/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220805.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 5, 2022, Vol. 26, No. 216 Headlines 109 JEROME AVE: Sept. 1 Hearing on Disclosure Statement AEARO TECHNOLOGIES: MDL Judge Casey Won't Block Bankruptcy Stay AIJOBORY INVESTMENT: Files for Chapter 11 Bankruptcy Protection ALLEN & HANDY: Cash Collateral Stipulation Denied as Moot ALTAGAS LTD: S&P Assigns 'BB' Rating on Subordinated Notes 2 BELLE MEADE STUDIOS: U.S. Trustee Unable to Appoint Committee BENZRENT 7: U.S. Trustee Unable to Appoint Committee BLACK CREEK: Ordered to Further Amend Plan Disclosures BMW NATIONWIDE: Has Deal on Cash Collateral Access BOXVANA LLC: Files Emergency Bid to Use Cash Collateral BVM THE BRIDGES: Unsecureds Will Get 10% in 60 Months Absent Sale CAPITOL PRESORT: Wins Cash Collateral Access Thru Aug 16 CC HILLCREST: Files Emergency Bid to Use Cash Collateral CHICAGO DOUGHNUT: Reaches Final Settlement of Class Action Suit CLEAREDDIRECT LLC: Seeks Cash Collateral Access COMPENDIUM INT'L: Unsecureds to Get At Least $2.12M in Plan CORPORATE COLOCATION: Court OKs Deal on Cash Collateral Access COX BROTHERS: Unsecureds Owed $29K to be Paid in Full CREEPY COMPANY: Files Emergency Bid to Use Cash Collateral DALTON CRANE: Makes Modifications to Plan Amid Sale DYNAMETAL TECHNOLOGIES: Files Emergency Bid to Use Cash Collateral E QUALCOM CORP: Starts Chapter 11 Subchapter V Case EDWARD ZENGEL: Wins Cash Collateral Access EXPEDITION INDUSTRIES: Files Emergency Bid to Use Cash Collateral FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access FINANCIAL INVESTMENTS: Judgment Creditors to Recover 100% in Plan FIRST CHOICE: Members' Contribution Leads to 100% Plan FORTRESS TRANSPORTATION: Moody's Ups CFR & Unsecured Debt to Ba2 GA REAL ESTATE: Files Emergency Bid to Use Cash Collateral GENOCEA BIOSCIENCES: Court OKs Final Cash Collateral Access GLEASON'S GYMNASTIC: Unsecureds to Get $10K per Month for 41 Months HIE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors INDEPENDENCE FUEL: Taps Law Office of PJ Putman as Special Counsel INFOW LLC: Judge Cautions Jones' Attorney About Courtroom Conduct IRON HOLDINGS: SARE Files for Chapter 11 Bankruptcy JJS LOGISTICS: Wins Cash Collateral Access on Final Basis JUST BELIEVE: Files Emergency Bid to Use Cash Collateral KINGSTONE INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) KOSA REAL ESTATE: Unsecureds Get Dividend of 1% From Refinancing LAUTERBACH LABORATORIES: Unsecureds Owed $232K to Get 10% in Plan LIQUIGUARD TECHNOLOGIES: Wins Access to Cash Collateral LIVING FRESH: Unsecureds Owed $706K to Get 0.64% of Claims MARTINEZ QUALITY: Files Emergency Bid to Use Cash Collateral MATHESON FLIGHT: Affiliate Seeks to Hire Financial Advisor MATHESON FLIGHT: Affiliate Taps Donlin as Claims Agent MATHESON FLIGHT: Affiliate Taps Nuti Hart as Bankruptcy Counsel MEGA-PHILADELPHIA: Wins Interim Cash Collateral Access MERRITT ENTERPRISES: UST Appoints Katz as Subchapter V Trustee MESO DELRAY: Wins Interim Cash Collateral Access MOHAMED A. EL RAFAEI: Jason Gold Appointed as Chapter 11 Trustee MOLECULAR & DIAGNOSTIC: Unsecureds Owed $677K to Split $10K NB HOTELS: Unsecureds to Be Paid in Full in 84 Months NORTH JAX CONCRETE: U.S. Trustee Unable to Appoint Committee NORTHWEST SENIOR: No Resident Care Concerns, PCO Report Says O'CONNOR CONSTRUCTION: Wins Interim Cash Collateral Access ONE AND ONE: Unsecureds' Recovery Relies on Outcome of Sale PMC PARTNERS: UST Appoints Lawrence Katz as Subchapter V Trustee PUERTO RICO: Expects Bankruptcy Fees to Hit $1.6 Billion REVLON INC: Judge Leans Toward Nov. 30 Plan Deadline SABRE GLBL: Moody's Gives Ba3 Rating on $400MM Extended Term Loan SAN DIEGO TACO: Modifies Plans to Clarify on PPP Loans SANDY ROAD FARMS: Files for Chapter 11 With $67M Debt SAVANNAH CAPITAL: Plan & Disclosures Due Aug. 11 SHAMROCK FINANCE: Court Approves First Amended Disclosure Statement SKINNICITY INC: Has Deal on Cash Collateral Access TAVERN ON LAGRANGE: Wins Cash Collateral Access Thru Aug 30 TM GRACE: Wins Final Cash Collateral Access Thru Dec 31 TMST INC: To Seek Plan Confirmation on Oct. 5, 2022 TMST INC: Trustee Targets Initial Distribution by December TPC GROUP: Monarch, SVP Approved to Finance Bankruptcy TRINITA PARATE: Gnocchi Restaurant Back in Chapter 11 VOYAGER DIGITAL: Former Executive Toys With Competing Plan WATCHGUARD TECHNOLOGIES: S&P Assigns 'B-' ICR, Outlook Stable WEIRD VENDING: Files Emergency Bid to Use Cash Collateral WESTBANK HOLDINGS: Court Directs Chapter 11 Trustee Appointment ZENTUARY GROUP: Wins Cash Collateral Access [*] Casner & Edwards, 2 Others Win M&A Deal of Year Award [^] BOOK REVIEW: Transcontinental Railway Strategy ********* 109 JEROME AVE: Sept. 1 Hearing on Disclosure Statement ------------------------------------------------------- Chief Judge Michael B. Kaplan will convene a hearing on the adequacy of the Disclosure Statement of 109 Jerome Ave LLC on September 1, 2022 at 10:00 am in No. 8, United States Bankruptcy Court, 402 East State Street, Trenton, New Jersey 08608. Written objections to the adequacy of the Disclosure Statement must be filed and served upon counsel for the Debtor, Counsel for the Creditor's Committee and upon the United States Trustee no later than 14 days prior to the hearing before this Court, unless otherwise directed by the court. About 109 Jerome Ave 109 Jerome Ave LLC is the fee simple owner of a real property located at 109 Jerome Ave, Deal, NJ 07723-1356 valued at $10 million (based on Debtor's opinion). The Debtor filed Chapter 11 Petition (Bankr. D.N.J. Case No. 22-13417) on April 27, 2022. In the petition signed by Joseph Safdieh, managing member, the Debtor disclosed $10 million to $50 million in assets and $1 million to $10 million in liabilities. Timothy P. Neumann, Esq. of BROEGE, NEUMANN, FISCHER & SHAVER LLC is the Debtor's Counsel. AEARO TECHNOLOGIES: MDL Judge Casey Won't Block Bankruptcy Stay --------------------------------------------------------------- Mike Curley of Law360 reports that a Florida federal judge won't issue a restraining order blocking 3M Co. from using a subsidiary's bankruptcy proceeding to apply a stay on claims in multidistrict litigation over its Combat Arms earplugs, saying there's no indication the plaintiffs will suffer harm without the injunction. In an order filed on Thursday, July 28, 2022, U.S. District Judge M. Casey Rodgers denied a motion from plaintiff Richard Valle seeking a seven-day restraining order against the automatic stay, noting there is currently no such stay in place and won't be for several weeks. A full-text copy of the article is available at https://www.law360.com/bankruptcy/articles/1516177/earplug-mdl-judge-won-t-block-3m-unit-s-bankruptcy-stay About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AIJOBORY INVESTMENT: Files for Chapter 11 Bankruptcy Protection --------------------------------------------------------------- AIJOBORY INVESTMENT LLC filed for chapter 11 protection in the Eastern District of Pennsylvania. In its schedules, the Debtor disclosed total assets, all on account of $1.59 million on account of properties in Philadelphia and Lansdowne, Pennsylvania, and liabilities of $539,700. In its statement of financial affairs, the Debtor disclosed a gross revenue of $85,000 in 2019, a loss of $64,621 in 2020, and a loss of $97,121 in 2021. The Debtor is facing mortgage foreclosure lawsuits by 1SHarpe Income Fund, LP. and 1Sharpe Opportunity Intermediate Trust. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 14, 2022 at 10:00 a.m. Please call 1-877-=685-3103 and use (access code/meeting id/passcode) 6249335# to join the meeting. According to court filings, Aijobory Investment estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Aijobory Investment Aijobory Investment LLC sought protection under Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-12008) on August 1, 2022. In the petition filed by Hatim Mukhef, as operations manager, the Debtor reported assets between $1 million and $10 million and liabilities between $500,000 and $1 million. Ronald J. Pressley, ofRONALD J. PRESSLEY & ASSOCS. LLC, is the Debtor's counsel. ALLEN & HANDY: Cash Collateral Stipulation Denied as Moot --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts denied the motion to use cash collateral filed by Allen & Handy Investments LLC. The Court held that since the parties have not agreed on a revised stipulation for the continued use of cash collateral, the Stipulation is moot. The hearing on the Stipulation scheduled for August 17, 2022, is canceled. A copy of the order is available at https://bit.ly/3QhqryC from PacerMonitor.com. About Allen & Handy Investments LLC Allen & Handy Investments LLC owns a three-unit residential property known and numbered as 84 Esmond Street, Dorchester, Massachusetts. Based on a 2022 appraisal, the property is estimated to be worth $1,040,000. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10681) on May 17, 2022. In the petition signed by Peter Handy, manager, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Janet E. Bostwick oversees the case. Michael Van Dam, Esq., at Van Dam Law LLP is the Debtor's counsel. ALTAGAS LTD: S&P Assigns 'BB' Rating on Subordinated Notes 2 ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to AltaGas Ltd.'s proposed fixed-to-fixed rate subordinated notes Series 2 due August 2082. The company intends to use the net proceeds from this offering to redeem or repurchase its outstanding cumulative five-year minimum rate reset redeemable preferred shares series C, as well as for other general corporate purposes. S&P said, "We classify the notes as having intermediate equity content because of their subordination, permanence, and optional deferability features, in line with our hybrid capital criteria. Therefore, we will treat the proposed notes as 50% equity in calculating AltaGas' credit metrics. "While the subordinated notes are due in 60 years, the interest margins will increase by 25 basis points (bps) in 2032 (year 10) and a further 75 bps (for a total of 100 bps from initial spread) in 2047 (year 25). We consider this cumulative 100 bps increase as a material step-up, which--in our opinion--may provide an incentive for the company to redeem the instruments on that call date. Therefore, we consider 2047 to be the effective maturity date for the notes. "In line with our criteria, the notes will receive minimal equity content after the first call date in 2027 because the remaining period until their effective maturity will be less than 20 years. "Our 'BBB-' issuer credit rating and stable outlook on the company are unchanged." BELLE MEADE STUDIOS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Belle Meade Studios, LLC, according to court dockets. About Belle Meade Studios Belle Meade Studios, LLC filed for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-15158) on July 2, 2022. In the petition signed by Rachel Dugger, managing member, the Debtor listed between $1 million and $10 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Scott Alan Orth, Esq., at the Law Offices of Scott Alan Orth, P.A. is the Debtor's counsel. BENZRENT 7: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Benzrent 7, LLC, according to court dockets. About Benzrent 7 Benzrent 7, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15165) on July 5, 2022, listing as much as $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Joel M. Aresty, Esq., at Joel M. Aresty, PA serves as the Debtor's legal counsel. BLACK CREEK: Ordered to Further Amend Plan Disclosures ------------------------------------------------------ Judge Stacey L. Meisel convened a hearing July 26, 2022, on the First Amended Disclosure Statement describing the Plan of Reorganization Black Creek Condos LLC. After considering all of the papers submitted, along with any arguments of counsel, the judge entered an order rejecting the Disclosure Statement. According to the Debtor, the Debtor shall not circulate the First Amended Disclosure Statement for solicitation of votes. The Debtor must file a Second Amended Disclosure Statement within 14 days (from July 27, 2022). About Black Creek Condos Black Creek Condos LLC filed a Chapter 11 petition (Bankr. D.N.J. Lead Case No. 21-15192) on June 24, 2021, together with its two affiliates, Black Creek Condos 57592 LLC and Black Creek Condos 57593 LLC. A third affiliate, Camp Monte LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 21-15195) the next day. The Debtors own a combined total of 23 condominium units in the Black Creek Sanctuary Condominium Association development known as the Black Creek Sanctuary located in the Township of Vernon, New Jersey. In the petitions signed by Moshe Rudich, managing member, each Debtor estimated $1 million to $10 million in both assets and liabilities. The cases are jointly administered under Black Creek Condos LLC's case. Judge Stacey L. Meisel oversees the cases. Hook & Fatovich, LLC, serves as counsel for the Debtors. BMW NATIONWIDE: Has Deal on Cash Collateral Access -------------------------------------------------- BMW Nationwide Security, Inc. and the U.S. Small Business Administration advised the U.S. Bankruptcy Court for the Central District of California that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The SBA asserts an interest in the Debtor's cash collateral. The SBA's interest is secured by all assets of the Debtor, which constitutes cash collateral. On September 2, 2020, the Debtor executed a note pursuant to which the Debtor obtained a $150,000 loan from the SBA. The Original Note was subsequently amended twice, on August 11, 2021, increasing the SBA Loan amount to a total of $500,000, and again on October 17, 2021, increasing the SBA Loan to a cumulative total of $2,000,000. The Debtor requested that the SBA permit it to use cash collateral retroactive to the Petition Date for payment of the payroll obligations due under the Payroll Motion. The parties agree that the Debtor may use cash collateral through plan confirmation for payment of the ordinary and necessary expenses as set forth in the budget. The Debtor's use of cash collateral may be renewed upon subsequent stipulation with the SBA or by order of the Court on the Debtor's cash collateral motion. As adequate protection, retroactive to the Petition Date, the SBA will receive a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity that its lien attached to the cash collateral. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes post-petition as a result of the Debtor's post-petition use of cash collateral. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and this replacement lien need not be subject to additional recording. The SBA is authorized to file a certified copy of the cash collateral order and any other necessary and related documents to further perfect its lien. The SBA will be entitled to a super-priority claim over the life of the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections 503(b), 507(a)(2) and 507(b), which claim will be limited to any diminution in the value of SBA's collateral, pursuant to the SBA Loan, as a result of Debtor's use of cash collateral on a post-petition basis. The Debtor will also remit payments to the SBA in the amounts and terms as set forth in the applicable SBA Loan documents, with the first payment proposed to be paid in November 2022. A continued hearing on the matter is scheduled for August 23 at 11 a.m. A copy of the order and the Debtor's six-month budget is available at https://bit.ly/3A283EZ from PacerMonitor.com. The budget provides for total expenses, on a monthly basis, as follows: $231,816 for the month of August 2022; $231,816 for the month of September 2022; $251,816 for the month of October 2022; $251,816 for the month of November 2022; $249,816 for the month of December 2022; and $249,816 for the month of January 2023. About BMW Nationwide Security Inc. BMW Nationwide Security Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12988) on May 27, 2022. In the petition signed by Leo S. Gilbert, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. The Law Offices of Michael Jay Berger is the Debtor's counsel. BOXVANA LLC: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Boxvana, LLC asks the U.S. Bankruptcy Court for the Eastern District of Kentucky, Pikeville Division, for authority to use cash collateral in accordance with the budget, with a 10% variance, and provide adequate protection. The Debtor proposes to use cash collateral to meet its postpetition obligations and pay its expenses, general and administrative operating expenses, and other necessary costs and expenses incurred during the pendency of the bankruptcy case. Traditional Bank may claim an interest in cash collateral based on a security agreement as set forth on the Notice of Filing of Liens in cash collateral. Traditional alleges it is owed approximately $425,000 under a promissory note dates July 16, 2021. The Debtor is unaware of any other entities claiming an interest in cash collateral. The Debtor currently employs nine salaried employees and three hourly employees, who are paid bi-weekly with an approximate gross payroll of $29,000 every two weeks. The Debtor has fallen behind on payment of employee withholding taxes and owed the U.S. Internal Revenue Service approximately $235,000 and the Kentucky Department of Revenue approximately $51,000, as well as lesser amounts to the Ohio and Pennsylvania taxing authorities. The Debtor is the borrower under a promissory note in the amount of $425,000 from Traditional Bank, which claims a security interest in the Debtor's inventory, chattel paper, accounts, equipment and general intangibles. The Debtor has borrowed the full amount of the note, which matures in January of 2023. The Debtor also fell behind on its payments under the lease with the Martin County Economic Development Authority and recently negotiated a First Amended Lease to reduce its monthly rent obligation. The Debtors' sales have simply not kept up with its operating expenses. The Debtor is taking steps to increase sales of existing units and expects that the sales of specialized units will generate substantial revenue in 2023 and beyond. In order to resolve the outstanding tax and lease obligations, and to maintain the going value of the business as it grows its revenues, the Debtor has elected to reorganize its finances under Chapter 11 of the United States Bankruptcy Code. Additionally, the Debtor requests relief without prejudice to future "carve-out" requests of cash collateral to pay its attorneys or other professionals in the Chapter 11proceeding if necessary. A minimal carve-out in the amount of $1,000 per week is being sought during the interim period. In consideration of the Cash Collateral Creditor's consent to the use of the cash collateral by the Debtor and as part of the adequate protection for any diminution in the value of the Cash Collateral Creditor's interests in the prepetition collateral, pursuant to 11 U.S.C. sections 361 and 363, the Debtor proposes to grant the Cash Collateral Creditor a replacement lien upon future receipts and all assets of the Debtor of the same type and description as the prepetition collateral as of the Petition Date. The Debtor will continue to account for all cash use, and the proposed cash use is being incurred to preserve property of the Estate. A hearing on the matter is set for August 4 at 1 p.m. A copy of the motion is available at https://bit.ly/3vC5o1R from PacerMonitor.com. About Boxvana, LLC Boxvana, LLC is an exclusive North America provider of Lite Pan, a proprietary, high-performance composite which is light weight, re-usable and durable. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 22-70232-grs) on August 2, 2022. In the petition signed by Harrison Langley, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Dean A. Langdon, Esq., at DelCotto Law Group PLLC, is the Debtor's counsel. BVM THE BRIDGES: Unsecureds Will Get 10% in 60 Months Absent Sale ----------------------------------------------------------------- BVM Coral Landing, LLC, a Debtor Affiliate of BVM The Bridges LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for the Plan of Reorganization dated August 1, 2022. The Debtor operates a 58-bed/49-unit assisted living and memory care facility known as Coral Landing located at 2820 Old Moultrie Road in St. Augustine, Florida since 2014 ("Coral Landing Facility"). Pre-petition, Coral Landing and The Bridges became indebted to CPIF Lending, LLC and US Bank National Association, in their separate capacities as Bond Trustee and Master Trustee in the amount of approximately $23,247,892.30 in connection with a note, mortgage and security agreement against Coral Landing's real property located at 2820 Old Moultrie Road in St. Augustine, Florida ("Coral Landing Property") and The Bridges real property located at 11202 Dewhurst Drive in Riverview, Florida 33578 ("The Bridges Property"). Prior to filing, CPIF and US Bank commenced foreclosure actions in the 13th Judicial Circuit for Hillsborough County, Florida and the 7th Judicial Circuit for St. Johns County, Florida seeking to foreclose on the note and mortgage relating to The Bridges Property and Coral Landing Property. Contemporaneously with the filing of this Disclosure Statement, the Debtor has also filed a Motion to Value the Coral Landing Facility ("Motion to Value"). The Debtor believes that the Coral Landing Facility's fair market value does not exceed the purchase price offered by SeaCoast in the amount of $5,650,000.00, or such higher bid as approved by the Court ("FVM"). General unsecured creditors with allowed claims are classified in Class 6. Class 6 creditors shall receive a pro-rata share of $30,000 on account of their allowed claims to be paid from the proceeds of the sale of the Debtors' assets. In the event there is not a sale, then the Debtor estimates that the Class 6 creditors shall receive a dividend of 10% of the Class 6 claims. Treatment #1: ("Sale Treatment") The Debtor's preferred approach to confirming its Plan will be to sell the Debtor's Coral Landing Facility to SeaCoast or the highest bidder approved by the Court in order to pay creditor claims based upon their relative priority and on a pro rata basis. Treatment #2 ("Reorganization Treatment") Treatment #2 applies if the current sale of assets is not approved by the court, withdrawn by the Debtor or the sale contemplated by Sale Treatment does not occur. Accordingly, in the event a sale of the Debtor's assets does not occur prior to or by the Effective Date, the Sale Treatment will be replaced by the Reorganization Treatment as part of Debtor's Plan confirmation. The Reorganization Treatment will require the Debtor to obtain sufficient funds by way of a loan or investment funds that will fund plan related obligations over the term of the Plan. The Reorganization Treatment will require that the Debtor file either (a) a supplement to the Plan or (b) an amended plan, that would provide the details concerning the means for funding the plan, including financial projections. Class 6 consists of the claims of the general unsecured creditors in the estimated amount of approximately $21,639,949.00, which includes the unsecured claims of Classes 3, 4 and 5. #1 Sale Treatment: In the event of a sale, $30,000 of the net proceeds, net of the costs of the sale, if any, and net of all secured claims, cure costs for leases and executory contracts, if any, administrative expense claims, and priority claims, shall be ear marked for payment to the allowed claims of unsecured creditors as a result of the benefit of confirming a plan with a sale pursuant to 11 U.S.C. Section 1146. Class 6 Claimants with allowed claims will receive payment on a pro-rata basis in full satisfaction of their claims. #2 Reorganization Treatment: In the event that no sale occurs, Debtor shall file either a supplement to its plan or an amended plan to pay a 10% dividend to all Class 6 claimants with allowed claims over 60 months in full satisfaction of the Class 6 claims. The first payment shall commence after all administrative expense claims are paid in full pursuant to the confirmed and amended or supplemented plan. In the event of a sale, sale proceeds of at least $5,650,000.00, plus any cash on deposit the Debtor has accumulated which is not part of the assets sold to the purchaser, shall fund the Plan under the Sale Treatment. In the event there is no sale of assets, payments and distributions under the Plan will be funded by the post confirmation proceeds, or possible contributions from Debtor's equity owners. A full-text copy of the Disclosure Statement dated August 1, 2022, is available at https://bit.ly/3vGLgfg from PacerMonitor.com at no charge. Attorneys for Debtor: Alberto "Al" F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 East Jackson Street #3100 Tampa, FL 33602 Tel: 813-225-2500 Fax: 813-223-7118 E-mail: al@jpfirm.com About BVM The Bridges BVM The Bridges, LLC operates 69-unit assisted living facility known as The Bridges Assisted Living & Memory Care and The Claridge House at the Bridges located at 11202 Dewhurst Drive in Riverview, Fla. Its average census is 70 residents. BVM The Bridges and its affiliate, BVM Coral Landing, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 22-00345) on Jan. 28, 2022. Both listed up to $10 million in assets and up to $50 million in liabilities. Judge Caryl Delano oversees the cases. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP is the Debtors' counsel. CAPITOL PRESORT: Wins Cash Collateral Access Thru Aug 16 -------------------------------------------------------- Capitol Presort Services, LLC sought and obtained authority from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral on an interim basis through the date of the final hearing set for August 16, 2022 at 10:30 a.m. The Debtor requires the use of cash collateral to continue operations and to provide services to the Debtor's customers. The Debtor has additional cash needs for the payment of utilities, insurance, payroll and other operating expenses. First Trust Bank and Truist Bank are believed to hold a first priority security interest in most of the personal property of the Debtor, including accounts, accounts receivable and cash. In addition, the Debtor has contracted with several merchant capital companies for payment processing services. These companies are: Amsterdam Capital Services, Fundbox, Idea 247, Inc., Everest Business Funding, LG Funding, LLC, GFE, and Fresh Funding. The Debtor believes the only Merchant Capital Company that may have a lien on Cash Collateral is LG, as this is the only Merchant Capital Company that filed a UCC-1 in Virginia, which is the proper state for filing. The Debtor is indebted to the Lenders as follows: a. First Trust in the approximate amount of approximately $500,000; b. Truist in the approximate amount of $150,000; and c. LG in the approximate amount of $70,122. The Debtor believes it can operate on a profitable basis. First Trust Bank, Truist Bank and LG Funding, LLC are granted replacement liens in the Debtor's postPetition cash collateral consisting of receivables, cash and the proceeds thereof, and in all assets of the Debtor to which the Lenders have liens and security interests pre-Petition, to the extent such liens exist and in such priority as exists prePetition, to the extent there is a diminution in value of the Lenders' post-Petition Cash Collateral position. The liens will be perfected and effective without any further recordation action and such liens will survive conversion of the case or appointment of a Trustee in the case. In the event that post-Petition Cash Collateral is insufficient to provide an amount equal to such diminution, then the Lenders will have super priority status pursuant to Bankruptcy Code Section 364(c)(1) and have an administrative claims having priority over all other administrative claims, including those set forth in Bankruptcy Code Sections 503(b) or 507(a) except for amounts owed for fees to professionals in this case and fees to the U.S. Trustee’s Office, which fees shall be pari passu with the Lenders' administrative claims. A copy of the motion is available at https://bit.ly/3QaMfMm from PacerMonitor.com. A copy of the order is available at https://bit.ly/3p9A6Mt from PacerMonitor.com. About Capitol Presort Services, LLC Capitol Presort Services, LLC is a corporation engaged in mail presorting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 22-01406) on July 29, 2022. In the petition signed by Philip E. Gray, Esq., member, the Debtor disclosed up to $1 million in both assets and liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky PC, is the Debtor's counsel. CC HILLCREST: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- CC Hillcrest, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to continue ongoing operations. The Debtor has an immediate need to use the cash collateral of NEF Preservation PB Fund I LP, the Debtor's secured creditor claiming liens on the Debtor's personal property including rents. The Debtor can adequately protect the interests of the Secured Lender as set forth in the proposed Interim Order for Use of Cash Collateral by providing the Secured Lender with post-petition liens, a priority claim in the Chapter 11 bankruptcy case, and cash flow payments. The Debtor intends to rearrange its affairs, including a sale of the property, but needs to operate until that event can occur in order to pay its ongoing expenses, generate additional income and to propose a plan in the case. A copy of the motion is available at https://bit.ly/3SoXouO from PacerMonitor.com. About CC Hillcrest, LLC CC Hillcrest, LLC operates as an apartment complex in Mesquite, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31362) on July 29, 2022. In the petition signed by Jared Remington, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. CHICAGO DOUGHNUT: Reaches Final Settlement of Class Action Suit --------------------------------------------------------------- Chicago Doughnut Franchise Company, LLC submitted an Amended Disclosure Statement for the Plan of Reorganization dated August 1, 2022. Debtor believes that filing for Chapter 11 Bankruptcy protection was the only option by which it could reorganize its financial affairs in a manner allowing it to continue with its business operations, and that by so doing, the creditors will receive more repayment than they would if Debtors filed a chapter 7 liquidation. In July 2022, the Debtor, PARENT COMPANY, and 4 CLASS ACTION PLAINTIFFS reached a final settlement of the class action suit necessitating the filing of this Amended Disclosure Statement. The 3 remaining unsecured creditors have agreed to a payment of $275,000.00 shared on a pro-rata basis. Through the agreements with Gramcor and Dynamic Delights, the Debtor will collect revenue based on franchise sold, corporate profits, and the sale of territories. The Debtor asserts that payments under the proposed Plan will be approximately 30 days after each quarter ends in the calendar year, starting on February 1, 2023 and ending on October 15, 2029. Class 2 consists of Unaffiliated Unsecured Creditors. The allowed unsecured claims in this Class total $350,611. This Class will receive a distribution of 100% of their allowed claims within 5 years. The claims are impaired because they are being paid over time. Debtor projects that this class will receive its last pro rata payment on November 1, 2029. Class 3 consists of Affiliated Unsecured Creditors in the total amount of $281,332. These creditors have voluntarily agreed to subordinate their claims to the end of the PARENT COMPANY's Plan of Reorganization and are therefore impaired. They are entitled to vote but will not receive disbursement under this Plan. The Debtor will fund its Plan with the income its receives from the licensing agreements reached with income Gramcor Corporation and Dynamic Delights, Inc. The Debtor and PARENT COMPANY are dedicating 60% of the net income to fund the proposed Plan to be made by quarterly payments beginning on February 1, 2023. Debtor anticipates that the proposed Plan will be fully consummated in 7 years with a final payment projected for November 1, 2029. A full-text copy of the Amended Disclosure Statement dated August 1, 2022, is available at https://bit.ly/3d8aPiA from PacerMonitor.com at no charge. Attorney for Debtor: Gregory L. Wilde, Esq. Wilde & Associates, LLC 7473 W. Lake Mead Blvd., Suite 100 Las Vegas, NV 89128 Tel: (702) 562-1202 Email: greg@wildelawyers.com About Chicago Doughnut Franchise Company Chicago Doughnut Franchise Company, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-12278) on April 30, 2021. At the time of the filing, the Debtor disclosed total assets of up to $100,000 and total liabilities of up to $500,000. Judge Natalie M. Cox oversees the case. Wilde & Associates, LLC, serves as the Debtor's legal counsel. CLEAREDDIRECT LLC: Seeks Cash Collateral Access ----------------------------------------------- ClearedDirect, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral in accordance with the budget, with a 5% variance. The Debtor requires the use of cash collateral for expenses set forth in the budget any other unforeseeable expenses that may arise and pose a threat to the Debtor’s continued operations. A search in the Texas Secretary of State shows that allegedly secured positions are held by (in priority order) First State Bank; Small Town Advance; U.S. Small Business Administration; Pos 4; Position 5 UCC is unknown; Position 6 UCC is unknown; and Apex Funding. The Debtor depends on the use of cash collateral for payroll, insurance, and general operating expenses. Revenue is generated through the Debtor's business of managing and operating an airport management and consulting business for private airports and terminals. The Debtor produces revenue from its management and operating an airport management and consulting business for private airports and terminals and would use such revenue to pay the budgeted expenses. Moreover, 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/3oR2N0i from PacerMonitor.com. About ClearedDirect, LLC ClearedDirect, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-10497-tmd) on August 3, 2022. In the petition signed by Jason Milewski, president, 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. COMPENDIUM INT'L: Unsecureds to Get At Least $2.12M in Plan ----------------------------------------------------------- Compendium International, Inc., submitted an Amended Subchapter V Chapter 11 Plan of Reorganization. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan by restructuring the financial affairs of the Debtor and paying the creditors with post-petition earnings derived from revenue earned by the Debtor. The Debtor has had a significant reduction of its revenue as a result of COVID and various litigation matters that have been a drain on the Debtor. The Debtor has approximately seven projects currently underway for the 2022 year and projects $4,500,000 in gross revenue for the first year of the Chapter 11 Plan. Under the Plan, Class 4 General Unsecured Claims total $20,097,173. The class includes the insider claims of Compendium International, Inc. ESOP of $1,228,767, and Mohamood Entezar of $6,000,000 (collectively, the "Insider Claims"), which if deducted, results in total non-insider Class 4 claims of $12,868,406. The Class 4 members will be paid on a pro rata basis with quarterly payments throughout the 36 months of the Plan following the Effective Date with a minimum payout of $2,125,000. Class 4 is impaired. The Plan provides funds recovered by the Debtor through its litigation efforts related to the FBI Irvine job and the IOB job (the "Litigation Recoveries") are pledged to the Plan for payment of Class 4 claims on a pro rata basis up to 100% of the allowed claims, and a projected recovery of $1,650,000 from these sources are incorporated into the "Min. Payout $" amount provided above. The FBI Irvine job litigation is projected to recover $850,000 and the IOB job litigation is projected to recover at least $800,000. If the actual Litigation Recoveries from the FBI Irvine job and the IOB job are more than the projected amount, then the "Min. Payout $" to Class 4 will increase because the recoveries are pledged to payment of Class 4. Payments of the "Min. Payout $" to Class 4 will be funded from the Litigation Recoveries, Debtor's disposable income from operations, and the RBC Accounts. Pro rata payments will be made quarterly, with (i) a minimum quarterly payment of $227,083 and minimum annual payment of $908,333 in year one of the Plan, (ii) a minimum quarterly payment of $152,083 and a minimum annual payment of $608,333 in year two of the Plan, and (iii) a minimum quarterly payment of $152,083 and a minimum annual payment of $608,333 in year three of the Plan, along with any additional Litigation Recoveries (collectively, the "Minimum Class 4 Payments"). The Minimum Class 4 Payments will be made as the Plan progresses and funds become available to the Debtor. Provided the minimum payment obligations are satisfied, the Debtor has discretion as to exactly when during the quarter the required payments will be made. Additionally, this Plan also provides that additional claims may be added to Class 4 if they are reclassified from their original classification. For example, Class 5 Claims could potentially become Class 4 claims either through agreement with the Debtor, if a claim objection is not brought, or if the Debtor does not prevail on a claim objection that is brought; the Class 7 claim could become a Class 4 claim if found ineligible for forgiveness. There may also be deficiency claims for Class 2A and Class 2B under the terms for proposed treatment of those classes. If additional claims are added to Class 4, the pro rata distribution to each claim would be reduced to accommodate the new claims being added. If new claims are added to Class 4, the Disbursing Agent will adjust payments to the Class 4 members in the manner determined at the Disbursing Agent's sole discretion that will best ensure that each Class 4 member is paid their appropriate distribution under the Plan. The funding for Class 4 to ensure that the Minimum Class 4 Payments are provided will be secured by a second priority lien on the RBC Accounts (as defined within the treatment for Class 2C) with the express consent, approval and cooperation of Mohamood Entezar, the President of the Debtor ("Entezar"), and by execution of this Amended Plan, Entezar does and herby grants to Mark Sharf as the Chapter 11 Trustee, or the Reorganized Debtor as Disbursing Agent under the Plan and as agent for members and holders of Class 4:Genearal Unsecured Claims (the "Disbursing Agent"), in order to secure complete and timely performance of Debtor's obligations under the Plan and the Minimum Class 4 Payments, a security interest in the RBC Accounts and any and all proceeds thereof (the "RBC Account Security Interest"), until the Minimum Class 4 Payments are paid in full. The Disbursing Agent shall have the right to file financing statements, continuation statements, amendments, and any other instruments, documents or third-party notices as may be required under applicable law, that may be necessary to evidence and perfect the RBC Account Security Interest in the RBC Accounts in any jurisdiction. In addition to any rights and remedies under this Plan, Disbursing Agent shall have all the rights and remedies of a secured party under the Uniform Commercial Code with respect to the RBC Accounts and RBC Account Security Interest, which remedies shall be cumulative and not exclusive, and shall continue to be enforceable notwithstanding any dismissal or conversion of the Bankruptcy, and the RBC Account Security Interest shall be binding and enforceable upon any subsequent appointed trustee in the Bankruptcy, or any future Bankruptcy by the Debtor or Entezar. If Class 4 votes in favor of the Plan, the Insider Claims of Mohamood Entezar and Compendium International, Inc. ESOP within Class 4 will be subordinated to all other allowed Class 4 claims and only paid through the Plan after all other Class 4 member's allowed claims are fully paid. Class 7 Unsecured Claims Eligible for Forgiveness or Repayment by a Third Party Under CARES Act. There is one Class 7 claim in this Class - Itria Ventures LLC (hereinafter "Itria") in the amount of $315,026.96. The Itria Class 7 claim will be either forgiven or repaid by a third party other than the Debtor as provided by the terms of the agreement between Debtor and Itria, however in the event that the Class 7 claim is found to be ineligible for this treatment for any reason, the claim will be reclassified as a Class 4 claim and administered as such. The funding of the Plan will be accomplished through "available cash" on the Effective Date of the Plan and "future disposable income" obtained through the Debtor's construction operations. Additionally, any net recovery from the pending litigation matters is pledged to be disbursed to the Class 4 Creditors up to an amount that would pay 100% of the allowed claims. The hearing where the Court will determine whether or not to confirm the Plan will take place before the Honorable Scott Clarkson in Courtroom 5C via ZoomGov of the U.S. Bankruptcy Court located at 411 W Fourth Street, Santa Ana, CA 92701 on August 31, 2022 at 1:30 PM. Attorneys for the Debtor: Michael Jones, Esq. M. JONES & ASSOCIATES, PC 505 North Tustin Ave., Suite 105 Santa Ana, CA 92705 Telephone: (714) 795-2346 Facsimile: (888) 341-5213 E-mail: mike@MJonesOC.com A copy of the Amended Subchapter V Chapter 11 Plan of Reorganization dated July 29, 2022, is available at https://bit.ly/3cIbfvY from PacerMonitor.com. About Compendium International Compendium International, Inc., filed a petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 22-10142) on Jan. 28, 2022, listing $5,999,007 in assets and $11,267,142 in liabilities. Mohamood Enteza, president, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor tapped M. Jones and Associates, PC as legal counsel. CORPORATE COLOCATION: Court OKs Deal on Cash Collateral Access -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, authorized Corporate Colocation Inc., a California Corporation, to continue using cash collateral in accordance with its agreement with Victor Goodman, 530 6th Street, LLC, InMotion Hosting, Inc., and the U.S. Small Business Administration. The Settlement resolves all pending disputes among the parties. The Debtor asserts the Settlement will allow the Debtor to file and confirm a Plan of Reorganization that will pay its remaining non-insider credit. Any secured creditors holding an interest in the cash collateral are granted a replacement lien on all post-petition assets of the Debtor's estate to the extent of the Debtor's use of cash collateral. The replacement liens will have the same validity, extent and priority as the prepetition interests held by each respective secured creditor as of the petition date. A copy of the stipulation is available at https://bit.ly/3BwVLp8 from PacerMonitor.com. A copy of the order is available at https://bit.ly/3Qh1eEI from PacerMonitor.com. About Corporate Colocation Inc. Corporate Colocation Inc. -- https://www.corporatecolo.com/ -- operates a large server farm that provides website services to about 25 subtenants that is located at 530 West Sixth Street, Suite 502 et seq., Los Angeles, California 90014. Corporate Colocation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12812) on April 7, 2021. In the petition signed by Jonathan Goodman, president, the Debtor disclosed $2,284,042 in assets and $5,041,445 in liabilities. Judge Ernest Robles oversees the case. Robert M. Yaspan, Esq., at Law Offices of Robert M. Yaspan is the Debtor's counsel. 530 6th Street, LLC, as landlord, is represented by Jeffrey Lee Costell, Esq. at Costell & Adelson Law Corporation. COX BROTHERS: Unsecureds Owed $29K to be Paid in Full ----------------------------------------------------- Cox Brothers Machining, Inc., submitted a Second Amended Plan of Reorganization. This Plan of Reorganization provides for the continued operation of CBM under the existing management. CBM proposes to make monthly payments of approximately $12,656 for the maximum period of 60 months to fund the Plan of Reorganization. CBM reduced its operating expenses and continues to attempt to find cost cutting measures to maximize the monies available to support this Plan of Reorganization. Under the Plan, administrative claims, priority claims and unsecured claims will be paid in full on the Effective Date. The secured claims will be paid in full over a period of 60 months. Funds for the payment of these claims will come from the future operations of the Debtor's business and from Debtor's cash and accounts. Funds for the 60th month balloon payment to secured creditor OSPrin III, LLC are expected to be obtained from replacement financing. The Plan and funds will be administered by the Debtor's principle, Russell Cox and CFO Teri Cox. The payments will be paid in accordance with their class, as set forth herein, and then, within the class, paid in accordance with the applicable priority, as determined by this Plan. Under the Plan, Class 1 OSPrin III, LLC totals $985,682.40. Secured by CBM assets in the amount of $980,740.14. Secured by Co-Debtor Cox Investments II, LLC in the amount of $23,790. Two payments of $50,000 each (the Initial Payments) paid on the Effective Date and upon the one-year anniversary of the Effective Date. The current balance after the first installment of the Initial Payment is approximately $930,740.14. OSPrin III, LLC is owed $980,740.14 in principal, plus interest, fees, and attorney fees on Loan No. 0905871844-00067 (the #67 Loan); Loan No. 0905871844-00026 (the #26 Loan); and, Loan No. 0905871844-00042 (the #42 Loan). Beginning on the Effective Date, monthly installment payments of principal and interest calculated at a variable interest rate of 3.0% plus the prime interest rate as published by the Wall Street Journal (WSJ) amortized on a 10-year schedule. The current prime interest rate is 5.5% and therefore the initial Effective Rate is 8.5%. The initial monthly payment amount calculated using the Effective Rate is $11,539.85. In the event of change in the Prime Rate the Effective Rate shall be changed immediately to 3 percentage points in excess of the new Prime Rate, provided, however, at no time shall the Effective Rate charged hereunder be less than 4.0%. Interest shall be calculated based on a 360-day year and charged for the actual number of days elapsed. In the 60th month of the Plan, the entire unpaid principal, interest, and fees are due and owing to OSPrin III, LLC (a Balloon Payment). In the event of a default by the Debtor, the default rate of interest shall be 3% over the then effect rate of interest on a non-default basis. In addition to monthly payments, the Debtor shall make two payments of $50,000 each (the Initial Payments) the first Initial Payment paid on the Effective Date and the second Initial Payment paid on the one-year anniversary of the Effective Date. All liens, claims, interest and encumbrances of OSPrin III, LLC are preserved and continued post confirmation, notwithstanding 11 U.S.C. section 1141(c). In addition, all of the underlying Loan Documents between OSPrin III, LLC and the Debtor must remain operative and enforceable post-confirmation, except as modified by the Plan. All debt maturity dates as set forth in the Loan Documents are extended as set forth in the Plan and this Order. Guarantors remain obligated as set forth in the Loan Documents until such time all of the indebtedness owed to OSPrin III, LLC is paid in full. The Debt to OSPrin III, LLC is not discharged until such time that the Debtor fulfills its obligations under the Plan. The Plan contemplates a sale of a portion of the building occupied by the Debtor and owned by Cox Investments II, LLC, a guarantor of the Debtor. All net proceeds of sale minus normal closing costs must be tendered to the OSPrin III, LLC at Closing. Payments shall commence the first day of the month following the Effective Date of the Plan and continuing for a period of 59 months. In the 60th month all unpaid interest and principle is due in full and shall be paid in full upon said date. Secured by a first priority blanket lien all assets of CBM, all of which is located at the Debtor's business premises at 2300 E. Ganson, Jackson Michigan. CBM guarantees the debt of Cox Investments II, LLC to OSPrin III, LLC in the amount of approximately $237,901.74. Within 90 days of the Effective Date, Cox Investment II, LLC expects to pay in full all amounts due and owing to OSPrin III, LLC, with the source of funds in the sale of the office building portion of 2300 E. Ganson St., Jackson, Michigan. Cox Investments II, LLC and Jackson Steel guaranteed the debt of the Cox Brothers Machining. OSPrin III, LLC shall retain the mortgage on the remaining portion of the building owned by Cox Investments II, LLC until OSPrin III, LLC is paid in full on the Cox Brothers Machining debt pursuant to the underlying loan documents. Class 1 is impaired. Class 3 Unsecured Creditors with claims totaling $29,332 will receive a 100% distribution on account of their allowed claims, exclusive of any post-petition interest, from the proceeds paid in by the Debtor to fund the Plan. Class 3 holders shall be paid in full on the Effective Date. Class 3 is impaired. The unsecured creditors with corresponding claims: Uline $3,578.35 Consumer's Energy $9,073.94 Fifth Third Bank, N.A. $15,000 Jackson Water Dept. $1,500 PE Office Solutions $180 Total: $29,332.29 Attorney for the Debtor: Don Darnell P55268, Esq. 8080 Grand St. Dexter, MI 48130 Tel: (734) 424-5200 E-mail: dondarnell@darnell-law.com A copy of the Second Amended Plan of Reorganization dated July 29, 2022, is available at https://bit.ly/3oGbLgL from PacerMonitor.com. About Cox Brothers Machining Cox Brothers Machining, Inc., is in the business of fabrication of structural steel components used in the construction and assembly of bridges throughout the Mid-West American region. CBI runs its business at a building located at 2300 E. Ganson St., Jackson, Michigan 49202, a property owned by landlord Cox Investments II, LLC. Amid a maturity of debt owed to PrinsBank - Cox Bros. having had a balloon payment on three loans due Feb. 15, 2022, Cox Brothers Machining, Inc., sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-41255) on Feb. 22, 2022. In the petition signed by Russell Cox, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lisa S. Gretchko oversees the case. Donald Darnell, Esq., at Darnell Law Office, is the Debtor's counsel. CREEPY COMPANY: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Creepy Company, LLC asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral in accordance with the budget, with a 10% variance, and provide adequate protection. The Debtor requests that the Court authorize it to use certain cash and cash equivalents that purportedly serve as collateral for claims asserted against the Debtor, for a direction to the Debtor's accounts receivable and the Debtor's secured lenders, releasing any holds placed on the Debtor's receivables by the secured lenders, and for a determination that the Debtor be the sole collector of its accounts receivable. The Debtor's purportedly secured creditors are: Secured Creditor Amount Due and Owing ---------------- -------------------- Bizfund, LLC $74,500 CFT Clear Finance Technology $191,124 Cloudfund $514,450 Goldman Sachs Bank USA $73,900 Ouiby Inc. d/b/a Kickfurther $60,569 PayPal Working Capital $68,169 SBA/EIDL $2,000,000 Shopify Capital, Inc. $137,008 U.S. Bank - SBA PPL $58,966 U.S. Bank/SBA $432,566 Union Funding Source, Inc. $119,043 Susanne Goethals is the sole member and managing member of the Debtor. The Debtor's Chapter 11 filing was triggered by actions taken by the Debtor's secured lenders, including a lawsuit and notices to the Debtor's accounts receivable preventing the payment of accounts receivable to the Debtor. The Debtor, as of the Petition Date, held bank accounts totaling approximately $2,200, accounts receivable of approximately $120,000, and inventory valued at approximately $400,000 at cost. The Debtor proposes to use cash collateral and provide adequate protection to the Secured Parties upon the following terms and conditions: a. The Debtor will permit the Secured Parties to inspect, upon reasonable notice, and within reasonable business hours, the Debtor's books and records; b. The Debtor will maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; c. The Debtor will, upon reasonable request, make available to the Secured Parties evidence of that which purportedly constitutes their collateral or proceeds; d. The Debtor will properly maintain the collateral and properly manage the collateral; and e. The Debtor will grant replacement liens to the respective Secured Parties to the extent of their pre-petition liens, and attaching to the same assets of the Debtor in which the Secured Parties asserted pre-petition liens. A copy of the motion is available at https://bit.ly/3QaySf2 from PacerMonitor.com. About Creepy Company LLC Creepy Company LLC sells horror-themed blankets, rugs, lapel pins, apparel and other products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-08660) on August 1, 2022. In the petition signed by Susanne C. Goethals, owner and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Carol A. Doyle oversees the case. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, is the Debtor's counsel. DALTON CRANE: Makes Modifications to Plan Amid Sale --------------------------------------------------- Dalton Crane, L.C., filed an Amendment/Supplement to the Plan of Reorganization. To recall, on January 5, 2022, the Debtor filed its motion to sell substantially all assets, and on Jan. 27, 2022, Dalton filed its Plan of Reorganization. The Debtor failed to receive a qualifying bid meeting the Turnkey Minimum but did receive a preliminary indication of interest from Bigge subject to certain conditions. At the conclusion of the May 31 hearing, the Court set a deadline for parties to provide further briefing addressing issues related to the binding effect, if any, of the Court's prior orders in this Bankruptcy Case as to the contested Sale Motion and whether the Court was authorized to or should impose a buyer's premium or commission charged against secured lenders exercising credit bid rights at an auction for the sale of the Debtor's Assets. Following the May 31, 2022 hearing, the Parties continued to negotiate in good faith in an effort to reach agreement on terms for the consensual sale of certain of the Debtor's assets to Bigge. As of June 28, 2022, the Parties had reached agreement in principle on the material terms of a transaction with Mobile (an affiliate of Bigge) and resolving the contested issues related to Tiger/Global’s compensation as set forth in the Agreement. On July 1, 2022, the Court entered an order approving Phase 2 sales of the Debtors' assets, providing in part authorization for Private Sales Prior to Auction, pending an agreement of Consenting Lenders and Private Sale Notices certification that in the Debtor’s business judgment, after consulting with Tiger/Global, the private sale is in the best interest of the Debtor, the estate, creditors and parties-in-interest, and that Tiger/Global is not likely to obtain proceeds sufficient to satisfy liens of secured creditors. Pursuant to the Phase 2 Order and a Stipulation by the parties, Mobile purchased from the participating Consenting Lenders, Simmons Bank, Signature Financial, LLC, People's Capital and Leasing Corp., and Ameris Bank, certain collateral, free and clear of liens and encumbrances, and paying in exchange therefore the purchase price of $7,275,000.00, allocated between the participating Consenting Lenders: i. People's - $2,950.000.00 ii. Simmons - $975,000.00 iii. Ameris - $850,000.00 iv. Signature - $2,500.000.00 As a result thereof, the secured claims of the participating Consenting Lenders were paid. The Private Sale Order anticipates and authorizes additional privates sales prior to the auction with other Consenting Lenders who agree to a private sale as a means to sell all or a portion of their collateral securing their claims. The Debtor on July 29, 2022, amended the Plan in the following regards: i. Modification of ¶ 3.02 – Secured Class Designation: The secured class of claims designated in ¶ 3.02 of the Plan, and specifically the secured claims of Consenting Lenders, as defined herein, whose secured claims are satisfied in whole or in part as a result of a Private Sale allowed and consummated in compliance with the Private Sale Order. The Plan is modified to delete or re-designate any Consenting Lender whose secured claim is fully or partially satisfied or reduced to the extent such claim was paid as a result of a pre-confirmation private sale. The Plan is modified to remove or modify the treatment of Consenting Lenders as secured creditors or to provide any distributions under the Plan to Consenting Lenders as secured claimants under the Plan to the extent any secured. The amendment/supplement does not modify, alter or change the rights of Consenting Lenders to assert unsecured deficiency claims or, to vote their reduced secured claim or vote their unsecured claim for any remaining deficiency within the Dalton Plan voting process. ii. Modification of Article 1 - Definitions, Rules of Interpretation, and Computation of Time of the Plan: a. As set forth within pp. 3-8, the definition of: "Released Parties" defined as (i) Dalton Crane, (ii) current and former affiliates, subsidiaries, officers, directors, principals, employees, agents and advisors, in each case in their capacity as such, (iii) the Debtor's current directors, employees and Debtor's attorneys, (iv) Joshua Dalton – is hereby modified with respect to ¶¶ 12.08 and 12.09, and on pp. 24-25 of the Plan, limiting the definition of Released Parties to include only (i) Dalton Crane the Debtor; and, (ii) Reorganized Debtor. b. Article I is amended to add definitions for "Private Sale Agreement" and "Private Sale Order" as defined above, as well as for "Consenting Lenders," as defined in the Private Sale Agreement. c. The term "Consenting Lenders" is defined as creditors having secured claims who have consented to a private sale and provided a private sale has been consummated per the terms of the private sale. iii. Modification of Article 12 – Miscellaneous Provisions – 12.09 Release by Holders of Claims/Equity Interests: ¶ 12.09 is amended to add: "Notwithstanding the foregoing, no rights of the Consenting Lenders to enforce or collect the Consenting Lenders' Claims against or from any non-debtor guarantor shall be modified, impaired, waived, or released in any manner and no defenses, objections, or claims of non-debtor guarantors are hereby affected or are being waived or released." iv. Modification of Article 5 – Provisions Governing Distributions - 5.04 Reasonable and Necessary Cost: ¶ 5.04 is amended to add: "Notwithstanding the foregoing, other than the Commission for Tiger/Global set forth in the Private Sale Agreement, no amount of Tiger/Global's compensation or reimbursement of expenses allowed in this Bankruptcy Case shall be charged against the Consenting Lenders or the Purchased Assets, as defined in the Private Sale Agreement." v. Modification of Article 6 – Procedures for Resolving Disputed, Contingent, and Unliquidated Claims - 6.01 Procedures Regarding Claims: ¶ 6.01 is amended to add: "Provided however, that any objection by Debtor or the Reorganized Debtor to the Claims including allocated claims of the consenting Lenders, shall be limitcd/capped to thc clairn amount of each consenting Lender that exceeds the amount paid to the Consenting Lenders pursuant to the Private Sale Agreement, and which represents each Consenting Lender's remaining deficiency claim." Attorneys for the Debtor: Michael G. Colvard, Esq. MARTIN & DROUGHT, P.C. Weston Centre, I 12 East Pecan St., Suite 161 6 San Antonio, TX 78205 Telephone: (210) 220-1334 Facsimile: (210) 227 -7 924 E-mail: rncolvard@mdtlaw.com About Dalton Crane Dalton Crane, L.C. provides crane and related services within the Texas oil and gas industry, typically at wellhead or drill locations for oil and gas drilling and operational businesses. Its activities involve acquisition, renting, operating and disposition of crane and related assets currently deployed to various oil and gas operational cites within south Texas. Dalton Crane filed a petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-33218) on Oct. 1, 2021, listing $22,113,730 in assets and $14,515,457 in liabilities. Joshua Dalton, chief executive officer and member of Dalton Crane, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Michael G. Colvard, Esq., at Martin & Drought, P.C. and Michael S. Klingle, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. Signature Financial LLC, as creditor, is represented by Frances Smith, Esq., at Ross and Smith PC and Morrit Hock and Hamroff LLP. First State Bank, as secured creditor, is represented by Richard Chapman, Esq., at Anderson, Smith, Null & Stofer, LLP. DYNAMETAL TECHNOLOGIES: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------------ Dynametal Technologies, Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of Tennessee, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor seek authority to use cash collateral to continue its business operations and promote reorganization while maximizing recovery to its estate and for its creditors. Dynametal's Chapter 11 petition listed $7.9 million in total assets and $4.4 million in total liabilities. Dynametal is an employee-owned corporation, As of July 29, 2022, the Debtor employed approximately 52 people. For the year ended December 31, 2021, the Debtor had net revenues of approximately $8.5 million. The Debtor will have approximately 42 employees going forward from the Petition Date. The Debtor's financial results have suffered principally due issues related to COVID-19, employee retention, and supply chain issues. The Debtor reported a net loss of approximately $1.4 million for fiscal year ended December 31, 2021, net income of $18,377 for fiscal year ended December 31, 2020, and a loss of approximately $2.1 million is projected for fiscal year ended December 31, 2022. Dynametal is a borrower under a credit agreement with Pinnacle Bank, a Tennessee state-chartered bank as of August 2018. The Credit Agreement contains two relevant components: i) a Term Loan Facility in the original principal amount of $3 million; and ii) a Revolving Credit Facility in an original amount not to exceed $1.5 million. As of July 31, 2022, the principal balance under the Credit Agreement is approximately $2.134 million, apportioned as follows: $1.23 million on the Term Loan Facility and $897,000 on the Revolving Credit Facility. On July 31, the Revolving Credit Facility matured. Apart from the Lender, the Debtor also owes the Small Business Administration and Southwest Tennessee, both secured by the Debtor's real estate. Dynametal believes no other creditor has a direct pecuniary interest in the Debtor's receipts, accounts receivable, proceeds therefrom or other cash collateral as that term is defined under Section 363 of the Bankruptcy Code. The Debtor submits the Lender is currently and will remain adequately protected. The total amount due under the Credit Agreement is approximately $2.134 million. Dynametal's assets are scheduled at $7.9 million, or $5.7 million more than the amounts owed to the Lender. Therefore, not only is there a significant equity cushion, this equity cushion is more than sufficient to adequately protect the Lender. As a condition to the use of the cash collateral, the Debtor request authority to adequately protect the Lender's interest by granting, as additional security, a continuing and replacement first priority, automatically perfected security interest in, and lien upon, all of the Debtor's unencumbered real and personal property and assets, and all proceeds, products, rents and/or profits thereof, subject however, to any valid and perfected security interests in such assets in favor of any third party other than the Lender prior to the Petition Date. The Replacement Liens will be enforceable in an amount equal to any aggregate post-petition diminution in the value of the prepetition collateral, as the prepetition collateral existed as of the Petition Date, including, without limitation, any diminution in value resulting from the Debtor's use of the cash collateral on or after the Petition Date. Pinnacle Bank and the Small Business Administration c/o Monica Simmons Jones have filed objections to the Debtor's request. A copy of the Debtor's motion is available at https://bit.ly/3OTJ7U7 from PacerMonitor.com. About Dynametal Technologies, Inc. Dynametal Technologies, Inc. is an employee-owned powder metal parts manufacture. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-10831) on August 1, 2022. The petition was signed by Robert L. Nolan, the Debtor's president. Dynametal's Chapter 11 petition listed $7.9 million in total assets and $4.4 million in total liabilities. Judge Jimmy L. Croom oversees the case. Steven N. Douglass, Esq., at Harris Shelton, PLLC is the Debtor's counsel. E QUALCOM CORP: Starts Chapter 11 Subchapter V Case --------------------------------------------------- E QUALCOM CORP filed for chapter 11 protection in the Southern District of Florida 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 documents, E Qualcom Corp. estimates between 1 and 49 creditors. The bare-bones petition states funds will be available to unsecured creditors. Blueridge has an unsecured claim of $1.2 million on account of a loan, but the Debtor says the claim is disputed. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Aug. 30, 2022, at 11:00 AM by TELEPHONE. Proofs of claim are due by Oct. 11, 2022. About E Qualcom Corp. E QUALCOM CORP filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15957) on August 1, 2022. In the petition filed by Luis Navia, as officer, the Debtor reported assets between $1 million and $10 million and liabilities between $1 million and $10 million. Aleida Martinez-Molina has been appointed as Subchapter V trustee. David W. Langley is the Debtor's counsel. EDWARD ZENGEL: Wins Cash Collateral Access ------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, authorized Edward Zengel & Son Express, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. Synovus Bank is the Debtor's pre-petition senior secured lender. As adequate protection for the extent of the Debtor's use of cash collateral, Synovus will have a perfected post-petition lien against the Prepetition Collateral to the same extent and with the same validity and priority as the alleged prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. Additionally, the Debtor will remit to Synovus $12,254 and provide an actual budget on a biweekly basis to Synovus. A further hearing on the matter is scheduled for August 8, 2022 at 2 p.m. A copy of the order and the Debtor's budget for the period from January 15 to September 10, 2022 is available at https://bit.ly/3d4sQ1h from PacerMonitor.com. About Edward Zengel & Son Express Edward Zengel & Son Express, Inc., a company in Fort Myers, Fla., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00001) on Jan. 1, 2022, listing up to $500,000 in assets and up to $10 million in liabilities. Edward Zengel, Jr., president, signed the petition. Judge Caryl E. Delano oversees the case. The Debtor tapped Mike Dal Lago, Esq., at Dal Lago Law as legal counsel; AG Employment Law, PLLC as special labor counsel; and The Spires Group, PA as accountant. EXPEDITION INDUSTRIES: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Expedition Industries, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral on an emergency basis. The Debtor requires the use of cash collateral to continue to operate its commercial property located at 14561 Leffingwell Rd., Whittier, CA 90606. which is leased out to tenants. The secured claims are held by: INN Investment Group, LLC dba Mor Financial Services 991 Montague Exp., Ste. 102 Milpitas, CA 95035 The amount of priority unsecured debt is $1,566,865 and non-priority unsecured debt is $0. The cash collateral creditors are: * Khoi Van Trail dba Ritz Nail Salon, assigned to Billy Quoc Vu, * Jazmin Colon dba Back Curve Body Sculpting, * Christopher Wong, * Alvaro Chavez, and * Jianyu Chen In May 2018, Expedition entered into a three-year Commercial Lease Agreement for the commercial property with Ryan Bishop. The Tenant, at the time he leased the Premises, represented that he would be operating a "retail use" business to sell vape pens and tobacco products. Expedition received a notice, dated December 1, 2020, from the California Department of Tax and Fee Administration regarding the alleged sales and use taxes due of $1,184,336, interest of $89,442 and penalty of $118,434 from a purported tenant that was not paying their taxes on the Premises. Expedition promptly put the Tenant on notice of eviction and the Premises in April 2021. Expedition believed it had abated the issue of liability with the CDTFA by promptly evicting the Tenant and would no longer be threatened with liability, and would no longer be liable nor receive any further notices from the CDTFA. At no time did Expedition operate the Tenant's business nor have an legal relationship with the Tenant. However, Expedition received a Notice of Levy by the CDTFA in September 2021 with the sale of the Premises scheduled to take place on May 11, 2022. at 10 a.m. at the Stanley Mosk Courthouse. As a result, Expedition commenced bankruptcy proceeding to stay the sale proceedings and resolve the CDTFA's meritless sales and use tax assessment along with interest and penalty. Expedition contends the proposed adequate protection is reasonable as the Debtor has adequate equity in the real property; the Debtor intends to lease the vacant units to replenish the security deposits portion if used in the ordinary course of the Debtor's business. The Debtor has forgone on a salary. A copy of the motion is available at https://bit.ly/3Q1aL2O from PacerMonitor.com. About Expedition Industries Expedition Industries Inc. owns a commercial property in Whittier, California, which is leased out to tenants. It sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-12653) on May 11, 2022. In the petition filed by Kristyn Plata, owner and president, Expedition Industries estimated assets and liabilities between $1 million and $10 million each. The case is overseen by Honorable Bankruptcy Judge Julia W. Brand. Jeffrey S. Benice, Esq., at Benice Law, APLC, is the Debtor's counsel. FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access ----------------------------------------------------- Figueroa Mountain Brewing, LLC, White Winston Select Asset Funds, LLC, and SCS Acquisition LLC, successor-in-interest to Montecito Bank & Trust, advised the U.S. Bankruptcy Court for the Central District of California that they have reached an agreement regarding Figueroa's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agree the Debtor is authorized to use cash collateral on a final basis through the earlier of (a) September 18, 2022, or (b) the date on which the Debtor's cash on hand falls below falls below the Cash Floor of $698,865. If the Debtor's cash on hand falls below $698,865, then the Debtor will: (a) immediately notify counsel for the Secured Creditors in writing; (b) if unable to reach further agreement with the Secured Creditors for the continued use of cash collateral, within two Court days of sending the Required Notification file an emergency motion for continued authority to use cash collateral and request that the Court hear such motion at its earliest opportunity; (c) be authorized to continue using cash collateral in accordance with the Stipulation and the Budget until the hearing on such emergency motion; and (d) the $698,865 will not be transferred to a third party, including the Secured Parties or Creekstone, other than payments of approved Budget expenses including in accordance with clause (c) above so long as they are not payments to the Secured Parties or Creekstone, without prior Court order entered after a hearing set on regular notice. During the Authorization Period, the Debtor may use cash collateral solely to pay the expenses set forth in the budget or such further budget that may be approved by the Parties or the Court, with a 25% variance. White Winston and SCS will continue to receive, as adequate protection, replacement liens in post-petition collateral for any diminution in their collateral as of the Petition Date arising from the Debtor's use of such collateral but only to the same extent, applicability and validity as the prepetition liens held by White Winston and SCS. A copy of the stipulation and the Debtor's budget through the week of September 12, 2022, is available for free at https://bit.ly/3QflBlv from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $144,856 for the week beginning June 20, 2022; $297,654 for the week beginning June 27, 2022; $147,843 for the week beginning July 4, 2022; $266,199 for the week beginning July 11, 2022; $143,274 for the week beginning July 18, 2022; $260,198 for the week beginning July 25, 2022; $176,665 for the week beginning August 1, 2022; $261,741 for the week beginning August 8, 2022; $150,850 for the week beginning August 15, 2022; $263,556 for the week beginning August 22, 2022; $183,245 for the week beginning August 29, 2022; $271,619 for the week beginning September 5, 2022; and $145,497 for the week beginning September 12, 2022. About Figueroa Mountain Brewing LLC Founded in 2020, Figueroa Mountain Brewing, LLC -- https://www.figmtnbrew.com/ -- is in the business of manufacturing beer with principal place of business in Buellton, Calif. Figueroa Mountain Brewing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5, 2020. Jaime Dietenhofer, the company's manager, signed the petition. At the time of filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of the same range. Judge Martin R. Barash oversees the case. Lesnick Prince & Pappas LLP is the Debtor's legal counsel. FINANCIAL INVESTMENTS: Judgment Creditors to Recover 100% in Plan ----------------------------------------------------------------- Financial Investments and Real Estate, LLC, submitted a Plan and a Disclosure Statement. The Plan is a culmination of events, including efforts to pivot the intended use of the rental property and address the Debtor's outstanding and future obligations. The Plan effectuates the resolution of significant efforts by the debtor to use the premises in a manner maximizing the return to creditors. Upon the Effective Date and substantial consummation of the Plan, the Debtor's equity shall revest in the current ownership structure and the Debtor will continue business as usual. As of July 23,2022, the Debtor had the following: * Bank Accounts. Citizens Bank, Account xxx7669, with a minimal balance in a DIP account. That balance will fluctuate with operations. * Loan owed to LLC. The Debtor has a loan due from Cyndescope in the approximate amount of $300,000.00. Recently the borrower Cyndescope has agreed to pay $2,500 to $6,000 per month as reflected on the budget projections, toward the loan until it is satisfied. * Other Assets. The Debtor's real estate has a valuation of $350,000. The Debtor has no unsecured claims. As to the Class 1 US National Mortgage Association Claim, the Debtor will remain current with regular monthly mortgage payments beginning June 1, 2022. The regular monthly mortgage payment is currently $2,182.72. Debtor will cure the allowed pre-petition arrears over 5 years, in equal monthly installments of $1,261.01 beginning on the effective date, 30 days after confirmation. The mortgagee has stated they would not accept payments. The Debtor has the necessary funds to tender. Class 1 is impaired and therefore is entitled to vote on the Plan. Class 1 estimated recovery is 100%. Class 2 Secured Judgment Claims consist of the Secured Claims against the Debtor by the 3 individual investors/judgment creditors, Monique Moise(claim#1), Shadonna Charleston (claim #2) and Rasheeda Lewis (claim #3). The Debtor shall pay through its counsel $1,500 per month for 16 months and then $3,500 per month for thirty-six (48) months for a total of $192,000 effective and due starting 30 days after confirmation and continuing monthly thereafter. The payments are to be pro-rated between the 3 judgment creditors. The judgment creditors will retain their lien on 1203 S. Melville Street Philadelphia, Pa until all required payments have been made in full. Upon completion of the plan payments the judgment will be satisfied in full against all defendants. The judgment creditors will stay all collection efforts against all defendants if Debtor is complying with these terms. If debtor ever fails to make a payment as required counsel for the creditors may send a 15-day notice to cure to the Debtor, Attn: Dennis Dicker (managing member) at firellc@gmail.com and Debtor's counsel, Michael Cataldo at mcataldo@gsbblaw.com. If not cured during that notice period relief will be granted without further hearing or opportunity to be heard upon a certification of default filed by said creditors. Class 2 is impaired. Class 2 estimated recovery is 100%. Except as otherwise provided in the Plan, the Debtor shall continue to exist after the Effective Date as the same corporate entities as prior to the Petition Date, with all the powers of a corporation, pursuant to the applicable law in the jurisdiction in which such Debtor is incorporated or formed and pursuant to the certificate of incorporation and bylaws (or other formation documents) in effect prior to the Effective Date, without prejudice to any right to terminate such existence (whether by merger or otherwise) or to modify such documents under applicable law on or after the Effective Date. Counsel to the Debtor: Michael A. Cataldo, Esq. GELLERT SCALI BUSENKELL & BROWN, LLC 1628 JFK Blvd., Suite 1901 Philadelphia, PA 19103 Tel: (215) 238-0015 E-mail: mcataldo@gsbblaw.com A copy of the Disclosure Statement dated July 29, 2022, is available at https://bit.ly/3PPbEvs from PacerMonitor.com. About Financial Investments and Real Estate Financial Investments and Real Estate, LLC is a Pennsylvania-based real estate and financial investments company. Financial Investments and Real Estate sought Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 22-11150) on May 3, 2022, listing as much as $500,000 in both assets and liabilities. Kathryn Anderson, managing member, signed the petition. The case is assigned to Judge Magdeline D. Coleman. Michael A. Cataldo, Esq., at Gellert, Scali, Busenkell & Brown, LLC is the Debtor's counsel. FIRST CHOICE: Members' Contribution Leads to 100% Plan ------------------------------------------------------ The hearing on the adequacy of the Disclosure Statement of First Choice Trucking, LLC will be held before the Honorable Kathryn C. Ferguson on September 8, 2022 at 2:00 p.m. in Courtroom No. 2, Clarkson S. Fisher Courthouse, 402 East State Street, Trenton, NJ 08608. Written objections to the adequacy of the Disclosure Statement must be filed and served no later than 14 days prior to the hearing before this Court, unless otherwise directed by the court. According to the Debtor's Disclosure Statement, the Plan may provide for the Debtor to reorganize by continuing to operate, to liquidate by selling assets of the estate, or a combination of both. The Debtor's sole asset is real property located at 208 Bennett Road, Howell Township, New Jersey. The Debtor has obtained capital contribution from its sole member, Robert Schlumpf, as well as Dorothy Vastola, to pay all creditors in full. Mr. Schlumpf and Mrs. Vastola have deposited the sum of $691,094.05 into the attorney trust account of McNallyLaw, LLC. In addition, Mr. Schlumpf has committed to deposit an additional $20,000.00 into the attorney trust account of McNallyLaw, LLC upon the confirmation date (total, $711,094.05) to assure that the Debtor has sufficient funds to satisfy administrative expense, including attorneys' fees and real property taxes for the third quarter of 2022. Class 3 General Unsecured Claims total $38,374. The Debtor shall satisfy its scheduled and any filed general unsecured claims in full upon the Effective Date from funds from moneys on deposit in the attorney trust account of Debtor's counsel. As no claims have been filed, the Debtor will contact each creditor to verify and determine the amounts due to satisfy those claims. Class 3 is unimpaired. Attorneys for First Choice Trucking LLC: Stephen McNally, Esq. MCNALLYLAW, LLC 93 Main Street Newton, NJ 07860 Tel: (973) 300-4260 E-mail: steve@mcnallylawllc.com A copy of the Order dated July 29, 2022, is available at https://bit.ly/3zmO8if from PacerMonitor.com. A copy of the Disclosure Statement dated July 29, 2022, is available at https://bit.ly/3cJnIj1 from PacerMonitor.com. About First Choice Trucking First Choice Trucking is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor's sole asset is a six-acre warehouse and office located in Freehold, NJ, having a current value of $1 million. First Choice Trucking previously sought Chapter 11 bankruptcy (Bankr. D.N.J. Case No. 21-18098) on Oct. 18, 2021. The case was dismissed on April 22, 2022. First Choice Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 22-15189) on June 27, 2022. In the petition filed by Robert Shlumpf, as president, the Debtor estimated assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Stephen B. McNally, of McNally & Busche, L.L.C., is the Debtor's counsel. FORTRESS TRANSPORTATION: Moody's Ups CFR & Unsecured Debt to Ba2 ---------------------------------------------------------------- Moody's Investors Service upgraded to Ba2 from Ba3 Fortress Transportation & Infrastructure Investors LLC's (FTAI) corporate family rating and long-term senior unsecured rating. FTAI's outlook is stable. This rating action concludes the review for upgrade initiated on May 3, 2022 following FTAI's announcement that its board of directors had approved a spin-off of FTAI's infrastructure assets. On August 1, 2022, FTAI announced that the spin-off transaction had been completed and approximately $730 million of FTAI's debt was paid-down [1]. Upgrades: Issuer: Fortress Trnsp & Infrastructure Investors LLC Corporate Family Rating, Upgraded to Ba2 from Ba3 Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3 Outlook Actions: Issuer: Fortress Trnsp & Infrastructure Investors LLC Outlook, Changed To Stable From Ratings Under Review RATINGS RATIONALE Moody's upgraded FTAI's ratings based on its improved proforma debt-to-EBITDA leverage after the partial paydown of debt connected with the infrastructure assets' spin-off, and because these infrastructure assets tend to generate more volatile results and are more capital intensive than FTAI's continuing activities. FTAI's Moody's-adjusted proforma debt-to-EBITDA leverage significantly improves to approximately 7.0x from 11.2x (based on estimated trailing-12 months' EBITDA of the continuing business activities through June 30, 2022) due to the partial debt paydown with the proceeds received from the spin-off transaction. The spun-out entity, FTAI Infrastructure Inc. (B2 stable), is now an independent