/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220909.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, September 9, 2022, Vol. 26, No. 251 Headlines 3 KINGS CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors 8233 ROXBURY: Seeks to Hire Beverly Hills Estates as Broker 8E14 NETWORKS: Wins $2MM DIP Loan from VMWare AEARO TECHNOLOGIES: 3M Should Be Blocked From Healthcare Spinoff AGWAY FARM: Sets Bid Procedures for Brand/Trademark & Other Assets ALPINE 4 HOLDINGS: Acquires RCA Commercial Electronics AMERICAN WORKERS: Seeks to Expand Scope of Spencer Fane's Services ARCHDIOCESE OF SANTA FE: Taps Jennings Haug as Special Counsel ARIZONA AUTISM: S&P Alters Outlook to Pos., Affirms 'BB' LT ICR ASHLEY CAMPBELL: Seeks to Hire Guy Humphries as Legal Counsel BAYOU POINTE: Seeks to Hire Professional Management as Accountant BF CHINATOWN: Seeks to Hire John Forest II as Bankruptcy Counsel BLINK CHARGING: Inks Deal to Sell Up to $250M Common Shares BRAND 44 LLC: Files Subchapter V Case While It Finds Buyer BRAZEN SKY: 1MDB Units Seek Chapter 15 Bankruptcy in the U.S. BRAZOS ELECTRIC: Files Proposed ERCOT Deal, Bankruptcy Exit Plan BRP GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR BVI MEDICAL: Moody's Affirms 'Caa1' Corp. Family Rating CAPSTONE GREEN: Launches Underwritten Public Stock Offering CASH DEVELOPMENT: Seeks to Hire Jones & Walden as Legal Counsel CASH ENVIRONMENTAL HOLDINGS: Taps Jones & Walden as Legal Counsel CASH ENVIRONMENTAL RESOURCES: Taps Jones & Walden as Counsel CBL & ASSOCIATES: Farzana Khaleel to Step Down as CFO CELSIUS NETWORK: Committee Taps Elementus as Forensics Advisor CELSIUS NETWORK: Committee Taps M3 Advisory as Financial Advisor CELSIUS NETWORK: Committee Taps Perella as Investment Banker CELSIUS NETWORK: Committee Taps White & Case as Legal Counsel CENTENNIAL RESOURCE: Moody's Alters Outlook on B1 CFR to Positive CGSRE ACQUISITION: Seeks to Tap Shafferman & Feldman as Counsel CHURCH OF THE DISCIPLES: Continued Operations to Fund Plan COAL NETWORK: Seeks to Hire Dentons Bingham as Legal Counsel COAL NETWORK: Seeks to Hire Stoll Keenon Ogden as Special Counsel COASTAL LANDFILL: Seeks to Tap Jones & Walden as Legal Counsel COVETRUS INC: S&P Assigns 'B-' ICR, Outlook Stable CREATION TECHNOLOGIES: S&P Cuts ICR to 'B-', Outlook Negative CSK PROPERTIES: Seeks to Hire Bharti Mathur CPA as Accountant DOCUPLEX INC: Files Subchapter V Case ELITE INVESTORS: Unsecureds to be Paid in Full in Sale Plan ENPRO INDUSTRIES: Timken Transaction No Impact on Moody's Ba3 CFR EXCELSIOR SECURITY: Taps Juliya Moody of Bookkeeping as Accountant EXWORKS CAPITAL: Taps PKF Mueller as OCP to Provide Tax Services F-12 ENTERTAINMENT: Case Summary & Six Unsecured Creditors FIRST GUARANTY: Sells $15 Million Loans to Fannie Mae FREE SPEECH: PQPR Holdings Seeks Probe on Finances FRONT SIGHT: Seeks to Hire Greenberg Traurig as Special Counsel GAUCHO GROUP: All Six Proposals Approved at Annual Meeting GIRARDI & KEESE: Trustee Files Lawsuit Against Litigation Funders GISSING NORTH: Committee Taps Foley & Lardner as Bankruptcy Counsel GREEN ACRES: Seeks to Hire Patino King as Bankruptcy Counsel GREEN ENERGY: Seeks to Hire Jones & Walden as Bankruptcy Counsel HBL SNF: Taps Pryor Cashman as Special Counsel HJ DYNAMIC: Can Tap $100,000 from AAVIN DIP Loan HOME STRATEGY: Seeks to Hire Ginsburg & Misk as Litigation Counsel IGLESIA CRISTIANA: Taps Orlando Loperena Lopez as Accountant IKON WEAPONS: Files for Chapter 11 Bankruptcy Protection INPIXON: Incurs $20.3 Million Net Loss in Second Quarter INTERPACE BIOSCIENCES: Incurs $3.9M Net Loss in Second Quarter ISCM HOLDINGS: Physician Management Firm in Chapter 11 IYAR POST: Seeks to Hire Sobers Law as Bankruptcy Counsel J MORALES: Seeks to Tap Larson & Zirzow as Legal Counsel J MORALES: Seeks to Tap Real Estate Appraiser, Valuation Expert JAF 27: Case Summary & Six Unsecured Creditors LADERA AVENUE: DOJ Bankruptcy Watchdog Seeks Appointment of Trustee LIVEONE INC: Posts $1.4 Million Net Income in First Quarter LIZARD IN LOS ANGELES: Seeks to Hire Levene as Bankruptcy Counsel MANHATTAN SCIENTIFICS: Incurs $1.6M Net Loss in Second Quarter MASTEN SPACE: Seeks to Hire Alston & Bird as Special Counsel MASTEN SPACE: Seeks to Hire Morris James as Bankruptcy Counsel MASTEN SPACE: Taps Gavin/Solmonese as Financial Advisor MATCH GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR MOBIQUITY TECHNOLOGIES: Settles Separation Dispute With Ex-Employee MOUNTAIN PROVINCE: Reports Fatality at Gahcho Kue Mine MOUNTAINSKY LANDSCAPING: Taps Harrison as Forensic Accountant NEWAGE INC: Gets Court Okay for $16M Loan From Lead Bidder NORTHWEST SENIOR: Taps Jezerinac to Provide Professional Services NORTONLIFELOCK INC: S&P Assigns 'BB-' Rating on New Unsec. Notes PRAIRIE ECI: S&P Alters Outlook to Stable, Affirms 'B+' ICR RED RIVER WASTE: Assets Bought by Platform Waste Solutions RENEWABLE ENERGY: Seeks to Hire Jones & Walden as Legal Counsel REVELANT HOLDINGS: Seeks to Hire Legility as Document Reviewer REVLON INC: Released From 200 Park Avenue South Leases RYBEK DEVELOPMENTS: Taps Timothy M. Collier as Special Counsel SAN JORGE CHILDREN'S HOSPITAL: FIles for Chapter 11 Bankruptcy STRATEGIC INNOVATION: Starts Subchapter V Case SUNGARD AVAILABILITY: Court Approves $52.5 Million Sale to 365 Data TBC COMPANIES: Seeks to Hire Anna Haley-Liu of KHL as Bookkeeper TOTAL URBAN: Case Summary & 20 Largest Unsecured Creditors TRANSDERMAL SPECIALTIES: Unsecureds Will Get 100% in 36 Months TREETOP DEVELOPMENT: Taps Lewis R. Landau as Bankruptcy Counsel TRINITA PARETE: Taps Marc Scolnick PC as Bankruptcy Counsel VENUE CHURCH: Taps Law Office of W. Thomas Bible as Counsel VOIP-PAL.COM: Incurs $2.6 Million Net Loss in Third Quarter WATSONVILLE COMMUNITY: Pajaro District Acquires Hospital WESTBANK HOLDINGS: Trustee Gets Interim OK to Hire Accountant ZACHAIR LTD: Unsecureds Owed $4M to be Paid From Available Funds [*] August 2022 Bankruptcy Filings Rose Across All Chapters [^] BOOK REVIEW: The Luckiest Guy in the World ********* 3 KINGS CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: 3 Kings Construction Residential LLC 320 W Lanier Avenue Suite 200 Fayetteville, GA 30214 Business Description: The Debtor is primarily engaged in the construction of residential buildings. Chapter 11 Petition Date: September 7, 2022 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 22-10965 Judge: Hon. Paul Baisier Debtor's Counsel: Shannon Worthy, Esq. STANTON AND WORTHY, LLC 547 Ponce De Leon Ave Suite 150 Atlanta, GA 30308 Tel: 404-800-6415 Fax: 866-799-7178 Email: shannon.worthy@stantonandworthy.com Total Assets: $2,122,355 Total Liabilities: $4,313,374 The petition was signed by Tonny Harris as owner and CEO. 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/JA7OWFI/3_Kings_Construction_Residential__ganbke-22-10965__0001.0.pdf?mcid=tGE4TAMA 8233 ROXBURY: Seeks to Hire Beverly Hills Estates as Broker ----------------------------------------------------------- 8233 Roxbury, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Beverly Hills Estates, a real estate broker in West Hollywood, Calif., to sell its real properties. The broker will receive a commission equal to 5 percent of the purchase price. Shauna Walters, a residential real estate agent of Beverly Hills Estates, assured the court that the firm neither represents nor holds any interest adverse to the Debtor's estate. The firm can be reached through: Shauna Walters Beverly Hills Estates 8878 Sunset Blvd. West Hollywood, CA 90069 Phone: 310-626-4248 Email: shauna@swestates.com About 8233 Roxbury LLC 8233 Roxbury, LLC is a single asset real estate (as defined in 11 U.S.C. Sec. 101(51B)). 8233 Roxbury filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-14444). In the petition filed by Rick Langley, as owner, the Debtor reported assets and liabilities between $1 million and $10 million. Gregory Kent Jones has been appointed as Subchapter V trustee. Kevin T Simon, Esq., at the Law Offices of Kevin T. Simon, APC, is the Debtor's counsel. 8E14 NETWORKS: Wins $2MM DIP Loan from VMWare --------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized 8e14 Networks, Inc., d/b/a Ananda Networks to use cash collateral on a final basis and obtain postpetition secured financing. The Debtor has an immediate and critical need to access the DIP Facility to operate its business in the ordinary course. The Debtor is permitted to obtain postpetition financing in the form of a multidraw term loan facility as set forth in the Senior Secured Superpriority Debtor-in-Possession Loan and Security Agreement by and among the Debtor and VMware, Inc. in the aggregate principal amount of $2,000,000, subject to the terms of the Final Order, the DIP Credit Agreement, and all other agreements, documents, instruments. Meanwhile, Venture Lending & Leasing IX, Inc., the Debtor's Prepetition Lender, is granted a valid, binding, continuing, enforceable, fully perfected replacement security interest in and lien on the DIP Collateral. The Adequate Protection Liens will be junior to the DIP Liens, the Permitted Liens, and the Carve Out. As further adequate protection, the Prepetition Lender is granted an allowed administrative expense claim against the Debtor with priority over all other administrative claims in the Case. The Carve-Out means: (i) solely upon conversion of the Case to a case under chapter 7, all reasonable fees and expenses up to $20,000 incurred by a trustee under section 726(b) of the Bankruptcy Code; plus (ii) subject to the Budget, but to the extent allowed at any time (whether prior to or subsequent to a Termination Event), all reasonable unpaid fees, costs, disbursements and expenses incurred or earned by the subchapter V trustee and her professionals; plus (iii) subject to the Budget, but to the extent allowed at any time (whether prior to or subsequent to a Termination Event), whether by interim order, procedural order, or otherwise, all unpaid postpetition fees, costs, disbursements and expenses (including ordinary course professionals, but excluding any success or completion fees), incurred or earned postpetition by persons or firms retained by the Debtor pursuant to sections 327, 328, or 363 of the Bankruptcy Code prior to delivery by the DIP Lender in accordance with this Interim Order of a Remedies Notice to the extent such amounts are unpaid, plus (iv) the Professional Fees of the Debtor's Professional Persons in an aggregate amount not to exceed $50,000 incurred after delivery by the DIP Lender of a Remedies Notice in accordance with the Interim Order; provided, that the $50,000 limitation in clause (a)(iv) above will not limit the ability of the Debtor to use the Carve Out to pay Estate Fees or other Professional Fees accrued postpetition but prior to the delivery of a Remedies Notice, or otherwise reduce the amount of any compensation or reimbursement of expenses paid or to be paid prior to the delivery of a Remedies Notice. These events consist of a "Termination Event:" a. the Debtor violates any of its obligations under the Final Order, b. the occurrence of an Event of Default, c. the Term Loan Maturity Date of the DIP Facility, or d. the Final Order ceasing to be in full force and effect because it has been stayed, revoked or reversed by court order or operation of law; provided, notwithstanding anything to the contrary in the Interim Order, the First Interim Order, or the other DIP Loan Documents, the Milestone for entry of the Interim Order is extended to August 16, 2022. A copy of the order is available at https://bit.ly/3D2r4bY from PacerMonitor.com. About 8e14 Networks Inc 8e14 Networks Inc. -- https://www.ananda.net/ -- doing business as Ananda Networks, is a Cyber Security company that builds a network that is fast and secure, replacing old cybersecurity and networking products. 8e14 Networks Inc. filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10708) on August 4, 2022. In the petition filed by Adi Ruppin, as chief executive officer, the Debtor reported assets and liabilities between $10 million and $50 million each. Judge Brendan L. Shannon oversees the case. Jami B Nimeroff has been appointed as Subchapter V trustee. Matthew P. Ward, Esq., at Womble Bond Dickinson (US) LLP, is the Debtor's counsel. AEARO TECHNOLOGIES: 3M Should Be Blocked From Healthcare Spinoff ---------------------------------------------------------------- Steven Church of Bloomberg News reports that according to a new federal lawsuit, 3M Co. should be blocked from spinning off its health care business and paying shareholder dividends in order to preserve money that soldiers suing the industrial conglomerate expect to win. A group of soldiers who claim faulty 3M earplugs damaged their hearing want a judge to ensure that the company has enough assets to pay tens of billions of dollars in judgments it could lose in the future. The company faces more than 200,000 lawsuits from veterans who used the earplugs. 