/raid1/www/Hosts/bankrupt/TCR_Public/220630.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, June 30, 2022, Vol. 26, No. 180
Headlines
4TH STREET MEDICAL: Unsecureds Will Get 100% of Claims in Plan
79 WEST LAKE BLVD: SARE Files Subchapter V Case
ADAMIS PHARMACEUTICALS: Inks Employment Contract With CFO
ADVAXIS INC: Effects 1-for-80 Reverse Common Stock Split
AIKIDO PHARMA: Daniel Asher Reports 4.2% Equity Stake
AINOS INC: 2021 Stock Incentive and Purchase Plans Take Effect
ARKANSAS HOUSE: Wins Cash Collateral Access
BAZE PHARMACY: Sale of Assets to Walgreens for $137.5K Approved
BITNILE HOLDINGS: Holds 58% Stake in Singing Machine
CALAMP CORP: Incurs $12.2 Million Net Loss in First Quarter
CALLON PETROLEUM: S&P Raises ICR to 'B' on Successful Refinancing
CANO HEALTH: Third Point, Daniel Loeb Hold 5.3% of Class A Shares
CDP HOLDINGS: Wins Cash Collateral Access Thru July 18
CELSIUS NETWORK: Hires More Advisers to Prepare for Bankruptcy
CORSICANA BEDDING: $58MM in DIP Loans Win Interim OK
CORSICANA BEDDING: July 6 Deadline Set for Panel Questionnaires
DANNY R. BARTEL: Returns to Chapter 11 Bankruptcy
DEBOER AGRICULTURAL: Unsecureds to Get 12 Cents on Dollar in Plan
DENT TECH LABORATORY: Files for Chapter 11 Bankruptcy
DEPENDABLE MACHINE: Wins Cash Collateral Access Thru Sept 1
DIAMOND SCAFFOLD: Wins Interim Cash Collateral Access
DONALD BRANDT: $68.7K Sale of LaFollette Property to Schillers OK'd
EASTSIDE DISTILLING: All Five Proposals Passed at Annual Meeting
EYEPOINT PHARMACEUTICALS: Three Proposals Passed at Annual Meeting
FANNIE MAE: Commences Tender Offer for Purchase of CAS Debt Notes
FRONT SIGHT: Appointment of Examiner Sought
GATA III: Sale of Henderson Property to Irving for $1.35MM Approved
GAUCHO GROUP: Issues 2.2 Million Shares to Option Holders
GENTREE LLC: $4M Sale of Paradise Valley Property to Walton Granted
GIGA-TRONICS INC: Incurs $2.7 Million Net Loss in FY Ended March 26
GWG HOLDINGS: Investors Face $1.3B Hit After Detour Into Startups
HAMMERTOWN LLC: Seeks Cash Collateral Access
HOSSEIN S. NAMDARKHAN: $253K Sale of SMN's Membership Interest OK'd
IDE REAL ESTATE: Amends Huntington Bank Secured Claim Pay Details
IDE REAL ESTATE: Court Orders Revisions; Plan Hearing August 17
INFOW LLC: Jones Must Pay Sanctions in Sandy Hook Defamation Case
JAX PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
JAXON5 IMPORTS: Files Emergency Bid to Use Cash Collateral
KEYS MEDICAL: Case Summary & Seven Unsecured Creditors
KEYS MEDICAL: Files Emergency Bid to Use Cash Collateral
KINTARA THERAPEUTICS: All Four Proposals Passed at Annual Meeting
LEAR CAPITAL: Creditors Committee Creation in Subchapter V Okayed
LEXARIA BIOSCIENCE: Signs Manufacturing Agreement With BevNology
LIMETREE BAY: St. Croix Questions Integrity of Bankruptcy Auction
MATCH GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
MERCURITY FINTECH: Regains Compliance With Nasdaq Listing Rule
MINE HILL ANESTHESIA: Future Profits to Fund Plan Payments
MULLEN AUTOMOTIVE: Amends Series D Preferred Stock Voting Rights
MUSCLE MAKER: Removes Chief Accounting Officer Position
NATIONAL REALTY: Wants to Claw Back $420,000 Cash from Ex-Execs
NEONODE INC: Adjourns Annual Meeting to July 8 Over Lack of Quorum
NESV ICE: SHS Says Debtors' Plan Not Confirmable
OMNIQ CORP: Q Shield System Solved First Missing Person Case
PARAGON DESIGNER: Unsecureds Will Get $100 per Month for 36 Months
PARISON INC: Glass Distributor Files for Chapter 11
PARK SUPPLY: Wins Cash Collateral Access Thru Aug 1
PAYAM INC: Files Chapter 11 Bankruptcy Protection
PETROLIA ENERGY: To Sell Unit's 50% Interest in Utikuma Oil Field
PLATINUM GROUP: Files Final Base Shelf Prospectus With SEC
PREMIUM PRODUCTS: Unsecureds Will Get 3.8% Dividend in 60 Months
PROMETHEUS HEALTH: UST Seeks Case Trustee or Chapter 7 Conversion
QUOTIENT LIMITED: Incurs $125.1M Net Loss in FY Ended March 31
R & R TRUCKING: DAP's Purchase of Franklin County Property Allowed
REGINA HUBBS: Young Offers $37K for 1-Acre Maynardville Property
REVLON INC: July 22 Hearing on Stock Transfer Restrictions
SALEM HARBOR: Amends Plan to Include IEP Judicial Lien Claim Pay
SANTA FE: St. Francis Cathedral to Be Mortgaged to Pay Settlements
SAVVA'S RESTAURANT: Unsecureds Owed $141K to be Paid in Full
SDI PROPERTIES: Trustee's Deal With WCP & Sale of Properties Okayed
SENIOR CARE LIVING: PCO Says Patient Care Remains Acceptable
SHERRIE A. HEATON: Selling 160-Acre Flatts Farm for $1.115 Million
SID BOYS: Unsecureds Owed $160K to be Recover 100% in Plan
SPECTRA PREMIUM: Court Extends Stay Period Until December 2022
THERMA BUILDERS: Gets OK to Hire Smith & Freeman as Accountant
TPC GROUP: Proskauer and SGE Advising Non-Consenting Bondholders
TRAVIS JAMES HYDE: $3MM Sale of Lakeland Property to Bachmanns OK'd
TRIBECA BOUTIQUES: Continued Operations to Fund Plan Payments
TRIPOD HOLDINGS: Disposable Income to Fund Plan Payments
UNITED AIRLINES: Egan-Jones Hikes Unsecured Ratings to B+
VANTAGE DRILLING: COO Douglas Halkett to Step Down After 14 Years
VERTEX INC: Two Proposals Passed at Annual Meeting
VISTAGEN THERAPEUTICS: Incurs $47.8M Net Loss in FY Ended March 31
VIVAKOR INC: To Acquire Silver Fuels, White Claw
WESTBANK HOLDINGS: Wins Interim Cash Collateral Access
YOUNGEVITY INTERNATIONAL: Reports $4.9M Net Loss for Q2 2020
YOUNGEVITY INTERNATIONAL: Reports $6.2M Net Loss for Q1 2020
YUNHONG CTI: All Four Proposals Passed at Annual Meeting
YUNHONG CTI: Regains Compliance With Nasdaq Listing Requirement
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
4TH STREET MEDICAL: Unsecureds Will Get 100% of Claims in Plan
--------------------------------------------------------------
4th Street Medical Building, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of California a Combined Chapter 11
Plan of Reorganization and Disclosure Statement dated June 27,
2022.
The Debtor is a California Limited Liability Company. It presently
owns and manages the medical office building located at 1701 4th
Street, Santa Rosa, CA, plus the parking lot at 1623 4th Street,
across Proctor Drive from its building.
The Debtor was engaged, pre-petition, in an arbitration proceeding
against two of its members, Scott Lee, M.D., and Donna Chen. The
members sought to compel the Debtor to repurchase their membership
interests in the Debtor. Weeks before the petition date, the Debtor
received the arbitrator's tentative ruling. The ruling was adverse
to the Debtor. The Debtor filed the petition because it would not
have been able to satisfy the judgment in favor of Dr. Lee and Ms.
Chen.
Class 1 consists of the Poppy Bank Claim. The Debtor will pay the
claim in full from the escrow for the sale of its real properties
located at 1701 4th Street, Santa Rosa, CA, and 1623 4th Street,
Santa Rosa, CA. The Creditor in this class shall retain its
interest in the collateral until paid in full. This secured claim
is not impaired and is not entitled to vote on confirmation of the
Plan.
Class 2(a) consists of General Unsecured Claims. This claim is for
a tenant security deposit. Payment is contingent upon tenant
performing all of its obligations under the subject lease until the
end of the term of the lease and turnover of possession of the
premises. The Debtor retains its rights regarding the security
deposit.
Creditors will receive 100 percent of their allowed claim in 1
installment, due on the 14th day after the Debtor closes the sale
of its real properties located at 1701 4th Street, Santa Rosa, CA,
and 1623 4th Street, Santa Rosa, CA. The deadline for the closing
of the sale is December 31, 2023. This class is impaired and is
entitled to vote on confirmation of the Plan. The Debtor presently
does not dispute any of the claims.
Class 5 consists of (a) all holders of membership interests in the
Debtor, (b) all holders of claims arising from the rescission of a
purchase or sale of a membership interest in the Debtor, (c) all
holders of claims for damages arising from the purchase or sale of
a membership interest in the Debtor, and (d) all holders of claims
for reimbursement or contribution allowed under Section 502 of the
Bankruptcy Code on account of such a claim. Class 5 is impaired
under the Plan.
On the Effective Date, all property of the estate and interests of
the Debtor will vest in the reorganized Debtor pursuant to §
1141(b) of the Bankruptcy Code free and clear of all claims and
interests except as provided in this Plan.
The obligations to creditors that Debtor undertakes in the
confirmed Plan replace those obligations to creditors that existed
prior to the Effective Date of the Plan. Debtor's obligations under
the confirmed Plan constitute binding contractual promises that, if
not satisfied through performance of the Plan, create a basis for
an action for breach of contract under California law. To the
extent a creditor retains a lien under the Plan, that creditor
retains all rights provided by such lien under applicable
non-Bankruptcy law.
A full-text copy of the Combined Plan and Disclosure Statement
dated June 27, 2022, is available at https://bit.ly/3nutdEg from
PacerMonitor.com at no charge.
Attorney for Debtor:
Steven M. Olson, Esq.
Bluestone Faircloth & Olson, LLP
1825 4th Street
Santa Rosa, CA 95404
Telephone: (707) 526-4250
Facsimile: (707) 526-0347
Email: steve@bfolegal.com
About 4th Street Medical
Building
4th Street Medical Building, LLC, a single asset real estate,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Cal. Case No. 22-10124) on March 28, 2022. In the
petition signed by Ruth Skidmore, chair of managers, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Charles Novack oversees the case.
Steven M. Olson, Esq., at Bluestone Faircloth and Olson, LLP, is
the Debtor's legal counsel.
79 WEST LAKE BLVD: SARE Files Subchapter V Case
-----------------------------------------------
79 West Lake Blvd filed for chapter 11 protection in the Southern
District of New York. The Debtor filed as a small business debtor
seeking relief under Subchapter V of Chapter 11 of the Bankruptcy
Code.
The Debtor, a Single Asset Real Estate, owns the property at 97
West Lake Blvd., Mahopac, NY 10541.
According to court filing, 79 West Lake Boulevard estimates between
1 and 49 creditors. The petition states funds will be available to
unsecured creditors.
The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due by July 8, 2022.
The Debtor's Chapter 11 Plan Small Business Subchapter V is due by
Sept. 22, 2022.
About 79 West Lake Blvd
79 West Lake Blvd is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)).
79 West Lake Blvd filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-35405) on June 24, 2022. In the petition filed by Christopher
Plath, as member, the Debtor estimated assets between $500,000 and
$1 million and estimated liabilities between $500,000 and $1
million. Harold J. Johnson is the Debtor's counsel.
ADAMIS PHARMACEUTICALS: Inks Employment Contract With CFO
---------------------------------------------------------
Adamis Pharmaceuticals Corporation entered into an employment
agreement with David C. Benedicto, the Company's chief financial
officer.
The Agreement provides for an initial base salary at a rate of
$330,000 per annum. Mr. Benedicto is eligible to participate in
benefit programs that are routinely made available to officers,
including any stock ownership plans or equity incentive plans,
profit sharing plans, incentive compensation or bonus plans,
retirement plans, Company-provided life insurance, or similar
benefit plans maintained or sponsored by the Company, including
without limitation eligibility to receive an annual cash bonus
under the Company's Bonus Plan at the target percentage of annual
base salary applicable to his position. He is eligible to receive
such discretionary bonuses as the Board or the Compensation
Committee of the Board may approve, and the Board may in its
discretion make discretionary cash or equity payments, awards,
changes in base salary, bonuses or other payments to its officers.
Mr. Benedicto is also eligible to participate in the Company's
employee health benefit plans, including medical, dental and
vision. The Agreement is terminable at any time by either party.
Under the terms of the Agreement, if the Company terminates Mr.
Benedicto's employment, he will be entitled to receive any unpaid
prorated base salary along with all required benefits and expense
reimbursements. If Mr. Benedicto's employment is terminated
without cause or if he terminates his employment for Good Reason
(as such terms are defined in the Agreement), then conditioned on
timely execution of a general release and waiver, he is entitled to
receive severance compensation at his then-annual base salary rate
for a period of nine months, and assuming eligibility and timely
elections pursuant to the Consolidated Omnibus Budget
Reconciliation Act, the Company will pay (subject to certain
conditions and limitations) the same portion of premiums for such
coverage that it pays for similarly-situated employees for the same
level of group medical coverage, as in effect as of the effective
date of termination, for the period from the effective date of
termination through the earliest of nine months after the effective
date of termination or the date that Mr. Benedicto becomes eligible
for group medical care coverage through other employment. In
addition, in the event of a change in control, all unvested options
held by Mr. Benedicto will accelerate and be exercisable in full
and any unvested shares will vest in full.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.
Adamis reported a net loss applicable to common stock of $45.83
million for the year ended Dec. 31, 2021, compared to a net loss
applicable to common stock of $49.39 million for the year ended
Dec. 31, 2020.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
ADVAXIS INC: Effects 1-for-80 Reverse Common Stock Split
--------------------------------------------------------
Advaxis, Inc. effected a one-for-80 reverse stock split of its
common stock on June 6, 2022. As a result of the Reverse Stock
Split, the Company's minimum bid price had stayed at or above $0.10
for 10 consecutive trading days as required to regain compliance
with the Standards for Continued Qualification for the OTCQX U.S.
tier.
As previously disclosed in the Current Report on Form 8-K of
Advaxis, Inc. filed with the Securities and Exchange Commission on
May 10, 2022, the Company was notified by the OTC Markets Group
Inc., that its common stock, par value $0.001 per share, ticker:
"ADXSD", closed below $0.10 for more than 30 consecutive calendar
days and that it thus no longer met the Standards for Continued
Qualification for the OTCQX U.S. tier as per the OTCQX Rules for
U.S. Companies section 3.2.b.1. If the Company's bid price had not
stayed at or above the $0.10 minimum for 10 consecutive trading
days by Nov. 7, 2022, then its common stock would be moved from
OTCQX to the OTC Pink market at that time.
About Advaxis Inc.
Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage
biotechnology company focused on the development and
commercialization of proprietary Lm-based antigen delivery
products. These immunotherapies are based on a platform technology
that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These
Lm-based strains are believed to be a significant advancement in
immunotherapy as they integrate multiple functions into a single
immunotherapy and are designed to access and direct antigen
presenting cells to stimulate anti-tumor T cell immunity, activate
the immune system with the equivalent of multiple adjuvants, and
simultaneously reduce tumor protection in the tumor
microenvironment to enable T cells to eliminate tumors.
Advaxis reported a net loss of $17.86 million for the year ended
Oct. 31, 2021, a net loss of $26.47 million for the year ended Oct.
31, 2020, a net loss of $16.61 million for the year ended Oct. 31,
2019, and a net loss of $66.51 million for the year ended Oct. 31,
2018. As of April 30, 2022, the Company had $37.52 million in
total assets, $2.37 million in total liabilities, and $35.15
million of total stockholders' equity.
AIKIDO PHARMA: Daniel Asher Reports 4.2% Equity Stake
-----------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of Aikido Pharma Inc. as of June 7, 2022:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ --------
Mitchell P. Kopin 159,805 3.0%
Daniel B. Asher 223,082 4.2%
Intracoastal Capital LLC 159,805 3.0%
The Reporting Persons have entered into a Joint Filing Agreement
pursuant to which the Reporting Persons have agreed to file this
Schedule 13G jointly in accordance with the provisions of Rule
13d-1(k) of the Securities Exchange Act of 1934, as amended.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/12239/000121390022032614/ea161537-13gintra_aikido.htm
About AIkido Pharma
Headquartered in New York, NY, AIkido Pharma Inc. fka Spherix
Incorporated -- http://www.spherix.com-- was initially formed in
1967 and is currently a biotechnology company seeking to develop
small-molecule anti-cancer therapeutics. The Company's activities
generally include the acquisition and development of technology
through internal or external research and development. In
addition, the Company seeks to acquire existing rights to
intellectual property through the acquisition of already issued
patents and pending patent applications, both in the United States
and abroad. The Company may alone, or in conjunction with others,
develop products and processes associated with technology
development. Recently, the Company has invested in and helped
develop technology with Hoth Therapeutics, Inc., DatChat, Inc. and
with its recent asset acquisition with CBM BioPharma, Inc. in
December 2019.
Aikido reported a net loss of $7.17 million for the year ended Dec.
31, 2021, compared to a net loss of $12.34 million for the year
ended Dec. 31, 2020. As of March 31, 2022, the Company had $117.95
million in total assets, $895,000 in total liabilities, $11 million
in Series O redeemable convertible preferred stock, $11 million in
Series P redeemable convertible preferred stock, and $95.05 million
in total stockholders' equity.
AINOS INC: 2021 Stock Incentive and Purchase Plans Take Effect
--------------------------------------------------------------
Ainos, Inc. reports that its 2021 Stock Incentive Plan and its 2021
Employee Stock Purchase Plan became effective as of June 20, 2022
following approval by the Company's shareholders.
The Board of Directors of the Company approved the Plans
unanimously on Oct. 6, 2021. On May 16, 2022, the holders of
106,487,552 shares of issued and outstanding common stock of the
Company, which constitute approximately 73.76% of the voting power
of the Company, approved by written consent the Plans in lieu of a
meeting of shareholders.
The Incentive Plan seeks to attract and retain key personnel, and
to strengthen the commitment of the Company's directors, officers,
employees, consultants and advisors by making available equity
interests in the Company or compensation measured by reference to
the value of Company's common stock. The Incentive Plan provides
for the issuance of up to 20,000,000 shares of the Company's common
stock pursuant to equity awards, including options, stock
appreciation rights and restricted stock units.
The ESPP provides eligible employees (as such term is defined in
the ESPP) with an opportunity to purchase Common Shares at a
discount through voluntary contributions and is intended to qualify
as an employee stock purchase plan under Section 423 of the U.S.
Internal Revenue Code of 1986, as amended. A total of 750,000
Common Shares have made available for issuance under the ESPP.
About Ainos
Ainos, Inc., formerly known as Amarillo Biosciences, Inc., is a
diversified healthcare company engaged in the research and
development and sales and marketing of pharmaceutical and biotech
products. The Company is engaged in developing medical
technologies for point-of-care testing and safe and novel medical
treatment for a broad range of disease indications. The Company is
a Texas corporation incorporated in 1984.
Ainos reported a net loss of $3.89 million for the year ended Dec.
31, 2021, compared to a net loss of $1.45 million for the year
ended Dec. 31, 2020. As of March 31, 2022, the Company had $40.74
million in total assets, $32.65 million in total liabilities, and
$8.08 million in total stockholders' equity.
ARKANSAS HOUSE: Wins Cash Collateral Access
-------------------------------------------
The U.S. Bankruptcy Court for the Western District of Arkansas, Hot
Springs Division, authorized Arkansas House Works, Inc. to use cash
collateral in which the Citizens Bank has an interest.
The Debtor requires cash collateral to effectuate an effective
reorganization.
The Debtor is permitted to pay ordinary and necessary payroll and
labor expenses, and ordinary and necessary expenses incurred in the
operation of the debtor's business.
The Debtor will make interest only monthly adequate protection
payments to Southern Bancorp Bank. Based on a daily interest
accrual of $13.47, this payment totals $404.10 per month for each
month consisting of 30 days, and $418 per month for each month
consisting of 31 days.
The Debtor will increase adequate protection payments to The
Citizens Bank to $5,775.22 per month beginning with the payment on
July 21, 2022, continuing until the month that payments begin under
a confirmed plan of reorganization.
A copy of the order is available at https://bit.ly/3I19aqv from
PacerMonitor.com.
About Arkansas House Works, Inc.
Arkansas House Works, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 22-70114) on
February 2, 2022. In the petition signed by Nicholas Chaich,
president, the Debtor disclosed up to $50,000 in assets and up to
$1 million in liabilities.
Judge Bianca M. Rucker oversees the case.
Marc Honey, Esq., at Honey Law Firm, P. A. is the Debtor's counsel.
BAZE PHARMACY: Sale of Assets to Walgreens for $137.5K Approved
---------------------------------------------------------------
Judge Selene D. Maddox of the U.S. Bankruptcy Court for the
Northern District of Mississippi issued an Amended Order
authorizing Baze Pharmacy, LLC's sale of assets to Walgreens for
$137,500.
Specifically, as set forth in the Term Sheet, the Assets include
the Debtor's patient prescription files and records; prescription
drug inventory meeting buyer's standards; controlled substance
documents including controlled substance invoices, DEA 222 form
(blue copies), and annual controlled substance inventory logs; the
pharmacy computer with access to the prescription records and
attached printer; trademarks and trade names used by the pharmacy;
other books and records; and all applicably pharmacy related
licenses upon request (i.e. Medicaid).
The sale is free and clear of liens, claims and interests, with the
valid liens and claims of Renasant Bank to attach to the sales
proceeds and paid to Renasant as set forth. The closing date will
occur by June 30, 2022.
Upon the closing of the transaction described, the indebtedness
owed to Renasant on the two promissory notes described in its
Response to the Motion will be paid in full out of the sales
proceeds, including all interest accrued after the Petition Date at
the contractual rate through the closing date of the sale. The
sales proceeds will be deposited into the Debtor's DIP account
established in conjunction with the case, with the Debtor's counsel
as the signatory on the Debtor's DIP account. In addition, Renasant
agrees to file an application for compensation seeking recoupment
of its reasonable fees, costs and charges associated with its
oversecured claim through the closing date of the transaction.
The surplus proceeds from the sale, after payment in full of the
indebtedness owed on the two Renasant promissory notes, will remain
in the Debtor's DIP account pending further orders of the Court and
will not be released absent further order of the Court.
The Debtor will ensure compliance with Rule 6004(f) of the Federal
Rules of Bankruptcy Procedure by filing a report of sale itemizing
the Property sold, the name of the purchaser, and the price
received upon the completion of the sale, and in its monthly
operating
report as a constructive disbursement.
Any personally identifiable information related to patients or
otherwise which could be transferred during the process of the sale
will be in compliance with 11 U.S.C. Section 363(b)(1), which
adheres to protection of such information, as well as the policies
the Debtor has in place regarding those and similar protections.
The Debtor is authorized to execute such transfers of title or
other related documents which are reasonably necessary to
consummate and close the sale of the Property.
It is a final judgment as contemplated by the applicable Bankruptcy
Rules.
About Baze Pharmacy
Baze Pharmacy, LLC filed a voluntary Chapter 7 petition on Jan. 24
2022. The case was converted to a Chapter 11 Subchapter V case
(Bankr. Case No. 22-10135, N.D. Miss.) on Feb. 28, 2022. Judge
Selene D. Maddox oversees the Debtor's Chapter 11 case.
John F. Hughes, Esq., at Hughes Law Group, PLLC serves as the
Debtor's bankruptcy counsel.
BITNILE HOLDINGS: Holds 58% Stake in Singing Machine
----------------------------------------------------
BitNile Holdings, Inc., Digital Power Lending, LLC, and Milton C.
Ault, III disclosed in a Schedule 13D/A filed with the Securities
and Exchange Commission that as of June 23, 2022, they beneficially
own 1,542,000 shares of common stock of The Singing Machine
Company, Inc., representing 58% of the shares outstanding.
The aggregate percentage of Shares reported owned by each Reporting
Person is based upon 2,660,098 Shares outstanding, which is the
total number of Shares outstanding as of May 27, 2022, as reported
in the Issuer's Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 27, 2022.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/896493/000121465922008295/d624221sc13da2.htm
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles. In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $518.92 million in
total assets, $93.74 million in total liabilities, $116.73 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $308.46 million in total stockholders' equity.
CALAMP CORP: Incurs $12.2 Million Net Loss in First Quarter
-----------------------------------------------------------
CalAmp Corp. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $12.17
million on $64.73 million of total revenues for the three months
ended May 31, 2022, compared to a net loss of $1.95 million on
$79.67 million of total revenues for the three months ended May 31,
2021.
As of May 31, 2022, the Company had $374.79 million in total
assets, $346.20 million in total liabilities, and $28.59 million in
total stockholders' equity.
"We have successfully converted more than one-third of our total
installed base of eligible telematics customers to recurring
software contracts through the end of our fiscal 2023 first
quarter," said Jeff Gardner, CalAmp's president and CEO. "Software
and Subscription Services revenue exceeded 60% of total revenue for
the second consecutive quarter, underscoring our continued progress
on converting customers to a software subscription model. We also
received new orders from BMW and Volkswagen Leasing, while securing
some unique new customers worldwide such as Brigham Young
University and Grupo Salinas. Although our revenue continues to be
impacted by the supply chain constraints, including the
China-related lockdowns during the quarter, we remain focused on
accelerating customer transitions toward our goal of converting all
eligible device customers to recurring contracts by the end of our
fiscal year."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000730255/000156459022024093/camp-10q_20220531.htm
About CalAmp
CalAmp Corp. is a connected intelligence company that leverages a
data-driven solutions ecosystem to help people and organizations
improve operational performance. It solves complex problems for
customers within the market verticals of transportation and
logistics, commercial and government fleets, industrial equipment,
and consumer vehicles by providing solutions that track, monitor,
and recover their vital assets. The data and insights enabled by
CalAmp solutions provide real-time visibility into a user's
vehicles, assets, drivers, and cargo, giving organizations greater
understanding and control of their operations. Ultimately, these
insights drive operational visibility, safety, efficiency,
maintenance, and sustainability for organizations around the
world.
Calamp reported a net loss of $27.99 million for the year ended
Feb. 28, 2022, a net loss of $56.31 million for the year ended Feb.
28, 2021, and a net loss of $79.30 million for the year ended Feb.
29, 2020.
CALLON PETROLEUM: S&P Raises ICR to 'B' on Successful Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Callon
Petroleum Co. to 'B' from 'B-' and its issue-level ratings on its
unsecured debt to 'B+' from 'B'. S&P's '2' recovery rating
(70%-90%; rounded estimate: 85%) remains unchanged.
The positive outlook reflects S&P's expectation that Callon will
maintain funds from operations (FFO)/debt well above 45% while
using its free operating cash flow (FOCF) to significantly reduce
outstanding borrowings on its revolving credit facility over the
next 12 months. S&P does not expect any material shareholder
returns to be instated until 2023.
Callon successfully issued $600 million of new 7.5% unsecured notes
due 2030, and is using offering proceeds and revolver borrowings to
redeem its 9% second-lien notes due 2025 and 6.125% unsecured notes
due 2024.
Callon's debt maturity profile is much improved after the
refinancing.
Following the new issuance and redemption of the aforementioned
bonds, the company's nearest long-term debt maturity will be its
$187 million 8.25% unsecured note due in mid-2025, with the rest of
its term debt stack maturing in 2026 and beyond. Conversely, its
$1.6 billion revolving credit facility, which had $712 million
outstanding at the end of the first quarter, is set to expire in
December 2024. S&P believes the refinancing could hasten an
extension of the facility to as early as the second half of 2022.
Significant cash flow generation over the next 12 months will
accelerate repayment of revolver borrowings and improve leverage
metrics.
S&P said, "Based on our latest oil and gas price assumptions, we
expect Callon's FOCF will exceed $700 million this year, which it
may use to reduce revolver utilization to below 25% of capacity (we
anticipate outstanding borrowings will remain elevated immediately
after the redemption of the existing notes). Moving forward, we
expect debt reduction to remain a priority and we believe the
company is unlikely to initiate any substantial shareholder return
program until its revolver is substantially paid down. Thus, we are
forecasting average FFO/debt above 50% from 2022-2024, along with
debt/EBITDA of around 1.50-1.75x. We note that management's
long-term financial goals include a leverage ratio around 1x and an
absolute debt level of $2 billion (compared with around $2.5
billion outstanding pro forma for the financing transactions)."
Production growth should remain flat to modest as capital budget
increases due to cost inflation.
S&P said, "We estimate average daily production of 101,000-105,000
barrels of oil equivalent per day (boe/d) in 2022, along with total
capital expenditures approaching $810 million based on revised
guidance pointing to inflationary service costs pressures--a trend
that has become more common among industry players. We expect the
company to allocate the majority of its spending to its Delaware
and Midland Basin properties, which comprised roughly 80% of first
quarter 2022 production, with the remaining 20% from the Eagle
Ford. We note that Callon's recent growth has been driven primarily
by acquisitions of Carrizo Oil & Gas Inc. (2019) and Primexx Energy
Partners (2021), both of which included significant debt financing
components.
