imaging locations. CDP Holdings Group and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 22-41392) on June 16, 2022. In the petition filed by Daniel DiPeitro, as sole member, CP Holdings estimated assets between $1 million and $10 million. The petition states funds will be available to Unsecured Creditors. Dawn Kirby, Esq., at Kirby Aisner & Curley LLP, is the Debtors' counsel. CHICAGO AUTO CREDIT: Wins Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Chicago Auto Credit Sales, Inc. to use the cash collateral of NextGera Capital, Inc. on an interim basis on the condition that the Debtor make payments to NextGear of $1,000 per month. The unsecured claim of NextGear in the amount of $87,992 as reflected as Claim No. 1 of the Claim's Register will be modified to reflect a secured claim in the amount of $11,400. The payments will commence upon the entry of the Order and on the 22nd of each month thereafter until the time as NextGear has been paid $11,400 in satisfaction of its Secured Claim. The parties agree that the payments will continue as documented and will be set forth in the Debtor's Plan of Reorganization. A copy of the order is available at https://bit.ly/3yfXoFu from PacerMonitor.com. About Chicago Auto Credit Sales Chicago Auto Credit Sales, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-03260) on March 22, 2022, listing up to $50,000 in assets and up to $500,000 in liabilities. Ken Novak serves as Subchapter V trustee. Judge Janet S. Baer oversees the case. Gregory K. Stern, P.C. is the Debtor's bankruptcy counsel. CHRISTIAN CARE: Proposes to Sell Substantially All Assets --------------------------------------------------------- Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas granted in part the request of Christian Care Centers, Inc., and Christian Care Centers Foundation, Inc., for expedited hearing on proposed bidding procedures in connection with the sale of substantially all their assets. A hearing on the Motion was held via WebEx on June 10, 2022, at 9:30 a.m. (CT). A hearing on the Sale Motion's request for an Order Approving Sale of Assets of the Debtors will be held at a later date. About Christian Care Centers Christian Care Centers, Inc. (CCCI) was incorporated in 1947 as a nonprofit Texas corporation. Christian Care Centers Foundation, Inc. was incorporated in 1994 also as a nonprofit Texas corporation. CCCI, a faith-based organization, operates three senior living housing and health care campuses in the Dallas/Fort Worth Metroplex. In addition, CCCI owns unimproved real property in Dallas County and Tarrant County, adjacent to the Mesquite and Fort Worth communities. The Foundation is a supporting organization that serves as an endowment organization for CCCI. CCCI and Christian Care Centers Foundation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 22-80000) on May 23, 2022. In the petitions signed by Mark Shapiro, chief restructuring officer, the Debtors disclosed up to $100 million in both assets and liabilities. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Husch Blackwell, LLP as counsel; Glassratner Advisory & Capital, LLC as restructuring advisor; and Houlihan Lokey Capital, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, and solicitation agent. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on June 3, 2022. CLIPPER ACQUISITIONS: S&P Affirms 'BB+' Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings revised its outlook on Clipper Acquisitions Corp. to stable from positive. At the same time, S&P affirmed its 'BB+' issuer credit and secured debt ratings. The recovery rating on the company's debt is unchanged at '3', indicating a meaningful (50%) recovery in the event of default. Clipper's AUM declined about 8% over the first quarter of 2022, to $242.6 billion, due to the broad market contraction and net outflows. S&P expects continued market volatility and net outflows to result in further AUM declines in 2022 and, as a result, lower revenue generation than its previous expectations. Personnel expenses increased nearly 40% in 2021, though much of the increase was related to bonus compensation for an executive departure in 2021. S&P said, "We expect these payments to continue in 2022 but for margins to recover in 2023 to 25%-30%, in line with historical levels. As a result, we have lowered our earnings expectations for 2022 and expect leverage to remain 2.0x-3.0x over the next 12 months." Despite net outflows and declining AUM, the investment performance of Clipper's fixed-income strategies--the company's core competency--remains strong, with greater than 90% of AUM outperforming the benchmark on one-, three-, five-, and 10-year bases. S&P views this key rating strength, which has supported stable net inflows and AUM growth in recent years, as an offset to Clipper's relatively concentrated product set. S&P said, "The stable outlook reflects our expectation that Clipper's leverage will remain 2.0x-3.0x over the next 12 months while the investment performance of the company's fixed-income strategies remains strong. The stable outlook also incorporates our expectation for modest continued net outflows for the remainder of the year. "We could lower the ratings if leverage increases above 3.0x. We could also lower the ratings if investment performance or net flows weaken materially. "We do not expect to raise the ratings in the next 12 months, considering the volatile market. We could raise the ratings over the longer term if leverage remains comfortably below 2.0x and if the company's investment performance and net flows remain stable." COLUMBUS MCKINNON: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company on June 9, 2022, retained the 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Columbus McKinnon Corporation. Headquartered in New York, Columbus McKinnon Corporation of New York designs, manufactures, and distributes a variety of material handling, lifting, and positioning products. CORSICANA BEDDING: In Chapter 11 to Pursue Going-Concern Sale ------------------------------------------------------------- Corsicana Bedding, LLC, and its debtor-affiliates have sought Chapter 11 protection with plans to sell their business to existing lenders, absent higher and better offers. Corsicana is a U.S.-based manufacturer of mattresses and foundations that offers a full range of products featuring the latest in sleep technology. The Debtors are one of the nation's largest mattress producers, serving a diverse base of more than 2,400 customers. The Debtors are currently burdened with over $145 million of funded debt. Corsicana says this capital structure is unsustainable in light of the decline in the Company's operating performance caused by a combination of factors, including industry-wide challenges, underperforming strategic initiatives, and unsatisfactory business performance. Corsicana has undertaken arduous efforts to improve sales and profits. Corsicana recently revamped its product offerings (SKUs) to reduce costs and meet current customer demands. Corsicana has and is continuing to reduce product costs by further simplification of SKUs and more economical raw materials. Corsicana recently developed a new product lineup for a key customer. Corsicana has reduced overhead expenses, is in the process of closing and exiting a facility in Indiana and just announced another facility closure in Virginia. Despite these efforts, Corsicana's financial performance continued to decline, and the Company was left with outsized operating costs and a liquidity shortage. In sum, the overleveraged capital structure combined with general industry volume decline have made it increasingly difficult to both invest in necessary capital expenditures and marketing in order to grow the business while also servicing the current debt load and maintaining the necessary working capital to operate the business unencumbered. As a result, in early 2022, the Debtors hired restructuring advisors to help evaluate their strategic options. Ultimately, the Company determined to commence a sale process, seeking a buyer that could provide the necessary capital to the business to effectuate management's turnaround strategies. After extensive negotiations, Blue Torch Finance LLC, the administrative and collateral agent on behalf of the Debtors' lenders under term loan facilities, agreed to provide debtor-in-possession financing and serve as a stalking horse bidder in a Section 363 sale of substantially all of the Company's assets. Considering these circumstances, the Debtors, in consultation with their advisors, elected to commence Chapter 11 to effectuate a transaction with Blue Torch, or such other party that may emerge through the section 363 sale process. In furtherance of the proposed sale, Blue Torch agreed to (i) provide post-petition debtor-in-possession financing and authorize the Debtors to use cash collateral subject to their pre-petition security interest, and (ii) serve as a stalking horse bidder in connection with the marketing and sale of substantially all of the Debtors' assets. This proposed transaction, including the financing package, sends a clear message to vendors, customers, and all stakeholders that the Debtors have the resources to maintain operations while pursuing a value-maximizing sale of their business. By streamlining operations, reducing their operational costs and lease footprint, and deleveraging their balance sheets, the Debtors aim to maximize the value of their enterprise as a going concern. With right-sized operations, a healthy balance sheet, and a well-capitalized business, the Debtors will be more marketable and better positioned to complete a swift, value-maximizing sale process $260 Million Debt As of May 30, 2022, Corsicana's unaudited balance sheets reflected total assets of approximately $151 million and total liabilities of approximately $260 million. The Debtors' principal assets consist of accounts receivable, inventory, equipment, and fixed assets, including information technology assets and leasehold improvements. Corsicana's prepetition debt structure primarily consists of: (i) $129.4 million outstanding under the Prepetition Term Loans, and (ii) $18.55 million outstanding under the Prepetition ABL Debt. The Debtors also have outstanding obligations under various lease agreements and owe certain amounts to vendors and other general unsecured creditors. As of the Petition Date, the Debtors estimate that the total amount owed to general unsecured creditors is approximately $45 million. Sale Transaction Pursuant to a forthcoming stalking horse bid, Blue Torch will, with the Court's approval and the approval of the Debtors' board, serve as a stalking horse bidder to purchase substantially all of the Debtors' assets and assume certain of the Debtors' liabilities pursuant to Section 363 of the Bankruptcy Code, subject to higher and better bids that may be received after a postpetition marketing period. The terms of the sale/stalking horse APA are near finalization. The Debtors expect to file a bid procedures motion on or before Wednesday, June 29. About Corsicana Bedding Corsicana Bedding, LLC, is a U.S.-based manufacturer of mattresses and foundations. The Company is headquartered in Texas and operates manufacturing facilities located in Texas, Arizona, Connecticut, Florida, North Carolina, Tennessee, Washington, and Wisconsin. Corsicana Bedding and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 22-90016) on June 25, 2022. Corsicana Bedding disclosed total assets of $151 million against total liabilities of $260 million as of May 30, 2022. The Hon. Edward L. Morris is the case judge. The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel; and Houlihan Lockey, Inc. and CR3 Partners, LLC, as financial advisors. Donlin Recano & Company, Inc., is the claims agent. COTTAGE GROVE: Wins Interim Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon authorized Cottage Grove Center, LLC to use cash collateral on an interim basis in accordance with the budget and provide adequate protection. The Debtor had approximately $53 in bank accounts on the Petition Date, along with post-petition rent receivables. The cash collateral constitutes the proceeds of the operation of the Debtor's business. The trust deed servicer, Del Toro Loan Servicing, Inc. and Cottage Grove Sunrise, LLC, the Trust Deed beneficiaries, appear to have security interests/liens upon the cash collateral and rents as of the Petition Date pursuant to the terms of their Trust Deeds recorded in the real property records of Lane County Oregon. The Court said the Debtor may use the cash collateral and rents to pay: Pacific Power -- $1,000, City of Cottage Grove Water -- $1,250, State Farm Insurance -- $789.41, Gardening & Maintenance -- $960 for the period of June 1st to June 30th, 2022. The Debtor's authority to use cash collateral is limited to the cumulative amounts and uses of cash collateral as set forth above, together with a 10% variance for each listed budget category. The Debtor will pay to Cottage Grove Sunrise, LLC as adequate protection the sum of $2,500 no later than June 30, 2022. Each creditor with a security interest in cash collateral will be granted adequate protection in the form of a replacement lien, dollar for dollar, in post-petition rents and accounts receivable to replace their security interest and liens in the collateral to the extent of prepetition cash collateral utilized by Debtors during the pendency of the bankruptcy proceeding. The automatic stay of Section 362 of the Bankruptcy Code is modified as necessary to permit the Secured Creditors to perfect the adequate protection lien granted to them; provided, however, that the Secured Creditors will not be required to record any document with any filing officer or take any other action to perfect the lien, such lien being deemed to be perfected without any further action. The final hearing on the matter is scheduled for July 7 at 1:30 p.m. A copy of the order is available at https://bit.ly/3OrdtOA from PacerMonitor.com. About Cottage Grover Center Cottage Grove Center LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Cottage Grove Center sought Chapter 11 bankruptcy protection (Bankr. D. Ore. Case No. 22-60332) on March 24, 2022. In the petition filed by Richard J. Gordon as managing member, Cottage Grove Center listed estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Thomas M. Renn oversees the case. Ted A. Troutman, Esq., at Troutman Law Firm P.C., is the Debtor's counsel. COUNTS FARMS: Online Auction of Assets Thru Shane Albright Approved ------------------------------------------------------------------- Judge Clifton R. Jessup, Jr., of the U.S. Bankruptcy Court for the Northern District of Alabama issued a Second Amended Order approving Counts Farms, Inc.'s sale of all of the estate's right, title and interest in the Assets listed in Exhibit A attached to the motion by online-only auction, free and clear of all liens, claims, interests, and encumbrances. The Debtor is granted authority to execute all documents and take all action necessary and appropriate to implement, consummate, effect, confirm, and conduct a timed, online-only auction through Shane Albright Auctions, consistent with the terms detailed in the Motion. Notwithstanding Bankruptcy Rules 6004 and 6006, the Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. The Debtor, the Auctioneer and the Secured Lender will consult on necessary and reasonable reserve procedures for the Auction. The Auctioneer is directed to maintain separate records as to those items of equipment which are subject to the blanket security interest of First Metro Bank, the purchase money security interests of Farm Credit Services of America, and any other purchase money security holders identified by the Debtor. As to the proceeds attributable to the sale of the equipment subject to the security interest of First Metro Bank, the Auctioneer is authorized and directed to withhold from said proceeds the applicable Auctioneer's commission, a pro rata share of advertising expenses as set forth in the application for employment and withhold the further sum of $10,000 which will be paid to the debtor-in-possession. The balance of the proceeds attributable to the sale of the equipment subject to the lien of First Metro Bank will be paid directly to First Metro Bank by the Auctioneer, c/o its attorney, Robert P. Reynolds, P.O. Box 2863, Tuscaloosa, Alabama 35403 or via wire transfer or ACH payment, as to which the Auctioneer and counsel for First Metro Bank will mutually agree. As to the proceeds attributable to the sale of the equipment subject to the security interest of Farm Credit Services of America, the Auctioneer is authorized and directed to withhold from said proceeds the applicable Auctioneer’s commission, a pro rata share of advertising expenses as set forth in the application for employment and withhold the further sum of $3,000 which will be paid to the debtor-in-possession. The balance of the proceeds attributable to the sale of the equipment subject to the lien of Farm Credit Services of America will be paid directly to Farm Credit Services of America by the Auctioneer, c/o its attorney, S. Dagnal Rowe, P.O. Box 2168, Huntsville, Alabama 35804 or via wire transfer or ACH payment, as to which the Auctioneer and counsel for Farm Credit Services of America will mutually agree. As to the proceeds attributable to the sale of the equipment subject to the security interest of Deere & Company d/b/a Deere Financial, the Auctioneer is authorized and directed to withhold from said proceeds the applicable Auctioneer’s commission, a pro rata share of advertising expenses as set forth in the application for employment and withhold the further sum of $1,000 which will be paid to the debtor-in-possession. The balance of the proceeds attributable to the sale of the equipment subject to the lien of Deere & Company d/b/a Deere Financial will be paid directly to Deere & Company d/b/a Deere Financial by the Auctioneer, c/o its attorney, Frank “Chip” Bankston, Jr., P.O. Box 239, Montgomery, Alabama 36101 or via wire transfer or ACH payment, as to which the Auctioneer and counsel for Deere & Company d/b/a Deere Financial will mutually agree. First Metro Bank and the holders of other purchase money security interest will be entitled to consult with the Auctioneer to establish a credit bid amount and if First Metro Bank or such other purchase money secured party is the high bidder with such credit bid, it will pay to the Auctioneer the Auctioneer's applicable commission and pro rata share of advertising and marketing costs as set forth in the application for employment. First Metro Bank and any other secured creditor wishing to propose a credit bid must advise the Auctioneer of the amount of each credit bid per item of equipment, not less than 10 days prior to the commencement of the auction and upon failure to do so, such items of equipment will be sold on an absolute basis without reserve. About Counts Farms On July 9, 2021, Counts Farms, Inc. filed a voluntary petition for relief under Chapter 12 of Title 11 of the United States Code. The case was converted to a Chapter 11 bankruptcy Bankr. N.D. Ala. Case No. 21-81206-CRJ11) on Feb. 18, 2022. CREDITO REAL: To Fight Involuntary Chapter 11 Petition ------------------------------------------------------ Credito Real, Mexico's biggest payroll lender, said in a filing with the Mexican stock exchange it was aware of claims of a filing of an involuntary Chapter 11 bankruptcy petition, which it would fight once the petition was served. On June 22, 2022, three holders of unsecured bond debt totaling $8 million filed a petition to initiate Chapter 11 proceedings in New York against Credito Real. The bondholders -- Institutional Multiple Investment Fund LLC, of Boston, Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of Liechtenstein -- are represented by U.S.-based firm Akin Gump Strauss Hauer & Feld LLP. "The Involuntary Petition has not been served on the Company. The Company believes the Involuntary Petition is improper and was filed as a litigation tactic in the U.S. by certain alleged minority creditors to gain leverage in negotiations with the Company," Credito Real said June 22. According to a June 23 filing in New York bankruptcy Court, Credito Real has been summoned and required to submit a motion or answer to the petition within 21 days after the service of the summons. As previously reported, Credito Real had been weighing a Chapter 11 filing after defaulting on a repayment of a Swiss franc bond. Bloomberg News later reported June 10 that the Mexican company has scrapped its U.S. bankruptcy plans and is instead planning to pursue insolvency proceedings in Mexico known as concurso mercantil. Credito Real fell into default earlier this year after it failed to repay holders of a maturing Swiss franc bond. It had been looking to line up financing from existing creditors. Credito Real has $1.9 billion in global notes out of a total debt of MXN53.3 billion ($2.72 billion). About Credito Real SAB Credito Real SAB de CV SOFOM ENR is a Mexico-based company that provides consumer financing. Credito is Mexico's biggest payroll lender and second largest non-bank lender after Real Unifin. Credito Real provides loans, either by providing direct financing to consumers or by establishing financing programs with consumer financing dealers that sell to Credito Real the collection rights from consumer financing products. It also provides financing directly to individuals that are employed by corporations with payroll deduction agreements with consumer financing dealers authorized by Credito Real. Credito Real operates through a number of subsidiaries, including AFS Acceptance LLC. Three alleged creditors signed a petition to send Credito Real to Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No. 22-10842). Institutional Multiple Investment Fund LLC, of Boston, Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of Liechtenstein, who claim to own an aggregate $8 million of unsecured bond debt, signed the involuntary Chapter 11 petition. David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is advising the three bondholders. DAVITA INC: Egan-Jones Keeps BB- Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company on June 10, 2022, retained the 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by DaVita Inc. Headquartered in Denver, Colorado, DaVita Inc. provides a variety of health care services. DCIJ BEE HIVE: Future Income to Fund Plan Payments -------------------------------------------------- DCIJ Bee Hive, LLC, filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Subchapter V Plan of Reorganization dated June 23, 2022. DCIJ filed for bankruptcy protection on March 25, 2022 for purposes of restructuring its remaining secured creditor debt obligations and lowering its payments to various creditors. DCIJ intends to continue its normal operations while also improving the services and amenities for its care patients. The current occupancy rate sits at eleven care patients with its facility able to accommodate a total of 18. Since the filing of its bankruptcy petition, occupancy rates have steadily increased. This upward trend is expected to continue into the future. After accounting for expenditures that are necessary for continued operation of the Debtor's business, the projected annual disposable income totals $27,700.00. Funds available for allowed unsecured claims is based on the monthly disposable income for years 2022, 2023, 2024, less expenses related to the annualized secured and priority claim payment itemization. The length of the plan is 3 years from the effective date of the plan. Payments to allowed secured claims shall continue the 3-year plan length. Class 3 consists of Allowed, Undisputed General Unsecured Claims. All non-priority unsecured claims will be paid pro rata from remaining net disposable income, if any, after disbursements made to secured and priority claims have been paid. Distributions will be made on a pro rata basis. The funds necessary for the payment of creditor's claims will be derived from the Debtor's future gross income less ordinary and necessary operational expenses. A full-text copy of the Subchapter V Plan dated June 23, 2022, is available at https://bit.ly/3bv8sWv from PacerMonitor.com at no charge. Attorney for Debtor: Evan M. Swenson, Esq. Swenson Law Group, LLC 118 E. Grand Avenue Eau Claire, WI 54701 Telephone: (715) 835-7779 Facsimile: (715) 835-2573 Email: evan@swensonlawgroup.com About DCIJ Bee Hive DCIJ Bee Hive, LLC, is a limited liability company that was organized on September 6, 2016. DCIJ has operated as an assisted living service provider in Eau Claire, Wisconsin since its inception. Daniel Pekol is the sole owner/managing member of DCIJ. DCIJ Bee Hive sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 22-10427) on March 25, 2022. In the petition signed by Daniel Peko, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Catherine J. Furay oversees the case. Evan M. Swenson, Esq., at Swenson Law Group, LLC, is the Debtor's counsel. DET MEDICAL: UST Appoints Joseph J. Tomaino as PCO -------------------------------------------------- William K. Harrington, United States Trustee for Region 2, appointed Joseph J. Tomaino as Patient Care Ombudsman for DET Medical P.C. d/b/a DET Medical. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Eastern District of New York on June 22, 2022, and the verification of disinterestedness by Joseph J. Tomaino. In the PCO's investigation, the PCO discovered no known connections with the Debtor, creditors, patients, and other party or parties-in-interest. The PCO may seek to retain counsel to assist him in the performance of his duties and responsibilities, save and except for his reporting obligations as set forth in Section 333(b)(2) of the Bankruptcy Code. The Ombudsman may be reached at: Joseph J. Tomaino Chief Executive Officer Grassi Healthcare Advisors LLC 50 Jericho Quadrangle, 2nd floor Jericho, NY 11753 Telephone: (212) 223-5020 Email: jtomaino@grassihealthcareadvisors.com About DET Medical PC DET Medical PC, doing business as DET Medical, is a medical group practice located in Jamaica, NY that specializes in Cosmetic, Plastic & Reconstructive Surgery. DET Medical P.C. sought bankruptcy protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41117) on May 24, 2022. In the petition filed by Errol Thompson, as owner and president, DET Medical estimated assets and liabilities between $500,000 and $1 million each. The case is assigned to Honorable Bankruptcy Judge Jil Mazer-Marino. Salvatore LaMonica, Esq., has been appointed as Subchapter V trustee. DIAMOND SCAFFOLD: Seeks Cash Collateral Access ---------------------------------------------- Diamond Scaffold Services, LLC asks the U.S. Bankruptcy Court for the Southern District of Alabama for authority to, among other things, use cash collateral in accordance with the proposed budget, with a 10% variance and provide adequate protection. The Debtor's need to use cash collateral is immediate and critical in order to enable the debtor to continue operations and administer and preserve the value of its estate. Prior to June 2021, the Debtor owned scaffolding and leased it to its customers. It charged some customers by the man hour -- that is, by the hours the scaffolding was used by the customer's employees or contractors on the jobsite. It charged other customers by piece rented. As a consequence of the COVID-19 pandemic, the Debtor's customers' construction and maintenance jobs were interrupted and not regularly or fully staffed. This led to a significant reduction in the Debtor's revenue because its customers were using the scaffolding for less man hours. This led to cash flow problems for the Debtor. In order to make pay payroll and other necessary operating expenses while construction and maintenance jobs were shut down, the Debtor borrowed from several cash advance lenders. The daily interest rates charged by these lenders compounded the Debtor's cash flow problems. In an effort to pay off its short-term cash advance loans, the Debtor entered into a "finance lease" as that term is defined under Article 2A of the Uniform Commercial Code with Sertant Capital with respect to a portion of its scaffolding and equipment inventory on June 1, 2021 in exchange for Sertant's payment of $3,000,000. The Debtor may have sold or transferred this portion of its equipment to Sertant. It then sold its remaining scaffolding and equipment inventory to Mazuma Capital on December 7, 2021 for $2,500,000. Contemporaneously with the transfers to Sertant and Mazuma, the Debtor executed Master Lease Agreements with each of Sertant and Mazuma, leasing back the transferred scaffolding. The Master Lease Agreements give the Debtor the right to buy back the scaffolding it transferred to Sertant and Mazuma under certain terms and conditions. Mazuma assigned its rights under its Master Lease Agreement to First Guaranty Bank. In September 2021, the Debtor began the process of merging with another company. It funded that company's operations for six months, then the other company terminated the merger process. That company failed or refused to repay the Debtor the approximately $900,000 it infused into that company. This aborted merger again stretched the Debtor's cash flow too thin to meet its operating costs, and again borrowed from cash advance lenders. The Debtor's agreements with these lenders purport to be for the sale of the Debtor's receivables, but they are structured like secured loans. The lenders took liens on the Debtor's same accounts and accounts receivable that it purportedly sold to them; some also took liens on its equipment and other personal property. In the Spring of 2022, the Debtor's revenues continued to increase, and it cut expenses. Despite the Debtor's efforts, its financial performance continued to deteriorate in large part because its revenues were quickly exhausted by the high daily rates charged by the cash advance lenders and attorneys' fees and expenses related to multiple lawsuits pending against the Debtor. The Debtor says its inability to pay a settlement payment in order to avoid having a consent judgment entered against it caused it to file its emergency bankruptcy petition. On the Petition Date, the Debtor had approximately $1,831,275 in pre-petition accounts receivable. The Debtor says its current and projected revenue is sufficient to pay its operating expenses and service secured and tax debts. It is not sufficient to also pay the high daily rates charged by the cash advance lenders. The cash advance lenders are Reserve Capital Management, Honest Funding, LLC, Byrd Capital, LLC, Granite State Services, LLC, and Strategic Investments, LLC, and LCF Group, Inc. There are three groups of creditors that may claim to have pre-petition liens on the Debtor's cash collateral: (i) Sertant and Mazuma, the lessors under the Master Lease Agreements, (ii) certain priority tax creditors, and (iii) the Cash Advance Lenders. The aggregate value of their estimated claims exceeds the value of the Debtor's pre-petition cash collateral; therefore, they are not all fully secured, and some are not secured at all by the Debtor's pre-petition accounts receivable. The Debtor is still in the process of investigating and determining the validity and priority of these creditors' liens on cash collateral. The IRS recorded Federal Tax Lien against the Debtor with the Alabama Secretary of State for withholding taxes in the amount of $212,446 on November 11, 2021. This lien may attach to all of the Debtor's business property, including its accounts receivable. As adequate protection, the Pre-petition Secured Creditors will be granted replacement liens on its post-petition receivables to the extent each such creditor has a valid lien on pre-petition accounts and accounts receivables and in the order and priority of those pre-petition liens. A copy of the motion is available at https://bit.ly/3btyvgL from PacerMonitor.com. About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022. In the petition filed by Jewell Wayne Sumrall, as president, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Alexandra K. Garrett, Esq., at Silver, Voit & Garrett, is the Debtor's counsel. Jason R. Watkins is serving as special counsel, representing the Debtor in various litigation. DIEBOLD NIXDORF: Egan-Jones Keeps BB- Senior Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company on June 8, 2022, retained the 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Diebold Nixdorf, Incorporated. Headquartered in North Canton, Ohio, Diebold Nixdorf, Incorporated provides automatic teller machines, financial, and point of sale (POS) services. DUNWOODY LABS: Wins Interim Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, authorized Dunwoody Labs, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor requires the use of cash collateral for payment of operational and administrative expenses in substantially accordance with the Budget. The entities that may have an interest in the cash collateral are Loanbuilder, which is a Paypal Service; Fox Capital Group, Inc.; and the United States Small Business Administration. PayPal asserts a claim against the Debtor as evidenced by a Business Loan Agreement dated March 30, 2022. PayPal extended a $125,000 loan. The Agreement requires a total loan fee of $15,236 to be repaid via 52 weekly electronic funds transfers of $2,697 each with a Total Repayment Amount of $140,236. The current balance of the account is $134,842. The PayPal Agreement paid off a prior Business Loan Agreement between the parties dated September 21, 2021, having a Loan Amount of $75,000. Fox Capital asserts a claim against the Debtor as evidenced by a Future Receivables Sale and Purchase Agreement dated November 8, 2021, as may be subsequently amended. Under the deal, the Debtor sells, assigns, and transfers to Fox Capital all of its future accounts and receivables in consideration for a $105,000 purchase price. The Purchased Amount is $144,900 and the Daily Remittance is $724 payable via automatic electronic transfer. The current balance of the account is $18,060. The SBA provided an Economic Injury Disaster Loan to the Debtor with an Effective Date of March 5, 2022, in the face amount of $500,000. The EIDL Loan calls for installment payments of principal and interest in the amount of $2,575 monthly to begin 24 months from March 5, 2022. The balance of principal and interest will be payable 30 years from March 5, 2022. The current balance of the account is approximately $499,900. As adequate protection of their interests, the Respondents are granted replacement liens in the Debtor's property, provided, however, that the Replacement Liens will exclude all claims and causes of action of the bankruptcy estate under Sections 544, 545, 546, 547, 548, 549, 550 and 553(b) of the Bankruptcy Code. The Replacement Liens granted will be deemed automatically valid and perfected to the same extent as the pre-petition liens of Respondents, without any further notice or act by any party that may otherwise be required under any other law. As further adequate protection for any diminution in value since the Petition Date of any of the Debtor's assets, including Cash Collateral, subject to Respondents' lien or security interest, Respondents reserve any right to seek an administrative claim under Sections 503(b)(1), 507(a), and 507(b) of the Bankruptcy Code. The conversion or dismissal of the case; the appointment of a trustee or an examiner with expanded powers in the case; and the Debtor's failure to comply with the Interim Order constitute an "Event of Default". A copy of the order and the Debtor's budget for the period from May 2022 to December 2023 is available at https://bit.ly/3ngwpTY from PacerMonitor.com. The Debtor projects $325,000 in total income and $96,138 in total expenses for June 2022. About Dunwoody Labs, Inc. Dunwoody Labs, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-53775) on May 17, 2022. In the petition signed by Gezim Agolli, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC is the Debtor's counsel. EBIX INC: Egan-Jones Keeps BB- Senior Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company on June 9, 2022, retained the 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Ebix, Inc. Headquartered in Atlanta, Georgia, Ebix, Inc. supplies software and electronic commerce solutions to the insurance industry. EDWARD D. HIRSCH MD: Unsecureds to Split $7.5K over 5 Years ----------------------------------------------------------- Edward D. Hirsch MD, P.A., and Edward David Hirsch filed with the U.S. Bankruptcy Court for the Southern District of Florida a Joint Subchapter V Plan dated June 23, 2022. This bankruptcy proceeding was commenced to provide the Debtors with the opportunity to resolve their issues with the Internal Revenue Service ("IRS") and restructure business operations going forward. The Debtors are obligated on IRS obligations. The IRS has levied against 100 percent of the Debtors' earnings. The IRS levy has resulted in the Debtors becoming delinquent in personal and business debts. Under this Plan, the Internal Revenue will receive the value of its collateral in full satisfaction of the secured portion of its claims in each case. Priority tax claims will be paid in full over five years and general unsecured creditors will receive net disposable income over the five year life of the Plan. The Internal Revenue Service has filed a priority tax claim in the amount of $313,811.42 in the Hirsch Bankruptcy Case and a priority tax claim of $256,343.08 in the PA Bankruptcy Case. In addition, the amount of $2,523.84 is due to the Florida Department of Revenue in the PA Bankruptcy Case and $3,293.36 is due to the Florida Department of Revenue in the Hirsch Bankruptcy Case on a priority basis. The Debtors anticipate that after their accountant files delinquent tax returns and quantifies the amount already paid to the Internal Revenue Service through pre-petition levies, the amounts due to the Internal Revenue Service on a priority basis will be significantly less. The resulting priority tax claims will be paid in full in equal monthly installments commencing 30 days after the Effective Date and ending five years after the date of the respective order for relief. Class 4 consists of the Secured claim of the Internal Revenue Service, in the amount of $3,521.00, as evidenced by claim no. 3-2, and secured by all of Hirsch's non-exempt assets. Hirsch anticipates that after the accountant files delinquent tax returns and quantifies the amount already paid to the Internal Revenue Service through pre petition levies, the amount due to the Internal Revenue Service on this secured claim will be significantly less. In full satisfaction of this secured claim, the Internal Revenue Service will receive the liquidation of its collateral of $2,521.00. The balance of the claim will be treated as a general unsecured claim of Hirsch in Class 6. Class 4 is impaired. Class 6 consists of non-priority unsecured claims in the Hirsch Bankruptcy Case. Hirsch shall pay to non-priority unsecured creditors the sum of $7,500.00 over five years in semiannual payments commencing on the 180th day following the Effective Date. These payments will exceed the liquidation value of Hirsch's unencumbered assets. Class 6 is impaired. The allowed unsecured claims total $2,835,217.79. Class 8 consists of the Secured claim of the Internal Revenue Service, in the amount of $57,491.00, as evidenced by claim no. 3 - 2, and secured by all of the PA's assets. PA anticipates that after the accountant files delinquent tax returns and quantifies the amount already paid to the Internal Revenue Service through pre-petition levies, the amount due to the Internal Revenue Service on this secured claim will be significantly less. In full satisfaction of this secured claim, the Internal Revenue Service will receive the liquidation of its collateral of $57,491.00. The balance of the claim will be treated as a general unsecured claim of the PA in Class 9. Class 8 is impaired. Class 9 consists of non-priority unsecured claims in the PA Bankruptcy Case. The PA shall pay to non-priority unsecured creditors the sum of $7,500.00 over five years in semiannual payments commencing on the 180th day following the Effective Date. These payments will exceed the liquidation value of the PA's unencumbered assets. Class 9 is impaired. The Debtors asserts that it will have sufficient net disposable monthly income due to its future earnings to make the payments required under this Plan. In order produce the income necessary to fund the Plan, Hirsch and the PA will continue to run the existing medical practice and the income generated from the medical practice will pay a salary to Hirsch, which he will utilize to pay his ongoing expenses and required Plan payments. The balance of funds generated by the PA will be utilized to pay the ongoing expenses of the PA and required Plan payments. A full-text copy of the Joint Subchapter V Plan dated June 23, 2022, is available at https://bit.ly/3Ot5roo from PacerMonitor.com at no charge. Debtors' Counsel: Alan R. Crane, Esq. Furr and Cohen, P.A. 