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. AGWAY FARM: Sets Bid Procedures for Brand/Trademark & Other Assets ------------------------------------------------------------------ Agway Farm & Home Supply, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to authorize the bidding procedures in connection with the sale of the following assets: (i) its brand/trademark portfolio, domain name/registration, dealer agreements and customer list (collectively, the "IP") for $627,500 and certain equipment for $97,500, all as set forth in the schedules to the Agreement, to True Value Co., L.L.C, subject to overbid; and (ii) any or all other remaining assets. A hearing on the Motion is set for Sept. 22, 2022, at 10:00 a.m. The Objection Deadline is Sept. 15, 2022, at 4:00 p.m. Due to various events, including but not limited to issues in transitioning its systems away from Southern State's internal systems and the notice of default by its secured creditor Gibraltar Business Capital, the Debtor began to consider its sale or restructuring options. Beginning in the fall of 2021, it began extensively marketing the sale of its business as a going concern or a refinance of the company so that it could continue operations, with the help of Focus Management Group, Force 10 Partners and Critical Point Partners. In March 2022, as a cost saving measure and to manage the business, the Debtor: (1) laid off about one-half of its employees; (2) offered to let some employees stay onboard on a contract work basis; and (3) offered a retention bonus to certain critical employees to incentivize them to stay. Nevertheless, it continued its efforts to market the company for sale until it became clear that a buyer could not be found to purchase the company as a going concern. After the Debtor paid off Gibraltar in full, it became clear that it would need to winddown operations. It initially made the decision to complete an assignment for the benefit of creditors but later, determined that the best option was to seek bankruptcy protection. The asset purchase agreement between the Debtor and the stalking horse bidder, TV, has been extensively negotiated between the parties at arm's-length and in good faith, and confers several substantial benefits on the Debtor’s estate. The Agreement allows the Debtor to continue pursuing sale opportunities for higher and better offers, while allowing it to continue its sales of inventory and seek buyers of the Remaining Assets. In addition to the Stalking Horse Bid for the Purchased Assets, the Debtor has engaged with other interested parties that may seek to purchase the Remaining Assets, either in whole or in part, but that have not yet finalized the terms of an agreement as of the time of this filing. The bidding process is designed to complete the sale process for the Purchased Assets and balance the needs of a meaningful sales process for the sale of the Remaining Assets, all in the best interests of the estate's stakeholders with the economic realities facing this Debtor. Accordingly, once approved, the Bidding Procedures will allow the Debtor to complete the sale process for the Purchased Assets and establish procedures that can be utilized to complete the sale of the Remaining Assets (unless any of the Remaining Assets will be sold by an auctioneer for which the Debtor will file a separate motion for approval) and avoid the costs and expenses associated with seeking approval of another set of bidding procedures. In fact, as the Debtor was preparing the Motion to be filed, it finalized and executed an Asset Purchase Agreement ("FL Hardware APA") with Florida Hardware, LLC to sell, subject to overbids and the Bidding Procedures, certain of the Remaining Assets (namely, a portion of the Debtor's remaining inventory). The Debtor intends to sell the inventory assets subject to the FL Hardware APA pursuant to the Bidding Procedures and an auction on the same timeline and in accordance with all of the procedures as set forth herein. Also of note, FL Hardware, as the stalking horse bidder for the Inventory Assets to be sold under the FL Hardware APA, will be entitled to a break-up fee of 3% of the final purchase price, currently estimated to be $39,000. In order to ensure that the Debtor receives the maximum value for the Assets, including the Inventory Assets, it will market the Assets and conduct a fair and open auction subject to the Bidding Procedures. The key provisions of the Stalking Horse Bid for the Purchased Assets are the following: The Purchased Assets will be sold to the Stalking Horse Bidder, subject to overbids, for the sum of $725,000 unless increased by an overbid. The Assets will be sold free and clear of all liens, claims and encumbrances. If the Stalking Horse Bidder is not the Successful Bidder, it will be entitled to a break-up fee in the amount of $21,750. The key provisions of the stalking horse bid for the Inventory Assets are the following: The Inventory Assets will be sold to FL Hardware for 39% of the cost of the Inventory Assets, unless increased by an overbid. As of July 21, 2022, the total purchase price was approximately $1.3 million. The Debtor expects that the final purchase price will be lower than that due to the de minimis asset sales such that some of the Inventory Assets are sold prior to the auction. The Assets will be sold free and clear of all liens, claims and encumbrances. If FL Hardware is not the Successful Bidder, it will be entitled to a break-up fee in the amount of 3% of the Purchase Price, currently estimated at $39,000. The key provisions of the proposed Bidding Procedures are: a. Bid Deadline: The Debtor is requesting a deadline for submission of bids of 5:00 p.m. (ET) on Oct. 10, 2022. b. Initial Bid: A Qualified Bid is a bid that: (1) is in an amount equal to at least $819,250, which consists of (i) the consideration set forth in the Agreement in the amount of $725,000, plus (ii) the amount of the Break-up Fee of $21,750, plus (iii) overbid of $72,500; (2) received by Oct. 10, 2022 at 12:00 p.m. (ET); and (3) meets the requirements set forth in Paragraph 25 of the Motion. c. Deposit: $108,750 d. Auction: If more than one Qualified Bid is received (other than the Stalking Horse Bidder's bid), the Debtor will conduct an Auction on Oct. 14, 2022 at 10:00 a.m. (ET), at the offices of Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801, or such other place as the Debtor will notify all proposed attendees. All parties may attend the Auction via Zoom video conference pursuant to instructions to be provided no later than 24 hours prior to the Auction. e. Bid Increments: $10,000 or such other amount as adjusted pursuant to the terms of the Bidding Procedures f. Sale Hearing: The Debtor requests that a Sale Hearing take place no later than Oct. 17, 2022. g. Sale Objection Deadline: Oct. 10, 2022 at 4:00 p.m. (ET) h. Assets to be Sold: The Purchased Assets will include all of the IP and certain of the Debtor's fixed assets and equipment as set forth in Schedule 1.2 to the Agreement (the "Equipment"). The Debtor is actively engaged with interested parties for the sale of the Remaining Assets. i. Stalking Horse Protections: $21,750 The Debtor requests the Court approves the sale of the Assets pursuant to the noticing procedures. It asks that the Court approves the Sale Notice, which will be caused two business days after entry of the Bidding Procedures Order together with the Bidding Procedures Order to be sent upon the Notice Parties. The Debtor and its advisors have engaged, and will continue to engage, in a robust marketing and sale process directed at generating significant interest in the Assets to maximize the value to the Debtor's estate. The Debtor will continue its efforts throughout the bid process. It also has engaged, or will engage, a financial advisor specifically to market the Assets for sale across all possible marketing channels. Accordingly, it believes that the sale of the Assets, including the sale of the Purchased Assets and the Inventory Assets, to the Successful Bidder should be approved. The Debtor is not aware of any liens that attach to the Assets but in an abundance of caution, requests that the Order authorizing the sale of the Assets makes clear that the sale is free and clear of all liens, claims, encumbrances and all other interests, including rights or claims based on any taxes or successor or transferee liability. Lastly, the Debtor asks that the Court waives the 14-day stay period under Bankruptcy Rules 6004(h) and 6006(d) or, in the alternative, if an objection to the sale is filed, reduces the stay period to the minimum amount of time needed by the objecting party to file its appeal. A copy of the Bidding Procedures and the Agreement is available for free at https://tinyurl.com/2p9yx2t3 from PacerMonitor.com free of charge. About Agway Farm & Home Supply Agway Farm & Home Supply LLC -- https://www.agway.com/ -- is a one-stop shop for lawn, garden, bird, pet and farm products. It is based in Richmond, Va. Agway Farm & Home Supply sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10602) on July 6, 2022, listing $10 million to $50 million in both assets and liabilities. Jay Quickel, president and chief executive officer, signed the petition. Judge J. Kate Stickles oversees the case. The Debtor tapped Shulman Bastian Friedman & Bui, LLP as lead bankruptcy counsel; Morris James, LLP as local Delaware counsel; Wilson Elser Moskowitz Edelman & Dicker LLP as special litigation counsel; and Focus Management Group USA, Inc. as financial advisor. Stretto, Inc. is the claims and noticing agent and administrative advisor. ALPINE 4 HOLDINGS: Acquires RCA Commercial Electronics ------------------------------------------------------ Alpine 4 Holdings, Inc. has acquired RCA Commercial Electronics (RCA) of Indianapolis, Indiana, and its operating entity DTI Services. RCA Commercial Electronics is the continuance of the US-based legacy conglomerate RCA Corporation which dominated the electronics industry in the 20th century. DTI Services acquired the rights to the RCA brand in 2006 to design and build products for the Hospital, Lodging, Education, and Institutional markets. In 2018, DTI Services acquired the entire lighting division of LG including all IP for smart lighting products, also now sold under the RCA banner. The RCA Corporation, an American electronics company, was founded as the Radio Corporation of America in 1919 and headquartered in Indiana. It was initially a patent trust owned by General Electric (GE), Westinghouse, AT&T Corporation, and United Fruit Company. As a company whose beginnings derived from patents, it quickly became the gold standard of innovation around the world. As the dominant electronics and communications firm in the United States for over five decades, RCA was at the forefront of the rapidly growing radio industry in the early 1920s as a major manufacturer of radio receivers and the exclusive manufacturer of the first superheterodyne sets. Additionally, RCA created the first nationwide American radio network, the National Broadcasting Company (NBC). The company was also a pioneer in the introduction and development of television, both black and white and especially color. RCA became the leader in consumer satellite technology and is the legacy system that is now known as DirectTV. In the 1970s, RCA diversified into a multinational conglomerate, and in December 1985, it was announced that GE would reacquire its former subsidiary for $6.28 billion in cash, or $66.50 per share of stock. The sale was completed the next year, and despite initial assurances that RCA would continue to operate as a mostly autonomous unit, it was revealed that GE's main motivation in purchasing RCA was to acquire the NBC Television Network which RCA owned; GE proceeded to sell off most of the other RCA assets. In 2004, the RCA brand was sold off to Technicolor SA, a French conglomerate. One of the largest TV distributors of RCA's former TV division, and one of RCA's lead engineers approached Technicolor to license the name from Technicolor to continue on the RCA brand as RCA Commercial. Kent B. Wilson, Alpine 4's CEO, had this to say: "There are very few moments in life outside of being a parent, where life presents something of enormous gravity that you have the opportunity to be the caretaker of. This acquisition represents one of those moments in time. I, and by extension Alpine 4, are unabashedly proud of being a collector of American companies, and the RCA name is the purest expression of what we call 'Americana.' RCA's historical importance to shaping our daily lives is rarely seen in companies of today. The radio of the 1920's and 30's and then the TV of the 1940's and beyond are the equivalent to the internet and the