"The positive outlook reflects our expectation that Callon will
maintain FFO/debt well above 45% while using its free operating
cash flow to significantly reduce outstanding borrowings on its
revolving credit facility over the next 12 months. We do not expect
any material shareholder returns to be instated until 2023."
S&P could lower its rating on Callon if:
-- Its liquidity deteriorates; or
-- If FFO/debt declines and is sustained below 30%, which would
likely be driven by commodity prices falling below S&P's current
expectations with no offsetting reduction to the company's capital
spending plans.
S&P said, "We could raise our rating on Callon if it extends the
maturity of its revolving credit facility and substantially reduces
borrowings on the facility while maintaining FFO to debt well above
45%. We believe this could occur if the company generates
substantial free cash flow and uses it to reduce debt."
ESG credit indicators: E-4, S-2, G-2
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Callon Petroleum Co. as the
exploration and production and downstream industries contend with
an accelerating energy transition and adoption of renewable energy
sources. We believe falling demand for fossil fuels will lead to
declining profitability and returns for the industry as it fights
to retain and regain investors that seek higher return investments.
To help address these concerns, Callon is seeking a 50% reduction
in GHG intensity by 2024 and looks to eliminate routine flaring by
the end of 2022. The company has also invested more into its
electrification program and expanded the use of recycled water in
its completions."
CANO HEALTH: Third Point, Daniel Loeb Hold 5.3% of Class A Shares
-----------------------------------------------------------------
Third Point, LLC and Daniel S. Loeb disclosed in a Schedule 13D/A
filed with the Securities and Exchange Commission that as of
June 23, 2022, they beneficially own 10,825,000 shares of Class A
common stock of Cano Health, Inc., representing 5.3 percent of the
shares outstanding. The percentage is based on 207,747,333 shares
of Common Stock outstanding as reported in the 10-Q.
On May 10, 2022, the Funds sold 300,000 shares of Common Stock in
open market transactions at a weighted average price per share of
$4.1854, respectively. The shares of Common Stock were sold in
multiple transactions at prices ranging from $3.845 to $4.67,
inclusive.
On June 23, 2022, the Funds sold 375,000 shares of Common Stock in
open market transactions at a weighted average price per share of
$4.7997. The shares of Common Stock were sold in multiple
transactions at prices ranging from $4.77 to $4.84, inclusive.
The Reporting Persons undertake to provide upon request by the
staff of the SEC the full information regarding the number of
Shares purchased or sold at each separate price.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1800682/000089914022000572/t54226010.htm
About Cano Health
Cano Health (NYSE: CANO) -- canohealth.com -- is a primary
care-centric, technology-powered healthcare delivery and population
health management platform designed with a focus on clinical
excellence.
Cano Health reported a net loss of $116.74 million in 2021, a net
loss of $71.06 million in 2020, and a net loss of $19.78 million in
2019. As of March 31, 2022, the Company had $2.17 billion in total
assets, $1.33 billion in total liabilities, and $837.78 million in
total stockholders' equity.
CDP HOLDINGS: Wins Cash Collateral Access Thru July 18
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized CDP Holdings Group, LLC and its debtor-affiliates to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance and provide adequate protection.
The Debtors require the use of cash collateral to sustain their
operations and meet their current and integral business
obligations.
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, the debtor Neighborhood Radiology Services, P.C.
entered into a loan transaction with American Equity Bank n/k/a
Luminate Bank pursuant lo 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 NRMS 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 or
about 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 the 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 without determination
herein as to the nature, extent and validity of said pre-petition
liens and claims, and solely to the extent Collateral Diminution
occurs during the Chapter 11 case, subject to: (i) up to S100,000
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 for the Debtors' use of cash
collateral, 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 security interests and liens granted: (i) are and will be in
addition to all security interests, liens and rights of set-off
existing in favor of the Secured Creditors on the Filing Date; (ii)
will secure the payment of indebtedness to the Secured Creditors in
an amount equal to the aggregate Collateral Diminution resulting
from the Cash Collateral used or consumed by the Debtors; and (iii)
will be deemed to be perfected without the necessity of any further
action by the Secured Creditors or the Debtors.
The Debtors' authorization to use cash collateral and the Secured
Creditors' consent thereto, will immediately terminate without
further Order on the earlier of: (a) July 18, 2022, at 5 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 the 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 Order is reversed, revoked,
stayed, rescinded, modified or amended without the consent of the
Secured Creditors thereto.
The 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/3A84jC2 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.
Judge Elizabeth D. Stong oversees the case.
Dawn Kirby, of Kirby Aisner & Curley LLP, is the Debtors' counsel.
CELSIUS NETWORK: Hires More Advisers to Prepare for Bankruptcy
--------------------------------------------------------------
Celsius Network LLC has hired restructuring consultants from
advisory firm Alvarez & Marsal to advise on a possible bankruptcy
filing, the Wall Street Journal reported on Friday, citing people
familiar with the matter.
According to WSJ, Celsius, which said it had $11.8 billion in
assets as of May and has 1.7 million users, froze withdrawals,
swaps, and transfers earlier this June 2022 due to extreme market
volatility. The value of its assets has fallen from about $25
billion in October 2022.
A separate report from CoinDesk said on Friday that Wall Street
bank Goldman Sachs (GS.N) was looking to raise $2 billion from
investors to buy distressed assets from Celsius. The proposed deal
would allow investors to buy the assets at potentially big
discounts if the cryptocurrency lender files for bankruptcy,
according to the report, which cited two people familiar with the
matter.
Reuters notes that the market for digital assets has in recent
months been roiled by extreme volatility as investors dump risky
assets on fears that aggressive interest rate hikes to tame
stubborn inflation could plunge the economy into recession.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in propriety trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
CORSICANA BEDDING: $58MM in DIP Loans Win Interim OK
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Corsicana Bedding, LLC and its
debtor-affiliates to, among other things, use cash collateral and
obtain senior secured superpriority postpetition financing, on an
interim basis.
The Debtor sought authority to obtain postpetition financing
pursuant to the DIP Facilities, consisting of:
A. a senior secured super-priority asset-based revolving
credit facility by and among the Borrowers, the Guarantors,
Wingspire Capital LLC as administrative agent, and the lenders from
time to time party thereto in an aggregate principal amount
(subject to availability) of up to $40 million in revolving
commitments available for borrowing by the Borrowers subject to the
applicable Borrowing Base.
B. a senior secured super-priority term loan facility by and
among the Borrowers, the Guarantors, Blue Torch Finance, LLC, as
administrative agent and collateral agent, and the lenders party
thereto from time to time, in an aggregate principal amount of up
to $18 million in term loan commitments, which will be available as
term loans upon entry of the Interim Order and satisfaction of the
other conditions set forth therein in an interim amount not to
exceed $9,750,000, which amount is inclusive of the $3,000,000
Protective Advances prior to entry of the Final Order, and the
remainder of the DIP Term Loan Facility available upon entry of the
Final Order to the extent set forth therein.
Corsicana Bedding, LLC and certain of its affiliates, as borrowers,
Corsicana Parent Co., LLC, designated as "Holdings" thereunder,
certain other parties designated as "Guarantors" thereto, the
financial institutions from time to time party thereto, and
Wingspire, as administrative agent are parties to a Credit
Agreement, dated as of April 28, 2021. The Prepetition ABL Credit
Agreement provided the Prepetition ABL Obligors with an asset-based
revolving credit facility with $40 million of maximum aggregate
availability to the borrowers thereunder, subject to a borrowing
base (as reduced by reserves), as set forth in the Prepetition ABL
Credit Agreement. As of the Petition Date, approximately
$18,545,929 in principal was outstanding under the Prepetition ABL
Facility.
Corsicana Bedding, as borrower, and certain of its affiliates
designated therein as "Guarantors" and Blue Torch, as
administrative agent and collateral agent are parties to a
Financing Agreement, dated as of April 28, 2021. Pursuant to the
Prepetition Term Loan Agreement, the Prepetition Term Loan Lenders
made term loans in the aggregate principal amount of $128,500,000,
exclusive of the Protective Advance. As of the Petition Date,
$129,432,303 of indebtedness under the Prepetition Term Loan
Agreement was outstanding, which amount includes the Applicable
Premium (as such term is defined in the Prepetition Term Loan
Agreement) in the amount of $2,512,717, capitalized interest in the
amount of $164,295, and accrued and unpaid interest through the
Petition Date in the amount of $1,119,424.
Wingspire, in its capacity as Prepetition ABL Agent, and Blue
Torch, in its capacity as Prepetition Term Loan Agent, inter alia,
are parties to an Intercreditor Agreement, dated as of April 28,
2021. The Prepetition ABL Agent and the Prepetition Term Loan Agent
acknowledge and agree that the Prepetition Intercreditor Agreement
is a valid and enforceable "subordination agreement" under section
510(a) of the Bankruptcy Code and other applicable non-bankruptcy
law and is, as of the Petition Date, binding on the Prepetition ABL
Agent, the Prepetition ABL Lenders, the Prepetition Term Loan
Agent, the Prepetition Term Loan Lenders and each of the other
parties thereto.
As adequate protection for the Debtors' use of cash collateral, the
Prepetition ABL Secured Parties are granted valid and perfected
postpetition replacement security interests in and liens upon the
DIP Collateral.
The Prepetition Term Loan Secured Parties are granted valid and
perfected postpetition replacement security interests in and liens
upon the DIP Collateral.
Subject to the Approved Budget, the Debtors are authorized to pay
to the Prepetition ABL Lenders on the first business day of each
calendar month after the entry of the Interim Order, an amount
equal to all accrued and unpaid prepetition or postpetition
interest (at the non-default rate), fees, and costs under the
Prepetition ABL Documents.
The Prepetition Secured Parties are also granted allowed
superpriority administrative expense claims pursuant to sections
503(b), 507(a), and 507(b) of the Bankruptcy Code which will be
allowed claims against each of the Debtors, with priority (except
as otherwise provided therein) over any and all administrative
expenses and all other claims against the Debtors now existing or
hereafter arising, of any kind specified in sections 503(b) and
507(b) of the Bankruptcy Code, and all other administrative
expenses or other claims arising under any other provision of the
Bankruptcy Code.
The final hearing on the matter is scheduled for July 27, 2022 at
1:30 p.m.
A copy of the order is available at https://bit.ly/3NufTKV from
PacerMonitor.com.
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.
CORSICANA BEDDING: July 6 Deadline Set for Panel Questionnaires
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Corsicana Bedding,
LLC, et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a Questionnaire
available at https://bit.ly/3QSVimm and return by email it to Erin
Schmidt -- erin.schmidt2@usdoj.gov -- at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
July 6, 2022.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About 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.
DANNY R. BARTEL: Returns to Chapter 11 Bankruptcy
-------------------------------------------------
Danny R. Bartel, M.D., P.A., has returned to Chapter 11 bankruptcy
in the Northern District of Texas. This time, the Debtor filed as
a small business debtor seeking relief under Subchapter V of
Chapter 11 of the Bankruptcy Code.
According to court filing, the Debtor estimates between 1 and 49
creditors. The petition states funds will be available to
unsecured creditors.
About Danny R. Bartel, M.D., P.A.
Danny R. Bartel, M.D., P.A., previously sought Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Case No. 21-40285) on Feb.
9, 2021.
Danny R. Bartel, M.D., P.A., filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 22-41407) on June 24, 2022. In the petition filed by
Danny R. Bartel, as president, the Debtor estimated assets and
liabilities up to $50,000 each.
Davis, Ermis & Roberts, P.C., is serving as counsel in the new
Chapter 11 case. Bob Henry, CPA and Kalynne Lawrence of the firm
Freemon Shapard & Story, CPAs, are the Debtor's accountants.
DEBOER AGRICULTURAL: Unsecureds to Get 12 Cents on Dollar in Plan
-----------------------------------------------------------------
DeBoer Agricultural Holdings, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of Texas a Plan of Reorganization
for Small Business dated June 27, 2022.
Debtor commenced operations in 1996 as a small business owned and
operated by Shawna and Durk DeBoer that specializes in wastewater
treatment, specifically for dairy and rural developments based in
Dublin, Texas.
On or about April 1, 2017, Shawna and Durk DeBoer and the Debtor
executed that certain Memorandum of Agreement and Act of
Contribution of Assets wherein Mr. and Ms. DeBoer, in exchange for
their membership interests in the Debtor, did transfer $6.3M in
assets to the Debtor. This includes real property in two counties:
the first is in Hamilton County (the "Hamilton Property")
consisting of 163.3 acres, a small home and three large storage
buildings, currently leased to colleagues in the feed industry to
store cottonseed; and the second is in Erath County (the "Erath
Properties"). The Hamilton Property and the Erath Properties are
referred as the "Real Property."
Currently, the Debtor intends to market the Real Property for sale,
using the proceeds to pay GNCU's claim in full, while providing for
payment of all other claims over time pursuant to a plan of
reorganization.
Three-year projections for the Disposable Income of Debtor
demonstrate that the Debtor is expected to have sufficient cash to
make all payments contemplated by the Plan. The final Plan payment
is expected to be paid on December 31st, 2025.
This Plan of Reorganization is proposed to pay creditors of the
Debtor from the sale of assets and future income.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 12 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 1 consists of all Secured Claims, excluding the Priority Tax
Claims. Each Holder of an Allowed Secured Claim shall receive, in
full and complete satisfaction, settlement, discharge, and release
of, and in exchange for, its Allowed Secured Claim, payment in full
of the unpaid portion of its Allowed Secured Claim on a date prior
to the Effective Date to be paid out of the proceeds of the sale of
the Real Property. To the extent that the proceeds of the Real
Estate sale are insufficient to cover the entirety of the unpaid
portion of the Allowed Secured Claim, the remainder of the Allowed
Secured Claim will be treated as unsecured under Class 2.
Class 2 consists of all non-priority, unsecured claims allowed,
unsecured claims contained in Class 3. Each Holder of an Allowed
Unsecured Claim shall receive, in full and complete satisfaction,
settlement, discharge, and release of, and in exchange for, its
Allowed Unsecured Claim, payment in full of the unpaid portion of
its Allowed Unsecured Claim on a semi-annual basis over the course
of a three year period to commence on the Effective Date.
Class 3 consists of Unsecured claims by Insiders Shawna and Durk
DeBoer. Each Holder of an Allowed Unsecured Claim shall receive, in
full and complete satisfaction, settlement, discharge, and release
of, and in exchange for, its Allowed Unsecured Claim, payment in
full of the unpaid portion of its Allowed Unsecured Claim once the
claims under Class 2 have been paid in full.
The Plan will be implemented by Debtor through the sale of its real
property and expected future profits derived from improvements made
to its business.
A full-text copy of the Plan of Reorganization dated June 27, 2022,
is available at https://bit.ly/3A9V0Sc from PacerMonitor.com at no
charge.
Counsel to the Debtor:
Vickie L. Driver, Esq.
Christina W. Stephenson, Esq.
Crowe & Dunlevy, P.C.
2525 McKinnon, Suite 425
Dallas, TX 75201
Tel: (214) 420-2163
Fax: (214) 736-1747
Email: vickie.driver@crowedunlevy.com
crissie.stephenson@crowedunlevy.com
About DeBoer Agricultural Holdings
DeBoer Agricultural Holdings, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-40633) on March 27, 2022, listing up to $10 million in both
assets and liabilities. Scott M. Seidel serves as Subchapter V
trustee.
Judge Edward L. Morris oversees the case.
The Debtor tapped Vickie L. Driver, Esq., at Crowe & Dunlevy, PC as
legal counsel and Ivan Kahn Consultants as its controller and
business consultant.
DENT TECH LABORATORY: Files for Chapter 11 Bankruptcy
-----------------------------------------------------
Dent Tech Laboratory, Inc., filed for chapter 11 protection in
Brooklyn, New York, without stating a reason.
According to court documents, Dent Tech Laboratory Inc. 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 29, 2022, at 11:15 AM at Teleconference - Brooklyn.
The Debtor sought and obtained an order setting a Sept. 22, 2022
general claims bar date for proofs of claim.
About Dent Tech Laboratory
Dent Tech Laboratory, Inc. is in the dental laboratories business.
Dent Tech Laboratory, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41469) on
June 23, 2022. In the petition filed by Gregory B Mashevich, as
president, the Debtor estimated assets up to $50,000 and
liabilities between $100,000 and $500,000. Alla Kachan, of the Law
Offices of Alla Kachan P.C., is the Debtor's counsel.
DEPENDABLE MACHINE: Wins Cash Collateral Access Thru Sept 1
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Dependable Machine Company, Inc.
to use up to $93,000 of cash collateral on a final basis through
September 1, 2022.
KeyBank National Association will be granted replacement liens on:
(i) any additional cash collateral generated post-petition, (ii)
all cash collateral, and (iii) any and all post-petition assets of
the Debtor. The replacement liens will be effective as to the same
extent and priority as KeyBank enjoyed prior to the Petition Date.
No further filing by KeyBank is necessary to perfect any of the
replacement liens granted and any stay imposed by the Bankruptcy
Code is modified to permit such perfection or any filing made by
KeyBank even though such filing is not required.
The use of cash collateral will be terminated by: (i) the
expiration of the Final Order; (ii) conversion or dismissal of the
case; (iii) removal of the debtor-in-possession pursuant to 11
U.S.C. section 1185; (iv) granting of relief from stay to KeyBank;
or (v) the entry of an order restricting or prohibiting further use
of cash collateral.
Beginning August 1, 2022, the Debtor will make interest-only
payments to KeyBank on the first day of each month prior to
confirmation, figured at the non-default applicable rates on the
Petition Date balances on the Loan and the LOC.
The Court said if a plan has not been confirmed in the case prior
to September 1, 2022, the Debtor will file a notice in advance of
that date with an extended cash use budget attached. The notice
will provide a 10-day period to object. If an objection is filed,
a hearing will be set prior to September 1 if possible. If no
objection is filed, then cash use is extended through the period of
the extended budget on the same terms as contained in the order.
A copy of the order is available at https://bit.ly/3u9WcRR from
PacerMonitor.com.
About Dependable Machine Company, Inc.
Dependable Machine Company, Inc. provides precision machining
services. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-02191) on June 7,
2022. In the petition signed by Cory Lowe, owner, the Debtor
disclosed $2,189,630 in assets and $3,007,363 in liabilities.
Judge James M. Carr oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs, LLC is the Debtor's
counsel.
DIAMOND SCAFFOLD: Wins Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama
authorized Diamond Scaffold Services, LLC to use cash collateral on
an interim basis in accordance with the budget, subject to a final
hearing and a maximum expense cap of $350,000.
The Debtor requires the use of cash collateral to pay its payroll,
payroll taxes, post-petition trade creditors and vendors, fuel and
transportation costs, professionals fees, and other operating
expenses necessary for the continued operation of the Debtor's
business and the management and preservation of the Debtor's assets
and properties.
Prior to June 2021, the Debtor owned scaffolding and leased it to
its customers. It now leases scaffolding from Sertant Capital, SMA
II LP I, LLC, Mazuma Capital, and First Guaranty Bank and subleases
that scaffolding to its customers.
Sertant, SMA, Mazuma, and First Guaranty Bank claim security
interests in the scaffolding and in the proceeds thereof.
Honest Funding, LLC; Cheetah Capital; Dynasty Capital 26, LLC;
Reserve Capital Management; Byrd Capital, LLC; Granite State
Services, LLC; Strategic Investments, LLC; LCF Group, Inc.; and
Imperial Funding -- which the Debtor calls "Cash Advance
Facilitators" -- may also claim to own or to have a security
interest in certain of Debtor's receivables.
The IRS, Alabama Department of Revenue, and the State of Texas
recorded tax liens against the Debtor prior to the Petition Date,
which may attach to the Debtor's pre-petition accounts
receivables.
Sertant, SMA, Mazuma, First Guaranty Bank, the IRS. the Alabama
Department of Revenue, the State of Texas, and the Cash Advance are
the "Cash Collateral Claimants."
On the petition date, the Debtor had $1,831,275 in accounts
receivable.
To provide adequate protection to those of the Cash Collateral
Claimants that have ownership claims to or valid liens on the
Debtor's cash collateral, the claimants are granted, effective as
of the date of the Interim Order, a post-petition security interest
and replacement lien on the Debtor's post-petition receivables to
the same extent, priority, and perfection status as they have valid
pre-petition liens. No recording will be required for additional
perfection of the replacement liens.
The Debtor will also pay Reserve Capital, Honest Funding, LLC,
Cheetah Capital, and Dynasty Capital 26, LLC, a pro rata share of
$25,000 prior to the final hearing on the Motion. For purposes of
this Interim Order, the pro rata share will be as follows: Dynasty
Capital 26, LLC 18.5%, Cheetah Capital 14.8%, Honest Funding, LLC
28.8%, and Reserve Capital Management 37.9%.
The final hearing on the matter is scheduled for July 8, 2022 at
8:30 a.m. Objections are due July 5.
A copy of the order is available at https://bit.ly/3QTSd5A 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.
DONALD BRANDT: $68.7K Sale of LaFollette Property to Schillers OK'd
-------------------------------------------------------------------
Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the
Middle District of Florida approved Donald H. Brandt's sale of the
real property located at White Lane, in LaFollette, Tennessee, and
known as Tract 4, Don Brandt Property and containing 8.243 acres,
more or less, to Matthew and Brandi Schiller for $68,690.29.
The sale is free and clear of all liens and encumbrances, with the
net proceeds to attach and be distributed according to the priority
of the liens at closing.
About Donald H. Brandt
Bradenton, Florida-based Donald H. Brandt filed for Chapter 11 on
July 27, 2009 (Bankr. M. D. Fla. Case No. 09-16166). In its
petition, the Debtor listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in debts.
EASTSIDE DISTILLING: All Five Proposals Passed at Annual Meeting
----------------------------------------------------------------
Eastside held its Annual Meeting of Stockholders at which the
stockholders:
(1) elected Eric Finnsson, Joseph Giansante, Robert Grammen,
Stephanie Kilkenny, and Elizabeth Levy-Navarro as directors;
(2) approved the compensation of Eastside's named executive
officers;
(3) ratified the appointment of M&K CPAS, PLLC as Eastside's
independent registered public accounting firm for fiscal year
2022;
(4) approved the terms and issuance of common stock purchase
warrants to purchase up to 900,000 shares of the Company's common
stock at an initial price equal to $3.00 per share;
(5) authorized to adjourn the Annual Meeting, if necessary.
An adjournment was not required.
About Eastside Distilling
Headquartered in Portland, Oregon, Eastside Distilling, Inc. --
www.eastsidedistilling.com -- manufactures, acquires, blends,
bottles, imports, exports, markets, and sells a wide variety of
alcoholic beverages under recognized brands.
Eastside Distilling reported a net loss of $2.19 million for the
year ended Dec. 31, 2021, a net loss of $9.86 million for the year
ended Dec. 31, 2020, a net loss of $16.91 million for the year
ended Dec. 31, 2019, and a net loss of $9.05 million for the year
ended Dec. 31, 2018. As of March 31, 2022, the Company had $34.41
million in total assets, $21.81 million in total liabilities, and
$12.60 million in total stockholders' equity.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 30, 2022, citing that the Company suffered a net loss from
operations and has an accumulated deficit, which raises substantial
doubt about its ability to continue as a going concern.
EYEPOINT PHARMACEUTICALS: Three Proposals Passed at Annual Meeting
------------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. held its 2022 Annual Meeting of
Stockholders via live teleconference at which the stockholders:
(1) elected Goran Ando, M.D., Nancy Lurker, John B. Landis,
Ph.D., David Guyer, M.D., Wendy F. DiCicco, Ye Liu, and Anthony P.
Adamis as directors, each to serve until the Company's 2023 Annual
Meeting or until such person's successor is duly elected and
qualified;
(2) approved, on a non-binding advisory basis, the compensation
of the Company's named executive officers as disclosed in the Proxy
Statement; and
(3) ratified the appointment of Deloitte & Touche LLP as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2022.
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA,
is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders. The Company currently has two commercial
products: DEXYCU, the first approved intraocular product for the
treatment of postoperative inflammation, and YUTIQ, a three-year
treatment of chronic non-infectious uveitis affecting the posterior
segment of the eye.
EyePoint reported a net loss of $58.42 million for the year ended
Dec. 31, 2021, a net loss of $45.39 million for the year ended
Dec. 31, 2020, a net loss of $56.79 million for the year ended Dec.
31, 2019, and a net loss of $53.17 million for the year ended
June 30, 2018. As of March 31, 2022, the Company had $244.56
million in total assets, $77.74 million in total liabilities, and
$166.82 million in total stockholders' equity.
FANNIE MAE: Commences Tender Offer for Purchase of CAS Debt Notes
-----------------------------------------------------------------
Fannie Mae has commenced fixed-price cash tender offers for the
purchase of any and all of the Connecticut Avenue Securities (CAS)
Debt Notes listed below, upon the terms and subject to the
conditions set forth in the Offer to Purchase and related Notice of
Guaranteed Delivery, each dated as of June 24, 2022. The Offers
will expire at 5:00 p.m. New York City time on Thursday, June 30,
2022 unless extended or earlier terminated. Notes tendered may be
withdrawn at any time at or before the Expiration Time by following
the procedures described in the Offer Documents.
Fannie Mae has engaged BofA Securities as the designated lead
dealer manager and Barclays as the designated dealer manager for
the Offers. Fannie Mae has engaged Academy Securities, Inc. and
Blaylock Van, LLC as Advisors on the transaction. Global
Bondholder Services Corporation has been engaged as the tender
agent and information agent for the Offers. Fannie Mae is offering
to purchase, subject to the conditions of the tender offer, any and
all of the Notes during the tender offer period.
The following table summarizes the material pricing terms of the
Offers.
Tender Offer
Original Consideration
Principal (per $1,000 Original
Name of Security Balance Principal Amount
---------------- ----------------- --------------------
Connecticut Avenue
Securities, Series
2016-C05, Class
2M-2 Notes $713,282,803.00 $1,042.50
Connecticut Avenue
Securities, Series
2016-C06,
Class 1M-2 Notes $543,222,483.00 $1,043.75
Connecticut Avenue
Securities, Series
2016-C07,
Class 2M-2 Notes $448,184,930.00 $1,045.00
Connecticut Avenue
Securities,
Series 2017-C01,
Class 1M-2 Notes $519,474,000.00 $1,031.25
Connecticut Avenue
Securities,
Series 2017-C03,
Class 1M-2 Notes $406,867,000.00 $1,018.75
Connecticut Avenue
Securities,
Series 2017-C05,
Class 1M-2 Notes $471,437,160.00 $1,005.00
Connecticut Avenue
Securities,
Series 2017-C06,
Class 2M-2 Notes $335,153,999.00 $1,013.75
Connecticut Avenue
Securities, Series
2017-C07, Class
1M-2 Notes $284,048,541.00 $1,010.00
Connecticut Avenue
Securities, Series
2018-C01, Class
1M-2 Notes $561,697,093.00 $1,007.50
Connecticut Avenue
Securities, Series
2018-C03,
Class 1M-2 Notes $389,891,000.00 $1,005.00
-----------------
$4,673,259,009.00
Holders must validly tender their Notes at or before the Expiration
Time in order to be eligible to receive the Tender Offer
Consideration, which will incorporate the monthly Certificate
Percentages for the Notes. In addition, holders whose Notes are
purchased in the Offer will receive accrued and unpaid interest
from the last interest payment date to, but not including, the
Settlement Date (as defined in the Offer to Purchase) for the
Notes. Fannie Mae expects the Settlement Date to occur on July 5,
2022. Any Notes tendered using the Notice of Guaranteed Delivery
and accepted for purchase are expected to be purchased on July 6,
2022, but payment of accrued interest on such Notes will only be
made to, but not including, the Settlement Date.
Information on tendering the Notes is set forth in the Offer
Documents. Holders of the Notes who would like copies of the Offer
Documents may contact the tender agent for the Offers, Global
Bondholder Services Corporation, at (855) 654-2015 (toll free) or
(212) 430-3774 (banks and brokers) or contact@gbsc-usa.com. Copies
of the Offer Documents are available at the following website:
https://www.gbsc-usa.com/FannieMae/. Any questions regarding the
terms of the Offers should be directed to BofA Securities, Inc. at
(888) 292-0070 (toll free) or (980) 387-3907 (collect) or Barclays
Capital Inc. at (800) 438-3242 (toll free) or (212) 412-5780
(collect).
About Fannie Mae and Freddie Mac
Federal National Mortgage Association (OTCQB: FNMA), commonly known
as Fannie Mae, is a government-sponsored enterprise (GSE) that was
chartered by U.S. Congress in 1938 to support liquidity, stability
and affordability in the secondary mortgage market, where existing
mortgage-related assets are purchased and sold. Fannie Mae helps
make the 30-year fixed-rate mortgage and affordable rental housing
possible for millions of Americans. The Company partners with
lenders to create housing opportunities for families across the
country. Visit -- http://www.FannieMae.comFannie Mae has been
under conservatorship, with the Federal Housing Finance Agency
("FHFA") acting as conservator, since Sept. 6, 2008. As
conservator, FHFA succeeded to all rights, titles, powers and
privileges of the company, and of any shareholder, officer or
director of the company with respect to the company and its assets.