publicly traded company. Moody's expects that FTAI will achieve savings from corporate overhead reallocation to FTAI Infrastructure which will result in moderately stronger earnings. Additionally, Moody's expects that FTAI's leverage will further improve in the next 12 months, supported primarily by a further recovery in global air travel volumes and FTAI's effective strategic execution. Moody's said that FTAI is well-positioned to benefit from the air travel recovery, supported by improving demand for the current generation of narrow-body aircraft, such as the Boeing 737 and Airbus A320 family of aircraft, as well as the engines that power these models, with the latter being a focus of FTAI's investment strategy in the sector. In the second quarter, the company has exhibited good momentum in improving its earnings profile, including from the sale of aftermarket products. FTAI generated Moody's-adjusted EBITDA of $95.5 million during this second quarter 2022, representing an approximately 40% increase from the first quarter. The company also had asset sale gains in the amount of $55 million. The company's most recent investments and partnerships with Lockheed Martin Corporation (Lockheed Martin, A3 stable) and with AAR Corp. (NYSE: AIR), a global aerospace and defense aftermarket solutions company, continue to contribute to earnings expansion. FTAI's good liquidity position is supported by the availability under its $250 million revolving facility and sufficient unencumbered assets, said Moody's. Moody's said that corporate governance considerations were a key driver in FTAI's upgrade, given the strategic decision that was made to exit more volatile and capital-intensive business activities, and to use the proceeds for debt reduction. More broadly, governance considerations remain highly relevant in assessing FTAI's creditworthiness, given its mostly debt-financed growth strategy and propensity for at times to fund shareholder distributions using debt. Moody's noted that a majority of FTAI's debt is unsecured, providing the company with flexibility to access secured financing on aviation assets as a source of contingent liquidity. Additionally, FTAI has been able to expand its earnings capacity after acquiring assets, providing a means for reducing leverage over time. The stable outlook reflects Moody's expectation that FTAI will continue its growth trajectory while maintaining its EBITDA margin broadly in line with pre-COVID-19 levels. The stable outlook also incorporates the risk associated with FTAI's opportunistic asset acquisitions and periodic debt-financed dividends that can at times pressure its capital strength. The Ba2 rating for FTAI's senior unsecured notes are in line with FTAI's Ba2 CFR, reflecting that the notes constitute the preponderance of the company's debt. The company also has a $250 million revolving credit facility expiring in December 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade FTAI's ratings if the company achieves and maintains profitability measured as the ratio of net income to average assets above 1% and strengthens its tangible equity to tangible assets ratio, while maintaining debt-to-EBITDA leverage of less than 4.5x, and demonstrates effective balancing of shareholder and debt holder interests in its financial policy decisions. Moody's could downgrade FTAI's ratings if the company's operating results deteriorate, its capital or liquidity profiles weaken as a result of debt-financed acquisitions or shareholder dividends, or if the company loses a material customer or suffers a business disruption that weakens its financial prospects. Fortress Transportation & Infrastructure Investors LLC (FTAI) is now primarily an aircraft leasing company with total aviation assets of $2.1 billion as of June 30, 2022. As of August 1, 2022 FTAI has spun off its infrastructure assets (FTAI Infrastructure, Inc.). FTAI is externally managed by FIG LLC, also a Fortress affiliate. The principal methodology used in these ratings was Finance Companies Methodology published in November 2019. GA REAL ESTATE: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- GA Real Estate Acquisitions, LLC asks the U.S Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor proposes to use cash collateral for general operational and administrative expenses. The expenses incurred by the Debtor and for which cash collateral will be used will all be incurred in the normal and ordinary course of business. The Debtor is wholly owned and operated by Carmenlita Trimble, with the assistance of her sons, Brian Trimble, Trey Trimble, and Christopher Trimble. Unfortunately, Ms. Trimble suffered from the COVID-19 virus twice during the pandemic and suffered several strokes, which left her hospitalized on various occasions since December 2021. Moreover, the Debtor's ability to generate income was severely affected as the Debtor's tenants failed to make monthly rent payments and some properties remained vacant for longer than normal periods due to the COVID19 pandemic. Ms. Trimble's health problems coupled with the difficulties in collecting rent caused by the pandemic caused the Debtor to be unable to meet ongoing obligations connected to the Debtor's real properties. Faced with no other viable alternative, the Debtor was forced to file for chapter 11 bankruptcy protection. However, the Debtor now has paying tenants in several of its properties and the Debtor anticipates completing renovations on its properties, listing the renovated properties for sale, and repaying creditors with the proceeds of such sales. The Debtor is a borrower on a loan in the original principal amount of $153,000 from Quick Capital Commercial, LLC, which was assigned to Velocity Commercial Capital, LLC on September 30, 2019, and which asserts a security interest in certain of the Debtor's property. As of the Petition Date, the Debtor believes the amount owed to Velocity is approximately $190,000. The Debtor is a borrower on loans in the original principal amount of $258,500 in the aggregate from SkyBeam Capital REIT, LLC, which asserts a security interest in certain of the Debtor's property. As of the Petition Date, the Debtor believes the amount owed to SkyBeam is approximately $196,400 in the aggregate. The Debtor is a borrower on loans in the original principal amount of $445,600 from RRK Investments, LLC, which asserts a security interest in certain of the Debtor's property. As of the Petition Date, RRK asserts it is owed approximately $671,000. As adequate protection, the Debtor proposes to grant the Lenders a replacement lien in post-petition collateral of the same kind, extent, and priority as the liens existing pre-petition, except that the Adequate Protection Liens 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 is available at https://bit.ly/3PXP4kb from PacerMonitor.com. About GA Real Estate Acquisitions, LLC GA Real Estate Acquisitions, LLC owns and leases out several residential real properties in the AtlantaMetro area and in Macon, Georgia. The Debtor is in the business of purchasing, renovating, and leasing or selling the renovated properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-55886) on August 1, 2022. In the petition signed by Carmenlita Trimble, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. William Rountree, Esq. at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's counsel. GENOCEA BIOSCIENCES: Court OKs Final Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, authorized Genocea Biosciences, Inc. to, among other things, use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor requires the use of cash collateral to fund payroll and operating expenses, and administer and preserve the value of its estate. Silicon Valley Bank asserts an interest in the Debtor's cash collateral. As of the Petition Date, the Debtor was indebted to SVB in the aggregate principal amount of not less than $1,410,000 pursuant to the Loan and Security Agreement dated as of February 18, 2021, between the Debtor and the Prepetition Lender. As adequate protection, the Prepetition Lender is granted continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected postpetition security interests in and liens on all prepetition and postpetition tangible and intangible property and assets, whether real or personal of the Debtor. As further adequate protection, the Prepetion Lender is granted an allowed superpriority administrative expense claim in the Chapter 11 Case and any successor cases with priority over all other administrative expense claims and unsecured claims against the Debtor or its estate. The Adequate Protection Liens will be first-priority perfected security interests, liens, and mortgages on all Adequate Protection Collateral not subject to valid, perfected, enforceable, and non-avoidable security interests, liens, or mortgages in existence on Petition Date. The Adequate Protection Liens will be junior security interests, liens, and mortgages on all Adequate Protection Collateral that was subject to a Prior Permitted Lien in existence on the Petition Date. These events constitute a "Termination Event:" A "Termination Event" means: (i) the Debtor will violate the terms of the Final Order; (ii) the SVB Loan Obligations have not been repaid in full on or before September 30, 2022; (iii) the proceeds from the sale of all or substantially all of the Debtor's intellectual property are not used to repay the SVB Loan Obligations in full at the closing of such sale; (iv) this Final Order ceasing to be in full force and effect for any reason; (v) the Debtor shall file, propose, or support confirmation of a chapter 11 plan that does not provide for the repayment in full of all SVB Loan Obligations in cash on the confirmation date, or is not otherwise acceptable to SVB; (vi) the Debtor will file, propose, or support any sale process for, or sell, a material portion of its assets without the prior written consent of SVB; (vii) the Debtor will investigate, assert, or prosecute any claims or causes of action against the Prepetition Lender arising under or related to the SVB Loan Documents or raise any defenses to the SVB Loan Obligations (provided, that to the extent necessary to fulfill its fiduciary duties, the Debtor is authorized to respond to information requests from any statutory committee. Chapter 11 Trustee, or examiner in this Chapter 11 Case and the U.S. Trustee and such response will not give rise to a Termination Event); (viii) any party will assert or prosecute any Challenge (as defined herein); or(ix) the Debtor fails to meet any Milestone. As a condition to the use of Cash Collateral, the Debtor will (a) file a motion to sell all or substantially all of its intellectual property (and the motion will be for a sale that is (i) reasonably acceptable, as determined by SVB in its sole discretion, and (ii) results in the SVB Loan Obligations being paid in full in cash at the closing of such sale on or before September 30, 2022), and (b) have received the payments specified in rows 2.02 and 2.03 of the Budget, in each case, by August 15, 2022. A copy of the order and the Debtor's 13-week budget is available at https://bit.ly/3JoFHI1 from Omni Agent Solutions. The budget provides for total disbursements, on a weekly basis, as follows: $107,296 for the week ending July 8; $276,248 for the week ending July 15; $162,666 for the week ending July 22; $414,160 for the week ending July 29; $509,498 for the week ending August 5; $23,912 for the week ending August 12; $82,051 for the week ending August 19; $325,000 for the week ending August 26; $620,946 for the week ending September 2; $38,912 for the week ending September 9; $13,575 for the week ending September 16; $12,500 for the week ending September 23; and $549,041 for the week ending September 30. About Genocea Biosciences, Inc. Genocea Biosciences, Inc. is a biopharmaceutical company dedicated to discovering and developing novel cancer immunotherapies using its proprietary ATLASTM platform. The ATLAS platform can profile each patient's CD4+ and CD8+ T cell immune responses to every potential target or "antigen" identified by next-generation sequencing of that patient's tumor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10938) on July 5, 2022. In the petition signed by William Clark, president, the Debtor disclosed up to $10 million in both assets and liabilities. Andrew G. Lizotte, Esq., at Murphy and King, Professional Corp. is the Debtor's counsel. Judge Christopher J. Panos oversees the case. The Debtor tapped Ropes and Gray LLP as special corporate counsel, Rock Creek Advisors, LLC as financial advisor, and Omni Agent Solutions as claims agent. GLEASON'S GYMNASTIC: Unsecureds to Get $10K per Month for 41 Months ------------------------------------------------------------------- Gleason's Gymnastic School, Inc. filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Reorganization under Subchapter V dated August 1, 2022. The Debtor is a Minnesota corporation that owns and operates a gymnastic school. The school was formed in 1966 and has been in operation for over 55 years. In 2018, the school expanded and found a new location in Brooklyn Park, MN. However, the expansion was unsuccessful. The new location added considerable expense to the school's operating expenses, and much of the additional revenue that had been projected did not occur. As a result, the location was unable to pay its rent and many of its normal operating expenses. Ultimately, the landlord commenced an unlawful detainer proceeding. Immediately prior to the hearing on the unlawful detainer the corporation filed a Chapter 11 bankruptcy proceeding. The purpose of that proceeding was to reject the lease on the satellite and consolidate everything into the main location and then pay off the deficiency and other debts through a Chapter 11 Plan. A review of the historical Profit & Loss and compared to the projected Profit & Loss based on the current and projected student totals demonstrate that once the gymnastic school is back to prepetition student levels, the projections show that at those student levels, the Debtor's cashflow will be sufficient not only to pay all existing and current obligations, but also a significant additional cashflow to fund the plan. Class 1 consists of the allowed secured claim of AmEx. The balance of this claim is approximately $167,258.52. Interest shall accrue at the rate of 3.75%, beginning on the filing date of May 2, 2022. Beginning on June 10, 2022 and continuing on the 10th day of each month thereafter, the Debtor will make equal monthly principal and interest payments in the amount of approximately $10,000.00 until the entire balance, principal and interest is paid in full. The maturity date shall be December 2023, at which time the entire outstanding principal balance, with all accrued but unpaid interest and other outstanding amounts, shall be due and payable. Class 2 consists of the allowed secured claim of the SBA. The SBA holds a junior security interest in all assets of the Debtor. The Debtor will pay the contract amount of the SBA obligation in the amount of $160,186.64, per the existing Loan Agreement and Note. The terms of the existing Note are payments of $731.00 beginning December 16, 2022, with interest accruing at the rate of 3.75% per annum, beginning June 16, 2020, and continuing monthly until the entire balance, principal and interest, is paid in full. Class 3 consists of all the general unsecured claims against the Debtor. The Debtor estimates the total pool of allowed general unsecured claims to be $549,266, based on Debtor's records and claims filed. In full satisfaction of such claims, each Holder of a Class 3 claim shall receive its pro rata share of $10,000.00 per month beginning in January 2024, for 41 months, for a total of $410,000, or until all allowed claims are paid in full, whichever occurs first. Class 3 is impaired and entitled to vote to accept or reject the Plan. Class 4 consists of all ownership interests in Gleason's Gymnastic School, Inc. Mr. Lawrence Gleason owns 98%, Joni Selden owns 1% and David Kennedy owns 1%. They shall retain their respective interest in the reorganized debtor. On the Effective Date, all of the Debtor's respective rights, title, and interest in and to all assets shall vest in the reorganized Debtor, and in accordance with section 1141 of the Bankruptcy Code. The Debtor will use the income generated from business operations to repay its creditors according to the terms of the Plan, along with administrative expenses. The non-exempt personal property on the bankruptcy schedules is worth less than the value of payments over time to Class 3 creditors, so, the best interest of creditors test is satisfied. A full-text copy of the Plan of Reorganization dated August 1, 2022, is available at https://bit.ly/3bsXzVz from PacerMonitor.com at no charge. Attorney for Debtor: THOMAS H. OLIVE LAW, P.A. Thomas H. Olive 5270 W. 84th Street, Suite 300 Bloomington, MN 55437 Telephone: (952) 831-0733 About Gleason's Gymnastic School Gleason's Gymnastic School, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 22-30690) on May 2, 2022. At the time of filing, the Debtor was estimated to have up to $1 million in both assets and liabilities. Judge Katherine A. Constantine oversees the case. The Debtor is represented by Thomas H. Olive Law, P.A. HIE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Hie Holdings, Inc. 2839 Mokumoa Street Honolulu, HI 96819 Case No.: 22-00534 Chapter 11 Petition Date: August 2, 2022 Court: United States Bankruptcy Court District of Hawaii Judge: Hon. Robert J. Faris Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael H. Boulware as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/26JYT6Y/HIE_HOLDINGS_INC__hibke-22-00534__0001.0.pdf?mcid=tGE4TAMA INDEPENDENCE FUEL: Taps Law Office of PJ Putman as Special Counsel ------------------------------------------------------------------ Independence Fuel Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire the Law Office of PJ Putman, P.C. as its special counsel. The Debtor needs the firm's legal advice on corporate governance and regulatory matter. The firm will receive a flat fee of $4,500 per month for its services. The hourly rate charged by PJ Putman, Esq., the firm's attorney, is $550. Mr. Putman disclosed in a court filing that his firm does not hold or represent any interest adverse to the interest of the Debtor and its estate. The firm can be reached through: PJ Putman, Esq. Law Office of PJ Putman, P.C. 18208 Preston Rd Ste. D9-159 Dallas, TX 75252 Phone: (214) 449-0566 About Independence Fuel Systems Independence Fuel Systems, LLC, owner of gasoline stations in Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 22-60301) on July 14, 2022. In the petition signed by Charles Neuberger, chairman of the Board of Managers, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Joshua P. Searcy oversees the case. Eric A. Liepins, P.C. and the Law Office of PJ Putman, P.C. serve as the Debtor's bankruptcy counsel and special counsel, respectively. INFOW LLC: Judge Cautions Jones' Attorney About Courtroom Conduct ----------------------------------------------------------------- Christine DeRosa of Law360 reports that the attorney representing Alex Jones in the first of three Sandy Hook defamation suits in Texas has been warned by the judge to dial down his behavior toward plaintiffs' counsel and was scolded after forgetting to tell Jones and another defendant not to discuss the case. Jones is currently on trial to determine damages after Judge Maya Guerra Gamble of Travis County District Court agreed last year that Jones and his company committed defamation and intentional infliction of emotional distress by lying in online videos about the 2012 Sandy Hook Elementary School shooting. A full-text copy of the article is available at https://www.law360.com/bankruptcy/articles/1516110/judge-cautions-alex-jones-atty-about-courtroom-conduct 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. IRON HOLDINGS: SARE Files for Chapter 11 Bankruptcy --------------------------------------------------- Iron Holdings LLC filed for chapter 11 protection in the District of New Jersey. The Debtor disclosed $1.135 million in assets against total liabilities of $1.020 million in its schedules. The Debtor owns property at 109 East Pleasant Road, Jackson, NJ 08527, which is valued at $1 million. According to court filing, Iron Holdings LLC 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 Sept. 1, 2022 at 11:00 AM at Telephonic. Proofs of claim are due by Oct. 11, 2022. About Iron Holdings LLC Iron Holdings LLC is a Single Asset Real Estate (as defined in 11 U.S.C. § 101(51B)). Iron Holdings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-16063) on August 1, 2022. In the petition filed by Suzanne Flavaney, as managing member, the Debtor reported assets between $1 million and $10 million and liabilities of $1 million and $10 million. Allen I Gorski, of Gorski and Knowlton, P.C., is the Debtor's counsel. JJS LOGISTICS: Wins Cash Collateral Access on Final Basis --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized JJS Logistics of Florida, Inc. to use cash collateral on a final basis in accordance with the budget, with a 10% variance. The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments of pre and post-petition wages and related amounts to non-insider employees, payments to the Subchapter V Trustee; and, payments on insurance for Joshua Smiley; (b) additional amounts as may be expressly approved in writing by First Citrus Bank; and (c) current and necessary expenses set forth in the budget. First Citrus Bank and each creditor with a security interest in cash collateral will have a perfected and continuing post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any document as may otherwise be required under non-bankruptcy law. As additional adequate protection, the Debtor will make weekly payments of $3,571 to First Citrus Bank and First Citrus Bank is granted a super priority administrative claim to the extent of any diminution in value of its collateral. The Debtor will maintain insurance coverage for its property and all collateral of First Citrus Bank in accordance with the obligations of the loan and security documents with First Citrus Bank. A copy of the order and the Debtor's budget for the period from July 10 to August 14, 2022 is available at https://bit.ly/3BCAn1C from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $38,729 for the week ending July 10, 2022; $41,568 for the week ending July 17, 2022; $41,254 for the week ending July 24, 2022; $42,546 for the week ending July 31, 2022; $42,980 for the week ending August 7, 2022; $42,931 for the week ending August 14, 2022. About JJS Logistics of Florida JJS Logistics of Florida Inc. is a Florida profit corporation which provides local FedEx delivery commercial and residential services in western Pasco County. JJS Logistics of Florida sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Court (Bankr. M.D. Fla. Case No. 22-01884) on May 10, 2022. In the petition filed by Andrew Yurasko, III, chief restructuring officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Amy Denton Mayer has been appointed as Subchapter V trustee. Daniel E. Etlinger, Esq., at Jennis Morse Etlinger, is the Debtor's counsel. JUST BELIEVE: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Just Believe Recovery Center of Port Saint Lucie, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to fund its operations on an ongoing basis. ASD Specialty Healthcare, LLC may have a lien on the cash collateral of the Debtor by virtue of a UCC-1 filed on October 26, 2020, (Instrument No. 202005145724) in the Florida Secured Transaction Registry. Pursuant to the UCC-1 Financing Statements, the secured assets include all of the Debtor's personal property including accounts. Texas Capital Bank, N.A. may have a lien on the cash collateral of the Debtor by virtue of a UCC-1 filed on January 27, 2020 (Instrument No. 202000715565) in the Florida Secured Transaction Registry. Alternative Funding Group, LLC, Capital City NY, Cloudfund, LLC, and NewCo Capital Group VI LLC may purport to be secured creditors. These companies did not file UCC-1 Financing Statements, however, there are several UCC-1 Financing Statements recorded in the Secured Transaction Registry with no specific creditor named. Accordingly, the Debtor maintains that AFG, Capital City, Cloudfund, and New Co do not have a lien on cash collateral. Corporation Service Corporation, as representative, has filed several UCC-1 Financing Statements. The Debtor has attempted to contact Corporation Service to learn the entities it supposedly represents in the UCC-1s listed above; however as of the filing of the Motion, counsel for the Debtor has not received a response clarifying the secured entities. As adequate protection, the Debtor will grant a replacement lien to ASD, Texas, AFG, City, Cloudfund and NewCo to the same extent as any pre-petition lien, pursuant to 11 U.S.C. section 361(2) on and in all property set forth in the respective security agreements and related lien documents on an interim basis through and including the interim hearing in this matter, without any waiver by the Debtor as to the extent, validity or priority of said liens. The Debtor also requests the court to conduct a hearing on the matter on or before August 4, 2022 as it needs to pay its expenses in the ordinary course as soon as practicable. A copy of the motion is available at https://bit.ly/3BCMNGY from PacerMonitor.com. About Just Believe Recovery Center Just Believe Recovery Center is a residential drug & alcohol addiction treatment center that offers personalized treatment options. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Fla. Case No. 22-15739) on July 27, 2022. In the petition signed by Cynthia Bellino, manager, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. Craig I. Kelley, Esq. at Kelley, Fulton & Kaplan, P.L. is the Debtor's counsel. KINGSTONE INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) ------------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb" (Fair) from "bbb-" (Good) of Kingstone Insurance Company (KICO) (Kingston, NY). Concurrently, AM Best has downgraded the Long-Term ICR to "b-" (Marginal) from "bb-" (Fair) and its associated securities for Kingstone Companies, Inc. (KINS) (Delaware), the insurance holding company of KICO. The outlook of these Credit Ratings (ratings) was revised to negative from stable. Concurrently, AM Best has withdrawn all of the public ratings of KINS. See below for a detailed listing of KINS' Long-Term Issue Credit Ratings (Long-Term IR) and Indicative Credit Ratings that were also withdrawn. The ratings of KICO reflect its balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings downgrade is driven by significant deterioration in KICO's risk-adjusted capitalization that occurred across all return periods due to a sizeable increase in the net probable maximum loss (PML); this was a result of its latest reinsurance renewal, and a decline in surplus from weather-related losses and dividend payments in 2022. The sizeable differential in PMLs was driven by the dislocation in the catastrophe reinsurance markets in June, leading to management's inability to secure the same limit as the prior year and purchasing substantially less catastrophe reinsurance as a result. This impact has resulted in AM Best revising KICO's ERM assessment to marginal from appropriate. The net probable maximum loss for a 1-in-100 year loss return period accounts for a significant percentage of the company's surplus as of Q1/2022. Therefore, the company's risk appetite, tolerances, and the composition of its latest reinsurance structure are not commensurate with an ERM assessment of appropriate. The outlook change of these credit ratings to negative primarily reflects the deteriorating underwriting results for year-end 2021 and the first quarter of 2022 that were driven mainly by weather-related losses. AM Best considers KICO's exposure to environmental, social and governance issues to be material due to its coastal concentration and associated climate risk with changing weather patterns. In addition, KICO's net PML for the 100 year return period remains elevated, placing potential pressure on surplus. The following Long-Term IR has been downgraded with the outlook revised to negative from stable, and the public rating subsequently withdrawn, for Kingstone Companies, Inc.: — to "ccc+" (Weak) from "bb-" (Fair) on $30.0 million 5.5% senior unsecured notes, due 2022 The following indicative Long-Term IRs have been downgraded with the outlook revised to negative from stable, and the public rating subsequently withdrawn, for Kingstone Companies, Inc.: — to "ccc+" (Weak) from "bb-" (Fair) on senior unsecured notes — to "ccc" (Weak) from "b+" (Marginal) on subordinated notes KOSA REAL ESTATE: Unsecureds Get Dividend of 1% From Refinancing ---------------------------------------------------------------- Kosa Real Estate LLC submitted a Plan and a Disclosure Statement. The Debtor owns the commercial real estate owned by the Debtor located at 462 Hartford Avenue, Bellingham, Massachusetts. The Real Estate consists of vacant land. The Real Estate is valued at $516,000. CLASS II Unsecured Claims will be paid a one-time dividend of 1% from a refinancing of the Real Estate. Class II is impaired. The Debtor will refinance his present loan on the Real Estate, pay the Class I and Class II creditors and outstanding real estate taxes to the Town. The Debtor will retain and develop the Real Estate. Counsel for the Debtor: Gary W. Cruickshank, Esq. 21 Custom House Street, Suite 920 Boston, MA 02110 Tel: (617) 330-1960 E-mail: gwc@cruickshank-law.com A copy of the Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3cQdAoQ from PacerMonitor.com. About Kosa Real Estate LLC Kosa Real Estate LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 22-40079) on Feb. 9, 2022, disclosing as much as $1 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. The Debtor is represented Gary W. Cruickshank, Esq., an attorney practicing in Boston. LAUTERBACH LABORATORIES: Unsecureds Owed $232K to Get 10% in Plan ----------------------------------------------------------------- Lauterbach Laboratories, Inc., submitted an Amended Disclosure Statement explaining its Chapter 11 Plan. All classes under the Plan, priority, secured, and unsecured, will be paid from the cash flow generated from the Debtor's dental lab business. Under the Plan, Class 3 Unsecured Claims total $232,436. Class 3 creditors will receive 10% of their claims over a 60-month period, paid on a quarterly basis. Class 3 creditors will not receive any interest on their allowed claims. Class 3 is impaired. The source of funds for planned payments, including funds necessary for capital replacement, repairs, or improvements are profits from business operations and equity contributions from Debtor's owner, Mr. Joseph Lauterbach, or other equity investors. Attorney for the Debtor: Dennis J. Spyra, Esq. 3265 Long Hollow Road Elizabeth, PA 15037 A copy of the Amended Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3zG2vzu from PacerMonitor.com. About Lauterbach Dental Lauterbach Dental Lab, Inc., filed a petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 21-22189) on Oct. 6, 2021, listing as much as $50,000 in both assets and liabilities. Joseph W. Lauterbach, president of Lauterbach Dental Lab, signed the petition. The Debtor tapped Dennis J. Spyra, Esq., as legal counsel. LIQUIGUARD TECHNOLOGIES: Wins Access to Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, authorized Liquiguard Technologies, Inc. to use cash collateral and provide adequate protection payments to the U.S. Small Business Administration. The Debtor is permitted to use the cash collateral with a provision for adequate protection payments to the SBA in the amount of $200 per month. In addition to the existing rights of the SBA in the collateral, the SBA is granted a post-petition replacement security lien upon all of the Debtor's existing and future assets of the type and character covered by its pre-petition lien. No adequate protection payments will be paid to DLI Assets Bravo, LLC or Liberty Capital Group. A copy of the order and the Debtor's budget is available at https://bit.ly/3P0sQg1 from PacerMonitor.com. About Liquiguard Technologies Liquiguard Technologies Inc. -- https://www.liquiguard.com/ -- provides specialty protective coatings to help protect, preserve and enhance the appearance and useful life of all types of everyday materials. Liquiguard Technologies previously sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 18-19449) on Aug. 2, 2018. Liquiguard Technologies again filed a petition for relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15388) on July 14, 2022. In the petition filed by Abbas A. Sadriwalla, as president, the Debtor estimated assets up to $50,000 and liabilities between $100,000 and $500,000. Judge Peter D. Russin oversees the case. Aleida Martinez-Molina has been appointed as Subchapter V trustee. Chad T. Van Horn, Esq., at Van Horn Law Group, P.A., is the Debtor's counsel. LIVING FRESH: Unsecureds Owed $706K to Get 0.64% of Claims ---------------------------------------------------------- Living Fresh Men's Spa, Corp. submitted a Disclosure Statement for Plan of Liquidation. General unsecured creditors in Class 1 will receive a pro-rata distribution of funds remaining after payment of administrative and priority creditors. Unsecured creditors are projected to receive a payment of 0.64% of the amount of their claim, depending on the final allowed amount of the claim of KD 22nd St LLC. The Debtor has 2 unsecured creditors: JPMorgan Chase Bank, N.A. in the amount of $27,851 and KD 22nd St LLC in the amount of $678,972. Unsecured creditors will receive a pro-rata distribution of all funds remaining after payment of administrative, priority, and secured claims. Class 1 is impaired. The Debtor will fund the Plan from remaining cash on hand in the total amount of $93,000. Those funds are currently being held in escrow by counsel to the Debtor, Morrison Tenenbaum PLLC. Attorneys for the Debtor: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, New York 10013 Telephone: (212) 620-0938 Facsimile: (646)390-5095 A copy of the Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3OH7TXt from PacerMonitor.com. About Living Fresh Men's Spa Living Fresh Men's Spa, Corp. filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-40694) on April 1, 2022, disclosing under $1 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC. MARTINEZ QUALITY: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Martinez Quality Painting & Drywall, Inc. asks the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, for authority to use cash collateral and provide adequate protection in the ordinary course of business. The Debtor proposes to use the cash collateral in accordance with a formal budget, with a 10% variance. The parties that assert an interest in the Debtor's cash collateral are Corporation Service Company, CT Corporation System, QFS Capital, LLC, First Corporate Solutions, Inc., and City Capital, NY. While the Debtor is unable to ascertain each UCC Financing Statement to the respective Creditor as most of the UCC Financing Statement filings are connected to an agent rather than the specific creditor, the Debtor is aware of the following creditors associated with the various loan agreements with the Debtor: (i) City Capital, NY (ii) Diverse Capital (iii) Everest Business Funding, (iv) Fox Capital Group, Inc. (v) Fundfi Merchant Funding, LLC, (vi) Ledged Advance Funding II, LLC (vii) QFS Capital, LLC, (viii) Union Funding Source (ix) Win Cap Funding, LLC d/b/a Skyfall Funding; and (x) Unique Funding Solutions, LLC. The Debtor believes the purported senior secured creditor is associated with the lien in favor of Corporation Service Company, UCC File No. 20200152145C, filed on October 2, 2020. Further, the Debtor requests that any holds or attachments placed on the Bank Accounts, specifically Bank of America, be dissolved and that the Court enter an Order permitting the Debtor to utilize the funds in the Bank Accounts as property of the estate. A creditor sought and received a pre-judgment attachment on the Bank of America account which has now frozen certain funds. Said funds in the Bank of America account have not been transferred but merely frozen. The Debtor proffers the Creditors have adequate protection against the diminution in value of their pre-petition collateral. Preliminarily, the use of cash collateral in the ordinary course of business, in and of itself, provides adequate protection in that it preserves the going concern value of the Debtor's business and consequently the value of the pre-petition collateral. Moreover, to protect against diminution in the value of the pre-petition collateral, the Debtor proposes to provide the Creditors with replacement liens in post-petition assets to the same extent and priority as existed pre-petition, for all cash collateral actually expended during the duration of the interim cash collateral Order. A copy of the order and the Debtor's budget is available at https://bit.ly/3zSOxuj from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $91,341 for Week 1; $91,341 for Week 2; $91,341 for Week 3; and $91,341 for Week 4. About Martinez Quality Painting & Drywall, Inc. Martinez Quality Painting & Drywall, Inc. is a drywall and painting contractor serving the residential commercial customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 22-30357) on August 1, 2022. In the petition signed by Ricardo Martinez, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Craig J. Whitley oversees the case. John C. Woodman, Esq., at Essex Richards, PA, is the Debtor's counsel. MATHESON FLIGHT: Affiliate Seeks to Hire Financial Advisor ---------------------------------------------------------- Matheson Trucking, Inc., an affiliate of Matheson Flight Extenders, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Development Specialists, Inc. as its financial advisor. The firm's services include: a. assisting in the preparation of the bankruptcy schedules, statement of financial affairs, and other documents; b. negotiating with the Debtors' lender the terms of a cash collateral agreement, and assisting the Debtors and the lender in drafting and filing such agreement; and c. performing other necessary financial advisory services for the Debtors. The hourly rates charged by the firm for its services are as follows: Senior Managing Director $585 - $775 Managing Director $475 - $560 Director $375 - $450 Associate $160 - $395 Development Specialists received a retainer in the amount of $50,000. Nicholas Troszak, managing director at Development Specialists, disclosed in a court filing that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas R. Troszak Development Specialists, Inc. 333 South Grand Avenue, Suite 4100 Los Angeles, CA 90071 Telephone: 213-617-2717 Fax: 213-617-2718 Email: ntroszak@DSIConsulting.com About Matheson Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. provide short and long-haul transportation, logistics and ground handling services. The companies are based in Sacramento, Calif. Matheson Flight Extenders and Matheson Postal Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case Nos. 22-21148 and 22- 21149 ) on May 5, 2022. On July 14, 2022, Matheson Trucking, Inc., an affiliate, filed for Chapter 11 protection (Bankr. E.D. Calif. Case No. 22-21758). The cases are jointly administered under Case No. 21148. In the petitions signed by Charles J. Mellor, chief restructuring officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the cases. Nuti Hart, LLP and Development Specialists, Inc. serve as the Debtors' bankruptcy counsel and financial advisor, respectively. Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and solicitation agent, and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Chapter 11 cases of Matheson Flight Extenders and Matheson Postal Services on May 25, 2022. The committee is represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP. MATHESON FLIGHT: Affiliate Taps Donlin as Claims Agent ------------------------------------------------------ Matheson Trucking, Inc., an affiliate of Matheson Flight Extenders, Inc., received approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Donlin, Recano & Company, Inc. as its claims, noticing, and solicitation agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm's hourly rates are as follows: Executive Management No charge Senior Bankruptcy Consultant $158 - $194 per hour Case Manager $144 - $158 per hour Consultant/ Analyst $117 - $140 per hour Technology/Programming Consultant $86 - $108 per hour Clerical $35 - $45 per hour Donlin will also seek reimbursement for out-of-pocket expenses incurred. Nellwyn Voorhies, executive director of Donlin Recano, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Donlin can be reached at: Nellwyn Voorhies Donlin, Recano & Company, Inc. 6201 15th Avenue Brooklyn, NY 11219 Tel: (800) 591-8236 About Matheson Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. provide short and long-haul transportation, logistics and ground handling services. The companies are based in Sacramento, Calif. Matheson Flight Extenders and Matheson Postal Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case Nos. 22-21148 and 22- 21149 ) on May 5, 2022. On July 14, 2022, Matheson Trucking, Inc., an affiliate, filed for Chapter 11 protection (Bankr. E.D. Calif. Case No. 22-21758). The cases are jointly administered under Case No. 21148. In the petitions signed by Charles J. Mellor, chief restructuring officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the cases. Nuti Hart, LLP and Development Specialists, Inc. serve as the Debtors' bankruptcy counsel and financial advisor, respectively. Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and solicitation agent, and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Chapter 11 cases of Matheson Flight Extenders and Matheson Postal Services on May 25, 2022. The committee is represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP. MATHESON FLIGHT: Affiliate Taps Nuti Hart as Bankruptcy Counsel --------------------------------------------------------------- Matheson Trucking, Inc., an affiliate of Matheson Flight Extenders, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Nuti Hart, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: a. legal advice with respect to the Debtor's powers and duties and the execution of its plan; b. analysis and recovery of assets of the Debtor's estate; c. analysis or prosecution of actions arising under Chapter 5 of Title 11; d. prosecution or defense of any other litigation or contested matters that may arise in the course of the Debtor's Chapter 11 case; e. preparation of legal papers; f. court appearances; and g. other necessary legal services related to the case. The firm's hourly rates are as follows: Gregory C. Nuti $575 Christopher H. Hart $575 Kevin W. Coleman $575 Nuti Hart holds a retainer in the amount of $40,825.50. As disclosed in court filings, Nuti Hart is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory C. Nuti, Esq. Christopher H. Hart, Esq. Kevin W. Coleman, Esq. Nuti Hart, LLP 411 30th Street, Suite 408 Oakland, CA 94609-3311 Telephone: 510-506-7152 Email: gnuti@nutihart.com chart@nutihart.com kcoleman@nutihart.com About Matheson Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. provide short and long-haul transportation, logistics and ground handling services. The companies are based in Sacramento, Calif. Matheson Flight Extenders and Matheson Postal Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case Nos. 22-21148 and 22- 21149 ) on May 5, 2022. On July 14, 2022, Matheson Trucking, Inc., an affiliate, filed for Chapter 11 protection (Bankr. E.D. Calif. Case No. 22-21758). The cases are jointly administered under Case No. 21148. In the petitions signed by Charles J. Mellor, chief restructuring officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the cases. Nuti Hart, LLP and Development Specialists, Inc. serve as the Debtors' bankruptcy counsel and financial advisor, respectively. Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and solicitation agent, and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Chapter 11 cases of Matheson Flight Extenders and Matheson Postal Services on May 25, 2022. The committee is represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP. MEGA-PHILADELPHIA: Wins Interim Cash Collateral Access ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Texas, Fort Myers Division, authorized Mega-Philadelphia LLC to use cash collateral on an interim basis in accordance with an Updated Budget, with a 10% variance. The Debtor is permitted to use cash collateral and pay only their ordinary and necessary business expenses as set forth on the Budget. The Debtor believes the Updated Budget is a reasonable estimate of reasonable, necessary, and foreseeable expenses to be incurred in the ordinary course of business in connection with the operation of its business for the period set forth in the Updated Budget. In addition to the existing rights and interests of alleged secured creditors in the cash collateral and for the purpose of attempting to provide adequate protection for the interests of the Alleged Secured Creditors, the Alleged Secured Creditors are granted, as security for the amount of cash collateral used by the Debtor, a valid, perfected and enforceable security interest with the same validity, to the same extent, and with the same priority as its respective pre-petition liens. The Replacement Liens (i) will be in addition to all security interests, liens and rights of set-off existing in favor of the Alleged Secured Creditors on the Petition Date; (ii) will be valid, perfected, enforceable and effective as of the date of the entry of the Interim Order without any further action by the Debtor or the Alleged Secured Creditors and without the necessity of the execution, filing or recordation of any financing statements, security agreements, mortgages or other documents; and (iii) will secure the payment of indebtedness to the Alleged Secured Creditors, as the case may be, in an amount equal to the aggregate cash collateral used or consumed by the Debtor. The Debtor will also maintain all necessary insurance and obtain such additional insurance in an amount as is appropriate for the business in which the Debtor is engaged. A final hearing on the matter is scheduled for September 20, 2022 at 10 a.m. A copy of the order is available at https://bit.ly/3SzIMcv from PacerMonitor.com. About Mega-Philadelphia LLC Mega-Philadelphia LLC is a subsidiary of M.S. Acquisitions and Holdings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00341) on March 25, 2022. In the petition signed by Michael Sciore, CEO, the Debtor disclosed $196,427 in assets and $5,526,926 in liabilities. Judge Caryl E. Delano oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman Revah PLLC is the Debtor's counsel. MERRITT ENTERPRISES: UST Appoints Katz as Subchapter V Trustee -------------------------------------------------------------- John P. Fitzgerald, III, Acting United States Trustee for Region 4, appointed Lawrence A. Katz as Subchapter V trustee for Merritt Enterprises, Inc. To the best of the United States Trustee's knowledge, Mr. Katz's connections with the Debtor, creditors, and other parties-in interest, are limited to the connections set forth in Mr. Katz' Verified Statement. A copy of the notice is available for free at https://bit.ly/3zu7Jgw from PacerMonitor.com. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 8270 Greensboro Drive, Suite 700 Tysons, VA 22102 (704)584-8362 Email: lkatz@hirschlerlaw.com About Merritt Enterprises Merritt Enterprises, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11010) on August 2, 2022. The Debtor disclosed $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. The Debtor is represented by David Spiro of Spiro & Browne, PLC. MESO DELRAY: Wins Interim Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York authorized Meso Delray, LLC to use cash collateral on an interim basis in accordance with the budget and provide adequate protection to secured lender, FVP Servicing LLC, as administrative agent for the lenders. The Debtor requires the use of cash collateral to meet its current necessary and integral business obligations. The Debtor acknowledges that it entered into (i) a Loan Agreement, dated as of September 21, 2021, as amended by that certain First Amendment to Loan Agreement, dated as of October 13, 2021, (ii) a Security Agreement, dated as of September 21, 2021, and (iii) other documents defined as "Loan Documents" in the Loan Agreement with the Secured Lender pursuant to which the Debtor borrowed the original principal amount of $1,000,000. On September 27, 2021, FVP perfected the security interest of Secured Lender in all assets of the Debtor by recording a financing statement in the Florida Secured Transaction Registry. The Court said, preliminarily, pending a final hearing on the matter on 10 a.m. on August 10, 2022, the Motion is granted on an interim basis on the terms set forth therein. Effective nunc pro tunc as of June 24, 2022, and continuing through and including July 24, 2022, the Debtor is authorized to use the cash collateral on an interim basis subject to the terms of the Order and in accordance with the budget. The Debtor may reallocate savings from expense line items to exceed the 10% upward variance permitted so long as the expenses to be paid are no more than a 20% upward variance for such expense line item . As adequate protection, FVP is granted replacement liens, to the same extent, validity and priority that existed on the Petition Date, on all post-petition property of the Debtor's estate and all proceeds, rents, and profits thereof, including but not limited to accounts receivables, to the extent Collateral Diminution occurs during the Chapter 11 case, subject to (i) United States Trustee fees pursuant to 28 U.S.C. Section 1930, together with interest, if any, pursuant to 31 U.S.C. Section 3717 and any Clerk's filing fees, and (ii) the fees and commissions of a hypothetical Chapter 7 trustee in an amount not to exceed $10,000. As further adequate protection, the Debtor will make the payments to FVP as set forth in the Budget, which payments will be credited against the secured claims of Secured Lender. The Debtor is directed to pay, timely and in full, all insurance premium payments as they come due. Within five business days of payment, the Debtor must provide proof of payment to FVP and the United States Trustee. The Debtor's authority to use the cash collateral pursuant will terminate immediately and automatically (a) upon the third business day following the delivery of written notice by FVP to the Debtor, its bankruptcy counsel, counsel to any official committee of unsecured creditors or, if no committee has been appointed, then to the Debtor's 20 largest unsecured creditors, and the United States Trustee, of any breach or default following the Petition Date by the Debtor of the terms and provision of the Order or under the Loan Documents, unless the Debtor will have cured such breach or default within such three business day period and provided notice of such cure to FVP and the other Notice Recipients, (b) without notice of any kind upon the expiration of the Preliminary Period, or (c) without notice of any kind upon the entry of an order of the Court providing for the dismissal or conversion of the Chapter 11 case to a Chapter 7 case or appointment of a trustee. A copy of the order is available at https://bit.ly/3JBjA0X from PacerMonitor.com. About Meso Delray, LLC Meso Delray, LLC was formed as a Florida Limited Liability Company on March 31, 2021, for the purpose of acquiring a lease, building-out, owning and operating the Restaurant. Meso Delray offers Mediterranean cuisine for its customers in its 8000 square foot, 300-seat restaurant located in a premier location on the intercoastal waterway with a 130-foot dock and the right to expand to a rooftop restaurant and bar. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22388-shl) on June 27, 2022. In the petition signed by Alan Schoening, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. H. Bruce Bronson, Esq., at Bronson Law Office, P.C. is the Debtor's legal counsel. MOHAMED A. EL RAFAEI: Jason Gold Appointed as Chapter 11 Trustee ---------------------------------------------------------------- Judge Klinette H. Kindred of the U.S. Bankruptcy Court for the Eastern District of Virginia approved the appointment of H. Jason Gold as Chapter 11 Trustee in the Mohamed A. El Rafaei case. Mr. Gold was appointed by John P. Fitzgerald, III, Acting United States Trustee for Region 4. On July 22, 2022, the Court directed the United States Trustee to appoint one disinterested person to serve as the Chapter 11 Trustee in this case. Based on Mr. Gold's verified statement, filed with the Court as an exhibit to the United States Trustee's motion, he neither holds nor represents any interests adverse to the Debtor, creditors and all parties-in-interest in this case. Also based on Mr. Golds's statement, he is a disinterested person as defined by Section 101 of the Bankruptcy Code. A copy of the order is available for free at https://bit.ly/3PYHzJU from PacerMonitor.com. About Mohamed A. El Rafaei Mohamed A. El Rafaei sought Chapter 11 protection (Bankr. E.D. Va. Case No. 20-12583) on Nov. 23, 2020. The Debtor is represented by Christopher L. Rogan and James P. Campbell. MOLECULAR & DIAGNOSTIC: Unsecureds Owed $677K to Split $10K ----------------------------------------------------------- Molecular & Diagnostic Testing Labs of America, LLC, submitted a Plan and a Disclosure Statement. Tony Smith and/or a company that he has formed has the ability to purchase the Debtor, and Joseph Campbell, the sole equity security holder has agreed that the purchase of the Debtor by Tony Smith or by a company owned by Tony Smith. The only issue holding up the filing of a Plan has been the determination of the dispute between BNA Bank and McKesson Corporation. BNA asserts that it holds a first lien on 21.8% of the accounts receivables held by the Debtor on the Petition Date. McKesson Corporation asserts that it holds a lien on all of the accounts receivables held by the Debtor on the Petition Date. As a result, Debtor has filed an Adversary Proceeding, which seeks to determine the extent and validity of the liens held. The only claims remaining in the proceeding after the sale and the litigation with Verax will be the remaining secured claims owed to Ralph Chapman, Steve Golding, FirstBank, three separate auto lenders and Kubota Credit Corporation, the holder of liens on a zero turn lawnmower and a tractor. The claim of First Bank will be paid in full within two years after the Effective Date of the Plan, and the claims of Ralph Chapman and Steve Golding will be paid within the same period of time. The claims of the three auto lenders and Kubota on its two equipment loans will be paid in full with restructured loans paying off the claims over five years at 5.25%. Under the Plan, Class 9 Allowed General Unsecured Claims total $677,976. Each holder of an Allowed General Unsecured Claims, will be paid its pro rata share of the sum of $10,000. The payment to each of the holders of Allowed General Unsecured Claims will be paid its pro rata share in one lump sum payment on or before 10 days of the Effective Date of the Plan. Class 9 is impaired. The Debtor will have sufficient funds as the Debtor and Well Care will be able to merge and operate from one facility with three fewer employees. Since Debtor has been able to pay monthly adequate protection payments of 8,805.87 with the assistance of Well Care by performing lab work for the Debtor without charging the Debtor and by employing Joseph Campbell, the combined companies will be able to pay the above monthly payments. Attorney for the Debtor: Robert Gambrell, Esq. GAMBRELL & ASSOCIATES, PLLC 101 Ricky D. Britt Blvd., Ste. 3 Oxford, MS 38655 Tel: (662)281-8800 Fax: (662)202-1004 E-mail: rg@ms-bankruptcy.com A copy of the Disclosure Statement dated July 23, 2022, is available at https://bit.ly/3Jhdz9m from PacerMonitor.com. About Molecular & Diagnostic Molecular & Diagnostic Testing Labs of America, LLC is a reference lab located in Tupelo, Mississippi, providing laboratory testing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 21-12201) on November 17, 2021. In the petition signed by Joseph R. Campbell a/k/a Joey Campbell, its managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Selene D. Maddox oversees the case. Robert Gambrell, Esq., at Gambrell & Associates, PLLC is the Debtor's counsel. NB HOTELS: Unsecureds to Be Paid in Full in 84 Months ----------------------------------------------------- NB Hotels Dallas LLC submitted a Plan and a Disclosure Statement. The Debtor's assets consist primarily of (a) the Hotel, with a scheduled value of $70,000,000 as of the Petition Date, and (b) the furniture, fixtures and equipment used in operating the Hotel, which collectively have a scheduled value of $4,544,810. Class 5: Allowed Large General Unsecured Claims consist of Allowed Unsecured Claims each equal to or over the amount of $50,000, other than the Claims of Class 7 Insiders. Class 5 Claimants shall be paid in full over 84 months from the Effective Date, with interest accruing from the Effective Date at the rate of 1% per annum. These Claims will be paid in equal monthly installments of principal and interest commencing on the first day of the first month following the Effective Date and continuing on the first day of each month thereafter for a total of 84 months. Class 5 Claimants shall have the option to agree to reduce their Allowed Claims to the amount of the Class 6 Small General Unsecured Claimants by marking the option that will appear on their Ballots for voting on the Plan. Class 5 is impaired. Class 6: Allowed Small General Unsecured Claims consist of Allowed Unsecured Claims each under the amount of $50,000, other than the Claims of Class 7 Insiders. Class 6 Claimants shall be paid in full over 48 months from the Effective Date, with interest accruing from the Effective Date at the rate of 1% per annum. These Claims will be paid in equal monthly installments of principal and interest commencing on the first day of the first month following the Effective Date and continuing on the first day of each month thereafter. Class 6 is impaired. The Debtor will use its normal operating income to make payments under the Plan and pay operating expenses. Attorneys for the Debtor: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 A copy of the Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3cQs3ks from PacerMonitor.com. About NB Hotels Dallas LLC NB Hotels Dallas LLC owns and operates the Le Meridien Hotel Dallas located at 13402 Noel Road, Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-30681) on April 18, 2022. In the petition signed by Nadir Badruddin, its president, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Harlin Dewayne Hale oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. Wells Fargo Bank, National Association as Trustee for Morgan Stanley Capital Trust 2019-22 for the benefit of the Commercial Mortgage Pass-Through Certificate Holder, as lender, is represented by Bruce J. Zabarauskas, Esq., at Holland & Knight LLP. NORTH JAX CONCRETE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of North Jax Concrete and Construction, LLC, according to court dockets. About North Jax Concrete and Construction North Jax Concrete and Construction, LLC, a company in Jacksonville, Fla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01206) on June 15, 2022. In the petition signed by John C. Holton III, managing member, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Jacob A. Brown oversees the case. The Debtor tapped Byron Wright, III, Esq., and Robert C. Bruner, Esq., at Bruner Wright P.A. as bankruptcy attorneys; and Georgia Evans of Professional Management Systems, Inc. as accountant. NORTHWEST SENIOR: No Resident Care Concerns, PCO Report Says ------------------------------------------------------------ Susan N. Goodman, the Patient Care Ombudsman for Northwest Senior Housing Corp. d/b/a Edgemere, filed with the U.S. Bankruptcy Court for the Northern District of Texas a second interim report regarding the Debtor's health care facility. The PCO's brief, unscheduled site visit and continued remote engagement did not demonstrate resident concerns. The staff to resident ratios the PCO observed during the initial, scheduled visit were unchanged on the unscheduled visit. The PCO was able to briefly meet with a clinician who was rounding during the second site visit, who denied concerns. The PCO also met with the Director of Human Resources and the Resident Care Manager with both professionals denying experiencing any operational hurdles related to the bankruptcy. The PCO reported that the Edgemere team remained proactive in its ongoing communication with the PCO, including alerting the PCO to clinical leadership resignations that were unrelated to the bankruptcy process and sharing initial survey findings from the Texas Health and Human Services licensure survey in advance of the formal survey findings that are communicated through a document called "Form 2567." The PCO reached out to the Assisted Living Resident Council President to check for resident concerns that the PCO may have missed. The Resident Council President concurred with the PCO's assessment that operations were unaffected by the bankruptcy. A copy of the Second Interim Ombudsman Report is available for free at https://bit.ly/3bB75Wu from Kurtzman Carson Consultants, LLC, claims agent. The Ombudsman may be reached at: Susan N. Goodman, Esq. PIVOT HEALTH LAW, LLC PO Box 69734 Oro Valley, AZ 85737 Tel: (520) 744-7061 E-mail: sgoodman@pivothealthaz.com About Northwest Senior Housing Corp. Northwest Senior Housing Corporation, doing business as Edgemere, is a Texas non-profit corporation and is exempt from federal income taxation as a charitable organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Northwest Senior Housing Corporation was formed for the purpose of developing, owning and operating a senior living community now known as Edgemere. Northwest Senior Housing Corporation and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 22-30659) on April 14, 2022. The petitions were signed by Nick Harshfield, treasurer. At the time of the filing, Northwest Senior Housing listed $100 million to $500 million in both assets and liabilities. Judge Michelle V. Larson oversees the cases. Polsinelli, PC and FTI Consulting Inc. serve as the Debtors' legal counsel and business advisor, respectively. Kurtzman Carson Consultants, LLC, is the Debtors' notice, claims and balloting agent and administrative advisor. The Official Committee of Unsecured Creditors tapped Foley & Lardner LLP as counsel, and Ankura Consulting Group, LLC, as financial advisor. O'CONNOR CONSTRUCTION: Wins Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized O'Connor Construction Group, LLC to continue using cash collateral on an interim basis in accordance with the budget and provide adequate protection. A need exists for the Debtor to obtain funds to pay its actual, ordinary and necessary operating expenses. The Debtor seeks, on a continuing basis, authorization to use cash collateral to satisfy the actual, ordinary and necessary operating expenses set forth on the budget through December 31, 2022. The Budget sets forth, among other things, the projected cash receipts and projected cash disbursements of the Debtor for the said period. The Budget does not include extraordinary expenses which may be required from the Debtor and to the extent that the expenses are not a part of the Budget the Debtor may seek consent from the secured creditors for the payment of same or further authorization from the Court. As of the Petition Date, liens or other interests are asserted against the cash collateral of the Debtor by the U.S. Small Business Administration, Breakout Capital, LLC, CIT Bank, N.A., Union Funding Source, Inc. and Green Capital Funding, LLC. While Union Funding Source, Inc. and Green Capital Funding, LLC assert security interests in the property they claim they purchased from the Debtor pre-petition, they take issue with their designation as creditors due to the nature of their prepetition transactions with the Debtor. The Debtor agrees to segregate and account to the Secured Creditors for all cash collateral: (i) that it now possesses, (ii) it has permitted to be transferred into the possession of others since the Petition Date, if any, (iii) is being held by any party in privity with or on behalf of the Debtor, and (iv) is existing on or is received after the Petition Date. As adequate protection, the Secured Creditors will receive, as adequate protection to the extent of the diminution in value of each of their perfected interests in the cash collateral, a replacement lien in post-petition assets of the same character as their respective prepetition collateral and proceeds of post-petition assets of the same character as their respective prepetition collateral. The Adequate Protection Liens will (i) be supplemental to and in addition to the prepetition liens or interests of each respective Secured Creditor, (ii) be accorded the same validity and priority as enjoyed by the prepetition liens or interests immediately prior to the Petition Date, (iii) be deemed to have been perfected automatically effective as of the entry of the Order without the necessity of filing of any UCC-1 financing statement, state or federal notice, mortgage or other similar instrument or document in any state or public record or office and without the necessity of taking possession or control of any collateral. As additional adequate protection for the interests of Breakout Capital LLC in the cash collateral, the Debtor will continue making adequate protection payments to Breakout Capital LLC on or before the first day of each month, until otherwise directed by the Court or by operation of law, in the amount of $10,000. A copy of the order and the Debtor's budget for the period from August to December 2022 is available at https://bit.ly/3vx8V1l from PacerMonitor.com. The budget provides for total expenses, on a monthly basis, as follows: $124,986 for the month of August 2022; $276,683 for the month of September 2022; $1,627,595 for the month of October 2022; $1,852,557 for the month of November 2022; and $1,770,110 for the month of December 2022. About O'Connor Construction Group, LLC Based in Poolville, Texas, O'Connor Construction Group, LLC has over 30 years of experience as a commercial/industrial contractor specializing in food storage/processing facilities and provides turnkey design, construction and construction management services for projects nationwide, but focusing primarily in the South/Southwest. O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-40187-11) on January 28, 2022. In the petition signed by Paul O'Connor, member/manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Union Funding Source, Inc., as secured creditor, is represented by Shanna M. Kaminski, Esq., at Kaminski Law, PLLC. ONE AND ONE: Unsecureds' Recovery Relies on Outcome of Sale ----------------------------------------------------------- One and One Holdings LLC submitted a Plan and a Disclosure Statement. The Plan provides for a sale of the Real Property and for certain allowed claims to be paid, in full, from the sales proceeds from the sale of the Real Property. If the sales proceeds are insufficient to pay all Allowed claims in full, the Allowed claim of the Mortgagee would receive all the proceeds except for any Priority Tax (required under section 1129(a)(8) of the Bankruptcy Code) and Non-Tax claims (required under sections 1129(a)(9)(A), 1129(a)(9)(B) of the Bankruptcy Code), Receiver's fees and expenses (required under section 1129(a)(9)(A) of the Bankruptcy Code), expected Title and closing costs, expected Chapter 11 administration costs of Court appointed professionals to be paid on award and application, including the Debtor's attorney's fees and expenses, the Auctioneer's fees and expenses, the real estate attorney's fees for the closing and any other closing expenses (required under section 1129(a)(9)(A) of the Bankruptcy Code) ("Priority Distributions"). In addition, all real estate taxes, water and sewer liens and any other secured priority liens which are prior to the claims of the Mortgagee, shall be paid prior to any payments to the Mortgagee. The Debtor believes that the unsecured creditors will not receive any distribution. If the Bar Date has not expired before the sales proceeds are collected, the Debtor will seek to reserve amounts which the Debtor believes will become due in order to assure that the above referred to claims are paid. Under the Plan, holders of Class 7 allowed claims of unsecured creditors including deficiency claims and unsecured non-priority claims will be paid on a pari pasu basis from the proceeds of sale of the Real Property after payments of the Allowed Priority Distribution Claims and the Allowed Mortgagee claim. Class 7 is impaired. Attorney for the Debtor: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, New York 10017 Tel: (212) 867-9595 E-mail: leo@leofoxlaw.com A copy of the Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3vnFiQ6 from PacerMonitor.com. About One And One One And One Holdings, LLC owns a 10-unit residential building located at 422 East 161st St., Bronx, N.Y. One And One Holdings filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10400) on March 30, 2022, disclosing up to $10 million in both assets and liabilities. Isaac Dubov, managing member, signed the petition. Judge James L. Garrity Jr. oversees the case. Leo Fox, Esq., a New York City attorney, serves as the Debtor's bankruptcy counsel. PMC PARTNERS: UST Appoints Lawrence Katz as Subchapter V Trustee ---------------------------------------------------------------- John P. Fitzgerald, III, Acting United States Trustee for Region 4, appointed Lawrence A. Katz as Subchapter V trustee for PMC Partners, LLC. To the best of the United States Trustee's knowledge, Mr. Katz' connections with the Debtor, creditors, and other parties-in interest, are limited to the connections set forth in Mr. Katz' Verified Statement. A copy of the notice is available for free at https://bit.ly/3Qh9Yun from PacerMonitor.com. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 8270 Greensboro Drive, Suite 700 Tysons, VA 22102 (703)584-8362 Email: lkatz@hirschlerlaw.com About PMC Partners PMC Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11009) on August 2, 2022. In the petition signed by Larry Turner, director, the Debtor disclosed $0 to $50,000 in assets and $1 million to $10 million in liabilities. David K. Spiro, Esq. of SPIRO & BROWNE, PLC is the Debtor's Counsel. PUERTO RICO: Expects Bankruptcy Fees to Hit $1.6 Billion -------------------------------------------------------- Fees and expenses related to the restructuring of Puerto Rico's debt are forecast to reach $1.6 billion by fiscal year 2026. Commonwealth restructuring-related expenditures are projected to be $620 million for the period FY2022 to FY2025, and are comprised of all professional fees, including those of the Unsecured Creditors' Committee, the Retiree Committee, the Government (mostly the Puerto Rico Fiscal Agency and Financial Advisory Authority), and the Oversight Board. Restructuring-related costs have continued following the Commonwealth Plan of Adjustment's effective date to support potential litigation and other Title III implementation costs. In total, for the period from FY2018 to FY2026, the restructuring-related expenditures are projected to be approximately $1.6 billion. "Uncertainty stemming from the series of recent natural disasters and the ongoing Covid-19 pandemic has resulted in an extended restructuring process contributing to the overall estimate," the Puerto Rico Financial Oversight and Management Board, or FOMB, which is shepherding the island through bankruptcy, said in its annual report released late Sunday, July 31, 2022. Professionals for the Oversight Board, the Government, the Unsecured Creditors' Committee, the Retiree Committee, and the mediation team have requested approximately $1,217,617,367 in fees and expenses through the Title III compensation process through July 20, 2022. The breakdown is as follows: * The $1.217 billion figure includes: -- Oversight Board: $660,406,273.24 (including the Special Claims Committee firms); -- Government: $373,191,545.18; -- COR/UCC: $160,280,544.39; The total of those first three categories is $1,193,878,362.90 * COFINA Agent and professionals: $20,700,188.03; and * Mediation Team: $3,038,816.01 The $1.6 billion spent for fees cements the island's status as the most expensive municipal bankruptcy in US history, says Bloomberg. The Oversight Board though notes that for some perspective, the City of Detroit restructuring (the largest municipal restructuring prior to the Commonwealth of Puerto Rico) took 17 months (July 2013 to December 2014), compared to the nearly five years for the Commonwealth restructuring, which was extended by extraordinary natural disasters, including two major hurricanes, earthquakes, and the COVID-19 pandemic. The Oversight Board points out in the report that the $1.236 billion in fees constitutes just 2% of the Commonwealth's $60.785 billion of funded debt. This is lower than the 2.33% median for fees paid in other major restructurings. The Oversight Board says that the Commonwealth completed restructuring a large majority of the more than $70 billion of crushing debt accumulated by Puerto Rico. The Plan of Adjustment cuts the debt burden from 25 cents of every dollar collected in taxes and fees to less than 7 cents. This reduction provides the Commonwealth an affordable and predictable level of debt service that remains unchanged at $1.15 billion every year. The Government can now focus on improving financial and operational management, as well as enacting important structural reforms to bring Puerto Rico on the road to economic development. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. * * * The two Title III plans of adjustment have been confirmed to date, for the Commonwealth and COFINA debtors. REVLON INC: Judge Leans Toward Nov. 30 Plan Deadline ---------------------------------------------------- Rick Archer of Law360 reports that a New York bankruptcy judge on Friday, July 29, 2022, said he would likely approve a Nov. 30 deadline for Revlon Inc. to file its Chapter 11 plan when he rules on the company's proposed $1.4 billion bankruptcy financing package. After a second full day of virtual hearings on Revlon's proposed debtor-in-possession financing -- much of it spent on arguments related to potential claims against the DIP lenders over the 2020 deal with Revlon that created them -- U. S. Bankruptcy Judge David S. Jones said he would likely rule on the DIP on Monday, August 2, 2022, and approve the timeline the DIP agreement. 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, Beautyge 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. SABRE GLBL: Moody's Gives Ba3 Rating on $400MM Extended Term Loan ----------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Sabre GLBL Inc.'s (wholly owned subsidiary of Sabre Holdings Corporation, "Sabre" or "the Company") amended and extended $400 million Term Loan B due 2028. The Company's Ba3 Corporate Family rating, Ba3-PD Probability of Default rating, and all other ratings are unaffected by the proposed transaction. The stable outlook and SGL-2 speculative grade liquidity rating are unchanged. The transaction is credit neutral. The interest rate is expected to be above the company's current average borrowing rate and net of transaction fees adds about $12 million in incremental debt, slightly raising gross leverage. However, it also extends a portion of the existing TLB by over four years. All other key terms and conditions are the same or materially similar to the existing TLB. Moody's believes any incremental leverage does not materially change the credit profile or the proportional mix of debt, or the resultant creditor claim priorities in the capital structure. Assignments: Issuer: Sabre GLBL Inc. Senior Secured Term Loan B, Assigned Ba3 (LGD4) RATINGS RATIONALE Sabre's Ba3 CFR reflects the company's asset-lite business model and good operating scale as the #2 provider of Global Distribution System (GDS) services globally with a preponderance of transaction-based revenue. Sabre's multi-year investment to migrate to a cloud-based IT platform from its legacy mainframe remains on track to be largely completed by the end of 2023. This investment will enhance profit margins and reduce capital spending requirements. Sabre's revenues continue to grow, supported by the ongoing recovery in travel demand following the near shutdown in global air travel in 2Q20 as a result of the pandemic. More recently, the recovery in bookings compared to 2019 levels has continued, making April 2022 the best month since the onset of the pandemic with a 64% distribution gross bookings recovery pro forma for the earlier termination of the Expedia agreement. In March 2022, Moody's indicated that its outlook for the Global Airlines sector remained positive given strong air travel demand and despite the sharp rise in oil prices and the invasion of Ukraine by Russia. Continued growth in travel demand and air passenger volumes will support ongoing recovery in Sabre's revenues and profitability, and Moody's expects Sabre will reach breakeven cash flow or better in 4Q22. The Company is committed to repaying debt balances with excess cash and returning credit metrics to pre-pandemic levels, including adjusted debt to EBITDA below 4.5x and adjusted EBITDA margins in the mid 20% range. The SGL-2 rating reflects Moody's expectation that Sabre will maintain good liquidity over the next year with $1.2 billion of unrestricted cash balances (at the end of Q1 2022) which is more than enough to cover its monthly cash burn (including an $80 million investment in American Express Global Business Travel expected in 2Q22), and before free cash flows turn positive. Based on Moody's forecast, and the Company's plan, Moody's believe Sabre could begin repaying debt in the first half of 2023 without negatively impacting its liquidity position. Moody's expect the Company to maintain a minimum cash balance of roughly $150 million globally, with a large mix held at overseas subsidiaries to support its large geographic operating footprint. The secured loans and senior secured guaranteed notes are rated Ba3 (LGD4), equal to Sabre's Corporate Family Rating (CFR) given the single-class capital structure and reflect the Ba3-PD Probability of Default rating and Moody's expectation for an average family recovery in a default scenario. Sabre GLBL Inc., Sabre Holdings Corporation's wholly owned direct subsidiary, is the borrower on the senior secured credit facilities as well as the issuer of the senior secured notes. The senior notes are guaranteed on a secured basis by Sabre Holdings Corporation, Sabre GLBL's parent company, and each of Sabre GLBL's existing and future subsidiaries that are borrowers or guarantors of the senior secured credit facilities. Senior secured indebtedness is collateralized by substantially all of Sabre's assets. ESG CONSIDERATIONS The company is exposed to some environmental risks with a heavy concentration of revenue generated by airlines which are under pressure as the transportation industry transitions from fossil fuels to sustainable sources of energy. As a result, energy conscious consumers may shift to other modes of transportation and or limit travel by air when possible. Customer relations and human capital are social risks given the challenges of attracting and retaining high-skilled labor and in protecting data privacy. Demographic and societal trends are somewhat unfavorable with the move away from carbon emissions. Governance risks include a financial strategy that allowed for moderately high financial leverage up to 4x (Moody's adjusted debt to EBITDA) since 2015, but much higher during the pandemic. To preserve liquidity, Sabre has been prudent, suspending shareholder distributions (both dividends and share repurchases since the beginning of 2020) and raised excess cash through assets sales and equity issuances. Sabre is currently prioritizing debt repayment (over all other discretionary cash uses) when free cash flows turn positive. These actions otherwise help contain higher governance risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if Sabre returns to good earnings growth with more diversified operating profits. Debt to EBITDA would need to be sustained below 4x (Moody's adjusted) with adjusted free cash flow to debt in the high single digit percentage range. Sabre's ratings could be downgraded if customer losses, pricing erosion, or competitive pressures lead to adjusted debt to EBITDA exceeding 4.75x or adjusted free cash flow to debt deteriorates to the low single digit percentage range on a sustained basis. Downward rating pressure could also arise if Moody's expects that liquidity will be strained or if Sabre funds distributions or sizable acquisitions prior to adjusted debt to EBITDA improving to the low-to-mid 4x range with assurances of a long term rebound in travel demand. Not repaying or refinancing term loans due 2024 comfortably ahead of their maturity could also pressure ratings. The stable outlook reflects Moody's expectation that the number of passengers boarded will continue to recover, enabling Sabre to reach breakeven free cash flow or better in 4Q22. Given the migration to a cloud-based IT platform will be largely completed by the end of 2023 and a reduction in lower margin businesses, Sabre will benefit from higher profit margins and adjusted EBITDA that will approach pre-pandemic levels in 2024. Although improving, Moody's expects higher margin international and business travel passenger volumes will lag in the overall recovery. Moody's stable outlook also assumes and is conditioned on the Company repaying or refinancing the TLB due February 2024 (net of the current and any future refinancings) well before maturity. Sabre suspended all common dividends and share buyback in 2020, preserving over $220 million in annual cash outflows. Moody's expects distributions will remain suspended until free cash flows turns positive and will, thereafter, not exceed positive free cash flows. Based in Southlake, TX, Sabre Holdings Corporation's business is organized in two segments: the Travel Solutions segment includes revenues from GDS services (a software-based passenger reservation system) as well as from commercial and operations offerings to the airline industry; and the Hospitality Solutions segment includes distribution, operations, and marketing offerings for the hotel industry. The principal methodology used in this rating was Business and Consumer Services published in November 2021. SAN DIEGO TACO: Modifies Plans to Clarify on PPP Loans ------------------------------------------------------ San Diego Taco Company, Inc., filed on July 29, 2022, a Second Supplemental Addendum to further correct or clarify the