smart phone of today. Over the last seven months, as we put this deal together, we recognized vast opportunities for the RCA brand within the Alpine 4 family of companies. As a company of innovation, like RCA has been historically, we come across various products, ideas, and inventions that have real possibilities of becoming branded under the RCA name. The power of this name is already starting to bear fruit as we have several products that will come to market in 2022 with the RCA name on it." Jeff Kingston, President of RCA commented, "RCA's reputation as the most trusted name in Electronics, is just as relevant today as it was back in 1919. We proudly operate out of our new 70,000 sq ft Technology Center with offices strategically placed around the country and we are poised for expansive growth. It's a pivotal time to join Alpine 4 and we look forward to the combined collaborative creativity being put into action through innovative products and projects." RCA will reside in the A4 Technologies, Inc., Portfolio as both a Stabilizer and Facilitator from Alpine 4's DSF business model. About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc.; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. Alpine 4 reported a net loss of $19.41 million for the year ended Dec. 31, 2021, compared to a net loss of $8.05 million for the year ended Dec. 31, 2020. As of March 31, 2022, the Company had $130.38 million in total assets, $62.35 million in total liabilities, and $68.04 million in total stockholders' equity. AMERICAN WORKERS: Seeks to Expand Scope of Spencer Fane's Services ------------------------------------------------------------------ American Workers Insurance Services, Inc. and Association Health Care Management, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to expand the scope of employment of Spencer Fane, LLP as their special litigation counsel. The Debtors need the assistance of a special counsel to represent them in a complaint that they filed against Bene Market LLC. Insurety has filed proofs of claim against the Debtors. The Debtors have objections to those claims and wish to pursue counterclaims against Insurety and claims against Robert Gray. Instead of objecting to Insurety's claim and asserting its counterclaims against Insurety and claims against Robert Gray in an adversary proceeding or contested matter in this court, the Debtors have chosen to assert counterclaims against Insurety in the state court action and to bring claims against Robert Gray in the state court action. The Debtors need to expand the scope of employment of Spencer Fane as special counsel to represent them in the state court action, which will serve as the forum to liquidate Insurety's claims against the Debtors and vice versa. The hourly rates of Spencer Fane's attorneys and staff are as follows: Brian Zimmerman $400 Nick Reisch $350 Other Attorneys and Paraprofessionals $220 - $400 In addition, the firm will seek reimbursement for expenses incurred. Brian Zimmerman, Esq., an attorney at Spencer Fane, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Zimmerman, Esq. Spencer Fane LLP 3040 Post Oak Boulevard, Suite 1300 Houston, TX 77056 Telephone: (713) 552-1234 Facsimile: (713) 963-0859 Email: bzimmerman@spencerfane.com About American Workers Insurance Services American Workers Insurance Services, Inc. is a Rockwall, Texas-based health insurance agency while Association Health Care Management, Inc. is a provider of health care services. AHCM conducts its business under the name Family Care. AWIS and AHCM sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 19-44208) on Oct, 14, 2019 in Fort Worth, Texas. At the time of the filing, AWIS listed up to $100 million in assets and up to $50 million in liabilities while AHCM listed up to $100 million in assets and up to $50 million in liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey & Prosto, LLP as bankruptcy counsel and J. Alexander CPA, LLC as auditor. The law firms of Oxendine Law Group P.C., The Verde Law Firm PLLC, and Spencer Fane LLP serve as special counsel. ARCHDIOCESE OF SANTA FE: Taps Jennings Haug as Special Counsel -------------------------------------------------------------- The Roman Catholic Church of the Archdiocese of Santa Fe seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Jennings Haug Keleher McLeod as its special counsel. The firm will represent the Debtor on legal matters that are not bankruptcy matters, including claims and potential claims asserted post-petition. Jennings Haug's attorneys who may perform legal services for the Debtor include Benjamin Feuchter, Esq., whose hourly rate is $200. Associate attorneys will be billed at $150 to 175 per hour while paralegals will be billed at $100 to 125 per hour. As disclosed in court filings, Jennings Haug neither represents nor holds an interest adverse to the Debtor or to the estate with respect to the matters on which the firm is to be employed. The firm can be reached through: Benjamin Feuchter, Esq. Jennings Haug Keleher McLeod 201 3rd St NW suite 1200, Albuquerque, NM 87102 Phone: +1 505-346-4646 Email: bf@jhkmlaw.com About Roman Catholic Church of The Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present, the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. It reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. Judge David T. Thuma oversees the case. The archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel; Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and REDW, LLC as accountant. ARIZONA AUTISM: S&P Alters Outlook to Pos., Affirms 'BB' LT ICR --------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB' long-term rating on Maricopa County Industrial Development Authority, Ariz.'s education revenue bonds outstanding, issued for Arizona Autism Charter Schools Inc. (AZACS). "The outlook revision reflects AZACS' continued enrollment growth as well as increasing revenues, consistent trend of solid operating margins and coverage, and good liquidity levels," said S&P Global Ratings credit analyst Jessica Wood. We could raise the rating if AZACS is able to sustain these stronger financial metrics." The rating reflects S&P's view of AZACS': -- Short operating history; -- Highly leveraged position; and -- Risk, as with all charter schools, that the charter can be revoked for nonperformance of its charter or for financial distress prior to the final maturity of the bonds, although offset by the current charter extending to 2029. Offsetting these weaknesses are, in S&P's view, the school's: -- Elevated demand for both in-person and online classes, given that it is the only public school in the state that has an autism-focused program; -- Specialized academics; -- Increasing liquidity as measured by days' cash on hand; and -- Total revenues that are in line with those of a larger school. S&P evaluated the school's environmental, social, and governance risks and view them as neutral in its credit rating analysis. S&P could revise the outlook to stable if the school's financial profile deteriorates from current levels, resulting in weaker financial performance, liquidity, or maximum annual debt service coverage. S&P could raise the rating if enrollment continues to rise as projected while operating results, coverage, and liquidity are maintained or increase to levels commensurate with a higher rating. ASHLEY CAMPBELL: Seeks to Hire Guy Humphries as Legal Counsel ------------------------------------------------------------- Ashley Campbell, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Guy Humphries, Attorney At Law, as its bankruptcy counsel. The firm will render these services: (a) analyze the Debtor's financial situation and render advice concerning a plan of reorganization; (b) provide legal advice concerning its powers and duties as a debtor in possession; (c) prepare and file of any petition, schedules, statement of affairs and any other required documents; (d) represent at the meeting of creditors and all hearings related to the bankruptcy case; (e) represent the Debtor in any adversary proceeding or contested matter arising from the bankruptcy case; (f) prepare all necessary reports, applications, answers, orders and all other required legal documents; and (g) perform all other legal services which may be necessary in the bankruptcy case. Guy Humphries will be paid at these hourly rates: Attorneys $400 Paralegals $75 In addition, the firm will receive reimbursement for its out-of-pocket expenses. A pre-bankruptcy retainer of $15,000 was paid to the trust account of Guy Humphries on Aug. 23 to cover some of the anticipated legal fees and expenses in this case. Guy Humphries, Esq., a partner at Guy Humphries, Attorney At Law, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Guy Humphries can be reached at: Guy B. Humphries, Esq. Guy Humphries, Attorney At Law 1801 Broadway Suite 1100 Denver, CO 80202 Tel: (303) 832-0029 Email: guyhumphries@msn.com About Ashley Campbell Inc. Ashley Campbell, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 22-13187) on August 24, 2022, listing $100,001 to $500,000 on both assets and liabilities. Judge Elizabeth E Brown presides over the case. Guy B. Humphries, Esq., at Guy Humphries, Attorney At Law, represents the Debtor as counsel. BAYOU POINTE: Seeks to Hire Professional Management as Accountant ----------------------------------------------------------------- Bayou Pointe Villas, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professional Management Systems, Inc. as its accountant. The firm will render these services: a. give the Debtor financial and accounting advice with respect to its powers and duties and with respect to the continued management of its property; b. prepare necessary applications answers, reports, and other financial papers; c. prepare operating reports and financial projections regarding the administration of the Debtor's estate; d. take any and all necessary action instant to the proper preservation and administration of the estate; e. perform all other accounting and financial services for the Debtor's which may be necessary in the bankruptcy proceedings. The firm will charge $85 per hour for its services, plus expenses incurred. Additional accounting services such as court appearances and attorney consultations will be invoiced at $150 per hour. Professional Management will also be reimbursed for reasonable out-of-pocket expenses incurred. Georgia Evans, a partner at Professional Management Systems, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Professional Management can be reached at: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 Tel: (850) 441-2000 Fax: (866) 401-5685 Email: georgia@promgmtsys.com About Bayou Pointe Villas Bayou Pointe Villas, Inc., a tax-exempt 501(c) non-profit entity in Panama City, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 21-50111) on Nov. 12, 2021, listing $408,751 in assets and $2,216,188 in liabilities. Jodi D. Dubose serves as Subchapter V trustee. Judge Karen K. Specie oversees the case. Michael A. Wynn, Esq., at Charles M. Wynn Law Offices, P.A. is the Debtor's legal counsel. Tucker & Green, CPA and Professional Management Systems, Inc. are the Debtor's accountants. BF CHINATOWN: Seeks to Hire John Forest II as Bankruptcy Counsel ---------------------------------------------------------------- BF Chinatown LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ John Forest, II, Esq., an attorney practicing in Fairfax, Va., as its counsel. Mr. Forest will render these legal services: (a) advise the Debtor with respect to its powers and duties; and (b) perform all other legal services for the Debtor which may be necessary to advance this case to a conclusion. The attorney will be billed at the rate of $375 per hour. Mr. Forest disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com About BF Chinatown LLC BF Chinatown LLC -- http://www.byndfit.com/-- is a fitness gym in Washington, DC. It offers over 20,000 sq. ft. of gym space with cardio, kettlebells, weights, machines, and more. BYNDfit provides a number of unique offerings and amenities, making it the only fitness facility to provide so many features in one place. It also provides 250 class options per week: from immersive cycling to hip hop yoga, kinstretch to HIIT training. BF Chinatown LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11143) on Aug. 30, 2022. In the petition filed by Raymond Rahbar, manager, the Debtor reported between $500,000 and $1 million in both assets and liabilities. John P. Forest, II, Esq., serves as the Debtor's counsel. BLINK CHARGING: Inks Deal to Sell Up to $250M Common Shares ----------------------------------------------------------- Blink Charging Co. entered into a sales agreement with Barclays Capital Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., ThinkEquity LLC, H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC to conduct an "at-the-market" equity offering program pursuant to which the Company may issue and sell from time to time shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $250,000,000 through the Agents, as the Company's sales agents. Subject to the terms and conditions of the Sales Agreement, the Agents will use their commercially reasonable efforts to sell the Shares from time to time, based upon the Company's instructions. The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement in accordance with its terms. The Company has provided the Agents with customary indemnification rights, and the Agents will be entitled to an aggregate fixed commission of up to 3% of the gross proceeds from Shares sold. The Shares under the Sales Agreement will be sold in ordinary brokers' transactions on The Nasdaq Capital Market or otherwise, at market prices prevailing at the time of sale, in block transactions, in negotiated transactions, in any matter permitted by applicable law or as otherwise agreed with the Sales Agents. About Blink Charging Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID) f/k/a Car Charging Group Inc. -- http://www.CarCharging.com-- is an owner and operator of electric vehicle (EV) charging equipment and has deployed over 30,000 charging ports across 18 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company's charging locations worldwide. Blink's principal line of products and services include the Blink EV charging network, EV charging equipment, EV charging services, and the products and services of recent acquisitions, including Blue Corner and BlueLA. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink Charging reported a net loss of $55.12 million for the year ended Dec. 31, 2021, a net loss of $17.85 million for the year ended Dec. 31, 2020, a net loss of $9.65 million for the year ended Dec. 31, 2019, and a net loss of $3.42 million for the year ended Dec. 31, 2018. As of June 30, 2022, the Company had $383.51 million in total assets, $90.92 million in total liabilities, and $292.59 million in total stockholders' equity. BRAND 44 LLC: Files Subchapter V Case While It Finds Buyer ---------------------------------------------------------- Outdoor products seller Brand 44 LLC has sought bankruptcy protection in Colorado. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. Starting in 2021 and continuing in 2022, the Debtor experienced significant financial difficulties, including supply-chain disruptions and increased costs that are largely attributed to the effects of the COVID-19 pandemic. Significantly, for example, standard container shipping fees skyrocketed, costing nearly $2 million of additional unforeseen expenses. The Debtor also experienced shipping delays and incurred thousands of dollars of previously unseen storage costs. Further, during this time Debtor suffered from delayed or late orders from its China-based factories and shipping companies, sometimes in the range of 60-150 days. These delays resulted in cancelled orders and missing key Spring, Summer and holiday demand. The Debtor estimates the supply-chain issues alone resulted in millions of additional costs and millions in sales losses. In addition, the Debtor experienced additional financial setbacks during this period, including cost overruns from the replacement of its Enterprise Resource Planning ("ERP") system in January 2021. An ERP system is software used to manage day-to-day business activities, including procurement and supply-chain operations. The cost to replace Debtor's ERP system, including the implementation and consulting fees, were significantly higher than the budgeted amount. Similarly, during this period Amazon implemented new product safety compliance testing which resulted in reduced online sales. Further, during this period, one important retailer, Canadian Tire, forced Debtor to recall certain products and replace a label. The recall resulted in lost sales and the estimated cost was over $250,000. In addition, the financial setbacks corresponded with Debtor's inability to obtain additional operating capital. Prior to the Petition Date, the Debtor maintained an operating line of credit through Alpine Bank. The debt with Alpine matured in June of 2022. The Debtor was unable to pay down the debt owed to Alpine by the maturity date and has filed a Chapter 11 case in an effort to repay Alpine and other creditors. The Debtor filed its voluntary petition pursuant to Chapter 11, Subchapter V of the Bankruptcy Code to focus on the sale of the business as a going concern under 11 U.S.C. Sec. 363, or alternatively, to complete an orderly liquidation of its assets (assuming Debtor does not receive a viable offer of investment in the meantime). In the proposed bidding procedures, the Debtor contemplates an Oct. 14, 2022 deadline for initial bids, and an auction for Oct. 19, 2022, or at such other date as determined by Debtor. According to court filings, Brand 44 LLC estimates between 50 and 99 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 Oct. 5, 2022, at 1:00 PM at Telephonic Chapter 11. Phone number 888-497-4718 and Participant Passcode: 6026644#. Proofs of claim are due by Nov. 10, 2022. About Brand 44 LLC Brand 44 LLC designs, manufactures and sells outdoor activities products through a variety of distribution channels, including through online sales, sporting good retailers, specialty catalogs and large retail stores. Brand 44 sells its products both in the United States and internationally on all five continents. Brand 44 LLC produces and sells its products under five product brand names: Slackers, Playzone Fit, American Ninja Warrior1, 4Fun and Plum Play. Brand 44 LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-13369) on September 2, 2022. In the petition filed by Edward T. O'Brien III, the Debtor reported assets and liabilities between $1 million and $10 million. Mark David Dennis has been appointed as Subchapter V trustee. The Debtor is represented by J. Brian Fletcher of Onsager Fletcher Johnson LLC. BRAZEN SKY: 1MDB Units Seek Chapter 15 Bankruptcy in the U.S. ------------------------------------------------------------- Eduard Gismatullin of Bloomberg Law reports that a unit of Malaysia's state-owned investment fund 1MDB -- which has spurred investigations around the world into deal-making and political patronage under former Prime Minister Najib Razak -- is seeking bankruptcy protection in the U.S. Brazen Sky Ltd., which is fully owned by 1Malaysia Development Bhd., filed for Chapter 15 in Southern District of Florida court, according to a filing. The document listed voluntary liquidation pending in the British Virgin Islands, where Brazen Sky is incorporated. The Debtors may seek orders under Chapter 15 in the US to have foreign proceedings enforced there. Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about $3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about $2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. About Brazen Sky Brazen Sky Limited was incorporated in the British Virgin Islands as a wholly owned subsidiary of 1 Malaysia Development Berhad ("1MDB") on July 12, 2012. Its purported purpose was to pursue investment and development projects for the economic benefit of Malaysia and its people, primarily through the issuance of various debt securities to fund these projects. Bridge Global Absolute Return Fund SPC was incorporated under the laws of the Cayman Islands on August 8, 2012. Brazen Sky was the sole investor in six segregated portfolios of the Bridge Global Fund. The main force behind 1MDB's establishment was the then Prime Minister of Malaysia, Najib. Najib was Chairman of 1MDB from 2009 to 2016. He additionally served as Minister of Finance and indirectly controlled 1MDB. Najib was sentenced to 12 years in prison in Malaysia in 2020 for corruption, money laundering, and abuse of power. He will stand trial for additional charges related to 1MDB. According to the liquidators, Brazen Sky and its related entities were part of the fraud perpetrated against 1MDB, a sovereign wealth fund owned by the Malaysian Ministry of Finance, in which numerous entities and individuals formed a network to divert and distribute funds to the fraudsters who orchestrated the fraud and to individuals and/or entities connected to them. An estimated total of US$ 8.5 billion was diverted and/or siphoned off from 1MDB and SRC International Sdn Bhd. Brazen Sky, Aabar-BVI, Tanore, Blackstone, Vasco, Selune, Pacific Rim, and Affinity were placed into liquidation pursuant to the BVI Insolvency Act 2003. The Cayman Court placed Bridge Global Fund into liquidation. Civil proceedings have been brought by the Liquidators and companies related to the Debtors in the BVI, Cayman Islands, Curacao, Barbados, USA, Hong Kong, Singapore and Switzerland to recover assets and claim damages. Brazen Sky Limited, Aabar Investments PJS Limited, Tanore Finance Corporation, Blackstone Asia Real Estate Partners Limited, Vasco Investment Services SA, Selune Limited, Pacific Rim Global Growth Limited and Affinity Equity International Partners Limited filed for Chapter 15 bankruptcy petition (Bankr. S.D. Fla. Lead Case No. 22-bk-16795) on Aug. 31, 2022 to seek recognition of the liquidation proceedings in the British Virgin Islands. The petitions were signed by Angela Barkhouse, Helen Janes, and Carl Jackson, the joint liquidators of the Debtors. Angela Barkhouse and George Kimberley Leck also filed a Chapter 15 petition for Bridge Global Absolute Return Fund SPC (Bankr. S.D. Fla. Case No. 22-16816) to seek recognition of the liquidation proceedings in the Cayman Islands. The liquidators' attorneys in the U.S.: SEQUOR LAW, P.A. Gregory S. Grossman Juan J. Mendoza Jennifer Mosquera 1111 Brickell Avenue, Suite 1250 Miami, Florida 33131 Telephone: (305) 372-8282 Facsimile: (305) 372-8202 E-mail: ggrossman@sequorlaw.com jmendoza@sequorlaw.com jmosquera@sequorlaw.com The 1MDB Fraud is also under investigation by the foreign representatives in the Chapter 15 cases of SRC Strategic Resources Limited, Case No. 22-12654-RAM, Bright Oriande Limited, Case No. 22-12655-RAM, and SRC International (Malaysia) Limited, Case No. 22-12656-RAM, pending before Judge Mark. BRAZOS ELECTRIC: Files Proposed ERCOT Deal, Bankruptcy Exit Plan ---------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Brazos Electric Power Cooperative filed its proposed Chapter 11 exit plan, which calls for paying Texas's grid operator as much as $1.44 billion and handing unsecured creditors a recovery of 89.5 cents on the dollar. The grid operator, the Electric Reliability Council of Texas, would receive about $1.15 billion when Brazos exits bankruptcy, about half of which would be distributed to market participants, according to court papers. Brazos would then pay about $165.6 million over 12 years to ERCOT, which would route the payments to market participants, along with about $116.6 million of proceeds from an asset sale. The deal would settle Brazos' long-running fight with ERCOT over whether the grid operator wrongly meddled in the state’s power market, resulting in sky-high bills that sent Brazos into bankruptcy. The $1.44 billion sum is a discount to the roughly $1.9 billion Ercot has said it is owed. About Brazos Electric Power Cooperative Brazos Electric Power Cooperative Inc. is a 3,994-megawatt transmission and generation cooperative which members' service territory covers 68 counties from the Texas Panhandle to Houston. It was organized in 1941 and the first cooperative formed in the Lone Star state with the primary intent of generating and supplying electrical power. At present, Brazos Electric is the largest generation and transmission cooperative in the state and is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system. Brazos Electric filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725) on March 1, 2021. At the time of the filing, the Debtor disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversees the case. The Debtor tapped Norton Rose Fulbright US, LLP as bankruptcy counsel, Foley & Lardner LLP and Eversheds Sutherland US LLP as special counsel, Collet & Associates LLC as investment banker, and Berkeley Research Group, LLC as financial advisor. Ted B. Lyon & Associates, The Gallagher Law Firm, West & Associates LLP, Butch Boyd Law Firm and Boyd Smith Law Firm, PLLC serve as special litigation counsel. Stretto is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtor's case on March 15, 2021. The committee is represented by the law firms of Porter Hedges, LLP and Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. and Lazard Freres & Co. LLC serve as the committee's financial advisor and investment banker, respectively. BRP GROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on BRP Group Inc. to negative from stable. At the same