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Tel: (561) 395-0500 Fax: (561) 338-7532 Email: acrane@furrcohen.com About Edward D. Hirsch MD Edward D. Hirsch MD, P.A., is a medical practice ran and owned by Dr. Edward D. Hirsch, MD. Dorctor Hirsch is an infectious disease specialist in Tamarac, Florida and is affiliated with multiple hospitals in the area Edward D. Hirsch MD, P.A., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-13283) on April 27, 2022, listing as much as $1 million in both assets and liabilities. Carol Fox, senior managing director at GlassRatner, serves as Subchapter V trustee. Edward David Hirsch also commenced his own Chapter 11 case (Bankr. S.D. Fla. Case No. 22-12337). Judge Scott M. Grossman oversees the cases. Alan R. Crane, Esq., at Furr and Cohen, P.A., is the Debtors' legal counsel. ELITE HOME: Beatrice & Royal Heritage Offer to Buy Assets for $86K ------------------------------------------------------------------ Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey has preliminarily authorized Elite Home Products, Inc., to sell to Beatrice Home Fashions and Royal Heritage Home LLC for the aggregate amount of $86,000 the following assets: (a) good will (particularly its strong, long-term connections with manufacturers in China and India and it’s the various major national and regional retailers that formed the Debtor's customer base); (b) intellectual property (particularly the Debtor's on-line presence or IP); and (c) business with Amazon (particularly the Debtor's ASINs (an acronym for Amazon Standard Identification Number) and inventory maintained at Amazon, which was approximately $65,000 in value as of the Petition Date). The Motion is preliminarily granted to the extent set forth in the Order subject to the Debtor's proof of compliance with the Solicitation Notice and Bidding Procedures and the Court's ultimate consideration of the Motion at the Sale Approval Hearing. The Revised Proposed Solicitation Notice and Bidding Procedures is approved. The Solicitation Notice and Bidding Procedures will include the following provisions: a. The Joint Stalking Horse Bid will be deemed approved on an interim basis pursuant to Bankruptcy Code Sections 105 and 363 and applicable Bankruptcy Rules and Local Rules subject to the submission, acceptance by the Debtor and approval by the Court of a higher or better offer for the Subject Assets. b. The Debtor will serve by email or overnight delivery true and correct copies of the Sale Procedures Order as entered by the Court, along with true and correct copies of the approved Solicitation Notice and Bidding Procedures on those parties who previously executed NDAs, any other party who may have expressed interest in the Debtor's business since the Petition Date, and any party who requests, or on whose behalf a request is made for, a copy of the Sale Procedures Order, the approved Solicitation Notice and Bidding Procedures. c. Any party who has not previously executed an NDA must execute an NDA in the form attached to the approved Solicitation Notice and Bidding Procedures without any modifications and return such executed NDA to the Debtor and its professionals in order to receive a due diligence package. d. To qualify as a Competing Bid, each Competing Bid must be at a minimum $106,000 for the Subject Assets (that is, not less than $20,000 more than the Joint Stalking Horse Bid), payable in U.S. dollars in immediately available funds, and without any contingencies (other than Court approval, including free and clear of liens, claims and encumbrances (with existing liens, claims and encumbrances attaching to the sale proceeds)). e. Competing Bids were to be submitted by email or overnight delivery so as to be received by the Debtor and its professionals on June 14, 2022 at 5:00 p.m. (EDT). If no timely Competing Bid is received, the Joint Stalking Horse Bid will be deemed the Winning Bid, and, on June 15, 2022, the Debtor's counsel was to file a certification in the Case advising the Court and parties of such result, with such certification served by email on counsel to the U.S. Trustee, the Committee, M&T Bank and each of the Joint Stalking Horse Bidders. f. The auction will be conducted virtually over Zoom. The Debtor, through its counsel, will provide Zoom invitations to the Auction to each of the Joint Stalking Horse Bidders and each Competing Bidder, with such invitations going out by email on June 15, 2022 at 12:00 p.m. (EDT). The Auction was to be held and conclude on June 16, 2022, to commence at 12:00 p.m. (EDT) (or as soon thereafter as is possible) and conclude by 5:00 p.m. (EDT) (unless all parties participating it the Auction agree to extend such time). g. The Joint Stalking Horse Bidders will be given first opportunity to make a higher or better offer than the Opening Bid. Each subsequent bid for the Subject Assets will be in increments of not less than $10,000. h. At the conclusion of the Auction, the Debtor, through its counsel, will announce which bid for the Subject Assets it deems to be the highest or best offer and which bid for the Subject Assets it deems to be the next highest or best offer. i. Any objections to the Winning Bid and Back-Up Bid were to be filed in the Case on June 22, 2022, and will be served on counsel the Debtor, the Committee, M&T Bank, the U.S. Trustee and the Winning Bidder. Any reply papers to such an objection were due on June 24, 2022. j. A hearing to approve the Winning Bid and the Back-Up Bid and to consider any objections with respect thereto will be held on June 28, 2022, at 11:00 a.m. The hearing will be conducted telephonically through CourtSolutions (for information regarding CourtSolutions, see Honorable Stacey L. Meisel | United States Bankruptcy Court - District of New Jersey (uscourts.gov)). k. Closing. If an order is entered approving the Winning Bid, and the Winning Bidder is not the Joint Stalking Horse Bidders, the Winning Bidder will promptly, and no later than one business day after the entry of the Sale Approval Order, remit by wire transfer a deposit in the amount of 50% of the Winning Bid to the Debtor's counsel, Genova Burns, LLC, to be held in the firm's attorney trust account pending the closing on the sale of the Subject Assets (wiring instructions to be provided by counsel in a timely manner). l. The Closing Date on the Back-Up Bid will occur no later than 14 days after entry the filing of said certification (unless such time is extended by both parties). m. The Debtor, through its counsel, will file a notice in the Case confirming that the closing on the Winning Bid (of, if applicable, the Back-Up Bid) occurred. To the extent applicable, the Notice requirements of Bankruptcy Rule 6004(a) are waived. Notwithstanding the possible applicability of the provisions of Bankruptcy Rule 6004 or any applicable provision of the Local Rules, the Order will not be stayed for 14 days after the entry hereof, but will be effective and enforceable immediately upon entry. A hearing on the Motion was held on June 7, 2022, at 11:00 a.m. About Elite Home Products, Inc. Elite Home Products, Inc. is a home textile company that offers a wide variety of sheets, duvets/comforter covers, bedding ensembles, quilt sets, blankets & throws, and flannel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-12353) on March 24, 2022. In the petition signed by Scott R. Perretz, president, the Debtor disclosed $6,314,175 in assets and $11,104,637 in liabilities. Genova Burns LLC represents the Debtor as lead counsel, Winne Banta Basralian and Kahn, P.C. is the special counsel, Getzler Henrich and Associates, LLC is the financial advisor, SAX LLP is the accountant. EMPIRE PRIME: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Empire Prime Capital Investments Inc. 1910 Forest Lane Garland, TX 75042 Chapter 11 Petition Date: June 27, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-31121 Judge: Hon. Michelle V. Larson Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Juan D. Favela as president. The Debtor filed an empty list of 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MQBEOPQ/Empire_Prime_Capital_Investments__txnbke-22-31121__0001.0.pdf?mcid=tGE4TAMA ENPRO INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on June 10, 2022, retained the 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by EnPro Industries, Inc. Headquartered in Charlotte, North Carolina, EnPro Industries, Inc. designs, develops, manufactures, and markets proprietary engineered industrial products. EXPRESS GRAIN: Hearing on Proposed Sale of Vehicles Continued ------------------------------------------------------------- Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi approved Express Grain Terminals, LLC's request to continue hearing on proposed sale of vehicles outside the ordinary course of business, free and clear of all liens, claims, and interests. The Objection Deadline was June 13, 2022. Objections were heard telephonically on June 23, 2022, commencing at 10:00 a.m. The Counsel for the Debtor immediately provided a copy of the Vehicle Sale Motion and the Order to all creditors and parties-in-interest having entered an appearance, all secured creditors, the 20 largest unsecured creditors and the U.S. Trustee. About Express Grain Terminals Greenwood, Mississippi-based Express Grain Terminals, LLC, produces soy products such as oil and biodiesel. Express Grains Terminals and its affiliates, Express Biodiesel, LLC and Express Processing, LLC, sought Chapter 11 protection (Bankr. N.D. Miss. Lead Case No. 21-11832) on Sept. 29, 2021. At the times of the filing, Express Grains Terminals listed up to $50 million in assets and up to $100 million in liabilities. Judge Selene D. Maddox oversees the cases. The Law Offices of Craig M. Geno, PLLC, is the Debtors' legal counsel. UMB Bank, N.A., the Debtors' lender, is represented by Spencer Fane LLP. EYP GROUP: Gets Court Okay on $70-Mil. Chapter 11 Asset Sale ------------------------------------------------------------ Vince Sullivan of Law360 reports that bankrupt architecture and design firm EYP Group Holdings Inc. received approval Wednesday, June 23, 2022, in Delaware for a $70 million sale of its assets after more than a year of out-of-court and in-court marketing efforts. During a virtual hearing, debtor attorney Richard A. Chesley of DLA Piper US LLP said the company's investment banker had reached out to over 200 potential bidders during the marketing process, resulting in an auction between stalking-horse bidder Ault Alliance Inc. and Page Southerland Page Inc. that concluded last week. EYP Group ultimately selected Page Southerland's final offer of $70.4 million in cash. About EYP Group Holdings EYP Group Holdings, Inc., is an integrated design firm specializing in higher education, healthcare, government and science and technology. EYP Group Holdings and affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24, 2022. In the petition filed by Kefalari Mason, as authorized officer, EYP Group Holdings estimated assets between $50 million to $100 million and liabilities between $100 million to $500 million. The case is assigned to Judge Mary F. Walrath. The Debtor's counsels are Richard A. Chesley, Esq., Oksana Koltko Rosaluk, Esq. and R. Craig Martin, Esq. and Aaron S. Applebaum, Esq., at DLA Piper LLP (US). Hollingsworth LLP is the Debtor's special counsel. Carl Marks Advisory Group LLC is its investment banker, Berkley Research Group, LLC is the financial advisor, and Berkley Research Group, LLC is the claims agent. Ault Alliance, Inc., the DIP Lender, is represented by: Abigail V. O'Brient, Esq. Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. 2029 Century Park East, Suite 3100 Los Angeles, CA 90067 - and - Timothy J. McKeon, Esq. Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. One Financial Center Boston, MA 02111 - and - Robert J. Dehney, Esq. Matthew B. Harvey, Esq. Morris Nichols Arsht & Tunnell LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 FAIRPORT BAPTIST: Taps Pullano & Farrow as Special Counsel ---------------------------------------------------------- Fairport Baptist Homes and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of New York to employ Pullano & Farrow, PLLC as special counsel. The Debtors need the firm's legal assistance in connection with HIPAA compliance, regulatory compliance, Medicare and Medicaid, business issues, contracts, transaction and guidance, health care mergers, acquisitions, and dispositions. The hourly rates charged by the firm's attorneys and paralegals are as follows: Members $270 per hour Associates $250 to $265 per hour Paralegals $150 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Patrick Pullan, Esq., a partner at Pullano & Farrow, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Patrick Pullan, Esq. Pullano & Farrow PLLC 69 Cascade Drive, Suite 307 Rochester, NY 14614 Tel: (585) 730-7805 Email: bfarrow@lawpf.com About Fairport Baptist Homes Fairport Baptist Homes and its affiliates, Fairport Baptist Homes Adult Care Facility, Inc., FBH Community Ministries and FBH Distinctive Living Communities, Inc., operate skilled nursing care facilities. Fairport Baptist Homes owns a New York-licensed 142-bed residential health care facility at the FBH campus in Fairport, N.Y., and 42 independent living units known as Deland Acres. On May 6, 2022, Fairport Baptist Homes and its affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Lead Case No. 22-20220). In the petition filed by Fairport President Thomas H. Poelma, Fairport Baptist Homes listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Debtors tapped John A. Mueller, Esq., at Lippes Mathias, LLP as bankruptcy counsel and Pullano & Farrow, PLLC as special counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on June 2, 2022. Andrew Helman, Esq., is the Debtors' bankruptcy attorney. FFP HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on FFP Holdings Group Inc., and expect pro forma leverage at the close of the transaction to be in the low-8x area. S&P said, "We also assigned our 'B-' issue-level rating to the new first-lien term loan. We affirmed our issue-level ratings of 'B-' and 'CCC' on the existing first-lien and second-lien term loans, respectively. The recovery rating on first-lien term loans is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of payment default. The recovery rating on the second-lien term loan is '6', indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "The stable outlook reflects our expectation for mid-single-digit organic revenue growth and profit margin expansion that will lead to gradual credit metric improvement. "Our ratings on FFP reflect its sponsor ownership, aggressive financial policy, and high leverage pro forma for the transaction. We estimate pro forma S&P Global Ratings-adjusted leverage at transaction close for Javo will be in the low-8x area, including the addback of certain one-time items. While the recent acquisitions of T-Bev and Javo improve FFP's revenue growth profile, we view them as moderately margin dilutive. However, we think that base business growth, as well as cost savings opportunities, will lead to overall margin improvement over the next 12 months. The company's financial policies remain very aggressive and are largely driven by its financial sponsors Ardian and MidOcean Partners. Although we believe FFP will remain acquisitive, we assume over the next year it will focus on integrating Comax, T-Bev, and Javo. Nevertheless, while we expect a moderate improvement in credit metrics time, we believe the sponsors' very aggressive financial policies will likely prevent the company from sustaining leverage below 6x for an extended period. "The potential for operational missteps—including poor integration of recent acquisitions—presents material risk to our forecast going forward. FFP's core strategy for acquiring high-growth companies in the beverage extracts industry is highly dependent on favorable business conditions to support the high-multiples it has paid for these targets. This higher debt burden leaves little room for error integrating these companies. FFP has closed or signed three debt-financed acquisitions—Comax, T-Bev, and now Javo—since it was acquired by the sponsors in October of 2021, resulting in a combined business that is more than double the size of legacy FFP. If the benefits from increased profitability, particularly the expected incremental EBITDA generation, do not materialize, we could take a negative rating action. Despite this, we recognize the opportunities for FFP to optimize its manufacturing footprint with newly acquired assets, as well as benefit from potential cross-selling revenue synergies. We also recognize the diversification benefits and less reliance on food cure sales as positive for credit quality." Prior to these acquisitions, food cure accounted for more than 70% of overall sales; now it is only 33% of the business pro forma including Javo. The ratings also reflect the company's small scale and scope, narrow business and product focus, supplier concentration risk, raw material volatility, and limited geographic presence. Even after more than doubling the size of the business through acquisitions, the company lacks meaningful scale and is narrowly focused in the niche clean label cure and beverage extracts industries. The company remains a small participant compared to larger and more established peers in the broader food and ingredient industry. FFP's operating performance depends on the performance of the end markets it serves: meat companies, branded food and beverage, foodservice and quick service restaurants (QSR), and nutraceuticals and supplements. Demand for its products could be hurt by these companies underperforming or reducing inventory levels and SKUs. In addition, with nearly 95% of its total sales generated in the U.S., FFP lacks any significant international diversification. A supply-chain disruption, including an inability to obtain ingredients and raw materials, could hurt the company's credit metrics. Nevertheless, S&P believes FFP has managed this risk relatively well so far by holding a year of cured inventory on hand to mitigate potential disruptions. The company also has made an effort to diversify its supplier base and expand its sourcing alternatives via acquisition. FFP is susceptible to raw material and transportation cost volatility, which could impair profitability if the company cannot pass potential cost increases through to customers. Raw material sourcing could be affected by weather and precipitation patterns, growing and harvesting conditions, and the frequency and severity of extreme weather events. This could in turn influence the availability and pricing of products. However, this volatility is partially offset by the company's long-standing relationships with suppliers and fixed pricing through contracts on some raw materials. The company is also subject to regulatory requirements and industry standards, including those regarding product safety, quality, and environmental impact. If it fails to comply with these standards or has any product-quality problems, it could incur significant costs and suffer reputational harm, which could hurt operating results. S&P said, "FFP's exposure to on-trend clean label ingredient categories is a positive factor in our ratings, and increasing consumer awareness of health and wellness and natural food ingredients provide an industry tailwind. Consumer preferences have been changing due to increasing awareness of health and wellness in food and beverage consumption and demands for more transparency--including cleaner labels--with respect to product ingredients. For example, consumers are rapidly shifting away from products containing artificial ingredients to natural ingredients. We believe FFP's effort to expand into the on-trend beverage extracts industry is prudent, especially since meat consumption could face future headwinds. With the Javo acquisition, FFP is well-positioned to benefit from attractive industry dynamics in the U.S. ready-to-drink coffee market--which we believe to be nearly $5 billion in size and growing at about 5% per year. Javo's exposure to cold coffee specifically, which is growing 12% per year from increased consumer awareness and adoption, is beneficial to the growth profile of FFP's product portfolio. However, we recognize that there is a risk of bigger food and ingredient players with more scale and financial flexibility becoming more aggressive in the beverage extracts industry and competition could increase, especially as the category grows. "The stable outlook reflects our expectation that over the next year, the company will generate mid-single-digit top-line growth and healthy profit margin expansion, with adjusted leverage declining to around 7x from 8.2x pro forma for the acquisitions. "We could lower the ratings if the company's profitability deteriorates such that its EBITDA interest coverage approaches 1.5x, forecasted free cash operating cash flow (FOCF) weakens to below $10 million annually, or we view the capital structure as unsustainable." This could occur if: -- Profits deteriorate potentially due to escalating competition which cause customer losses, or FFP experiences problems integrating the acquisitions; or -- The company transacts additional large debt-financed acquisitions or dividends. While unlikely over the next year S&P could raise the ratings if the company sustains adjusted leverage below 6.5x, which could occur if it: -- Meaningfully outperforms S&P's expectations, driven by increasing product volume and successful acquisition integration; -- Adopts a less-aggressive financial policy and there is a commitment from the sponsors not to pursue debt-financed dividends or acquisitions that would lead to a meaningful deterioration of credit ratios; or -- Significantly increases its scale and diversifies its product offering further into on-trend categories, or increases geographic exposure. ESG credit indicators: E-2, S-2, G-3 FLORIDA FOOD: Moody's Rates New $151.5MM 1st Lien Loan Add-on 'B2' ------------------------------------------------------------------ Moody's Investors Service assigned a B2 rating to Florida Food Products, LLC's ("FFP") proposed $151.5 million first lien term loan add-on due 2028. The B2 rating on the company's senior secured first lien credit facilities (consisting of a $50 million revolver due 2026 and a $444 million term loan due 2028), and the Caa2 rating for the company's $126 million senior secured second lien term loan are unaffected by the add-on. FFP's other ratings remain unchanged, including its B3 Corporate Family Rating and B3-PD Probability of Default Rating. The outlook remains stable. FFP plans to issue a $151.5 million first lien term loan add-on to the company's existing $444 million senior secured first lien term loan. Proceeds will be used to partially fund the acquisition of Javo Beverage Company Inc. ("Javo"), a natural extractor of clean-label coffees, teas, and botanicals focused on the beverage category, as well as repay borrowings under its revolving credit facility. The remaining financing for Javo will be comprised of common equity from its private equity owners, Ardian and MidOcean Partners. Moody's views the transaction as credit negative. Although pro-forma debt-to-EBITDA leverage increases slightly to 6.5x from 6.4x as of March 30, 2022 (based on the company's estimate of Javo's EBITDA), Moody's believes integration risk increases significantly. FFP is acquiring Javo less than two months after announcing the acquisition of T-Bev, a caffeine and tea concentrate producer. Although the acquisition of Javo increases FFP's scale and introduces a new product category which will further diversify the company's product offerings, the acquisition is occurring at a time when the company is also integrating its recent acquisition of T-Bev. Partially offsetting the integration risk, FFP should realize the cross-selling synergies that are likely to occur from Javo's beverage overlap with Amelia Bay, T-Bev, and Comax. FFP will be able to cross-sell Comax flavors, T-Bev natural caffeine, and Amelia Bay liquid concentrates to Javo customers. In addition, the acquisition of Javo will add manufacturing scale on the West Coast and provides FFP entrance to the Midwest through its facilities in California and Indianapolis. FFP's B3 CFR and stable outlook are not affected because leverage remains within Moody's expectations for the rating, and the company's private equity sponsors continue to support the acquisition activity with sizable equity contributions. Moody's also expects FFP will generate modestly positive free cash flow, and the planned repayment of all borrowings on the $50 million revolver will provide additional liquidity cushion to manage in the current inflationary cost environment and integrate the acquisitions. Ratings Assigned: Issuer: Florida Food Products, LLC Gtd Senior Secured First Lien Term Loan, Assigned B2 (LGD3) RATINGS RATIONALE FFP's B3 CFR broadly reflects its small scale as measured by revenue and competition in the fragmented clean label ingredients market it serves. Limited geographic diversification and utilization of one main supplier for its key raw material are also credit constraints. The rating also reflects FFP's high leverage with Moody's lease adjusted debt-to-EBITDA of 6.5x for the trailing twelve months ended March 30, 2022, pro forma the acquisition of Javo. Barring additional borrowings, Moody's expects debt-to-EBITDA leverage will decline to about 6.3x by the end of FY22 with earnings growth and some debt paydown. Additionally, private equity ownership and the expected aggressive financial policy also weaken the credit profile. However, the rating is supported by the company's established market position in the niche vegetable and fruit based clean label ingredients market with a market leading position in the clean label cures segment. The rating benefits from FFP's strong margins, lack of customer concentration, as well as solid growth prospects driven by favorable market tailwinds with growing consumer demand for healthier food. The company's positive free cash flow generation and good liquidity also supports the rating. FFP is exposed to environmental risk because of reliance on natural capital as the primary ingredients. Similar to other packaged food companies, FFP has exposure to physical climate risk, carbon transition and water management. In addition, similar to other packaged food companies, FFP is exposed to social risk related to responsible production and customer relations. As a B2B company, FFO's products can be found in the ingredients of many brand name manufacturers. Although FFP does not face the same potential consumer backlash as branded companies, it does risk the loss of business if its products do not sustain high quality. Moody's views the company's governance risk as high given its private equity ownership. As such, Moody's expects financial policy to be aggressive (evidenced by the high pro forma leverage) and favor the shareholders. In addition, as a private company, financial disclosure is expected to be more limited than for public companies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectation that the company will be able to de-lever to about 6x debt-to-EBITDA by the end of fiscal year 2022 with earnings growth and some debt paydown. However, given the company's private equity ownership, Moody's expects re-leveraging transactions to keep leverage elevated and range bound over the longer term. The stable outlook also reflects Moody's expectation for good liquidity over the next year including positive free cash flow. The ratings could be upgraded if the company delivers continued organic revenue and earnings growth with Moody's adjusted debt-to EBITDA sustained below 5.0x as well as strong free cash flow generation and liquidity. The ratings could be downgraded if operating performance weakens, Moody's adjusted debt-to-EBTIDA is sustained above 7.0x, free cash flow is weak or negative, or liquidity otherwise deteriorates. The rating could also come under pressure if credit metrics weaken materially due to an aggressive financial policy. Headquartered in Eustis, Florida, Florida Food Products, LLC is a producer of vegetable and fruit based clean label ingredients. The company was acquired by Ardian and MidOcean Partners in 2021. Florida Food Products generated revenue of about $260 million pro-forma for the acquisition on Javo for the trailing twelve months ended March 30, 2022. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. FOG INC: Wins Interim Cash Collateral Access -------------------------------------------- At the behest of FOG, Inc., the U.S. Bankruptcy Court for the Southern District of West Virginia entered an agreed order allowing interim use of cash collateral and adequate protection payments to be made to Summit Community Bank. Summit Community Bank holds a lien on the Debtor's rents on property upon which it holds a valid first perfected lien. FOG estimates Summit Community Bank's total claim to be $1,580,000 and the Debtor estimates the value of the business real property to be greater than the amount of the Bank's claim. The interest of Summit Community Bank can be adequately protected by interim cash collateral payments. The Debtor proposed that Summit Community Bank be given a post-petition replacement lien on the Debtor's cash collateral, including accounts receivable with adequate protection payments monthly on interest only on each of the eight separate Promissory Notes. The Debtor has no source of income other than from the collection of rents and if not permitted to use the cash collateral, the Debtor will be required to shut down business operations. Pursuant to the Interim Order, the Debtor agreed to maintain and insure the Properties pursuant to the contracts between the parties and to provide regular budgets to the Bank with 4-6 month projections. The budgets will be provided on a monthly basis with the first budget to be filed by June 25. In the event the Debtor uses the cash collateral for purposes not permitted by the Agreed Order or the value of the Bank's cash collateral and Properties diminishes, the Bank will have an allowed administrative expense claim therefor, which claim will have priority over all other administrative expenses allowable under 11 U.S.C. § 507(a)(2) as contemplated under 11 U.S.C. section 507(b). A copy of the motion is available at https://bit.ly/3ye0TMK from PacerMonitor.com. A copy of the order is available at https://bit.ly/3HZlQOU from PacerMonitor.com. About FOG, Inc. FOG, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.Va. Case No. 22-20073) on May 4, 2022. In the petition signed by Mouwafak Ghannam, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge B. Mckay Mignault oversees the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee is the Debtor's counsel. FOSSIL GROUP: Egan-Jones Hikes Senior Unsecured Ratings to B- ------------------------------------------------------------- Egan-Jones Ratings Company on June 10, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Fossil Group, Inc. to B- from CCC+. EJR also retains 'B' rating on commercial paper issued by the Company. Headquartered in Richardson, Texas, Fossil Group, Inc. designs, develops, markets, and distributes consumer fashion accessories. GIRARDI & KEESE: Sept. 21 Auction Sought for Tom's Personal Assets ------------------------------------------------------------------ The 5 Star Attorney reports that a bankruptcy trustee wants to auction off Tom Girardi's personal belongings at his 10,277-square-foot home in California, including a Steinway piano and artwork. In a motion filed on Tuesday, June 21, 2022, the trustee asked a bankruptcy judge for approval to hire an auction house to sell the items, which also include furniture, clothing and sports memorabilia. The proposed live auction would take place on Sept. 21, 2022 both online and via telephone, with private viewing of the items allowed prior to the event by appointment. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 Telephone: (310) 640-1200 GLAUKOM LLC: Proposed $63K Sale of Equipment and Furniture Approved ------------------------------------------------------------------- Judge Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah authorized Glaukom, LLC's sale of certain items of equipment to Clear Vision Institute for $50,000 and certain items of furniture to Kathryn Christianse for $13,032. The Asset Purchase Agreements dated April 20, 2022, between the Debtor and Clear Vision and Christiansen are approved. With respect to any conflicts among the Motion, the APAs, and the Sale Order, the documents control in the following order: (1) Sale Order, (2) the APA, and (3) the Motion. Notwithstanding the APA or the Motion, the Assets purchased by the Buyers will include only the specific items set forth in their respective APA. The Assets purchased by the Buyers will be free and clear of all liens and interests with such liens and interests attaching to the proceeds of the sale. About Glaukom LLC Glaukom, LLC is an ophthalmology practice located in Salt Lake City, Utah. Its services range from LASIK, cataract surgery, glaucoma management and surgery, to comprehensive, routine, and diabetic eye exams. Glaukom filed its voluntary petition for Chapter 11 protection (Bankr. D. Utah Case No. 21-24757) on Nov. 5, 2021, listing $547,603 in total asset and $1,015,696 in total liabilities as of Dec. 31, 2020. Gregory A. Christiansen, manager, signed the petition. Judge Joel T. Marker oversees the case. Diaz & Larsen and Grove, Mueller and Swank, P.C. serve as the Debtor's legal counsel and accountant, respectively. GOLD STANDARD BAKING: Files for Chapter 11 to Pursue Sale --------------------------------------------------------- Gold Standard Baking LLC, which bills itself as the top croissant maker in the US, has filed for bankruptcy to pursue a sale of the assets. The Debtors are one of the largest industrial bakers in the United States, specializing in croissants and a variety of other laminated dough-based sweet goods. The Company is the leading croissant supplier in the United States, producing 65 million pounds of croissants a year. The Debtors' bakery is located in Chicago, Illinois and, until recently, ran a second bakery in Pleasant Prairie, Wisconsin. The Debtors produce over 1.7 million pounds of fully-baked goods per week on average, including approximately 100 varieties of fully-baked croissants, Danishes, and cinnamon rolls. These goods are delivered to approximately 100 retail and other foodservice customers per week through a network of distributors. In 2020, the Company launched two new brands—37th Street and Miss Emmie's Danish and Cinnamon Roll—to expand its product offerings beyond the classic croissant, positioning the Company for future growth and additional volume in the retail and in-store bakery market. As of the Petition Date, the Debtors employ 333 full-time employees. Approximately 262 of these employees are represented by the Chicago and Midwest Regional Joint Board Affiliated with Workers United/SEIU. $140 Million of Funded Debt As of the Petition Date, the Debtors' capital structure consists of outstanding funded debt obligations in the aggregate principal amount of $140 million: Principal Amount Funded Debt Outstanding ----------- ----------- Revolving Credit Facility $15,002,210 First Lien Term Loan $73,760,555 Second Lien Term Loan $16,311,835 Senior Subordinated Notes $35,470,906 ------------- $140,545,505 On April 26, 2022, 37 Baking Holdings, LLC (the "Prepetition Secured Party") acquired all the rights of the Initial Lenders and the Agent under the First Lien Credit Documents. Parallel49 Equity (Fund V), Limited Partnership, is the administrative agent under the Second Lien Term Loan. GSB's equity is indirectly and privately held by certain institutional and individual investors, across one class of common equity units and five classes of Preferred Equity Units. In total, non-debtor Gold Standard Investment, LP ("GS Investment, LP") has issued 953,842 Common Equity Units and 116,397 Preferred Equity Units, equaling an overall indirect investment of $116,424,481 across the Debtors' investor group. Events Leading to Filing John T. Young, Jr., a senior managing director at Riveron Consulting, LLC, who is presently serving as CRO of the Debtor, explains that a number of factors contributed to the Debtors' decision to commence these chapter 11 proceedings to implement a sale of substantially all of its assets. Most notably, the disruption to the Debtors' workforce and its impact on liquidity, consistent maintenance and repair issues, increasing labor and material costs, and constraints on liquidity have considerably strained the Debtors' operations and business growth. To cover rising material and labor costs and free up liquidity, the Company first implemented its price increases in 2019 and continued to engage in regular discussions with customers regarding pricing on a go-forward basis. The Company also received added liquidity in 2019 via P49, which entered into the Second Lien Credit Agreement with the Company, providing access to an additional approximately $10 million in new liquidity to put towards new capital investment. While the Company continued to address these ongoing challenges, the impact on liquidity and operations remained significant. Also, during this time period, the COVID-19 pandemic halted much of the Company's progress in addressing its labor and operational issues. The Company faced significant challenges during 2020 and 2021 due to labor shortages and restrictions. In 2021, to address the labor shortages in general, company introduced premium pay for hourly employees that further stabilized the workforce. These issues, along with continued rising repair and maintenance obligations due to aging equipment and mounting raw material costs, placed new stresses on the Company's growth. Accordingly, the Debtors engaged with their advisors to explore strategic out-of-court initiatives and market their assets. These efforts resulted in the successful consummation of the Wisconsin Sale. Nevertheless, an over-leveraged capital structure made chapter 11 the most viable option for the Debtors to preserve and maximize their remaining value by pursuing the Sale of their assets as a going concern, as the best path forward for all stakeholders. Sale Process Beginning in early 2020, the Debtors, recognizing the need to reevaluate the business, hired a number of turnaround advisors to consider strategic alternatives, including Houlihan Lokey Capital, Inc. as financial advisor and investment banker, and Riveron (formerly Conway Mackenzie, Inc.) as restructuring advisor. In compliance with the milestones set forth in the Second Forbearance Agreements with lenders, on July 6, 2021, Houlihan spearheaded outreach to a broad universe of relevant strategic and financial parties to assess interest in an acquisition of the Company. On Oct. 4, 2021, Arbor Investments Management, LLC and Crown Bakeries, LLC (collectively, "Arbor") submitted a formal letter of intent for the purchase of the Wisconsin Facility with a contemplated closing of November 1, 2021. Following several weeks of negotiations, on Dec. 10, 2021, the Debtors consummated the Wisconsin sale transaction with Arbor. On April 26, 2022, 37 Baking Holdings, LLC, acquired all the rights of the initial lenders and the agent under the First Lien Credit Documents pursuant to that certain Loan and Collateral Purchase Agreement the Agent, Initial Lenders and 37 Baking Holdings, LLC dated as of April 26, 2022. 