following items in its Amended Chapter 11 Plan dated May 9, 2022. a. As reflected in the amended Exhibits E-1 and E-2, the Plan proposes payments to unsecured creditors Newity, LLC/Loan Source Inc. and to Customers Bank, both of which creditors have claims for Paycheck Protection Plan (PPP) loans owed by the Debtor. Since Debtor is the process of seeking the forgiveness of these loans, the payments under the Plan for Newity, LLC and for Customers Bank will be held in a separate account by Debtor (in the case of a consensual plan) or by the Subchapter V Trustee (in the case of a nonconsensual plan) until each PPP loan forgiveness application has been reviewed and a final decision has been reached by the respective creditor. b. To the extent that each PPP loan is forgiven, the percentage of Plan payments that correspond to the forgiven loan amount will be redistributed to the other unsecured creditors in relation to their allowed claim. c. Example A: if a PPP loan is 100% forgiven, then all proposed Plan payments designated under the Plan for that PPP lender will be redistributed to the remaining unsecured creditors, based on their proportionate share of total allowed claims. Any accumulated Plan payments kept by the Debtor or Subchapter V Trustee for that PPP lender will also be distributed to the non-PPP unsecured creditors in proportion with their relative claim amounts. d. Example B: if a PPP loan is 50% forgiven, then the lender will receive 50% of Plan payments proposed for that lender under the Plan, including 50% of any accumulated Plan payments retained by the Debtor or Subchapter V Trustee. The other 50% of all proposed Plan payments designated under the Plan for that PPP lender, including 50% of all accumulated Plan payments retained by the Debtor or Subchapter V Trustee, will be redistributed to the remaining unsecured creditors, based on their proportionate share of total allowed claims. Attorney for the Debtor: Jason E. Turner, Esq. J. TURNER LAW GROUP, APC 2563 Mast Way, Ste 202 Chula Vista, CA 91914 Tel: (619) 946-7193 Fax: (619) 872-0923 E-mail: Jturner@jturnerlawgroup.com About San Diego Taco Company San Diego Taco Company, Inc. operates restaurants that specialize in Mexican cuisine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 21-03594) on September 2, 2021. In the petition signed by Ernie Becerra III, president, the Debtor disclosed $615,570 in total assets and $1,597,598 in total liabilities. Judge Christopher B. Latham oversees the case. Jason E. Turner, Esq., at J. Turner Law Group, APC is the Debtor's counsel. SANDY ROAD FARMS: Files for Chapter 11 With $67M Debt ----------------------------------------------------- Sandy Road Farms LLC filed for chapter 11 protection in the District of Kansas. The Debtor owns and has operated a 200,000+ head hog farm located in Plains, Kansas. Situated in Seward and Meade counties, the production facilities consist of numerous buildings and barns for purposes of commercial breeding, farrowing, nursery, feeding and preparation for market. The facilities are spread out over 15 farm locations. The Debtor disclosed $8.031 million in total assets against total liabilities of $66.85 million. Secured debt totals $64.18 million, most of which is owed to Rabo AgriFinance, which has liens on all real and personal property of the Debtor. The Debtor filed a motion to grant adequate assurance of payment to CMS Electric Coop. The Debtor's business operations retain a single utility provider for electricity services. According to court documents, Sandy Road Farms LLC estimates between 100 and 199 unsecured creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Aug. 29, 2022 at 1:30 PM at Conf Call by US Trustee. About Sandy Road Farms Sandy Road Farms LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 22-40446) on August 1, 2022. In the petition filed by Glenn Karlberg, as manager and chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Jonathan A. Margolies, of McDowell Rice Smith & Buchanan, is the Debtor's counsel. SAVANNAH CAPITAL: Plan & Disclosures Due Aug. 11 ------------------------------------------------ Judge Catherine McEwen ordered that the status conference of Savannah Capital, LLC and New Broughton Street, LLC will be continued until August 11, 2022 at 01:30 PM in Courtroom 8B, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue, Tampa, FL 33602. In a case involving a "small business debtor" as defined in 11 U.S.C. Section 101(51D), the Court will always schedule a Consolidated Hearing, and Counsel for the Debtor must call the Courtroom Deputy the day the Plan is filed to ensure the confirmation hearing is timely scheduled such that confirmation occur within 45 days in accordance with 11 U.S.C. Section 1129(e). If the Debtor fails to file a Plan and Disclosure Statement by the date of the Continued Status Conference, the Debtor must appear at the Continued Status Conference and show cause why the case should not be dismissed or converted to a case under Chapter 7 pursuant to 11 U.S.C. 1112(b). About Savannah Capital Savannah Capital, LLC is an asset management company based in Savannah, Ga. Savannah Capital and its affiliate, New Broughton Street, LLC, sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 22-01431) on April 11, 2022. In the petitions filed by Kris Callen, as manager, both Debtors listed up to $50,000 in assets and up to $10 million in liabilities. Judge Catherine Peek Mcewen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's counsel. SHAMROCK FINANCE: Court Approves First Amended Disclosure Statement ------------------------------------------------------------------- Judge Janet E. Bostwick has entered an order approving the First Amended Disclosure Statement of Shamrock Finance, LLC. The Plan confirmation hearing is scheduled for Sept. 13, 2022, at 11:00 a.m. Eastern Time, at the United States Bankruptcy Court, Courtroom 3, 12th Floor, 5 Post Office Square, Boston, MA 02109. Any objection to confirmation of the Plan including, without limitation, objections to classification of Claims and/or Equity Interests, must be filed and served, so as to be received by no later than 4:30 p.m., Eastern Time, on August 31, 2022. All persons and entities entitled to vote on the Plan shall deliver their Ballots by mail, hand delivery or overnight courier no later than 4:30 p.m. Eastern Time on August 31, 2022. To be treated as a Class 5 Participating Noteholder, a Noteholder must complete and return the Class 5 Election Form by August 31, 2022, to the Committee's counsel at the address set forth on the Form. If a Noteholder does return a Class 5 Election Form by such date, such Noteholder shall have a Class 4 Claim. The Plan Proponents shall by September 7, 2022, file (a) a Certificate of Votes reflecting the acceptance and rejections of the Plan, (b) any affidavits in support of confirmation of the Plan setting forth the evidence in support of the requirements for confirmation of the Plan, and (c) a proposed confirmation order. Any and all entities, including persons, partnerships, corporations, trusts, estates, individuals, and governmental units that allegedly hold administrative expense claims under Section 503 of the Bankruptcy Code that arose on or after March 12, 2021, excluding fee claims of Professionals, must file a claim for such Administrative Expense Claim on or before August 31, 2022, and serve such Administrative Expense Claim upon counsel to the Plan Proponents so as to be received on or before that date. Claims in Classes 4 through 6 of the Plan shall be entitled to vote with regard to such Claims; provided, however, that the assignee of a transferred and assigned Claim shall be permitted to vote such Claim only if evidence of the transfer and assignment has been filed with the Court by the assignee in accordance with Bankruptcy Rule 3001 as of the close of business on the Record Holder Date. About Shamrock Finance Shamrock Finance, LLC -- https://www.shamrockfinance.com/ -- is an auto sales finance company in Ipswich, Mass., formed on March 28, 2008. As an automobile inventory "floor plan" lender, Shamrock provides floorplan financing to independent car dealerships in the New England area. Dealers are primarily located in Massachusetts, with a small number in New Hampshire, Connecticut and Rhode Island. Shamrock Finance sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-10315) on March 12, 2021. The sole member and manager, Kevin Devaney, signed the petition. In the petition, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $50 million. Judge Frank J. Bailey oversees the case. The Debtor tapped Jeffrey D. Sternklar LLC as bankruptcy counsel, the Law Offices of James J. McNulty as special counsel, and Mid-Market Management Group, Inc. as a business advisor. Kevin P. Clancy is the examiner appointed in the Debtor's bankruptcy case. The examiner is represented by Riemer & Braunstein, LLP. SKINNICITY INC: Has Deal on Cash Collateral Access -------------------------------------------------- Skinnicity Inc., A Professional Nursing Corp., and the United States of America, on behalf of its agency, the U.S. Small Business Administration, advised the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor requires access to cash collateral to operate and pay reasonable ongoing expenses during the Chapter 11 case. The Debtor executed a U.S. Small Business Administration Note, pursuant to which the Debtor obtained a $135,000 loan. The terms of the Note require the Debtor to pay principal and interest payments of $1,065 every month beginning 12-months from the Effective Date over the 15-year term of the SBA Loan. The SBA Loan has an annual rate of interest of 3.75% and may be prepaid at any time without notice of penalty. Pursuant to the SBA Loan Authorization and Agreement executed on June 22, 2020, the Debtor is required to "use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount." As evidenced by a Security Agreement executed on June 22, 2020 and a validly recorded UCC-1 filing on June 23, 2020, as Filing Number 20-7793777180, the SBA Loan is secured by all tangible and intangible personal property. The SBA consents to the Debtor's continued use of cash collateral, as follows: a. Subject to the terms and conditions of the Stipulation, the Parties agree that the Debtor is authorized to use cash collateral for the ordinary and necessary expenses from August 31, 2022 through confirmation of a Chapter 11 plan of reorganization, as set forth in the projected cash flow statement. b. The Debtor may deviate from the total operating expenses contained in the budget by no more than 15% and to deviate by category without the need for further approval by the SBA. c. The Debtor will remit payments to the SBA as set forth in the applicable SBA Loan documents. d. As adequate protection, retroactive to the Petition Date, the SBA will continue to receive a replacement lien on all postpetition revenues of the Debtor to the same extent, priority and validity that its lien attached to the cash collateral. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes postpetition as a result of the postpetition use of cash collateral by the Debtor. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and this replacement lien need not be subject to additional recording. The SBA is authorized to file a certified copy of any cash collateral order and any other necessary and related documents to further perfect its lien. e. The SBA will be entitled to a super-priority claim over the life of the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections 503(b), 507(a)(2) and 507(b), which claim will be limited to any diminution in the value of the SBA's collateral, pursuant to the SBA Loan, as a result of Debtor's use of cash collateral on a postpetition basis. f. The Debtor will use its best efforts to diligently seek confirmation of a Chapter 11 plan of reorganization. The SBA reserves its right to object to the Debtor's proposed Chapter 11 plan of reorganization, and does not waive any rights, claims or interests in the Chapter 11 bankruptcy case. g. The Debtor will not use the cash collateral for payment to insiders unless and until the Debtor has satisfied all requirements under the Bankruptcy Code, Local Bankruptcy Rule 2014 and the U.S. Trustee guidelines, for payment to insiders. h. Nothing in the Stipulation will be construed as or constitute: (a) a waiver of or acquiescence to the default(s) under the SBA Loan which will continue in existence; (b) waiver of acceleration of the SBA Loan; (c) an extension, modification, or novation of the SBA Loan or obligation thereunder; (d) a waiver of any right, power or remedy of the SBA under the SBA Loan; or (e) a reinstatement of the SBA Loan. The SBA expressly reserves all of its rights and remedies under all applicable agreements. i. The Stipulation will remain in effect through confirmation of the Debtor's Chapter 11 plan of reorganization, or until the case is converted or dismissed, whichever first occurs. j. The Stipulation will inure to the benefit of and will be binding upon the Parties, their successors and assigns. The SBA replacement lien and superior priority claim in favor of the SBA will continue in full force and effect in the event of a dismissal of the case. The Debtor may not assign the Stipulation without SBA's consent. To the extent the SBA has the right to assign its rights to a third party under the SBA Loan and related loan documents, the SBA may assign the Stipulation to any assignee to which it assigns its rights under the SBA Loan and related Security Agreement and UCC-1 Financing Statement. k. The Debtor agrees to continue maintaining insurance on the Personal Property Collateral and designate the SBA as a loss payee or additional insured in accordance with the SBA Loan and related loan documents and agrees to provide proof of insurance within seven days upon written request of the SBA. A copy of the stipulation and the Debtor's budget is available at https://bit.ly/3bnglO9 from PacerMonitor.com. The budget provides for total operating expenses, on a monthly basis, as follows: $31,749 for September 2022; $31,749 for October 2022; $31,749 for November 2022; and $31,749 for December 2022. About Skinnicity Inc. Skinnicity Inc. provides services relating to medical and aesthetic dermatology, focusing on skin and aesthetic concerns. It has a single storefront in West Los Angeles, where its customers received treatment. Dianne Bedford is the sole shareholder, director, and officer. Skinnicity has one staff employee. Skinnicity sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12306 on April 25, 2022. In the petition signed by Bedford, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Matthew D. Resnik, Esq., at RHM Law, LLP is the Debtor's counsel. TAVERN ON LAGRANGE: Wins Cash Collateral Access Thru Aug 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Matthew Brash, the Subchapter V trustee of Tavern on Lagrange Corp., to use cash collateral through August 30, 2022, under the terms of the Agreed Order entered May 9, 2022. The Subchapter V trustee is authorized to make adequate protection payments of $1,000 each to Swift Financial LLC, Kapitus Servicing Inc., and Fox Capital Group Inc. As previously reported by the Troubled Company Reporter, the Debtor and creditors Fox, Swift as Servicing Agent for WebBank, and Kapitus Servicing, as agent of Kapitus LLC, agreed Fox claims an interest in the cash collateral on account of a prepetition security interest that the Debtor granted. In addition, Fox has a prepetition judgment against the Debtor and also claims a secured interest in the Debtor's cash collateral by virtue of a UCC-1 filing on February 17, 2021. Swift claims an interest in the cash collateral on account of a prepetition security interest that the Debtor granted. Swift also claims an interest in the Debtor's cash collateral by virtue of a UCC-1 filing on June 28, 2018. Kapitus claims an interest in the cash collateral resulting from a perfected, unavoidable lien on, and in, prepetition collateral, and asserts the Debtor owes Kapitus at least $75,249 as of the petition date, as detailed in the Kapitus proof of claim filed in the case. In the Court's May 9 order, the Debtor was permitted to use cash collateral to pay its employees, except that no payments may be made to any insider, or any relative of any insider, or to Gregory Perkins or Tiffany Perkins. No person may be paid any amount in excess of the statutory priority amount in 11 U.S.C. section 507(a)(4). As adequate protection, Fox, Swift and Kapitus were granted replacement liens attaching to their collateral, but only to the extent of their prepetition liens and only to the extent of priority on the petition date, and each is granted a valid, perfected lien upon, and security interest in, to the extent and in the order of priority of any valid prepetition lien. The Court said the May 9 order remains in effect, except for paragraph 2. The following replaces paragraph 2: "The Debtor may use cash collateral to pay its employees, including any insider or any relative of any insider, Gregory Perkins, and Tiffany Perkins (the "Insiders"). Any payment to an Insider must be pursuant to the attached budget and must be disclosed in the monthly operating reports. No person may be paid any amount in excess of the statutory priority amount in section 507(a)(4)." A further hearing on the matter is scheduled for August 29 at 10 a.m. A copy of the order and the Debtor's budget for the period from June 22 to August 30, 2022, is available at https://bit.ly/3uXwLTW from PacerMonitor.com. The budget provides for total disbursements, on a weekly basis, as follows: $144,725 for the week ending June 28, 2022; $72,926 for the week ending July 5, 2022; $123,818 for the week ending July 12, 2022; $114,805 for the week ending July 19, 2022; $105,584 for the week ending July 26, 2022; $92,806 for the week ending August 2, 2022. $100,797 for the week ending August 9, 2022; $71,563 for the week ending August 16, 2022; $100,102 for the week ending August 23, 2022; and $70,813 for the week ending August 30, 2022. About Tavern on Lagrange Corp. Tavern on Lagrange Corp. is a privately held company that operates an upscale bistro at 5403 South La Grange Road, Countryside, IL 60525. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-04773) on April 26, 2022. In the petition signed by Estevein G. Perkins, as manager and designated corporate representative, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Benjamin A. Goldgar oversees the case. J. Kevin Benjamin, Esq., at Benjamin Legal Services is the Debtor's counsel. Matthew Brash has been appointed as Subchapter V trustee. TM GRACE: Wins Final Cash Collateral Access Thru Dec 31 ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado authorized T M Grace Builders, Inc. to use cash collateral on a final basis in accordance with the budget, with a 15% variance. The Debtor entered into a Loan Authorization and Agreement, Promissory Note, and Security Agreement with the United States Small Business Administration for a secured disaster loan in the original principal balance of $150,000, which loan is secured by a lien on the Debtor's non-real property assets, including the Debtor's cash, accounts, and accounts receivable. As adequate protection, the SBA is granted a replacement lien on all post-petition accounts and accounts receivable to the extent that the use of the cash collateral results in a decrease in the value of the collateral pursuant to 11 U.S.C. section 361(2). All replacement liens will hold the same relative priority to assets as did the pre-petition liens. The Debtor will maintain adequate insurance coverage on all assets and adequately insure against any potential loss, and shall provide proof of such insurance to the SBA upon request. The Debtor's use of cash collateral will continue until the earlier of: 1) December 31, 2022; 2) conversion of the Debtor's case to a case under Chapter 7 of the Bankruptcy Code; 3) appointment of an examiner or Chapter 11 Trustee; 4) the occurrence of an uncured default; or 5) as otherwise ordered by the Court. The Debtor may extend the use of cash collateral for successive months (not to exceed six months) without further order of the Court, at the election of the Debtor. A copy of the order and the Debtor's budget for the period from June to December 2022 is available at https://bit.ly/3PXxDjF from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $73,299 for June 2022; $73,299 for July 2022; $73,299 for August 2022; $73,299 for September 2022; $73,299 for October 2022; $73,299 for November 2022; and $73,299 for December 2022. About T. M. Grace Builders, Inc. T. M. Grace Builders, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 22-12026) on June 6, 2022. In the petition filed by Anton Shafer, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Kimberley H. Tyson oversees the case. Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey Riley, P.C. is the Debtor's counsel. TMST INC: To Seek Plan Confirmation on Oct. 5, 2022 --------------------------------------------------- Judge Nancy V. Alquist has entered an order approving the First Amended Disclosure Statement of TMST, Inc. f/k/a Thornburg Mortgage, Inc., et al. Wednesday, October 5, 2022 at 10:00 a.m. is fixed for the hearing on confirmation of the First Amended Plan, to take place by audio and video teleconference. As reported in the TCR, Joel I. Sher, Trustee for TMST Inc. f/k/a Thornburg Mortgage, Inc. ("TMST"), et al., submitted a Joint Chapter 11 Plan of Liquidation and a Disclosure Statement. As originally filed, proof of claim are in the aggregate amount of $24 billion, including the claims of the counterparties, intercompany claims (which are eliminated under the Plan), claims of common stockholders and numerous duplicate claims of the Noteholders. To ensure that only valid claims are allowed under the Plan, the Trustee has filed a series of objections to claims. The Trustee current estimate of allowed unsecured claims, as presently filed, total $7.4 million, of which $4.7 million will be against TMHL and $2.7 million will be against TMST. These Claims include, without limitation, (a) accrued and unpaid trade and other unsecured debt incurred in the ordinary course of the Debtors' business; (b) claims by vendors under contracts; and (c) litigation and litigation related claims. The Plan is a liquidating Plan and provides for the distribution of the Debtors' assets, which have been liquidated, or will be liquidated in the future, to Holders of Allowed Claims in accordance with the terms of the Plan. Counsel for Joel I. Sher, the Chapter 11 Trustee for TMST, Inc., et. al.: Joel I. Sher, Esq. Richard M. Goldberg, Esq. Daniel J. Zeller, Esq. Anastasia L. McCusker, Esq. SHAPIRO SHER GUINOT & SANDLER, P.A. 250 West Pratt Street, Suite 2000 Baltimore, Maryland 21201 Telephone: (410) 385-4273 A copy of the Disclosure Statement dated June 8, 2022, is available at https://bit.ly/3tsr3ss from Epiq, the claims agent. About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray and David Hilty of Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debt of $24.7 billion, as of Jan. 31, 2009. On Oct. 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging Strategies, Inc. He is represented by his firm, Shapiro Sher Guinot & Sandler. TMST INC: Trustee Targets Initial Distribution by December ---------------------------------------------------------- Joel I. Sher, Trustee for TMST, Inc., f/k/a Thornburg Mortgage, Inc., et al., filed an Amended Disclosure Statement. The Plan is a liquidating Plan and provides for the distribution of the Debtors' assets, which have been liquidated, or will be liquidated in the future, to holders of allowed claims in accordance with the terms of the Plan. The assets of the Debtors' Estates are largely liquidated and consist primarily of Cash held by the Trustee and available for distribution, subject to the Reserves identified in the Plan. There remain a few assets that will be monetized in the future and added to the cash available for Distribution. An example is that TMST continues to receive monthly advisor fees from the MBS securitizations it sponsored. During the Chapter 11 Cases, TMST has received approximately $120,000 in such fees. The Plan provides for the appointment of a Plan Administrator to implement the Plan. Assuming a speedy confirmation process for the Plan, the Trustee presently expects that date and the initial distribution to creditors will occur no later than December 15, 2022. As detailed in the most recently filed Monthly Operating Report for the Period Ending April 30, 2022, the Debtor's Cash Balance Summary as of the end of that period was $65,983,239. The Trustee estimates that after receipt of the JPM Adversary settlement proceeds and payment of the contingency fees associated therewith, the Debtors will have approximately $91 million of Cash on hand. The Trustee anticipates that the Effective Date will occur on or about to October 30, 2022. Resolution of any challenges to the Plan may take time and, therefore, the actual Effective Date cannot be predicted with certainty. The Trustee has attempted to estimate the amount of Allowed Unsecured Claims against the Debtors. The Trustee current estimate of Allowed Unsecured Claims, as presently filed, total approximately $7.4 million, of which $4.7 million will be against TMHL and $2.7 million will be against TMST. The Disclosure Statement does not provide for a projected percentage recovery for holders of unsecured claims. The Trustee believes that the prospects for recoveries by Holders of Allowed Claims would be enhanced by confirmation of the Plan and an initial distribution can occur during 2022. Conversely, if the case were converted to a Chapter 7 the Trustee believes that no distribution would occur until 2023 and the amount distributed would be diminished. The Plan confirmation hearing will commence on October 5, 2022, 2022 at 10:00 a.m., prevailing Eastern Time, before the Honorable Nancy V. Alquist, United States Bankruptcy Judge, in the United States Bankruptcy Court for the District of Maryland (Baltimore). The Plan objection deadline is 4:00 p.m. prevailing Eastern Time on September 9, 2022. Counsel for Joel I. Sher, Chapter 11 Trustee for TMST, Inc., et. al.: Joel I. Sher, Esq. Richard M. Goldberg, Esq. Daniel J. Zeller, Esq. Anastasia L. McCusker, Esq. SHAPIRO SHERGUINOT&SANDLER, P.A. 250 West Pratt Street, Suite 2000 Baltimore, Maryland 21201 Tel: (410) 385-4277 Fax: (410) 539-7611 E-mail: jis@shapirosher.com rmg@shapirosher.com djz@shapirosher.com alm@shapirosher.com A copy of the Amended Disclosure Statement dated July 27, 2022, is available at https://bit.ly/3JfzGNt from Epiq, the claims agent. About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray and David Hilty of Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debt of $24.7 billion, as of Jan. 31, 2009. On Oct. 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging Strategies, Inc. He is represented by his firm, Shapiro Sher Guinot & Sandler. TPC GROUP: Monarch, SVP Approved to Finance Bankruptcy ------------------------------------------------------ Steven Church of Bloomberg News reports that Strategic Value Partners and its allies won the right to help fund the bankruptcy case of chemical maker TPC Group Inc., beating back a challenge from Cerberus Capital Management and its supporters. The two competing groups of noteholders appeared in federal court Friday, July 29, 2022, fighting over an $85 million funding proposal to help Houston-based TPC slash debt and reorganize under new ownership. US Bankruptcy Judge Craig Goldblatt said he will approve the funding package, which also refinances more than $200 million of older debt. 