time, S&P affirmed its 'B' foreign and local currency long-term issuer credit ratings on the company and its 'B' debt ratings on its revolver and first-lien term loan B due 2027. The recovery ratings remain '3'. S&P said, "The revision of the outlook to negative from stable reflects that while underlying organic growth has been highly robust, leverage metrics are strained as a result of the company's rapid acquisition pace and modestly lower S&P Global Ratings adjusted margins relative to expectations. BRP stretched to complete its largest acquisition to date, Westwood Insurance Agency, in the second quarter and while we acknowledge there are long-term strategic benefits of the new partnership, the company's $375 million draw against its revolver to fund the deal strained pro forma adjusted leverage to 9.3x as of 12 months ended June 30, 2022 from 7.9x at year-end 2021. Additional factors weighing on leverage include contingent considerations, which per our criteria we view as debt obligations, and increased costs that we do not give EBITDA add-back credit for, including acquisition and recruiting costs, that are contributing to a large differential between S&P Global Ratings and company leverage metrics. While we forecast leverage to trend closer to 7.0x by year-end 2023 through organic growth and EBITDA margin expansion, we believe there is execution risk to improvement. "We view BRP's track record of organic expansion as a strength to the rating and a component in the company's path to deleveraging. Through the six months ended June 30, 2022, BRP reported organic growth of 20% driven by double-digit growth across all four segments of the business." The company cited outsized growth particularly in its MGA of the Future platform and Mainstreet business driven by the launch, momentum, and distribution of its proprietary homeowners' product and prior investments. As part of its growth philosophy, BRP opts to invest in the organic top line of the business to create more value and cash flow over the long term rather than the near term. For 2022, BRP is deploying roughly $50 million in additional investments primarily focused on headcount and technology in MGA of the Future and MainStreet businesses. Despite the investments, BRP still expects margins to expand by 50 basis points to 100 basis points in 2022 compared with the prior year. S&P said, "However, per our calculations, margins have contracted over the past 12 months ended June 30, 2022, relative to fiscal-year 2021 due to the growth of partnership and other expenses that we do not incorporate into our EBITDA calculations, as we view these items to be part of business operations. We expect margin improvement per S&P Global Ratings calculations over the forecast horizon as the size of excluded expenses decrease and BRP reaps the benefit of prior investments." S&P said, "Though there is execution risk, organic growth and margin momentum should support material deleveraging over the next year. Per our base case, we forecast organic growth of roughly 20% over 2022-2023 as we expect BRP to leverage recently acquired books of business, capabilities, and networks and to continue to launch additional products in its MGA of the Future business as part of its strategy to support high organic growth. As the company continues to scale and realize the benefit of strategic investments, we expect increased profitability as S&P Global Ratings-adjusted margins expand to 19%-21% in 2023 from 17%-19% in 2022. Based on these assumptions, we expect leverage to trend closer to 7.0x by year-end 2023." S&P said, "Additionally embedded in our assumptions is an expectation of moderation in partnership activity following two years of over $200 million in acquired revenue annually. We expect BRP to acquire roughly $100 million in revenues in 2022 with the Westwood partnership accounting for the majority at $82 million in revenue. While financial flexibility for acquisitions is constrained given the company's leverage position, we believe BRP will remain opportunistic. Our current forecast with leverage trending towards 7.0x assumes $50 million to $100 million in acquired revenue for 2023. Over the forecast horizon the company will need to digest existing deals while managing a double-digit growth pace. "While the company has grown since its IPO from the 44th largest broker in 2019 to the 18th largest broker in the U.S., according to 2022 Business Insurance ranking, it remains one of the smaller brokers we rate. Our weak business risk profile assessment captures the vulnerability of BRP as a smaller, though rapidly expanding, business operating in a highly competitive, fragmented, and cyclical middle-market industry. The company has made a name for itself in the marketplace since its decision to go public in 2019, accelerating growth through access to both capital and equity markets. While BRP benefits from brand recognition and access to public markets as a publicly traded company, it must also contend with heightened standards for transparency and operations. The company has identified material financial reporting weaknesses related to its internal control in connection with its fiscal-year 2018 audit, three of which have persisted through year-end 2021. The presence of material weaknesses illustrates the difficulties of being a young, fast-growing, public company. BRP is working toward remediating the material weaknesses, which we think will be resolved as BRP matures as a public company. "As a public company, BRP has accessed equity markets three times since its IPO to manage leverage, which we view as favorable to the rating. Current market volatility and lack of receptiveness, however, inhibits BRP from accessing that release valve in the near term. With market uncertainty, we have not incorporated any equity issuance into our forecasts over the next 12-18 months. Without the potential upside of share issuance to repay revolver borrowings, we do not expect material debt repayment beyond required amortization over the next twelve months. Our assessment of BRP's financial risk as highly leveraged reflects the company's significant amount of debt in its capital structure relative to its small EBITDA base. Pro forma for annualized EBITDA contributions from new partners, S&P Global Ratings debt to EBITDA for the rolling 12 months ended June 30, 2022, was about 9.3x. A major driver of the difference in our calculations versus company-calculated net leverage of 5.5x for the same period include certain EBITDA add-backs we do not give credit for, which have grown since year-end 2021. Additionally, we do not net cash against debt in our calculation because we think BRP will use its free cash flow mostly to fund acquisitions rather than pay down debt beyond required amortization. Per our criteria, we also treat operating leases and earnouts as debt obligations. Earnouts represent sizable liabilities on the company's balance sheet, and while BRP recently lowered the sum and paid a significant consideration in the second quarter of 2022 related to its Millennial Specialty Insurance (MSI) partnership, the transaction was funded through an additional revolver draw and therefore leverage neutral per our calculations. "Although leverage is above the rating tolerance, we expect the company to deleverage according to its stated intention to manage net leverage of 3.5x-4.5x through organic growth and margin expansion. The degree of improvement will depend on the level of organic growth and margin expansion and how the company manages cash and revolver capacity. Per our calculations, we expect leverage to trend toward 7.0x by year-end 2023, a level in line with similarly rated brokers. We also expect EBITDA interest coverage to remain above 2.0x and supportive of the rating despite deterioration from historical levels driven by the rising interest rate environment, though modestly hedged by the company's interest rate cap. "We assess BRP's liquidity as adequate based on our expectation that sources will exceed uses of cash by at least 1.2x over the next 12 months and for this to be sustained even with a 15% decline in EBITDA. This assessment is also based on qualitative factors that include sound relationships with banks and prudent risk management." Principal Liquidity Sources: -- Cash on balance sheet of $183.4 million as of June 30, 2022 Revolver capacity of $75 million ($525 million drawn as of June 30, 2022) -- $75 million to $100 million cash funds from operations Principal Liquidity Uses: -- Required paydown of debt through scheduled amortization ($8.5 million annually) -- Annual capital expenditure representing approximately 1%-2% of revenue -- Expected contracted earnout payments of $50 million to $100 million over the next year Discretionary cash spend on acquisitions S&P said, "The negative outlook reflects credit metric weakness relative to our run-rate expectations due to significant acquisition spending and EBITDA add-back exclusions. For 2023, we expect continued robust organic growth of approximately 20% and margin expansion to the 19%-21% range to result in S&P pro forma adjusted leverage to improve from around 9.0x at year-end 2022 to 6.5x-7.5x and coverage to remain above 2.0x despite rising variable rates. While we see a deleveraging path per our base case forecast, the negative outlook reflects the execution risk associated with material leverage improvement expected over the coming year. "We could lower our rating in the next 12 months if BRP's leverage remains well above 7.0x through 2023 or EBITDA interest coverage falls below 2.0x as a result of topline growth and margins below expectations and/or more aggressive financial policies. "We do not expect to upgrade in the next 12 months. We could revise the outlook to stable within the next 12 months if we believe the company will be able to demonstrate credit protection measures supportive of the rating on a sustained basis including debt to EBITDA trending toward 7.0x and EBITDA interest coverage remaining above 2.0x. This could occur if the company meets base case forecasts or through additional debt repayment beyond required amortization." BVI MEDICAL: Moody's Affirms 'Caa1' Corp. Family Rating ------------------------------------------------------- Moody's Investors Service affirmed BVI Medical, Inc.'s ("BVI") Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating and the Caa1 rating on the company's senior secured first lien debt. The rating affirmation reflects improved liquidity as the company paid down its revolver borrowing through the proceeds from a new EUR85 million 2nd lien term loan. Subsequent to this action, Moody's will withdraw the Corporate Family Rating and Probability of Default Rating from the borrowing entity (BVI Medical, Inc.). The CFR and PDR will move to the parent guarantor entity (BVI Holdings Mayfair Limited). Also, negative outlook will be assigned to the parent guarantor entity (BVI Holdings Mayfair Limited). This change places the CFR, PDR and outlook at the entity, which represents the entire credit group, and reports as such in the audited financial statements provided by the company. The change in location of the CFR does not signify any change in the company's credit profile or the creditworthiness of Moody's rated debt. The negative outlook reflects the company's very high leverage owing to disruptions caused by the coronavirus crisis, significant one-off expenses, and only gradual profit recovery. While freeing-up of revolver borrowing capacity is helpful, any deviation from current profit recovery expectations may raise the company's leverage and thus restrict its borrowing base to 35% of the total revolver amount to avoid testing of the covenants. Affirmations: Issuer: BVI Medical, Inc. Corporate Family Rating, Affirmed Caa1 Probability of Default Rating, Affirmed Caa1-PD Senior Secured 1st Lien revolving Credit Facility, Affirmed Caa1 (LGD3) Senior Secured 1st Lien Term Loan, Affirmed Caa1 (LGD3) Assignments: Issuer: BVI Holdings Mayfair Limited Corporate Family Rating, Assigned Caa1 Probability of Default Rating, Assigned Caa1-PD Outlook Actions: Issuer: BVI Medical, Inc. Outlook, Changed To No Outlook From Stable Outlook Actions: Issuer: BVI Holdings Mayfair Limited Outlook, Assigned Negative RATINGS RATIONALE BVI's Caa1 CFR reflects the moderate scale of the company based on sales and narrow concentration within its chosen markets in ophthalmology. The rating also reflects Moody's expectations that debt/EBITDA will remain above 8 times for the next 12 to 18 months. The company faces headwinds due to one-off costs and upfront expenses for new product launches, at least in the next couple of quarters, making the recovery of the company's profits uncertain. However, in the longer term, Moody's anticipates that improving procedure volumes and lower costs will aid