37 Baking Holdings is an entity formed to acquire the First Lien Obligations and First Lien Documents and is owned by several investment funds and minority-owned by several current GSB employees. Specifically, a minority member (who is also a member of the Board of Managers) of 37 Baking Holdings, LLC (the Stalking Horse Bidder) is the Chief Executive Officer of Gold Standard Baking, LLC and was, until June 13, 2022, a member of the board of managers of Debtor Gold Standard Baking, LLC. Five other minority investors of 37 Baking Holdings, LLC hold management positions at Gold Standard Baking, LLC as of the Petition Date. One additional minority investor of 37 Baking Holdings, LLC (who is also a member of the Board of Managers), is (i) a limited partner of Parallel49 Equity (Fund V), Limited Partnership, which is the largest second lienholder on all or substantially all of the Debtors' assets as of the Petition Date; (ii) a limited partner of Parallel49 Equity (Fund V), Limited Partnership, which is the largest equityholder Gold Standard Investment, LP; (iii) a limited partner of Parallel49 Equity GP (Fund V), Limited Partnership which is the general partner of Parallel49 Equity (Fund V), Limited Partnership; (iv) employed by Parallel49 Equity U.S. Management (Fund V), Inc., which is the management company of Parallel49 Equity (Fund V), Limited Partnership; and (v) a former director and/or officer of related Debtor entities, including Gold Standard GP, LLC; Gold Standard Investment, LP; Gold Standard Holdings, Inc.; Gold Standard Baking, LLC; and Gold Standard Real Estate, LLC. After the acquisition of the first lien obligations, discussions with the Company continued with respect to viable options for the Chicago Facility. In mid-May 2022, the Debtors retained Klehr Harrison Harvey Branzburg LLP as counsel, to join the restructuring team including Houlihan and Riveron. After continued discussions, ultimately 37 Baking Holdings, LLC agreed to serve as the stalking horse bidder pursuant to the terms of that certain asset purchase agreement, dated June 22, 2022 to acquire the Debtors' remaining assets at the Chicago Facility as a going concern, to expose the stalking horse agreement to higher and better offers through a chapter 11 process, and to support the process by agreeing to the Debtors' use of cash collateral and providing needed debtor-in-possession financing. Under the terms of the Stalking Horse Agreement, the Stalking Horse Bidder will purchase the Assets for an aggregate purchase price consisting of: (i) a credit bid in the amount of a portion of the First Lien Obligations in the amount of $20 million; (ii) assumption of certain assumed liabilities as provided in the Stalking Horse Agreement (including the DIP Financing Obligations); and (iii) the assumption and assignment of the Assumed Contracts to the Stalking Horse Bidder. About Gold Standard Baking Gold Standard Baking -- https://goldstandardbaking.com/ -- is one of the largest industrial bakers in the United States, specializing in croissants and a variety of other laminated dough-based sweet goods. The Company is the leading croissant supplier in the United States, producing approximately 65 million pounds of croissants a year. Gold Standard Baking, LLC, and two affiliates sought protection Chapter 11 under U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10559) on June 22, 2022. Gold Standard Baking estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Klehr Harrison Harvey Branzburg LLP is the Debtors' general bankruptcy counsel. Houlihan Lokey Capital, Inc. is the investment banker and Riveron Consulting, LLC, is the restructuring advisor. Omni Agent Solutions is the claims agent. GRAY LAND: Plan Agent Proposes Auction Sale of Equipment -------------------------------------------------------- Critical Point Advisors, LLC, the Plan Agent for the estate of Gray Land & Livestock, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Washington to authorize the auction sale of the equipment described in the Auction Listing to be conducted by James G. Murphy Co. Section 4.3 of the Plan provides that all Trust Assets will be vested in the Grantor Trust, and CPA will administer the Trustee and make distributions as required by the Plan and the Grantor Trust Agreement. Section 4.1.c. of the Plan requires CPA to liquidate the Assets as expeditiously as reasonably possible while taking into account the fair market value of the Assets based on current market conditions and recognizing CPA's duty to all constituents of the Grantor Trust. In the exercise of the Plan Agent's business judgment, the Plan Agent requests that the Court approves the sale of the equipment in the Auction Listing. Doing so is expected to generate approximately $143,000 for the estate. CPA proposes to sell the equipment for the bid amounts stated in the Auction Listing. A total of 50 lots are to be sold. The items are described by lot, numbered Lot 1 through Lot 69, with certain Lots having been previously removed from the Auction Listing. Bids have been received in the aggregate amount of $164,403.25. Following the objection from Rick Gray, the majority of the items are expected to be sold for the bid amount, or to back up bidders for a similar amount. A notice of sale was served on the Service List on Jan. 25, 2022 providing that the equipment would be sold by auction absent an objection being filed with the Court and served on the Plan Agent. Due to an error in calculating the 14-day notice period, the auction was scheduled for Feb. 8, 2022 (the fourteenth day after Jan. 25, 2022, rather than Feb. 9, 2022 which would have been the fifteenth day after service of the notice of sale). The Objection was filed on Feb. 8, 2022. No objection from any other party was filed. Mr. Gray has been asked repeatedly to provide evidence that he owns any personal property located at the Klickitat County property. Prior to Jan. 24, 2022, he did not do so. Mr. Gray, Gray Holdings and Gray Farms stipulated that none of them claim any ownership in the assets described in the Schedules. Therefore, although Mr. Gray, Gray Holdings and Gray Farms are not debtors, they are still bound by their stipulation. Even in the absence of Mr. Gray being judicially estopped from changing his position, he, along with Gray Holdings, LLC and Gray Farms & Cattle Co., LLC are bound by their stipulation in the Cash Collateral Order. This provides an additional reason for the Court to reject Mr. Gray's attempts to change position, and reject Mr. Gray's continuing attempts to play shell games. As stated, the Plan and Grantor Trust Agreement requires CPA to liquidate the Trust Assets. CPA has full power and authority to do so. The sale of the equipment is in the best interest of the estate, and accomplishes the purposes of the Plan and Grantor Trust Agreement of maximizing value for creditors. For these reasons, CPA requests that the Court grants the Motion and approves the sale of the equipment. About Gray Land & Livestock Gray Land & Livestock is a privately held company that operates in the animal food manufacturing industry. Gray Land & Livestock sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 19-00467) on Feb. 28, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Frederick P. Corbit. The Debtor tapped Bailey & Busey LLC as its legal counsel. GWG HOLDINGS: Committee Taps Akin Gump as Legal Counsel ------------------------------------------------------- The official committee of bondholders of GWG Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Akin Gump Strauss Hauer & Feld, LLP as its legal counsel. The firm's services include: (a) advising the committee with respect to its rights, duties and powers in the Debtors' Chapter 11 cases; (b) assisting the committee in its consultations and negotiations with the Debtors and other parties in interest relative to the administration of the cases; (c) assisting the committee in analyzing the claims of creditors and the Debtors' capital structure, and in negotiating with holders of claims and equity interests; (d) assisting the committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and their insiders and of the operation of the Debtors' businesses; (e) assist the committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, sale and financing transactions, and the terms of a plan of reorganization or liquidation for the Debtors; (f) assisting the committee as to its communications to bondholders regarding significant matters in the cases; (g) representing the committee at all hearings and other court proceedings; (h) reviewing legal documents, statements of operations and schedules filed with the court, and advising the committee as to their propriety; (i) advising the committee regarding any legislative, regulatory or governmental activities; (j) assisting the committee in its review and analysis of the Debtors' various contractual agreements; (k) preparing legal documents; (l) investigating and analyzing any claims belonging to the Debtors' estates; and (m) performing such other legal services as may be required or are otherwise deemed to be in the interests of the committee. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Partners $1,125 to $1,995 per hour Senior Counsel $845 to $1,655 per hour Counsel $990 to $1,225 per hour Associates $605 to $1,045 per hour Paraprofessionals $215 to $475 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Akin Gump Strauss Hauer & Feld disclosed the following: (a) The firm did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. The hourly rates being charged by the firm are consistent with (i) market rates for comparable services and (ii) the rates that the firm charges and will charge other comparable clients regardless of the location of their Chapter 11 case. (b) No rate for any of the professionals included in this engagement varies based on the geographic location of the Debtors' Chapter 11 cases. (c) Except with respect to the prior indenture trustee engagement and as set forth in the committee's employment application and accompanying declaration, the firm did not represent any member of the committee in connection with the Debtors' Chapter 11 cases prior to its retention by the committee; (d) The firm expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. trustee's request for information and additional disclosures, as to which the firm reserves all rights. (e) The committee approved the firm's proposed hourly billing rates. Michael Stamer, Esq., a partner at Akin Gump Strauss Hauer & Feld, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael S. Stamer, Esq. Akin Gump Strauss Hauer & Feld LLP One Bryant Park New York, NY 10036 Tel: +1 212.872.1025 Fax: +1 212.872.1002 Email: mstamer@akingump.com About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) 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. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, 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 cases are assigned to Judge Marvin Isgur. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee of bondholders in the Debtors' Chapter 11 cases on May 9, 2022. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal counsels; AlixPartners, LLP as financial advisor; and Piper Sandler & Co. as investment banker. GWG HOLDINGS: Committee Taps AlixPartners as Financial Advisor -------------------------------------------------------------- The official committee of bondholders of GWG Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ AlixPartners, LLP as its financial advisor. The firm's services include: a. reviewing and evaluating the Debtors' current financial condition, business plans and cash and financial forecasts, and periodically reporting to the committee regarding the same; b. reviewing the Debtors' cash management, tax sharing and intercompany accounting systems, practices and procedures; c. reviewing and investigating (i) related party transactions, including those between the Debtors and non-debtor subsidiaries and affiliates, and (ii) selected other pre-bankruptcy transactions; d. identifying and reviewing potential preference payments, fraudulent conveyances and other causes of action that the various Debtors' estates may hold against third parties; e. analyzing the Debtors' assets and claims, and assessing potential recoveries to the various creditor constituencies under different scenarios, in coordination with the committee's investment banker; f. supporting the committee's investment banker's evaluation of proposed asset sales, as required; g. assisting in the development and review of the Debtors' plan of reorganization and disclosure statement; h. evaluating court motions filed or to be filed by the Debtors or any other parties-in-interest, as appropriate; i. rendering expert testimony and litigation support services, including e-discovery services, as requested from time to time by the committee and its counsel, regarding any of the matters to which the firm is providing services; j. attending committee meetings and court hearings as may be required in the role of advisors to the committee; k. assisting in other matters that fall within the firm's expertise and that are mutually agreeable. The hourly rates charged by the firm for its services are as follows: Managing Director $1,060 to $1,335 per hour Director $840 to $990 per hour Senior Vice President $700 to $795 per hour Vice President $510 to $685 per hour Consultant $190 to $505 per hour Paraprofessional $320 to $340 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. David MacGreevey, managing partner at AlixPartners, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David MacGreevey AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Tel: (212) 490-2500 Email: dmacgreevey@alixpartners.com About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) 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. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, 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 cases are assigned to Judge Marvin Isgur. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee of bondholders in the Debtors' Chapter 11 cases on May 9, 2022. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal counsels; AlixPartners, LLP as financial advisor; and Piper Sandler & Co. as investment banker. GWG HOLDINGS: Committee Taps Piper Sandler as Investment Banker --------------------------------------------------------------- The official committee of bondholders of GWG Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Piper Sandler & Co. as its investment banker. The firm's services include: (a) reviewing and analyzing the Debtors' assets and liabilities and the operating and financial strategies of the Debtors; (b) reviewing and analyzing the business plans and financial projections prepared by the Debtors; (c) evaluating the Debtors' debt capacity in light of their projected cash flows; (d) assisting in the determination of an appropriate capital structure for the Debtors; (e) evaluating the Debtors' liquidity, including financing alternatives; (f) determining a range of values for the Debtors and any securities that the Debtors offer or propose to offer in connection with a transaction; (g) assisting the committee in reviewing the terms of any proposed transaction, in responding thereto and, if directed, in evaluating alternative proposals for a transaction; (h) reviewing and evaluating any bids or offers for the purchase of all or a portion of the assets or securities of the Debtors and their direct and indirect subsidiaries and affiliates; (i) assisting or participating in negotiations with parties in interest, including the Debtors, any current or prospective creditors of, holders of equity in, or claimants against the Debtors, and their respective representatives in connection with a transaction; (j) participating in hearings and providing relevant testimony; and (k) rendering such other investment banking services as may be agreed upon by Piper Sandler and the committee. The firm will be paid as follows: a. Advisory fee of $150,000 per month in cash. b. Transaction fee of $5 million, earned and payable as follows, in all cases subject to the monthly fee credit: i. In the event of a sale, transfer or disposition by GWG or its subsidiaries and affiliates of (i) the life insurance policy portfolio, (ii) GWG's equity interests in The Beneficient Company Group L.P., or (iii) FOXO Technologies, one-third (1/3) of the transaction fee shall be fully earned upon the closing of the first such sale transaction, and the remaining balance of the fee (after taking into account the monthly fee credit) shall be earned and payable upon (i) the consummation of a plan or (ii) the consummation of any other transaction that results in or otherwise provides for the receipt of a distribution or recovery to holders of L-Bonds (either such event in subclauses (i) or (ii), a "Triggering Event"). . ii. In the event of both a Beneficient sale, and one of a life policy sale or a FOXO sale (either together or in a series of transactions), 50 percent of the transaction fee shall be earned and payable upon the consummation of the second such sale transaction and the balance of the transaction fee (after taking into account the monthly fee credit) shall be earned and payable upon the triggering event. iii. In the event of a Beneficient sale, a life policy sale and a FOXO sale (either together or in a series of transactions), 100 percent of the transaction fee shall be earned and payable upon the consummation of the last such sale transaction. iv. In the event there is not a Beneficient sale, a life policy sale or a FOXO sale, 100 percent of the transaction fee shall be earned and payable upon the consummation of the triggering event. c. After six full monthly fees have been earned (excluding the initial monthly fee, if such fee was for less than a full calendar month), 50 percent of the monthly fees thereafter shall be credited against any transaction fee, provided that the monthly fee credit shall not exceed the transaction fee. Matthew Mintze, managing director at Piper Sandler & Co., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Mintze Piper Sandler & Co. 609 Main Street Suite 3800 Houston, TX 77002 Tel: (713) 236-9999 About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) 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. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, 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 cases are assigned to Judge Marvin Isgur. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee of bondholders in the Debtors' Chapter 11 cases on May 9, 2022. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal counsels; AlixPartners, LLP as financial advisor; and Piper Sandler & Co. as investment banker. GWG HOLDINGS: Committee Taps Porter Hedges as Co-Counsel -------------------------------------------------------- The official committee of bondholders of GWG Holdings, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges, LLP as co-counsel with Akin Gump Strauss Hauer & Feld, LLP. The firm's services include: a. assisting the committee in matters related to the Debtors' Chapter 11 cases and affairs; b. assisting the committee in its communications and negotiations with the Debtors and other stakeholders regarding the administration of the cases; c. investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' business, and any other matters relevant to the cases or the formulation of a Chapter 11 plan; d. analyzing the Debtors' assets and liabilities, and investigating the extent and validity of liens and related contested matters; e. advising the committee regarding the Debtors' post-petition financing transactions and cash collateral issues; f. analyzing the Debtors' proposed employee compensation, incentive and retention payment programs, and evaluation of the propriety of those programs; g. assisting the committee in he negotiation and formulation of a disclosure statement and plan of reorganization; h. requesting the appointment of a trustee or examiner as provided for under Bankruptcy Code Section 1104; i. communications with the committee's constituents in furtherance of its responsibilities, including, but not limited to, communications required under the Bankruptcy Code; j. assisting the committee in any manner relevant to preserving and protecting the Debtors' estates and the rights of creditors; k. assisting the committee regarding the evaluation of claims, preferences, fraudulent transfers and other actions; l. preparing legal papers and appearing in court; and m. performing all other necessary legal services for the committee. The hourly rates charged by the firm's attorneys and paralegals are as follows: Partners $475 to $970 per hour Of Counsel $550 to $870 per hour Associates/Staff Attorneys $350 to $700 per hour Paralegals $250 to $400 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Porter Hedges disclosed the following: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: 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. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: To be provided. Eric English, Esq., a partner at Porter Hedges, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric M. English, Esq. Porter Hedges, LLP 1000 Main St., 36th Floor Houston, TX 77002 Tel: (713) 226-6000/(713) 226-6612 Fax: (713) 228-1331/(713) 226-6212 Email: eenglish@porterhedges.com About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) 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. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, 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 cases are assigned to Judge Marvin Isgur. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee of bondholders in the Debtors' Chapter 11 cases on May 9, 2022. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal counsels; AlixPartners, LLP as financial advisor; and Piper Sandler & Co. as investment banker. H&S ALANG: Wins Cash Collateral Access Thru June 30 --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, authorized H&S Alang, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance, and provide adequate protection to Pearsall Holdings, LLC and the U.S. Small Business Administration. The Debtor operates a Hampton Inn hotel located in Pearsall, Texas. The Debtor contends an immediate and critical need exists for it to obtain funds to continue its business operation. Pearsall Holdings, LLC claims to be the owner and holder of a Promissory Note dated November 16, 2015, executed by the Debtor and payable to Bank of the Ozarks in the original principal amount of $3,426,217. The Note was issued pursuant to a Loan Agreement, which governed the loan evidenced by the Note and the collateral granted to secure the payment of amounts due under the Note and the Loan Agreement. Pearsall Holdings claims the outstanding amount due under the Note and Loan Agreement as of the Petition Date of June 6, 2022, includes the principal balance of $2,923,050, interest of $197,167, late fees of $14,874 and attorney fees of $14,278. The Debtor is also obligated to the SBA pursuant to a loan from North Texas Certified Development Corporation, which has been assigned to the SBA. The SBA claims to hold a second lien and security interest subordinate to the lien and security interest held by Pearsall Holdings in Pearsall Holdings' Collateral. The rights and interests granted to Pearsall Holdings will be deemed to include a similar grant to the SBA; provided, however, the rights and interests granted to the SBA will be subordinate to the rights and interests granted to Pearsall Holdings as provided in the Third Party Lender Agreement dated November 30, 2015. The Debtor's authority to use cash collateral will immediately and automatically terminate -- except as Pearsall Holdings may otherwise agree in writing in its sole discretion -- upon the earliest to occur of: a. June 30, 2022 (unless a new budget has been approved); b. The occurrence of any violation by the Debtor of any provision of the Order, including, but not limited to, the Debtor's failure to materially adhere to the Approved Cash Collateral Budget, or violation of any of the covenants and agreements set forth in the Order, including, but not limited to, the reporting requirements; c. The dismissal of the Chapter 11 Case or the conversion of the Chapter 11 Case into a case under Chapter 7 of the Bankruptcy Code; d. A trustee or an examiner with enlarged powers (beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code) relating to the operation of the business of any Debtor is appointed in the Chapter 11 Case without the prior written consent of Pearsall Holdings (which consent may be withheld in its sole discretion), or the Debtor applies for, consents to, or acquiesces in, any such appointment without the prior written consent of Pearsall Holdings (which consent may be withheld in its sole discretion); e. The Order is stayed, reversed, vacated, amended or otherwise modified in any respect without the prior written consent of Pearsall Holdings (which consent may be withheld in its sole discretion); f. This or any other Court enters an order or judgment in the Chapter 11 Case modifying, limiting, subordinating or avoiding the priority of or the perfection, priority or validity of Pearsall Holdings' lien on any of its Collateral; g. The occurrence of a date upon which no Approved Cash Collateral Budget exists; or h. Any order is entered, granting relief from the automatic stay to any person or entity other than Pearsall Holdings without its consent which affects the Debtor's assets or operations. As adequate protection, Pearsall Holdings is granted a replacement lien and security interest in all assets of the Debtor and its estate. Pearsall Holdings has requested that the Debtor pay to Pearsall Holdings on or before the 5th day of each month commencing on July 5, 2022, the amount of $15,500, which will be applied to the Pearsall Holdings Indebtedness as determined by the Court or agreed to by the parties. Creditors have until June 28, 2022, to object to this adequate protection payment being proposed to Pearsall Holdings. All liens and security interests granted to Pearsall Holdings are deemed duly perfected and recorded under all applicable federal or state or other laws as of the date hereof, and no notice, filing, mortgage recordation, possession, further order, or other third party consents or other act, will be required to effect such perfection. The Debtor will also maintain insurance with respect to all Pearsall Holdings Collateral for the purposes and in the amounts reasonably required by Pearsall Holdings. The insurance will contain a standard mortgage clause with Pearsall Holdings named as loss payee. The final hearing on the matter is scheduled for June 30, 2022 at 1 p.m. A copy of the motion and the Debtor's budget is available at https://bit.ly/3btGJFq from PacerMonitor.com. The Debtor projects $83,086 in gross income and $80,065 in total expenses. About H&S Alang, LLC H&S Alang, LLC operates a Hampton Inn hotel located in Pearsall, Texas. H&S Alang, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E. D. Tex. Case No. 22-40712) on June 6, 2022. In the petition filed by Jaspreet S. Alang, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. Pearsall Holdings, LLC, as secured creditor, is represented by: Kenneth Stohner Jr., Esq. Jackson Walker LLP 2323 Ross Avenue, Suite 600 Dallas, TX 75201 Tel: (214) 953-6000 Fax: (214) 953-5822 H-FOOD HOLDINGS: Moody's Affirms 'B3' CFR & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Investors Service affirmed the ratings of H-Food Holdings, LLC ("Hearthside"), including the B3 Corporate Family Rating, B3-PD Probability of Default Rating, the B2 rating on the company's senior secured first lien revolving credit facility and senior secured first lien term loans, and the Caa2 rating on the company's $350 million senior unsecured global notes. Moody's revised the outlook to negative from stable. The outlook revision to negative from stable reflects Moody's expectation that Hearthside's operating performance will remain weak and free cash flow will remain negative in the next 12 months as the company faces inflationary headwinds, labor issues, and supply chain challenges. As of March 26, 2022, Hearthside's Moody's adjusted debt to EBITDA (pro-forma for Interbake) was very high at over 10.5x. Rising interest rates are also pressuring the company's free cash flow because of a sizable amount of floating rate debt, with negative free cash flow creating reliance on the $202.5 million revolver and draw down of cash to fund the roughly $20 million of required annual term loan amortization and reinvestment. An inability to execute an operational turnaround and reduce leverage will make it challenging to refinance approaching maturities (revolver in November 2024 and first lien term loan in May 2025) and would increase default risk. Moody's nonetheless affirmed the ratings because the company should be able to reduce Moody's adjusted debt-EBITDA leverage to below 8x within the next 12 to 18 months through EBITDA growth in 2023, as recently implemented price increase help to offset inflationary headwinds. In addition, employee wage increases have helped to improve the fill rates at its plants and should eventually reduce employee turnover. Hearthside's supply chain issues could persist in the next 6 to 12 months. However, Moody's believes the company should be able to restore EBITDA growth in 2023 due to implemented price increases that will help offest inflationary headwinds despite continued supply chain challenges. The affirmation also reflects Moody's expectation that the company's $77 million cash balance as of March 2022 and unused capacity on the $202.5 million revolver ($50 million drawn as of March 2022) provide adequate liquidity to fund the cash burn and debt service over the next year while the company executes initiatives to stabilize and improve EBITDA. Affirmations: Issuer: H-Food Holdings, LLC Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Senior Secured 1st lien Revolving Credit Facility expiring 2024, Affirmed B2 (LGD3) Senior Secured 1st lien Term Loan expiring 2025, Affirmed B2 (LGD3) Senior Unsecured Global Notes due 2026, Affirmed Caa2 (LGD6) Outlook Actions: Issuer: H-Food Holdings, LLC Outlook, Changed To Negative From Stable RATINGS RATIONALE Hearthside's B3 CFR reflects its high financial leverage with Moody's adjusted debt to EBITDA of 10.6x (pro-forma for the acquisition of Interbake) as of March 26, 2022, the risk in achieving targeted profitability from its capital expansion program, and earnings and cash flow pressure from operating amid high cost inflation and challenging supply chain conditions. Moody's expects debt-to-EBITDA leverage to fall below 8.0x within 12-18 months, as the company takes steps to counteract the earnings headwinds and drive EBITDA growth including recent prices increases, improving labor fill rates at the company's plants, and improved plant utilization. Although Hearthside's legacy business had approximately 90% of its raw material costs contractually passed through to its customers, there was a lag in timing of the pass through. In addition, Interbake didn't have any pass through contracts with its customers, so management had to renegotiate all the Interbake contracts. Hearthside should begin to see an improvement in its EBITDA by the end of 2022. Hearthside's B3 CFR also reflects event risk, such as additional leveraged acquisitions and aggressive shareholder distributions, given the company's financial sponsor ownership, as well as high customer concentration. At the same time, the credit profile favorably reflects the company's sizable scale and good position as a contract manufacturer and packager of food products. The company has long-standing relationships with leading US food companies and manages the bulk of its commodity exposure due to pass-through cost arrangements. Moody's expects Hearthside to operate with adequate liquidity based on $77 million of cash as of March 26, 2022, approximately $152.5 million of availability under the $202.5 million first lien revolver, and no meaningful maturities through 2023 aside from approximately $20 million of required annual term loan amortization. Hearthside has exposure to environmental risks because it is reliant on raw materials such as meats, cheese, eggs, bread, nuts, fruit, flour, oils and chocolates, and waste and pollution through the use of packaging materials that often are not or cannot be recycled. Hearthside like other overall packaged food sector is expose to social risks related to responsible production and customer relations. The company must cost-effectively manage a supply chain to ensure sufficient flow of raw materials to meet production schedules. In addition, the company's exposure to customer relations reflects risks around proper labeling, contamination, or product recalls. Moody's views Hearthside's financial policies as aggressive given its high financial leverage, private equity ownership and focus on growth through acquisitions that can lead to increased debt and integration risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company improves operating performance including positive organic growth and a higher EBITDA margin, generates sustained and comfortably positive free cash flow, and reduces financial leverage such that debt to EBITDA approaches 6x. Ratings could be downgraded if operating performance does not improve, financial policy turns more aggressive, or liquidity deteriorates. Ratings could also be downgraded if interest coverage measured as EBITA to interest approaches 1.0x, or the company does not generate positive free cash flow. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Hearthside is a contract manufacturer and packager of packaged food products in North America and to a lesser extent Europe. Primary product categories include refrigerated and frozen foods, bars and components, baked goods and packaging. The company supplies companies such as General Mills, Kellogg's, Kraft Heinz, PepsiCo, and Mondelez. Revenue is approximately $3.6 billion. Hearthside is owned by an investment group led by Charlesbank Capital Partners and Partners Group following an April 2018 leveraged buyout. HAMON HOLDINGS: Taps B. Riley Securities as Investment Banker ------------------------------------------------------------- Hamon Holdings Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ B. Riley Securities, Inc. as investment banker. The firm's services include: a. reviewing and analyzing, from a financial perspective, the general business, operations, financial condition and prospects of the Debtors, and formulating and reviewing with the Debtors a strategic plan involving a financing, sale or restructuring transaction, or a combination thereof, including timelines and milestones; b. assisting the Debtors in their preparation of a confidential descriptive memorandum describing the Debtors and the transactions; c. developing and reviewing with the Debtors a schedule of the investors to whom the memorandum will be provided; d. assisting the Debtors, as requested, with other schedules, analyses and communications relating to the transactions; and e. participating, under the Debtors direction and guidance, in negotiations regarding the transaction with prospective investors and interested parties. The firm will be paid as follows: a. Monthly fee of $25,000. b. Sale or restructuring fee equal to the greater of (i) $500,000; and (ii) 3 percent of the aggregate transaction value, of any such sale or restructuring transaction. c. Financing transaction fee equal to 1 percent of the gross proceeds of any such transaction placed or committed. The firm will also receive reimbursement for its out-of-pocket expenses. Perry Mandarino, a senior managing director at B. Riley Securities, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Perry M. Mandarino B. Riley Securities, Inc. 11100 Santa Monica Blvd., Suite 800 Los Angeles, CA 90025 Tel: (310) 966-1444 Direct: (646) 367-2402 Email: pmandarino@brileyfin.com About Hamon Holdings Hamon Holdings Corp., a Delaware-based engineering and contracting company, and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10375) on April 24, 2022. In the petition filed by Joseph DeMartino, vice-president, Hamon Holdings listed up to $50,000 in assets and up to $50,000 in liabilities. Judge John T. Dorsey oversees the cases. Jarret P. Hitchings, Esq., at Duane Morris, LLP and Gellert Scali Busenkell & Brown, LLC serve as the Debtors' bankruptcy counsel and conflicts counsel, respectively. HAN JOE RO: Wins Court Nod to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington authorized Han Joe Ro, LLC to use cash collateral on an interim basis in accordance with the budget, pending a final hearing. The Debtor requires the use of cash collateral to continue its ongoing operations in the ordinary course of business, and avoid disruption of operations. As adequate protection for the Debtor's use of cash collateral, Satyam Tumwater LLC and the U.S. Small Business Administration are granted replacement liens in the Debtor's Postpetition Collateral. The Replacement Liens constitute valid, perfected and enforceable security interests and liens on the Postpetition Collateral of the Debtor without further filing or recording of any document or instrument or any other action, but only to the extent of cash collateral used during the term of the Interim Order and any diminution in value of prepetition collateral, and only to the extent of the enforceability of the respective Secured Lender's security interests in the prepetition collateral. To the extent set forth under section 507(b) of the Bankruptcy Code, all obligations subject to the Replacement Liens will have priority in payment over all other administrative expenses of the estate, to the extent that the Replacement Liens are insufficient to compensate the Secured Lenders for any diminution in the value of their interests as a result of the Debtor's use of cash collateral. In consideration for the agreement of Satyam to the Debtor's use of cash collateral as set forth in the Budget and the Second Interim Order, the Debtor will make monthly payments of $24,822 to Satyam, on or before the 1st day of each month, commencing in June 2022 -- with the June Monthly Payment to be paid upon the Court's entry of the Second Interim Order -- until the earlier of the effective date of a confirmed chapter 11 plan of reorganization, an order dismissing the Chapter 11 Case, or any order converting the case to any other chapter under the Bankruptcy Code. The Monthly Payments will be applied to reduce any claim. The Debtor will continue to maintain insurance on its assets as the same existed as of the Petition Date, and a Secured Lender may petition the Court on full notice and hearing to increase coverage, and the Debtor reserves all rights regarding the same. The Replacement Liens will at all times be subject to a carveout for the payment of (i) allowed fees and expenses of professionals whose appointment and compensation has been approved by the Court, and (ii) fees due and owing to the Clerk of the Court and the Office of the United States Trustee pursuant to 28 U.S.C. section 1930. A final hearing on the matter is scheduled for August 11, 2022 at 9 a.m. A copy of the order and the Debtor's budget for the period from June 19 to September 11, 2022 is available at https://bit.ly/3Oh4Zcw from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $6,596 for the week starting June 19, 2022; $322,437 for the week starting June 26, 2022; $60,167 for the week starting July 3, 2022; $21,314 for the week starting July 10, 2022; $6,200 for the week starting July 17, 2022; $94,475 for the week starting July 24, 2022; $37,380 for the week starting July 31, 2022; $47,212 for the week starting August 7, 2022; $11,372 for the week starting August 14, 2022; $129,479 for the week starting August 21, 2022; $26,525 for the week starting August 28, 2022; $15,244 for the week starting September 4, 2022; and $18,394 for the week starting September 11, 2022. About Han Joe Ro, LLC Han Joe Ro, LLC is owned and operated by Cham Joe Ro and her husband, In Kook Ro. Han Joe Ro operates two adjacent properties which share one parking lot. Until recently, both properties were operated as hotel franchises. The OYO Hotel Tumwater, located at 1600 74th Avenue SW, Tumwater, WA 98501, is a 59-room limited service hotel constructed in 1999 and situated on a 1.81 acre site. Beginning in September 2020, the OYO Hotel contracted with Thurston County for temporary use of the entire facility as a COVID-19 recovery center. That contract terminated on February 28, 2022, and the property has resumed its normal operations as the OYO Hotel. Formerly the Comfort Inn Conference Center Tumwater, the adjacent premises located at 1620 74th Avenue SW, Tumwater, WA 98501 is a 58-room hotel property with conference facilities constructed in 2001 and situated on a 2.14 acre lot. The franchise agreement with Choice Hotels was terminated at the end of February 2022. On March 1, 2022, the Leased Hotel entered into a lease with the State of Washington, Department of Health, which initially ran through the end of 2022 but was amended to run through April 30, 2027, and may be renegotiated for an additional five years. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40597) on May 12, 2022. In the petition signed by Eric Camm, chief restructuring officer, the Debtor disclosed up to $10 million in both assets and liabilities. Richard B. Keeton, Esq., at Bush Kornfeld LLP is the Debtor's counsel. HERTZ: Public Notices Ruled Okay In Ch.11 Renter Arrest Disputes ---------------------------------------------------------------- Jeff Montgomery of Law360 reports that a Delaware bankruptcy judge declined on Wednesday, June 22, 2022, to rule that public notices in the Hertz car rental company's Chapter 11 violated bankruptcy rules to the detriment of some customers now seeking false arrest damages for allegedly bogus late return or car theft claims. U.S. Bankruptcy Judge Mary F. Walrath ruled that a footnote in notices providing a link that fully disclosed names of businesses involved was sufficient to meet Bankruptcy Code requirements. A full-text copy of the Law360 report is available at https://www.law360.com/bankruptcy/articles/1505042/hertz-notices-ruled-ok-in-some-ch-11-renter-arrest-disputes About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HOLMDEL FINANCIAL: Unsecureds Will Get 7% of Claims in 60 Months ---------------------------------------------------------------- Holmdel Financial Services, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated June 23, 2022. A life insurance brokerage general agency, the Debtor says its financial difficulties date back to 2015 when it lost its top producing agent, Barry Gimbelstob over a dispute regarding commissions. Mr. Gimbelstob filed a lawsuit against the Debtor over the commission dispute. The protracted cost of the litigation coupled with the judgment and its other debts caused the Debtor to explore its options. In an effort to preserve value for all of its creditors, the Debtor made the decision to seek protection under Chapter 11 of the Bankruptcy Code. Class 1 consists of the Secured claim of Lakeland Bank. Lakeland Bank shall be paid its allowed secured claim outside the Debtor's Plan. The balance owed to Lakeland Bank shall be paid through a modification of the Note. The terms of the modification entered into with Lakeland Bank are presently being negotiated with Lakeland and upon execution of the Modification Agreement, the terms shall be incorporated into the Plan or Reorganization. Class 2 consists of General Unsecured Claims. The General Unsecured Claims total $2,855,134.45, of which, $21,267.00 is on account of PPP loans obtained by the Debtor. The PPP loan has been fully forgiven. Thus, the remaining general unsecured creditor class totals $2,833,867.45. Based on the Cash Flow Analysis, this class of creditors will receive a total base dividend of $198,000.00 to be shared on a prorata basis. It is anticipated that distributions will begin to this class of creditors in the 6th month of the Plan after all Administrative and Priority Debts have been paid. Distributions shall be made quarterly thereafter to this class of creditors with the final payment being made in the 60th month of the Plan. It is Estimated that 7% of claims in this class will be paid. Class 6 consists of Christopher Nalbandian as the sole Shareholder. Mr. Nalbandian will receive no distribution under the Plan, other than to retain his ownership interest in the Debtor. The Debtor shall use the estimated funds on hand upon the Effective Date of the Plan to make the initial distributions for Administrative Expenses and the initial plan payment. Additionally, the Debtor shall use its disposable income to make its monthly payments under the Plan. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post- confirmation taxes, of $48,000.00. The final Plan payment is expected to be paid in March 2027. A full-text copy of the Plan of Reorganization dated June 23, 2022, is available at https://bit.ly/3ngCX4W from PacerMonitor.com at no charge. Attorney for Debtor: Marc C. Capone, Esq. Gillman, Bruton & Capone, LLC 60 Highway 71, Unit 2 Spring Lake Heights, NJ 07762 (733)661-1664 About Holmdel Financial Services Holmdel Financial Services, Inc., is a life insurance brokerage general agency, operating since 1994. It is a small business and has its offices located at 1 Bethany Road, Suite 96, Hazlet, New Jersey. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-12393) on March 25, 2022. In the petition signed by Christopher Nalbandian, president, the Debtor disclosed $210,298 in assets and $3,448,207 in liabilities. Judge Christine M. Gravelle oversees the case. Marc C. Capone, Esq., at Gillman, Bruton, and Capone, LLC. is the Debtor's counsel. HOST HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company on June 7, 2022, retained the 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Host Hotels & Resorts, L.P. Headquartered in Maryland, Host Hotels & Resorts, L.P. operates as a real estate investment trust. INDIGO PALMS: Unsecured Creditors to Get $60K in Consensual Plan ---------------------------------------------------------------- Indigo Palms, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated June 23, 2022. Based on the Debtor's current revenues and expenses, the Debtor projects Disposable Income over the 36 month life of the Plan is $33,376.00. This Plan of Reorganization proposes to pay creditors from future income of the Debtor. Class 2 consists of All non-priority unsecured claims. If Class 5 votes to accept the Plan, then the Class shall receive the treatment under the heading Consensual Plan Treatment. If Class 5 votes to reject the Plan, then Class 5 shall receive the treatment under the heading Nonconsensual Plan Treatment. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical Chapter 7 case is approximately $48,000.00. In full satisfaction of their claims, the Debtor shall pay the holders of allowed unsecured claims a pro rata portion of $60,000.00 on the Effective Date. * Non-consensual Plan Treatment: In full satisfaction of their claims, holders of allowed unsecured claims shall receive a pro rata distribution of the Debtor's projected disposable income of $33,376.00 over a term of 3 years from the Effective Date. Payments will be made in 12 equal quarterly payments of $2,781.33. Payments shall commence on the 15th day of the month following the Effective Date and shall continue monthly for eleven additional quarters. -- In addition, in order to meet the best interests of 11 U. S. C. §1129(a)(7), the Debtor shall pay the holders of allowed unsecured claims a pro rata portion of $16,000.00 on the Effective Date. -- Accordingly, if confirmation is nonconsensual, then holders of allowed unsecured claims will receive a pro rata distribution of a total of $49,376.00. Class 3 consists of Interests of the Debtor. Equity holders will retain their Interests. A full-text copy of the Plan of Reorganization dated June 23, 2022, is available at https://bit.ly/3A0Svl7 from PacerMonitor.com at no charge. Attorneys for the Debtor : Kenneth D. Herron, Jr., Esq. Herron Hill Law Group, PLLC P.O. Box 2127 Orlando, FL 32802 Telephone: (407) 648-0058 Email: chip@herronhilllaw.com About Indigo Palms A Florida limited liability company, Indigo Palms, LLC, leases and operates an assisted living facility located at 507 Healthcare Drive, Daytona Beach, FL. Indigo Palms, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01080) on March 25, 2022, listing up to $100,000 in assets and up to $10 million in liabilities. Robert Altman serves as Subchapter V trustee. Judge Tiffany Payne Geyer oversees the case. Kenneth D. Herron, Jr., Esq. at Herron Hill Law Group, PLLC, serves as the Debtor's legal counsel. INTEGRATED PLAN: Seeks to Hire Bronson Law Offices as Counsel ------------------------------------------------------------- Integrated Plan Design LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Bronson Law Offices, P.C., as its legal counsel. The firm will render these services: (a) assist in the administration of the Debtor's Chapter 11 case; (b) prepare or review operating reports; (c) set a deadline for filing proofs of claim; (d) seek court approval to use cash collateral; (e) review claims and resolve claims, which should be disallowed; and (f) assist in reorganizing and confirming a Chapter 11 plan. H. Bruce Bronson, Esq., the firm's attorney who will be handling the case, will be paid at the rate of $475 per hour. The rates charged by paralegals and legal assistants range from $150 to $250 per hour. Bronson Law Offices is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. Bronson Law Offices can be reached at: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Tel: 914-269-2530 Fax: 888-908-6906 Email: hbbronson@bronsonlaw.net About Integrated Plan Design Integrated Plan Design LLC is a domestic non-profit organization in Florida. Integrated Plan Design sought voluntary Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 22-22119) on March 14, 2022. In the petition filed by Anrew A. Hyman, as manager, Integrated Plan Design LLC listed estimated total assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is handled by Honorable Judge Sean H. Lane. H. Bruce Bronson, Jr., of Bronson Law Offices, P.C., is the Debtor's counsel. INTERDIGITAL INC: Egan-Jones Retains BB+ Senior Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company on June 10, 2022, retained the 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by InterDigital, Inc. Headquartered in Wilmington, Delaware, InterDigital, Inc. designs and develops technology for advanced digital wireless telecommunications applications. JAIME GRAY DIETENHOFER: Private Sale of Assets to Creekstone Okayed ------------------------------------------------------------------- Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central District of California authorized Jaime Gray Dietenhofer's private sale of substantially all of its assets to Creekstone Mountain, LLC. The terms and conditions of, and the transactions contemplated by, the Asset Purchase Agreement are authorized and approved in all respects. Upon the closing of the APA, except as specifically provided in the APA, the First Amended Settlement Agreement and the T2T Settlement, the Assets will be sold, transferred, and assigned to the Buyer free and clear of any and all liens, claims, encumbrances and interests of every kind and nature whatsoever in the Assets. Notwithstanding the provisions of Bankruptcy Rules 6004(g), 6006(d) and 7062, the Order will be effective and enforceable immediately upon entry. The Sale Motion came on for hearing on May 24, 2022, at 9:30 a.m. via ZoomGov video conference. Jaime Gray Dietenhofer sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-11262) on Oct. 20, 2020. The Debtor tapped Summer Shaw, Esq., as counsel. JAMES M. AMOR: Dr. West Offers to Buy Business Assets for $100K --------------------------------------------------------------- James M. Amor asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to authorize the sale of his business related assets pertaining to his dental operation, doing business as New Design Dental, to Dr. Daniel West, DMD, for $100,000. On June 8, 2022, the Debtor entered into a "Letter of Intent" to sell the Assets to the Buyer. The Buyer is unrelated to the Movant or any of his creditors, has no adverse interest with respect to the Movant’s bankruptcy, and is a good faith purchaser for purposes of 11 U.S.C. Section 363(m). The Assets included in the contemplated transaction are as follows: Equipment and Furnishings, Patient Records and Goodwill, and Dental Supplies. In addition, the Debtor is offering to agree to a Restrictive Covenant. The consideration contemplated by the Letter of Intent is a total of $100,000. It should be noted that on June 15, 2022, Debtor was presented with a revised Letter of Intent wherein the Buyer proposes to offer $55,000 for Patient Records and Goodwill, Computer and Software, and the Restrictive Covenant; as of the time of the instant Motion, the Parties are negotiating between the two offers. The Debtor's business assets were actively marketed for sale by Hudson Transition Partners, Inc. pursuant to Paragraph 3 of the Order Confirming Plan dated Jan. 22, 2020 as well as Article 7 of the Plan. According Paragraph 3 of the Order Confirming Plan dated Jan. 22, 2020 as well as Article 7 of the Plan, the Debtor is required to pay the Class 2 claims in full within 30 days of closing a sale of the Business Assets. Class 2 claims are held by the Internal Revenue Service and PA Department of Revenue. In addition to payment of the Class 2 claims, the Plan contemplates payment of the balance of the Debtor's attorney fees as of the date of confirmation from the proceeds of the sale. The Debtor owes a balance of $10,500. In addition, the Debtor has incurred outstanding balances with certain business vendors which will need to be paid out of the proceeds in order to effectuate the terms of the Letter of Intent. In addition, a broker’s fee will be due to Hudson Transition Partners. These costs will be presented to the Court in definite form by the time of the hearing set in the matter. Based upon the claims of the Class 2 creditors as well as the balance owed by the Debtor for his attorney fees, the consideration contemplated by the Letter of Intent is not sufficient to accomplish the requirements of the Plan. Accordingly, the Debtor anticipates that he will attempt to work with the Class 2 Creditors, in combination with a Plan amendment, to amicably resolve this issue. However, absent such a resolution, the Debtor admits that the Motion cannot be granted. Inasmuch as the stay imposed by B.R.C.P. 6004(h) would prohibit the Debtor from completing the sale in accordance with the required settlement date under the Letter of Intent, the Debtor requests the Court to waive B.R.C.P. 6004(h). The Debtor requests expedited consideration of this motion due to the understandably tentative nature of the transaction in light of the Plan terms and the status of Class 2 claims where the sale price is inadequate to pay the Class 2 claims in full. Between the time of filing of the instant Motion and any hearing date set by the Court, the Debtor anticipates proposing an amended Plan which will propose the sale of his residence to obtain the additional funding necessary to pay the Class 2 claims in full. A copy of the Letter of Intent is available at https://tinyurl.com/4x8f6cc5 from PacerMonitor.com free of charge. James M. Amor sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 19-11598) on March 15, 2019. The Debtor tapped John A. Digiamberardino, Esq., at Case & Digiamberardino, P.C., as counsel. JAMES M. AMOR: June 28 Hearing on $100K Sale of Business Assets --------------------------------------------------------------- Judge Patricia Mayer of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania granted James M. Amor's request for an expedited hearing on proposed sale of his business related assets pertaining to his dental operation, operated doing business as New Design Dental, to Dr. Daniel West, DMD, for $100,000. The Assets included in the contemplated transaction are as follows: Equipment and Furnishings, Patient Records and Goodwill, and Dental Supplies. In addition, the Debtor is offering to agree to a Restrictive Covenant. The consideration contemplated by the Letter of Intent is a total of $100,000. A hearing to consider the Motion will be held on June 28, 2022, at 11:00 a.m. Written objections or other responsive pleadings to the Motion (while not required) may be filed up to the time of the hearing and all objections will be considered at the hearing. The Movant will file a Certification of Service as required by Local Rule 9014-4. James M. Amor sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 19-11598) on March 15, 2019. The Debtor tapped John A. Digiamberardino, Esq., at Case & Digiamberardino, P.C., as counsel.a LARRY BARBER: Taps Blanchard Law as Bankruptcy Counsel ------------------------------------------------------ Larry Barber Enterprises, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A. as legal counsel. The firm's services include: a. advising the Debtor regarding its powers and duties in the continued operation of its business and management of its property; b. preparing legal papers and appearing at court hearings; and c. performing all other necessary legal services for the Debtor. Blanchard Law will charge $350 per hour for attorney's services and $90 per hour for paralegal services. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received from the Debtor a retainer of $10,000, plus the filing fee of $1,738. Jake Blanchard, Esq., a partner at Blanchard Law, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jake C. Blanchard, Esq. Blanchard Law, P.A. 1501 Belcher Road South Unit 6B Largo, FL 33771 Tel: (727) 531-7068 Fax: (727) 535-2086 Email: jake@jakeblanchardlaw.com About Larry Barber Enterprises Established by Larry Barber, Larry Barber Enterprises Inc. is a full-service provider of tower civil design, construction and maintenance services across the United States, Puerto Rico, and the U.S. Virgin Islands. On the Web: http://www.larrybarberenterprises.com/ Larry Barber Enterprises sought bankruptcy protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02083) on May 24, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. Amy Denton Mayer has been appointed as Subchapter V trustee. Judge Caryl E. Delano oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's counsel. LOPSANG CONSTRUCTION: Taps Latham Luna Eden & Beaudine as Counsel ----------------------------------------------------------------- Lopsang Construction Service, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham Luna Eden & Beaudine, LLP as its legal counsel. The firm's services include: (a) advising the Debtor as to its rights and duties in its Chapter 11 case; (b) preparing pleadings, including a plan of reorganization; and (c) taking other necessary actions incident to the proper preservation and administration of the estate. The firm will charge $475 per hour for attorney's services and $105 per hour for paraprofessional services. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Justin Luna, Esq., a partner at Latham, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Justin M. Luna, Esq. Latham Luna Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com About Lopsang Construction Service Lopsang Construction Service, LLC -- https://lopsang.com/ -- specializes in countertops, sinks, and vanities for the kitchen, bathroom, patios, and outdoor kitchens. Lopsang Construction Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01879) on May 25, 2022. In the petition filed by Angel G. Arias, as manager, Lopsan Construction Service listed estimated assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP is the Debtor's counsel. LUIS RIVERA: Gets Court Approval to Buy an Automobile Up to $25K ---------------------------------------------------------------- In the bankruptcy case of Luis Rivera and Emma Rivera, Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida authorized Luis Rivera to purchase an automobile up to $25,000 in value and grants the seller a purchase money security interest for any funds borrowed by Luis Rivera for the purchase. In connection with the purchase of the vehicle, Luis Rivera is authorized to sell his 2013 Mercedes Benz, C250 (VIN# DDGF4HB0DR249609) and utilize up to $2,500 in funds from the available funds in the Debtors' DIP account towards the purchase of the automobile. Luis Rivera and Emma Rivera sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-12268) on March 9, 2021. The Debtors tapped Nicholas Bangos, Esq., as counsel. MAGNOLIA OFFICE: Wins Cash Collateral Access Thru Sept 1 -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, has authorized Magnolia Office Investments, LLC to use cash collateral on an interim basis in the ordinary course of its business in accordance with the budget, with a 10% variance. The Debtor is permitted to use cash collateral to pay the reasonable necessary expenses as specified in the budget through September 1, 2022, unless extended by further Court order or with the written consent of the secured creditor. As adequate protection for the Debtor's use of cash collateral, the secured creditor will have a first priority post-petition security interest in, and lien upon, all of the Debtor's personal property. The Post-Petition Lien is, and will be deemed, perfected without the need to execute or file any document or instrument that might otherwise be required under applicable nonbankruptcy law to perfect the said lien. In the event that diminution occurs in the value of cash collateral, PS Funding will be granted an administrative claim under section 507(b) of the Bankruptcy Code. PS Funding's administrative expense claim will not attach to or be paid from the proceeds of any avoidance actions. As additional adequate protection, the Debtor will deliver to the Secured Creditor, through its counsel, monthly payments in the amount of $21,000. The payments will commence effective June 20, 2022 and continue as outlined therein. Counsel for PS Funding is currently holding $27,477 in its Trust Account. PS Funding is authorized to transfer $21,000 as adequate protection for the Debtor's use of cash collateral on June 20, 2022 applied to the payment for June 1, 2022, with the remaining $6,477 applied towards the payment for July 1, 2022. The Debtor will make an additional payment on July 16, 2022 of $14,523 totaling $21,000 for July, 2022, and make monthly payments thereafter on the (1st) day of each consecutive month thereafter during the pendency of the Chapter 11 case. A further hearing on the matter is scheduled for August 31, 2022 at 1:30 p.m. A copy of the order is available at https://bit.ly/3bw5BwE from PacerMonitor.com. About Magnolia Office Investments Magnolia Office Investments LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). It owns the commercial office building located at 1211 Governors Square Boulevard, Tallahassee, Florida 3230, valued at $5.5 million. Magnolia Office Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14044) on May 24, 2022. In the petition signed by Anand Patel, as managing member, Magnolia Office Investments, LLC listed estimated assets and liabilities between $1 million and $10 million each. The case is assigned to Honorable Bankruptcy Judge Erik P. Kimball. David L. Merrill, Esq., at The Associates, is the Debtor's counsel. MANITOWOC CO: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company on June 10, 2022, retained the 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Manitowoc Company, Inc. Headquartered in Milwaukee, Wisconsin, Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products. MARVIN KELLER: Gets Interim Cash Collateral Access Thru Sept. 16 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of Illinois, Urbana Division, authorized Marvin Keller Trucking Inc. to use cash collateral on an interim basis in accordance with the terms and conditions set forth in the Court's previous order dated April 28, 2022. The April 28 order authorized the Debtor to use cash collateral on an interim basis and provide adequate protection to creditors Scott State Bank and Western Trailer Inc. that appear to hold security interests in cash collateral. The Secured Lenders were granted interim liens on the Debtor's post-petition receivables and post-petition deposit accounts including but not limited to its Debtor-In-Possession account, to the extent of the diminution of value of a Secured Lender's pre-petition liens against cash collateral, as adequate protection for cash collateral use pursuant to Section 361 of the Bankruptcy Code. The Replacement Liens will have the same validity, enforceability and priority as the Secured Lenders' pre-petition liens and security interests. The Replacement Liens granted pursuant to the order constitute valid and perfected security interests and liens with the priority provided therein upon the Replacement Collateral, without the necessity of filing or recording any financing statement or other instrument or document which may otherwise be required under the law of any jurisdiction or the taking of any other action to validate or perfect the liens of the Secured Lenders in and to the Replacement Collateral or to entitle Secured Lenders to the priorities granted therein. A further telephonic hearing on the matter is scheduled for September 7, 2022 at 10:30 a.m. A copy of the order is available at https://bit.ly/3QYnrsr from PacerMonitor.com. About Marvin Keller Trucking Inc. Marvin Keller Trucking Inc. operates a nationwide commercial trucking operation, with its headquarters located in Sullivan, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 22-90165) on April 22, 2022. In the petition signed by Joseph E. Keller, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, Esq., at Rafool & Bourne, P.C. is the Debtor's counsel. MATHESON FLIGHT: Committee Taps Felderstein as Bankruptcy Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP as legal counsel. The firm's services include: a. advising the committee with respect to matters and proceedings in the Debtors' Chapter 11 cases that may impact on the treatment of and recovery by general unsecured creditors; b. providing the committee with legal advice regarding its powers and duties under the Bankruptcy Code; c. advising the committee members with respect to their duties to the estate and other creditors; d. advising the committee regarding motions and other developments in the Debtors' cases; e. advising the committee with respect to recovery of preferential payments and fraudulent transfers; f. advising the committee with respect to potential actions and claims against third parties; g. advising the committee regarding the development and confirmation of a Chapter 11 plan); and h. assisting the committee in other insolvency-related matters. The hourly rates charged by the firm for its services are as follows: Partners $350 to $525 per hour Associates $350 per hour Legal Assistants $95 to $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Paul Pascuzzi, Esq., a partner at Felderstein, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul J. Pascuzzi, Esq. Jason E. Rios, Esq. Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP 500 Capitol Mall, Suite 2250 Sacramento, CA 95814 Tel: (916) 329-7400 Fax: (916) 329-7435 Email: ppascuzzi@ffwplaw.com jrios@ffwplaw.com About Matheson Flight and Matheson Postal Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. provide short and long-haul transportation, logistics and ground handling services. The companies are based in Sacramento, Calif. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Lead Case No. 22-21148) on May 5, 2022. In the petitions signed by Charles J. Mellor, chief restructuring officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the cases. Nuti Hart, LLP, Culhane Meadows, PLCC, and Development Specialists, Inc. serve as the Debtors' bankruptcy counsel, special counsel, and financial advisor, respectively. Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and solicitation agent, and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on May 25, 2022. The committee is represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP. MATT'S SMALL: Taps Law Office of Allen P. Turnage as Counsel ------------------------------------------------------------ Matt's Small Engine Repair, LLC filed anew an application seeking approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ the Law Office of Allen P. Turnage to handle its Chapter 11 bankruptcy case. The firm will be paid at the rate of $400 per hour and will be reimbursed for its out-of-pocket expenses. As disclosed in court filings, the Law Office of Allen P. Turnage has no connection with any party other than the Debtor in this case or with the Office of the U.S. Trustee. The firm can be reached at: Allen P. Turnage, Esq. Law Office of Allen P. Turnage PO Box 15219 Tallahassee, FL 32317 Tel: (850) 224-3231 Fax: (850) 224-2525 Email: service@turnagelaw.com About Matt's Small Engine Repair Matt's Small Engine Repair, LLC, is a Florida corporation limited liability company owned by its managing member and founder, Matthew Roberts, along with his wife, Casey Roberts. Matt's Small Engine Repair filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 21-40220) on June 22, 2021. At the time of the filing, the Debtor had between $100,001 and $500,000 in both assets and liabilities. The Debtor is represented by the Law Office of Allen Turnage, P.A. MAXUS ENERGY: Must Prove That YPF Caused Harm In Ch.11 Lawsuit -------------------------------------------------------------- A Delaware bankruptcy judge on Wednesday, June 22, 2022, found the liquidating trust created under the Chapter 11 plan of Maxus Energy will have to prove the actions of Maxus' parent YPF SA harmed it, as the trust seeks payment of up to $14 billion in environmental liabilities. The Maxus Liquidating Trust, which is the successor in interest to Maxus Energy Corporation filed a 23-count complaint against YPF S.A. and numerous of its affiliates and Repsol, S.A., and numerous of its affiliates. The Complaint contains 20 claims for avoidance of fraudulent conveyances under the theories of both actual and constructive fraud, the remaining counts are for alter ego liability, unjust enrichment and civil conspiracy. The Trust's Motion seeks partial summary judgment on three issues: (i) the measure of damages (not liability) with regard to the Trust's alter ego claims; (ii) certain elements of the Trust's actual fraudulent transfer claims, i.e., the transfers each involved "transfers" of "interests" of the "Debtors" in "property," as well as certain badges of fraud; and (iii) Defendants' affirmative and other defenses. As set forth below, the Court finds that it is premature to rule on the damages portion of the alter ego claim, there are genuine issues of material fact as to whether the transfers were "property" of the "Debtors" and as to various badges of fraud; and the Trust has not established an absence of material disputed facts regarding Defendants' affirmative and other defenses. The Court finds that it is premature to rule on the damages portion of the alter ego claim, there are genuine issues of material fact as to whether the transfers were "property" of the "Debtors" and as to various badges of fraud; and the Trust has not established an absence of material disputed facts regarding Defendants' affirmative and other defenses. YPF's Motion reads like an opposition because many arguments are made in defense to the issues raised by the Trust's Motion. The issues YPF seeks partial summary judgment on are: (i) the applicability of the collapsing doctrine; (ii) statute of limitations for constructive fraudulent transfer claims; (iii) the legitimate supervening purpose test for actual fraudulent transfer claims; and (iv) the damages portion of the Trust's alter ego claim. The Court ruled that YPF's Motion will be granted, in part, and denied, in part. More specifically, the Court will grant YPF partial summary judgment on the causation theory of damages. The Court will deny summary judgment on the remainder of YPF's Motion because the Court finds that there are material disputes of fact that prevent summary judgment on the remainder of issues raised by YPF. In a 150-page ruling on multiple summary judgment motions in the case, U.S. Bankruptcy Judge Craig Goldblatt opined that: * The Court finds that the Plaintiff's Motion for Partial Summary Judgment on Counts I, IV, VI, VIII, X, XII, and XIV of the Complaint and Related Affirmative Defenses is denied. The Causation Damages Theory is applicable, and the quantum of damages is indeterminable at this time. Furthermore, there are material facts in dispute related to the badges of fraud for actual fraudulent transfers. Finally, the Trust has failed to meet its burden in connection with the Defendants' defenses. Thus, the Court will deny the Plaintiff's Motion. * The YPF Defendants' Cross Motion for Partial Summary Judgment is granted in part and denied in part. Specifically, the YPF Defendants are granted partial summary judgment as to the Trust's All Liabilities Damages Theory; the Causation Damages Theory is applicable. Furthermore, although the Trust cannot use the States of Wisconsin or Ohio as triggering creditors, it may rely on the EPA to the extent consistent with the Court's discussion herein. All other requests for relief are denied. * The Court finds that Repsol Defendants' Motion for Summary Judgment is denied because there are material disputes of fact that must be explored by the trial court. A copy of the 150-page opinion is available at https://cases.ra.kroll.com/maxus/Home-DownloadPDF?id1=MjE1MzYwMg==&id2=-1 About Maxus Energy Corporation Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del. Lead Case No. 16-11501) on June 17, 2016. The Debtors engaged Young Conaway Stargatt & Taylor, LLP, as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC, as financial advisor and Prime Clerk LLC as claims and noticing agent. The Debtors hired Keen-Summit Capital Partners LLC as real estate broker. The Debtors also engaged Hilco Steambank to market and sell their internet protocol numbers and other internet number resources, and EnergyNet.com to market and sell the Debtors' rights, title, and interest in and to the oil and gas properties. On July 7, 2016, the United States Trustee for the District of Delaware filed Notice of Appointment of Committee of Unsecured Creditors. The Committee selected Schulte Roth & Zabell LLP as counsel, and Cole Schotz as Delaware co-counsel. Berkeley Research Group, LLC, serves as financial advisor for the Committee. Andrew Vara, acting U.S. Trustee for Region 3, appointed the following to a committee of retirees: John Leslie Jackson, Sr., Gerald G. Carlton, and Robert E. Garbesi. The Retirees Committee retained Akin Gump Strauss Hauer & Feld LLP as counsel and Ashby & Geddes, P.A., as co-counsel. MAYAN POOLS: Wins Interim Access to Cash Collateral --------------------------------------------------- Mayan Pools & Sports Construction, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, for authority to use cash collateral on an emergency basis to continue its operations in accordance with the proposed budget. Like so many other small businesses, the Debtor suffered a series of setbacks due to the COVID-19 pandemic. The cost of materials and contract labor increased substantially over the last several years, and the delivery of such materials was severely delayed because of pandemic-related supply chain issues. Not only have subcontractors and vendors increased prices, but the Debtor has also been battling labor shortages. The time it takes to receive permits on each project also increased by several months. All these issues caused the Debtor to fall behind in its progress on projects, many of which were quoted and locked in pre-pandemic, and therefore did not account for the Debtor's increased costs and timelines. Payment on its projects is triggered by the completion of certain phases of construction. Therefore, when the Debtor was prevented from completing a step in a project by delays in deliveries, the unavailability of materials, increased labor costs or labor shortages, permitting delays, etc., the Debtor correspondingly was unable to be paid on its contracts. The problem was further intensified as demand for residential pools increased since families were at home more often during the pandemic and interest rates were enticingly low. These factors ultimately snowballed into the Debtor being unable to complete the increased number of contracts to bring in income and prevented the Debtor from being able to keep up with payments on its obligations. The Debtor is a borrower under a loan in the original principal amount of $150,000 as evidenced by the Business Loan and Security Agreement with ODK Capital, LLC, with a current balance of $140,576. ODK Capital asserts a security interest in the Debtor's tangible and intangible personal property pursuant to the Loan Agreement and UCC Financing Statement No. 038-2022-001459 filed with the Coweta County, Georgia Clerk of Superior Court on January 12, 2022. The Debtor is also a borrower under an EIDL loan in the original principal amount of $200,000 as evidenced by the Note with the United States Small Business Administration and a current balance of $199,900. The SBA asserts a security interest in the Debtor's tangible and intangible personal property pursuant to the Security Agreement dated May 4, 2022, and UCC Financing Statement No. 038-2022-018078 filed with the Coweta County, Georgia Clerk of Superior Court on May 18, 2022. Monthly payments on this loan are not due to begin until May 2024. Certain revenue of the Debtor may constitute cash collateral as that term is defined in 11 U.S.C. Section 363. The Debtor believes the Lenders may assert an interest in the cash collateral. The Debtor is not aware of any other creditor asserting an interest in the cash collateral. To the extent that any interest that the Lenders may have in the cash collateral is diminished, the Debtor proposes to grant the Lenders a replacement lien in post-petition collateral of the same kind, extent, and priority as the liens existing pre-petition. * * * At the Debtor's behest, the Court entered an interim order authorizing it to use cash collateral and provide adequate protection. The interim period may be extended by further Court order. The final hearing on the matter is scheduled for July 19, 2022 at 11 a.m. via Zoom for Government. A copy of the motion and the Debtor's budget for the period from June 18 to September 10, 2022 is available at https://bit.ly/3n5YwoT from PacerMonitor.com. The Debtor projects $683,628 in total inflows and $843,254 in total outflows for the period. A copy of the order is available at https://bit.ly/3ODOvLo from PacerMonitor.com. About Mayan Pools & Sports Construction, LLC Mayan Pools & Sports Construction, LLC provides commercial and residential swimming pool construction and remodeling services and other outdoor living construction services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-40744) on June 20, 2022. In the petition signed by Jeff Anderson, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. William A. Rountree, Esq., at Rountree, Leitman Klein & Geer, LLC is the Debtor's counsel. MCK USA: $1.15M Sale of Crimson Condo Unit 1901 to O'Shea Approved ------------------------------------------------------------------ Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida authorized MCK USA 1, LLC's sale of Apartment 1901, identified as 601 NE 27th Street, Unit PH1901, in Miami, Florida 33137, which legal description is The Crimson Condo Unit 1901 Undiv 1.449% Int in Common Elements Off Rec 29900-4291, to Quinn Li O'Shea and Chase Matecun for $1.15 million, free and clear of liens, claims, and interests. The Contract, and the transaction contemplated therein, is approved and MCK is authorized to enter into the Contract and any amendments thereto in accordance with the Order, and to execute and perform such agreements or customary documents and take such other actions as are necessary to effectuate the terms of the Contract. MCK is authorized to sell Apartment 1901 to the Buyer upon delivery of the consideration in accordance with the Contract and completing all other deliveries required under the Contract. The Buyer will not be subject to any liabilities of MCK, except for any ongoing liabilities to the HOA. The sale of Apartment 1901 will be free and clear of any and all Liens and Encumbrances, with the Liens and Encumbrances attaching to the proceeds from the sale, except as specifically set forth in the Order. In particular, the sale of Apartment 1901 will be free and clear of the following Liens and Encumbrances pursuant to section 363(f)(3) because the Purchase Price will pay the following Liens and Encumbrances in full: (i) CCH FL 2, LLC (claim no. 2 filed in the case), for unpaid 2019 real estate taxes; (ii) FIG 1836, LLC FBO Secured Party (claim no. 4 filed in the case), for unpaid 2020 real estate taxes; and (iii) Miami-Dade County Tax Collector (claim no. 1-1 filed in the case), property account # 01-3230-100-0850, in respect of its statutory lien against Apartment 1901 for unpaid 2021 real estate taxes. The sale of Apartment 1901 will be free and clear of any outstanding fees owed to the HOA. MCK will pay from the sale proceeds at closing the amount necessary to bring the account current, which MCK estimates to be approximately $30,000. The sale of Apartment 1901 will be free and clear of the claim of ATTA (claim no. 5 filed in the case), in respect of its "3RD AMENDED DEFAULT FINAL JUDGMENT AGAINST MCK USA 1, LLC" entered June 8, 2021, and recorded in Official Records Book 32564, Page 600, of the Public Records of Miami-Dade County, Florida (the "ATTA Lien"), pursuant to section 363(f)(2). ATTA will be paid $550,000 in full and final settlement of the ATTA Lien. MCK and/or the closing agent is authorized and directed to pay all Liens and Encumbrances identified above, at closing, in addition to all brokerage commissions (total 6% of Purchase Price as authorized by ECF 51, in the amount of $34,500 to broker Dilson Caputo, and $34,500 to the broker for the buyer, payable only upon the successful closing of the sale of Apartment 1901, which MCK is authorized to pay such commission at closing) and other ordinary closing costs and HOA and tax prorations payable by MCK from the sale proceeds. All closing disbursements paid by or on behalf of MCK pursuant to the Order will properly be reported and included in MCK's monthly operating report for the month in which the closing occurs, and counsel for MCK will file a Notice of Closing with the Court upon successful closing of the sale of Apartment 1901. Notwithstanding the provisions of Federal Rule of Bankruptcy Procedure 6004(h), the Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. The Buyer will be acting in good faith in consummating the sale of Apartment 1901 at any time following entry of the Order on the Court's docket, and cause has been shown as to why the Order should not be subject to the stay provided by Rule 6004(h). About MCK USA 1 LLC MCK USA 1, LLC, a Miami, Fla.