The conservator has since provided for the exercise of certain
authorities by the Company's Board of Directors. The Company's
directors do not have any fiduciary duties to any person or entity
except to the conservator and, accordingly, are not obligated to
consider the interests of the company, the holders of the Company's
equity or debt securities, or the holders of Fannie Mae MBS unless
specifically directed to do so by the conservator.
A brother organization of Fannie Mae is the Federal Home Loan
Mortgage Corporation (FHLMC), better known as Freddie Mac Freddie
Mac (OTCBB: FMCC) -- http://www.FreddieMac.com-- was established
by Congress in 1970 to provide liquidity, stability and
affordability to the nation's residential mortgage markets.
Freddie Mac supports communities across the nation by providing
mortgage capital to lenders.
FRONT SIGHT: Appointment of Examiner Sought
-------------------------------------------
Las Vegas Development Fund, LLC asks the U.S. Bankruptcy Court for
the District of Nevada to appoint an examiner for Front Sight
Management, LLC.
On June 8, 2022, LVDF, by and through counsel, made demand upon the
Debtor to stipulate to terminate the bankruptcy stay so that it may
proceed in state court litigation. LVDF wanted the State Court to
entertain a motion for terminating sanctions against Ignatius
Piazza, the Debtor's manager, as to a fraudulent transfer action.
LVDF contends an examiner is necessary for the benefit of the
bankruptcy estate. An investigation by an independent party, LVDF
argues, should be established to examine:
(1) the transactions between the Debtor and Piazza and any of
his affiliated entities for the past six years, including
allegation of millions of dollars being disbursed to those parties
to purchase personal items as stated in a State Court Restraining
Order;
(2) the formation of the creditor list in which only 2,603
unsecured creditors were listed when the Debtor indicated there
were at least 80,000 creditors;
(3) the circumstances surrounding an unsecured loan with ALM
Investments, LLC and whether it was obtained primarily to have ALM
Investments, LLC as a friendly creditor so to be strategically
placed on the top 20 creditor list with the anticipation that it
will be appointed to the unsecured creditors committee;
(4) the reason why the Debtor chose not to seek to join in the
request for terminating sanctions against Piazza as to the
fraudulent transfer action in the State Court Litigation.
A copy of LVDF's motion is available for free at
https://bit.ly/3ystj5N from PacerMonitor.com.
Attorney for Las Vegas Development Fund:
Brian D. Shapiro, Esq.
LAW OFFICE OF BRIAN D. SHAPIRO, LLC
510 S. 8th Street
Las Vegas, NV 89101
Telephone: (702) 386-8600
Facsimile: (702) 383-0994
Email: brian@brianshapirolaw.com
About Front Sight Management
Front Sight Management, LLC specializes in providing courses in gun
training, self-defense martial arts training, and personal safety
-- with firearms or without.
Front Sight Management sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 22-11824) on May 24, 2022.
In the petition signed by Ignatius Piazza, manager, the Debtor
disclosed up to $50 million in both assets and liabilities.
Steven T. Gubner, Esq., at BG Law, LLP and Province, LLC serve as
the Debtor's legal counsel and financial advisor, respectively.
Stretto, Inc. is the claims, noticing and solicitation agent.
FS DIP, LLC, as DIP agent, is represented by Samuel A. Schwartz,
Esq., and Bryan A. Lindsey, Esq., at Schwartz Law, PLLC.
GATA III: Sale of Henderson Property to Irving for $1.35MM Approved
-------------------------------------------------------------------
Judge Natalie M. Cox of the U.S. Bankruptcy Court for the District
of Nevada authorized Gata III, LLC's sale of the real property
commonly known as 120 Cassia Way, in Henderson, Nevada 89014, APN
178-14-211-023, to John B. Irving, or his designee, for $1.35
million, in accordance with the terms of their Commercial Purchase
Agreement.
The Purchase Agreement, and all extensions or amended thereto, and
all of the terms and conditions thereof, are approved.
The sale is free and clear of all Liens and Claims. Upon the
Closing, the Purchaser will take title to and possession of the
Purchased Assets. All Liens and/or Claims will attach solely to the
proceeds of the Sale.
A certified copy of the Order may be filed with the appropriate
clerk and/or recorded with the recorder to act to cancel any of the
Liens, Claims and other encumbrances of record. Any title or escrow
company handling the closing of the sale of the Purchased Assets
may rely on the terms and conditions of the Order.
Notwithstanding the provisions of Bankruptcy Rule 6004 and
Bankruptcy Rule 6006 or any applicable provisions of the Local
Rules, the Order will not be stayed for 14 days after the entry
thereof, but will be effective and enforceable immediately upon
entry, and the 14-day stay provided in such rules is expressly
waived and will not apply. Time is of the essence in approving the
sale, and the Debtor and the Purchaser intend to, and are
authorized to, close the sale as soon as practicable.
The proposed assumption and assignment of the IEDAC Lease
associated with the Purchased Assets, but without the purchase
option in favor of the tenant, is approved pursuant to section 365
of the Bankruptcy Code, there is no cure claim or existing defaults
under the IEDAC Lease, and the Purchaser has demonstrated adequate
assurances of future performance such that the assumption and
assignment of that Lease is necessary and appropriate.
All time periods set forth in the Order will be calculated in
accordance with Bankruptcy Rule 9006(a).
The escrow and title company handling the escrow and closing of the
sale is authorized and directed to administer the proceeds of sale
to pay any and all seller side fees and costs, including escrow and
closing costs, real property taxes, real estate commissions as
allowed by the Bankruptcy Court's Order Approving the Employment of
Kevin Ghafouria of Life Realty as Real Estate Broker for the
Debtor, and as split with the Purchaser's Broker pursuant to the
Purchase Agreement, and the Black Mountain Point Association in
care of its counsel at the law firm of Sylvester & Polednak, and
with any remaining net proceeds to be paid to the attorney trust
account of the Debtor's counsel, the law firm of Larson & Zirzow,
LLC with Pacific Premier Bank, which remaining funds will be held
in trust for the sole and exclusive benefit of the Secured
Creditors arranged by NV Capital, whose liens will remain and
continue in such proceeds of sale until paid.
For the avoidance of doubt, no distribution of these funds will be
made from the counsel's trust account absent further order of the
Court. The counsel will provide an inspection and accounting of all
funds immediately upon demand to any creditor or party in interest.
A hearing on the Motion was held on June 14, 2022 at 9:30 a.m.
About Gata III
Gata III, LLC is a Las Vegas-based company primarily engaged in
renting and leasing real estate properties.
Gata III filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Nev. Case No. 21-10690) on Feb. 15,
2021, listing as much as $10 million in both assets and
liabilities. Brian Shapiro serves as the Subchapter V trustee.
Judge Natalie M. Cox oversees the case.
Larson & Zirzow, LLC, led by Zachariah Larson, Esq., serves as the
Debtor's legal counsel.
GAUCHO GROUP: Issues 2.2 Million Shares to Option Holders
---------------------------------------------------------
Gaucho Group Holdings, Inc. issued a total of 2,207,309 shares of
its common stock to certain investors holding options to purchase
common stock of Gaucho Group, Inc., a wholly owned subsidiary of
the Company. On June 24, 2022, the Company further granted to the
Option Holders the right to receive, in the aggregate, up to
315,330 shares of restricted stock units subject to vesting, with
an aggregate of 157,665 shares vesting on Sept. 18, 2022, and
157,665 shares vesting on Dec. 18, 2022. The issuance and grant
were made in consideration for the Option Holders' agreement to
cancel their outstanding options to purchase common stock of GGI.
The value of the stock issuance and grant of restricted stock units
is approximately $1,576,648.
For this sale of securities, no general solicitation was used, no
commissions were paid, all persons were accredited investors, and
the Company relied on the exemption from registration available
under Section 4(a)(2) and/or Rule 506(b) of Regulation D
promulgated under the Securities Act with respect to transactions
by an issuer not involving any public offering. A Form D will be
filed with the SEC within 15 days of the issuance of the shares.
The Company's Chief Executive Officer and director, Scott L.
Mathis, the Company's Chief Financial Officer, Maria Echevarria,
and certain of the Company's directors, Steven Moel, Peter
Lawrence, and Reuben Cannon, each held options to purchase shares
of GGI. As such, each of the foregoing officers and directors were
issued shares of common stock of the Company as consideration for
the cancellation of their outstanding options to purchase shares of
common stock of GGI.
As previously announced in the Company's Form 8-K filed June 17,
2022, on June 15, 2022, the Board approved the creation of a
nominating committee of the Board and appointed Reuben Cannon as
Chairperson of the committee, with additional members Peter
Lawrence and Marc Dumont.
On June 22, 2022, the Board approved and adopted a Charter of the
Nominating and Corporate Governance Committee to govern its
membership and purpose.
A copy of the Nominating Committee Charter is available for free at
https://ir.gauchoholdings.com/corporate-governance/governance-documents.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019. As of March 31, 2022, the Company had $25.16
million in total assets, $10 million in total liabilities, and
$15.16 million in total stockholders' equity.
GENTREE LLC: $4M Sale of Paradise Valley Property to Walton Granted
-------------------------------------------------------------------
Judge Brenda K. Martin of the U.S. Bankruptcy Court for the
District of Arizona authorized Gentree LLC's sale to Walton Global
Holdings, LLC, or its assignee of the following Property:
"The Smoketree Resort located at 7101 East Lincoln Dr.,
Paradise Valley, Arizona 85258, consisting of approximately five
acres of land zoned SUP-R ("Land"), together with (a) all
buildings, structures and other improvements, utilities and
fixtures thereon, including the Buildings ("Improvements"), and (b)
all of the Seller's right, title and interest, if any, in and to
any air space, sub-terrain, roads, streets, alleys and ways, public
and private, serving any of said Land or Improvements, all of
Seller’s right, title and interest, if any, in and to any land
lying in the bed of any street, road, avenue or alley, open or
closed, or proposed to be opened or closed, in front of or
adjoining any of said Land, and all other appurtenances, water
lines, uses, licenses, rights, easements, rights-of-way, tenements
and hereditaments incident thereto, and all right, title and
interest of Seller in and to all products, proceeds and awards
resulting from the pending condemnation litigation with respect to
a portion of the Land (collectively, the "Appurtenant Rights"; (c)
all development rights and approvals, if any; and (d) all of the
Seller's right, title and interest in and to all fixtures and
tangible personal property which are located on the Land as of the
Closing Date. The Property does not include the liquor license
owned by a subsidiary which, if purchased by thePurchaser, will be
pursuant to a separate agreement or the furniture and equipment
owned by the Debtor."
The total purchase price for the Property $4 million plus the
amount necessary to pay in full the promissory note between the
Seller and Lender Smoke Tree Resort, LLC as of the Closing Date;
provided, however, that the total Purchase Price will be subject to
a cap of $14 million. The Purchase Price, less the Option Earnest
Money and the Deposit and subject to any adjustments described in
the Agreement, will be payable in full in immediately available
funds at the Closing.
The Purchase Agreement and the Transactions are approved and
authorized in all respects, and the Debtor is authorized and
empowered to enter into, and to perform its obligations under the
Purchase Agreement and to execute and perform such agreements or
documents, and take such other actions as are necessary or
desirable to effectuate the terms of the Purchase Agreement.
The sale is free and clear of any and all Claims and other
liabilities of any kind or nature whatsoever, whether imposed by
agreement, understanding, law, equity or otherwise, with all such
Claims to attach only to the Proceeds of the sale of the Resort
Property.
The proceeds will be distributed directly to Smoke Tree Resort, LLC
as follows:
Wire funds to: J.P. Morgan Chase, NY
Routing # 021000021
For Credit to: National Financial Services LLC
Account Number: 066196-221
For the Benefit of: Smoke Tree Resort LLC
For Final Credit to: Z71383848
Address: 383 Madison Avenue, New York, NY 10017
The $143,775.01 in Secured Tax Claims and the $42,905.25 in
Reimbursement Rights will be distributed directly to the holders of
such claims in accordance with instructions to be provided by such
holders. After resolution of the Debtor Dispute by joint
instruction or Court order (as applicable), the remaining Proceeds
will be delivered from escrow to the Debtor and held in a DIP
account subject to further order of the Court.
The Order constitutes a final order within the meaning of 28 U.S.C.
Section 158(a). Notwithstanding Bankruptcy Rule 6004, the Order
will be effective and enforceable immediately upon entry and its
provisions will be self-executing. Time is of the essence in
closing the Transactions, and the Debtor and Walton intend to close
the Transactions as soon as practicable in accordance with the
Purchase Agreement. Any party objecting to the Order must exercise
due diligence in filing an appeal, pursuing a stay and obtaining a
stay prior to the Closing or risk its appeal being foreclosed as
moot.
The automatic stay pursuant to Section 362 of the Bankruptcy Code
is lifted with respect to the Debtor to the extent necessary,
without further order of the Bankruptcy Court, to allow Walton to
deliver any notice provided for in the Purchase Agreement and allow
Walton to take any and all actions permitted under the Purchase
Agreement, in each case in accordance with the terms and conditions
thereof.
The Sale Hearing was conducted on June 7, 2022.
About Gentree LLC
Gentree LLC, a privately held company in Phoenix, Ariz., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 21-05347) on July 12, 2021. Taylor
Robinson, authorized agent of 7101 Management, LLC, signed the
petition. At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities. Dale C.
Schian, Esq., at Gallagher & Kennedy, P.A., is the Debtor's legal
counsel.
GIGA-TRONICS INC: Incurs $2.7 Million Net Loss in FY Ended March 26
-------------------------------------------------------------------
Giga-Tronics Incorporated filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$2.72 million on $9.03 million of total revenue for the year ended
March 26, 2022, compared to a net loss of $393,000 on $13.05
million of total revenue for the year ended March 27, 2021.
As of March 26, 2022, the Company had $8.06 million in total
assets, $4.33 million in total liabilities, and $3.73 million in
total shareholders' equity.
San Ramon, California-based Armanino LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 24, 2022, citing that the Company's significant
recurring losses and accumulated deficit raise substantial doubt
about its ability to continue as a going concern.
A full-text copy of the For 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/719274/000143774922015886/giga20220326_10k.htm
About Giga-tronics Inc.
Headquartered in Dublin, California, Giga-tronics Inc. is a
publicly held company, traded on the OTCQB Capital Market under
the symbol "GIGA". Giga-tronics -- http://www.gigatronics.com--
produces RADAR filters and Microwave Integrated Components for use
in military defense applications as well as sophisticated RADAR and
Electronic Warfare (RADAR/EW) test products primarily used in
electronic warfare test & emulation applications.
GWG HOLDINGS: Investors Face $1.3B Hit After Detour Into Startups
-----------------------------------------------------------------
Alexander Gladstone of The Wall Street Journal reports that bond
salesmen working out of strip malls across America pitched GWG
Holdings Inc. as a good investment. The company would use money
raised from bond sales to buy life-insurance policies from people
who wanted cash up front, then collect the payouts when those
people died. Investors, many of them elderly and retired
individuals, put $1.3 billion into the bonds.
What many of these retail investors didn't know was that GWG's
founders and a board director would each use the money to fund and
launch their own startup ventures, then move them out of the
investors' reach, according to people familiar with the matter.
The roughly 27,000 individuals who bought GWG's unique debt
securities, known as L Bonds, are now facing huge potential losses
-- for many, their retirement nest eggs.
A full-text copy of the article is available at
https://www.wsj.com/articles/retail-investors-face-1-3-billion-hit-after-asset-managers-detour-into-startups-11656066601
About GWG Holdings Inc.
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. Tex. Case No. 22-90032) on April 20, 2022.
In the petition filed by Murray Holland, as president and chief
executive officer, GWG Holdings estimated assets between $1 billion
and $10 billion and estimated liabilities between $1 billion and
$10 billion.
The case is assigned to Honorable Bankruptcy Judge Marvin Isgur.
Charles Stephen Kelley, Esq., at Mayer Brown LLP, is the Debtor's
counsel.
National Founders LP, as DIP Lender, is represented by Sidley
Austin LLP.
HAMMERTOWN LLC: Seeks Cash Collateral Access
--------------------------------------------
HammerTown LLC asks the U.S. Bankruptcy Court for the Northern
District of Texas, Fort Worth Division, for authority to use cash
collateral and provide adequate protection.
Specifically, the Debtor requests authority to use cash collateral
to pay up to 110% of each expense in the budget, so long as the
total of cash collateral spent during the month does not exceed by
more than 5% of that month's total.
The Debtor purchased all the assets and liabilities of The Design
Studio on July 21, 2021.
A search in the Texas Secretary of State shows that an allegedly
secured position is held by Fifth Third Bank.
The loan is secured by various pieces of furniture, art, and
inventory at the Debtor's business, however, the UCC on file
references "accounts" of the Debtor.
The Debtor requires the use of cash collateral for materials,
payroll, and general operating expenses. Revenue is generated
through the Debtor's interior design business. The revenue will be
deposited by the Debtor in its DIP operating account pending entry
of an order allowing use of cash collateral or consent by lien
holders.
A copy of the motion is available at https://bit.ly/3QYnuV2 from
PacerMonitor.com.
About HammerTown LLC
HammerTown LLC operates an interior design business. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Tex. Case No. 22-41429) on June 28, 2022. In the
petition signed by Tammy Hamilton, managing member, the Debtor
disclosed up to $500,000 in both assets and liabilities.
Robert C Lane, Esq., at The Lane Law Firm is the Debtor's counsel.
HOSSEIN S. NAMDARKHAN: $253K Sale of SMN's Membership Interest OK'd
-------------------------------------------------------------------
Judge Michelle V. Larson of the U.S. Bankruptcy Court for the
Northern District of Texas approved Hossein S. Namdarkhan's sale of
all of the Debtor's and the bankruptcy estate's interests in the
10% membership interest of SMN, LLC, to Marjaneh Namdarkhan, also
known as Marge Namdar for $253,344.
The Debtor is authorized to execute any and all documents necessary
to effectuate to sale of the Estate's interest in the Property.
The sale of the Property is free and clear of all liens, claims and
interests.
Federal Rule of Bankruptcy Procedure 6004(h) does not apply to the
Order.
The Court retains jurisdiction to the maximum extent possible to
interpret and to enforce the Order.
Hossein S. Namdarkhan sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 22-30292) on Feb. 24, 2022. The Debtor tapped Areya
Holder, Esq., as counsel.
IDE REAL ESTATE: Amends Huntington Bank Secured Claim Pay Details
-----------------------------------------------------------------
IDE Real Estate Group, LLC, submitted a Second Amended Combined
Plan of Liquidation and Disclosure Statement dated June 27, 2022.
The Second Amended Disclosure Statement added this paragraph: "The
Debtor may, from time to time, propose amendments or modifications
of this Plan prior to its confirmation, without leave of the Court.
After confirmation, and before substantial consummation of the
Plan, the Debtor may, with leave of the Bankruptcy Court, and upon
notice and opportunity for hearing to the affected Creditor(s)
only, remedy any defect or omission, reconcile any inconsistencies
in the Plan or in the Order of Confirmation or otherwise modify the
Plan."
Class IV consists of the the Allowed Secured Claim of Huntington
Bank. Huntington Bank shall possess an Allowed Secured Claim in the
amount of $1,708,044.00 against the Real Property. The fair market
value of the Real Property is $1,300,000.00. It is estimated that
$481,360.00 of Huntington Bank's Claim is an Unsecured Claim and
will be treated in Class V. The Liquidating Debtor shall administer
the Real Property for the benefit of, inter alios, Huntington Bank
and make distributions to Huntington Bank.
Huntington Bank's Allowed Secured Claim shall be paid from the sale
proceeds from the sale of the Real Property on the Distribution
Date after the payment of, the City, the Oakland County Treasurer,
the necessary closing costs associated with the sale of the Real
Property, and the allowed administrative claims of Stevenson &
Bullock, P.L.C. and CBRE, Inc. of the Debtor in the Case and the
allowed administrative claims of Stevenson & Bullock, P.L.C. and
the Subchapter V Trustee in the bankruptcy cases of Signtext 2,
Inc. and The Frasiers. The Debtor estimates that the administrative
claims of Stevenson & Bullock, P.L.C. to be $65,000 and the
Subchapter V Trustee to be $20,000 in the bankruptcy cases of
Signtext 2, Inc. and The Frasiers. The Debtor estimates closing
costs for the sale of the Real Property to be $15,000.00, not
including broker's fees.
Class V consists of the Holders of Allowed Unsecured Claims.
Neither pre-confirmation interest nor post-confirmation interest on
Allowed Class V Claims will be paid. In the event that all Holders
of Allowed Class I through Class IV Claims are paid in full, a
Creditor in this Class will receive a pro rata distribution
incident to its allowed Unsecured Claim on the Distribution Date.
Class VI consists of the Interests of the equity security holders
in the Debtor. Frasier is the sole Interest Holder of the Debtor.
The holders of the equity security Interests in the Debtor shall
neither receive any distributions nor retain any property under the
Plan.
On the Effective Date, all of the Debtor's rights, titles, and
interests in and to all Assets shall revest in the Liquidating
Debtor to be operated and distributed by the Liquidating Debtor
pursuant to the provisions of this Plan. All of the tangible Assets
of the Debtor will be held in the Stevenson & Bullock, P.L.C. IOLTA
Account and will include, inter alia, the sale proceeds from the
sale of the Real Property, any receivables, and any cash
equivalents not otherwise sold pursuant to an order of the Court in
the Case, and any recoveries from Avoidance Actions.
The Liquidating Debtor shall have full responsibility for
maintaining and preserving all of the Assets and any other assets
or interests of the Debtor and Liquidating Debtor until all
disbursements are made in accordance with the provisions of the
Plan. Upon entry of the Confirmation Order, Stevenson & Bullock,
P.L.C. shall be authorized to make such distributions pursuant to
this Plan.
A full-text copy of the Second Amended Combined Plan and Disclosure
Statement dated June 27, 2022, is available at
https://bit.ly/3HYDFNQ from PacerMonitor.com at no charge.
Counsel for the Debtor:
Stevenson & Bullock, P.L.C.
Elliot G. Crowder
Ernest M. Hassan, III
26100 American Drive, Suite 500
Southfield, MI 48034
Phone: (248) 354-7906
Facsimile: (248) 354-7907
Email: ecrowder@sbplclaw.com
Email: ehassan@sbplclaw.com
About IDE Real Estate Group
IDE Real Estate Group LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)).
IDE Real Estate Group LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
22-42349) on March 26, 2022. The Debtor stated it has no creditors
holding unsecured claims. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.
Judge Thomas J Tucker presides over the case.
Elliot G. Crowder, Esq. at STEVENSON & BULLOCK, P.L.C., is the
Debtor's counsel.
IDE REAL ESTATE: Court Orders Revisions; Plan Hearing August 17
---------------------------------------------------------------
On June 24, 2022, Debtor IDE Real Estate Group, LLC filed with the
U.S. Bankruptcy Court for the Eastern District of Michigan a First
Amended Combined Plan of Liquidation and Disclosure Statement.
On June 27, 2022, Judge Thomas J. Tucker conditionally granted
preliminary approval to the Disclosure Statement, subject to Debtor
correcting the following problem:
In paragraph 7.1 of the First Amended Plan on page 16, the Debtor
has not corrected the problem noted in paragraph 9 of the Court's
Order filed June 22, 2022. To correct this problem, the Debtor must
use the following language for paragraph 7.1:
* 7.1 The Debtor may, from time to time, propose amendments or
modifications of this Plan prior to its confirmation, without leave
of the Court. After confirmation, and before substantial
consummation of the Plan, the Debtor may, with leave of the
Bankruptcy Court, and upon notice and opportunity for hearing to
the affected Creditor(s) only, remedy any defect or omission,
reconcile any inconsistencies in the Plan or in the Order of
Confirmation or otherwise modify the Plan.
Accordingly, Judge Tucker ordered that:
* August 1, 2022 is the deadline to return ballots on the
Second Amended Plan, as well as to file objections to final
approval of the Second Amended Disclosure Statement and objections
to confirmation of the Second Amended Plan.
* August 17, 2022 at 11:00 a.m., in Room 1925, 211 W. Fort
Street, Detroit, Michigan is the hearing on objections to final
approval of the Second Amended Disclosure Statement and
confirmation of the Second Amended Plan.
* August 8, 2022 is the deadline for the Debtor to file a
signed ballot summary indicating the ballot count.
A full-text copy of the order dated June 27, 2022, is available at
https://bit.ly/3ys44QZ from PacerMonitor.com at no charge.
Counsel for the Debtor:
Stevenson & Bullock, P.L.C.
Elliot G. Crowder
Ernest M. Hassan, III
26100 American Drive, Suite 500
Southfield, MI 48034
Phone: (248) 354-7906
Facsimile: (248) 354-7907
Email: ecrowder@sbplclaw.com
Email: ehassan@sbplclaw.com
About IDE Real Estate Group
IDE Real Estate Group LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)).
IDE Real Estate Group LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
22-42349) on March 26, 2022. The Debtor stated it has no creditors
holding unsecured claims. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.
Judge Thomas J Tucker presides over the case.
Elliot G. Crowder, Esq. at STEVENSON & BULLOCK, P.L.C., is the
Debtor's counsel.
INFOW LLC: Jones Must Pay Sanctions in Sandy Hook Defamation Case
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that the conspiracy theorist
podcaster Alex Jones lost his bid Friday, June 24, 2022, to delay
the payment of $1 million in sanctions ordered by a Texas state
court judge in a defamation suit brought by families of victims of
the 2012 Sandy Hook Elementary School shooting when the court said
he is able to pay the fines and still continue defending himself in
the proceedings. During a virtual hearing, Judge Maya Guerra
Gamble of Texas' 459th Civil District Court said Jones has admitted
that he and the company that runs his InfoWars podcast are
essentially the same entity.
A full-text copy of the article is available at
https://www.law360.com/pulse/articles/1505557/alex-jones-must-pay-sandy-hook-defamation-case-sanctions
About InfoW LLC
InfoW, LLC, also known as InfoWars, is an American far-right
conspiracy theory and fake news website that is owned by Alex
Jones.
InfoW and affiliates, IWHealth, LLC and Prison Planet TV, LLC,
filed petitions under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022.
Melissa A. Haselden serves as Subchapter V trustee.
In the petition filed by W. Marc Scwartz, chief restructuring
officer, InfoW listed up to $50,000 in assets and up to $10 million
in liabilities.
Judge Christopher M. Lopez oversees the cases.
Kyung S. Lee, Esq., is the Debtor's legal counsel.
* * *
In June 2022, U.S. Bankruptcy Judge Christopher M. Lopez agreed to
sign an order approving dismissal of the cases of InfoW LLC,
IWHealth LLC and Prison Planet TV LLC, all entities that hold
intellectual property assets connected to Jones' podcast network.
Mr. Jones was criticized for abusing the bankruptcy system by
having his companies file for bankruptcy in April 2022 to limit
their liability after a defamation judgment against him and
InfoWars for making false statements about the Sandy Hook
Elementary School shooting. The Debtors later reached an agreement
with the U.S. Trustee for the dismissal of the Chapter 11 cases in
light of the dismissal with prejudice of the Debtors from the
lawsuits against them by the Texas and Connecticut plaintiffs.
JAX PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Jax Properties LLC
636 C Street
San Diego, CA 92101
Business Description: Jax Properties is primarily engaged in
renting and leasing real estate properties.
Chapter 11 Petition Date: June 28, 2022
Court: United States Bankruptcy Court
Southern District of California
Case No.: 22-01694
Debtor's Counsel: Bernard Hansen, Esq.
LAW OFFICE OF BERNARD M. HANSEN
3465 Camino del Rio, South #250
San Diego, CA 92108
Tel: 619-283-3371
Email: bernardmhansen@sbcglobal.net
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jack Rafiq as principal of corporate
manager.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6J55GMY/Jax_Properties_LLC__casbke-22-01694__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. San Diego Public Utilities Utility Services $14,819
PO Box 129020
San Diego, CA
2. SDG&E Utility Services $5,200
PO Box 25111
Santa Ana, CA 92799
3. Antoine Martin Relocation $4,720
636 C Street Benefit
#506
San Diego, CA 92101
4. Ladislav Pokluda Relocation $4,720
636 C Street Benefit
#416
San Diego, CA 92101
5. Upolu Ava Relocation $4,720
636 C Street Benefit
#317
San Diego, CA 92101
6. Earnest Rabb Relocation $4,720
636 C Street Benefit
#316
San Diego, CA 92101
7. Dean Patrick Wingo Relocation $4,720
636 C Street Benefit
#315
San Diego, CA 92101
8. Arthur Martinez Relocation $4,720
636 C Street Benefit
#220
San Diego, CA 92101
9. Divina Kaiser Relocation $4,720
636 C Street Benefit
#417
San Diego, CA 92101
10. Walter Eugene Simpson Relocation $4,720
636 C Street Benefit
#217
San Diego, CA 92108
11. Michael Scott Hayes Relocation $4,720
636 C Street Benefit
#201
San Diego, CA 92101
12. Lawrence Small Relocation $4,720
636 C Street Benefit
#409
San Diego, CA 92101
13. Zenon Monroy Relocation $4,720
636 C Street Benefit
#309
San Diego, CA 92101
14. Tamara Dawn Henry Relocation $4,720
636 C Street Benefit
#203
San Diego, CA 92101
15. Princeton Lee Relocation $4,720
636 C Street Benefit
#312
San Diego, CA 92101
16. Gary Hyatt Relocation $4,720
636 C Street Benefit
#402
San Diego, CA 92101
17. Ramona Navarro Relocation $4,720
636 C Street Benefit
#303
San Diego, CA 92101
18. Tommy Jay France Relocation $4,720
636 C Street Benefit
#302
San Diego, CA 92101
19. James Chantiles Relocation $4,720
636 C Street Benefit
#301
20. Cintas Fire $3,000
8254 Ronson Road
San Diego, CA 92111
JAXON5 IMPORTS: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Jaxon5 Imports, LLC asks the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, for authority to use cash
collateral on an interim basis to pay its necessary expenses of its
business in the ordinary course.