the company's operating performance. The company also competes against many larger peers who have significantly greater financial resources. The rating is supported by BVI's long-standing presence in the cataract surgery materials, equipment and intraocular lens (IOL) market, strong operating margins, and a diverse global customer base. The company's liquidity is weak -- with $34 million in cash at the end of 6/30/2022, a substantial portion of which may be required to cover the possible cash burn in the next 6-12 months. Moody's notes that the company has struggled to generate positive free cash flow in the last 3 years. At this time, the company does have access to almost the entire EUR 65 million revolver. However, if earnings remain subdued and the first lien net leverage ratio rises above the covenant level (8.6 times -- credit agreement calculation). the company's revolver borrowing base could become restricted to 35% of the total revolving capacity. ESG considerations have a very highly negative(CIS-5) impact on BVI's rating. BVI's credit exposure to environmental risk considerations is neutral-to-low(E-2) in line with the overall exposure of the medical product and device industry. BVI has highly negative(S-4) credit exposure to social risk considerations arising from responsible production including compliance with regulatory requirements for the safety of its products as well as adverse reputational risks arising from recalls associated with manufacturing defects. Many of the company's products are implanted inside the human eye and are exposed to severe regulatory actions and product liability litigations. BVI's credit exposure to governance risk considerations is very highly negative(G-5). The company's governance risks reflect its highly aggressive financial strategy and risk management as the company maintains very high leverage. In addition, the company has a board structure, which is dominated by members representing the company's private equity sponsor - TPG Capital. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company's operating performance recovers, resulting in EBITDA comparable to pre-pandemic levels and positive free cash flow. Quantitatively, ratings could be upgraded if BVI sustains debt/EBITDA below 8.0 times while maintaining a good liquidity profile. Ratings could be downgraded if elective vision procedures remain deferred beyond Moody's current expectations, free cash flow remains negative for an extended period of time, or if liquidity erodes further. Headquartered in Waltham, Massachusetts, BVI Medical, Inc. (BVI) is a global manufacturer of products used in eye surgeries (primarily cataract procedures). BVI was acquired by private equity firm TPG Capital in August 2016. LTM revenues are approximately $325 million. The principal methodology used in these ratings was Medical Products and Devices published in October 2021. CAPSTONE GREEN: Launches Underwritten Public Stock Offering ----------------------------------------------------------- Capstone Green Energy has commenced an underwritten public offering of shares of its common stock and warrants to purchase shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Capstone Green Energy entered into an underwriting agreement with Lake Street Capital Markets, LLC, as representative of the several underwriters. Pursuant to the Underwriting Agreement, the Company agreed to sell to the Underwriters, and the Underwriters agreed to purchase for resale to the public, in an underwritten public offering (i) 2,934,498 shares of the Company's common stock, $0.001 par value per share and (ii) accompanying warrants to purchase an aggregate of 2,934,498 shares of Common Stock. The combined offering price to the public in the Offering was $2.75 per Share and accompanying Warrant to purchase one share of Common Stock, and the Underwriters agreed to purchase the Shares and accompanying Warrants from the Company pursuant to the Underwriting Agreement at a combined purchase price for one Share and accompanying Warrant of $2.585, representing an underwriting discount of 6%. Lake Street Capital Markets, LLC is acting as the sole book-running manager for the offering and Joseph Gunnar & Co. is acting as co-manager for the offering. Capstone intends to use the net proceeds from the offering for working capital, general corporate purposes and growth initiatives, including to expand its Energy as a Service long-term rental fleet. A shelf registration statement on Form S-3 (File No. 333-254547) relating to the securities being offered was filed with the U.S. Securities and Exchange Commission on March 22, 2021, and became effective on April 14, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained, when available, from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612) 326-1305, or by emailing syndicate@lakestreetcm.com. About Capstone Energy Capstone Green Energy Corporation is a provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. In April 2021, the Company added additional products to its portfolio and shifted its focus to four key business lines. Capstone reported a net loss of $20.21 million for the year ended March 31, 2022, a net loss of $18.39 million for the year ended March 31, 2021, Capstone reported a net loss of $21.90 million for the year ended March 31, 2020, and a net loss of $16.66 million for the year ended March 31, 2019. As of March 31, 2022, the Company had $100.77 million in total assets, $95.36 million in total liabilities, and $5.41 million in total stockholders' equity. CASH DEVELOPMENT: Seeks to Hire Jones & Walden as Legal Counsel --------------------------------------------------------------- Cash Development, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Cash Development Cash Development, LLC specializes in hauling, disposal, and recycling of construction demolition waste with its headquarters located at 2859 Paces Ferry Road, Suite 1150, Atlanta, GA, 30339. Cash Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41007) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. CASH ENVIRONMENTAL HOLDINGS: Taps Jones & Walden as Legal Counsel ----------------------------------------------------------------- Cash Environmental Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Cash Environmental Holdings Cash Environmental Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41008) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in both assets and liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. CASH ENVIRONMENTAL RESOURCES: Taps Jones & Walden as Counsel ------------------------------------------------------------ Cash Environmental Resources, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Cash Environmental Resources Cash Environmental Resources, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41006) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. CBL & ASSOCIATES: Farzana Khaleel to Step Down as CFO ----------------------------------------------------- Al Urbanski of Chain Store Age reports that Farzana Khaleel -- who led one of America's biggest owner-operators of malls through a complex financial restructuring and helped it emerge from Chapter 11 bankruptcy protection during the pandemic -- will step down as CFO of CBL Properties and enter into a consulting arrangement with the company. "I want to express my deepest appreciation and gratitude to Farzana for her invaluable contributions and dedication to CBL. She has worked tirelessly," said the company's CEO Stephen D. Lebovitz, who paid homage to the high level of respect she attained in the shopping center and real estate industries during more than 20 years at the Chattanooga-based company. "Farzana has been unwavering in her efforts to ensure that CBL is best positioned financially for a stable future and to generate ongoing success for our shareholders. She cares deeply about her team and the entire CBL organization and has always been one of CBL's biggest advocates," Lebovitz said. Replacing her will be investment banker Ben Jaenicke, formerly director of Wells Fargo Securities, who has served as an advisor to CBL for several years. He joins CBL as executive VP of finance and will step into its CFO role in January. "Ben's extensive experience working on strategic transactions and financings across the REIT space -- as well as his accounting and finance background --will be invaluable as CBL moves forward with its strategic priorities and pursues future opportunities," Lebovitz said. Before joining CBL in 2000, Farzana Khaleel worked at Lend Lease Real Estate Investments in Atlanta and served as deputy manager of Equitable Life Assurance Society's portfolio of real estate mortgages. About CBL & Associates Properties CBL & Associates Properties, Inc. -- http://www.cblproperties.com/ -- is a self-managed, self-administered, fully integrated real estate investment trust (REIT) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers, and office properties. CBL's portfolio comprised of 107 properties totaling 66.7 million square feet across 26 states, including 65 high-quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. CBL, CBL & Associates Limited Partnership and four other entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020 (Bankr. S.D. Tex. Lead Case No. 20-35226). Another 172 entities sought bankruptcy protection on November 2, 2020, and CBL/Regency I, LLC on November 13. Laredo Outlet Shoppes, LLC filed its Chapter 11 petition on May 26, 2021. The cases are jointly administered with CBL & Associates Properties' case as the lead case. The Debtors tapped Weil, Gotshal & Manges LLP as their legal counsel, Moelis & Company as restructuring advisor and Berkeley Research Group, LLC, as financial advisor. Epiq Corporate Restructuring, LLC, is the claims agent. * * * In August 2021, the Chapter 11 plan of mall owner CBL & Associates received bankruptcy court approval, and the company emerged from bankruptcy in November 2021. CBL & Associates Properties won approval of its reorganization plan that cut $1 billion in debt, mainly by handing ownership to bondholders. Under the plan, bondholders will get 89 percent of the new CBL and existing shareholders will get 11 percent. CELSIUS NETWORK: Committee Taps Elementus as Forensics Advisor -------------------------------------------------------------- The official committee of unsecured creditors of Celsius Network, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Elementus Inc. as its blockchain forensics advisor. The firm will render these services: a. provide advisory services with respect to on-chain flow of funds and Debtors' on-chain posture; b. assist with mapping Debtors' entities on-chain; c. assist with mapping Debtors' counterparties and related parties onchain; d. assist with tracing the flow of funds between Debtors and counterparties; e. assist with providing a reconciliation of all Debtors' transactions onchain; f. as required, assist with producing written reports and materials to illustrate and support on-chain findings; g. attend meetings and assistance in discussions with stakeholders and other third parties, as requested; h. render such other general business consulting or such other assistance as the committee or its counsel may deem necessary and as is ancillary to the services described above; and i. provide other assistance as Elementus and the committee shall mutually agree in writing. The firm will be paid at these hourly rates: Chief Data Scientist, CEO $1,000 Senior Data Scientist $800 - $900 Junior Data Scientist $600 - $800 Vice President $700 - $800 Senior Software Engineer $800 - $900 Junior Software Engineer $600 - $800 Project Manager $500 - $600 As disclosed in court filings, Elementus is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Max Galka Elementus Inc. 347 5th Ave Ste 1402-337 New York City, NY 10016 Phone: (917) 499-4711 Email: max@elementus.io About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. On July 29, 2022, the committee voted to retain White & Case as its counsel. The committee tapped Elementus as blockchain forensics advisor, M3 as its financial advisor, and Perella Weinberg Partners LP as its investment banker. CELSIUS NETWORK: Committee Taps M3 Advisory as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Celsius Network, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ M3 Advisory Partners, LP as its financial advisor. The firm's services include: a. assistance in the analysis, review and monitoring of the restructuring process, including, but not limited to an assessment of potential recoveries for general unsecured creditors; b. assistance in the review of financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash and crypto receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which court approval is sought; c. assistance in the review of the Debtors' prepetition