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, Arsht & 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. Milbank LLP, and Pachulski, Stang, Ziehl & Jones are serving as counsel to an Ad Hoc Group of Non-Consenting Noteholders, led by Bayside Capital, Inc., and Cerberus Capital Management, L.P. TRINITA PARATE: Gnocchi Restaurant Back in Chapter 11 ----------------------------------------------------- Trinita Parete LLC has returned to Chapter 11 bankruptcy. The Debtor owns and operates a restaurant, doing business as Gnoccheria Wall Street in the financial district in Manhattan, NY. It specializes in authentic Gnocchi-based cuisines and infuses same with unique dishes. The Debtor operates pursuant to a commercial real property lease with Franklin BH LLC. The lease is a 14-year lease through Feb. 28, 2030, with a monthly rent of $47,210. Amid lawsuit seeking eviction filed by the landlord, Trinita Parete sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-10413) on Feb. 12, 2020. The Debtor sought dismissal of the case in May 2020, saying that due to the global pandemic, it had considerably less income in the prior 3 months, and it could no longer file a confirmable plan. Trinita Parete again sought Chapter 11 bankruptcy on Aug. 1, 2022. The Debtor disclosed $451,900 in assets against $1.961 million in liabilities in its new schedules. Franklin BH LLC's $1.477 million claim sits atop the Debtor's list of largest unsecured claims. The Debtor says the claim is disputed. According to court filing, Trinita Parete LLC 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. 25, 2022, at 2:00 PM at Office of UST (TELECONFERENCE ONLY) - CHAPTER 11s. About Trinita Parete LLC Trinita Parete LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11044) on August 1, 2022. In the petition filed by Anisa Moloney, the Debtor reports assets between $ 100,000 and $ 500,000 and liabilities between $1 million and $ 10 million. Marc Scolnick, of the Law Office of Marc Scolnick, is the Debtor's counsel. VOYAGER DIGITAL: Former Executive Toys With Competing Plan ---------------------------------------------------------- A former executive of bankrupt crypto lender Voyager Digital Ltd. is exploring a competing restructuring plan that would oust existing management and take the platform out of the lending business. Former Chief Innovation Officer Shingo Lavine -- along with his father and another Voyager shareholder -- outline their proposal in a bankruptcy court filing Thursday, July 28. Lavine left Voyager in early 2021 amid disagreements over the company's direction, according to the filing. In the plan, Lavine envisions a restructured Voyager that does not lend crypto and instead is focused on digital asset trading and customer security. The proposal was disclosed in an objection to the Debtors' proposed bidding procedures. The objection was filed by Emerald Ocean Isle LLC, Amano Global Holdings, Inc., Shingo Lavine, and Adam Lavine. Amano, Shingo, and Adam are equity holders in Voyager Digital, Ltd., and Shingo is a former board member and the Debtors’ former Chief Innovation Officer. Emerald, an entity that Adam and Shingo control, says it is a potential bidder or transaction partner. Emerald has been exploring submitting an alternative restructuring plan that, while similar to the Debtors' plan in structure, would immediately re-build trust by changing management, re-implementing a robust self-custody solution, and focusing the business around trading: eliminating the lending and debit card platforms, paring back costs, and restructuring around a mission of building a best in class self-custody and integrated trading solution. Specifically, such an alternative plan structure would likely involve: 1) Replace management with a management team led by Shingo and Adam – i.e., a crypto-centric and trusted management team that (a) was not supportive of the lending business and (b) built the very proprietary self-custody solution that existing management did away with (not to mention the Ethos Bedrock technology that is powering much of Voyager's crypto platform today). 2) Institute a new culture based on innovation, transparency, and profitability. There is every reason to believe that key employees would be eager to back a crypto-centric and customer-focused restructuring plan. 3) Prioritize implementing a technical solution to ensure customer assets are safe and self-secured via Ethos SmartKey technology. In other words, re-build trust through a technological solution that ensures it. 4) Cease all lending activity. 5) Reboot the trading platform. 6) Integrate "Live Trading" to enable instant trades from self-custody. 7) Implement a sharded key vault to assist customers with key recovery and open up subscription business opportunities. 8) Provide major additional upside to unsecured creditors and incentivize customer retention through a "recovery token" in addition to VGX tokens. Even with the vastly enhanced trust that would be engendered by such a plan, Emerald assumes that a large number of customers would likely leave the platform (though far less than under the Debtors' Plan and likely any other). Even with assumed customer attrition, Emerald believes that enough would stay -- as a direct result of a changed management, technology, shared community mission, and business plan -- that a scaled down Voyager could be break-even to EBITDA cash-flow positive very quickly and provide an improved return on capital to stakeholders (i.e., creditors). Such a plan might also only require a portion of the company's current capital, so a solution could involve maximizing immediate recoveries while also giving creditors the upside of equity in this new entity along with VGX and recovery tokens that could, for example, be bought back as the reorganized entity generates free cash (increasing their value). Co-Counsel to Emerald Ocean Isle LLC, Amano Global Holdings, Inc., Shingo Lavine, and Adam Lavine: Harley J. Goldstein Matthew E. McClintock (pro hac vice pending) Steven Yachik GOLDSTEIN & McCLINTOCK LLLP 111 W Washington Street, Suite 1221 Chicago, Illinois 60602 Telephone: (312) 337-7700 E-mail: harleyg@restructuringshop.com mattm@restructuringshop.com steveny@restructuringshop.com - and - Douglas T. Tabachnik LAW OFFICES OF DOUGLAS T. TABACHNIK , P.C. Woodhull House, Suite C 63 West Main Street Freehold, New Jersey 07728 Telephone: (732) 780-2760 Facsimile: (732) 780-2761 E-mail: dtabachnik@dttlaw.com About Voyager Digital Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, as chief executive officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy counsel; BERKELEY RESEARCH GROUP, LLC, as financial advisor; MOELIS & COMPANY as investment banker; and CONSELLO GROUP as strategic financial advisor. STRETTO, INC., is the claims agent. WATCHGUARD TECHNOLOGIES: S&P Assigns 'B-' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to WatchGuard Technologies Inc., a provider of security software solutions through managed service provider (MSP) channels. S&P said, "At the same time, we assigned our 'B-' issue-level and '3' recovery ratings to the company's $625 million first-lien credit facility, consisting of a $75 million revolving credit facility due 2027 and a $550 million first-lien term loan due 2029. "The stable outlook reflects our expectation that WatchGuard will support its sizable debt burden through sustained revenue growth in core products, modestly improving EBITDA margins and stable cash flow generation. We expect the company will continue to grow its MSP relationships while capitalizing on cross-sell and up-sell opportunities among their existing customer base." WatchGuard announced that it has entered into a definitive agreement with Vector Capital to make a new equity investment in the business and become the company's majority shareholder. S&P said, "The rating on WatchGuard primarily reflects the company's high pro forma leverage, which we estimate at about 9x at transaction close, niche focus on small to mid businesses (SMBs) and distributed enterprises, as well as smaller scale than rated software peers. Credit strengths include the company's high recurring revenue stream, good historical growth rate, and expanding relationship with managed service providers (MSPs) who play a key role in selling and servicing the end customers. The rating also reflects our expectation that WatchGuard will maintain adequate liquidity and sufficient cash on its balance sheet given good cash flow dynamics owing to its upfront revenue collection." WatchGuard is a small player in a highly fragmented but growing industry. The cybersecurity industry is highly fragmented and proliferated by industry giants such as Microsoft Corp. and Cisco Systems Inc., as well as numerous other point solutions providers and niche players. WatchGuard's primary competitors in terms of target end market and scope of offering include Fortinet Inc., Sophos Group PLC., and SonicWall Inc., all of which are not only larger in scale, but have better access to funding and resources. S&P said, "We also note that WatchGuard's revenue growth, while attractive relative to overall information technology (IT) spending, has lagged these peers and that of the overall security software sub-sector. We attribute this to the company's niche focus on SMBs and distributed enterprises, which lack the financial resources to devote to IT spending, have more significant price sensitivity, and are less resilient to macroeconomic weakness than large enterprises." Despite these risks and slower growth from WatchGuard relative to critical mass, the market for security software enjoys strong secular growth trends, such as increasing business digitization, which amplifies threats of cyber incidents and should continue to support outsized growth relative to the broader software universe. WatchGuard's distribution model mitigates some of the inefficiencies and risks from catering to SMBs and distributed enterprises, and offers multiple avenues for growth. Watchguard's security solutions are delivered solely through the MSP channel, a technology services vendor that acts as an aggregator of demand and outsourced IT department, mainly for SMBs and distributed enterprises. Under this model WatchGuard sells its solutions to more than 17,000 MSP relationships who then in turn resell the solutions, alongside other services, to SMB and distributed enterprise customers, providing significant diversification across end-market verticals and geographic areas. S&P views this a credit positive because this approach provides sales-and-marketing efficiency for WatchGuard as it frees up salesforce resources that would otherwise be needed from a go-to-market prospective. It also provides multiple avenues for growth, including adding new MSP partners, organic growth with existing MSP partners as they gain new customers, and from upselling additional or launching new products. High leverage and sponsor ownership weaken the credit profile despite good cash flow generation and revenue predictability. The proposed $750 million of new fully funded debt results in materially elevated leverage for WatchGuard. S&P said, "We estimate the company's S&P Global Ratings-adjusted leverage to be in excess of 9x at close of transaction with modest deleveraging prospects over the near term. Financial sponsor ownership also puts further stress on the company's credit profile, with the sponsor expected to prioritize return on equity over debt reduction. Outside of mandatory amortization, no other voluntary debt paydowns are anticipated over the duration of the forecast. Despite high leverage and sponsor ownership, the company is bolstered by strong cash flow generation and good revenue predictability. Historic cash flow has been positive, which we expect to continue over the forecast period upwards of $30 million per year." The company's cash flow benefits from continued MSP penetration, minimal capex needs, and favorable working capital dynamics where payments for subscriptions are primarily collected up front. WatchGuard has good revenue predictability, with the company achieving a recurring revenue percentage of 85%, which the company expects to increase as it shifts away from its traditional hardware sales. S&P said, "The stable outlook reflects our expectation that WatchGuard will support its sizable debt burden through sustained revenue growth in core products, modestly improving EBITDA margins and stable cash flow generation. We expect the company will continue to expand its MSP relationships and drive cross-sell and up-sell opportunities among their existing clientele. "We could lower the rating if the company's performance suffered from missteps in the execution of its sales strategy or slowing demand growth, leading to sustained high leverage or persistently negative free cash flow. We could also downgrade WatchGuard if the company's liquidity declined such that we no longer viewed it as adequate to cover uses of cash. "WatchGuard's high leverage of over 9x at transaction close and sponsor ownership constrain the prospects for an upgrade over the next 12 months. However, over the longer term, we could upgrade the company if it were able to sustain consistent revenue and EBITDA margin expansion while sustaining FOCF to debt above 5% and leverage under 7x." ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of the company, as is the case for most rated entities owned by private-equity sponsors. We believe WatchGuard's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." WEIRD VENDING: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Weird Vending, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, for authority to use cash collateral on an interim basis and provide adequate protection to Vend Lease, a division of Leaf Capital Funding, LLC, which entity may hold a security interest in the Debtor's cash and/or cash equivalents. The Debtor requires the use of cash collateral to fund ordinary business operations and necessary expenses in accordance with the cash budget. The Debtor will require the use of approximately $199,537 of cash collateral to continue operating its business for the next five weeks, and, depending on the month, a greater or lesser amount will be required each comparable period thereafter. The motion must be considered on an expedited basis as the Debtor's business operations and reorganization efforts will suffer immediate and irreparable harm if it is not permitted to use cash collateral. The Debtor also requests the Court to conduct a hearing on the matter on or before August 11, 2022. The Debtor explains it is in constant need to pay operating expenses to ensure its respective businesses generate the maximum amount of potential revenue. Payroll is due to be paid on August 11, the Debtor adds. Prior to the Petition Date, the Debtor obtained financing from Vend Lease which is purportedly secured by substantially all of the assets of Weird Vending, including its accounts and cash equivalents. Vend Lease may assert a first priority security interest in the Debtor's cash and cash equivalents by virtue of a UCC-1 Financing Statement filed with the State of Florida on March 18, 2022. The outstanding balance owed to Vend Lease is approximately $90,000. The Inferior Interests may claim an inferior interest in the Debtor's cash and cash equivalents by virtue of alleged liens on the Debtor's personal property. The Debtor believes the Inferior Interests are wholly unsecured due to the outstanding amounts owed to the senior secured lender with a superior interest in the Debtor's property, or due to disputes over the basis for such creditors' respective alleged security interests. As of the Petition Date, the Debtor's cash on hand was approximately $90,000. As adequate protection for the use of cash collateral, the Debtor proposes to grant the Secured Creditors a replacement lien on its post-petition Cash Collateral to the same extent, priority and validity as their pre-petition liens, to the extent its use of cash collateral results in a decrease in the value of the Secured Creditors' interest in the cash collateral. A copy of the motion is available at https://bit.ly/3QhSuhE from PacerMonitor.com. About Weird Vending, LLC Weird Vending, LLC is a closely held Florida limited liability company organized on May 29, 2020. It operates a vending machine company which specializes in the placement of vending machines carrying unique, nostalgic, and uncommon products designed to provide entertainment value to patrons of bars, restaurants and other social establishments. Weird Vending has deployed 81 vending machines in four primary locations which include Orlando; Tampa/St. Petersburg/Sarasota; Dallas, Texas; and Denver, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:22-bk-02772) on August 2, 2022. In the petition signed by Michael Williams, president the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Daniel A. Velasquez, Esq., at Latham Luna Eden and Beudine LLP is the Debtor's counsel. WESTBANK HOLDINGS: Court Directs Chapter 11 Trustee Appointment --------------------------------------------------------------- Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana entered an order directing the United States Trustee to appoint a chapter 11 trustee in the jointly administered cases of Westbank Holdings, LLC and its debtor-affiliates. Judge Grabill directed all owners, managers, operators, and other persons in control of Westbank Holdings, LLC (No. 22-10082), Cypress Park Apartments II, LLC (No. 22-10083), Liberty Park Apartments, LLC (No. 22-10084), Forest Park Apartments, LLC (No. 22-10085), Washington Place, LLC (No. 22-10086), and Riverview Apartments, LLC (No. 22-10176), or any assets or properties owned by any of those jointly administered Debtors, to: * turn over to the chapter 11 trustee all books, records, and documents pertaining to or owned by the jointly administered Debtors. * turn over to the chapter 11 trustee all cash, receivables, properties, and other assets owned or controlled by the jointly administered Debtors. * cooperate fully with the chapter 11 trustee in the discharge of the trustee's duties. That cooperation includes, but is not limited to, the filing of accurate schedules in this case. Moreover, pending the appointment of the chapter 11 trustee, all persons are enjoined from exercising any control over estate property. No cash or assets may be transferred, moved, or disposed of. No bills may be paid. No accounts may be opened or closed. A copy of the order is available for free at https://bit.ly/3d4GWjs 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. ZENTUARY GROUP: Wins Cash Collateral Access ------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Zentuary Group LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, including required payments to the Subchapter V Trustee; (b) the current and Necessary expenses set forth in the preliminary budget, plus an amount not to exceed 10% for each line item; and (c) such additional amounts as may expressly approved in writing by the Secured Creditors. Each creditor with a security interest in cash collateral will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. The Debtor will maintain insurance coverage for its real and personal property in accordance with its obligations under any loan and security documents with any secured creditors. A continued hearing on the matter is scheduled for August 22, 2022 at 1:30 p.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3QhyiMU from PacerMonitor.com. The Debtor projects $65,000 in sales and $60,629 in total expenses. About Zentuary Group LLC Zentuary Group LLC, doing business as Farmacy Vegan Kitchen, is a quick service restaurant offering a well-rounded, 100% plant-based menu. Zentuary Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02594) on June 28, 2022. In the petition filed by Charles Rumph, as president, the Debtor estimated liabilities between $500,000 and $1 million compared to estimated assets up to $50,000. James W Elliott, Esq., at McIntyre Thanasides Bringgold Elliott, et al, is the Debtor's counsel. [*] Casner & Edwards, 2 Others Win M&A Deal of Year Award --------------------------------------------------------- Casner & Edwards, LLP, Goulston & Storrs PC, and Jeffrey D. Sternklar LLC won The Global M&A Network's 2022 Turnaround Atlas Award for Special Situation M&A Deal of the Year for their work on the Tri-Wire Engineering Solutions, Inc. sale of substantially all assets to ITG Communications, LLC. The awards honor the best value-creating transactions, outstanding firms, professionals, and leaders from the global restructuring, insolvency, and distressed investing communities. The Tri-Wire transaction was completed through a Chapter 11 Section 363 sale process in the U.S. Bankruptcy Court for the District of Massachusetts (Eastern Division). Casner & Edwards served as counsel to Tri-Wire, led by partners Michael Goldberg, Davis Whitesell, and Michael Zullas. Goulston & Storrs served as co-counsel to ITG, led by directors James Wallack and Timothy Carter, along with Jonathan Motley of Safford Motley PLC. Jeffrey Sternklar served as counsel to the Unsecured Creditors Committee. Tri-Wire is one of the largest independent providers of consumer broadband installation and maintenance for large cable operators. After experiencing operational challenges and working capital issues beyond repair, SGS Capital Advisors was retained in July 2021 to conduct an expedited marketing process to solicit interest from strategic and financial buyers. ITG, a national provider of fulfillment, construction, and project management services to the cable and telecommunications industries, submitted the highest and best bid of several offers, and Tri-Wire filed for Chapter 11 protection in September 2021 with ITG as the proposed stalking horse purchaser. The sale to ITG was approved by the bankruptcy court and closed in October 2021. "It is an honor to have our efforts on this complicated bankruptcy sale recognized by the Turnaround Atlas Awards. We worked collaboratively with Goulston & Storrs and others to manage many competing priorities among multiple stakeholders to create the best possible outcome for all parties. In the end, we were able to deliver maximum value, preserve hundreds of jobs, and ensure thousands of cable customers continued their service without interruption," said Michael Goldberg from Casner & Edwards. "We all worked diligently and collaboratively on an accelerated timeline to bring this deal to fruition. We are thankful to have had talented partners from Casner & Edwards, Jeffrey D. Sternklar, and Safford Motley in the trenches with us as we navigated many difficult issues. The sale was a win-win for both Tri-Wire and ITG, and receiving this award is a testament to the perseverance and dedication of everyone on the team who made this transaction a success," said James Wallack from Goulston & Storrs. Contact Casner & Edwards: Casner & Edwards, LLP 303 Congress Street Boston, MA 02210 Tel: 617.426.5900 Fax: 617.426.8810 About Casner & Edwards, LLP Casner & Edwards, LLP represents businesses, individuals and institutions across New England and around the world, providing the core legal services they need to succeed. Clients work directly with a team of expert attorneys, and can expect full attention, seasoned advice, top quality work, and good value. About Goulston & Storrs PC Collaboration is not just a pillar of our strategy; it is the key to our competitive advantage and approach to clients, community, and each other. At Goulston & Storrs -- http://www.goulstonstorrs.com-- we practice law with excellence and integrity. We are a place where mutual respect and collaboration drive open discussion, transparency, creativity and optimal results for our clients. We are committed to being a diverse and inclusive workplace where sophisticated business is conducted with genuine camaraderie. About Jeffrey D. Sternklar LLC Jeffrey D. Sternklar LLC offers commercial bankruptcy law services nationwide. With more than 30 years of experience, we are a trusted name among businesses nationwide. We concentrate in all aspects of insolvency matters and bankruptcy cases. [^] BOOK REVIEW: Transcontinental Railway Strategy -------------------------------------------------- Transcontinental Railway Strategy, 1869-1893: A Study of Businessmen Author: Julius Grodinsky Publisher: Beard Books Softcover: 439 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587980037/internetbankrupt Railroads were pioneers of the American frontier. Union Pacific; Central Pacific; Kansas and Pacific; Chicago, Rock Island and Pacific; Chicago, Burlington and Quincy; Atchison, Topeka and Santa Fe: these names evoke boom times in America, the excitement and tumult of seemingly limitless growth and opportunity, frontiers to tame, fortunes to be made. Railroads opened up vast supplies of raw materials, agricultural products, metals, and lumber. The public gain was incalculable: job creation, low-cost transportation, acceleration of westward immigration, and settlement of the frontier. The building of the western railway system in the United States was described at the time as "one of the greatest industrial feats in the world's history." This book tells the story of the trailblazers of the Western railway industry, men with a stalwart willingness to take on extraordinary personal financial risk. As a group, these initial railroad promoters were smart, bold, tenacious, innovative, and fiercely competitive. Some were cautious with their and their investors' money, some reckless. Most met with financial setbacks, some with total failure, some time and time again. They often sold out at great losses, leaving their successors to derive the benefits later. Bitter competition existed among these men. They fought to position their "roads" in a limited number of mountain passes, rivers, and valleys; and to chart routes which connected major production areas with major consumption areas. They cajoled and begged almost anyone for capital. They created and tried to defend monopolies. They bullied each other, invaded each other's territories, and retaliated against each other. They staged wage wars. They agreed not to compete with each other, and bought each other out. The book opens in May of 1869, just after the completion of the first transcontinental route joining the Union Pacific Railroad and the Central Pacific Railroad in Ogden, Utah. The companies' long-term prospects were excellent, but right then they were desperate for cash. Union Pacific alone was more than $15 million in debt. Additional financing was proving scarce. By 1870, more than 40 railroads were floating bonds, "at almost any price for ready cash," wrote one contemporary observer. Still, funds were raised and construction went on, both of transcontinental lines and branch lines. As railway lines in the West were built in relatively unsettled areas, traffic was light and returns correspondingly low. To increase business, the companies found ways to encourage population growth along their routes. Much-needed funding came from immigration services set up by the railways themselves. Agricultural areas sprang up along the routes. Sometimes volume of traffic expanded too fast, and equipment shortages and construction delays occurred. Or, drought, recession, and low agricultural prices meant more red ink. This book takes the reader through the boom times and bust times of the greatest growth of railways the world has ever seen. The author uses a myriad of sources showing painstaking and creative research, including contemporary news accounts; railway company financial records and archives; contemporary industry journals; Congressional records; and personal papers, letters, memoirs and biographies of the main players. It's a good, solid read. Professor Julius Grodinsky was born in 1896 and died July 9, 1962, in Philadelphia, Pennsylvania. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***