Mantis Funding and Triumph Business Capital may purport or might
hold deed of trust liens, security interests or encumbrances in
inventory, accounts or other cash collateral.
The Debtor has two brokers that were originally set up without
factoring agreements, R2 Logistics, Inc. and Spirit Truck
Brokerage.
The Debtor requests preliminary and interim authorization to use
cash collateral as set forth in the interim budget until a final
order granting further use of cash collateral can be entered. The
Debtor is without sufficient funds, other than the cash collateral,
to operate.
The interim budget itemizes the uses of cash by budgetary category
and includes a list of business expenses that are reasonable and
necessary and that must be paid until such time as a final hearing
on the Motion can be held. The Debtor proposes that any amounts
listed in the interim budget that are unused in any week may be
carried over and used by the Debtor in any subsequent week, as
needed. The Debtor also proposes that any amounts listed in the
interim budget that are unused for any category may be used in
another category, as needed.
The Debtor proposes to adequately protect the interests of the Cash
Collateral Lenders in the collateral in a number of ways. The
Debtor proposes to grant to the Cash Collateral Lenders
post-petition replacement liens in the same assets of the Debtor
that such entity had prior to the filing of the chapter 11
bankruptcy case.
In addition, the Debtor will provide the Cash Collateral Lenders
with information relating to projected revenues and expenses,
actual revenue and expenses, and variances from the interim
budget.
A copy of the motion is available at https://bit.ly/3a3oIh4 from
PacerMonitor.com.
About Jaxon5 Imports
Jaxon5 Imports, LLC, is a licensed and bonded freight shipping and
trucking company running freight hauling business from Cypress,
Texas.
Jaxon5 Imports filed a petition for relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
22-31596) on June 7, 2022, listing as much as $500,000 in both
assets and liabilities. Catherine Stone Curtis has been appointed
as Subchapter V trustee.
The case is assigned to Judge Jeffrey P Norman.
Reese W. Baker, Esq., at Baker & Associates is the Debtor's
counsel.
KEYS MEDICAL: Case Summary & Seven Unsecured Creditors
------------------------------------------------------
Debtor: Keys Medical Staffing, LLC
770 N Halsted St
#100
Chicago, IL 60642
Business Description: Keys Medical is an employment services
company that provides healthcare
professionals for a wide range of medical
specialties.
Chapter 11 Petition Date: June 28, 2022
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 22-20573
Judge: Hon. James R. Sacca
Debtor's Counsel: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
2987 Clairmont Road Suite 350
Atlanta, GA 30329
Tel: 678-587-8740
Email: wrountree@rlkglaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Christy Collins-French as chief
operating officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/BHS5CEQ/Keys_Medical_Staffing_LLC__ganbke-22-20573__0001.0.pdf?mcid=tGE4TAMA
KEYS MEDICAL: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Keys Medical Staffing, LLC asks the U.S. Bankruptcy Court for the
Northern District of Georgia, Gainesville Division, for authority
to use cash collateral on an emergency basis to continue its
operations in accordance with the proposed budget.
In 2020, the Debtor earned a huge contract that required it to
place over 100 employees at one time all over the state of Georgia.
At that point, the Debtor determined that it was in its best
interest to focus its efforts on growing the business and allow an
outside party to operate invoicing and payroll.
To that end, on June 2, 2020, the Debtor entered into a financing
agreement with ARA, Inc. d/b/a Lone Oak Payroll, a factoring
company, and executed a Conditional Letter of Agreement for
Factoring and Payroll Services. ARA has a security interest in the
Debtor's accounts receivable pursuant to the to the Agreement and
UCC Financing Statement No. 025631471 filed with the Illinois
Secretary of State on June 3, 2020.
On July 21, 2021, the Debtor's largest client, SavaSeniorCare
Administrative Services, LLC, requested that the invoices prepared
by ARA be produced in a format that complied with the Centers for
Medicare and Medicaid Services requirements. The Debtor tried to
work with ARA to reformat the invoices, but the Debtor's efforts
were unsuccessful and in August 2021 Sava began to reject invoices
for the formatting issue. The Debtor began to prepare invoices for
Sava manually.
Other clients began to require that their invoices meet the CMS
requirements as well, and by December 2021 the Debtor was being
bombarded with denials of payments and was incurring fees for the
consistent incorrect invoices that ARA was sending. Revenue
plummeted and the Debtor's clients were angered by the consistent
invoicing problems.
At this point, the relationship between the Debtor and ARA has
soured to the point that both parties have purported to terminate
the Agreement.
Currently, the Debtor is owed up to $1.712 million from nine
different clients and ARA has either received the payments and not
sent funds to the Debtor, or has instructed the clients not to pay
the Debtor directly.
Most significantly, Sava is holding a $1.29 million check that is
owed to the Debtor for services provided. The Debtor requested that
Sava make the payment to the Debtor directly, but ARA threatened
legal action if Sava pays the Debtor.
As adequate protection, the Debtor proposes to grant the Lender a
replacement lien in post-petition collateral of the same kind,
extent, and priority as the liens existing pre-petition, except
that the Adequate Protection Lien will not extend to the proceeds
of any avoidance actions received by the Debtor or the estate
pursuant to chapter 5 of the Bankruptcy Code.
A copy of the motion and the Debtor's 13-week budget is available
at https://bit.ly/3u7xnpG from PacerMonitor.com.
The budget provides for total outflows, on a weekly basis, as
follows:
$29,490 for Week 1;
$32,143 for Week 2;
$37,326 for Week 3;
$41,145 for Week 4;
$41,229 for Week 5;
$46,730 for Week 6;
$51,330 for Week 7;
$59,251 for Week 8;
$68,756 for Week 9;
$80,162 for Week 10;
$93,849 for Week 11;
$110,273 for Week 12; and
$129,983 for Week 13.
About Keys Medical Staffing, LLC
Keys Medical Staffing, LLC is a medical staffing company formed by
Dr. Theresa Jones and Dr. Linnie Fletcher in 2016.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20573-jrs) on June 28,
2022. In the petition filed by Christy Collins-French, chief
operating officer, the Debtor disclosed up to $10 million in assets
and up to $1 million in liabilities.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
serves as the Debtor's counsel.
KINTARA THERAPEUTICS: All Four Proposals Passed at Annual Meeting
-----------------------------------------------------------------
Kintara Therapeutics, Inc. held its Annual Meeting of Stockholders
at which the stockholders:
(1) elected Robert E. Hoffman, Robert J. Toth, Jr., Laura
Johnson, Tamara A. Seymour as directors of the Company to hold
office until the next annual meeting and until his or her successor
has been duly elected and qualified, or, if sooner, until the
director's death, resignation or removal.
(2) adopted an amendment to the Articles of Incorporation to
increase the number of shares of Common Stock available for
issuance thereunder from 175,000,000 to 275,000,000 shares;
(3) approved the proposal to adopt an amendment to the 2017 Plan
to increase the number of shares of Common Stock available for
issuance under the 2017 Plan from 13,000,000 to 22,000,000 shares;
and
(4) ratified the appointment of Marcum LLP as the Company's
independent registered public accounting firm for the Company's
fiscal year ending June 30, 2022.
About Kintara
Located in San Diego, California, Kintara Therapeutics, Inc.
(formerly DelMar Pharmaceuticals) is dedicated to the development
of novel cancer therapies for patients with unmet medical needs.
Kintara is developing two late-stage, Phase 3-ready therapeutics
for clear unmet medical needs with reduced risk development
programs. The two programs are VAL-083 for GBM and REM-001 for
CMBC.
Kintara reported a net loss of $38.30 million for the year ended
June 30, 2021, compared to a net loss of $9.13 million for the year
ended June 30, 2020. As of March 31, 2022, the Company had $12.80
million in total assets, $3.41 million in total liabilities, and
$9.39 million in total stockholders' equity.
San Francisco, CA-based Marcum LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
Sept. 28, 2021, citing that the Company has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
LEAR CAPITAL: Creditors Committee Creation in Subchapter V Okayed
-----------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge has
approved a settlement that will allow the formation of a committee
to represent Lear Capital Inc.'s customers in the metal and coin
investment firm's Subchapter V bankruptcy and extend case deadlines
by three months to allow plan talks.
U.S. Bankruptcy Judge Brendan Shannon approved the deal Thursday.
It also reopens the case for creditor claim submissions, calls for
regulators in almost three dozen states to refrain from filing new
suits against Lear and sets up the case's Subchapter V trustee as a
mediator to attempt to hammer out a mutually agreeable bankruptcy
plan.
About Lear Capital
Lear Capital Inc. is a silver and gold coin dealer based in Los
Angeles, Calif.
Lear Capital filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-10165) on March 2,
2022, to weather possible future legal claims associated with its
sales practices as well as customer disclosures. Jami B. Nimeroff
serves as Subchapter V trustee.
As of Feb. 28, 2022, Lear Capital had assets of $34,449,619 against
liabilities of $22,355,066.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Shulman Bastian Friedman & Bui, LLP as general
bankruptcy counsel; Morris James, LLP as local counsel; Mitchell
Silberberg & Knupp, LLP and The Cook Law Firm, P.C. as special
counsels; Paladin Management Group as financial advisor; and Baker
Tilly US, LLP as accountant. BMC Group, Inc., is the claims,
noticing and administrative agent.
LEXARIA BIOSCIENCE: Signs Manufacturing Agreement With BevNology
----------------------------------------------------------------
Lexaria Bioscience Corp. has entered into a manufacturing operating
agreement with BevNology, LLC, under which BevNology will provide
fee-based services for the production of DehydraTECH-enabled active
pharmaceutical ingredients for the Company's corporate clients.
The Company, via its wholly owned subsidiary Lexaria Hemp Corp.,
has also entered into an intellectual property license agreement
with BevNology. Bevnology has been provided with global
non-exclusive rights for a period of five years, subject to certain
exceptions as noted below, to utilize DehydraTECH patented
technology with hemp derived CBD containing less than 0.3% THC for
bulk powders, bulk liquids and third party finished consumer
products for certain royalty fees. The global rights do not extend
into the countries of Japan, the Republic of Korea or the People's
Republic of China and BevNology will hold limited exclusive rights
only in the United States and only with respect to bulk liquids
with the maintenance of such exclusive rights being subject to a
minimum fee.
About Lexaria
Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is
a global innovator in drug delivery platforms. Its patented
DehydraTECH drug delivery technology changes the way Active
Pharmaceutical Ingredients enter the bloodstream, promoting
healthier ingestion methods, lower overall dosing, and higher
effectiveness for lipophilic active molecules. DehydraTECH
increases bio-absorption, reduces time of onset, and masks unwanted
tastes for orally administered bioactive molecules, including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine, and other molecules. Lexaria has licensed
DehydraTECH to multiple companies in the cannabis industry for use
in cannabinoid beverages, edibles and oral products and to a
world-leading tobacco producer for the development of smokeless,
oral-based nicotine products. Lexaria operates a licensed in-house
research laboratory and holds a robust intellectual property
portfolio with 16 patents granted and over 60 patents pending
worldwide.
Lexaria Bioscience reported a net loss and comprehensive loss of
$4.19 million for the year ended Aug. 31, 2021, a net loss and
comprehensive loss of $4.08 million for the year ended Aug. 31,
2020, and a net loss and comprehensive loss of $4.16 million for
the year ended Aug. 31, 2019. As of Feb. 28, 2022, the Company had
$11.41 million in total assets, $194,623 in total liabilities, and
$11.22 million in total stockholders' equity.
LIMETREE BAY: St. Croix Questions Integrity of Bankruptcy Auction
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The St. Thomas Source reports that with the release of a statement
earlier by West Indies Petroleum Limited (WIPL) that it "is not a
stakeholder in the Limetree Bay Refinery," the attorney for St.
Croix Energy is calling into question the integrity of the
bankruptcy auction process, saying that bidding was reopened "not
because of the emergency circumstances" but "ultimately because the
successful bidder was not WIPL."
"Therefore, the auction was improperly reopened for a bidder that
should not have been permitted to bid at the reopened auction,"
said Gregg Galardi, St. Croix Energy's legal counsel in a statement
Friday, June 24, 2022, night.
In a second statement, still unnamed company officials added that
they are "disheartened to learn of the financial and physical
condition that the refinery is currently in."
"We still have a genuine belief that an environmentally compliant
restart is possible and in the best interest of the people of the
Virgin Islands," according to the statement.
WIPL's announcement Wednesday was in direct contrast to a statement
it issued in January, vowing to be a good steward of the refinery
after it acquired the facility for $62 million at the sale governed
by the bankruptcy court.
In January 2022, the company said it was "reiterating its
commitment to successfully close the sale and pursue major
strategic investment in the refinery. ... WIPL is also committed to
being sensitive to environmental considerations in its operation of
the facility that is widely regarded among stakeholders as a
landmark and the largest of its kind in the Western Hemisphere."
For its part, the U.S. Environmental Protection Agency, which
maintains a webpage dedicated to its oversight of the Limetree Bay
Refinery that lists WIPL and PHRT as the owners, said Wednesday,
June 22, 2022, that the "EPA is consulting the U.S. Department of
Justice on this matter."
Port Hamilton Refining and Transportation (PHRT) released an
unsigned statement Thursday afternoon, saying that while they and
WIPL were designated as the winning bidder for the refinery
following the bankruptcy auction, PHRT has always held the title.
"The Limetree Bay Refinery was earlier this year successfully
purchased by Port Hamilton Refining and Transportation, as
reflected in the bankruptcy court filings. WIPL did not take title
to the refinery. The refinery remains owned by Port Hamilton. Port
Hamilton was the legal entity used to acquire the Limetree Bay
Refinery in St. Croix and it also is a separate legal entity from
WIPL," the statement said.
"All relevant authorities which approved and regulated the sale of
the refinery are fully aware of the aforementioned circumstances in
which the transaction was completed," it said. "Port Hamilton has
proceeded to have discussions with the relevant authorities as it
takes steps towards operationalizing the facility in the shortest
possible time while being sensitive to environmental best
practices."
About Limetree Bay
Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands. The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.
Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day. Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.
Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021. The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).
Limetree Bay Terminals, LLC did not file for bankruptcy.
In the petitions signed by Mark Shapiro, chief restructuring
officer, Limetree Bay Services disclosed up to $10 million in
assets and up to $50,000 in liabilities. Limetree Bay Refining
estimated up to $10 billion in assets and up to $1 billion in
liabilities.
The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel,
Beckstedt & Kuczynski LLP as special counsel, and GlassRatner
Advisory & Capital LLC, doing business as B. Riley Advisory
Services, as restructuring advisor. Mark Shapiro of GlassRatner is
the Debtors' chief restructuring officer.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.
Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve
as the committee's legal counsel and financial advisor,
respectively.
405 Sentinel, LLC serves as administrative and collateral agent for
the DIP lenders.
About Tiger Oak Media
Tiger Oak Media, Incorporated, is a regional and national publisher
of books, magazines, media and events that appeal to targeted
audiences.
Tiger Oak Media sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 19-43029) on Oct. 7,
2019. In the petition signed by its CEO Craig Bednar, the Debtor
was estimated to have assets of less than $50,000 and liabilities
of less than $10 million.
The Hon. Michael E. Ridgway is the case judge.
The Debtor tapped Steven Nosek, Esq. and Yvonne Doose, Esq., as
bankruptcy attorneys; Lurie, LLP as accountant; and Integrated
Consulting Services, LLC as financial consultant.
The U.S. Trustee for Region 12 appointed creditors to serve on the
official committee of unsecured creditors on Oct. 22, 2019. The
committee tapped Bassford Remele, P.A., as its legal counsel, and
Platinum Management, LLC as its financial advisor.
Choice Financial Group, as Lender, is represented by Manty &
Associates, PA.
MATCH GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its ratings on Dallas-based Match Group Inc., including
its 'BB' issuer credit rating, 'BBB-' issue-level and '1' recovery
ratings on Match's secured term loan, and 'BB' issue-level and '3'
recovery ratings on its senior unsecured notes.
The positive outlook reflects S&P's view that the company's S&P
Global Ratings-adjusted net leverage could remain below the upgrade
threshold of 3x in the next 12 months.
S&P said, "Although Match announced a share buyback program in May
2022, we expect continued EBITDA growth led by steady payer growth.
The company will gain market share with audio and video
implementation and social distancing practices and lockdowns phase
out in Asia-Pacific. The company also refinanced most of its 2022
exchangeable bonds in 2021 with a mix of debt, equity, and cash.
"We expect steady payer growth to continue driving strong operating
performance. Match's strong operating performance in 2021 and the
first quarter of 2022 was driven by strong payer growth at Tinder
and contributions from other brands such as Hinge and Hyperconnect.
Direct revenues from Tinder increased 22% in 2021. As such, the
company increased revenue 25% and S&P Global Ratings-adjusted
EBITDA 19% in 2021. We expect demand to remain strong in fiscal
2022 following steady payer growth in the first quarter as it
benefits from secular online dating trends, international
expansion, rollout of new products, and feature updates, despite
ongoing macroeconomic challenges. Although we expect the company's
S&P Global Ratings-adjusted EBITDA margin to slightly decline in
2022 due to full-year contribution of lower-margin Hyperconnect and
increased in-app purchase fees, we forecast S&P Global
Ratings-adjusted EBITDA to increase about 10%-12% over the next two
years with margins remaining in the mid-30% area and S&P Global
Ratings-adjusted leverage remaining below 3x over the next 12-18
months.
"Ongoing macroeconomic challenges remain a risk to our base-case
forecast. The ongoing volatile macroeconomic situation continues
across the globe. This includes negative impacts of the
Russia-Ukraine conflict on the European business, continued
COVID-19 cases and restrictions in Asia-Pacific and China,
weakening consumer discretionary spending, and negative foreign
exchange impact. Although we expect solid users and revenues growth
over the next 12-18 months, we believe consumer demand may weaken
and the addition of new users will slow if recession risk increases
with no macroeconomic improvement. We revised our assessment of the
risk of a technical recession (a broad-based, sharp reduction in
economic activity) over the next 12 months to 40%, with a 35%-45%
band reflecting a larger spike in prices with an even more
aggressive U.S. Federal Reserve policy heading into 2023. The
35%-45% band reflects increased uncertainty over the Russia-Ukraine
conflict."
S&P expects the company to maintain prudent financial policy.
S&P said, "We view the 2020 spin-off of Match by
IAC/InterActiveCorp. as a decisive factor for Match's financial
policy. The company reduced leverage below 3x by prioritizing debt
repayment ahead of dividends and share repurchases. Match has
historically used most of its free operating cash flow (FOCF) for
share repurchases, cash distributions, investments, and
acquisitions. We expect that to remain a part of its capital
allocation. We expect Match to resume share repurchases with
leverage comfortably below 3x and that acquisitions would be funded
primarily with cash and equity. Match would prioritize debt
repayment if a proposed acquisition were to increase leverage above
3x. Match has a good record of generating steady free cash flows
due to high EBITDA margin and low working capital and capital
expenditure (capex) needs. Although free cash flow in 2022 remains
lower due to a $441 million litigation payment related to Tinder,
we expect that in 2023 its performance will continue to be healthy
and FOCF will exceed $1 billion annually, facilitating share
repurchases and small acquisitions to support growth."
Positive industry growth trends in the online dating industry,
further accelerated by the COVID-19 pandemic, product innovation,
and increasing market penetration, will drive growth. Over the past
decade, online dating has become mainstream, with over one-third of
U.S. couples meeting online, according to Pew Research Center and
Jefferies Research. Consumer preferences for online dating channels
and declining marriage rates represent continued secular growth,
which benefits all online dating channels. Match expanded during
the onset of COVID-19 pandemic as users continued to use apps to
meet or discover new people and relationships amid stay-at-home
restrictions. Despite an inverse relationship with user growth and
areas severely affected by the pandemic, Match diverted marketing
budgets toward less-affected countries, which helped increase
users. The demand for online dating apps will remain strong as
recovery from COVID-19 gains momentum and restrictions are lifted
across its major markets, the U.S. and Japan, despite the weak
economic outlook. S&P said, "We expect Match to develop marketing
campaigns and initiatives that will increase new user growth and
engagement across its apps. We further expect that introduction of
new features such as Festival Mode, monetization for female users,
and Tinder Coins will increase its user base. Match also remains
focused on brands such as Hinge and Hyperconnect, with which it
expects to increase its international presence in untapped markets
at various demographics as organic traction remains strong. The
improved app store ecosystem by removing mandatory in-app payment
and discriminatory fee structures could also improve earnings, but
the timing remains uncertain. We believe Match will benefit from
these initiatives to drive long-term growth."
S&P said, "The positive outlook reflects our view that steady payer
growth across Match's Tinder and non-Tinder brands will drive
organic revenue and EBITDA growth. We expect Match will maintain a
prudent financial policy such that it sustains leverage below 3x in
the next 12-18 months despite macroeconomic constraints and its
appetite for share repurchases and acquisitions."
S&P could raise the rating if:
-- Match maintains and commits to maintaining its net leverage
below 3x; and
-- It maintains strong performance of Tinder and revenue and
EBITDA growth at non-Tinder brands.
S&P could lower the rating if:
-- Revise the outlook to stable if Match increases leverage above
the 3x area on a sustained basis because of higher fees allocated
toward the Google Play billing system, lower demand from a change
in consumer preferences, a weak post-pandemic economy, intensifying
competition, or acquisitions; or
-- Lower the rating if leverage exceeds 4x likely due to the
company prioritizing a more aggressive financial policy and
pursuing significant debt-funded acquisitions or share repurchases
rather than debt reduction.
ESG credit indicators: E-2, S-2, G-2
MERCURITY FINTECH: Regains Compliance With Nasdaq Listing Rule
--------------------------------------------------------------
Mercurity Fintech Holding Inc. received written notice from the
Listing Qualifications Department of the Nasdaq Stock Market
stating that the Company has regained compliance with the Nasdaq
Listing rule 5250(c)(1) and the matter is now closed.
The Company was previously notified by Nasdaq on May 13, 2022 that
it was not in compliance with Nasdaq's Listing Rule 5250(c)(1) due
to the failure to file its annual report on Form 20-F for the
period ended Dec. 31, 2021. The Company regained compliance with
such Nasdaq continued listing requirement as a result of filing the
annual report on Form 20-F on June 15, 2022, for the period ended
Dec. 31, 2021.
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech group powered by blockchain technology. The
Company's primary business scope includes digital asset trading,
asset digitization, cross-border remittance and other services,
providing compliant, professional, and highly efficient digital
financial services to its customers. The Company recently began
to narrow in on Bitcoin mining, digital currency investment and
trading, and other related fields. This shift has enabled the
company to deepen its involvement in all aspects of the blockchain
industry, from production to circulation.
Mercurity reported a net loss of $20.75 million for the year ended
Dec. 31, 2021, a net loss of $1.65 million for the year ended
Dec. 31, 2020, a net loss of $1.22 million for the year ended Dec.
31, 2019, a net loss of $123.24 million for the year ended Dec. 31,
2018, and a net loss of $161.90 million for the year ended Dec. 31,
2017.
MINE HILL ANESTHESIA: Future Profits to Fund Plan Payments
----------------------------------------------------------
Debtors Mine Hill Anesthesia, LLC ("MHA"), Mine Hill Surgical
Center, LLC ("MHSC"), and Champey Pain Group, LLC ("CPG") filed
with the U.S. Bankruptcy Court for the Southern District of Florida
a Joint Subchapter V Plan of Reorganization dated June 27, 2022.
The Debtors are affiliates that operate an ambulatory surgical
center (i.e., hospitalization not required) in Mine Hill, New
Jersey specializing in interventional pain management and minimally
invasive spine surgery and treatments for patients who suffer from
acute or chronic back and neck pain.
On February 25, 2022, the Debtors filed the Cases under subchapter
V of chapter 11 of the Bankruptcy Code to obtain a breathing spell
from Echelon's aggressive collection efforts and reorganize their
debts. In light of the filing of the Cases, the NJ Domestication,
the State Court Case and the Appeal were stayed under 11 U.S.C. §
362.
Class 2 consists of the Allowed General Unsecured Claims against
MHSC. Without prejudice, MHSC estimates that Class 2 consists of
General Unsecured Claims in the approximate total amount of
$283,025.82 plus the Echelon Claim. MHSC anticipates that the Court
will sustain the Echelon Claim Objection and strike and disallow
the Echelon Claim in its entirety.
Except to the extent that a holder of an Allowed Class 2 Claim has
been paid prior to the Effective Date or agrees to a different
treatment, in full satisfaction, settlement, release,
extinguishment and discharge of such Claim, each holder of an
Allowed Class 2 Claim shall receive quarterly Pro Rata
Distributions of MHSC's projected disposable income for 12
consecutive fiscal quarters commencing with the first full quarter
following the Effective Date. Each quarterly Pro Rata Distribution
shall be payable within fifteen days following the end of the
respective quarter.
Class 3 consists of Allowed Equity Interests in MHSC owned 100% by
Edward Champey, M.D. Upon the Effective Date, the holder of the
Allowed Equity Interests in MHSC shall retain 100% of his Equity
Interests in the Reorganized Debtor. Other than retaining his
Equity Interests in the Reorganized Debtor, the holder of the
Allowed Equity Interests in MHSC shall not be entitled to receive
any other Distribution under the Plan on account of such Equity
Interests.
Class 5 consists of the Allowed General Unsecured Claims against
MHA. Without prejudice, MHA estimates that Class 5 consists of
General Unsecured Claims in the approximate total amount of
$27,308.25 plus the Echelon Claim. MHA anticipates that the Court
will sustain the Echelon Claim Objection and strike and disallow
the Echelon Claim in its entirety.
Except to the extent that a holder of an Allowed Class 5 Claim has
been paid prior to the Effective Date or agrees to a different
treatment, in full satisfaction, settlement, release,
extinguishment and discharge of such Claim, each holder of an
Allowed Class 5 Claim shall receive quarterly Pro Rata
Distributions of MHA's projected disposable income for 12
consecutive fiscal quarters commencing with the first full quarter
following the Effective Date. Each quarterly Pro Rata Distribution
shall be payable within fifteen days following the end of the
respective quarter.
Class 6 consists of Allowed Equity Interests in MHA owned 100% by
Wendy Champey, M.D. Upon the Effective Date, the holder of the
Allowed Equity Interests in MHA shall retain 100% of her Equity
Interests in the Reorganized Debtor. Other than retaining her
Equity Interests in the Reorganized Debtor, the holder of the
Allowed Equity Interests in MHA shall not be entitled to receive
any other Distribution under the Plan on account of such Equity
Interests.
Class 8 consists of the Allowed General Unsecured Claims against
CPG. Without prejudice, CPG estimates that Class 8 consists of
General Unsecured Claims in the approximate total amount of
$57,674.04 plus the Echelon Claim. CPG anticipates that the Court
will sustain the Echelon Claim Objection and strike and disallow
the Echelon Claim in its entirety. Pursuant to the Court's Order
Granting Tort Claimant's Motion for Relief from the Automatic Stay
Pursuant to 11 U.S.C. § 362(d) to Pursue Available Insurance,
Class 8 specifically excludes the unliquidated general unsecured
claim of Harriet Lacewell, individually and as administrator ad
prosequendum of the Probate Estate of Warren Lacewell, as Ms.
Lacewell is not entitled to receive a distribution from the CPG
Estate.
Except to the extent that a holder of an Allowed Class 8 Claim has
been paid prior to the Effective Date or agrees to a different
treatment, in full satisfaction, settlement, release,
extinguishment and discharge of such Claim, each holder of an
Allowed Class 8 Claim shall receive quarterly Pro Rata
Distributions of CPG's projected disposable income for 12
consecutive fiscal quarters commencing with the first full quarter
following the Effective Date. Each quarterly Pro Rata Distribution
shall be payable within fifteen days following the end of the
respective quarter.
Class 9 consists of Allowed Equity Interests in CPG owned 100% by
Edward Champey, M.D. Upon the Effective Date, the holder of the
Allowed Equity Interests in CPG shall retain 100% of his Equity
Interests in the Reorganized Debtor. Other than retaining his
Equity Interests in the Reorganized Debtor, the holder of the
Allowed Equity Interests in CPG shall not be entitled to receive
any other Distribution under the Plan on account of such Equity
Interests.
Except as otherwise provided in the Plan or the Confirmation Order,
on the Effective Date, the Reorganized Debtors shall be vested with
all of the property of their respective Estate free and clear of
all Claims, Liens, encumbrances, charges, and other interests,
including but not limited to that of holders of Claims and holders
of Equity Interests. The Reorganized Debtors shall assume all of
the Debtors' respective rights, obligations and liabilities under
the Plan and the Confirmation Order.