capital structure, financing agreements, defaults under any financing agreement and forbearances; d. assistance with the review of the Debtors' analysis of core and non-core business assets, the potential disposition or liquidation of the same, and assistance regarding the review and assessment of any sales process relating to same; e. assistance in the review and/or preparation of information and analysis necessary for the preparation, proposal and confirmation of a plan and related disclosure statement in these Cases; f. attendance at meetings and assistance in discussions with the Debtors, potential investors, banks, other lenders, the committee and any other official committees organized in these Cases, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; g. assistance in the review of financial related disclosures required by the court, including schedules of assets and liabilities, statement of financial affairs and monthly operating reports; h. assistance with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; i. assistance in the evaluation, analysis and forensic investigation of avoidance actions, including fraudulent conveyances and preferential transfers and certain transactions between the Debtors and affiliated entities; j. assistance in the prosecution of committee's responses or objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the committee; k. Render such other general business consulting or such other assistance as the committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding; l. assistance and support in the evaluation of restructuring and liquidation alternatives; and m. provide such other assistance as is ancillary to the above or as M3 and the committee shall mutually agree. The firm will be paid at these hourly rates: Managing Partner $1,285 Senior Managing Director $1,155 Managing Director $970 - $1,100 Director $790 - $895 Vice President $710 Senior Associate $605 Associate $520 Analyst $415 M3 is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Mohsin Y. Meghji M3 Advisory Partners, LP 1700 Broadway, 19th Floor New York, NY 10019 Tel: (212) 202-2200 Email: mmeghji@m3-partners.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. On July 29, 2022, the committee voted to retain White & Case as its counsel. The committee tapped Elementus as blockchain forensics advisor, M3 as its financial advisor, and Perella Weinberg Partners LP as its investment banker. CELSIUS NETWORK: Committee Taps Perella as Investment Banker ------------------------------------------------------------ The official committee of unsecured creditors of Celsius Network, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Perella Weinberg Partners, LP as its investment banker. The firm will render these services: a. review and analyze the business, operations, liquidity situation, assets and liabilities, financial condition and prospects of the Debtors; b. review, analyze and report to the committee with respect to the Debtors' financial condition and outlook; c. evaluate the Debtors' debt capacity in light of its projected cash flows; d. review and provide an analysis of any valuation of the Debtors or its assets; e. review and provide an analysis of any proposed capital structure for the Debtors; f. advise and attend meetings with the committee related to the Debtors as well as due diligence meetings with the Debtors or other third parties as appropriate; g. advise and assist the committee's evaluation of the Debtors' near-term liquidity including various financing alternatives; h. review, analyze and advise the committee with respect to the existing debt structure of the Debtors, and refinancing alternatives to existing debt; i. explore alternative strategies for the Debtors as a stand-alone business; j. develop, evaluate and assess the financial issues and options concerning any proposed Transaction; k. analyze and explain any Transaction to the committee; l. assist and participate in negotiations with the Debtors on the committee's behalf; m. participate in hearings before the court with respect to the matters upon which PWP has provided advice and/or analysis, including, as relevant, coordinating with the committee's counsel with respect to any fact or expert testimony in connection therewith; and n. provide such other financial advisory services in connection with this matter as the committee from time to time reasonably request and which are customarily provided by investment bankers in similar situations. The firm will be paid as follows: (a) Monthly Advisory Fee. An advisory fee of $100,000 for each month of the engagement, prorated for any partial month, due and payable commencing on the engagement date; plus (b) Transaction Fee. A transaction fee of $5,750,000, payable promptly upon consummation of a transaction. Perella Weinberg is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Kevin Cofsky Perella Weinberg Partners LP 767 5th Ave New York, NY 10153 Phone: +1 212-287-3200 Fax 212-287-3201 pwpartners.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. On July 29, 2022, the committee voted to retain White & Case as its counsel. The committee tapped Elementus as blockchain forensics advisor, M3 as its financial advisor, and Perella Weinberg Partners LP as its investment banker. CELSIUS NETWORK: Committee Taps White & Case as Legal Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Celsius Network, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ White & Case, LLP as its counsel. The firm will render these services: (a) assist and advise the committee regarding its rights, powers, and duties under the Bankruptcy Code and in connection with these chapter 11 cases; (b) assist and advise the committee in its consultations and negotiations with the Debtors concerning the administration of the chapter 11 cases; (c) assist and advise the committee in its examination, investigation, and analysis of the acts, conduct, assets, liabilities, and financial condition of the Debtors, including without limitation, reviewing and investigating prepetition transactions, the operation of the Debtors' business, and the desirability of the continuance of such business; (d) assist and advise the committee in the formulation, review, analysis, and negotiation of any chapter 11 plan(s) that have been or may be filed and assist the committee in the formulation, review, analysis, and negotiation of the disclosure statement accompanying any chapter 11 plan(s); (e) take all necessary action to protect and preserve the interests of the committee and creditors holding general unsecured claims against the Debtors' estates, including (i) the investigation and possible prosecution of actions enhancing the Debtors' estates, and (ii) review and analysis of claims filed against the Debtors' estates; (f) review and analyze motions, applications, orders, statements of operations, and schedules filed with the bankruptcy court and advise the committee as to their propriety; (g) prepare on behalf of the committee all necessary pleadings, applications, memoranda, orders, reports, and other papers, including, if applicable, any request for appointment of a trustee or examiner under section 1104 of the Bankruptcy Code, in support of positions taken by the Committee; (h) represent the committee at all court hearings, statutory meetings of creditors, and other proceedings before this court; (i) assist and advise the committee in the review, analysis, and negotiation of any financing agreements; (j) assist and advise the committee as to its communications with its constituents regarding significant matters in these chapter 11 cases, including but not limited to, communications required under section 1102(b)(3) of the Bankruptcy Code; and (k) perform such other legal services as required or otherwise deemed to be in the interests of the committee in accordance with the committee's powers and duties set forth in the Bankruptcy Code, the Bankruptcy Rules, or other applicable law. The firm's hourly rates are as follows: Partners $1,270 to $1,900 per hour Counsels $1,120 per hour Associates $680 to $1,170 per hour Paraprofessionals $200 to $595 per hour Gregory Pesce, Esq., a partner at White & Case, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Pesce disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the Debtor in the 12 months prepetition; and -- the Debtor has approved White & Case's prospective budget and plan for the initial stages of the chapter 11 case. White & Case can be reached at: Michael C. Andolina, Esq. Gregory F. Pesce, Esq. White & Case, LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Tel: (312) 881-5400 Fax: (312) 881-5450 Email: mandolina@whitecase.com gregory.pesce@whitecase.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. On July 29, 2022, the committee voted to retain White & Case as its counsel. The committee tapped Elementus as blockchain forensics advisor, M3 as its financial advisor, and Perella Weinberg Partners LP as its investment banker. CENTENNIAL RESOURCE: Moody's Alters Outlook on B1 CFR to Positive ----------------------------------------------------------------- Moody's Investors Service has affirmed the ratings of Centennial Resource Production, LLC and revised its outlook to positive from stable. Centennial's SGL-1 short-term liquidity rating is unchanged. Concurrently, Moody's upgraded the senior unsecured rating of Colgate Energy Partners III, LLC (Colgate) to B2 from B3 with a positive outlook, following its merger with Centennial. Moody's will withdraw all the other ratings of Colgate, as Centennial is the surviving entity of the merger renamed as Permian Resources Operating, LLC. This rating action concludes the review for possible upgrade of Colgate's ratings initiated on May 20, 2022. "The positive outlook reflects Centennial's increased scale in the Permian basin and improved credit metrics as a result of its merger with Colgate, which has highly complementary assets" commented Thomas Le Guay, a Moody's Assistant Vice President and Analyst. "The successful implementation of cost synergies and further debt reduction to below $2.0 billion will be key considerations for an upgrade to Ba3." Upgrades: Issuer: Colgate Energy Partners III, LLC Senior Unsecured Global Notes, Upgraded to B2 (LGD5) from B3 (LGD5) (previously under review for upgrade) Affirmations: Issuer: Centennial Resource Production, LLC Corporate Family Rating, Affirmed B1 Probability of Default Rating, Affirmed B1-PD Senior Unsecured Global Notes, Affirmed B2 (LGD5) Withdrawals: Issuer: Colgate Energy Partners III, LLC Corporate Family Rating, Withdrawn , previously rated B2 (previously under review for upgrade) Probability of Default Rating, Withdrawn , previously rated B2-PD (previously under review for upgrade) Outlook Actions: Issuer: Centennial Resource Production, LLC Outlook, Changed To Positive From Stable Issuer: Colgate Energy Partners III, LLC Outlook, Changed To Positive From Rating Under Review RATINGS RATIONALE Centennial's B1 rating reflects the company's low cost of operations, its high-quality acreage in the core of the Delaware basin and consistent improvement in operating and capital efficiency. The rating further reflect Centennial's single basin exposure, increasing oil production mix, and earnings volatility on its majority unhedged oil price exposure. The positive outlook reflects Centennial's increased scale in the Permian basin and the potential for synergies from highly complementary assets that could lead to improved credit metrics. The Centennial and Colgate senior unsecured notes are rated B2, one notch below the B1 CFR, and benefit from the same guarantees from all the operating subsidiaries and parent following the merger. The notching on the notes reflects the effective subordination of the unsecured notes to the significant size of the $1.5 billion senior secured revolving credit facility. An increase in the revolver's commitment to the $2.5 billion borrowing base could result in a further notching of the bonds as they would become subordinated to a greater amount of secured debt. Centennial's SGL-1 Speculative Grade Liquidity Rating reflects its very good liquidity through 2023. The liquidity position is supported by its free cash flow generation and a $1.5 billion committed senior secured revolving facility maturing in February 2027, of which more than half was available at the closing of the merger. Moody's expects the company to pay back a large part of the outstanding amount through 2023 and does not expect borrowings thereafter as funds from operations will cover planned capital expenditures. The facility has two financial covenants including a maximum debt/EBITDAX of 3.5x and minimum current ratio of 1.0x. Moody's expects the company to remain well in compliance with its financial covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The