-based company engaged in renting and leasing real estate properties, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-18197) on Aug. 24, 2021. The petition was signed by Mario Peixoto as owner. At the time of the filing, the Debtor disclosed $2 million in assets and $2.29 million in liabilities. Judge Robert A. Mark presides over the case. Adina Pollan, Esq., at Pollan Legal, serves as the Debtor's legal counsel. MERLIN ACQUISITION: S&P Affirms 'B-' ICR on Frontmatec Acquisition ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Merlin Acquisition Corp. The outlook is stable. S&P said, "We assigned our 'B-' issue-level rating and '3' recovery rating to the company's proposed $200 million incremental term loan. We also affirmed our 'B-' issue-level rating and '3' recovery rating on its first-lien debt facilities as well as our 'CCC' issue-level rating and '6' recovery rating on its second-lien term loan." On May 24, 2022, Merlin entered into a definitive agreement to acquire Denmark-based Frontmatec Group ApS. Merlin intends to fund the acquisition with a $200 million incremental first-lien term loan along with an equity contribution from its sponsor, KKR & Co. The transformative acquisition of Frontmatec Group will better position Merlin's products across end-to-end solutions within the protein processing markets. Frontmatec is a full-line supplier of automated red meat processing equipment, which should complement Merlin's cutting tools and poultry processing machines. S&P said, "We believe the acquisition is a good strategic fit for Merlin and will further enhance its scale and scope of operations and geographic mix. However, with approximately $430 million in combined revenues (for the last 12 months ended March 31, 2022), we still view Merlin as more limited in scale than other higher-rated capital goods peers. Furthermore, the company remains highly exposed to the consumption of pork, poultry, and beef, which can be susceptible to inflationary pressure." Leverage will remain elevated over the next 12 months. Merlin ended 2021 with S&P Global Ratings-adjusted leverage slightly above our prior forecast due to higher than anticipated costs associated with its sale to KKR. S&P siad, "While we expect organic margin improvement in 2022, Frontmatec's margin profile is not as strong as Merlin's and costs associated with the combination could pressure near-term margins. This, coupled with the higher debt burden, will likely keep leverage elevated over the next 12-18 months or until the company fully recognizes synergies related to the acquisition. In addition, our assessment of Merlin's financial risk incorporates its financial sponsor ownership and the potential that leverage could remain high. Specifically, while we do not expect KKR to pursue debt-funded dividends within the next year, we expect it will opportunistically pursue acquisitions over time that could keep leverage elevated." S&P said, "We expect Merlin will generate positive FOCF with adequate liquidity and covenant headroom. Lower operating margins and higher inventory during the fourth quarter led to slightly negative FOCF for 2021. We believe this will be temporary as the company sells off inventory and decreases its project lead times, resulting in FOCF in the $35 million-$45 million range for 2022. We expect Merlin to remain acquisitive, using excess cash and debt to fund opportunities that support both its customer base and new market growth. With modest cash on the balance sheet and full availability on its upsized credit facility post-transaction, the company should have adequate liquidity and covenant headroom to manage operating needs over the next 12 months. "The stable outlook on Merlin indicates our expectation that it will generate positive FOCF and maintain leverage in the high-7x to low-8x range over the next 12 months. This is supported by growth in aftermarket parts, new product innovations, and realization of combination synergies." S&P could lower its rating on Merlin if: -- Its original equipment manufacturer sales slightly reduce over the next 12 months, drastically depressing earnings and meaningfully deteriorating adjusted debt to EBITDA such that S&P believes the capital structure becomes unsustainable; or -- Working capital or operating trends deteriorate materially leading to negative FOCF, reduced liquidity, and heightened risk of a covenant violation. Although unlikely over the next 12 months given the additional debt load, S&P could raise its rating on Merlin if: -- S&P expects adjusted debt to EBITDA to remain consistently below 6.5x and anticipate its financial policies will support this improved leverage long term, including potential acquisitions or shareholder returns; and -- It continues to generate positive FOCF and maintain sufficient liquidity. ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of Merlin, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." MFA FINANCIAL: Egan-Jones Withdraws Sr. Unsecured Ratings to BB+ ---------------------------------------------------------------- Egan-Jones Ratings Company on June 8, 2022, withdraws the foreign currency and local currency senior unsecured ratings on debt issued by MFA Financial, Inc. to BB+ from BBB-. Headquartered in New York, MFA Financial, Inc. operates as a real estate investment trust primarily engaged in the business of investing, on a leveraged basis, in residential mortgage assets, including residential mortgage-backed securities and residential whole loans. MIDSOUTH MEDICAL: Unsecureds to Get Share of Income for 36 Months ----------------------------------------------------------------- MidSouth Medical Specialties, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Mississippi a Subchapter V Plan of Reorganization dated June 23, 2022. The Debtor is a retail pharmacy, located in Horn Lake, Mississippi. Prior to the filing of the Petition, the Debtor operated four independent pharmacies, but due to circumstances, it has elected to consolidate its business into one retail pharmacy in one location. A middleman was established between the pharmacy and the insurance companies who paid the pharmacies for dispensing prescriptions, as well as CMS/Medicare/Medicaid with the advent of pharmacy benefit managers ("PBMs"). The advent of PBMs was in 2018, and at the end of that year, the Debtor was surprised to learn that it owed some $800,000 as the result of the increased costs brought on by the PBM middlemen. It was aided by PPP funds, but they simply were not enough to overcome the steep hill it had to climb as a result of decreased profits that were taken by the middlemen/PMBs, so it elected to restructure under Subchapter V. One of the significant positive features in this case is the small amount of the one secured claim that exists. The Debtor is amortizing that claim over a 5 year period, in order to hopefully improve the cash flow to unsecured creditors. Liquidation would deprive the creditor body of the ability to participate in whatever actual disposable income the Debtor can produce over the 36 month life of the Plan. As a result, the Debtor believes the Plan is the only reasonable, equitable and fair exit strategy in this Chapter 11 case. Class 3 consists of the Secured Claims of Guaranty Bank & Trust Company. In order to satisfy the claim of the Bank, the new principal of which is $50,000, the Debtor will amortize the $50,000 new principal of the Bank over 60 months and will pay the new secured claim in equal monthly installments of principal and interest, beginning upon the effective date of the Plan. Class 4 consists of General, unsecured creditors. General, unsecured creditors will receive the Debtor's projected disposable income over the life of the Plan. Projected disposable income ("PDI") will be determined by the Debtor's gross income less costs of operating and managing its business, including salaries of its employees, less taxes and related overhead. Payments to unsecured creditors shall be made in February of 2023 (for 2022 PDI), February of 2024 (for 2023 PDI), and February of 2025 (for 2024 PDI). The Debtor's equity security holder will maintain his ownership of the Debtor. The Debtor's means of execution of the Plan will be provided from the operation of its retail pharmacy business. This income will provide the Debtor the ability to pay creditors with which it can fund the Plan. A full-text copy of the Subchapter V Plan dated June 23, 2022, is available at https://bit.ly/3bvgApZ from PacerMonitor.com at no charge. Debtor's Counsel: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway P.O. Box 3380 Ridgeland, MS 39158-3380 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About MidSouth Medical Specialties MidSouth Medical Specialties, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 22-10636) on March 25, 2022, listing as much as $1 million in both assets and liabilities. Kimberly D. Strong serves as Subchapter V trustee. Judge Jason D. Woodard oversees the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, serves as the Debtor's legal counsel. MORROW GA: Skymark Can't File Plan, Says Trustee ------------------------------------------------ Tamara Miles Ogier, as Chapter 11 Trustee for debtor Morrow GA Investors, LLC, filed an objection to the Disclosure Statement filed in connection with Skymark Properties III, LLC's Plan for the Debtor. The Trustee asserts that: * The plan proponent may not file a plan because it is not a party in interest under 11 U.S.C. Sec. 1121(c). * A plan process is premature before a bar date establishes the creditors and classes. * The Skymark Plan is unfeasible because the Real Property is cash negative. The Trustee complains that the Skymark Plan is filed in bad faith because its sole effect is to achieve a result in an extra-bankruptcy legal dispute of one nondebtor against another nondebtor, when that result cannot be achieved through applicable nonbankruptcy law. Attorneys for the Tamara Miles Ogier, as Trustee: Tamara Miles Ogier, Esq. William L. Rothschild, Esq. OGIER, ROTHSCHILD AND ROSENFELD, P.C. P.O. Box 1547 Decatur, GA 30031 Tel: (404) 525-4000 E-mail: tmo@orratl.com br@orratl.com As reported in the TCR, Skymark Properties III, LLC, filed a Plan and Disclosure Statement for debtor Morrow GA Investors, LLC dated May 16, 2022. The Debtor owns a commercial office building that has a number of commercial tenants. The Debtor no longer is a debtor-in-possession of its assets. Secured creditor 1590 Adamson, LLC, asserts that the Debtor owes it $4,698,270. The Reorganized Debtor will pay Lender's Secured Claim over five-years, with a balloon payment due on the 60th month, with interest at the Lender's Interest Rate, where the monthly payment of principal and interest shall be the lesser of the Monthly Payment or the Interest Only Payment. Payments will be made into escrow until the claim is allowed. A full-text copy of the Skymark Disclosure Statement dated May 16, 2022, is available at https://bit.ly/3wrR1OF from PacerMonitor.com at no charge. About Morrow GA Investors LLC Morrow GA Investors, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a real property located at 1590 Adamson Parkway, Morrow, Ga., having an appraised value of $5.5 million. Morrow GA Investors filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55706) on July 31, 2021, listing $5,502,000 in total assets and $2,698,079 in total liabilities. Judge James R. Sacca oversees the case. Limbocker Law Firm serves as the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed Tamara Miles Ogier as trustee in this Chapter 11 case. The bankruptcy trustee tapped Ogier, Rothschild & Rosenfeld PC as bankruptcy counsel, Wiles & Wiles LLP as special counsel, and Stonebridge Accounting & Forensics LLC as accountant. MORROW GA: Skymark Plan Unconfirmable, Says Secured Creditor ------------------------------------------------------------ 1590 Adamson LLC objects to the Disclosure Statement of plan proponent Skymark Properties III, LLC's Plan of Reorganization for debtor Morrow GA Investors, LLC. 1590 Adamson points out that the Plan is unconfirmable because nobody can vote on it. Skymark's disclosure statement makes clear vote will only be counted if they are listed on the Debtor's schedules as other than disputed, contingent, or unliquidated, or a proof of claim has been filed. However, any vote by a Holder of a Claim will not be counted in such Claim has been Disallowed or is the subject of an unresolved objection, absent an order of the Court allowing such Claim for voting purposes". As it relates to voting rights, the Proposed Plan eliminates "any Class of Claims that does not have a Holder of an Allowed Claim or a Claim temporarily Allowed by the Bankruptcy as of the date of the Confirmation Hearing. 1590 Adamson further points out that on its face the Plan appears to be a plan or reorganization. In Section 5.2, it says "Plan Proponent reasonably believes that ongoing operations shall be sufficient to fund the Plan." But, "[i[f the Real Property does not generate sufficient funds to pay the lesser of the Monthly Payment or the Interest Only Payment, then the Plan Trustee shall market and sell the Real Property." According to Skymark's Disclosure Statement there is $78,395 in cash on hand. As the Court knows, a temporary chiller has been installed at the property. The monthly cost to rent the chiller is approximately $41,000. There was an approximate charge of $10,000 in labor to set up the temporary chiller. There is a repair quote of $32,305.00. Assuming the chiller is not replaced-a $463,000+ endeavor-this cash on hand is not enough to cover renting the temporary chiller and repairing it. There is no mention of the failed chiller, or how it would be handled, in the Disclosure Statement or Plan. If this Plan were confirmed the Plan Trustee would immediately run out of money to pay the Monthly Payment or Interest Only Payment, forcing the Plan Trustee to liquidate. Moreover, 1590 Adamson asserts that the Plan is a backdoor attempt for Skymark to obtain control of the property and to Syphon Off the Debtor's and Reorganized Debtor's income. The Court understands Skymark is embroiled in lengthy litigation in the Eastern District of Michigan and that it has also represented that it will file an arbitration against the Lender or Lender's predecessor in California in the near future. The purpose of these actions are to recover title to the sole asset in this single asset real estate chapter 11 case. The Plan can be shown to be in bad faith because its terms allow for Skymark to immediately take control of the property, 1590 Adamson tells the Court. According to 1590 Adamson, the Proposed Plan is intended to delay and frustrate the lone secured creditor in the case -- 1590 Adamson. The Plan is clearly proposed in bad faith as it facially delays and frustrates the secured creditor's ability to exercise its legal and contractual remedies. The Plan further frustrates Lender by impounding all payments Lender is entitled to as Section 3.1.4 of the Plan expressly says "[n]o distributions shall be made to the Lender's Claim until the Lender's Secured Claim is Allowed by a Final Order and the Lawsuit has been resolved." About Morrow GA Investors LLC Morrow GA Investors, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a real property located at 1590 Adamson Parkway, Morrow, Ga., having an appraised value of $5.5 million. Morrow GA Investors filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55706) on July 31, 2021, listing $5,502,000 in total assets and $2,698,079 in total liabilities. Judge James R. Sacca oversees the case. Limbocker Law Firm serves as the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed Tamara Miles Ogier as trustee in this Chapter 11 case. The bankruptcy trustee tapped Ogier, Rothschild & Rosenfeld PC as bankruptcy counsel, Wiles & Wiles LLP as special counsel, and Stonebridge Accounting & Forensics LLC as accountant. NORTH AMERICAN: Judge Skeptical of Asbestos Settlement Payouts -------------------------------------------------------------- P. J. D'Annunzio of Law360 reports that a Pennsylvania bankruptcy judge on Wednesday, June 22, 2022, appeared skeptical that a Honeywell subsidiary's, North American Refractories Co., asbestos injury settlement trust was mismanaging payouts by using uniform claim form language, questioning how many ways a person could say they were exposed to the harmful substance. U.S. Bankruptcy Judge Thomas Agresti frequently interrupted the closing argument from Honeywell's attorney, Greg Primis of Kirkland & Ellis, zeroing in on what he thought was an unanswered question regarding Honeywell's claims of "formulaic allegations of exposure" in the settlement trust Honeywell funded for claims stemming from exposure to asbestos-containing products made by North American Refractories Co. A full-text copy of the article is available at https://www.law360.com/bankruptcy/articles/1504865/bankruptcy-judge-skeptical-of-honeywell-s-beef-over-forms About North American Refractories Co. Based in Pittsburgh, Pennsylvania, North American Refractories Company manufactured and sold refractory products. The Company and its affiliates sought Chapter 11 protection on Jan. 4, 2002 (Bankr. W.D. Pa. Case No. 02-20198) after suffering a slump in the domestic economy and encountering an overwhelming number of claims from individuals asserting injuries or illnesses caused by exposure to asbestos containing products it manufactured. The Company reported $27.5 billion in assets and $18.6 billion in liabilities at the time of the filing. The Hon. Judith K. Fitzgerald confirmed a Third Amended Plan of Reorganization filed by North American Refractories Company and its debtor-affiliates, I-Tec Holding Corp., Intertec Company, and Tri-Star Refractories, Inc., on Sept. 24, 2007. That plan estimated that unsecured non-asbestos creditors would recover about 90 cents-on-the-dollar. Asbestos claims were channeled to a 524(g) trust funded by Honeywell International Inc. and 79% of the stock of the Reorganized Debtor. James J. Restivo, Jr., Esq., Robert P. Simmons, Esq., and David Ziegler, Esq., at Reed Smith LLP represents the Debtor. Kroll Zolfo Cooper LLC is the Debtors' bankruptcy consultants and special financial advisors. The Official Committee of Unsecured Creditors is represented by McGuire Woods, LLP. KPMG, LLP, is the Creditors Committee's financial advisor. The Asbestos Claimants Committee is represented by attorneys at Caplin & Drysdale, Chartered and Campbell & Levine, LLC. L. Tersigni Consulting, PC was the Asbestos Committee's financial advisor. Lawrence Fitzpatrick was appointed as the Future Asbestos Claimants Representative. Mr. Fitzpatrick is represented by attorneys at Young Conaway Stargatt & Taylor LLP and Meyer, Unkovic & Scott LLP. NUVO TOWER: Brooklyn Condo Project Seeks Chapter 11 Protection -------------------------------------------------------------- Nuvo Tower LLC filed for chapter 11 protection in Brooklyn, New York. The Debtor owns 4 contiguous building lots located at 2954-2958 Brighton 6th Street and 6-7 Brighton Fifth Place in the Brighton Beach section of Brooklyn, which lots are intended for construction of a 23-unit condominium complex. The Debtor acquired title to the Property in 2017 for $700,000. A recent appraisal valued the property at $4.3 million. The Debtor has worked on architectural, mechanical and structural plans to build out the condominium complex and has finally obtained approvals for a 23-unit condominium. The Debtor has also attempted to obtain construction financing, which financing would include the take out of the existing first mortgages held by Bayport Funding, LLC. On Aug. 7, 2017, the Debtor took out a high interest mortgage from Bayport in the principal amount of $1.5 million against the Property. The initial term of the mortgage was for one year, a maturity date of Aug. 27, 2018. The Debtor timely made all debt service payments through February 2019. The loan was extended until March 2019, and Bayport later agreed to another 6 month extension and promised new financing for the Debtor. However, Bayport sent a notice of non renewal and demanded payment in full by April 12, 2019. Bayport commenced a foreclosure action in 2019. In the fall of 2021, the Debtor was in negotiation with a new lender and requested a payoff letter from Bayport. The September 2021 payoff letter showed a total amount of $2.05 million. In February 2022, the Debtor secured a commitment from a new, different lender. Bayport send an updated payoff letter showing an amount due of $2.769 million as of March 31, 2022. "Everyone was ready for the closing including the title company and attorneys, but unfortunately it could not close because of Bayport's inflated payoff letter and greed," Haim Pinhas, a 50% member and manager of Nuvo Tower, explained in court filings. In February 2022, Bayport obtained a judgment of foreclosure which, together with accrued interest and the default rate up to the judgment date and statutory 9% interest accruing thereafter, is currently in the aggregate amount of $2.800 million, which the Debtor believes is incorrect and will be disputing. In February 2022, the Debtor obtained a loan commitment from Sachem Capital Corp. for $9 million, which proceeds would be used in part to satisfy the Bayport judgment and mortgages as well as provide the Debtor with the needed construction financing. Bayport scheduled a foreclosure sale of the Property for June 23, 2022. On June 13, 2022, the Debtor received a new payoff letter from Bayport for $2.250 million. The Debtor accordingly filed a Chapter 11 case on June 22, 2022, to preserve its equity in the Property and give it a reasonable opportunity to refinance the Property, adjudicate the current amount due to Bayport under the judgment, compel Bayport to accept a satisfaction of the judgement/mortgage, and obtain the need financing to construct the condominium. About Nuvo Tower LLC Nuvo Tower LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). It owns 4 contiguous building lots located at 2954-2958 Brighton 6th Street and 6-7 Brighton Fifth Place in the Brighton Beach section of Brooklyn, which lots are intended for construction of 23-unit condominium complex. Nuvo Tower LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41444) on June 22, 2022. Robert L Rattet, of Davidoff Hutcher & Citron LLP, is the Debtor's counsel. In the petition filed by Haim Pinhas, as manager, the Debtor estimated assets and liabilities between $1 million and $10 million. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Aug. 15, 2022, at 12:00 PM. ONE AND ONE: Seeks Approval to Tap Leo Fox as Bankruptcy Attorney ----------------------------------------------------------------- One And One Holdings LLC seeks approval from the US Bankruptcy Court for the Southern District of New York to employ Leo Fox, Esq., a New York City attorney, to handle its Chapter 11 case. Mr. Fox will render these services: a. give advice to the Debtor with respect to its powers and duties under the Bankruptcy Code; b. prepare legal papers and appear before the bankruptcy court; c. meet with and negotiate with creditors and other parties for a plan of reorganization, prepare the plan and disclosure statement and attendant documents; and d. perform all other necessary legal services. The hourly rates charged by Mr. Fox and other attorneys and paralegals at his firm are as follows: Partners $450 per hour Associate $275 per hour Paralegal $75 per hour The retainer fee is $12,500. As disclosed in court filings, Mr. Fox neither represents nor holds any interest adverse to the Debtor and its estate. Mr. Fox holds office at: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: 212-867-9595 Email: leo@leofoxlaw.com About One And One One And One Holdings LLC is in the business of owning certain real estate located at 422 East 161st Street, Bronx, New York, 10451, a building containing a 10 residential rental units. One And One Holdings LLC filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10400) on March 30, 2022. The petition was signed by Isaac Dubov as managing member. One And One estimated assets of up to $1 million to $10 million and liabilities of $1 million to $10 million. Leo Fox serves as the Debtor's counsel. OPERATION IMPACT: Files Chapter 11 Subchapter V Case ---------------------------------------------------- Operation Impact Community Development Center, Inc., filed for chapter 11 protection in the Eastern District of Arkansas, without stating a reason. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. The Petition states funds will be available to Unsecured Creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 18, 2022, at 9:30 a.m. at Ch. 11 Tele-Meeting of Creditors. About the Company Operation Impact Community Development Center, Inc., is a nonprofit organization that empowers people by engaging in strategic business partnerships. Operation Impact Community Development Center filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on June 22, 2022. In the petition filed by Kevin D. Allen Sr., as CEO, the Debtor estimated assets and liabilities up to $50,000 each. Chauncy Graham, of The Cochran Firm-Jackson, LLC, is the Debtor's counsel. The Subchapter V trustee: Beverly I. Brister The Brister Firm 212 W. Sevier St. Benton, AR 72015 Tel: 501-778-2100 PEOPLE SPEAK: $2.11-Mil. Sale of Maison Dubois to Glaser Approved ----------------------------------------------------------------- Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana issued a Final Order, authorizing People Speak, LLC, to sell the property located at 1419-1421 Dauphine Street, in New Orleans, Louisiana, known as the "Maison Dubois," to Frank Glaser for $2.11 million. Natalia Varava is designated the Back-Up Bidder, based upon the Back-up Bid in the amount of $2.1 million. The sale is free and clear of any and all alleged liens, claims, or interests in the Property, with such interests, if any, attaching only to the proceeds of the sale of the Property. The deposits of the Prevailing Bidder and Back-Up Bidder will be held as credits toward the purchase price for such Prevailing Bidder or Back-Up Bidder. If the Prevailing Bidder fails to consummate the Sale because of a breach or failure to perform on the part of the Prevailing Bidder, the Back-Up Bid, as determined by the Court at the Sale Hearing, will be deemed the new Prevailing Bid, and the Back-Up Bidder will be deemed the new Prevailing Bidder, and the Debtor will be authorized, but not required, to consummate the Sale with the new Prevailing Bidder by accepting the new Prevailing Bid without further order of the Court. The Debtor is authorized and directed, through its authorized representative, the Broker, to close the sale of the Property and the Debtor's counsel is authorized to receive the proceeds of the Sale. The Debtor's counsel is hereby authorized and directed to distribute the Proceeds to Loan Partners, subject to a holdback for the Broker's commission, routine closing costs, and fees payable to the Office of the U.S. Trustee attributable to the Sale, which the Debtor is authorized to satisfy in due course. There is no just reason to delay implementation of the Order, and that any stay of the Order pursuant Bankruptcy Rule 6004(h), to the extent applicable, is waived. A copy of the Agreement is available at https://tinyurl.com/nkr88mu3 from PacerMonitor.com free of charge. About People Speak People Speak, LLC, a privately held company that operates in the traveler accommodation industry, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-10315) on March 11, 2021. Rachele Riley, owner, and member signed the petition. The Debtor disclosed $1 million to $10 million in both assets and liabilities in the petition. Judge Meredith S. Grabill oversees the case. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, led by Stewart F. Peck, Esq., serves as the Debtor's counsel. PG&E CORP: Fire Victims Trust to Lobby for Financial Assistance --------------------------------------------------------------- A trust created to compensate victims of past wildfires started by PG&E Corp. plans to lobby California for financial assistance, citing the company's sluggish stock price that's contributing to the fund's shortfall. On June 21, 2022, the Fire Victim Trust wrote a letter to PG&E fire victims as part of the looming two-year anniversary of the creation of the trust. The Trust was created after PG&E caused several fires, which damaged thousands of homes and devastated the lives of thousands of Californians. The Fire Victim Trust was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. After it was approved by 85% of fire victims, PG&E's Plan was confirmed, PG&E emerged from bankruptcy on July 1, 2020. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. At the time of that delivery, the stock was trading at approximately $9 per share. That price created a shortfall of approximately $2.4 billion less than expected, and it has lingered between $10 and $12 and closed at $9.78 as of Friday, June 17, 2022. To date, among others, the Trust has received over 19,000 personal injury claims, over 400 death claims, in excess of 100,000 emotional distress claims, over 20,000 claims for loss of income, and over 38,000 real and personal property claims, which include the value of loss of vegetation and the cost of tree replacement. The Trust says that it has paid $4.5 billion of the $10 billion awarded to fire victims. "Because of the uncertainty regarding the number and value of outstanding claims and the unknown value of the stock, our economic advisors recommended an initial pro rata payment of 30% of the value determined. In the fifteen months since March 2021, we have issued approximately 30,000 Determination Notices on claim forms comprised of over 150,000 individual claims. The aggregate awards to victims total almost $10 billion. Since we now know more about the potential value of outstanding claims, our economists' expectations have allowed us to increase the pro rata percentage to 45%, which means that we have now authorized payments to victims totaling $4.5 billion." The Trust added that it has made efforts to preserve, hold, manage, monetize, and maximize the Trust's assets. The Trust has hired Morgan Stanley to handle its cash assets with investments in Trust-required governmental instruments. It also has employed Morgan Stanley to handle two separate sales of stock, one in January 2022 of 40 million shares and another in April 2022 of 60 million shares, for a net recovery of $1.2 billion. The Trust still owns 377 million shares of PG&E stock. Brown Rudnick also was charged with the responsibility of representing the Trust in a case where certain claimants challenged the insurance deduction provision in the Trust Agreement. The claimants sought the right to abandon all reasonable efforts to recover from their insurance carriers and, instead, recover funds from the Trust that would otherwise be paid to other fire victims. The potential harm to fire victims and the workings of the Trust was readily apparent. Brown Rudnick prevailed both at the trial court level and more recently was victorious on appeal before the Ninth Circuit. "We also are trying to maximize our Trust assets by engaging with the State of California for some type of loan, or other instrument," Trustee John Trotter added. "We have hired a lobbyist to assist us in these discussions." Attorneys for the Fire Victim Trustee: BROWN RUDNICK LLP Eric R. Goodman Eric R. Goodman David J. Molton Seven Times Square New York, New York 10036 Telephone: (212) 209-4800 Facsimile: (212) 209-4801 E-mail: EGoodman@brownrudnick.com DMolton@brownrudnick.com - and - Joel S. Miliband 2211 Michelson Drive Seventh Floor Irvine, California 92612 Telephone: (949) 752-7100 Facsimile: (949) 252-1514 E-mail: JMiliband@brownrudnick.com About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PRINCESS PORT: Unsecureds to Recover 100% in Plan ------------------------------------------------- Princess Port Bed and Breakfast, Inc., submitted a First Amended Combined Plan of Reorganization and Tentatively Approved First Amended Disclosure Statement. General unsecured creditors will receive 100% of their allowed claims in monthly payments over 12 months. Under that Plan, holders of Class 2 General Unsecured Claims will receive a pro-rata share of a fund totaling $4,200, created by Debtor's payment of $350 per month for a period of 12 months, starting on the Effective Date. Class 2 is impaired. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to s 1141(b) of the Bankruptcy Code free and clear of all claims and interests except as provided in this Plan, subject to revesting upon conversion to Chapter 7. A copy of the Combined Plan and Disclosure Statement dated June 22, 2022, is available at https://bit.ly/3HMleMi from PacerMonitor.com. About Princess Port Bed and Breakfast Princess Port Bed and Breakfast, Inc., is the fee simple owner of a real property located at 445 Mirada Road, Half Moon Bay, Calif., valued at $2.57 million. Princess Port Bed and Breakfast filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 21-30775) on Nov. 23, 2021, disclosing $2,585,562 in assets and $1,429,200 in liabilities. Maria Boruta, principal at Princess Port Bed and Breakfast, signed the petition. Judge William J. Lafferty oversees the case. E. Vincent Wood, Esq., at The Law Offices of E. Vincent Wood, is the Debtor's legal counsel. RADIANT LIGHTHOUSE: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------------- Radiant Lighthouse, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated June 21, 2022. In 2018, the debtor began a new business venture operating under the name Radiant Lighthouse, LLC. The business was formed to buy and sell real estate investment properties. After the acquisition of its two current properties, a dispute arose with an individual who claimed to have an ownership interest in the properties. A notice of lis pendens was recorded against the properties and the debtor could not refinance or sell the properties due to the lis pendens filing. Ultimately, this led to a foreclosure suit against the properties and matters came to a head when a foreclosure sale date was set for March 23, 2022, necessitating the filing of this Chapter 11 proceeding. This Plan of Reorganization proposes to pay the creditors of the Debtor from the sale of one of its properties and from future rental income from the other property. Currently, the known claims in this case are: 1) the secured claim of 12 Broadway, LLC in the amount of $221,437.24, plus interest; 2) the secured claim of U.S. Bank, N.A., in the estimated amount of $276,943.95; 3) the secured claim of the Sarasota County Tax Collector in the amount of $6,172.55; 4) the priority claim of the Internal Revenue Service in the amount of $19,560.00; 5) and the claims of general unsecured creditors in the total amount of $6,700.00. In addition, it is anticipated that there will be a small amount of administrative expense claims. Non-priority unsecured creditors holding allowed claims will receive distributions which the Debtor has valued as one hundred (100) cents on the dollar. This Plan also provides for the payment of administrative, secured and priority claims in full. Class 2A consists of the allowed secured claim of US Bank, N.A., as Trustee. Debtor will cure the prepetition arrearage with equal monthly payments over 36 months. Debtor will cure the postpetition arrearage on the Effective Date and will thereafter maintain regular monthly postpetition payments on US Bank, N.A.'s claim for the length of the plan. Debtor shall pay all current and future real estate taxes, and cure any arrears in real estate taxes by the Effective Date. In addition, Debtor shall maintain the appropriate insurance for the property. Class 2B consists of the allowed secured claim of 12 Broadway. The Debtor has entered into a contract to sell the Vacant Lot. Debtor will sell the Vacant Lot pursuant to either an order approving Debtor's pending motion to sell under 11 U.S.C. 363, or pursuant to 11 U.S.C. 1123 (a)(5)(D) upon entry of the Confirmation Order, whichever occurs first. After the sale of the Vacant Lot, the allowed secured claim of 12 Broadway shall be paid in full on the date on which such claim is allowed by a final non-appealable order. Class 2C consists of the allowed secured claim of the Sarasota County Tax Collector. The Debtor has entered into a contract to sell the Vacant Lot. Debtor will sell the Vacant Lot pursuant to either an order approving Debtor's pending motion to sell under 11 U.S.C. 363, or pursuant to 11 U.S.C. 1123 (a)(5)(D) upon entry of the Confirmation Order, whichever occurs first. After the sale of the Vacant Lot the allowed secured claim of the Sarasota County Tax Collector shall be paid in full on the date on which such claim is allowed by a final nonappealable order, including any interest that has accrued on delinquent taxes at the rate pursuant to the applicable State statute. Class 3 consists of Non-Priority Unsecured Claims. Holders of allowed unsecured claims against the Debtor shall be paid in full, in cash, upon the later of the Distribution Date, or the date on which such claim is allowed by a final non-appealable order. All Class 4 interests, upon the effective date, shall be modified so as to deprive the holders thereof of any rights in respect of the Debtor to any distribution upon liquidation of the corporation, or upon sale of all or substantially all the Debtor's assets, and shall be further modified to provide that no dividends shall be paid by reason of such equity interests. Such modification or limitation of equity interests shall remain effective until such time as all the payments contemplated to be made by the terms of the Plan have been made, at which time such modification or limitations shall be removed, and the holders of Class 4 interests shall retain in full such interests without further limitation or restriction. The Debtor shall retain all of its property and operate its business, and the funds necessary for the satisfaction of creditors' claims shall be generated from the future income of the Debtor, or from the sale of Debtor's assets as may be practical and necessary in order to make the payments required by the Plan. A full-text copy of the Plan of Reorganization dated June 21, 2022, is available at https://bit.ly/3yg4MRg from PacerMonitor.com at no charge. The Debtor is represented by: Benjamin G. Martin, Esq. 3131 S. Tamiami Trail, Suite 101 Sarasota, Florida 34239 (941)951-6166 Florida Bar No. 464661 skipmartin@verizon.net About Radiant Lighthouse Radiant Lighthouse, LLC, was formed to buy and sell real estate investment properties. Radiant Lighthouse filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 22-01119) on March 22, 2022. The Debtor is represented by Benjamin G. Martin, Esq. of LAW OFFICES OF BENJAMIN MARTIN. RALPH LAUREN: Egan-Jones Retains BB+ Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company on June 8, 2022, retained 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Ralph Lauren Corporation. Headquartered in New York, Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. REDWOOD EMPIRE: July 13 Auction of Page Hotel and Related Assets ---------------------------------------------------------------- Judge Edward P. Ballinger, Jr., of the U.S. Bankruptcy Court for the District of Arizona approved Redwood Empire Lodging, LP's proposed bidding procedures in connection with the sale of the real property located at 208 N Lake Powell Blvd., in Page, Arizona 86040, commonly known as the Best Western Plus at Lake Powel or Page Hotel, and substantially all of the assets of the Debtor related thereto. On June 15, 2022, the Court held an initial hearing on the Sale Motion to consider approval of the proposed Sale Procedures and related matters. The Sale Procedures are approved. The Debtor is authorized to conduct an auction of the Subject Assets pursuant to the Sale Procedures and the Order and otherwise comply with the Sale Procedures. The salient terms of the Bidding Procedures are: a. Bid Deadline: June 29, 2022 b. Initial Bid: On July 6, 2022, the Debtor and creditor Pacific Premier Bank ("PPB"), in consultation with their advisors, will select the highest and otherwise best bid to serve as the opening bid at the Auction, except as otherwise provided. c. Deposit: 5% of Bid d. Auction & Sale Hearing: On July 13, 2022, the Court will hold a hearing to consider any objections to the Sale Motion and to approve the sale of the Subject Assets (and related assignments of executory contracts and unexpired leases) to the Prevailing Bidder or Prevailing Bidders. The Sale Hearing is scheduled for July 13, 2022, at 10:00 a.m. (MST) by Zoom (https://www.zoomgov.com/j/1601943004?pwd=a1I4Nlg0OUFRRHZpZmYvaTc2V2Z6dz09, Meeting ID: 160 194 3004, Passcode: 501646, +1 669 254 5252, 833 435 1820 US Toll-free, 833 568 8864 US Toll-free). e. Bid Increments: The Debtor may establish a minimum bidding increment at the Auction. The Sale Objection Deadline is June 29, 2022, and the Sale Response Deadline is July 6, 2022. Within three business days after entry of the Order, the Debtor will serve a copy of the Order on all parties on the "Official Service List" established by the Court. On July 5, 2022, the Debtor will serve the Executory Notice and a copy of the Order on the counterparties to executory contracts and unexpired leases that may be assigned in conjunction with a sale of the Subject Assets. The Executory Notice shall, for each Subject Contract or Lease, (i) identify the Subject Contract or Lease, (ii) identify the Counterparty to such Subject Contract or Lease, and (iii) identify any amounts owing under such Subject Contract or Lease as established by the Order Establishing Cure Amounts entered on Dec. 24, 2021. The Executory Notice will be deemed good and sufficient notice regarding a proposed assumption and assignment of the Subject Contracts and Leases in conjunction with a sale of the Subject Assets. A Counterparty must file with the Court and serve on the Debtor's counsel any objection to the assumption and assignment of a Subject Contract or Lease at least two business days prior to the Sale Hearing. The Debtor is authorized to take such steps and, with the consent of PPB, incur such expenses as may be reasonably necessary or appropriate to effectuate the terms of the Order. Notwithstanding any applicability of Bankruptcy Rules 6004 and 6006 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable upon its entry. A copy of the Sale Procedures is available at https://tinyurl.com/46k4r8ry from PacerMonitor.com free of charge. About Redwood Empire Lodging, LP Redwood Empire Lodging, LP owns and operates two hotels: the Best Western Plus located at 208 N Lake Powell Boulevard, Page, Arizona 86040, and the Best Western Sonoma Winegrower's Inn, located at 6500 Redwood Drive, Rohnert Park, California 94928. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04678) on June 16, 2021. In the petition signed by Debra Heckert, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. is assigned to the case. Isaac M. Gabriel, Esq., at Quarles & Brady LLP is the Debtor's counsel. RICHARD C. ANGINO: $825K Sale of Harrisburg Property to Norby OK'd ------------------------------------------------------------------ Judge Henry W. Van Eck of the U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized Richard C. Angino and Alice K. Angino to sell the real property located at and known as 0 Potato Valley Road, in Harrisburg, Dauphin County, Pennsylvania, to Gabrielle Norby for $825,000. Each of the Agreement, bills of sales, releases, other agreements, certificates, assignments, documents and instruments executed in connection therewith, and all of the other actions contemplated by the sale of the Real Property are approved and authorized in their entirety, except as may be modified in the Order. Any other provisions of the Bankruptcy Code governing the sale of property free and clear of all liens, claims, encumbrances and other interests, outside the scope of the Debtors' ordinary course of business, have been satisfied. The counsel to the Debtors will be provided with a draft of the Settlement Statement prior to closing. The Debtors are authorized to execute, deliver, exchange, and perform under the Agreement and all other documents necessary or appropriate to consummate sale and transfer of the Real Property to the Buyer. Pursuant to the Agreement, the Debtors, as the "Sellers," will pay costs and expenses associated with the sale of the Real Property at closing as follows: a. Any notarization or incidental filing charges and miscellaneous charges required to be paid by Debtors as Sellers. b. All other costs and charges apportioned to the Debtors as sellers; c. All costs associated with the preparation of the conveyance instruments and normal services with respect to closing, including payment of $45,000 on account of legal fees and expenses owed to Cunningham, Chernicoff & Warshawsky, P.C., professionals, in connection with implementation of the sale, the presentation and pursuit of the Motion consummation of closing and otherwise in connection with this case, and in accordance with the Plan Order. All fees and expenses payable to Cunningham, Chernicoff & Warshawsky, P.C. will be subject to such approval as the Bankruptcy Court may require. d. Past due real estate taxes and present real estate taxes pro-rated to the date of closing on the sale. e. Any municipal charges and liens, pro rated to the date of closing on the sale. f. No transfer tax will be payable pursuant to Section 1146 of the Bankruptcy Code as it is a sale pursuant to a confirmed Plan of Reorganization. g. A commission at the rate of 6% payable to Howard Hanna Company – Harrisburg, on a co-broker arrangement. h. Payment of United States Trustee's Fees of up to $3,300, resulting from the transaction. Subsequent to the payment of costs of sale as set forth, the Debtors propose the following: a. The sum of $100,000 will be set aside for the payment of certain engineering costs and Pennsylvania Department of nvironmental Protection ("DEP") costs regarding properties owned by an entity known as King Drive, LLC. King Drive is an entity owned by the Debtors. These funds will be placed into an escrow account with Cunningham, Chernicoff & Warshawsky, P.C. Payments from the Escrow Account will occur upon the providing to Cunningham, Chernicoff & Warshawsky, P.C. of an invoice or request for payment relating to such engineering costs and DEP costs. Copies of such invoices or requests will be provided to counsel for Truist Bank, Clayton Davidson. If any funds remain in the Escrow Account subsequent to all expenditures are made in accordance with this paragraph, such funds are to be paid to Truist Bank on account of the loan set forth in Paragraph 12 (a) of the Motion. b. The sum of approximately $63,000, will be paid to the Dauphin County Tax Claim Bureau, for the payment of real estate taxes on certain parcels of real property owned by King Drive, LLC, which are subject to a Tax Sale. c. The sum of $10,000 to be paid to the law firm of Caldwell & Kearns for services in connection with King Drive. d. Payment to the PA Department of Revenue of the sum of $7,555.96 on account of the Department’s administrative Claim, and of the sum of $39,912.46 on account of the Department's secured Claim and priority Claim. e. The remaining proceeds will be paid to Truist Bank, in an amount no higher than the amount owed on the loan secured by the Truist Mortgage as set forth in paragraph 12(a) of the Motion. It is believed that approximately $500,000 will be payable to Truist Bank. Subject to the distributions set forth in the Order, all Liens and Claims will be transferred and attach to the net proceeds obtained for the Real Property, subject to the rights, claims, defenses and objections of the Debtors and all interested parties with respect to such liens. The Order will be effective immediately upon its entry, and the stay imposed by Bankruptcy Rule 6004 is declared inapplicable and waived. Richard C. Angino and Alice K. Angino sought Chapter 11 protection (Bankr. M.D. Pa. Case No. 20-00031) on Jan. 6, 2020. The Debtors tapped Robert Chernicoff, Esq., as counsel. ROBYN ELIZABETH DWECK: Wants to Sell Brooklyn Property for $2.2MM ----------------------------------------------------------------- Robyn Elizabeth Dweck filed with the U.S. Bankruptcy Court for the Eastern District of New York a notice of proposed private sale of the real property located at 601 Hampton Avenue, in Brooklyn, New York 11235-3709, free and clear of all liens, encumbrances and interest, to 601 Hampton, LLC, pursuant to the terms of a Residential Contract of Sale for $2.2 million. The Debtor is individual who, along with her husband Gregory Dweck, own the Property which is their primary residence. The Bank of New York Mellon ("BNYM") has a first mortgage on the Property. PNC Bank, N.A. has a second mortgage on the Property. Gregory and the Debtor obtained a first mortgage from BNYM when interest rates were much higher. The fixed rate of their mortgage from BNYM is 6.375%. The Debtor and Gregory applied for a reduction in the interest rate, as rates in general decreased dramatically. They never have a productive conversation with any authoritative party from BNYM to obtain a reduction in the interest rate. In October 2012, Superstorm Sandy struck the Property, along with every other home in Manhattan Beach, and many other parts of the area. The damage cost the Debtor and Gregory nearly $800,000 in repairs to the Property. If the damage to the Property was not enough, the Debtor and Gregory's financial troubles went from bad to worse when Gregory's costume jewelry manufacturing business, located about two miles from the Property, lost electricity for nearly three weeks. During this most difficult time, Gregory met his responsibility to pay all of the businesses' debts and continued to try to find work to keep over 75 people employed. The business kept falling deeper and deeper into debt; and ultimately, Gregory had to close the family jewelry manufacturing business. Gregory, thereafter, started a new career in construction and development in the New York City area, which is still in its nascent stages due to the COVID-19 pandemic. All the while, the Debtor and Gregory were still timely making the monthly mortgage payments to BNYM, while continuing to make efforts to try to have meaningful discussions with loan modification companies to help them navigate through the loan modification process with BNYM's then servicing company, Americas Service Corp. Despite their efforts, and the purported efforts of the loan modification companies that they hired, the Debtor and Gregory got nowhere. The Debtor and Gregory had no choice but to borrow money from family members to keep up with the mortgage payments as it was important to us not to be late with their payments. Because the Debtor and Gregory were getting nowhere in attempting to have good faith negotiations with BNYM, and with the economic noose tightening around their necks, the Debtor and Gregory fell behind in making mortgage payments to BNYM. BNYM therefore commenced an action seeking to foreclose its mortgage on the Property entitled The Bank of New York Mellon (f/k/a The Bank of New York), - v. – Gregory H. Dweck, Robyn Dweck, et al. in the Supreme Court of the State of New York, Kings County (Index No. 501101/2015). To save the Property, on June 13, 2018, the Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code with the Court. On Nov. 15, 2018, BNYM filed a proof of claim asserting a prepetition secured claim, in the amount of $2,624,395.42. On April 30, 2019, PNC filed a proof of claim asserting a prepetition secured claim, in the amount of $291,998.64. On Nov. 30, 2018, the Bankruptcy Court entered an order directing BNYM and the Debtor to participate in the Loss Mitigation Program, with respect to Property. The Debtor dutifully sent Specialized Loan Servicing ("SLS"), the new servicer for BNYM, and its counsel, all of the requested documentation it sought. SLS rejected a loan modification. The Debtor then requested that SLS consider a lump sum payment as a resolution to the loan. On Oct. 7, 2018, SLS sent the Debtor and Gregory a letter stating that it was accepting a "short sale." Because the Debtor was not technically seeking a "short sale," but rather a refinancing; on Oct. 11, 2019 the undersigned counsel for the Debtor, sent Wesley Kozeny, Esq., a Member of Kozeny & McCubbin, L.C, then counsel for SLS, an email to confirm that SLS was accepting the lump sum amount payment through the Short Payoff. On Dec. 2, 2019, Brandon Crail, Bankruptcy Resolution Specialist at Kozeny & McCubbin, L.C., sent the undersigned counsel for the Debtor an email stating that "the short negotiated payoff was denied. Per SLS, the presented offer was too low, a valuation was completed and it was valued at 3.5 million." The Debtor again proposed the short sale that it had earlier proposed to BNY's prior counsel and discussed at prior conferences with the Court. By email sent on Dec. 16, 2021 from the undersigned counsel to Shannon Lehmann, Esq. of Aldridge Pite LLP, the Debtor proposed a lump sum payment to PNC. As set forth in the March 16, 2022 status report filed with the Court, the Debtor and Gregory found a purchaser for the Property, and negotiated a contract of sale. The contract of sale was signed by both the Debtor, Gregory, as sellers, and the prospective purchaser, 601 Hampton, LLC, which is an entity that is not connected to the Debtor. The proposed purchase price for the Property is $2.2 million. The proceeds of which would be used to fund a Chapter 11 plan to be filed with the Court at the same time that the Motion for approval of the sale of the Property is filed with the Court. If approved, under the Plan, the proceeds from the sale of the Property will result in the payment to PNC of $50,000, in full settlement of its second mortgage claim, and payment, in full, to the Debtor's only other creditors: Internal Revenue Service (secured claim of $19,126.09); New York State Department of Taxation and Finance (unsecured priority claim of $1,444.38), and New York City Water Board (secured claim of $928.83). On March 15, 2022, the counsel for the Debtor received a wire transfer from the Purchaser, in the amount of $220,000, representing 10% of the Purchase Price, which sum is in the IOLA trust account maintained at the Bank of America. The counsel also sent the counsel for BNYM and PNC copy of the fully executed contract. The Debtor respectfully submits that the proposed private sale of the Property under the terms of the Contract represents a sound exercise of business judgment by the Debtor and that consummation thereof would be in the best interests of the estate. Thus, she respectfully requests that the Court approves the proposed private sale of the Property to the Purchaser pursuant to the Contract. The sale proceeds under the Contract are $2.2 million which will be used to fund the Plan, $2.1 million of which be used to pay BNYM, $50,000 of which will be used to pay PNC, with the remaining balance to be used pay any quarterly fees owed to the Office of the United States Trustee, the remaining creditors, and holders of allowed administrative expenses. Pursuant to section 363(f) of the Bankruptcy Code, the Debtor may sell the Property free and clear of any and all liens, claims, encumbrances and interests. The Debtor respectfully submits that the requirements of section 363(f) are or will be satisfied as of the date that the sale is presented for approval. She is working to obtain BNYM and PNC's consent to the sale of the Property pursuant to the Contract as part of the ongoing loss mitigation process. The The Debtor believes that the offer by Purchaser would not have been made if it was required to be subject to higher and better offers. Finally, by the application, the Debtor is requesting that the order approving the sale of the Property to Purchaser contain a provision that, as provided by Bankruptcy Rule 6004(h) and 6006(d), the sale will not be stayed for 14 days after the entry thereof and will be effective and enforceable immediately upon its entry on the Court's docket. A hearing on the Motion is set for June 29, 2022, at 10:30 a.m. Objections, if any, must be filed no later than seven days prior to the Hearing Date. A copy of the Contract is available at https://tinyurl.com/ynbpuy3m from PacerMonitor.com free of charge. Robyn Elizabeth Dweck sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 18-45891) on Oct. 12, 2018. The Debtor tapped Joel M Shafferman, Esq., at Shafferman & Feldman LLP as counsel. RONALD A. GOODWIN: $1.1M Sale of Wichita Property to Webb Road OK'd ------------------------------------------------------------------- Judge Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas authorizes Ronald A. Goodwin and Michelle L. Goodwin to sell the real estate commonly known as 515 E. 21st St. N., in Wichita, Sedgwick County, Kansas, to Webb Road Development, Inc., or any assignee for the purchase price of $1.113 million. The Real Estate will be sold in its present, "as is" condition, with no express or implied warranties, and subject to all rights of way and easements of record. The sale of the Real Estate is free and clear of all liens and encumbrances. Any such liens and encumbrances will attach to the proceeds of the sale. The proceeds from the sale of the Real Estate will be disbursed in the following descending order: a. Delinquent general taxes and special assessments attributable to the Real Estate for fiscal years 2013 through 2021 inclusive, plus accrued interest and penalties, plus any other amounts due thereunder; b. The Debtors' share of the general taxes and special assessments attributable to the Real Estate for fiscal year 2022, plus any other amounts due thereunder; c. Any and all expenses related to the closing of the sale of the Real Estate including, without limitation, fees for title insurance, recording, the bankruptcy court's fee for filing the Motion advanced by the Debtors' counsel, and expenses for copying and postage; d. Attorney fees in the amount of $2,000 to the Debtors' counsel for legal work performed in relation to the sale; e. Marketing expenses of auctioneer McCurdy Real Estate & Auction, LLC in the amount of $2,936.55; f. Auctioneer commission to McCurdy Real Estate & Auction, LLC in the amount of $103,000 representing the 10% "Buyer's Premium" added to the Buyer's winning bids for the Real Estate at auction, of which $30,900 will be shared with theBuyer's transaction broker, Grant Tidemann of J.P. Weigand & Sons, Inc.; and g. The remaining balance, if any, to JBHDRH, LLC on account of its mortgage referenced in subparagraph 5(a) of the Debtors' Motion. The Court approves and allows as a priority administrative claim the fees and expenses of the Debtors' counsel related to the sale, orders the cancellation of the 14-day stay set forth in Fed. R. Bankr. P. 6004(h), and authorizes disbursement of the sale proceeds as set forth without further notice. Ronald A. Goodwin and Michelle L. Goodwin sought Chapter 11 protection (Bankr. D. Kan. Case No. 16-12205) on Nov. 8, 2017. The Debtors tapped Mark J. Lazzo, Esq., as counsel. RONALD A. GOODWIN: $165K Sale of Wichita Asset to Air Capitol OK'd ------------------------------------------------------------------ Judge Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas authorizes Ronald A. Goodwin and Michelle L. Goodwin to sell the real estate commonly known as 1400 E. 25th St. N., in Wichita, Sedgwick County, Kansas, to Air Capitol Investments, LLC, or any assignee for the purchase price of $165,000. The Real Estate will be sold in its present, "as is" condition, with no express or implied warranties, and subject to all rights of way and easements of record. The sale of the Real Estate is free and clear of all liens and encumbrances. Any such liens and encumbrances will attach to the proceeds of the sale. The proceeds from the sale of the Real Estate will be disbursed in the following descending order: a. Delinquent general taxes and special assessments attributable to the Real Estate for fiscal years 2013 through 2021 inclusive, plus accrued interest and penalties, plus any other amounts due thereunder; b. The Debtors' share of the general taxes and special assessments attributable to the Real Estate for fiscal year 2022, plus any other amounts due thereunder; c. Any and all expenses related to the closing of the sale of the Real Estate including, without limitation, fees for title insurance, recording, the bankruptcy court's fee for filing the Motion advanced by the Debtors' counsel, and expenses for copying and postage; d. Attorney fees in the amount of $2,000 to the Debtors' counsel for legal work performed in relation to the sale; e. Marketing expenses of auctioneer McCurdy Real Estate & Auction, LLC in the amount of $987.78; f. Auctioneer commission to McCurdy Real Estate & Auction, LLC in the amount of $15,000 representing the 10% "Buyer's Premium" added to the Buyer's winning bid for the Real Estate at auction; and g. The remaining balance, if any, to Air Capitol Recycling, LLC on account of its mortgage referenced in subparagraph 5(a) of the Debtors' Motion. The Court approves and allows as a priority administrative claim the fees and expenses of the Debtors' counsel related to the sale, orders the cancellation of the 14-day stay set forth in Fed. R. Bankr. P. 6004(h), and authorizes disbursement of the sale proceeds as set forth without further notice. Ronald A. Goodwin and Michelle L. Goodwin sought Chapter 11 protection (Bankr. D. Kan. Case No. 16-12205) on Nov. 8, 2017. The Debtors tapped Mark J. Lazzo, Esq., as counsel. RUDRA INVESTMENTS: Taps Finestone Hayes as Legal Counsel -------------------------------------------------------- Rudra Investments, LLC received approval from the U.S. Bankruptcy Court for the Northern District of California to employ Finestone Hayes, LLP as legal counsel. The firm will provide these services: a. advise the Debtor as to all matters and proceedings within its Chapter 11 bankruptcy case other than those particular areas that may be assigned to special counsel; b. represent the Debtor in any manner relevant to a review of its debts, obligations, maximization of its assets and where appropriate, disposition thereof; c. assist the Debtor in the operation of its business; d. assist the Debtor in the performance of all of its duties and powers under the Bankruptcy Code and Bankruptcy Rules; and e. representing the Debtor in dealing with its creditors and other constituencies, analyzing the claims in this case, and formulating and seeking approval of a plan of reorganization. The hourly rates charged by the firm's attorneys are as follows: Partners $560 per hour Associates $375 to $450 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $75,000 from the Debtor. Stephen Finestone, Esq., a partner at Finestone Hayes, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephen D. Finestone, Esq. Jennifer C. Hayes, Esq. Kimberly S. Fineman, Esq. Finestone Hayes LLP 456 Montgomery Street, 20th Floor San Francisco, CA 94104 Tel: (415) 421-2624 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com About Rudra Investments Rudra Investments, LLC owns and operates a 98-room hotel in Santa Rosa, Calif. The hotel operates under a license agreement with Holiday Inn Express. Rudra Investments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-30275) on June 1, 2022. In the petition signed by Hitesh Patel, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Stephen D. Finestone, Esq., at Finestone Hayes, LLP is the Debtor's counsel. S&M DISTRIBUTORS: $91K Sale of Trucks & Forklift to Contreras OK'd ------------------------------------------------------------------ Judge Jeffrey P. Norman of the U.S. Bankruptcy Court for the Southern District of Texas authorized S&M Distributors, Inc.'s sale of the three trucks and forklift identified in the Motion to Marta Contreras for good and available funds totaling $91,000. Any and all ad valorem tax debts owed by the Debtor to Harris County for tax years 2022 and subsequent years will be the responsibility of the Purchaser of the Assets, and all tax liens for tax years 2022 and subsequent will be retained until paid in full under applicable non-bankruptcy laws. Marta Contreras will deliver good and available funds to "Wauson King in trust for S&M Distributors, Inc." Wauson King is authorized to distribute $28,197.61 to Toyota Financial as may be adjusted to the date of sale as set forth in the Motion and $3,500 to Chase Bank, N.A. and Wauson | King will hold remaining funds in trust in its IOLTA account pending further order of the Court. Except as expressly stated in the Order, all other relief requested in the Motion is denied without prejudice. About S&M Distributors Rio Grande Food Products, Inc. filed an involuntary Chapter 7 bankruptcy petition against S&M Distributors, Inc. (Bankr. S.D. Tex. Case No. 21-33133) on Sept. 27, 2021. Rio Grande claims it is owed $559,000 on account of a final judgment. The petitioning creditor was represented by Michael P. Ridulfo, Esq., at Kane Russell Coleman Logan, PC. The Hon. Jeffrey P. Norman entered an order dated March 3, 2022, converting the case from an involuntary Chapter 7 case to a Subchapter V case of Chapter 11 proceeding. Jarrod Martin was appointed as Subchapter V trustee. Anabel King, Esq., at Wauson|King, is the Debtor's counsel. SALEM HARBOR: Creditor Iberdrola Says Disclosures Insufficient -------------------------------------------------------------- Creditor Iberdrola Energy Projects Inc. ("IEP") objects to the Disclosure Statement for Joint Chapter 11 Plan of Reorganization of Salem Harbor Power Development LP (f/k/a Footprint Power Salem Harbor Development LP), et al. As a result of its $237 million Arbitration Award, IEP is the Debtors' largest creditor after the secured Lenders' claims are considered. In the Disclosure Statement, the Debtors continue a refrain of casting blame on IEP for the circumstances that resulted in these Chapter 11 Cases, while ignoring the actions of Lenders, equity, and management. IEP claims that the Disclosure Statement does not provide sufficient (or any) information regarding the history of the Debtors' relationship with the Lenders and equity, the interconnections and conflicts of directors and their professionals, any claims that might exist against these parties, or the failure of the Debtors to investigate such claims. Adequate information about the Debtors' relationship with the Lenders and with equity, and disclosures regarding potential claims against these parties, are critical to all creditors' decisions to vote – and whether to opt out of the proposed third party releases – on the Debtors' proposed plan. Among other things, the Arbitral Tribunal found that the Debtors' termination of the contract with IEP was wrongful and that $140 million from an IEP Letter of Credit that never should have been drawn was drawn by the Debtors. As further confirmation that IEP clearly won the arbitration, the Arbitral Tribunal awarded IEP its fees and costs, while awarding nothing to the Debtors. Both the Lenders and equity were complicit in the draw upon IEP's Letter of Credit. IEP requests that the Debtors correct the unsupported, misleading or incorrect statements in the Disclosure Statement regarding IEP's $237,404,377 Arbitration Award against the Debtors, now confirmed as a Judgment, and regarding the pre- and post-Award actions by the Debtors and IEP – which information is critical to providing creditors with sufficient information to vote on the Plan. It is worthy of note that not one person involved in the poor conduct by management was fired or disciplined. Further, IEP objects to the Disclosure Statement on the grounds that the Debtors failed to include critical information concerning potential causes of action against a wide variety of individuals and entities involved in the catastrophic decisions that led to their insolvency, which could form the basis of a recovery for unsecured creditors. The Debtors have not included this information in large part because they did not investigate it; the only investigation they conducted was whether to release pre petition directors, officers, and shareholders. IEP asserts that the Disclosure Statement is misleading as to the nature of these proceedings. The Debtors' Chief Restructuring Officer, Debtors' independent board members, and Oaktree's representative have each made abundantly clear, in testimony or in pre-filing documents, that they never expected anyone other than the Lenders to have a recovery in this proceeding and that no-one is contributing new value. This is, in short, an egregiously expensive foreclosure proceeding (with the benefit of releases) for the sole benefit of the lenders, and the Disclosure Statement ought to say so. Counsel for Iberdrola Energy: WHITEFORD, TAYLOR & PRESTON LLC Richard W. Riley (No. 4052) 600 North King Street, Suite 300 Wilmington, Delaware 19801 Telephone: (302) 357-3265 Email: rriley@wtplaw.com - and - STEPTOE & JOHNSON LLP Jeffrey M. Reisner, Esq. Thomas Watson, Esq. 633 West Fifth Street, Suite 1900 Los Angeles, California 90071 Telephone: (213) 439-9417 Email: jreisner@steptoe.com twatson@steptoe.com About Footprint Power Salem Harbor Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), owns and operates a 674 MW natural gas-fired combined-cycle electric power plant located in Salem, Massachusetts. The Facility, located along Salem Harbor, is a more efficient and environmentally responsible replacement of a previous coal-fired power plant located at the same site. Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), and its debtor-affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition signed by John R. Castellano, chief restructuring officer, Devco disclosed up to $1 billion in both assets and liabilities. DevCo is the only Debtor with business operations. Other than DevCo, each Debtor's assets consist solely of its membership or partnership interests, as applicable, in its subsidiaries. Paul, Weiss, Rifkind, Wharton and Garrison LLP and Young Conaway Stargatt and Taylor, LLP represent the Debtor as counsel, Alixpartners as financial advisor, Prime Clerk LLC as claims, noticing, solicitation and administrative agent, Houlihan Lokey Capital, Inc. as investment banker. MUFG Union Bank, N.A., as agent to the prepetition lenders, retained Mayer Brown LLP, as primary counsel; Potter Anderson & Corroon LLP, as Delaware counsel; Goodwin Procter LLP, as Massachusetts counsel; and PJT Partners LP, as financial advisor. SALEM HARBOR: U.S. Trustee Says Disclosures Inadequate ------------------------------------------------------ Andrew R. Vara, United States Trustee for Regions 3 and 9 ("U.S. Trustee"), objects to the motion of Salem Harbor Power Development LP (f/k/a Footprint Power Salem Harbor Development LP), et al., for entry of an order approving the adequacy of the Disclosure Statement. The U.S. Trustee claims that the Debtors' proposed Disclosure Statement should not be approved because it does not provide adequate disclosure as to who will be giving third-party releases, who will be receiving such releases, and what claims will be released. The Plan imposes non-consensual third-party releases on a multitude of non-debtor parties through a "related parties" clause, whereby over 25 categories of persons and entities will be stripped of their direct claims against non-debtors merely because they are related in some fashion to certain Releasing Parties. Those 25 categories include such broad and vaguely defined ones, such as "agents," "consultants," "representatives" and "other professionals." The U.S. Trustee points out that the Disclosure Statement also fails to adequately disclose, or explain why, the Debtors are giving two sets of releases benefitting the same Released Parties: Article IX.D. of the Plan is entitled "Releases by Debtors," but Article IX.E., entitled "Releases by Holders of Claims and Interests," also includes releases by the Debtors. Nor is there disclosure as to why the Debtors will be releasing the Released Parties, or the nature and value of the Debtors' claims against such parties that are being released, or what (if anything) the Debtors are receiving in exchange. The U.S. Trustee asserts that the Disclosure Statement further should not be approved because the proposed Plan is not confirmable due to the scope of the third-party releases. With respect to the thirdparty releases, the Plan extinguishes direct claims against non-debtor parties held by other nondebtor parties without their affirmative consent, including claims held by, (i) parties who are related to certain Releasing Parties, including all current and former employees, equity holders, and representatives of the Debtors, and the Debtors' Affiliates; and (ii) creditors who vote to reject the Plan but overlook the opt out box on the ballot. The U.S. Trustee further asserts that not only does the Motion fail to include any method by which the Debtors will obtain affirmative consent from such parties to give releases, but the related parties will not even be provided with a way to opt-out of giving such releases. About Footprint Power Salem Harbor Development LP Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), owns and operates a 674 MW natural gas-fired combined-cycle electric power plant located in Salem, Massachusetts. The Facility, located along Salem Harbor, is a more efficient and environmentally responsible replacement of a previous coal-fired power plant located at the same site. Salem Harbor Power Development LP, f/k/a Footprint Power Salem Harbor Development LP (DevCo), and its debtor-affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10239) on March 23, 2022. In the petition signed by John R. Castellano, chief restructuring officer, Devco disclosed up to $1 billion in both assets and liabilities. DevCo is the only Debtor with business operations. Other than DevCo, each Debtor's assets consist solely of its membership or partnership interests, as applicable, in its subsidiaries. Paul, Weiss, Rifkind, Wharton and Garrison LLP and Young Conaway Stargatt and Taylor, LLP represent the Debtor as counsel, Alixpartners as financial advisor, Prime Clerk LLC as claims, noticing, solicitation and administrative agent, Houlihan Lokey Capital, Inc. as investment banker. MUFG Union Bank, N.A., as agent to the prepetition lenders, retained Mayer Brown LLP, as primary counsel; Potter Anderson & Corroon LLP, as Delaware counsel; Goodwin Procter LLP, as Massachusetts counsel; and PJT Partners LP, as financial advisor. SAN LUIS & RIO: Trustee Taps Ozark Mountain Railcar as Broker ------------------------------------------------------------- William Brandt, Jr., the trustee appointed in the Chapter 11 case of San Luis & Rio Grande Railroad, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Colorado to employ Missouri Rail Group, LLC, doing business as Ozark Mountain Railcar, as its railroad equipment broker. The firm will appraise the Iowa Pacific equipment to facilitate the foreclosure process. The Court has already approved Ozark Mountain to act as a broker for the Debtor. The Trustee is filing this third amendment to application to increase the scope of Ozark Mountain's engagement. Ozark Mountain's fee for appraising the equipment shall be $3,150. John Suscheck, owner of Ozark Mountain Railcar, 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 Suscheck Ozark Mountain Railcar P.O. Box 167 Kirbyville, MO 65679 Telephone: (417) 336-2401 Email: sales@ozarkmountainrailcar.com About San Luis & Rio Grande Railroad San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio Grande Railroad. On Oct. 16, 2019, an involuntary Chapter 11 petition was filed against San Luis & Rio Grande Railroad by creditors, Ralco LLC, South Middle Creek Road Association and The San Luis Central Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning creditors are represented by Brownstein Hyatt Farber Schrec and Graves Dougherty Hearon & Moody. Judge Thomas B. McNamara oversees the case. Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San Luis & Rio Grande Railroad. The trustee tapped Markus Williams Young & Hunsicker LLC as bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C. as special counsel. Development Specialists, Inc. and D'Almeida Consulting, LLC serve as the trustee's accountant and financial consultant, respectively. SILVER STATE: Taps Wood & Maines as Special Counsel --------------------------------------------------- Silver State Broadcasting, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ Wood & Maines, P.C. as special counsel. The Debtors need the firm's legal assistance to comply with the Federal Communications Commission's rules and regulations in order to maintain their radio broadcast license. The hourly rates charged by the firm's attorneys and paralegals are as follows: Attorneys $300 to $400 per hour Paralegals $100 to $150 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Barry Wood, Esq., a partner at Wood & Maines, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Barry Wood, Esq. Wood & Maines, P.C. 3300 Fairfax Dr., Suite 202 Arlington, VA 22201-4400 Tel: (703) 465-2361 Fax: (703) 465-2365 Email: woodlegal@comcast.net About Silver State Broadcasting Las Vegas-based Silver State Broadcasting, LLC and its affiliates run an independent radio broadcasting company. Three of the radio stations (KFRH, KREV and KRCK-FM) are the primary assets. Silver State Broadcasting, Major Market Radio, LLC and Golden State Broadcasting, LLC filed voluntary petitions for Chapter 11 protection (Bankr. D. Nev. Lead Case No. 21-14978) on Oct. 19, 2021. In its petition, Silver State listed up to $50 million in assets and up to $1 million in liabilities. Judge August B. Landis oversees the cases. Stephen R. Harris, Esq., at Harris Law Practice, LLC and Wood & Maines, P.C. serve as the Debtors' bankruptcy counsel and special counsel, respectively. The Debtors filed their disclosure statement and proposed plan to exit Chapter 11 protection on May 2, 2022. SONEV CONSTRUCTION: Taps Ritchie Bros. to Sell Equipment -------------------------------------------------------- SoNev, Construction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Ritchie Bros. Auctioneers. The Debtor requires the services of an auctioneer to sell the following equipment: (i) 2019 Metso ST3.8 Screen Plant Machine, and (ii) 2019 Metso LT1213 Impact Crusher Machine. Ritchie Bros. will be paid a commission as follows: (i) 10 percent for any lot in excess of $2,500, and (ii) 25 percent for any lot realizing $2,500 or less, with a minimum fee of $100 per lot. Cal Duncan, a partner at Ritchie Bros., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cal Duncan Ritchie Bros. Auctioneers 10500 Clark Petersen Blvd, Las Vegas, NV 89165 Tel: +1(702) 644-2468 Fax: +1(702) 644-2375 About SoNev Construction SoNev Construction, LLC offers surface mining solutions to the Southern Utah area. The company has the resources to prepare mine sites, manage mine operations, excavate and develop new sub-divisions. SoNev Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 22-21037) on March 25, 2022, listing up to $10 million in both assets and liabilities. D. Ray Strong serves as Subchapter V trustee. Judge William T. Thurman oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle and Latimer as legal counsel, and Integrated Accounting Solutions as accountant and bookkeeper. SOUTH TRAIL AUTOBODY: Repair Shop Files Subchapter V Case --------------------------------------------------------- South Trail Autobody, Inc., filed for chapter 11 protection in the Middle District of Florida. The Debtor is currently engaged in the business of operating an automobile body repair shop in Sarasota, Florida. The Debtor's business is located at 6040 S. Tamiami Trail, Sarasota Florida. The Debtor began experiencing significant financial difficulties in 2020 with the onset of the COVID-19 Pandemic. During the initial shutdown period, the Debtor experienced an 85% reduction in its business. Following the shutdown period, two of the Debtor's long-time employees retired due to concerns about the COVID virus. Then in 2021, State Farm Insurance and Liberty Insurance, two of the company's largest referring insurance companies, ended their referring relationship with Debtor. Further, post-pandemic, the Debtor continued to have, and still continues to have, difficulty finding workers due to the labor shortage. Due to the above difficulties, Debtor fell behind on the payment of rent to its landlord. Although the landlord has made some accommodations regarding the outstanding rent, nevertheless on May 23, 2022 the landlord sent a notification to Debtor indicating that it intended to terminate the lease on or about June 23, 2022, if the arrears in rent were not cured. The filing of the Chapter 11 proceeding then commenced on June 22, 2022. According to court filings, South Trail Autobody estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About South Trail Autobody South Trail Autobody, Inc., is an auto body shop that provides auto body repair and painting services. South Trail Autobody, Inc., filed a petition seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02489) on June 22, 2022. In the petition filed by Dale E. Ellis, as vice-president, the Debtor estimated assets up to $50,000 and liabilities between $100,000 and $500,000. Michael C Markham has been appointed as Subchapter V trustee. Benjamin G Martin, of the Law Offices of Benjamin Martin, is the Debtor's counsel. STEPHANIE BREE WALKER: Sale of Houston Property to Hernandez Okayed ------------------------------------------------------------------- Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas authorized Stephanie Bree Walker's sale of the property located at 2805 Hilmar Drive, in Houston, Texas 77082, with a legal address of Lot 35, Block 1, Royal Oaks Square, to Erwin Oswaldo Hernandez. The Debtor is authorized to execute such documents and instruments as required by Great American Title Co. located at 25410 Northwest Freeway, Ste. B-10, Cypress, Texas 77429 to complete the sale of the Property. Wells Fargo Bank will be paid in full subject to an unexpired payoff at the time of closing or any sale must be subject to review/approval of Wells Fargo. All ad valorem taxes on the Property must be paid in full at closing. The normal and ordinary closing costs will be paid in full together with the realtor fees to NextHome Realty Center and Jill Bennett. The lien of International Bank of Commerce ("IBC") will be paid the amounts remaining after the above liens and costs have been paid. The liens of IBC will be released upon the closing of the sale provided that the amounts remaining after the payment of the liens and costs set forth above have been paid or are paid to IBC. Stephanie Bree Walker sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-32528) on July 28, 2021. The Debtor tapped Reese Baker, Esq., as counsel. STORCENTRIC INC: $5MM DIP Loan from Serene Wins Interim OK ---------------------------------------------------------- StorCentric, Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to, among other things, use cash collateral and obtain postpetition financing. The Debtor obtained a superpriority senior secured priming term loan facility in the maximum aggregate amount of $5,000,000 from Serene Investment Management, LLC. Upon entry of the Interim Order, DIP Loans consisting of not less than $1,500,000 principal amount of the DIP Facility will be requested by the Borrowers and funded by the DIP Lender on the Interim DIP Closing Date. The Borrowers will request a draw no more than once per week, based on the budgeted cash requirements for the subsequent week. The DIP Loans will mature upon the "Termination Date," which will be the earliest of (a) the date that is six months after the Petition Date, (b) 30 days after the entry of the Interim Order if the Final Order has not been entered by the Bankruptcy Court prior to the expiration of such period, (c) the consummation of a sale of the Borrowers, the direct or indirect owners of the Borrowers (including the Guarantors), or all or substantially all of the assets of the Borrowers, (d) the substantial consummation of a plan of reorganization or a plan of liquidation for any of the Loan Parties or any affiliated debtor in the Bankruptcy Case that is confirmed pursuant to an order entered by the Bankruptcy Court, and (e) the acceleration of the DIP Loans and the termination of the commitment with respect to the DIP Facility in accordance with the DIP Financing Documents. The Debtors agreed to the terms of the DIP Facility with the DIP Lender Parties to provide the funding that their estates require to maintain operations and provide a sufficient runway to consummate a going concern sale and ultimately confirmation of a plan of reorganization. The Debtors are confident that, as a result of their prepetition efforts, the proposed DIP Facility is the only realistic funding option available under the circumstances. StorCentric is the issuer of the Fixed Rate Senior Notes, Series 2020-3 (Collateralized Loan Insurance Program) in the aggregate principal amount of $25,000,000 under and pursuant to a Trust Indenture, dated as of February 1, 2020 between StorCentric and UMB Bank, National Association, as trustee. The proceeds of the Series 2020-3 Notes are used by the Trustee, in the capacity of disbursing agent to make to StorCentric, Drobo, Inc., Nexsan Corporation, and Retrospect, Inc., a disbursement under and pursuant to a Proceeds Disbursing and Security Agreement by and among the Disbursing Agent, the Co-Obligors, and Newlight Capital LLC, as servicer, dated as of February 1, 2020. Proceeds of the disbursement are used by the Co-Obligors to fund certain of their working capital needs and general corporate purposes, including the repayment of certain existing obligations. The payments of principal and interest on the Series 2020-3 Notes are secured by the Trust Estate, as such term is defined in the Trust Indenture, dated as of February 1, 2020. Importantly, Peleus Insurance Company issued a Lender Collateral Residual Value Insurance Policy to the Trustee to collateralize the Co-Obligors' payments under the Proceeds Disbursing Agreement. The Insurance Policy is equal to the initial principal amount of the Series 2020-3 Notes, and the Insurance Policy expires February 15, 2023. The pre-petition secured lender, UMB, is owed approximately $25 million. However, the value of its collateral is between $35 and $70 million. Consequently, UMB it is oversecured and adequately protected from the proposed priming of up to $5 million. Moreover, the pre-petition lender is adequately protected by the Insurance Policy issued in connection with the Series 2020-3 Notes. To the extent the payments under the Series 2020-3 Notes are not made, the Trustee can assert a claim under the Insurance Policy for payment. Thus, the Insurance Policy safeguards the pre-petition lender from diminution in the value of its interests. * * * On June 23, 2022, the Bankruptcy Court entered an order authorizing the Debtor to use cash collateral on an interim basis in accordance with the budget and obtain postpetition financing. The Debtor was permitted to immediately borrow an aggregate amount not to exceed $1,500,000 during the Interim Period, provided that disbursements of such amount are in accordance with the Approved Budget, the DIP Agreement, and the Interim Order. A copy of the motion is available at https://bit.ly/3Oy6YsN from PacerMonitor.com. A copy of the order is available at https://bit.ly/3zYM0PM from PacerMonitor.com. About StorCentric, Inc. StorCentric, Inc. develops software and security systems to mitigate cybersecurity threats to ensure data is not compromised. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-50515) on June 20, 2022. In the petition filed by John Coughlan, CFO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Elaine Hammond oversees the case. John W. Mills, III, Esq., at Jones Walker LLP is the Debtor's counsel. STRAUSS COMPANY: Seeks to Hire Johnson Hickey as Accountant ----------------------------------------------------------- The Strauss Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Dean Krech and Johnson Hickey & Murchison as its accountants. The accountants would prepare the tax returns due for the Debtor pursuant to bankruptcy law for Chapter 11 individual debtors. Currently, the Debtor needs tax returns prepared and filed for tax years 2018, 2019, 2020 and 2021. The firm will be paid as follows: Partner $280 per hour Senior Manager $195 per hour Senior $135 per hour As disclosed in the court filings, Johnson Hickey represents no interest adverse to the Debtors or the estate in the matters upon which it is to be engaged. The firm can be reached through: Dean Krech, CPA, CGMA Johnson Hickey & Murchison 2215 Olan Mills Drive Chattanooga, TN 37421 Phone: 423-756-0052 Fax: 423-267-5945 Email: dean@jhmcpa.com About The Strauss Company Creditors Truitt Ellis, Carrie Ellis, Kathleen Pennington, VanBuren LLC, and Germantown Hammer LLC filed an involuntary Chapter 7 petition against The Strauss Company, Inc. (Bankr. E.D. Tenn. Case No. 18-12972) on July 6, 2018. The petitioning creditors are represented by R. Mark Donnell Jr., Esq. The Chapter 7 case was converted to one under Chapter 11 upon request by the Debtor. Judge Shelley D. Rucker presides over the case. The Debtor tapped Farinash & Stofan as its legal counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 21, 2018. The committee tapped Waypoint Law PLLC as its legal counsel. SUNPOWER CORP: Egan-Jones Keeps BB Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company on June 6, 2022, retained the 'BB' foreign currency and local currency senior unsecured ratings on debt issued by SunPower Corporation. Headquartered in San Jose, California, SunPower Corporation is an integrated solar products and services company. TAB RESTAURANT: Bid to Use Cash Collateral Denied as Moot --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has entered an order authorizing Tab Restaurant Group, LLC to use cash collateral on a final basis authorized in the Interim Orders and as as authorized at the hearing conducted on May 18, 2022. The court said since the Debtor's chapter 11 plan was confirmed, the Debtor does not need the continued use of cash collateral going forward. Accordingly, the Motion is denied as moot as to use of cash collateral after June 16, 2022. A copy of the order is available at https://bit.ly/3QPOVjU from PacerMonitor.com. About Tab Restaurant Group, LLC Tab Restaurant Group, LLC operates the Twisted Root Burger Co. restaurant located at 4270 Aloma Avenue, Winter Park, Florida. Tab Restaurant is a limited liability company organized under the laws of the State of Florida and authorized to transact business in Florida since August 14, 2018. Tab Restaurant sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00529) on February 15, 2022. In the petition signed by Glenn O. Pilson, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Grace E. Robson oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's counsel. TALEN ENERGY: Taps Filsinger Energy Partners as Energy Consultant ----------------------------------------------------------------- Talen Energy Supply, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Filsinger Energy Partners, Inc. as energy consultant. The firm's services include: a. conducting a liquidation valuation for each of the Debtors' power plants and providing a supporting expert report, if needed; b. providing additional support at the direction of Weil, Gotshal & Manges, LLP, as counsel to the Debtors, such as litigation and expert witness support; c. providing market analyses and strategic advice with respect to energy industry specific issues in the Debtors' Chapter 11 cases; d. conducting asset inspections; e. reviewing the Debtors' inventory of assets and providing asset valuations; and f. providing other services as requested by Weil and the Debtors from time to time. The firm will charge these hourly fees: Senior Managing Director $1,050 per hour Managing Director $780 to $960 per hour Director $690 to $780 per hour Managing Consultant $530 to $690 per hour Consultant $380 to $530 per hour Analyst and Technical Writer $240 to $380 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Prior to the petition date, the firm received a retainer of $250,000 from the Debtor. Todd Filsinger, a senior managing director at Filsinger, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd Filsinger Filsinger Energy Partners, Inc. 90 Madison Street, Suite 500 Denver, CO 80206 Tel: (303) 974-5884 Email: info@filsingerenergy.com About Talen Energy Supply Talen Energy Supply, LLC and its affiliates are energy and power generation companies in North America, owning or controlling approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets in the mid-Atlantic, Massachusetts, Texas, and Montana. In addition to geographic diversity, Talen's generation fleet reflects significant technological and fuel diversity including nuclear, natural gas, oil, and coal, with certain of its facilities capable of utilizing multiple fuel sources. Talen and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90054) on May 9, 2022. In the petitions signed by Andrew M. Wright, general counsel and secretary, the Debtors disclosed $10 billion to $50 billion in both assets and liabilities on a consolidated basis. Judge Marvin Isgur oversees the cases. The Debtors tapped Weil, Gotshal & Manges ,LLP as legal counsel; Evercore Group, LLC as investment banker; Alvarez and Marsal North America, LLC as financial advisor; and Kroll Restructuring Administration, LLC as claims agent. TALEN ENERGY: Taps Quinn Emanuel Urquhart as Litigation Counsel --------------------------------------------------------------- Talen Energy Supply, LLC and its affiliates filed an application seeking approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Quinn Emanuel Urquhart & Sullivan, LLP as special litigation counsel. The Debtors need the firm's services in two separate cases filed in Montana and Delaware involving PPL Corporation, and in a related case (Case No. 19-cv-03764) pending in the U.S. District Court for the Southern District of Texas. They also need legal assistance in an antitrust action (Case No. 4:19-cv-03764) filed in the U.S. District Court for the Southern District of Texas against BNSF Railway Company, CSX Transportation, Inc., Norfolk Southern Railway Company, and Union Pacific Railroad. The hourly rates charged by the firm's attorneys and paralegals are as follows: Partners $1,000 to $1,150 per hour Associates/Of Counsel $575 to $950 per hour Paralegals $320 per hour The firm received its initial retainer of $250,000 on Oct. 10, 2021. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Quinn disclosed the following: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes. The firm and the Debtors have agreed to a confidential contingency fee with no hourly rates in the antitrust action. In the other lawsuits, Quinn and the Debtors have not agreed to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: 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. Response: The firm was retained by Talen on November 6, 2019, on a contingency fee basis for the Texas litigation. On October 18, 2017, the firm was retained by the Debtors in other litigation matters based on a regular fee arrangement. The firm's fees are determined on the basis of time billed at hourly rates. The firm's hourly rates vary with the experience and seniority of its attorneys and paralegals, and are adjusted on January 1 of each year; however, as set forth above, based on the level and nature of the work Talen was retaining the firm at the time, in September 2019, the firm agreed to use the rates in effect at the time through the trial of the Delaware Litigation. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Debtors periodically review the firm's staffing and invoices. The Debtors have not requested a budget nd staffing plan for this engagement. Karl Stern, Esq., a partner at Quinn, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Karl Stern, Esq. Quinn Emanuel Urquhart & Sullivan, LLP 711 Louisiana St., Suite 500 Houston, TX 77002 Office: +1 713 221 7000 Direct: +1 713-221-7171 Fax: +1 713 221 7100 Email: karlstern@quinnemanuel.com About Talen Energy Supply Talen Energy Supply, LLC and its affiliates are energy and power generation companies in North America, owning or controlling approximately 13,000 megawatts of generating capacity in wholesale U.S. power markets in the mid-Atlantic, Massachusetts, Texas, and Montana. In addition to geographic diversity, Talen's generation fleet reflects significant technological and fuel diversity including nuclear, natural gas, oil, and coal, with certain of its facilities capable of utilizing multiple fuel sources. Talen and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90054) on May 9, 2022. In the petitions signed by Andrew M. Wright, general counsel and secretary, the Debtors disclosed $10 billion to $50 billion in both assets and liabilities on a consolidated basis. Judge Marvin Isgur oversees the cases. The Debtors tapped Weil, Gotshal & Manges ,LLP as legal counsel; Evercore Group, LLC as investment banker; Alvarez and Marsal North America, LLC as financial advisor; and Kroll Restructuring Administration, LLC as claims agent. TEREX CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+ ------------------------------------------------------------ Egan-Jones Ratings Company on June 6, 2022, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Terex Corporation to BB+ from BB. Headquartered in Westport, Connecticut, Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions. TICONDEROGA FARMS: Family Farm Files for Chapter 11 Bankruptcy -------------------------------------------------------------- Ticonderoga Farms, LLC, filed for chapter 11 protection in the Eastern District of Virginia. Ticonderoga Farms is a closely-held family company that owns nearly 900 acres of land in fast-growing Loudon County. The Company is owned by Peter J. Knop (holding a 72.76% interest) and his three children (each holding 9.08% interest). Over the years the Company has engaged in a plethora of endeavors including raising Christmas trees, maintaining nursery stock and pulpwood, other agriculture, providing environmentally friendly recycling services, exhibiting public gardens, and providing agricultural entertainment (agrotourism), event space, and engaging in real estate investments. As it has done to many other businesses, the COVID-19 pandemic has impacted many of the Company's operations significantly reducing the Company's revenues. In addition, for the past several years, the Company has been mired in costly litigation in the state courts of Virginia regarding land held by the Company and the conduct of its business. In order to continue the Company's operations and meet its financial obligations, Peter J. Knop and his wife, Beata Knop, have been forced to contribute substantial personal funds as loans to the Company. Prior to the petition, and as a result of the Company's financial distress Peter J. Knop, as majority member and sole manager, made a capital call in an effort to raise capital to continue to fund the Company and meet its financial obligations. However, the other members of the Company declined to contribute capital towards maintaining the Company's business and initiated litigation to legitimize their disinclination to contribute capital towards the Company. Based on the foregoing factors, the Company has determined that the commencement of a Chapter 11 case is in the best interest of the Company and its stakeholders. The Company intends to utilize the Chapter 11 process to implement a plan of reorganization that will provide for the fair and equitable treatment of all creditors and position the Company to meet its current financial obligations and future goals. According to court filing, Ticonderoga Farms estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ticonderoga Farms Ticonderoga Farms, LLC, doing business as Amazing Farm Fun, offers year-round outdoor fun for all ages. On the Web: https://www.amazingfarmfun.com/ Ticonderoga Farms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10794) on. In the petition filed by Peter Knop, as managing member, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. James Robert Billings-Kang, of Cozen O'Connor P.C., is the Debtor's counsel. TOTAL ENERGY: Bid to Access Cash Collateral Denied -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania denied the motion filed by Total Energy Resources, LLC to use cash collateral in the ordinary course of business "as no case or controversy has been presented to the court." The Court reminded the Debtor that any and all use of the cash collateral outside of the ordinary course of business must be approved by the court before such usage. To the extent that the Subchapter V Trustee objects to any expenditure(s) detailed in the reports required, the objection must be raised to the Court by motion. A copy of the order is available at https://bit.ly/3Oiu6vL from PacerMonitor.com. About Total Energy Resources, LLC Total Energy Resources, LLC -- https://totalenergyresources.com/ -- is a natural gas supplier and electricity broker, serving businesses in Western Pennsylvania and Eastern Ohio. Total Energy Resources filed for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-20950) on May 17, 2022, listing total assets of $1,494,425 and zero liability. James S. Fellin serves as Subchapter V trustee. Judge Jeffrey A. Deller oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, PC and Wessel & Company Accountants and Advisors serve as the Debtor's legal counsel and accountant, respectively. TRI-STATE PAIN: No Quality of Care Concerns, Final PCO Report Says ------------------------------------------------------------------ Sara J. Flasher, Patient Care Ombudsman for Tri-State Pain Institute, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Fourth and Final Report on the Debtor's facility. During the onsite visit at the facility which is relocated to 5442 Peach Street, Erie, Pennsylvania, and remains classified as an Ambulatory Surgical Facility (ASF), the PCO found that it is well lit, very clean, spacious, and adequate for the purposes required. Moreover, patient care has resumed to onsite visits for those scheduled office appointments. The Facility reports as of this date (June 3, 2022) all patients have received timely appointments for pain management with no concerns due to COVID-19 or staffing. The PCO identified no quality of care concerns and confident the Facility will ensure patient care services continue through this pandemic and the bankruptcy. A copy of the Fourth and Final Ombudsman Report is available for free at https://bit.ly/3QEdqAe from PacerMonitor.com. The Ombudsman may be reached at: Sara J. Flasher PO Box 384 Warren, PA 16365 Telephone: (412) 977-2437 Fax: (814) 253-0500 Email: Legal007@aol.com About Tri-State Pain Institute Tri-State Pain Institute LLC is a well-known Erie pain specialist founded by Joseph M. Thomas, M.D. Tri-State Pain Institute, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-10049) on Jan. 23, 2020. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Thomas P. Agresti oversees the case. The Debtor tapped Marsh, Spaeder, Baur, Spaeder, and Schaaf, LLP, as the legal counsel and Coldwell Banker Select, Realtors as real estate broker. On Feb. 14, 2020, the U.S. Trustee for Regions 3 and 9 appointed a Committee of unsecured creditors in the Debtor's Chapter 11 case. The Committee is represented by Knox, McLaughlin, Gornall & Sennett, P.C. TULYA KOGAN: Taps Law Offices of Alla Kachan as Bankruptcy Counsel ------------------------------------------------------------------ Tulya Kogan Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Alla Kachan, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a. assisting the Debtor in administering the case; b. making such motions or taking such actions as may be appropriate or necessary under the Bankruptcy Code; c. representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; d. taking such steps as may be necessary for the Debtor to marshal and protect the estate's assets; e. negotiating with creditors in formulating a plan of reorganization for the Debtor; f. drafting and prosecuting the Debtor's plan of reorganization; and g. rendering such additional services as the Debtor may require in its bankruptcy case. The Law Offices of Alla Kachan will be paid $475 per hour for attorney's services and $250 per hour for paraprofessional services. The firm will also receive reimbursement for its out-of-pocket expenses. The retainer fee is $12,000. Alla Kachan, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Ste. 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Email: alla@kachanlaw.com About Tulya Kogan Associates Tulya Kogan Associates Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-40503) on March 15, 2022, listing as much as $1 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. and Wisdom Professional Services Inc. serve as the Debtor's legal counsel and accountant, respectively. TULYA KOGAN: Taps Wisdom Professional Services as Accountant ------------------------------------------------------------ Tulya Kogan Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Wisdom Professional Services Inc. as its accountant. The firm's services include: a. gathering and verifying all pertinent information required to compile and prepare monthly operating reports; and b. preparing monthly operating reports for the Debtor during the pendency of its Chapter 11 case. The firm will be paid at the rate of $175 per report and will be reimbursed for its out-of-pocket expenses. Michael Shtarkman, a partner at Wisdom Professional Service, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Shtarkman Wisdom Professional Services Inc. 626 Sheepshead Bay Rd. # 640 Brooklyn, NY 11224 Tel: (718) 554-6672 Email: michael@shtarkmancpa.com mshtarkmancpa@gmail.com About Tulya Kogan Associates Tulya Kogan Associates Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-40503) on March 15, 2022, listing as much as $1 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. and Wisdom Professional Services Inc. serve as the Debtor's legal counsel and accountant, respectively. TUMBLEWEED TINY HOUSE: FR Claim to Affect Unsecureds' Recovery -------------------------------------------------------------- Tumbleweed Tiny House Company, Inc. submitted an Amended Chapter 11 Plan and a Disclosure Statement. The Court set Thursday June 30, 2022, as the date for Debtor to mail the plan to all creditors and parties in interest; Monday August 1, 2022, as the date confirmation objections must be filed; Monday August 1, 2022, as the deadline for voting, and Tuesday August 16, 2022, at 1:30 p.m. as the date of the confirmation hearing. According to the Disclosure Statement, the Debtor projects that the amount available to be distributed out of the Net Profits Fund to the holders of Allowed Class 10 claims will be over $4 million prior to the fifth anniversary of the Effective Date. Not including the disputed Claim of FreedomRoads, the total amount of Allowed Unsecured Claims is approximately $823,478. Including the disputed Claim of FreedomRoads, as of May 15, 2022 the total amount of Allowed Unsecured Claims is approximately $5.14 million. Classes 10 and 11 are comprised of creditors with or asserting Unsecured Claims against the Debtor, including any allowed penalty Claims held by any taxing authority which are not related to actual pecuniary loss. Allowed Class 10 and Class 11 Claims shall receive their pro rata share of the Net Profits Fund until their Allowed Claims are paid in full. Distributions to Class 10 and Class 11 claimants shall not exceed the amount of the Allowed Unsecured Claim plus interest calculated at 2.5% per annum. On the Effective Date, the Debtor will make a Pro-Rata distribution on account of any Claims of Class 10 claimants in the amount of $250,000. Thereafter, distributions to the Allowed Class 10 and Class 11 claimants of the amount in the Net Profits Fund shall be made annually on the anniversary of the Effective Date and shall begin in 2023. Class 11 is comprised of the contested Unsecured Claim of FreedomRoads Financial, LLC. The Debtor has filed an objection to the Contested Claim of FR with the Bankruptcy Court and has obtained permission to employ special counsel to litigate the validity of FR's Contested Claim against the Debtor and the Debtor's claims against FR outside of Bankruptcy Court. Under this Plan, the Debtor's objection to the FR proof of claim will be deemed withdrawn and the validity of FR's Claim against the Debtor will be litigated or arbitrated outside of bankruptcy court, excluding the issue of whether FR is entitled to Post-Petition interest or attorney fees during the pendency of this bankruptcy as a matter of bankruptcy law. In the event the Debtor's claims against FR are successful and it is determined or agreed that the Debtor is not indebted to FR, the Contested Claim of FR will be disallowed in its entirety and FR will receive no distribution under this Plan. If it is determined or agreed that the Debtor is indebted to FR, the Contested Claim of FR will be Allowed in the agreed amount of (a) $4,318,892.22 including principal, interest, and accrued attorneys' fees as of May 15, 2022, (b) default rate interest calculated at 9.5% accruing from May 16, 2022 through the Effective Date, (c) interest accruing at 6.5% from and after the Effective Date until payment in full of FR's Allowed Claim, and (d) reasonable attorneys' fees through the date of payment in full of FR's Allowed Claim, in each case unless otherwise determined by a third party (including an arbitrator) or agreed by FR. FR will receive its pro rata share of annual distributions to Allowed Unsecured Creditors from the Net Profits Fund until its Allowed Claim is paid in full. In the event the Contested Claim of FR is Allowed in part or in full, the Debtor shall pay the full amount of such Claim prior to the eighth anniversary of the Effective Date. FR will provide the Debtor with a final calculation of its claim amount, as of the Effective Date, on or within one week of the Effective Date. The Reorganized Debtor, at its discretion, may settle, satisfy, or pay off any Administrative Claims, Priority Claims, or the Claims of any members of Classes 1-11 at any time after the Effective Date without additional Bankruptcy Court approval. Payments and distributions under the Plan will be funded by the following: Cash from operations, a debtor-in-possession loan previously approved by the Bankruptcy Court, Litigation Proceeds, and any future loans and/or capital infusions. Attorneys for the Tumbleweed Tiny House Company, Inc.: David V. Wadsworth, Esq. David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 A copy of the Disclosure Statement dated June 22, 2022, is available at https://bit.ly/3nfTF4u from PacerMonitor.com. About Tumbleweed Tiny House Company Tumbleweed Tiny House Company, Inc., a manufacturer of tiny house RVs, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-11564) on March 4, 2020. At the time of filing, the Debtor estimated between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Kimberley H. Tyson oversees the case. Wadsworth Garber Warner Conrardy, P.C., and Gerard Fox Law, P.C., serve as the Debtor's bankruptcy counsel and special counsel, respectively. Stockman Kast Ryan + Company is the Debtor's accountant. U.S. TOBACCO COOPERATIVE: Will Pay Up To $75 Mil. to Member Farmers ------------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that US Tobacco Cooperative Inc. won court approval of its bankruptcy plan that centers on a settlement to pay up to $75 million to a group of farmers who alleged improper withholdings of membership funds. Under the settlement, USTC, which distributes tobacco grown by its farmer members, will initially pay about $30 million into a fund for the benefit of the class of hundreds of thousands of members, according to the Chapter 11 plan approved at a hearing Wednesday by Judge Joseph N. Callaway of the US Bankruptcy Court for the Eastern District of North Carolina. About U.S. Tobacco Cooperative U.S. Tobacco Cooperative Inc. produces U.S. flue-cured tobacco grown by more than 500 member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. Judge Joseph N. Callaway oversees the cases. The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy counsel, and McGuireWoods, LLP and Robinson, Bradshaw & Hinson, P.A., as special counsel. BDO Consulting Group, LLC, SSG Advisors, LLC and CliftonLarsonAllen serve as the Debtors' financial advisor, investment banker and accountant, respectively. U.S. TOBACCO: Joint Plan of Reorganization Confirmed by Judge ------------------------------------------------------------- Judge Joseph N. Callaway has entered an order confirming the Third Amended Joint Plan of Reorganization of U.S. Tobacco Cooperative, Inc. and its Affiliated Debtors. That certain commitment letter, dated May 20, 2022, issued by PNC Bank, National Association ("PNC") to Debtor U.S. Tobacco Cooperative Inc. and its subsidiaries (the "PNC Commitment Letter") is approved, and the Debtors and/or the Reorganized Debtors are authorized to execute, and enter into, the PNC Commitment Letter, to pay all fees and costs, to grant the indemnitees contained therein, and to enter into any and all documents and instruments and otherwise take any actions that may be appropriate and/or necessary to close on the proposed exit financing. The QSF Trust Agreement and the QSF Claims and Distribution Procedures are approved, and the Debtors and/or the Reorganized Debtors are authorized to execute and enter into such documents, and take any actions that may be appropriate and/or necessary to carry out the terms of such documents. The Bankruptcy Court shall maintain jurisdiction over the QSF as set forth in the Plan, the QSF Trust Agreement, and the QSF Claims and Distribution Procedures. The Motion is granted on a final basis with respect to the Lewis Class Settlement, and the Lewis Class Settlement is approved on a final basis. The settlement class definition for the Lewis Certified Settlement Class shall be as follows: The plaintiff class certified by the state court in the Lewis Litigation, but excluding the Original Opt-Outs. Pursuant to Bankruptcy Rule 7023 and Federal Rule 23(e), the Lewis Certified Settlement Class is certified as a settlement class on a final basis. The certification of the Lewis Certified Settlement Class is for settlement purposes only; and only with respect to the particular settlement embodied in the Plan. A full-text copy of the Plan Confirmation Order dated June 23, 2022, is available at https://bit.ly/3OrBF34 from PacerMonitor.com at no charge. Counsel for the Debtors: Mark E. Felger, Esq. Simon E. Fraser, Esq. COZEN O'CONNOR 1201 N. Market Street, Suite 1001 Wilmington, Delaware 19801 Telephone: (302) 295-2000 Facsimile: (302) 295-2013 E- mail: mfelger@cozen.com sfraser@cozen.com - and - David R. Doyle, Esq. Christina M. Sanfelippo, Esq. 123 N. Wacker Drive, Ste. 1800 Chicago, IL 60606 Telephone: (312) 474-1648 Facsimile: (312) 382-8910 E-mail: daviddoyle@cozen.com csanfelippo@cozen.com - and - Jason L. Hendren, Esq. Rebecca F. Redwine, Esq. Benjamin E.F.B. Waller, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com About U.S. Tobacco Cooperative U.S. Tobacco Cooperative Inc. produces U.S. flue-cured tobacco grown by more than 500 member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. Judge Joseph N. Callaway oversees the cases. The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy counsel, and McGuireWoods, LLP and Robinson, Bradshaw & Hinson, P.A., as special counsel. BDO Consulting Group, LLC, SSG Advisors, LLC and CliftonLarsonAllen serve as the Debtors' financial advisor, investment banker and accountant, respectively. WC BRAKER: Chapter 11 Trustee Wins Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, Austin Division, authorized Dawn Ragan, the Chapter 11 trustee of WC Braker Portfolio, LLC, to use cash collateral on an interim basis and provide adequate protection to ATX Braker SR, LLC. The Trustee alleges the Debtor would not have sufficient available sources of working capital and financing to pay for utilities without the use of cash collateral. The Debtor is permitted to use cash collateral for the purpose of paying the amounts owed by Debtor to the Utility Companies, up to a maximum of $30,000, and provide adequate assurance of payment to Utilities pursuant to Bankruptcy Code section 366 up to an additional $30,000. As adequate protection, the Prepetition Secured Party is granted an allowed superpriority administrative expense claim against the Debtor senior to any and all unsecured claims and administrative expense claims to the extent of any Diminution in Value. The Adequate Protection Superpriority Claim will not be junior to any claims and will have priority over all administrative expense claims and other claims against the Debtor. Authorization to use cash collateral will be limited to and automatically terminate upon payment of the Utility Payments without further order from the Court. A copy of the order is available at https://bit.ly/3NhvSvI from PacerMonitor.com. About WC Braker Portfolio WC Braker Portfolio is primarily engaged in renting and leasing real estate properties. The Debtor filed Chapter 11 Petition (Bankr. W.D. Tex. Case No. 22-10293) on May 2, 2022. The Hon. Tony M. Davis oversees the case. Todd Headden, Esq., at Hayward PLLC is the Debtor's counsel. In the petition signed by Natin Paul, authorized signatory, the Debtor disclosed $100 million to $500 million in assets and $50 million to $100 million in liabilities. ATX Braker SR, LLC, as mortgage lender, is represented by Polsinelli PC and Gibson, Dunn & Crutcher LLP. WESTBANK HOLDINGS: Taps Robert Reardon as Expert Witness -------------------------------------------------------- Westbank Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Robert Reardon, a geologist and project manager with Bureau Veritas. Mr. Reardon previously performed a property condition assessment on the Debtor's property in April 2021. His services are needed by the Debtor in connection with a pending litigation where he will be required to provide an expert opinion on the Debtor's property assessment findings and the assessment report's conclusions. The hourly rate for Mr. Reardon's services is $350. Mr. Reardon disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Reardon holds office at: Robert Reardon Bureau Veritas 16110 Peninsula Blvd. Houston, TX 77015 Tel: (888) 357-7020 Fax: (281) 452-7014 About Westbank Holdings Westbank Holdings, LLC is a New Orleans, La.-based company primarily engaged in renting and leasing real estate properties. Westbank Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Lead Case No. 22-10082) on Jan. 27, 2022. In its petition, Westbank Holdings listed as much as $50 million in both assets and liabilities. Joshua Bruno, manager, signed the petition. Judge Meredith S. Grabill oversees the cases. Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, Alvendia Kelly & Demarest, LLC and G Rowland CPA & Associates serve as the Debtors' bankruptcy counsel, special counsel and accountant, respectively. Richard W. Cryar, a partner at F M Reed Company, is the Debtors' chief restructuring officer. WILLIAMS COMMUNICATIONS: Plan Targets Sale by March 2023 -------------------------------------------------------- Williams Communications, Inc., submitted a First Amended Disclosure Statement explaining its Plan. Despite the continuing impacts of COVID, the Debtor is seeing increased sales and making all required report filings and payments. As sales increase, the Debtor plans to increase payments to the bank and seek a buyer at an enhanced price. Subject to Court approval, the Debtor shall sell 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. Marketing efforts are being conducted by Hadden & Assoc. The Debtor lowered the purchase price from $2.5 million to $1.8 million but had no success so far in finding a buyer. If the Debtor fails to comply with the sale deadline, Citizens National Bank may elect to proceed with foreclosure of its interest in the Debtor's assets. 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. Long, Esq. Post Office Box 1468 Anniston, Alabama 36202 Tel: (256) 237-3266 E-mail: hlonglegal8@gmail.com A copy of the Disclosure Statement dated June 22, 2022, is available at https://bit.ly/3zWBjgB from PacerMonitor.com. About Williams Communications Williams Communications, Inc., owns a variety of stations in the Anniston and Gadsden areas in Alabama. Its stations are WHMA-AM 1390 (black gospel music), WHMA-FM/Anniston 95.3 (Country), WKLS-FM/Gadsden 105.9 (Rock), and W248CE/Gadsden 97.5 (Sports). The company is owned and run by Walton E. Williams, who has owned, operated and sold 12 radio stations in his 65-year broadcasting carrier. Amid collection efforts by Citizens National Bank, Williams Communications 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. ZACHAIR LTD: $12M to $17M Sale to NVR to Fund Plan -------------------------------------------------- Zachair, Ltd., submitted a Second Amended Plan and a corresponding Disclosure Statement. The Debtor's primary asset is an assemblage of real property totaling approximately 423.45 acres located in Prince George's County, Maryland. The Debtor's appraiser, William C. Harvey of William C. Harvey & Associates, Inc., has valued the Property as of June 3, 2020 to have a fair market value of between $19.3 million and $22.1 million. Since the commencement of the case, the Debtor has focused intensively on selling its primary asset, the Property, to satisfy its obligations to creditors and parties in interest. The Debtor has retained a number of experienced professionals in connection with marketing and sale of the Property since the Petition Date to assist it with these sale efforts, including Whiteford Taylor & Preston, LLP, William C. Harvey and Associates, Inc., Fraser Forbes, O'Malley, Miles, Nylen & Gilmore, P.A., and the Development Professionals On June 11, 2021, the Debtor filed a motion (the "First Sale Motion") to sell the Property to JP Land Holdings LLC ("JP Land Holdings") pursuant to the sales contract (the "First Sales Contract"), subject only to the possibility of an overbid and the other conditions. The First Sale Motion, among other things, sought: (i) the approval of the sale of the Property free and clear of liens, claims, interests, and encumbrances; (ii) the approval of the bid procedures; and (iii) the approval of the form and manner of notice thereof. On July 27, 2021, the Court entered an order granting the First Sale Motion. After consideration and assessment of the First Sales Contract and the Property, JP Land Holdings ultimately decided to not proceed with the purchase of the Property. On June 5, 2022, the Debtor filed a second motion to sell the Property to NVR Inc. pursuant to the Sales Contract; and implement bid procedures and the sale notice; and (iv) other related relief. The Sale and Bid Procedures Motion is currently pending before the Bankruptcy Court. The terminated deal with JP Land provided for a purchase price of $16,000,000, plus one half of transfer and recordation tax savings if sold pursuant to a plan, subject to possible adjustment for specified costs relating to Retained Parcel. The new deal with NVR provides for a purchase price of $12 million to $17 million. The NVR deal provides for an initial payment of $10,000,000, plus the following contingent payments: (i) $20,000 per unit in excess of 500 units if the Residential Record Plat Approval process results units in excess of 500 units (the "Additional Lot Payments"); and (ii) 20% of net proceeds generated from the sale of the Non-Residential Property, or 20% of net appraised value of the Non-Residential Property if disposed of pursuant to a lease (the "Alternative Land Payments", and together with the Initial Payment and the Additional Lot Payments, the "Purchase Price"). The Purchase Price shall be capped at $17,000,000, and shall have a minimum floor of $12,000,000. To facilitate its ability to accelerate consummation of the Plan and payments to creditors, the Debtor solicited interest from numerous potential lenders to provide Exit Financing. Ultimately, the Debtor selected Three Line Capital LLC as its potential lender. On Sept. 30, 2021, Three Line delivered a commitment letter for Exit Financing. However, because the First Sales Contract with JP Land Holdings was terminated, the Exit Financing did not close timely. The Debtor remains in discussions with Three Line regarding the prospect of renewed financing arrangements. Under the Plan, Class 8 General Unsecured Claims totaling $4,980,762 will each be paid the allowed amount of such claim in full. Interest shall accrue on the outstanding amount of each Allowed Class 8 Claim from the Petition Date through the Effective Date at the Pre-Effective Date Interest Rate. Interest shall accrue on the outstanding amount of the Allowed Class 8 Claim from the Effective Date through the date of payment of such Claims: (a) if Class 8 rejects the Plan, at the Post-Effective Date Interest Rate; or (b) if Class 8 accepts the Plan, at the rate of 6.0% per annum. Payments to Holders of Allowed Class 8 Claims shall be made only to the extent that Net Closing Funds and/or Net Purchase Funds are available. Each Holder of an Allowed Class 8 Claim shall be paid its Pro Rata Share of the Net Closing Funds and Net Purchase Funds. Class 8 is impaired by the Plan. Counsel for the Debtor: Bradford F. Englander, Esq. WHITEFORD, TAYLOR & PRESTON, LLP 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 Email: benglander@wtplaw.com A copy of the Disclosure Statement dated June 22, 2022, is available at https://bit.ly/3nbVAqX from PacerMonitor.com. About Zachair Ltd. Clinton, Md.-based Zachair, Ltd. was formed by Dr. Nabil Asterbadi to acquire Hyde Field, an airport for commercial and general aviation. Hyde Field is located near Andrews Air Force Base, National Harbor, Downtown Washington DC, and nearby Northern Virginia. It offers a 3000' lighted runway with a day and night instrument approach. For more information, visit http://www.hydefield.com/ Zachair filed a Chapter 11 petition (Bankr. D. Md. Case No. 20-10691) on Jan. 17, 2020. In the petition signed by Zachair President Nabil J. Asterbadi, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Thomas J. Catliota oversees the case. Whiteford Taylor & Preston, LLP is the Debtor's legal counsel. The Debtor tapped CC Services Corporation and Mendelson & Mendelson, CPAs, P.C. as its tax accountants. ZOHAR FUNDS: Zohar, Tilton Say They Both Control Stila Styles ------------------------------------------------------------- Leslie A. Pappas of Law360 reports that Delaware Chancery Court Chancellor Kathaleen St. J. McCormick got a crash course Wednesday, June 23, 2022, in what she called "a very long and bitter control dispute" for Stila Styles Inc., as distressed debt diva Lynn Tilton and an investment fund she once owned both claimed they had the right to manage the cosmetics company. At a hearing in Wilmington, Tilton furiously handed scribbled notes to her attorneys as counsel for the fund, Zohar III Ltd., insisted that a May 31, 2022 ruling from Vice Chancellor Joseph R. Slights III gave Zohar the right to appoint Stila's manager. A full-text copy of the report is available at https://www.law360.com/bankruptcy/articles/1505018/tilton-zohar-both-tell-chancery-they-control-stila-styles About the Zohar Funds New York-based Patriarch Partners, LLC, is a private equity firm specializing in acquisition, buyouts, and turnaround investment in distressed American companies and brands. Patriarch Partners was founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held substantial equity stakes in portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. The Zohar funds were created to raise money through selling a form of notes called collateralized loan obligations to investors that was then used to extend loans to dozens of distressed mid-size companies, often in connection with the acquisition of those companies out of bankruptcy. Patriarch bought "distressed" companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the funds into bankruptcy in 2018 in an attempt to keep Patriarch's portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion. Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the "Zohar Funds"), sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11, 2018. In the petition signed by Lynn Tilton, director, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy counsel. ZOSANO PHARMA: Hires SierraConstellation as Financial Advisor ------------------------------------------------------------- Zosano Pharma Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ SierraConstellation Partners, LLC as financial advisor. The firm will provide these services: a. obtain, review, and summarize financial information necessary for the Debtor's Chapter 11 bankruptcy filing, including but not limited to, first day motions, statements of financial affairs and bankruptcy schedules; b. perform financial analyses, including cash flow planning, vendor analysis, and other analysis to support the Chapter 11 process; c. assist the Debtor in preparing and filing court-mandated reporting, such as schedules of assets and liabilities, statements of financial affairs and monthly operating reports; d. assist the Debtor with its communications, diligence requests or negotiations with outside parties including the Debtor's stakeholders, and potential acquirers of its assets; e. assist with the sale of assets and the liquidation of the Debtor; f. work with the Debtor's counsel to implement bankruptcy strategy; g. provide testimony, as necessary, in the case; and h. assist in other areas, as needed. The firm will charge these hourly fees: Partners $895 to $1,005 per hour Managing Director $640 to $720 per hour Senior Directors $580 to $640 per hour Directors $445 to $525 per hour Senior Associates $350 per hour Associates $275 per hour The firm received a retainer of $863,045.83 from the Debtor. Lawrence Perkins, chief executive officer of SierraConstellation, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lawrence Perkins SierraConstellation Partners, LLC 355 S Grand Ave. # 1450 Los Angeles, CA 90071 Tel: (213) 289-9060 Fax: 213 402 3548 Email: info@sierraconstellation.com About Zosano Pharma Corporation Zosana Pharma Corporation is a clinical-stage biopharmaceutical company based in Fremont, Calif. Zosano Pharma filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Case No. 22-10506) on June 1, 2022, listing $26,445,000 in assets and $12,392,000 in liabilities. Steven Lo, president and chief executive officer, signed the petition. Judge Hon. Kate J. Stickles oversees the case. The Debtor tapped Greenberg Traurig, LLP as legal counsel; SierraConstellation Partners, LLC as financial advisor; and Onyx Asset Advisors, LLC and Rabin Worldwide, Inc. as sales agents. Kurtzman Carson Consultants, LLC is the Debtor's claims and noticing agent and administrative advisor. ZOSANO PHARMA: Taps Greenberg Traurig as Legal Counsel ------------------------------------------------------ Zosano Pharma Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Greenberg Traurig, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties in the continued operation of its business and management of its property; b. negotiating, drafting, and pursuing all documentation necessary in the case, including, without limitation, any debtor-in-possession financing arrangements and the disposition of the Debtor's assets, by sale or otherwise; c. preparing legal papers; d. appearing in court; e. preparing, negotiating, and taking all necessary or appropriate actions in connection with a plan of reorganization and all related documents thereunder and transactions contemplated therein; f. attending meetings and negotiating with representatives of creditors, the U.S. trustee, and other parties in interest; g. providing legal advice to the Debtor regarding bankruptcy law, corporate law, corporate governance, securities, employment, tax, labor, litigation, intellectual property, and other issues attendant to the Debtor's business operations; h. taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; and i. performing other necessary legal services for the Debtor. The firm will charge these hourly fees: Shareholders $595 to $1,650 per hour Of Counsel $550 to $1,285 per hour Associates $300 to $850 per hour Legal Assistants/Paralegals $150 to $475 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $825,000 from the Debtor. John Elrod, Esq., a partner at Greenberg Traurig, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John D. Elrod, Esq. Greenberg Traurig, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta, GA 30305 Direct: +1 678.553.2259 Tel: +1 678.553.2100 Email: elrodj@gtlaw.com About Zosano Pharma Corporation Zosana Pharma Corporation is a clinical-stage biopharmaceutical company based in Fremont, Calif. Zosano Pharma filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Case No. 22-10506) on June 1, 2022, listing $26,445,000 in assets and $12,392,000 in liabilities. Steven Lo, president and chief executive officer, signed the petition. Judge Hon. Kate J. Stickles oversees the case. The Debtor tapped Greenberg Traurig, LLP as legal counsel; SierraConstellation Partners, LLC as financial advisor; and Onyx Asset Advisors, LLC and Rabin Worldwide, Inc. as sales agents. Kurtzman Carson Consultants, LLC is the Debtor's claims and noticing agent and administrative advisor. ZOSANO PHARMA: Taps Kurtzman Carson as Administrative Advisor ------------------------------------------------------------- Zosano Pharma Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC as administrative advisor. The firm's services include: a. assisting with, among other things, the preparation of the Debtor's schedules of assets and liabilities, schedules of executory contracts and unexpired leases and statements of financial affairs; b. assisting with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; c. generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any Chapter 11 plan in the Debtor's Chapter 11 case; d. generating, providing, and assisting with claim objections, exhibits, claim reconciliations, and related matters; and e. providing such other claim processing, noticing, solicitation, balloting, and administrative services, as may be requested by the Debtor from time to time. Kurtzman requested a retainer fee of $50,000. Robert Jordan, a senior managing director at Kurtzman, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Jordan senior managing director Kurtzman Carson Consultants LLC 222 N. Pacific Coast Highway, 3 rd Floor El Segundo, California 90245 Tel: (310) 823-9000 About Zosano Pharma Corporation Zosana Pharma Corporation is a clinical-stage biopharmaceutical company based in Fremont, Calif. Zosano Pharma filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Case No. 22-10506) on June 1, 2022, listing $26,445,000 in assets and $12,392,000 in liabilities. Steven Lo, president and chief executive officer, signed the petition. Judge Hon. Kate J. Stickles oversees the case. The Debtor tapped Greenberg Traurig, LLP as legal counsel; SierraConstellation Partners, LLC as financial advisor; and Onyx Asset Advisors, LLC and Rabin Worldwide, Inc. as sales agents. Kurtzman Carson Consultants, LLC is the Debtor's claims and noticing agent and administrative advisor. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 7GC & CO HOLD-A VII US 230.8 216.5 -0.9 7GC & CO HOLDING VIIAU US 230.8 216.5 -0.9 ACCELERATE DIAGN AXDX* MM 70.4 -56.8 52.9 AEMETIS INC DW51 GR 166.5 -128.6 -46.6 AEMETIS INC AMTX US 166.5 -128.6 -46.6 AEMETIS INC AMTXGEUR EU 166.5 -128.6 -46.6 AEMETIS INC AMTXGEUR EZ 166.5 -128.6 -46.6 AEMETIS INC DW51 GZ 166.5 -128.6 -46.6 AEMETIS INC DW51 TH 166.5 -128.6 -46.6 AEMETIS INC DW51 QT 166.5 -128.6 -46.6 AERIE PHARMACEUT AERIEUR EU 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 GR 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 TH 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 QT 395.5 -125.7 201.7 AERIE PHARMACEUT AERI US 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 GZ 395.5 -125.7 201.7 AIR CANADA AC CN 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 QT 29,724.0 -1,159.0 2,055.0 AIR CANADA ACEUR EZ 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 TH 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 GR 29,724.0 -1,159.0 2,055.0 AIR CANADA ACEUR EU 29,724.0 -1,159.0 2,055.0 AIR CANADA ACDVF US 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 GZ 29,724.0 -1,159.0 2,055.0 ALPHA CAPITAL -A ASPC US 230.5 209.5 -1.8 ALPHA CAPITAL AC ASPCU US 230.5 209.5 -1.8 ALTICE USA INC-A 15PA GZ 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS US 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A 15PA GR 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A 15PA TH 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUSEUR EU 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS* MM 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS-RM RM 33,144.1 -626.6 -1,994.4 ALTIRA GP-CEDEAR MOC AR 40,235.0 -1,760.0 -4,166.0 ALTIRA GP-CEDEAR MOD AR 40,235.0 -1,760.0 -4,166.0 ALTIRA GP-CEDEAR MO AR 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO US 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO SW 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC PHM7 TH 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO TE 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MOEUR EU 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO CI 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC ALTR AV 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC PHM7 GZ 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC 0R31 LI 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC PHM7 GR 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MOUSD SW 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MOEUR EZ 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO* MM 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC PHM7 QT 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP INC MO-RM RM 40,235.0 -1,760.0 -4,166.0 ALTRIA GROUP-BDR MOOO34 BZ 40,235.0 -1,760.0 -4,166.0 AMC ENTERTAINMEN AMC US 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 GR 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC4EUR EU 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC* MM 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 TH 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 QT 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 GZ 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC-RM RM 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN A2MC34 BZ 10,345.4 -2,178.3 -261.3 AMERICAN AIR-BDR AALL34 BZ 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL US 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL* MM 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE A1G GR 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE A1G TH 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL11EUR EU 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL AV 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL TE 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE A1G SW 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE 0HE6 LI 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE A1G GZ 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL11EUR EZ 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE A1G QT 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL-RM RM 67,401.0 -8,940.0 -4,104.0 AMERICAN AIRLINE AAL_KZ KZ 67,401.0 -8,940.0 -4,104.0 AMPLIFY ENERGY C AMPY US 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ TH 456.1 -113.0 -84.2 AMPLIFY ENERGY C MPO2EUR EU 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ GR 456.1 -113.0 -84.2 AMPLIFY ENERGY C MPO2EUR EZ 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ GZ 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ QT 456.1 -113.0 -84.2 AMYRIS INC AMRS* MM 898.4 -125.9 204.7 ARENA GROUP HOLD AREN US 171.3 -11.1 -16.1 ASHFORD HOSPITAL AHT US 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHT1EUR EU 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHD GR 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHD TH 4,038.2 -37.1 0.0 ATLAS TECHNICAL ATCX US 510.4 -138.7 83.4 AUTOZONE INC AZ5 GR 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 TH 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 GZ 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZOEUR EZ 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO AV 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 TE 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO* MM 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO US 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZOEUR EU 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 QT 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC-BDR AZOI34 BZ 14,520.6 -3,387.2 -1,809.4 AVID TECHNOLOGY AVID US 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD GR 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD TH 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD GZ 245.1 -130.0 -21.2 AVIS BUD-CEDEAR CAR AR 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR US 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR* MM 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR2EUR EZ 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA TH 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA GR 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR2EUR EU 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA QT 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA GZ 23,573.0 -983.0 -934.0 BATH & BODY WORK BBWI US 4,860.0 -2,658.0 512.0 BATH & BODY WORK LTD0 TH 4,860.0 -2,658.0 512.0 BATH & BODY WORK BBWI* MM 4,860.0 -2,658.0 512.0 BATH & BODY WORK LTD0 QT 4,860.0 -2,658.0 512.0 BATH & BODY WORK LBEUR EZ 4,860.0 -2,658.0 512.0 BATH & BODY WORK BBWI AV 4,860.0 -2,658.0 512.0 BATH & BODY WORK LTD0 GR 4,860.0 -2,658.0 512.0 BATH & BODY WORK LBEUR EU 4,860.0 -2,658.0 512.0 BATH & BODY WORK LTD0 GZ 4,860.0 -2,658.0 512.0 BATH & BODY WORK BBWI-RM RM 4,860.0 -2,658.0 512.0 BATTALION OIL CO RAQB GR 410.8 -29.0 -98.1 BATTALION OIL CO BATLEUR EU 410.8 -29.0 -98.1 BATTERY FUTURE A BFAC/U US 353.4 344.1 1.0 BATTERY FUTURE-A BFAC US 353.4 344.1 1.0 BAUSCH HEALTH CO BHC CN 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BHC US 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BVF GR 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BVF GZ 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BVF QT 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO VRX1EUR EU 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BVF TH 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO VRX1EUR EZ 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO VRX SW 29,090.0 -141.0 1,062.0 BAUSCH HEALTH CO BHCN MM 29,090.0 -141.0 1,062.0 BELLRING BRANDS BRBR US 657.7 -428.8 228.9 BELLRING BRANDS D51 TH 657.7 -428.8 228.9 BELLRING BRANDS BRBR2EUR EU 657.7 -428.8 228.9 BELLRING BRANDS D51 GR 657.7 -428.8 228.9 BELLRING BRANDS D51 QT 657.7 -428.8 228.9 BENEFITFOCUS INC BNFTEUR EU 251.3 -12.1 42.1 BENEFITFOCUS INC BNFT US 251.3 -12.1 42.1 BENEFITFOCUS INC BTF GR 251.3 -12.1 42.1 BIOCRYST PHARM BCRX US 527.7 -164.2 430.7 BIOCRYST PHARM BO1 GR 527.7 -164.2 430.7 BIOCRYST PHARM BO1 TH 527.7 -164.2 430.7 BIOCRYST PHARM BO1 QT 527.7 -164.2 430.7 BIOCRYST PHARM BCRXEUR EU 527.7 -164.2 430.7 BIOCRYST PHARM BCRX* MM 527.7 -164.2 430.7 BIOCRYST PHARM BCRXEUR EZ 527.7 -164.2 430.7 BIOHAVEN PHARMAC BHVN US 1,371.7 -466.4 595.0 BIOHAVEN PHARMAC 2VN GR 1,371.7 -466.4 595.0 BIOHAVEN PHARMAC BHVNEUR EU 1,371.7 -466.4 595.0 BIOHAVEN PHARMAC 2VN TH 1,371.7 -466.4 595.0 BOEING CO-BDR BOEI34 BZ 135,801.0 -15,268.0 24,320.0 BOEING CO-CED BAD AR 135,801.0 -15,268.0 24,320.0 BOEING CO-CED BA AR 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BCO GR 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BAEUR EU 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA EU 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BOE LN 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BCO TH 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA PE 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BOEI BB 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA US 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA SW 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA* MM 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA TE 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA CI 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA-RM RM 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA AV 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BAUSD SW 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BCO GZ 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BAEUR EZ 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA EZ 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BCO QT 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BACL CI 135,801.0 -15,268.0 24,320.0 BOEING CO/THE BA_KZ KZ 135,801.0 -15,268.0 24,320.0 BOMBARDIER INC-A BDRAD US 12,493.0 -2,916.0 880.0 BOMBARDIER INC-A BBD/A CN 12,493.0 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26CA GZ 389.6 -337.6 -168.7 IMMUNITYBIO INC IBRX US 389.6 -337.6 -168.7 IMMUNITYBIO INC 26CA GR 389.6 -337.6 -168.7 IMMUNITYBIO INC 26CA TH 389.6 -337.6 -168.7 IMMUNITYBIO INC 26CA QT 389.6 -337.6 -168.7 IMPINJ INC PI US 316.9 -6.3 209.9 IMPINJ INC 27J TH 316.9 -6.3 209.9 IMPINJ INC 27J GZ 316.9 -6.3 209.9 IMPINJ INC 27J QT 316.9 -6.3 209.9 IMPINJ INC PIEUR EU 316.9 -6.3 209.9 IMPINJ INC 27J GR 316.9 -6.3 209.9 INSEEGO CORP INSG-RM RM 204.2 -34.2 42.7 INSPIRED ENTERTA 4U8 GR 332.2 -70.5 49.2 INSPIRED ENTERTA INSEEUR EU 332.2 -70.5 49.2 INSPIRED ENTERTA INSE US 332.2 -70.5 49.2 INTERCEPT PHARMA I4P TH 503.4 -371.8 326.3 INTERCEPT PHARMA ICPT US 503.4 -371.8 326.3 INTERCEPT PHARMA I4P GR 503.4 -371.8 326.3 INTERCEPT PHARMA ICPT* MM 503.4 -371.8 326.3 INTERCEPT PHARMA I4P GZ 503.4 -371.8 326.3 J. JILL INC JILL US 463.6 -30.3 0.6 J. JILL INC 1MJ1 GR 463.6 -30.3 0.6 J. JILL INC JILLEUR EU 463.6 -30.3 0.6 J. 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8,549.8 -8.4 741.2 RITE AID CORP RTA1 TH 8,549.8 -8.4 741.2 RITE AID CORP RTA1 QT 8,549.8 -8.4 741.2 RITE AID CORP RTA1 GZ 8,549.8 -8.4 741.2 ROSE HILL ACQU-A ROSE US 147.6 -9.9 0.8 ROSE HILL ACQUIS ROSEU US 147.6 -9.9 0.8 RYMAN HOSPITALIT 4RH GR 3,539.8 -37.2 73.6 RYMAN HOSPITALIT RHP US 3,539.8 -37.2 73.6 RYMAN HOSPITALIT RHPEUR EU 3,539.8 -37.2 73.6 RYMAN HOSPITALIT 4RH TH 3,539.8 -37.2 73.6 RYMAN HOSPITALIT 4RH QT 3,539.8 -37.2 73.6 SABRE CORP SABR US 5,314.5 -437.7 983.9 SABRE CORP 19S TH 5,314.5 -437.7 983.9 SABRE CORP 19S GR 5,314.5 -437.7 983.9 SABRE CORP SABREUR EU 5,314.5 -437.7 983.9 SABRE CORP 19S QT 5,314.5 -437.7 983.9 SABRE CORP 19S GZ 5,314.5 -437.7 983.9 SBA COMM CORP 4SB TH 10,142.1 -5,389.1 -739.1 SBA COMM CORP 4SB GZ 10,142.1 -5,389.1 -739.1 SBA COMM CORP 4SB GR 10,142.1 -5,389.1 -739.1 SBA COMM CORP SBAC US 10,142.1 -5,389.1 -739.1 SBA COMM CORP 4SB QT 10,142.1 -5,389.1 -739.1 SBA COMM CORP SBACEUR EU 10,142.1 -5,389.1 -739.1 SBA COMM CORP SBACEUR EZ 10,142.1 -5,389.1 -739.1 SBA COMM CORP SBAC* MM 10,142.1 -5,389.1 -739.1 SEAWORLD ENTERTA SEAS US 2,578.0 -152.4 65.9 SEAWORLD ENTERTA W2L GR 2,578.0 -152.4 65.9 SEAWORLD ENTERTA W2L TH 2,578.0 -152.4 65.9 SEAWORLD ENTERTA W2L QT 2,578.0 -152.4 65.9 SEAWORLD ENTERTA SEASEUR EU 2,578.0 -152.4 65.9 SEAWORLD ENTERTA W2L GZ 2,578.0 -152.4 65.9 SHELL MIDSTREAM SHLX US 2,197.0 -464.0 17.0 SHOALS TECHNOL-A SHLS US 474.5 -1.4 99.0 SHOALS TECHNOL-A SHLS-RM RM 474.5 -1.4 99.0 SILVER SPIKE-A SPKC/U CN 128.4 -8.3 0.8 SIRIUS XM HO-BDR SRXM34 BZ 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN RDO GR 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN RDO TH 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN SIRI US 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN SIRIEUR EU 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN RDO GZ 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN SIRI AV 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN SIRIEUR EZ 10,163.0 -3,587.0 -1,765.0 SIRIUS XM HOLDIN RDO QT 10,163.0 -3,587.0 -1,765.0 SIX FLAGS ENTERT 6FE GR 2,884.0 -515.7 -11.0 SIX FLAGS ENTERT SIXEUR EU 2,884.0 -515.7 -11.0 SIX FLAGS ENTERT SIX US 2,884.0 -515.7 -11.0 SIX FLAGS ENTERT 6FE QT 2,884.0 -515.7 -11.0 SIX FLAGS ENTERT 6FE TH 2,884.0 -515.7 -11.0 SK GROWTH OPPORT SKGRU US 0.6 0.0 -0.5 SLEEP NUMBER COR SL2 GR 912.6 -469.2 -746.0 SLEEP NUMBER COR SNBR US 912.6 -469.2 -746.0 SLEEP NUMBER COR SNBREUR EU 912.6 -469.2 -746.0 SLEEP NUMBER COR SL2 TH 912.6 -469.2 -746.0 SLEEP NUMBER COR SL2 QT 912.6 -469.2 -746.0 SLEEP NUMBER COR SL2 GZ 912.6 -469.2 -746.0 SMILEDIRECTCLUB SDC* MM 710.2 -203.5 226.9 SOUTHWESTRN ENGY SW5 TH 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SW5 GR 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SWN US 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SW5 QT 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SWN1EUR EU 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SWN1EUR EZ 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SW5 GZ 11,847.0 -119.0 -4,432.0 SOUTHWESTRN ENGY SWN-RM RM 11,847.0 -119.0 -4,432.0 SPLUNK INC SPLK US 5,210.0 -661.9 763.8 SPLUNK INC S0U GR 5,210.0 -661.9 763.8 SPLUNK INC S0U GZ 5,210.0 -661.9 763.8 SPLUNK INC SPLKEUR EU 5,210.0 -661.9 763.8 SPLUNK INC S0U TH 5,210.0 -661.9 763.8 SPLUNK INC SPLK* MM 5,210.0 -661.9 763.8 SPLUNK INC SPLKEUR EZ 5,210.0 -661.9 763.8 SPLUNK INC S0U QT 5,210.0 -661.9 763.8 SPLUNK INC SPLK-RM RM 5,210.0 -661.9 763.8 SPLUNK INC - BDR S1PL34 BZ 5,210.0 -661.9 763.8 SPRAGUE RESOURCE SRLP US 1,560.1 -45.8 -99.6 SQUARESPACE -BDR S2QS34 BZ 990.4 -89.7 -114.9 SQUARESPACE IN-A SQSP US 990.4 -89.7 -114.9 SQUARESPACE IN-A SQSPEUR EU 990.4 -89.7 -114.9 SQUARESPACE IN-A 8DT GZ 990.4 -89.7 -114.9 SQUARESPACE IN-A 8DT GR 990.4 -89.7 -114.9 SQUARESPACE IN-A 8DT TH 990.4 -89.7 -114.9 SQUARESPACE IN-A 8DT QT 990.4 -89.7 -114.9 STARBUCKS CORP SBUX* MM 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SRB GR 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SRB TH 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX CI 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX AV 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX TE 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUXEUR EU 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX IM 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUXUSD SW 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SRB GZ 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX US 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX PE 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUXEUR EZ 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP 0QZH LI 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX SW 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SRB QT 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX-RM RM 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUXCL CI 29,021.5 -8,761.2 -1,563.2 STARBUCKS CORP SBUX_KZ KZ 29,021.5 -8,761.2 -1,563.2 STARBUCKS-BDR SBUB34 BZ 29,021.5 -8,761.2 -1,563.2 STARBUCKS-CEDEAR SBUX AR 29,021.5 -8,761.2 -1,563.2 STARBUCKS-CEDEAR SBUXD AR 29,021.5 -8,761.2 -1,563.2 STONEMOR INC STON US 1,785.5 -157.5 120.7 STONEMOR INC 3V8 GR 1,785.5 -157.5 120.7 STONEMOR INC STONEUR EU 1,785.5 -157.5 120.7 TEMPUR SEALY INT TPX US 4,321.9 -91.3 117.7 TEMPUR SEALY INT TPD GR 4,321.9 -91.3 117.7 TEMPUR SEALY INT TPXEUR EU 4,321.9 -91.3 117.7 TEMPUR SEALY INT TPD TH 4,321.9 -91.3 117.7 TEMPUR SEALY INT TPD GZ 4,321.9 -91.3 117.7 TEMPUR SEALY INT T2PX34 BZ 4,321.9 -91.3 117.7 TEMPUR SEALY INT TPX-RM RM 4,321.9 -91.3 117.7 TERRAN ORBITAL C LLAP US 0.2 0.0 0.1 TORRID HOLDINGS CURV US 567.2 -254.9 -74.5 TRANSDIGM - BDR T1DG34 BZ 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDG US 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D GR 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDG* MM 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D TH 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDGEUR EU 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D QT 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDGEUR EZ 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDG-RM RM 18,841.0 -2,893.0 5,263.0 TRAVEL + LEISURE WD5A TH 6,600.0 -811.0 665.0 TRAVEL + LEISURE 0M1K LI 6,600.0 -811.0 665.0 TRAVEL + LEISURE WD5A QT 6,600.0 -811.0 665.0 TRAVEL + LEISURE WYNEUR EU 6,600.0 -811.0 665.0 TRAVEL + LEISURE WD5A GR 6,600.0 -811.0 665.0 TRAVEL + LEISURE TNL US 6,600.0 -811.0 665.0 TRAVEL + LEISURE WD5A GZ 6,600.0 -811.0 665.0 TRAVEL + LEISURE TNL* MM 6,600.0 -811.0 665.0 TRICIDA INC TCDA US 140.4 -90.3 103.0 TRICIDA INC 1T7 GR 140.4 -90.3 103.0 TRICIDA INC 1T7 TH 140.4 -90.3 103.0 TRICIDA INC 1T7 QT 140.4 -90.3 103.0 TRICIDA INC TCDAEUR EZ 140.4 -90.3 103.0 TRICIDA INC 1T7 GZ 140.4 -90.3 103.0 TRIUMPH GROUP TG7 GR 1,761.2 -787.4 360.9 TRIUMPH GROUP TGI US 1,761.2 -787.4 360.9 TRIUMPH GROUP TG7 TH 1,761.2 -787.4 360.9 TRIUMPH GROUP TGIEUR EU 1,761.2 -787.4 360.9 TRIUMPH GROUP TG7 GZ 1,761.2 -787.4 360.9 TUPPERWARE BRAND TUP GR 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP US 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP GZ 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP TH 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP1EUR EU 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP1EUR EZ 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP QT 1,243.4 -266.1 131.7 UBIQUITI INC UI US 759.7 -335.0 301.9 UBIQUITI INC 3UB GR 759.7 -335.0 301.9 UBIQUITI INC UBNTEUR EU 759.7 -335.0 301.9 UBIQUITI INC 3UB TH 759.7 -335.0 301.9 UNISYS CORP USY1 TH 2,277.0 -79.6 331.3 UNISYS CORP USY1 GR 2,277.0 -79.6 331.3 UNISYS CORP UIS US 2,277.0 -79.6 331.3 UNISYS CORP UIS1 SW 2,277.0 -79.6 331.3 UNISYS CORP UISEUR EU 2,277.0 -79.6 331.3 UNISYS CORP USY1 GZ 2,277.0 -79.6 331.3 UNISYS CORP USY1 QT 2,277.0 -79.6 331.3 UNISYS CORP UISEUR EZ 2,277.0 -79.6 331.3 UNITI GROUP INC 8XC GR 4,889.9 -2,092.0 0.0 UNITI GROUP INC 8XC TH 4,889.9 -2,092.0 0.0 UNITI GROUP INC UNIT US 4,889.9 -2,092.0 0.0 UNITI GROUP INC 8XC GZ 4,889.9 -2,092.0 0.0 UROGEN PHARMA LT UR8 GR 165.7 -17.1 141.4 UROGEN PHARMA LT URGNEUR EU 165.7 -17.1 141.4 UROGEN PHARMA LT URGN US 165.7 -17.1 141.4 VECTOR GROUP LTD VGR US 912.6 -840.7 291.7 VECTOR GROUP LTD VGR GR 912.6 -840.7 291.7 VECTOR GROUP LTD VGREUR EU 912.6 -840.7 291.7 VECTOR GROUP LTD VGREUR EZ 912.6 -840.7 291.7 VECTOR GROUP LTD VGR TH 912.6 -840.7 291.7 VECTOR GROUP LTD VGR QT 912.6 -840.7 291.7 VECTOR GROUP LTD VGR GZ 912.6 -840.7 291.7 VERISIGN INC VRS TH 1,973.2 -1,285.1 179.2 VERISIGN INC VRS GR 1,973.2 -1,285.1 179.2 VERISIGN INC VRSN US 1,973.2 -1,285.1 179.2 VERISIGN INC VRSNEUR EU 1,973.2 -1,285.1 179.2 VERISIGN INC VRS GZ 1,973.2 -1,285.1 179.2 VERISIGN INC VRSN* MM 1,973.2 -1,285.1 179.2 VERISIGN INC VRSNEUR EZ 1,973.2 -1,285.1 179.2 VERISIGN INC VRS QT 1,973.2 -1,285.1 179.2 VERISIGN INC VRSN-RM RM 1,973.2 -1,285.1 179.2 VERISIGN INC-BDR VRSN34 BZ 1,973.2 -1,285.1 179.2 VERISIGN-CEDEAR VRSN AR 1,973.2 -1,285.1 179.2 VIVINT SMART HOM VVNT US 2,713.2 -1,753.9 -540.0 VMWARE INC-BDR V2MW34 BZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 GR 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 TH 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMW US 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 SW 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 GZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMW* MM 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWEUR EZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWA AV 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWEUR EU 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 QT 27,434.0 -411.0 -2,249.0 W&T OFFSHORE INC UWV GR 1,350.1 -249.4 3.4 W&T OFFSHORE INC WTI1EUR EU 1,350.1 -249.4 3.4 W&T OFFSHORE INC UWV TH 1,350.1 -249.4 3.4 W&T OFFSHORE INC WTI US 1,350.1 -249.4 3.4 W&T OFFSHORE INC UWV GZ 1,350.1 -249.4 3.4 WAYFAIR INC- A W US 4,256.0 -1,904.0 481.0 WAYFAIR INC- A W* MM 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF QT 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF GZ 4,256.0 -1,904.0 481.0 WAYFAIR INC- A WEUR EZ 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF GR 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF TH 4,256.0 -1,904.0 481.0 WAYFAIR INC- A WEUR EU 4,256.0 -1,904.0 481.0 WEBER INC - A WEBR US 1,878.4 -194.1 274.3 WEWORK INC-CL A WE US 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE TH 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A WE1EUR EU 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE GR 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE QT 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE GZ 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A WE* MM 20,686.0 -1,860.0 -1,002.0 WINGSTOP INC WING1EUR EU 507.3 -424.2 152.9 WINGSTOP INC WING US 507.3 -424.2 152.9 WINGSTOP INC EWG GR 507.3 -424.2 152.9 WINGSTOP INC EWG GZ 507.3 -424.2 152.9 WINMARK CORP WINA US 15.3 -65.8 -6.8 WINMARK CORP GBZ GR 15.3 -65.8 -6.8 WW INTERNATIONAL WW US 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 GR 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 TH 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 GZ 1,419.4 -449.3 41.0 WW INTERNATIONAL WTWEUR EZ 1,419.4 -449.3 41.0 WW INTERNATIONAL WTW AV 1,419.4 -449.3 41.0 WW INTERNATIONAL WTWEUR EU 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 QT 1,419.4 -449.3 41.0 WW INTERNATIONAL WW-RM RM 1,419.4 -449.3 41.0 WYNN RESORTS LTD WYR GR 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR TH 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN* MM 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN US 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNNEUR EU 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR GZ 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNNEUR EZ 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR QT 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN-RM RM 12,179.3 -1,033.3 1,511.4 WYNN RESORTS-BDR W1YN34 BZ 12,179.3 -1,033.3 1,511.4 YELLOW CORP YEL GR 2,405.7 -386.9 191.2 YELLOW CORP YELL US 2,405.7 -386.9 191.2 YELLOW CORP YRCWEUR EU 2,405.7 -386.9 191.2 YELLOW CORP YEL QT 2,405.7 -386.9 191.2 YELLOW CORP YEL GZ 2,405.7 -386.9 191.2 YUM! BRANDS -BDR YUMR34 BZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR TH 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR GR 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM* MM 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR GZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM US 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMUSD SW 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMEUR EZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM AV 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR TE 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMEUR EU 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR QT 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM SW 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM-RM RM 5,816.0 -8,491.0 54.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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 ***