The sources of consideration for Distributions under the Plan
include the Debtors' cash on hand as of the Effective Date as well
the future profits of the Reorganized Debtors.
A full-text copy of the Joint Subchapter V Plan dated June 27,
2022, is available at https://bit.ly/3nnF47p from PacerMonitor.com
at no charge.
Attorneys for the Debtors:
Bradley S. Shraiberg, Esq.
Joshua Lanphear, Esq.
Shraiberg Page, P.A.
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
Email: bss@SP.law
jlanphear@SP.law
About Mine Hill Anesthesia
Mine Hill Anesthesia, LLC and its affiliates, Mine Hill Surgical
Center, LLC and Champey Pain Group, LLC, filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Lead Case No. 22-11577) on Feb. 25, 2022. Tarek Kirk Kiem serves as
Subchapter V trustee.
At the time of the filing, Mine Hill listed up to $50,000 in assets
and up to $10 million in liabilities.
Judge Erik P. Kimball oversees the cases.
The Debtors tapped Shraiberg Page, P.A., as bankruptcy counsel and
Nagel Rice, LLP as special counsel.
MULLEN AUTOMOTIVE: Amends Series D Preferred Stock Voting Rights
----------------------------------------------------------------
In order to comply with Nasdaq listing rules relating to voting
rights, Mullen Automotive Inc. entered into Amendment No. 1 to the
existing securities purchase agreement dated as of June 7, 2022,
the terms of which, including the terms of yet to be created Series
D Preferred Stock, par value $0.001 per share, were previously
reported in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on June 10, 2022. The Amendment
amends and restates the form of Certificate of Designation of the
Series D Preferred Stock, which is attached as an exhibit to the
Securities Purchase Agreement, primarily amending the voting
rights:
Voting Rights. Except as provided by law, the Series D Preferred
Stock will have no voting rights except that approval from a
majority in interest of the Series D Preferred Stock, voting as a
separate class, is required in the case of (i) a voluntary
dissolution, liquidation or winding up of the Company or voluntary
petition for bankruptcy or assignment for the benefit of creditors,
(ii) a merger or consolidation of the Company with or into another
entity, (iii) a Liquidation Event (as defined in the Company's
Second Amended and Restated Certificate of Incorporation), (iv) any
amendment to the Second Amended and Restated Certificate of
Incorporation or the Company's bylaws which adversely affects the
rights, preferences and privileges of the Series D Preferred, or
(v) any authorization or issuance of any equity security (including
any other security convertible into or exercisable for any such
equity security) having a preference over or parity with the Series
D Preferred Stock.
About Mullen
Mullen Automotive Inc. (fka Net Element Inc.) operates a Southern
California-based electric vehicle company that operates in various
verticals of businesses focused within the automotive industry.
The Company has two electric vehicles under development, one of
which the Company expects to begin delivery of in the second
quarter of 2024. Mullen has several divisions that operate
synergistic businesses, being: CarHub, a digital platform that
leverages artificial intelligence to offer an interactive solution
for buying, selling and owning a car, and Mullen Energy, a division
focused on advancing battery technology and emergency point-of-care
solutions.
Mullen Automotive reported a net loss of $44.24 million for the
year ended Sept. 30, 2021, compared to a net loss of $30.18 million
for the year ended Sept. 30, 2020. As of March 31, 2022, the
Company had $105.21 million in total assets, $55.65 million in
total liabilities, and $49.56 million in total stockholders'
equity.
Fort Lauderdale, Florida-based Daszk al Bolton LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Dec. 29, 2021, citing that the Company has sustained
net losses, has indebtedness in default, and has liabilities in
excess of assets, which raise substantial doubt about its ability
to continue as a going concern.
MUSCLE MAKER: Removes Chief Accounting Officer Position
-------------------------------------------------------
Muscle Maker, Inc. advised Ferdinand Groenewald that the position
of chief accounting officer has been eliminated.
Mr. Groenewald has agreed to continue his employment with the
Company through approximately Aug. 15, 2022, which date may be
accelerated at Mr. Groenewald's election, at which time he will be
entitled to the severance for termination without cause as outlined
in the letter agreement between the Company and Mr. Groenewald
dated Feb. 9, 2022.
About Muscle Maker
Headquartered in League City, Texas, Muscle Maker is the parent
company of "healthier for you" brands delivering food options to
consumers through traditional and non-traditional locations such as
military bases, universities, ghost kitchens, delivery and direct
to consumer ready-made meal prep options. Brands include Muscle
Maker Grill restaurants, Pokemoto Hawaiian Poke, SuperFit Foods
meal prep and multiple ghost kitchen brands such as Meal Plan AF,
Wrap it up Wraps, Bowls Deep, Burger Joe's, MMG Smoothies, Mr.
Tea's House of Boba, Gourmet Sandwich Co and Salad Vibes.
Muscle Maker reported a net loss of $8.18 million for the year
ended Dec. 31, 2021, a net loss of $10.10 million for the year
ended Dec. 31, 2020, and a net loss of $28.39 million for the year
ended Dec. 31, 2019. As of March 31, 2022, the Company had $29.89
million in total assets, $7.33 million in total liabilities, and
$22.56 million in total stockholders' equity.
NATIONAL REALTY: Wants to Claw Back $420,000 Cash from Ex-Execs
---------------------------------------------------------------
Real estate developer National Realty Investment Advisors has filed
a suit in New Jersey bankruptcy court to claw back $420,000 it
alleges the company's then-CEO withdrew from its accounts before
passing it on to a now-former executive facing fraud charges.
In an adversary action filed Thursday, June 23, 2022, NRIA seeks to
avoid and recover the sum of $420,000 (the "NRIA Funds"), which
funds were fraudulently transferred from the Debtors by NRIA's sole
member and former President and Chief Executive Officer, Rey E.
Grabato, II, to himself and subsequently transferred by Grabato to
the other defendants (Thomas "Nick" Salzano and Olena Budinska) in
June and July 2021.
"The NRIA Funds were transferred to the Defendants with the actual
intent to hinder, delay or defraud NRIA and any entities to which
the Debtors were or became, on or after the dates that the
transfers were made, indebted, including all of the Debtors'
creditors," according to the complaint.
The transfer of the NRIA Funds to the Defendants was recently
discovered by Brian J. Casey, the Debtors' Independent Manager, as
part of his
continuing effort to preserve the Debtors' assets and safeguard
investors’ funds.
The Independent Manager is still in the process of conducting an
investigation against the Defendants and reserves the right to
amend the Complaint as additional facts and information come to
light.
The case is National Realty Investment Advisors, LLC vs. Rey E.
Grabato, II; Thomas "Nick" Salzano; and Olena Budinska, Adv. Pro.
Case No.22-01166
About National Realty Investment
National Realty Investment Advisors is a luxury-homes developer
based in Secaucus, New Jersey.
National Realty Investment Advisors, LLC, and 102 affiliates,
including NRIA Partners Portfolio Fund I, LLC, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 22-14539) on June 7, 2022.
In the petition filed by Brian Casey, as independent manager of
NRIA LLC, National Realty Investment Advisors estimated less than
$50,000 in assets and debt. NRI Partners Portfolio estimated assets
between $50 million and $100 million and liabilities between $500
million and $1 billion.
The cases are assigned to Honorable Bankruptcy Judge John K.
Sherwood.
S. Jason Teele, of Sills Cummis & Gross P.C., is the Debtors'
counsel. Omni Agent Solutions is the claims agent.
NEONODE INC: Adjourns Annual Meeting to July 8 Over Lack of Quorum
------------------------------------------------------------------
Neonode Inc.'s 2022 Annual Meeting of Stockholders, which was
reconvened to June 22, 2022, was called to order and again
adjourned without any business being conducted due to a lack of the
required quorum.
The Annual Meeting will reconvene on July 8, 2022 at 3:00 p.m.
local time at Neonode's principal executive office located at
Karlavagen 100, 115 26 Stockholm, Sweden to provide its
stockholders additional time to vote on the proposals described in
the proxy statement filed with the Securities and Exchange
Commission on April 26, 2022. No changes have been made in the
proposals to be voted on by stockholders at the Annual Meeting.
The record date for determining stockholder eligibility to vote at
the Annual Meeting will remain the close of business on April 19,
2022. Proxies previously submitted will be voted at the Annual
Meeting unless properly revoked, and stockholders who have already
submitted a proxy or otherwise voted need not take any action.
Neonode's Board of Directors unanimously recommends that
stockholders vote "FOR" all proposals and encourages all
stockholders who have not already voted to do so immediately.
For more information or questions, please contact:
Chief Financial Officer
Fredrik Nihlen
Email: fredrik.nihlen@neonode.com
Chief Executive Officer
Urban Forssell
Email: urban.forssell@neonode.com
About Neonode
Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- provides
advanced optical sensing solutions for contactless touch, touch,
gesture control, and in-cabin monitoring.
Neonode reported a net loss attributable to the company of $6.45
million for the year ended Dec. 31, 2021, a net loss attributable
to the company of $5.61 million for the year ended Dec. 31, 2020,
and a net loss attributable to the Company of $5.30 million for the
year ended Dec. 31, 2019.
NESV ICE: SHS Says Debtors' Plan Not Confirmable
------------------------------------------------
Secured creditor, SHS ACK, LLC ("SHS") objects to the confirmation
of debtors Ashcroft Sullivan Sports Village Lender, LLC, and Shubh
Patel, LLC's Second Amended Joint Plan of Reorganization.
SHS asks the Court to deny Plan confirmation because it does not
comply with numerous requirements of 11 U.S.C. Section 1129.
Specifically, the Plan cannot be confirmed because:
* The Reorganized Debtors are being undercapitalized, and the
ice rink's revenues are woefully insufficient to make the Plan
payments;
* The cash flow projections proffered by the Plan Proponents are
highly speculative, completely unreliable and conspicuously omit
numerous post-confirmation payments that the Reorganized Debtors
are required to make;
* Patel's ability to fund the Plan is highly speculative given
that it relies on receiving funding from Patel's parent company
ESMSYS (PTY) Limited ("ESMSYS"), which has not actually obligated
itself to fund the Plan and may likely be subject to funding
restrictions from the government of India;
* The Plan's treatment of SHS' claim is not "fair and equitable"
because it shifts the risks of reorganization onto SHS;
* The Plan does not provide SHS with the indubitable equivalent
of its claim which is required to cram SHS' claim down under
Section 1129(b);
* The Plan will not be accepted by any class of impaired
creditors that are not insiders of the Debtors;
* The Plan does not satisfy the "best interest of creditors"
test;
* The Plan Proponents have not met their burden to consolidate
these estates for any purpose;
* The Plan was not proposed in good faith; and
* The Plan Proponents have not satisfied the disclosure and
other requirements of Section 1129(a)(5).
SHS asserts that the Plan is a transparent attempt by the Debtors
and their insiders to strip the legitimate secured creditors of
these estates of their contracted for rights and pay unsecured
trade creditors 5 cents on the dollar, or less. All the while,
those same insiders will benefit from millions of dollars of
alleged equity in the Reorganized Debtors' real property. The Plan
is also patently not feasible because it is reliant on the ice rink
miraculously increasing its annual revenues by hundreds of
thousands of dollars immediately upon confirmation of the Plan, a
feat that the Debtors have been unable to achieve for the past 6
years. Instead, the Debtors' financial performance during these
cases, and prior thereto, proves the Plan Proponents' pie in the
sky cash flow projections supporting the Plan have no hope of
coming to fruition. Clearly, the demonstrated money losing
operations of the ice rink will not support the payments due under
the Plan, which will cause the Reorganized Debtors to default
thereon in short order, particularly in the highly inflationary
environment in which the Debtors must now operate. On this basis
alone, the Plan cannot be confirmed.
According to SHS, the treatment of SHS' claim, i.e., payment over
10 years with 4.25% interest per annum does not provide SHS with
the indubitable equivalent of payment in full on the effective
date. In fact, under well settled Supreme Court and First Circuit
precedent, SHS' must be paid interest on its secured claim at least
at the prime rate, i.e., 4.75% per annum, plus 1% to 3% to
compensate it for the excessive time and risk of repayment that its
claim is being subjected to. The meager interest rate is telling of
the sheer lack of good faith of the Plan Proponents, particularly
compared to the guaranteed 4.75% annual dividend being gifted to
the Debtors' insider Ashcroft Sullivan under the Plan. This
facially unconfirmable treatment of SHS' claim is merely one of
many instances throughout these cases where the Debtors have put
the interest of themselves and their insiders ahead of the
interests of the legitimate creditors of these estates.
Attorney for the Secured creditor, SHS ACK, LLC:
Thomas H. Curran, Esq.
Peter Antonelli, Esq.
Christopher Marks, Esq.
CURRAN ANTONELLI, LLP
Ten Post Office Square, Suite 800 South
Boston, MA 02109
Tel: (617) 207-8670
Fax: (617) 850-9001
E-mail: tcurran@curranantonelli.com
pantonelli@curranantonelli.com
cmarks@curranantonelli.com
About NESV Ice,
LLC
NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV
Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East,
LLC, offer fitness and sports training services. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Mass. Case No. 21-11226) on August 26, 2021. The petitions were
signed by Stuart Silberberg as manager.
Judge Christopher J. Panos oversees the case.
William McMahon, Esq., at Downes McMahon LLP is the Debtor's
counsel.
OMNIQ CORP: Q Shield System Solved First Missing Person Case
------------------------------------------------------------
OMNIQ Corp.'s Q Shield system assisted law enforcement in Adrian,
Georgia to allocate and return home an elderly man suffering from
cognitive memory impairment.
Law enforcement authorities were alerted, they tracked his vehicle.
The images captured by the omniQ's system were shared with all
surrounding agencies as well as across social media platforms. The
missing person was found 150 miles away in Savannah, Georgia within
three hours and returned home safely.
Q Shield, OMNIQ's AI-based machine vision VRS solution uses
patented Neural Network algorithms that imitate human brains for
pattern recognition and decision-making. More than 17,000 OMNIQ AI
based machine vision sensors are installed worldwide, including
approximately 7,000 in the U.S. Based on superior accuracy and
patented features like identification of make and color combined
with superior accuracy based on the sophisticated algorithm and
machine learning that largely depends on accumulated data provided
by thousands of sensors already deployed.
Chief Strickland of the Adrian PD said, "From the time I was
alerted to the time we found him 150 miles away it was
approximately 3 hours. Without the technology we absolutely
wouldn't have found him as quickly as we did, or maybe even found
him at all. Saving this one life has made the system worth every
bit of the investment. The relief on the families face when we
delivered him safely home was priceless."
Chief Strickland also went on to say, "The system has also reduced
gas drive off's by 99%, we went from theft reports weekly to now 2
full months of not a single theft reported at that convenience
location. Installing this system was the best decision our agency
has ever made. The residual effects we are noticing daily are
incredible. We couldn't do this without Bill Fishers support,
every time we need him he is there! The customer service is
absolutely second to none."
Shai Lustgarten, CEO stated: "We thank Chief Strickland for his
important statement and assure to him that we shall continue to
provide the best possible support for the safety of the people of
Adrian. Knowing that our AI based system was instrumental in
solving this unfortunate situation is the best compliment for us
and gives us the energy to go on and market our life saving system
to many more cities and states in the US and world wide. These
days we are busy responding to many inquiries and we hope to report
soon about new agreements with many more cities and entities
interested in our solution."
About omniQ Corp.
Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications. The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
Omniq reported a net loss of $13.14 million for the year ended Dec.
31, 2021, a net loss of $11.50 million for the year ended
Dec. 31, 2020, and a net loss attributable to the company's common
stockholders $5.31 million. As of Dec. 31, 2021, the Company had
$75.08 million in total assets, $72.78 million in total
liabilities, and $2.30 million in total equity.
PARAGON DESIGNER: Unsecureds Will Get $100 per Month for 36 Months
------------------------------------------------------------------
Paragon Designer Services, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of Georgia a Plan of Reorganization
under Subchapter V dated June 27, 2022.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 1 shall consist of the Secured Claim of Navitas Credit Corp.
The Navitas proof of claim asserts the outstanding balance on the
Class 1 claim is $42,006.02 (the "Navitas Secured Claim"). Navitas
values the Truck at $36,873.00. Debtor shall pay the Navitas claim
in full ($42,006.82) amortized over a 60 month time period at an
interest rate of 5% per annum, with estimated payments on the
outstanding principal balance being $792.71. Any payments made
post-petition and pre-confirmation shall be applied pursuant to the
underlying loan documents. Because the claim is not oversecured, no
post-petition interest or late fees may be added to the claim.
Navitas' lien shall remain on the Truck until the claim is paid in
full pursuant to the terms of this Plan. Once the claim is paid in
full pursuant to the terms of this Plan, Navitas shall release any
interest it has in the Truck to the Debtor.
Class 2 consists of the unsecured, disputed, and unliquidated claim
of Westbrook Atlanta, LLC. Westbrook asserts an unliquidated claim
against Debtor and affiliated Debtor, Mr. Eason, for various causes
of action under Georgia State law. Debtor and Mr. Eason dispute
that Westbrook has a claim, and Mr. Eason has filed a counterclaim
against Westbrook in Adversary Proceeding No. 22-02018-jrs. In the
event that Westbrook is awarded damages on its claim, it shall
receive distributions as follows:
* If the Plan is confirmed under section 1191(a) of the
Bankruptcy Code, Debtor shall pay the Westbrook $100.00/month for
36 months. Debtor shall make payments to Westbrook on the fifth of
the month every month for 36 months beginning on the 5th of the
month after the Effective Date. To the extent any co obligor or any
other entity makes payments to any Class 5 creditor that reduces
its claim, the payment due under this section shall decrease by the
corresponding amount. If the claim of Westbrook totals less than
$3,600.00, it shall be paid $100/month until the claim is paid in
full.
* If the Plan is confirmed under section 1191(b) of the
Bankruptcy Code, Debtor shall pay the Westbrook $100.00/month for
36 months. Debtor shall make payments to Westbrook on the fifth of
the month every month for 36 months beginning on the 5th of the
month after the Effective Date. To the extent any co obligor or any
other entity makes payments to any Class 5 creditor that reduces
its claim, the payment due under this section shall decrease by the
corresponding amount. If the claim of Westbrook totals less than
$3,600.00, it shall be paid $100/month until the claim is paid in
full.
Class 3 consists of Mr. Eason as the only equity interest holder of
the Debtor. Mr. Eason shall retain his interest in the reorganized
Debtor as the 100% owner of its outstanding membership interests.
The source of funds for the payments pursuant to the Plan is
Debtor's personal income for secured creditors and priority
creditors. Debtor shall pay Class 5 claims from his available
personal assets through liquidation and help from family.
A full-text copy of the Plan of Reorganization dated June 27, 2022,
is available at https://bit.ly/3by5Sz0 from PacerMonitor.com at no
charge.
Attorney for Debtor:
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
Will B. Geer
Georgia Bar No. 940493
2987 Clairmont Road, Suite 350
Atlanta, Georgia 30329
(678)587-8740
About Paragon Designer Services
Paragon Designer Services, LLC is a moving company that focuses on
the interior designer industry.
Paragon Designer Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-52437) on March 29, 2022, disclosing under $1 million in both
assets and liabilities. Judge James R. Sacca oversees the case.
Cameron McCord has been appointed as Subchapter V trustee. The
Debtor is represented by Will Geer, Esq., at Geer Law Group, LLC.
The owner of the Debtor is Christopher Eason, also a Chapter 11
debtor-in-possession (Bankr. N.D. Ga. Case No. 22-20261).
PARISON INC: Glass Distributor Files for Chapter 11
---------------------------------------------------
Parison, Inc., filed for chapter 11 protection in the Eastern
District of Pennsylvania.
Parison is a retail and wholesale glass distributor that works out
of Colorado Springs in Colorado. The Debtor focuses on quality,
function and durability to provide glass products that are more
resistant to breaking than its competitors.
The Debtor has three full-time employees and pays $16,280 in gross
wages per month. It has filed with the Bankruptcy Court a motion
to pay wages and benefits to employees in the ordinary course.
According to court filing, Parison Inc. 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
Aug. 2, 2022, at 10:00 a.m. The meeting will be a telephonic /
video conference.
About Parison, Inc.
Parison, Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Penn. Case No. 22-11657) on June 24,
2022. In the petition filed by Brian Handschuh, as president, the
Debtor estimated assets between $100,000 and $500,000 and
liabilities of $500,000 and $1 million. ALBERT A. CIARDI, III, of
Ciardi Ciardi & Astin, is the Debtor's counsel.
PARK SUPPLY: Wins Cash Collateral Access Thru Aug 1
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota authorized
Park Supply of America, Inc., to use cash collateral on an interim
basis in accordance with the budget through August 1, 2022.
The Debtor is permitted to use cash collateral to pay: (a) any
pre-petition debts except those authorized by an order of the Court
on the Debtor's Motion for Expedited Hearing and For Order (I)
Authorizing the Debtors to Pay Prepetition Wages, Salaries and
Employee Benefits; (II) Authorizing the Debtors to Continue the
Maintenance of Employee Benefit Programs; and (III) Directing All
Banks to Honor Prepetition Payments of Employee Obligations (Doc.
10); or (b) any professional fees.
The Debtor will continue to retain Alliance Management to provide a
chief restructuring officer, with these powers:
a. Any expense over $10,000 must be pre-approved by the CRO;
b. The CRO will have final authority for the Debtor (subject
to Bankruptcy Court approval) with respect to a sale of the
Debtor's business and assets under 11 U.S.C. Section 363; and
c. The CRO will have final authority for the Debtor to
determine whether a sale of the Debtor's business and assets under
Section 363 or any plan of reorganization is in the best interest
of the estate.
The Debtor will make adequate protection payments to DCR Mortgage
10 Sub 2, LLC in the amount of $10,000 per month. The Debtor agreed
to make the adequate protection payments by the fifth of each
month. The application of these payments to the amounts due to the
Bank is reserved for later determination.
As adequate protection, the Bank is granted a valid, perfected
replacement security interest in and lien on all pre-petition and
post-petition property and assets of the Debtor and its estate
(including but not limited to the DIP Account), in an amount equal
to the diminution in value of the interests in the pre-petition
collateral from and after the filing of the bankruptcy petition.
The replacement liens and security interests granted to the Bank
will have the same dignity, priority and effect as the Bank's liens
and security interests on pre-petition assets of the Debtor. The
Bank will not be required to file any financing statement, notice
of lien or similar instrument in any jurisdiction or take any other
action in order to perfect the post-petition security interests and
liens granted by the Order.
The Bank has consented to a carve-out of up to $100,000 for payment
of professional expenses related to pursuing a sale process.
Subject to this carveout, absent further Court order, the Debtor is
not permitted to use cash to pay any professional fees.
A copy of the order is available at https://bit.ly/3a3sTtg from
PacerMonitor.com.
About Park Supply of America, Inc.
Park Supply of America, Inc. is a merchant wholesaler of hardware,
and plumbing and heating equipment and supplies.
Park Supply of America sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 22-40003) on January
3, 2022.
In the petition signed by James Dada, COO/CFO, the Debtor disclosed
$1,706,019 in assets and $2,593,406 in liabilities.
Judge William J. Fisher oversees the case.
Cameron A. Lallier, Esq., at Foley and Mansfield PLLP is the
Debtor's counsel.
PAYAM INC: Files Chapter 11 Bankruptcy Protection
-------------------------------------------------
Payam Inc filed for chapter 11 protection in the Southern District
of New York, without stating a reason. The Debtor filed as a small
business debtor seeking relief under Subchapter V of Chapter 11 of
the Bankruptcy Code.
According to court filings, Payam Inc. 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 25, 2022, at 2:00 PM at Office of UST (Teleconference).
About Payam Inc.
Payam Inc. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10870) on June 24, 2022. In its petition, the Debtor reports
estimated assets and liabilities up to $50,000 each.
Jolene E. Wee has been appointed as Subchapter V trustee.
Erica T Yitzhak, of The Yitzhak Law Group, is the Debtor's counsel.
PETROLIA ENERGY: To Sell Unit's 50% Interest in Utikuma Oil Field
-----------------------------------------------------------------
Petrolia Energy Corporation, the parent company of Petrolia Canada
Corporation, entered into a Letter Agreement on June 11, 2022,
dated effective as of June 1, 2022 with Blue Sky Resources Ltd.
(BSR), a Canadian company, to sell Petrolia Canada's 50% Working
Interest in the Utikuma Lake Oil Field in Alberta, Canada to BSR.
Under the Agreement, BSR agreed to purchase Petrolia Canada's 50%
Working Interest in the Asset for the purchase price of
C$6,000,000. The parties specifically agreed that (i) BSR would
deposit C$600,000 in an escrow account upon execution of the
Agreement; and (ii) at closing the remaining C$5,400,000 would be
paid subject to the following two Petrolia Canada debt deductions:
(i) a loan repayment in the amount of US$2,051,152 plus interest
of US$141,964; and (ii) a security release against the Asset in the
amount of US$874,000.
Additionally, Petrolia Canada and BSR agreed that an audit to
reconcile all operating accounts and to determine any accounts
owing between Petrolia Canada and BSR and a Pre-closing Settlement
Statement of accounts to be provided to Petrolia Canada by BSR
would be completed prior to closing.
The closing of the purchase and sale transaction covered by this
Letter Agreement shall occur five days after the PCS Statement has
been agreed to between the parties.
About Petrolia
Petrolia Energy Corporation is engaged in the exploration and
development of oil and gas properties. Since 2015, the Company
has established a strategy to acquire, enhance and redevelop
high-quality, resource in place assets. As of 2018, the Company
has included strategic acquisitions in western Canada while
actively pursuing the strategy to execute low-cost operational
solutions, and affordable technology.
Petrolia Energy reported a net loss of $10.31 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.89 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $7.40 million in total assets, $10.94 million in total
liabilities, and a total stockholders' deficit of $3.54 million.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 13, 2022, citing that the company suffered recurring net losses
from operations for the years ended December 31, 2020 and 2019 and
has a working capital deficit at Dec. 31, 2020, which raises
substantial doubt about its ability to continue as a going
concern.
PLATINUM GROUP: Files Final Base Shelf Prospectus With SEC
----------------------------------------------------------
Platinum Group Metals Ltd. has filed a final short form base shelf
prospectus with the securities regulatory authorities in each of
the provinces and territories of Canada and a corresponding
registration statement on Form F-10 with the United States
Securities and Exchange Commission under the Multijurisdictional
Disclosure System established between Canada and the United
States.
The Shelf Prospectus and the Registration Statement, when made
effective, will enable the Company to make offerings of up to
US$250 million of common shares, debt securities, warrants,
subscription receipts or a combination thereof of the Company from
time to time, separately or together, in amounts, at prices and on
terms to be determined based on market conditions at the time of
the offering and as set out in an accompanying prospectus
supplement, during the 25-month period that the Shelf Prospectus
and Registration Statement remain effective.
Unless otherwise specified in the prospectus supplement relating to
a particular offering of securities, the net proceeds from any sale
of any securities will be used to advance the Company's business
objectives and for general corporate purposes. The Company filed
the Shelf Prospectus and the Registration Statement to replace the
Form F-3 registration statement previously filed by the Company
with the SEC in 2019, which has expired, and to enhance the
Company's financial flexibility. The Company's 2021 at-the-market
common share offering terminated upon the expiration of the 2019
Registration Statement. The specific terms of any future offering
will be established in a prospectus supplement to the Shelf
Prospectus, which supplement will be filed with the applicable
Canadian securities regulatory authorities and the SEC.
About Platinum Group Metals
Headquartered in British Columbia, Canada, Platinum Group Metals
Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and
palladium focused exploration, development and operating company
conducting work primarily on mineral properties it has staked or
acquired by way of option agreements or applications in the
Republic of South Africa and in Canada.
Platinum Group reported a loss of $13.06 million for the year ended
Aug. 31, 2021, a loss of $7.13 million for the year ended Aug. 31,
2020, a loss of $16.78 million for the year ended Aug. 31, 2019,
and a loss of $41.02 million for the year ended Aug. 31, 2018.
PREMIUM PRODUCTS: Unsecureds Will Get 3.8% Dividend in 60 Months
----------------------------------------------------------------
Premium Products of Louisiana, Inc., and Mackenzie Real Estate, LLC
filed with the U.S. Bankruptcy Court for the Western District of
Louisiana a Joint Chapter 11 Subchapter V Plan dated June 27,
2022.
Premium Glass is a commercial glass contractor located in
Lafayette, Louisiana. Mackennzie Real Estate owns the building and
land which Premium Glass occupies.
Premium Glass ran into trouble because of the decline in commercial
construction around the time Andrea Davis and Ernest McClain
purchased the company. The Covid-related shutdowns in 2020 and the
accompanying slowdown in construction also negatively impacted the
company's revenue. The Debtors were left with too much debt to be
serviced by the current level of sales. In light of these
circumstances, Premium Glass had no other alternative but to file
for protection under Chapter 11.
The General Premise of the Plan is that Premium Glass will pay
secured and unsecured creditors over time using funds from the
operation of its business. In light of the tight budget in this
case, the Debtor shall make all payments to creditors under the
Plan pursuant to Bankruptcy Code Section 1194(b).
Class 6 consists of Unsecured Claims. All allowed unsecured claims
will be paid a pro-rata portion of $90,000.00, payable at the rate
of $1,500.00 per month over 60 months. The first payment will be
due on the Effective Date and subsequent payments will be made on
the first day of each month thereafter. The payments will be
completed in five years. No distribution will be made on account of
a disputed claim until it is allowed.
If any disputed claim is allowed and not paid by insurance
proceeds, then that creditor will receive a pro rata share of
$1,500.00 per month and the payments on all other allowed claims
will be reduced accordingly. Based on approximate unsecured claims
of $2,394,946.55, these payments will result in an approximate 3.8%
dividend to unsecured creditors.
Class 12 consists of Ownership Interests. Andrea Davis and Ernest
McClain will retain their ownership interests in the reorganized
Debtors.
Premium Glass believes that it will have sufficient income from the
operation of its business to make its payments to all creditors.
Andrea Davis and Ernest McClain shall manage all of the affairs of
the Debtors, post confirmation. Andrea Davis is currently receiving
compensation from Premium Glass in the amount of $5,200.00 per
month, and Ernest McClain is currently receiving compensation of
$3,800.00 per month. This compensation is subject to adjustment
based on market conditions.
A full-text copy of the Joint Subchapter V Plan dated June 27,
2022, is available at https://bit.ly/3OBhG23 from PacerMonitor.com
at no charge.
Attorneys for Debtors:
Tom St. Germain, Esq.
Weinstein & St. Germain
1103 West University Ave
Lafayette, LA 70506
Tel: (337) 235-4001
Fax: (337) 235-4020
About Premium Products of
Louisiana
Premium Products of Louisiana, Inc., is a glass contractor in
Lafayette, La. Its facility is owned by MacKennzie Real Estate,
LLC, an affiliate.
Premium Products and Mackenzie Real Estate sought protection under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. La.
Lead Case No. 22-50307) on May 11, 2022. Armistead Mason Long
serves as Subchapter V trustee.
At the time of the filing, Premium Products listed up to $100,000
in assets and up to $10 million in liabilities while MacKennzie
Real Estate listed up to $1 million in assets and up to $10 million
in liabilities.
Judge John W. Kolwe oversees the cases.
Thomas E. St. Germain, Esq., at Weinstein & St. Germain, LLC, is
the Debtors' counsel.
PROMETHEUS HEALTH: UST Seeks Case Trustee or Chapter 7 Conversion
-----------------------------------------------------------------
Peter C. Anderson, the United States Trustee for for Region 16,
will move the U.S. Bankruptcy Court for the Central District of
California at a hearing on July 20, 2022, for an order either:
-- converting the Chapter 11 case of Prometheus Health Imaging
Inc. to a liquidation under Chapter 7,
-- dismissing the case, or
-- appointing a Chapter 11 Trustee.
The U.S. Trustee contends the Debtor does not appear to have any
business to reorganize. The bankruptcy was filed to avoid posting a
bond in an appellate litigation pending in Europe. This is also the
Debtor's third bankruptcy filing -- first was Case No.
2:04-bk-33283-VZ and the second was Case No. 8:14-bk10250 SC. The
second was dismissed after a finding of bad faith. There does not
appear to be any assets for a trustee to administer, and the
creditors are mostly insiders.
Moreover, there are no unusual circumstances that establish that
dismissal or conversion is not in the best interests of creditors
and the estate, the U.S. Trustee further notes. So, based on the
evidence currently available, dismissal with a 180-day bar would be
in the best interests of creditors.
A copy of the notice is available for free at
https://bit.ly/3QV3Qct from PacerMonitor.com.
About Prometheus Health Imaging
Prometheus Health Imaging Inc. is a California-based medical
imaging provider.
Prometheus Health Imaging sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12841) on May
20, 2022. In the petition filed by CEO Patrick Rubeiz,
Prometheus Health estimated assets and liabilities between $1
million and $10 million each. The case is assigned to the
Honorable Bankruptcy Judge Ernest M. Robles. David M. Brown is
the Debtor's counsel.
QUOTIENT LIMITED: Incurs $125.1M Net Loss in FY Ended March 31
--------------------------------------------------------------
Quotient Limited reported a net loss of $125.13 million on $38.51
million of total revenue for the year ended March 31, 2022,
compared to a net loss of $111.03 million on $43.38 million of
total revenue for the year ended March 31, 2021.
As of March 31, 2022, the Company had $193.99 million in total
assets, $338.09 million in total liabilities, and a total
stockholders' deficit of $144.10 million.
As of March 31, 2022, Quotient had $83.2 million in cash and
investments and $233.3 million of debt and $8.7 million in
restricted cash.
Of the $83.2 million in cash and investments, $18.1 million relates
to investments held in Credit Suisse Supply Chain funds. In Q4,
the Company determined that a further impairment of $1.0 million
was required related to litigation costs incurred by Credit Suisse
which Credit Suisse communicated would be deducted from investor
recoveries. The Company's holdings in one of the Credit Suisse
funds has been classified as a long-term investment as of March 31,
2022.
"I am deeply proud of the tremendous progress we have achieved at
Quotient during my first year as CEO," said Manuel O. Mendez, chief
executive officer of Quotient. "We received European CE mark
approval of the MosaiQ Extended IH microarray in March, and we are
announcing a financing with key equity and debt restructuring to
strengthen our balance sheet and provide the necessary capital to
improve our liquidity runway and advance our commercial and
clinical execution strategy. We have a talented and experienced
management team to lead us through this period of exciting growth
and shareholder value creation for our company."
A full-text copy of the press release is available for free at:
https://www.sec.gov/Archives/edgar/data/0001596946/000095017022012063/qtnt-ex99_1.htm
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets. With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms. The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.
Quotient Limited reported a net loss of $108.47 million for the
year ended March 31, 2021, a net loss of $102.77 million for the
year ended March 31, 2020, and a net loss of $105.38 million for
the year ended March 31, 2019. As of Dec. 31, 2021, the Company
had $208.77 million in total assets, $334.38 million in total
liabilities, and a total shareholders' deficit of $125.61 million.
R & R TRUCKING: DAP's Purchase of Franklin County Property Allowed
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Judge Frederick L. Corbit of the U.S. Bankruptcy Court for the
Eastern District of Washington authorized Ricardo and Rosa Cantu
and R & R Trucking, Inc., to sell their real property legally
described as Lot(s) 8, Block 2, Columbia East III, according to the
plat thereof, recorded in Volume D of Plats, Page 102 and 104,
records of Franklin County, Washington, Tax Parcel ID Numbers
113-281-262, to DAP Properties, LLC for $190,000, cash at closing.
The sale is free and clear of any interests and liens pursuant to
11 U.S.C. Section 363(f)(3) and the Debtors' confirmed Chapter 11
Plan.
The sale will be pursuant to the terms of Real Estate Purchase and
Sale Agreement with addendums as follows:
The Earnest Money deposit is $500.
The closing date is June 30, 2022, or as directed by the Court.
The sale is contingent upon approval of the Court.
The provisions of FRBP 6004(h) are waived, and the sale may close
immediately upon entry of the Order.
The Property is encumbered by the following interests and liens:
a. Delinquent general taxes due and owing to Franklin County
for 2020 in the approximate amount of $1,387.99 plus penalties and
interest to date of closing.
b. Delinquent general taxes due and owing to Franklin County
for 2021 in the approximate amount of $1,431.60 plus penalties and
interest to date of closing.
c. Delinquent general and special taxes and charges payable
to Franklin County for 2022 in the approximate amount of $1,238.79,
plus penalties and interest to date of closing.
The sale will be free and clear of the interests and any liens of
the creditors set forth will attach to the sale proceeds.
From the sale proceeds, the closing agent will pay the following:
1. Listing Agent Commission to Professional Realty
Services/Maria T. Valdez & Teresa Reents - a sum equal to 4% of the
sale price, which computes to $4,750. The Purchaser is presently
unrepresented, so no commission is projected for a Purchaser's
agent.
2. Normal and customary closing costs attributable to Seller.
3. Delinquent general taxes due and owing to Franklin County
for 2020 in the approximate amount of $1,387.99 plus penalties and
interest to date of closing.
4. Delinquent general taxes due and owing to Franklin County
for 2021 in the approximate amount of $1,431.60 plus penalties and
interest to date of closing.
5. Delinquent general and special taxes and charges payable
to Franklin County for 2022 in the approximate amount of $1,238.79,
plus penalties and interest to date of closing.
6. The remainder of the sale proceeds in the approximate
amount of $180,603 will be paid to the trust account of Gravis Law,
PLLC, attorneys for the Debtor.
There are no federal income tax consequences expected from the sale
of the Property.
Any disputes concerning the amount of the payoff to any creditor,
which will include attorney's fees, costs or disbursement of any
kind, will be resolved by the entitled Court.
About R & R Trucking
R & R Trucking, Inc., based in Pasco, WA, filed a Chapter 11
petition (Bankr. E.D. Wash. Case No. 19-00473) on March 1, 2019.
In the petition signed by Ricardo Cantu, president, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.
On April 26, 2019, Ricardo and Rosa Cantu, owners of R&R Trucking,
and personal guarantors on many of R&R Trucking's obligations,
filed a Chapter 11 bankruptcy proceeding (Bankr. E.D. Wash. Case
No. 19-01089).
The two cases are administratively consolidated.
The Hon. Frederick P. Corbit oversees the case.
William L. Hames, Esq., at Hames Anderson Whitlow & O'Leary,
serves
as bankruptcy counsel to the Debtors.
REGINA HUBBS: Young Offers $37K for 1-Acre Maynardville Property
----------------------------------------------------------------
Regina Hubbs asks the U.S. Bankruptcy Court for the Eastern
District of Tennessee to authorize the sale of the real property
located at 231 Prospect Road, in Maynardville, Tennessee, comprised
of one acre, to Tim Young for $37,000.
The Debtor has entered into a contract for the sale of the 1 acre
to the Buyer who owns the manufactured home located on the property
that he has been renting from the Debtor, subject to the approval
of the Court. She has agreed to sell the 1 acre for the sum of
$37,000 however she has agreed to contribute up to $8,000 towards
the Buyer's closing costs and pre-paids.
Union County holds a lien against the Property for past due
property taxes, which because of the manner Union County has
assessed property taxes, may exceed the sale proceeds. However, the
Counsel for the Debtor expects to negotiate with Union County's
counsel and attempt to resolve the issues regarding property taxes
for this parcel.
Harpeth Financial Services, LLC has filed Proof of Claim Number 8
for the amount of $6,583.66 that is asserted to be unsecured.
However, the Proof of Claim includes a copy of a General Sessions
Court Judgment that reflects it was recorded with the Union County
Register of Deeds on April 30, 2020. Any lien of Harpeth Financial
Services, LLC would be a lower priority and paid after Union County
property taxes.
The Debtor asks the Court to authorize the sale of the Property
pursuant to the terms set forth in the Contract with liens
attaching to the proceeds after the payment of normal closing
expenses and charges.
A copy of the Contract is available at https://tinyurl.com/yeyu8smd
from PacerMonitor.com free of charge.
The Purchaser:
Tim Young
231 Prospect Road
Maynardville, TN 37807
A hearing on the Motion is set for June 30, 2022, at 10:00 a.m.
Regina Hubbs sought Chapter 11 protection (Bankr. E.D. Tenn. Case
No. 21-31785) on Nov. 12, 2021. The Dbetor tapped James Moore,
Esq., as counsel.
REVLON INC: July 22 Hearing on Stock Transfer Restrictions
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a final hearing on July 22, 2022, at 10:00 a.m.
(Prevailing Eastern Time) for the motion for entry approving
notification and hearing procedures for certain transfers of and
declarations of worthlessness with respect to common stock filed by
the Revlon Inc. and its debtor-affiliates. Objections to the
Debtors' motion, if any, must be filed no later than 4:00 p.m.
(Prevailing Eastern Time) on July 19, 2022.
On June 17, 2022, the Court entered an interim order approving the
Debtors' motion. Pursuant to the order, a substantial shareholder
or person that may become a substantial shareholder may not
consummate any purchase, sale, or other transfer of common stock or
options or beneficial ownership of common stock or options in
violation of the procedures, and any such transaction in violation
of the procedures be nulled and void ab initio.
In addition, a 50% shareholder may not claim a worthless stock
deduction in respect of the common stock or beneficial ownership of
common stock in violation of the procedures, any such deduction in
violation of such procedures is null and void, and the 50%
shareholder will be required to file an amended tax return revoking
the proposed deduction.
About Revlon Inc.
Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products. Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.
Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high quality product
innovation, performance and sophisticated glamour. In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.
Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.
Revlon, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 22-10760) on June 15, 2022. Fifty affiliates, including Almay,
Inc, Beauty Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.
Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.
The Hon. David S. Jones is the case judge.
PJT Partners is acting as financial advisor to Revlon and Alvarez &
Marsal is acting as restructuring advisor. Paul, Weiss, Rifkind,
Wharton & Garrison LLP is acting as legal advisor to the Company.
Mololamken, LLC, is the conflicts counsel. Kroll, LLC, is the
claims agent.
SALEM HARBOR: Amends Plan to Include IEP Judicial Lien Claim Pay
----------------------------------------------------------------
Salem Harbor Power Development LP (f/k/a Footprint Power Salem
Harbor Development LP), et al. Submitted a Revised Plan and the
Revised Disclosure Statement dated June 27, 2022.
The Plan constitutes a separate chapter 11 plan for each Debtor,
and the classifications set forth in Classes 1 through 8 shall be
deemed to apply to each Debtor, as may be applicable. For voting
purposes, each Class of Claims against or Interests in the Debtors
shall be deemed to constitute separate sub-Classes of Claims
against and Interests in each of the Debtors, as applicable.
Class 4 consists of the IEP Judicial Lien Claim. For the avoidance
of doubt, and notwithstanding anything to the contrary: (i) the IEP
Judicial Lien Claim shall exist only to the extent that the IEP
Judicial Lien is found to be valid and enforceable and is not
avoided or invalidated pursuant to or in connection with the IEP
Lien Avoidance Action or otherwise; and (ii) if the IEP Judicial
Lien is avoided pursuant to or in connection with the IEP Lien
Avoidance Action or the IEP Judicial Lien is otherwise found to be
invalid and/or unenforceable, Class 4 shall be considered vacant
and deemed eliminated from the Plan and the IEP Judicial Lien Claim
shall be treated as a General Unsecured Claim under the Plan in
Class 5.
Except to the extent the holder of an Allowed IEP Judicial Lien
Claim agrees to less favorable treatment, each holder of an Allowed
IEP Judicial Lien Claim shall receive its Pro Rata share of the
Cash Pool Distribution Amount (which, for the avoidance of doubt,
is $175,000 in Cash). Class 4 is Impaired under the Plan. Holders
of IEP Judicial Lien Claim are entitled to vote to accept or reject
the Plan. This Class will receive a distribution of 0 0.0707% of
their allowed claims.
Class 5 consists of all General Unsecured Claims. This Class will
receive a distribution of 0–0.0420% of their allowed claims.
Except to the extent the holder of an Allowed General Unsecured
Claim agrees to less favorable treatment, each holder of an Allowed
General Unsecured Claim shall receive:
* its Pro Rata share of the Cash Pool Distribution Amount
(which, for the avoidance of doubt, is $175,000 in Cash) and (B)
solely to the extent such holder votes to accept the Plan, the
General Unsecured Claims Treatment; provided that to the extent the
IEP Judicial Lien is found to be valid and enforceable and is not
avoided or invalidated pursuant to or in connection with the IEP
Lien Avoidance Action or otherwise, unless the holder(s) of Class 4
IEP Judicial Lien Claim(s) agrees to less favorable treatment, the
Cash Pool Distribution Amount (which, for the avoidance of doubt,
is $175,000 in Cash) will be distributed to such holder(s) of Class
4 IEP Judicial Lien Claim(s) (if applicable) and no distribution
will be made to holders of Allowed General Unsecured Claims
pursuant to the Plan.
Notwithstanding anything to the contrary, if the IEP Judicial Lien
is avoided pursuant to or in connection with the IEP Lien Avoidance
Action or the IEP Judicial Lien is otherwise found to be invalid
and/or unenforceable, Class 4 shall be considered vacant and deemed
eliminated from the Plan for purposes of voting to accept or reject
the Plan and for purposes of determining acceptance or rejection of
the Plan by such Class pursuant to section 1129(a)(8) of the
Bankruptcy Code.
The Reorganized Debtors will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or Reorganized Debtors, including Cash from operations, the
New Common Equity, and the Exit Facility Loans.
The letter of credit issued by MUFG Union Bank, N.A. to secure
DevCo's obligations under that certain Contractual Service
Agreement, dated as of January 6, 2015, shall be renewed on
substantially similar terms to those existing as of the Petition
Date and remain outstanding on the Effective Date, and the cash
collateral securing such letter of credit will continue to be held
as security for the renewed letter of credit.
Counsel to the Debtors:
Brian S. Hermann, Esq.
John T. Weber, Esq.
Alice Nofzinger, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, New York 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
- and -
Pauline K. Morgan, Esq.
Andrew L. Magaziner, Esq.
Katelin A. Morales, Esq.
Timothy R. Powell, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
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.
SANTA FE: St. Francis Cathedral to Be Mortgaged to Pay Settlements
------------------------------------------------------------------
Esteban Candelaria of the Albuquerque Journal reports that the
Archdiocese of Santa Fe's most iconic building will be mortgaged to
help cover settlements to clergy sexual abuse victims, Archbishop
John C. Wester said in a recent letter to parishes.
The Cathedral Basilica of St. Francis of Assisi, known as the
"mother church" of the archdiocese, and any other properties that
are mortgaged will not be lost because parishes will chip in to
cover the payments on the debt, Wester said in his June 17 letter.
Parishes will collectively need to borrow up to $12 million to
cover the gap in the archdiocese's $75 million share of the
bankruptcy settlement, according to the letter. The archdiocese is
asking each parish to take on a portion of that debt.
"I am pleased to see the broad support that we have from our
priests for working together to bring the bankruptcy proceedings to
an end, compensate victims, allow us to move forward as a church,
and to build anew," Wester wrote in the letter.
Representatives for clergy sex abuse survivors and the archdiocese
announced in mid-May that they'd agreed to a $121.5 million fund to
compensate hundreds of people who say they suffered childhood
sexual abuse by priests and other clergy dating back to the 1990s.
Wester said the archdiocese is working to secure financing from two
Catholic lenders -- the Catholic Order of Foresters and the Notre
Dame Federal Credit Union.
The archdiocese must pay $65 million by the end of September, and
the remaining $10 million by the end of next March 2023.
About Roman Catholic Church
of The Archdiocese of Santa Fe
The Roman Catholic Church of the Archdiocese of Santa Fe --
https://www.archdiosf.org/ -- is an ecclesiastical territory or
diocese of the southwestern region of the United States in the
state of New Mexico. At present, the Archdiocese of Santa Fe covers
an area of 61,142 square miles. There are 93 parish seats and 226
active missions throughout this area.
The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.
Judge David T. Thuma oversees the case.
The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel; Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and
REDW, LLC as accountant.
Liz McGuire, associate broker with Coldwell Banker Legacy, is the
real estate broker.
SAVVA'S RESTAURANT: Unsecureds Owed $141K to be Paid in Full
------------------------------------------------------------
Savva's Restaurant, Inc., d/b/a Harvest Diner, submitted a Plan and
a Disclosure Statement.
The funding of the Plan of all distributions to be made under the
Plan shall be derived from the (1) the Debtor's proposed Sale of
its Real Property, which it owns in fee simple, located at 841 Old
Country Road, Westbury, NY 11590, (2) the Insurance Payment to
Debtor, defined in the Plan to mean any payment by KB Insurance
Co., Ltd., d/b/a Kookmin Best Insurance Co., Ltd. ("KBIC") on
account of the Debtor's Insurance Claim, defined in the Plan to
mean the claim asserted by the Debtor against KBIC for payment of
the proceeds of insurance plus interest and other and further
damages for the catastrophic fire ("Fire") on September 26, 2019
and resulting destruction of the Diner (and all fixtures, equipment
and inventory, as well as all of the Debtor's books and records,
located at the Diner) which had been located on, and operated from,
the Real Property, pursuant to a certain insurance Policy issued by
KBIC covering property damage occurring during the policy term to
the Diner and/or the Real Property, including damage caused by
fire, and for KBIC's denial of insurance coverage for same, and the
losses, costs and fees sustained and continuing to be sustained by
the Debtor due to KBIC's post-Loss denial of the existence of the
coverage afforded under the insurance Policy, and (c) Surplus
Monies, which is defined in the Plan to mean any monies received or
determined by a Final Order to be due to TD Bank, the holder of the
first mortgage on the Real Property, and additional insured under
the Policy, on account of proceeds of Sale received by TD, and/or
the Insurance Payment to TD, which exceed the Allowed Secured Claim
of TD Bank.
The Debtor anticipates that based on the appraisal it obtained of
the Real Property, $2.625 million "as is" on a sales comparison
approach as of December 28, 2021, the Sale of the Real Property, if
authorized by this Court under the Plan, shall at least result in
the payment of the Allowed Secured Claim of TD Bank, after allowing
for a reserve at the Closing for the Debtor to first pay all
Closing Fees and all US Trustee Fees due as of the Closing and all
US Trustee fees that will come due based on all disbursements made
from the proceeds received at Closing, since then, the sale and the
recording of any documents relating to the sale and any transaction
in connection with the sale such as a mortgage, shall be exempt
from transfer tax, mortgage recording tax or any other applicable
stamp or similar tax pursuant to Section 1146(a) of the Bankruptcy
Code.
Sale proceeds which exceed the Closing Fees, all US Trustee Fees
due as of the Closing and all US Trustee fees that will come due
based on all disbursements made from the proceeds received at
Closing, and the Allowed Secured Claim of TD Bank shall be used to
pay holders of other Allowed Claims, including Administration
Expenses and Tax Priority Claimants, in the manner and order set
forth in the Plan.
The Debtor believes that the extent the Sale Proceeds are
insufficient to pay the holders of all other Allowed Claims, the
Debtor will have more than sufficient funds from the Insurance
Payment to Debtor and the Surplus Monies to pay all other holders
of Allowed Claims, including Administration Expenses and Tax
Priority Claimants.
Under the Plan, Class 4 Allowed General Unsecured Claims total
$141,141./ Holders of Allowed General Unsecured Claims in Class 4
will receive payments of Cash totaling 100% of their Allowed
General Unsecured Claims from the Funds, as follows:
(a) Pro Rata Distributions shall be made to all holders of
Allowed General Unsecured Claims, on the Effective Date ("First
Payments"), if and to the extent there are sufficient monies
available to make such First Payments on the Effective Date,, after
payment of (i) all US Trustee Fees due as of such time and all US
Trustee fees that will come due based on all disbursements made
from the proceeds received at Closing, (ii) all Closing Fees, (iii)
the Allowed Secured Claim of TD Bank, (iv all Professional Fees and
all post-Confirmation Professionals' fees due and owing as of said
time, (v) all Allowed Secured Claims, (vi) a reserve for all
Capital Gains Taxes, and (vii) all Allowed Priority Tax Claims and
(vii) all Allowed Priority Non-Tax Claims, and
(b) if and to the extent that there are monies remaining due to
any holders of Allowed General Unsecured Claims after the First
Payments ("Remainders"), the Debtor shall pay such Remainders
("Final Payments") from the Insurance Payment to Debtor or the
Surplus Monies, within 30 days following clearance of such
Insurance Payment or the Surplus Monies as good funds in the
Debtor's bank account.
Attorneys for the Debtor:
Robert L. Pryor, Esq.
PRYOR & MANDELUP, L.L.P.
675 Old Country Road
Westbury, NY 115901
Tel: (516) 997-0999
E-mail: rlp@pryormanedlup.com
A copy of the Disclosure Statement dated June 24, 2022, is
available at https://bit.ly/3xS9xzi from PacerMonitor.com.
About Savva's Restaurant
Savva's Restaurant, Inc., doing business as Harvest Diner, filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 22-70382) on March 4, 2022,
disclosing $5,625,000 in total assets and $2,485,720 in total
liabilities. Kyriacos Savva, president, signed the petition.
Judge Robert E. Grossman oversees the case.
The Debtor tapped Pryor & Mandelup, LLP as bankruptcy counsel;
Lambrou Law Firm, P.C. as special counsel; and Prager Metis CPAs,
LLC as accountant.
SDI PROPERTIES: Trustee's Deal With WCP & Sale of Properties Okayed
-------------------------------------------------------------------
Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District
of Maryland approved:
a. the Settlement Agreement by and between Patricia
Jefferson, the Chapter 11 trustee for SDI Properties, LLC, and WCP
Fund I LLC; and
b. the Trustee's sale of the following 21 Properties to WCP:
3400 Holmes Avenue Baltimore, MD 21217; 3405 Mondawmin Avenue
Baltimore, MD 21216; 3407 Mondawmin Avenue Baltimore, MD 21216;
2027 McCulloh St, Baltimore, MD 21217; 2503 E. Strathmore Avenue
Baltimore, MD 21214; 325 S Payson St, Baltimore MD 21223; 1018
Bennett Pl Baltimore, MD 21223; 1109 Harlem Avenue, Baltimore, MD
21217; 1136 W Pratt St Baltimore, MD 21223; 1246 Washington Blvd
Baltimore, MD 21230; 530 N Carrollton Avenue Baltimore, MD 21217;
705 N Carrollton Avenue Baltimore, MD 21217; 712 N Carrollton
Avenue Baltimore, MD 21217; 943 W Lombard St Baltimore, MD 21223;
945 W. Lombard St Baltimore, MD 21223; 1300 Sargeant St Baltimore,
MD 21223; 1935 W North Ave Baltimore, MD 21217; 25 S Calhoun St S
Baltimore, MD 21223; 611 Scott St Baltimore, MD 21230; 622 N
Carrollton Ave Baltimore, MD 21217; and 522 N. Carrollton Avenue,
Baltimore, MD 21217.
WCP and the Trustee have reached a global resolution whereby, inter
alia,
a. WCP, or its designee, will acquire the twenty-one
Properties, subject to the liens of WCP and/or 1Sharpe Opportunity
Intermediate Trust and/or LH-NP-ABS Income Owner Trust and/or
LH-NP-STRAT Delaware Owner Trust and any liens or claims arising on
account of unpaid taxes or governmental obligations, but free and
clear of all other liens;
b. WCP or its designee will pay to the Trustee, at closing,
the sum of $3,000 for each of the WCP Properties other than 3400
Holmes Avenue, Baltimore MD 21217, 3405 Mondawmin Avenue,
Baltimore, MD 21216 and 3407 Mondawmin Avenue, Baltimore, MD 21216
("Carved Out Properties");
c. WCP or its designee will pay to the Trustee, at closing,
the sum of $3,340 for each of the Carved Out Properties;
d. Beginning on the Effective Date of the Settlement
Agreement, WCP will be solely responsible for maintaining insurance
coverage for the Properties and will release the Trustee from any
obligation to maintain insurance on the Properties;
e. WCP has assigned to the Trustee various critical
litigation rights it holds against third parties who appear to have
done demonstrable harm to the Debtor's creditor base; and
f. the Trustee will release WCP, 1Sharpe, ABS, STRAT and DP
Capital LLC from any claims that may be held by the Trustee or the
Debtor’s estate (with such release, upon reasonable inquiry, not
being thought to encompass any substantively meritorious claims).
The Trustee is authorized to take the necessary steps to effectuate
the Settlement Agreement.
She is authorized to sell the Properties to WCP or its designee,
free and clear of all liens, claims, encumbrances, or interests
arising pre- or post-petition, other than (i) the liens of WCP
and/or 1 Sharpe and/or ABS and/or STRAT, and (ii) any liens or
claims arising on account of unpaid taxes or governmental
obligations.
The Trustee is authorized to deliver a Special Warranty Deed
transferring the bankruptcy estate's interest in the Properties to
WCP or its designee and to sign all such documents as are necessary
to effectuate the sale of the Properties.
She may pay the Search Fees to Old Line Title Company, Inc. as an
administrative expense, without further Order of the Court.
The automatic stay of Rule 6004(h) is waived and the Order is
effective upon entry.
About SDI Properties
SDI Properties, LLC filed a petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 20-20650) on Dec. 8, 2020.
In the petition signed by Trevor Sie-Duke, managing member, the
Debtor was estimated to have $1 million to $10 million in assets
and $10 million to $50 million in liabilities.
Judge Lori S. Simpson oversees the case.
The Debtor tapped the Law Offices of Richard B. Rosenblatt, PC as
its legal counsel and Gabriel Wureh, an accountant practicing in
Bowie, Md.
Patricia B. Jefferson is the Chapter 11 trustee appointed in the
Debtor's bankruptcy case. The trustee tapped Miles & Stockbridge
P.C. as his legal counsel and Larry Strauss, ESQ, CPA & Associates
Inc. as his accountant and tax advisor.
SENIOR CARE LIVING: PCO Says Patient Care Remains Acceptable
------------------------------------------------------------
Mary L. Peebles, the Patient Care Ombudsman for Senior Care VII,
L.L.C., dba Inspired Living of Lewisville, Texas, filed with the
U.S. Bankruptcy Court for the Middle District of Florida a report
on the Debtor's quality of patient care.
The focus of this report is based on professional interviews and
documentation from facility management. Calls were placed to
physicians, nurse practitioners, and the state ombudsman. Inquiries
were made to assess the patient care for acceptable care of
residents. Areas addressed were medication administration, food
service and infection control. A state complaint concerning
medications was unsubstantiated on April 13, 2022. Thirteen of
thirty-one service plans from the memory care unit were reviewed.
The PCO reported that the dietary department was in a state of
adjustment as a change had been made with services outsourced.
Concerns were addressed and plans implemented to include the
employment of five new dining staff. A weekly meeting called the
culinary corner is conducted every Monday where menu items are
discussed and evaluated per resident request.
Moreover, medication administration was a focus of the management
company to ensure timeliness and adherence to facility policies and
procedures. Infection control was emphasized with adherence to CDC
guidelines evaluated to ensure that residents with COVID were
isolated and treated as necessary.
Based on documentation and professional interviews, the Ombudsman
notes that the patient care is at an acceptable level.
A copy of the Ombudsman Report is available for free at
https://bit.ly/3bBA7F3 from PacerMonitor.com.
About Senior Care Living VII
Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing
up to $50 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP
is the Debtor's legal counsel while SC&H Group, Inc. serves as the
Debtor's financial advisor.
SHERRIE A. HEATON: Selling 160-Acre Flatts Farm for $1.115 Million
------------------------------------------------------------------
Sherrie A. Heaton asks the U.S. Bankruptcy Court for the Central
District of Illinois to approve the proposed sale of her farm real
estate commonly known as 160-acre Flatts Farm in Rubicon Township,
Greene County, Illinois, to Chris Weller and Kaleb J. Vetter for
$1.115 million.
The property is described as follows: The Northwest Quarter of the
Northwest Quarter of Section 19; the South Half of the Northwest
Quarter of Section 19; and the Southwest Quarter of the Northeast
Quarter of Section 19, all situated in Township 11 North, Range 10
West of the Third Principal Meridian, subject to and together with
all roads, easements, rights of way, covenants and restrictions of
record and situation in Green County, Illinois, together with the
private road leading to such property from Township Road NE 850th
Avenue. As may be more particularly described in the records of
Greene County, Illinois. Permanent Real Estate Index Number:
09-70-19.-2.
The said real estate of the Debtor is also marital property subject
to division by the Circuit Court of Greene County, Illinois, in a
certain Dissolution of Marriage case between the Debtor and Philip
A. Heaton, pending as Case Number 2019-D-005.
The Debtor and Philip A. Heaton have reached verbal agreement on
settlement of their Dissolution of Marriage case and upon
information and belief Philip A. Heaton consents to the sale of the
property the subject of the Motion.
The Debtor has entered into a private Contract For Purchase of Real
Estate with the Buyers for the purchase of the Flatts Farm for a
purchase price of $1.115 million.
The Flatts Farm real estate is subject to the lien of Mortgage
issued to CNB Bank & Trust, NA, of Carlinville, Illinois, dated
March 21, 2018 and modified July 8, 2019, and July 15, 2020, for
which a Proof of Claim has been filed in the amount of
$4,585,115.23, such
debt secured not only by the Mortgage lien upon the real estate the
subject of the Contract attached, but also upon multiple other real
estate properties.
On information and belief, CNB Bank & Trust, NA, of Carlinville,
Illinois consents to the sale of the 160 acre Flatts Farm pursuant
to the Contract, provided its lien attaches to the net proceeds of
such sale.
The sale of the subject real estate pursuant to the Contract with
the Buyers is a private sale and will incur no real estate or
auctioneer commissions, but will involve costs of sale. These costs
include payment of accrued and pro-rated real estate taxes
estimated to be $3,763.84, title search and title insurance fees
estimated to be $3,000, transfer taxes and recording fees estimated
to be $1,750.00, and legal costs for preparation of real estate
contracts and transfer documents estimated to be $1,500, following
payment of which the net proceeds of such sale will be subject to
the Mortgage lien of CNB, as aforesaid.
The sale of the subject real estate pursuant to the Contract is
necessary to reduce the continuing interest on the CNB mortgage
loans encumbering the subject property and to the effective
reorganization of the Debtor.
The Debtor prays the Honorable Court authorize the proposed sale of
the Flatts to the Buyers, free and clear of all interests, liens
and encumbrances, but with the Mortgage lien of CNB to attach to
the net proceeds from the sale of the subject property, and for
such other, further and different relief in the premises as the
Court deems proper and just.
A copy of the Contract is available at https://tinyurl.com/2p87dfzj
from PacerMonitor.com free of charge.
Sherrie A. Heaton sought Chapter 11 protection (Bankr. C.D. Ill.
Case No. 21-70578) on Aug. 6, 2021.
SID BOYS: Unsecureds Owed $160K to be Recover 100% in Plan
----------------------------------------------------------
Sid Boys, Corp. d/b/a Kellogg's Diner submitted a Plan and a
Disclosure Statement.
The Debtor's Plan is a "100%" Plan, which means that all creditors
will be paid in full over required/reasonable time periods.
Under the Plan, Class 5 General Unsecured Claims totaling $160,780.
These claims are those owed to utility companies, a law firm, and
other vendors. They will be paid 100% in 60 equal monthly
collective installments estimated at $2,961 at 4% interest. Class 5
is impaired.
The Debtor believes that the Reorganized Debtor will have
sufficient cash flow to operate profitably and pay all monetary
obligations under the Plan.
Counsel for the Sid Boys Corp.:
Keevan D. Morgan, Esq.
Alanna G. Morgan, Esq.
MORGAN & BLEY, LTD.
900 W. Jackson Blvd., Suite 4E
Chicago, Illinois 60607
Tel: (312) 243-0006
- and -
Rachel L. Kaylie, Esq.
LAW OFFICES OF RACHEL L. KAYLIE, P.C.
1702 Avenue Z, Suite 205
Brooklyn, NY 11235
Tel: (718) 615-9000
Fax: (718) 228-5988
E-mail: Rachel@kaylielaw.com
A copy of the Disclosure Statement dated June 24, 2022, is
available at https://bit.ly/3u012B6 from PacerMonitor.com.
About Sid Boys
Brooklyn, N.Y.-based Sid Boys Corp. is a privately held company
that operates in the restaurant industry specializing in American
and Greek cuisine.
Sid Boys filed its voluntary petition for Chapter 11 protection
(Bankr. E.D.N.Y. Case No. 21-42207) on Aug. 28, 2021, listing
$548,852 in assets and $2,130,284 in liabilities. Irene Siderakis,
owner and president, signed the petition.
Judge Elizabeth S. Stong presides over the case.
The Debtor tapped Rachel L. Kaylie, Esq., at the Law Offices of
Rachel L. Kaylie, PC as bankruptcy counsel; Rivkin Radler, LLP as
special counsel; and Philip A. Kalyvas, CPA as accountant.
SPECTRA PREMIUM: Court Extends Stay Period Until December 2022
--------------------------------------------------------------
The Hon. Louis J. Gouin of the Superior Court (Commercial Division)
of Quebec, Canada granted the request of Spectra Premium Industries
Inc. and its affiliates to extend the stay or proceedings until
Dec. 2, 2022.
The stay of proceedings currently expires on April 30, 2022. The
extension is necessary to allow and facilitate the collection by
the Monitor of the payment of its dividend in relation to the
Spectra claim in the bankruptcy of its Swedish subsidiary Spectra
Premium AB ("SPAB") and finalize the sale of a property.
Spectra Premium Industries is a secured creditor of SPAB, which
file for bankruptcy under Swedish insolvency and restructuring laws
in May 2021. The trustee appointed under the Swedish laws has
undertaken to realize SPAB's assets. On March 14, 2020, Spectra
Premium filed a proof of claim in the amount of CAD$ 11,094,193.
The trustee under Swedish laws has completed the liquidation of
SPAB's assets and is actually reviewing the proofs of claim filed
by SPAB's creditors, including Spectra Premium's claim. SPAB's
Trustee has indicated that a distribution of dividends to the
creditors is expected for the fall of 2022.
On March 10, 2020, Spectra Premium sought protection under the
Companies' Creditors Arrangement Act (CCAA) before the Quebec
Superior Court of Justice in order to provide the Company with time
to restructure its operations and its debt, while continuing normal
operations. The Company has initiated a corresponding filing in
the United States under Chapter 15 to recognize and give effect to
the Canadian filing.
"Our senior management team believes that this decision, difficult
as it may be, remains the best option to move the organization
forward with the greatest prospect of future success," said Jacques
Mombleau, President and Chief Executive Officer of Spectra Premium
Industries Inc.
"Throughout 2019, we have taken aggressive measures to curtail
costs, enhance productivity and develop new business segments
ranking Spectra Premium among the industry leaders in North
America. However, these efforts were hampered by challenging
conditions in its Aftermarket division, particularly with the
impact of tariffs imposed on Chinese products by the United States
that disturb the supply chain and with difficulties encountered in
the start-up of our new ferl tank factory in Trollhattan, Sweden.
We are taking action today to ensure the continued success of our
business," Mr. Mombleau further added.
"We are conducting business as usual. All orders will continue to
be shipped as agreed. We expect that Spectra Premium will emerge
stronger and better able to compete as an advanced manufacturer."
Spectra Premium will use its available credit facilities to provide
adequate liquidity to operate while it restructures its operations
and its debt. The Court has appointed Ernst & Young Inc. to act as
Monitor. Lavery de Billy LLP and Norton Rose Fulbright US LLP
represent the company as outside Canadian and US legal counsel,
respectively. The Monitor has established a website at
https://www.ey.com/ca/spectra where further information on Spectra
Premium Industries Inc.'s financial restructuring will be posted.
Spectra Premium Industries Inc. will announce updates regarding its
ongoing operation plans as appropriate.
Counsel for Spectra Premium:
Lavery, de Billy LLP
1 Place Ville Marie Bureau 4000
Montreal, Quebec H3B 4M4
Attn: Jean Legault
Jonathan Warin
Ouassim Tadlaoui
Email: jlegault@lavery.ca
jwarin@lavery.ca
otadlaoui@lavery.ca
Monitor:
Enrst & Young
Attn: Eric St-Amour
Mario Denis
Matt Budd
John F. Barrett
Email: eric.st-amour@ca.ey.com
mario.denis@ca.ey.com
matt.budd@ca.ey.com
john.f.barrett@ca.ey.com
Counsel for Monitor:
Norton Rose Fulbright Canada LLP
Attn: Luc Morin
Guillaume Michaud
Noah Zucker
Arad Mojtahedi
Email: luc.morin@nortonrosefulbright.com
guillaume.michaud@nortonrosefulbright.com
noah.zucker@nortonrosefulbright.com
arad.mojtahedi@nortonrosefulbright.com
US Counsel for Monitor:
Norton Rose Fulbright US LLP
Attn: Howard Seife
Andrew Rosenblatt
Email: howard.seife@nortonrosefulbright.com
andrew.rosenblatt@nortonrosefulbright.com
Spectra Premium Industries Inc. is a privately held company
headquartered in Boucherville, Quebec, Canada. Spectra Premium has
more than 1,300 dedicated employees specialized in the design,
manufacturing and distribution of cooling systems, fuel delivery,
ignition and engine management, climate control, and undercar
components for automotive vehicles as well as light and heavy
trucks. The Company owns and operates five manufacturing plants,
17 warehouses and a distribution network in the United States and
Canada. Backed by unparalleled customer and after-sales service,
Spectra Premium is the automobile manufacturers', auto technicians'
and do-it-yourself customers' choice for reliable, quality parts
and automotive systems.
THERMA BUILDERS: Gets OK to Hire Smith & Freeman as Accountant
--------------------------------------------------------------
Therma Builders, Inc. received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Smith & Freeman,
PA, CPA's as its accountant.
The firm will assist in preparing and filing the Debtor's 2020 and
2021 U.S. income tax returns.
Smith & Freeman will be paid at these rates:
Accountant $250 per hour
Staffs $50 to $150 per hour
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
Greg Smith, a partner at Smith & Freeman, 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:
Greg Smith
Smith & Freeman, PA, CPA's
28100 US Highway 19 N. Suite 303
Clearwater, FL 33761-2657
Tel:(727) 725-2727
Email: greg@smithfreeman.com
About Therma Builders
Therma Builders, Inc., doing business as Tom Craig Remodeling &
Building, filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00701) on Feb. 23,
2022, listing up to $500,000 in assets and up to $1 million in
liabilities. Amy Denton Harris serves as Subchapter V trustee.
Judge Michael G Williamson presides over the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. and Smith & Freeman,
PA, CPA's serve as the Debtor's legal counsel and accountant,
respectively.
TPC GROUP: Proskauer and SGE Advising Non-Consenting Bondholders
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Pachulski Stang Ziehl & Jones LLP, Proskauer Rose
LLP, and Selendy Gay Elsberg PLLC submitted a verified statement to
disclose that they are representing the Ad Hoc Group of
Non-Consenting Noteholders in the Chapter 11 cases of TPC Group
Inc., et al.
In February 2022, the Ad Hoc Group of Non-Consenting Noteholders
retained Milbank LLP as its counsel with respect to the Ad Hoc
Group of Senior Noteholders' holdings of the 10.5% senior secured
notes due 2024 issued by TPC Inc., or one or more of its
subsidiaries or affiliates. The Ad Hoc Group of Non-Consenting
Noteholders subsequently retained Pachulski Stang Ziehl & Jones LLP
to Serve as its Delaware local counsel in connection with the
chapter 11 cases of TPC Group Inc., and its affiliated debtors.
Subsequent to the filing of the Chapter 11 cases, the Ad Hoc Group
of Non-Consenting Noteholders substituted Proskauer and SGE for
Milbank as counsel.
As of May 31, 2022, members of the Ad Hoc Group of Non-Consenting
Noteholders and their disclosable economic interests are:
Bayside Capital, Inc.
1450 Brickell Ave
31st Floor
Miami, FL 33131
* Amount of Claims: $47,000,000.00 of 10.5% Notes Claims
Cerberus Capital Management, L.P.
875 3rd Ave
New York, NY 10022
* Amount of Claims: $43,061,000.00 of 10.5% Notes Claims
The information contained herein is provided only for the purpose
of complying with Bankruptcy Rule 2019 and is not intended for any
other use or purpose.
Counsel reserves the right to amend this Verified Statement as may
be necessary in accordance with the requirements set forth in
Bankruptcy Rule 2019.
Counsel for the Ad Hoc Group of Non-Consenting Noteholders can be
reached at:
PACHULSKI STANG ZIEHL & JONES LLP
Laura Davis Jones, Esq.
Timothy P. Cairns, Esq.
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
E-mail: ljones@pszjlaw.com
tcairns@pszjlaw.com
PROSKAUER ROSE LLP
David M. Hillman, Esq.
Michael T. Mervis, Esq.
Joshua A. Esses, Esq.
Eleven Times Square
New York, NY 10036
Telephone: (212) 969-3000
Facsimile: (212) 969-2900
E-mail: DHillman@proskauer.com
MMervis@proskauer.com
JEsses@proskauer.com
Peter J. Young, Esq.
2029 Century Park East, Suite 2400
Los Angeles, CA 90067-3010
Telephone: (310) 284-4542
Facsimile: (310) 557-2193
E-mail: PYoung@proskauer.com
- and -
SELENDY GAY ELSBERG PLLC
Jennifer Selendy, Esq.
Andrew R. Dunlap, Esq.
Oscar Shine, Esq.
Max H. Siegel, Esq.
1290 Avenue of the Americas
New York, NY 10104
Telephone: (212) 390-9000
Facsimile: (212) 390-9399
E-mail: jselendy@selendygay.com
adunlap@selendygay.com
oshine@selendygay.com
msiegel@selendygay.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3y5CB6x and https://bit.ly/3ONgBnE
About TPC Group
TPC Group, headquartered in Houston, is a producer of value-added
products derived from petrochemical raw materials such as C4
hydrocarbons, and provider of critical infrastructure and logistics
services along the Gulf Coast. The Company sells its products into
a wide range of performance, specialty and intermediate markets,
including synthetic rubber, fuels, lubricant additives, plastics
and surfactants. With an operating history of more than 75 years,
TPC Group has a manufacturing facility in the industrial corridor
adjacent to the Houston Ship Channel and operates product
terminals
in Port Neches, Texas and Lake Charles, Louisiana.
TPC Group Inc. and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 22-10493) on June 1, 2022. TPC Group
estimated assets and debt of $1 billion to $10 billion to $10
billion.
The Hon. Craig T. Goldblatt is the case judge.
Baker Botts L.L.P. is the Debtors' counsel; Morris, Nichols, Arshtn
& Tunnell LLP is the co-counsel; Moelis & Company LLC is the
investment banker; and FTI Consulting is the financial advisor.
Simpson Thacher & Bartlett LLP is the special finance counsel.
Kroll Restructuring Administration is the claims agent.
Eclipse Business Capital LLC is advised by Goldberg Kohn Ltd.
Paul Hastings LLP, and Stroock & Stroock & Lavan LLP are serving as
counsel to the Ad Hoc Noteholder Group that supports the Debtors'
restructuring. Evercore Group L.L.C., is the Group's financial
advisor. Young Conaway Stargatt & Taylor, LLP is local counsel to
the Ad Hoc Noteholder Group. The Supporting Noteholders are funds
controlled by FIG LLC and Fortress Capital Finance III(A) LLC,
Monarch Alternative Capital LP., PGIM Inc., Redwood Capital
Management LLC, and Strategic Value Partners LLC.
Pachulski Stang Ziehl & Jones LLP, Proskauer Rose LLP, and Selendy
Gay Elsberg PLLC are serving as counsel to an Ad Hoc Group of
Non-Consenting Noteholders, led by Bayside Capital, Inc., and
Cerberus Capital Management, L.P. Milbank LLP previously served as
the group's counsel but was later replaced by Pachulski and SGE.
TRAVIS JAMES HYDE: $3MM Sale of Lakeland Property to Bachmanns OK'd
-------------------------------------------------------------------
Judge Katherine A. Constantine of the U.S. Bankruptcy Court for the
District of Minnesota authorized Travis James Hyde and Sharon
Elizabeth Hyde to sell their interest in real property commonly
known as 16688 7th Street South, in Lakeland, Minnesota, to Lucas
and Christine Bachmann for $3.02 million, subject to the terms of
the Purchase Agreement.
The Property is legally described as: That part of Lots 6 through
10, Block 51, Lakeland City, Washington County, Minnesota, which
lies South of the North 24.09 feet thereof, and that part of the
East Half of vacated Sixth Street which lies Southerly of the
Westerly extension of the South line of said North 24.09 feet and
Northerly of the North line of 7th Street South; and Lots 1 and 2
and that part of Lot 3 which lies South of the Easterly extension
of the South line of said North 24.09 feet, Block 52, in said
Lakeland City that part of vacated Fifth Street lying Southerly of
the Easterly extension of the South line of said North 24.09 feet
and Northerly of the North line of said 7th Street South; and that
part of vacated Seventh Street South which lies Northerly of a line
66 feet Northerly from and parallel to the North line of Block 1,
Lilly's Addition, Washington County, Minnesota, and Easterly of the
Southerly extension of the centerline of said vacated Sixth Street
and Westerly of the centerline of vacated Fifth Street, and the
North 42 feet of vacated Seventh Street South lying Easterly from
the centerline of Fifth Street.
The following liens against the Property attach to the proceeds,
and are authorized to be paid, including reasonable post-petition
fees, interest, and expenses, or a lesser amount if by agreement:
(a) Washington County Property Taxes which attach to the
Property as a lien per Minnesota Law and are delinquent in the
amount of $143,298.42 as of June 3, 2022;
(b) Axos Bank, assigned to Axos Bank by Mortgage Electronic
Registration Systems via an assignment of mortgage dated Nov. 19,
2020, recorded Nov. 30, 2020 as Document No. 4279718 in the
original principal amount of $1,606,500, in the approximate amount
of $1,805,276.75;
(c) Minnesota Department of Revenue, which consists of three
state tax liens against both Debtors:
a. State Tax Lien against Travis J. Hyde dated March
14, 2019 and recorded March 15, 2019 as Document No. 4187342 and
the same State Tax Lien against Sarah E. Hyde dated March 14, 2019
and recorded March 15, 2019 as Document No. 4187343 in the amount
of
$23,781.77;
b. State Tax Lien against Travis J. Hyde dated Aug. 31,
2021 and recorded Sept. 1, 2021 as Document No. 4331858 and the
same State Tax Lien against Sarah E. Hyde dated Aug. 31, 2021 and
recorded Sept 1, 2021 as Document No. 4331858 in the amount of
$97,368.47; and
c. State Tax Lien against Travis J. Hyde dated Dec. 12,
2019 and recorded Dec. 13, 2019 as Document No. 4222339 in the
amount of $2,058.30.
(d) Internal Revenue Service Federal Tax Lien dated March 5,
2020 and recorded March 16, 2020 as Document No. 4234439 in the
original amount of $103,124.55, with a payoff in the amount of
$890,956.01.
The Property will be sold free and clear of these liens listed.
Edina Realty is authorized to be paid its commission and broker fee
at the closing of the Property.
The 14-day stay under Federal Rule of Bankruptcy Procedure 6004(h)
is waived, and the Order is effective immediately upon entry.
As to any party required to be served under Local Rule 9013-3 that
was not served in accordance with Federal Rule of Bankruptcy
Procedure 7004, the Court deems notice adequate pursuant to Local
Rule 9029-1(b).
Travis James Hyde and Sharon Elizabeth Hyde sought Chapter 11
protection (Bankr. D. Minn. Case No. 20-32647) on Nov. 16, 2020.
The Debtors tapped John D. Lamey III, Esq., at Lamey Law Firm, P.A.
as counsel.
TRIBECA BOUTIQUES: Continued Operations to Fund Plan Payments
-------------------------------------------------------------
Tribeca Boutiques Inc., filed with the U.S. Bankruptcy Court for
the District of New Jersey a Small Business Plan of Reorganization
dated June 27, 2022.
The Debtor, which runs a clothing store, failed to pay rent
throughout recent Covid-19 pandemic, and filed the within chapter
11 case to save its leasehold interest, operate in the ordinary
course, and repay its obligations over time.
The Debtor's Plan shall last a total of 5 years, which is the
approximate duration of the Debtor's nonresidential lease, once the
Debtor's plan is confirmed. During such time, while the Plan is in
force, the Debtor proposes to pay allowed claims in accordance with
the priorities set forth in and under Bankruptcy Code, with
distributions for all allowed claims occurring twice a year, on the
15th day July and the 30th day of January (each, an "Operations
Distribution"), with a total of 12 Distributions to creditors.
The Debtor's creditors are broken into 2 unsecured classes, Class 1
is comprised of the Debtor's Landlord, whose allowed claim will
reflect a cure sufficient to assume its lease. Class 2 is comprised
of the balance of the Debtor's unsecured creditors.
The Plan proposes to assume the Debtor's non-residential lease on
the Store, under section 365 of the Bankruptcy Code, in order to
allow the Debtor to continue to operate. The Debtor believes the
cure amount due to the Landlord for rent arrearage to be
$170,000.00 (the "Rent Cure"). Payment of the Rent Cure to the
Landlord shall be equal to a minimum payment of $8,000.00 each
July, and a further minimum payment of $18,000.00 each January,
totaling $130,000.00.
Class 2 consists of General unsecured (all other unsecured allowed
claims). This Class shall be paid annual payment of $1,000 from
January 2023 to July 2028. The estimated recovery for General
Unsecured Claims is "unknown at this time."
Class 3 consists of Equity Interest Holder Mashhur Emachah who
shall maintain equity interest in Debtor.
The Debtor's Plan pays its creditors from funds generated from
continued operations, over the course of up to five (5) years. The
Debtor plans to continue to operate from its current location, in
the Bronx, New York, where it has almost seven years left on its
current lease.
The Debtor has provided rough financial projections of its net
income, which shall be distributed to its creditors. In addition,
the Debtor shall provide reporting post confirmation to ensure that
its disposable income goes to pay its creditors.
A full-text copy of the Plan of Reorganization dated June 27, 2022,
is available at https://bit.ly/3OOGYJF from PacerMonitor.com at no
charge.
About Tribeca Boutiques
Tribeca Boutiques Inc. sells apparel and related accessories.
Formed in 2017, the company sells apparel and related accessories
from a retail location located at 2469 Grand Concourse, Bronx, NY
10468.
Tribeca Boutiques filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 22 12416) on March 27, 2022. The Debtor is
represented by Chad Friedman, Esq. of RAVIN GREENBERG LLC.
TRIPOD HOLDINGS: Disposable Income to Fund Plan Payments
--------------------------------------------------------
Tripod Holdings, LLC, filed with the U.S. Bankruptcy Court for the
District of Maryland a Subchapter V Plan of Reorganization dated
June 27, 2022.
The Debtor is a Maryland limited liability company with its
headquarters located in Nottingham, Maryland. The Debtor is owned
by three separate single-member limited liability companies: MAH
Investments, LLC, whose sole member is Pat Boyle, owns 33.34%; RMK
Advisors, LLC, whose sole member is Rob Kimball, owns 33.33%; and
RSD Holdings, LLC, whose sole member is Dave Drab, owns 33.33%.
The Debtor is a holding company that is the sole member of its
subsidiaries, High Mark Construction, LLC ("HMC") and Strong Wall
Construction, LLC ("SWC"). HMC and SWC continue to operate in the
ordinary course of business. Organizing TPH as the parent company
and sole member of both HMC and SWC was purposeful by design and
done for strategic purposes.
The preservation of this existing structure is critical to a
successful reorganization. The structure also provides flexibility
and allows three individuals to showcase their different talents
and allows each to serve a specific niche of construction
clientele, it provides efficiencies of a shared expense model and
provides a one-stop-shop solution with the ability to refer work to
an entity designed to handle those types of work.
Class 1 consists of Allowed Unsecured Indemnification Claims. Class
1 Claim(s) shall be all Allowed Claims made by any of the Judgment
Obligors for indemnification claims under the Debtor's operating
agreement, or contribution claims under the applicable State or
Federal law. In consideration of the injunctions and releases, and
the contributions to the Plan Funding provided by the Judgment
Obligors, Class 1 claimants will not receive any distribution under
the Plan. Class 1 is Impaired and, therefore, the Holders of a
Class 1 Claim are entitled to vote to accept or reject the Plan.
Class 2 consists of Allowed Unsecured Claims. Class 2 Claim(s)
shall be all other Claims not otherwise expressly herein provided
for. After payment in full of any Allowed Administrative Expense or
Priority Tax Claims, and in full and complete satisfaction,
discharge and release of the Class 2 Claims, the Debtor shall pay
the Holders of Allowed Class 2 Claims, without interest, a lump sum
payment upon the Effective Date. Any payment to a Class 2 Creditor
holding a Disputed Claim is also contingent upon entry of a Final
Order allowing such Class 2 Claim. Class 2 is Impaired.
Class 3 consists of Allowed Interests. On the Effective Date, the
legal, equitable and contractual rights of the Holders of the
Interests in the Debtor shall be retained unaltered. Class 3 is
Unimpaired. As a result, pursuant to § 1126(f), each Holder of an
Interest is conclusively deemed to have accepted the Plan and,
therefore, is not entitled to vote to accept or reject the Plan.
Upon the Effective Date, the Debtor shall continue to be controlled
and managed by its members consistent with the Debtor's Operating
Agreement. The Debtor's members are MAH Investments, LLC (33.34%),
RMK Advisors, LLC (33.33%) and RSD Holdings, LLC (33.33%). As
disclosed in the Statement Pursuant to Local Bankruptcy Rule 2015-1
filed on April 13, 2021, the managing members of MAH, RMK and RSD
received gross compensation of $9,615.38 per two week pay period
plus commissions pre-petition.
Upon the Effective Date of this Plan, the Debtor shall pay an
amount equal to its Exit Financing. The Debtor shall also use its
cash on hand as of the Effective Date in order to assist in funding
its business operations and the Plan.
* Exit Financing. The Debtor has secured a loan offer from
Seaport Specialty Lending.
* Released Parties Contributions.
The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtor's entire projected
Disposable Income for that same period. In accordance with this
Plan, the Debtor projects that it will make a lump sum distribution
to Unsecured Creditors holding Allowed Class 2 Claims in an amount
equal to two million dollars ($2,000,000.00), or thirty-two cents
on the dollar ($0.32). If the Claims are amended or increased, or
the Debtor's plan is confirmed on a non consensual basis, then the
plan distributions may decrease. If the Claims decrease then the
plan distributions may increase.
During the term of this Plan, the Debtor will make a lump sum
payment which is in excess of its projected Disposable Income, as
projected over the next 36 months. The Debtor shall directly pay
such lump sum payment to the applicable Creditors.
A full-text copy of the Subchapter V Plan dated June 27, 2022, is
available at https://bit.ly/3OvoNJr from PacerMonitor.com at no
charge.
Counsel for Debtor:
Paul Sweeney
Yumkas, Vidmar, Sweeney & Mulrenin, LLC
10211 Wincopin Circle, Suite 500
Columbia, Maryland 21044
(443)569-5972
psweeney@yvslaw.com
About Tripod Holdings
Tripod Holdings, LLC, a residential building construction company
in Nottingham, Md., filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Md. Case No. 22-11572) on March
27, 2022, listing up to $1 million in assets and up to $10 million
in liabilities. Scott W. Miller serves as the Debtor's Subchapter V
trustee and is represented by Odin, Feldman & Pittleman, P.C.
Judge Michelle M. Harner presides over the case.
Paul Sweeney, Esq., at Yumkas, Vidmar, Sweeney & Mulrenin, LLC,
serves as the Debtor's legal counsel.
UNITED AIRLINES: Egan-Jones Hikes Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company on June 13, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by United Airlines, Inc. to B+ from B. EJR also downgraded the
rating on commercial paper issued by the Company to B from C.
Headquartered in Chicago, Illinois, United Airlines, Inc. provides
commercial airline services.
VANTAGE DRILLING: COO Douglas Halkett to Step Down After 14 Years
-----------------------------------------------------------------
Vantage Drilling International announced that Douglas Halkett will
be stepping down from his position as chief operating officer after
more than 14 years of service, effective today. Mr. Halkett will
transition to the role of senior advisor to the chief executive
officer, effective as of July 1, 2022, and is expected to remain in
that role through the end of the year.
The Company also announced that William Thomson has been appointed
chief commercial officer and chief technical officer, effective as
of July 1, 2022. Mr. Thomson currently serves as the Company's
vice president, Marketing and Business Development. Mr. Thomson
does not have any family relationships with any of the Company's
directors or executive officers, and he is not a party to any
transactions listed in Item 404(a) of Regulation S-K.
Mr. Thomson's employment agreement with the Company will remain
unchanged other than to acknowledge the change in his duties and
responsibilities.
About Vantage
Vantage Drilling, a Cayman Islands exempted company, is an offshore
drilling contractor, with a fleet of two ultra-deepwater
drillships, and five premium jackup drilling rigs. Its primary
business is to contract drilling units, related equipment and work
crews primarily on a dayrate basis to drill oil and natural gas
wells globally for major, national and independent oil and gas
companies. the Company also markets, operates and provides
management services in respect of, drilling units owned by others.
Vantage Drilling reported a net loss of $110.25 million for the
year ended Dec. 31, 2021, compared to a net loss of $276.76 million
for the year ended Dec. 31, 2020. As of March 31, 2022, the
Company had $719.91 million in total assets, $104.51 million in
total current liabilities, $347.27 million in long-term debt (net
of discount and financing costs), $16.50 million in other long-term
liabilities, and $251.62 million in total equity.
* * *
As reported by the TCR on May 9, 2022, S&P Global Ratings affirmed
its 'CCC' issuer credit rating on Vantage Drilling International.
S&P said the 'CCC' rating reflects the refinancing risk related to
the company's $350 million senior secured notes due November 2023.
VERTEX INC: Two Proposals Passed at Annual Meeting
--------------------------------------------------
Vertex, Inc. held its Annual Meeting of Shareholders at which the
shareholders:
(1) elected Philip Saunders and J. Richard Stamm as directors,
each to hold office until the 2025 Annual Meeting of Shareholders,
or the earlier to occur of his or her death, disqualification,
resignation, or removal or the appointment of his or her successor;
and
(2) ratified the appointment of Crowe LLP as the Company's
independent auditor for the fiscal year ending Dec. 31, 2022.
About Vertex
Vertex, Inc. -- www.vertexinc.com -- is a global provider of
indirect tax software and solutions. The Company's mission is to
deliver the most trusted tax technology enabling global businesses
to transact, comply and grow with confidence. Vertex provides
solutions that can be tailored to specific industries for major
lines of indirect tax, including sales and consumer use, value
added and payroll. Headquartered in North America, and with
offices in South America and Europe, Vertex employs over 1,300
professionals and serves companies across the globe.
Vertex reported a net loss of $1.48 million for the year ended Dec.
31, 2021, compared to a net loss of $75.08 million for the year
ended Dec. 31, 2021. As of March 31, 2022, the Company had $697.51
million in total assets, $464.68 million in total liabilities, and
$232.83 million in total stockholders' equity.
VISTAGEN THERAPEUTICS: Incurs $47.8M Net Loss in FY Ended March 31
------------------------------------------------------------------
VistaGen Therapeutics, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss and
comprehensive loss of $47.76 million on $1.11 million of total
revenues for the fiscal year ended March 31, 2022, compared to a
net loss and comprehensive loss of $17.93 million on $1.09 million
of total revenues for the fiscal year ended March 31, 2021.
As of March 31, 2022, the Company had $74.64 million in total
assets, $9.93 million in total liabilities, and $64.72 million in
total stockholders' equity.
At March 31, 2022, the Company had cash and cash equivalents of
approximately $68.1 million.
As of June 22, 2022, the Company had 206,640,955 shares of common
stock outstanding.
San Francisco, California-based WithumSmith+Brown, PC, the
Company's auditor since 2006, issued a "going concern"
qualification in its report dated June 23, 2022, citing that the
Company has suffered negative cash flows from operations and
recurring losses from operations since inception, resulting in an
accumulated deficit of $267.6 million as of March 31, 2022, that
raise substantial doubt about its ability to continue as going
concern.
Management Commentary
"Momentum from our accomplishments throughout our fiscal year 2022
have led us to a position of strength as we await topline results
from our PALISADE-1 Phase 3 clinical trial of PH94B in social
anxiety disorder. Our progress, most notably recent drug
development and regulatory milestones, continues to drive our team
forward as we strive to develop much needed innovative medicines
for mental health," stated Shawn Singh, chief executive officer of
VistaGen.
"We believe individuals should have access to medication that is
not only effective, but also safe and without the potential for
abuse and other harmful side effects. One of the major reasons we
are passionate about developing PH94B is its potential to satisfy
that need for the millions of individuals suffering from social
anxiety disorder. Our recent consensus with the FDA that a Human
Abuse Potential study is not required at this time based on PH94B's
demonstrated safety in all studies completed to date adds to a
growing body of evidence suggesting that PH94B has potential to
achieve rapid-onset anti-anxiety effects without requiring systemic
uptake or causing benzodiazepine-like side effects and safety
concerns," said Singh.
"At a time when the current drug treatment paradigm for social
anxiety disorder is falling far short of delivering necessary
relief without worrisome potential consequences, an innovative
treatment alternative is imperative. If successfully developed in
our ongoing PALISADE Phase 3 Program, PH94B has the potential to
fill that void as the first fast-acting, on demand acute treatment
of anxiety for the estimated 25 million Americans who suffer from
social anxiety disorder. We remain steadfast in pursuit of our
mission to improve mental health and well-being for individuals
suffering from anxiety, depression and other CNS related disorders
worldwide - One Mind at a Time," concluded Singh.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001411685/000185173422000349/vtgn20220331_10k.htm
About VistaGen
Headquartered in San Francisco, California, VistaGen Therapeutics
-- http://www.vistagen.com-- is a biopharmaceutical company
committed to developing and commercializing innovative medicines
with the potential to go beyond the current standard of care for
anxiety, depression, and other CNS disorders.
VIVAKOR INC: To Acquire Silver Fuels, White Claw
------------------------------------------------
Vivakor, Inc. has signed a definitive agreement to acquire Silver
Fuels Delhi, LLC (operating in Louisiana) and White Claw Colorado
City, LLC (operating in Texas).
If consummated, the acquisitions will enable Vivakor to enter a
synergistic segment of the energy industry with the combination of
a crude oil gathering, storage, and transportation facility, which
feature long-term ten year take or pay contracts. In 2021, SF
Delhi generated $33 million in revenue and positive operating cash
flow.
The acquisition is structured as a Membership Interest Purchase
Agreement with the owners of SF Delhi and WCCO, Jorgan Development,
LLC and JBAH, LLC, to sell 100% of the membership interests of SF
Delhi and WCCO to Vivakor for total consideration of approximately
$37.4 million, subject to post-closing adjustments. The
consideration to be paid by Vivakor under the MIPA consists of
shares of Vivakor common stock in an amount equal to 19.99% of the
total amount of issued and outstanding shares of Vivakor common
stock immediately prior to closing, Vivakor promissory notes, and
Vivakor's assumption of certain liabilities. The acquisitions are
anticipated to be completed within 30 days, subject to customary
closing conditions.
SF Delhi owns and operates a crude oil gathering, storage, and
transportation facility located on approximately 9.3 acres near
Delhi, Louisiana. For a period of 10 years, SF Delhi is, under
existing crude oil supply agreements with White Claw Crude, LLC,
guaranteed a minimum gross margin under a take or pay contract. At
present, SF Delhi is gathering approximately 1,400 to 1,700 barrels
of crude oil on a daily basis.
WCCO owns a 120,000 barrel oil storage tank, in the heart of the
Permian Basin, located near Colorado City, Texas. The storage tank
is presently connected to the Lotus pipeline system and Vivakor
intends to further connect the tank to the Medallion and Wolf
pipeline system if the acquisition is successfully completed.
Under the terms of an already existing agreement, White Claw Crude,
LLC has agreed to lease the oil storage tank for a period of 10
years. As with SF Delhi, WCCO would provide Vivakor with the
infrastructure to blend and sell oil which has been recovered via
Vivakor's RPC machine from tank bottom sludge and contaminated soil
which exists in the Permian Basin.
Matt Nicosia, CEO and Chairman of Vivakor, stated, "The potential
acquisitions of SF Delhi and WCCO provide a monumental opportunity
for Vivakor. If we are able to close these acquisitions, we would
add significant revenue and Earnings before Interest, Taxes,
Depreciation and Amortization (EBITDA) while putting in place the
necessary infrastructure to continue to grow our historical
business of cleaning areas contaminated by hydrocarbons. When we
have additional RPC machines manufactured and available, we would
anticipate placing a RPC at each location and believe the synergies
provided will result in Vivakor increasing revenue and earnings at
such locations. Additionally, James Ballengee, the principal of
Jorgan and JBAH, has previously built and sold several sizable
companies which operated in the oil industry, including Bridger
Logistics, which was sold to Ferrellgas Partners, L.P. for
approximately $840 million. We anticipate welcoming James to the
Vivakor team, as he utilizes his decades of energy industry
experience to help drive our business development efforts moving
forward."
James Ballengee, added, "Upon meeting with the Vivakor team, I
instantly realized the synergy that could be accomplished by
combining SF Delhi and WCCO with Vivakor and its patented RPC
machine technology. The signing of the MIPA is the first step in
this process. There is a need to clean up waste oil and improve
the environment that only technology can achieve, and I believe
this represents a huge opportunity for both parties."
Advisors
EF Hutton, division of Benchmark Investments, LLC is serving as
financial advisor and Lucosky Brookman LLP is serving as legal
advisor to Vivakor.
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc., is a clean energy technology
company focused in the area of oil remediation and natural
resources. The company currently focuses on its patented
Remediation Processing Centers that allows for the environmentally
friendly recovery of bitumen (heavy crude) and other hydrocarbons
from the remediation of contaminated soils. It is believed to be
the only remediation system that can clean soils with more than 5%
by weight oil contamination while fully recovering the oil and
leaving the soil fully viable for reuse.
Vivakor reported a net loss attributable to the company of $5.48
million for the year ended Dec. 31, 2021, compared to a net loss
attributable to the company of $2.18 million for the year ended
Dec. 31, 2020. As of March 31, 2022, the Company had $54.82
million in total assets, $18.28 million in total liabilities, and
$36.54 million in total stockholders' equity.
WESTBANK HOLDINGS: Wins Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
authorized Westbank Holdings, LLC and its debtor-affiliates to use
cash collateral on an interim basis.
Westbank Holdings is permitted to use up to $17,000 to employ Under
Pressure Construction, LLC to assist with the inspection by the
insurance adjusters, and secure certain damaged buildings and
prevent people from entering damaged buildings.
Westbank Holdings is also authorized to order up to $50,000 of
materials that are required to implement the plan to lockdown and
secure the Oakmont and Stoney Brook Apartment Complex.
A copy of the order is available at https://bit.ly/3Ou50db from
PacerMonitor.com.
About Westbank Holdings, LLC
Westbank Holdings, LLC, et al., are limited liability companies
that operate five low-income apartment complexes in New Orleans.
The complexes are owned and operated by Joshua Bruno.
Westbank Holdings, LLC, Cypress Park Apartments II, LLC, Liberty
Park Apartments, LLC, and Forest Park Apartments, LLC, sought
Chapter 11 protection (Bankr. E.D. La. Case Nos. 22-10082 to
22-10086) on Jan. 27, 2022. In the petition signed by Joshua Bruno
as manager, Liberty Park Apartments estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
The cases are handled by Honorable Judge Meredith S. Grabill.
Frederick L. Bunol, Esq., of The Derbes Law Firm, LLC, is the
Debtors' counsel.
YOUNGEVITY INTERNATIONAL: Reports $4.9M Net Loss for Q2 2020
------------------------------------------------------------
Youngevity International, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss attributable to common stockholders of $4.90 million on
$32.99 million of revenues for the three months ended June 30,
2020, compared to a net loss attributable to common stockholders of
$317,000 on $38.22 million of revenues for the three months ended
June 30, 2019.
For the six months ended June 30, 2020, the Company reported a net
loss attributable to common stockholders of $11.07 million on
$68.52 million of revenues compared to a net loss attributable to
common stockholders of $12.59 million on $79.41 million of revenues
for the six months ended June 30, 2019.
As of June 30, 2020, the Company had $86.89 million in total
assets, $64.62 million in total liabilities, and $22.27 million in
total stockholders' equity.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1569329/000185173422000336/yii20200630_10q.htm
About Youngevity
Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a direct marketing
enterprise. The Company features a multi country selling network
and has assembled a virtual Main Street of products and services
under one corporate entity, The Company offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services.
Youngevity reported a net loss attributable to common stockholders
of $52.67 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $23.50 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$89.69 million in total assets, $59.52 million in total
liabilities, and $30.17 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
June 24, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
YOUNGEVITY INTERNATIONAL: Reports $6.2M Net Loss for Q1 2020
------------------------------------------------------------
Youngevity International, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss attributable to common stockholders of $6.17 million on
$35.53 million of revenues for the three months ended March 31,
2020, compared to a net loss attributable to common stockholders of
$12.27 million on $41.19 million of revenues for the three months
ended March 31, 2019.
As of March 31, 2020, the Company had $87.34 million in total
assets, $62.89 million in total liabilities, and $24.44 million in
total stockholders' equity.
At March 31, 2020 the Company had cash and cash equivalents of
approximately $3,243,000 as compared to cash and cash equivalents
of $4,463,000 at Dec. 31, 2019.
"Management has assessed the Company's ability to continue as a
going concern and concluded that additional capital will be
required during the twelve-months subsequent to the filing date of
this Quarterly Report on Form 10-Q. The timing of when the
additional capital will be required is uncertain and highly
dependent on factors discussed below. There can be no assurance
that the Company will be able to execute license or purchase
agreements or to obtain equity or debt financing, or on terms
acceptable to it. Factors within and outside the Company's control
could have a significant bearing on its ability to obtain
additional financing. As a result, management has determined that
there are material uncertainties that raise substantial doubt upon
the Company's ability to continue as a going concern," Youngevity
said.
"The Company has and continues to take actions to alleviate the
cash used in operations. During the three months ending March 31,
2020, the Company reported total revenue of $35,531,000 a decrease
of approximately 13.7% compared to the same period a year ago. The
Company continues to focus on revenue growth, but the Company
cannot make assurances that revenues will grow. Additionally, the
Company has plans to make the necessary cost reductions and to
reduce non-essential expenses, including international operations
that are not performing well to help alleviate the cash used in
operating activities," the Company said.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1569329/000185173422000335/yii20200331_10q.htm
About Youngevity
Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a direct marketing
enterprise. The Company features a multi country selling network
and has assembled a virtual Main Street of products and services
under one corporate entity, The Company offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services.
Youngevity reported a net loss attributable to common stockholders
of $52.67 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $23.50 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$89.69 million in total assets, $59.52 million in total
liabilities, and $30.17 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
June 24, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
YUNHONG CTI: All Four Proposals Passed at Annual Meeting
--------------------------------------------------------
Yunhong CTI Ltd. convened its Annual Meeting of Shareholders at
which the shareholders:
(1) elected Frank Cesario, Yubao Li, Douglas Bosley, Gerald
(J.D.) Roberts, Jr., and Philip Wong as directors for a one-year
term that will expire at the 2023 annual meeting of shareholders;
(2) approved an increase of 500,000 shares of the Company's
common stock available for grant under its Stock Incentive Plan;
(3) ratified the appointment of LJ Soldinger Associates, LLC as
auditor of the Company for the fiscal year ending Dec. 31, 2022;
and
(4) approved the proposal to transact such other business as may
properly come before the meeting.
About Yunhong CTI
Lake Barrington, Illinois-based Yunhong CTI Ltd. --
www.ctiindustries.com -- develops, produces, distributes and sells
a number of consumer products throughout the United States and in
over 30 other countries, and it produces film products for
commercial and industrial uses in the United States. Many of the
Company's products utilize flexible films and, for a number of
years, it has been a leading developer of innovative products which
employ flexible films including novelty balloons, pouches and films
for commercial packaging applications.
Yunhong CTI reported a net loss of $7.55 million for the 12 months
ended Dec. 31, 2021, a net loss of $4.29 million for the 12 months
ended Dec. 31, 2020, and a net loss of $8.07 million for the 12
months ended Dec. 31, 2019. As of March 31, 2022, the Company had
$18.26 million in total assets, $14.20 million in total
liabilities, and $4.06 million in total shareholders' equity.
New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
15, 2022, citing that the Company has suffered recurring losses
from operations and will require additional capital to continue as
a going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
YUNHONG CTI: Regains Compliance With Nasdaq Listing Requirement
---------------------------------------------------------------
Yunhong CTI Ltd. convened its annual meeting of shareholders on
June 17, 2022, for the purpose of holding a shareholder vote,
thereby regaining compliance with Nasdaq's listing rules.
As previously reported, the company received on Jan. 12, 2022, a
notice of failure to satisfy a continued listing standard from
Nasdaq under Listing Rules 5620 (a) and 5810(c)(2)(G). The notice
indicated that the company failed to hold an annual meeting of
stockholders within the required 12-month period. The company had
45 days to submit a plan to regain compliance. Failure to regain
compliance with standards for continued listing would have resulted
in the ultimate de-listing of the company's common stock, ticker
symbol "CTIB", from Nasdaq. The company responded with a plan
designed to regain compliance. That plan was accepted.
About Yunhong CTI
Lake Barrington, Illinois-based Yunhong CTI Ltd. --
www.ctiindustries.com -- develops, produces, distributes and sells
a number of consumer products throughout the United States and in
over 30 other countries, and it produces film products for
commercial and industrial uses in the United States. Many of the
Company's products utilize flexible films and, for a number of
years, it has been a leading developer of innovative products which
employ flexible films including novelty balloons, pouches and films
for commercial packaging applications.
Yunhong CTI reported a net loss of $7.55 million for the 12 months
ended Dec. 31, 2021, a net loss of $4.29 million for the 12 months
ended Dec. 31, 2020, and a net loss of $8.07 million for the 12
months ended Dec. 31, 2019. As of March 31, 2022, the Company had
$18.26 million in total assets, $14.20 million in total
liabilities, and $4.06 million in total shareholders' equity.
New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
15, 2022, citing that the Company has suffered recurring losses
from operations and will require additional capital to continue as
a going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Mendel Paneth
Bankr. E.D.N.Y. Case No. 22-41414
Chapter 11 Petition filed June 19, 2022
represented by: Paul Hollender, Esq.
In re Caribbean Real Estate Holdings, Inc.
Bankr. E.D.N.Y. Case No. 22-71477
Chapter 11 Petition filed June 21, 2022
See
https://www.pacermonitor.com/view/CXK4W5I/Caribbean_Real_Estate_Holdings__nyebke-22-71477__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Dixon and Sons
Bankr. E.D.N.C. Case No. 22-01346
Chapter 11 Petition filed June 21, 2022
See
https://www.pacermonitor.com/view/HUCJ76Q/Dixon_and_Sons__ncebke-22-01346__0001.0.pdf?mcid=tGE4TAMA
represented by: Samantha K. Brumbaugh, Esq.
IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH &
MCDONOUGH, LLP
E-mail: skb@iveymcclellan.com
In re James Noah Dixon
Bankr. E.D.N.C. Case No. 22-01347
Chapter 11 Petition filed June 21, 2022
represented by: Samantha Brumbaugh, Esq.
IVEY, MCCLELLAN, SIEGMUND,
BRUMBAUGH & MCDONOUGH, L.L.P.
In re Jimmie Lee Peterson
Bankr. S.D. Tex. Case No. 22-60034
Chapter 11 Petition filed June 21, 2022
represented by: Nathaniel Holzer, Esq.
In re Andrews Automotive, LLC
Bankr. N.D. Ala. Case No. 22-01410
Chapter 11 Petition filed June 22, 2022
See
https://www.pacermonitor.com/view/DXX733Q/Andrews_Automotive_LLC__alnbke-22-01410__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Operation Impact Community Development Center, Inc.
Bankr. E.D. Ark. Case No. 22-11603
Chapter 11 Petition filed June 22, 2022
See
https://www.pacermonitor.com/view/AJ6337Q/Operation_Impact_Community_Development__arebke-22-11603__0001.0.pdf?mcid=tGE4TAMA
represented by: Chauncy Graham, Esq.
THE COCHRAN FIRM-JACKSON, LLC
E-mail: cjgraham26@yahoo.com
In re Anacleta Jovellanos Monsada
Bankr. N.D. Cal. Case No. 22-30311
Chapter 11 Petition filed June 22, 2022
represented by: Arasto Farsad, Esq.
In re South Trail Autobody, Inc.
Bankr. M.D. Fla. Case No. 22-02489
Chapter 11 Petition filed June 22, 2022
See
https://www.pacermonitor.com/view/IYJ575I/South_Trail_Autobody_Inc__flmbke-22-02489__0001.0.pdf?mcid=tGE4TAMA
represented by: Benjamin G. Martin, Esq.
LAW OFFICES OF BENJAMIN MARTIN
In re 1145 Thornton Ave LLC
Bankr. D.N.J. Case No. 22-15056
Chapter 11 Petition filed June 22, 2022
See
https://www.pacermonitor.com/view/ZJKTUEQ/1145_Thornton_Ave_LLC__njbke-22-15056__0001.0.pdf?mcid=tGE4TAMA
represented by: Andre L. Kydala, Esq.
LAW FIRM OF ANDRE L. KYDALA
E-mail: kydalalaw@aim.com
In re Scott William Oertel
Bankr. W.D. Wisc. Case No. 22-11013
Chapter 11 Petition filed June 22, 2022
represented by: Tibby Madison, Esq.
In re Paramount Roofing LLC
Bankr. D. Ariz. Case No. 22-04080
Chapter 11 Petition filed June 23, 2022
See
https://www.pacermonitor.com/view/SPNTHMY/Paramount_Roofing_LLC__azbke-22-04080__0001.0.pdf?mcid=tGE4TAMA
represented by: Alan A. Meda, Esq.
BURCH & CRACCHIOLO, P.A.
E-mail: ameda@bcattorneys.com
In re Sammny Ciling and Anke Ciling
Bankr. C.D. Cal. Case No. 22-13456
Chapter 11 Petition filed June 23, 2022
represented by: Michael G. Spector, Esq.
LAW OFFICES OF MICHAEL G. SPECTOR
E-mail: mgspector@aol.com
In re Marek Piatkowski-Nazarro
Bankr. C.D. Cal. Case No. 22-13464
Chapter 11 Petition filed June 23, 2022
represented by: Leonard Pena, Esq.
In re Olga Atienza-Bilan
Bankr. N.D. Cal. Case No. 22-50539
Chapter 11 Petition filed June 23, 2022
represented by: Lars Fuller, Esq.
In re Jean Verno
Bankr. E.D.N.Y. Case No. 22-71516
Chapter 11 Petition filed June 23, 2022
represented by: Ronald Weiss, Esq.
In re Naglaa Real Estate Corp
Bankr. S.D.N.Y. Case No. 22-10858
Chapter 11 Petition filed June 23, 2022
See
https://www.pacermonitor.com/view/RAZUDDA/Naglaa_Real_Estate_Corp__nysbke-22-10858__0001.0.pdf?mcid=tGE4TAMA
represented by: Farva Jafri, Esq.
JAFRI LAW FIRM
E-mail: Farva@jafrilawfirm.com
In re 9863 Dublin Valley, LLC
Bankr. D. Nev. Case No. 22-12180
Chapter 11 Petition filed June 23, 2022
See
https://www.pacermonitor.com/view/D33AHCA/9863_DUBLIN_VALLEY_LLC__nvbke-22-12180__0001.0.pdf?mcid=tGE4TAMA
represented by: Roger P. Croteau, Esq.
ROGER P. CROTEAU & ASSOCIATES LTD
E-mail: croteaulaw@croteaulaw.com
In re D & L Real Estate Enterprises, LLC
Bankr. C.D. Cal. Case No. 22-12412
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/44IRS7Q/D__L_Real_Estate_Enterprises__cacbke-22-12412__0001.0.pdf?mcid=tGE4TAMA
represented by: Matthew D. Resnik, Esq.
RHM LAW, LLP
E-mail: matt@rhmfirm.com
In re Moussa Moradieh Kashani
Bankr. C.D. Cal. Case No. 22-13500
Chapter 11 Petition filed June 24, 2022
represented by: Sanford Frey, Esq.
In re Ananthalakshmi Subramanian
Bankr. S.D. Fla. Case No. 22-14925
Chapter 11 Petition filed June 24, 2022
represented by: Aaron Wernick, Esq.
In re Jean-Francois Bruno Simon
Bankr. S.D. Fla. Case No. 22-14894
Chapter 11 Petition filed June 24, 2022
represented by: Isaac Marcushamer, Esq.
In re Mark A. Filippone
Bankr. D.N.J. Case No. 22-15121
Chapter 11 Petition filed June 24, 2022
represented by: David Stevens, Esq.
In re Dent Tech Laboratory, Inc.
Bankr. E.D.N.Y. Case No. 22-41469
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/SAUFQ4Y/Dent_Tech_Laboratory_Inc__nyebke-22-41469__0001.0.pdf?mcid=tGE4TAMA
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re 79 West Lake Blvd
Bankr. S.D.N.Y. Case No. 22-35405
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/RRG3H6Y/79_West_Lake_Blvd__nysbke-22-35405__0001.0.pdf?mcid=tGE4TAMA
represented by: Harold J. Johnson, Esq.
HAROLD J. JOHNSON
E-mail: JohnsonHJ@aol.com
In re Payam Inc.
Bankr. S.D.N.Y. Case No. 22-10870
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/I5DJOXI/Payam_Inc__nysbke-22-10870__0001.0.pdf?mcid=tGE4TAMA
represented by: Erica Yitzhak, Esq.
THE YITZHAK LAW GROUP
E-mail: erica@etylaw.com
In re Parison, Inc.
Bankr. E.D. Pa. Case No. 22-11657
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/VQRFMWA/Parison_Inc__paebke-22-11657__0001.0.pdf?mcid=tGE4TAMA
represented by: Albert A. Ciardi III, Esq.
CIARDI CIARDI & ASTIN
E-mail: aciardi@ciardilaw.com
In re Danny R. Bartel, M.D., P.A.
Bankr. N.D. Tex. Case No. 22-41407
Chapter 11 Petition filed June 24, 2022
See
https://www.pacermonitor.com/view/OABGDVA/Danny_R_Bartel_MD_PA__txnbke-22-41407__0001.0.pdf?mcid=tGE4TAMA
represented by: Craig D. Davis, Esq.
DAVIS, ERMIS & ROBERTS, P.C.
E-mail: davisdavisandroberts@yahoo.com
In re Hilda Elisa Powles
Bankr. W.D. Tex. Case No. 22-50672
Chapter 11 Petition filed June 24, 2022
represented by: William Kingman, Esq.
In re Comfort Health LLC
Bankr. E.D. Cal. Case No. 22-21584
Chapter 11 Petition filed June 27, 2022
See
https://www.pacermonitor.com/view/OTVGOZQ/Comfort_Health_LLC__caebke-22-21584__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Karen Cendana Sinnung
Bankr. E.D. Cal. Case No. 22-21583
Chapter 11 Petition filed June 27, 2022
represented by: Farsad Arasto, Esq.
In re Pizarro Hair Restoration, Inc.
Bankr. M.D. Fla. Case No. 22-02259
Chapter 11 Petition filed June 27, 2022
See
https://www.pacermonitor.com/view/ZAYBB6I/Pizarro_Hair_Restoration_Inc__flmbke-22-02259__0001.0.pdf?mcid=tGE4TAMA
represented by: Thomas Adam, Esq.
ADAM LAW GROUP, PA
E-mail: tadam@adamlawgroup.com
In re Isaac Halwani and Giselle Halwani
Bankr. S.D. Fla. Case No. 22-14959
Chapter 11 Petition filed June 27, 2022
represented by: Glenn Moses, Esq.
In re Robert E. Soper and Cynthia E. Soper
Bankr. D.N.J. Case No. 22-15185
Chapter 11 Petition filed June 27, 2022
represented by: Ira Deiches, Esq.
DEICHES & FERSCHMANN,
A PROFESSIONAL CORPORATION
In re Harishivji, Inc.
Bankr. S.D.N.Y. Case No. 22-10875
Chapter 11 Petition filed June 27, 2022
See
https://www.pacermonitor.com/view/C642MHI/HARISHIVJI_INC__nysbke-22-10875__0001.0.pdf?mcid=tGE4TAMA
represented by: Hasanuzzaman Malik, Esq.
MALIK LAW P.C.
E-mail: hasan@malikesq.com
*********
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
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On Thursdays, the TCR delivers a list of recently filed
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liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
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then-ending.
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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
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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.
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