upgrade of the CFR would require the successful achievement of cost synergies from the Colgate merger and debt reduction to below $2.0 billion. An upgrade would require LFCR to be sustained above 2x, and RCF/debt maintained above 40%. The B1 CFR may be downgraded if leverage weakens with RCF/debt below 25%, the company generates negative free cash flow, or its liquidity position weakens. The principal methodology used in these ratings was Independent Exploration and Production published in August 2021. Centennial Resource Production, LLC is an independent oil and gas exploration and production company in the Permian basin, operating across West Texas and New Mexico. Pro forma for its merger with Colgate, the company owns c. 180,000 net acres and produced c. 137 thousands of barrels of oil equivalent (Mboe/d) in the second quarter of 2022. Centennial is owned at 51% by a consortium of financial sponsors including NGP Energy Capital, Pearl Energy Investments and Riverstone Energy. The remaining 49% is publicly listed under Centennial's holding company Centennial Resource Development, Inc. (CDEV). CGSRE ACQUISITION: Seeks to Tap Shafferman & Feldman as Counsel --------------------------------------------------------------- CGSRE Acquisition Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Shafferman & Feldman LLP as its bankruptcy counsel. Shafferman & Feldman will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and the management of its property; (b) negotiate with creditors of the Debtor, prepare a plan of reorganization and take the necessary legal steps to consummate a plan; (c) appear before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) prepare legal documents; (e) appear before this court to protect the interests of the Debtor and its estate, and represent the Debtor in all matters pending before this court; and (f) perform all other legal services for the Debtor that may be necessary. Joel Shafferman, Esq., an attorney at Shafferman & Feldman, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel Shafferman, Esq. Shafferman & Feldman LLP 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About CGSRE Acquisition CGSRE Acquisition Corp. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22536) on Aug. 11, 2022. In the petition signed by James Harte, president, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Joel Shafferman, Esq. at Shafferman & Feldman, LLP is the Debtor's counsel. CHURCH OF THE DISCIPLES: Continued Operations to Fund Plan ---------------------------------------------------------- Church of the Disciples filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement regarding Plan of Reorganization dated September 5, 2022. Debtor is a non-profit entity and is the owner of the land and building known as 4906 Harford Road, Baltimore, MD 21214 and the adjacent lot on the southwest side of Shirey Avenue (the "Property"). The Property is utilized as a Church. The Property is subject to two deeds of trust held by Worthington Alternative Capital, LLC ("Worthington" or the "Lender"). After the Lender scheduled a foreclosure sale with respect to the Property, the Debtor made the decision to file a Chapter 11 bankruptcy to allow it to reorganize its financial affairs. Class 1 consists of the secured claims of Worthington Alternative Capital, LLC. Pursuant to the Debtor's schedules, Worthington is owed $123,291 as of the Petition Date. While there are two loans between the Debtor and Worthington Alternative Capital, LLC, the Debtor believes that combining both loans for purposes of treatment under the Plan is in the best interests of the Debtor and the creditors. Unless the holder of the Class 1 claim agrees to less favorable treatment, the holder of the Class 1 claim shall receive 100% of its Allowed Secured Claim and, to the extent allowable, interest at the rate of 6% per annum on such Allowed Secured Claim, in equal monthly payments of $1,620 over a term of 8 years, commencing 30 days after the Effective Date. The holder of the Class 1 claim shall retain its liens on the Property until receipt of payment satisfying the Secured Claim in full. The Class 1 claim is impaired under the Plan. The monthly payments to the holder of the Class 1 claim shall consist of principal and interest and the Class 1 claim is fully amortized. Class 3 consists of general unsecured claims. Unless the holder of a Class 3 claim agrees to less favorable treatment, holders of Class 3 claims shall receive such holder's Pro Rata share of the distributions from the DIP Account until either (a) such holder has received 5% of the Class 3 claim or (b) the DIP Account is without further assets to distribute. No holder of a Class 3 claim shall receive a distribution greater than the amount of such holder's Allowed Claim. The Class 3 claims are impaired under the Plan. Class 4 consists of membership interests in the Debtor. As a non profit religious corporation, there are no membership interests in the Debtor. Church of the Disciples' assets consist primarily of the Real Property. The Debtor believes that the fair market value of the Real Property is approximately $380,000. The Debtor's other assets consist of those assets set forth in its schedules: church pews, prayer books, bibles, and assorted office equipment. Subsequent to confirmation of the Plan, the Debtor will continue to operate and generate revenues sufficient to fund the Plan. These revenues consist of tithes and donations from its members and rental income. The Debtor has been actively working to increase its membership base, which will, in turn, increase its member's tithes and donations. The Debtor currently leases part of its Property to Thieman Tree Service and receives $800 per month pursuant to a lease agreement between the Debtor and Thieman Tree Service. A full-text copy of the Disclosure Statement dated September 5, 2022, is available at https://bit.ly/3TVVpyU from PacerMonitor.com at no charge. Attorney for the Church of the Disciples: Aryeh E. Stein, Esq. MERIDIAN LAW, LLC 1212 Reisterstown Road Baltimore, MD 21208 Tel: (443) 326-601 About Church of the Disciples Church of the Disciples, which owns a church at Harford Road, Baltimore, Maryland, filed a petition for Chapter 11 protection (Bankr. D. Md. Case No. 20-18368) on Sept. 11, 2020, listing up to $50,000 in assets and up to $100,000 in liabilities. John B. William, pastor, signed the petition. Judge Michelle M. Harner oversees the case. The Debtor tapped Meridian Law, LLC, as legal counsel. COAL NETWORK: Seeks to Hire Dentons Bingham as Legal Counsel ------------------------------------------------------------ Coal Network, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to hire Dentons Bingham Greenebaum LLP as its counsel. The firm will render these services: a. advise the Debtor with respect to its rights, duties and powers in this Chapter 11 Case; b. assist and advise the Debtor in its consultations with creditors as well as the Subchapter V Trustee relating to the administration of this Chapter 11 Case; c. assist the Debtor in analyzing the claims of creditors, the Debtor's capital structure, and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Debtor's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor and of the operation of the Debtor's business; e. assist the Debtor in its analysis of, and negotiations with third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtor; f. represent the Debtor at all hearings and other proceedings; g. review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; h. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and i. perform such other services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties. The firm will be paid at these rates: James R. Irving, Partner $575 per hour G. Christopher Van Bever, Partner $430 per hour April A. Wimberg, Partner $400 per hour Gina M. Young, Associate $310 per hour Jennifer Weber, Paralegal $215 per hour Dentons does not have an interest adverse to the Debtor, its bankruptcy estate or any class of creditors or equity security holders by reason of any direct or indirect relationship to, connection with or interest in the Debtor, or for any other reason, according to court filings. The firm can be reached through: James R. Irving, Esq. April A. Wimberg, Esq. Gina M. Young, Esq. DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower, 101 S. Fifth Street Louisville, KY 40202 Telephone: (502) 589-4200 Email: james.irving@dentons.com april.wimberg@dentons.com gina.young@dentons.com About Coal Network LLC Coal Network LLC -- http://www.coalnetwork.com-- is a turnkey solution provider focused specifically on coal and blended coal products. Coal Network LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 22-10098) on August 17, 2022. In the petition filed by Ramesh Malhotra, as president, the Debtor reported assets and liabilities between $1 million and $10 million. Michael E. Wheatley has been appointed as Subchapter V trustee. April A. Wimberg, Esq., at Dentons Bingham Greenebaum LLP, is the Debtor's counsel. COAL NETWORK: Seeks to Hire Stoll Keenon Ogden as Special Counsel ----------------------------------------------------------------- Coal Network, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Stoll Keenon Ogden PLLC as its special counsel. The firm will render these legal services: (a) take all necessary or appropriate action to protect and preserve the estate of the Debtor; and (b) prepare legal papers. The firm received a retainer of $20,000. Adam Back, Esq., a member at Stoll Keenon Ogden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam M. Back, Esq. Timothy R. Wiseman, Esq. Stoll Keenon Ogden PLLC 300 West Vine Street, Suite 2100 Lexington, KY 40507-1801 Telephone: (859) 231-3000 Email: adam.back@skofirm.com tim.wiseman@skofirm.com About Coal Network Coal Network LLC -- http://www.coalnetwork.com-- is a turnkey solution provider focused specifically on coal and blended coal products. Coal Network LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 22-10098) on Aug. 17, 2022. In the petition signed by Ramesh Malhotra, president, the Debtor reported assets and liabilities between $1 million and $10 million. Michael E. Wheatley has been appointed as Subchapter V trustee. Judge Tracey N. Wise oversees the case. April A. Wimberg, Esq., at Dentons Bingham Greenebaum LLP, is the Debtor's bankruptcy counsel while Stoll Keenon Ogden, PLLC is the Debtor's special counsel. COASTAL LANDFILL: Seeks to Tap Jones & Walden as Legal Counsel -------------------------------------------------------------- Coastal Landfill Disposal of Florida, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden, LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Coastal Landfill Disposal of Florida Coastal Landfill Disposal of Florida, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41009) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. COVETRUS INC: S&P Assigns 'B-' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'B-' long-term issuer credit rating to Portland, Maine-based animal health distributor Covetrus Inc. and its 'B-' issue-level rating and '3' recovery rating to the company's first-lien credit facilities. S&P's stable outlook reflects our expectation for 4%-5% annual organic revenue growth, adjusted EBITDA margins improving 50-100 basis points (bps) to about 5%-6%,and positive adjusted free cash flow to debt of 2%-3%. It also reflects S&P's expectation for an aggressive financial policy that prioritizes growth investment and shareholder returns over debt repayment. Covetrus' very high leverage and thin cash flow is a key credit risk. S&P said, "We expect adjusted debt to EBITDA of about 8x in 2022 and mid-7x in 2023, based on our expectation for Covetrus to increase its market share in its pharmacy and software businesses and primarily raise prices in its distribution business, resulting in low double-digit EBITDA growth. While the company's adjusted debt/EBITDA is not as high as a number of other rated health care companies (e.g., the veterinary consolidators), we expect the company's low EBITDA margins of around 5% and capital expenditures of around 1% of revenue will lead to limited free cash flow generation in 2022 and 2023. As a result, Covetrus does not have significant near-term flexibility to invest more in growth organically or make debt-funded acquisitions without generating a cash flow deficit, in our opinion. As EBITDA grows, we do not expect Covetrus to sustain materially lower leverage, but instead think the company will invest in growth, likely via acquisition, or make a debt-funded shareholder dividend." S&P said, "We view animal health products distribution as a very competitive business, despite favorable long-term trends. Covetrus maintains the leading global market share (nearly 30%), distributing animal health products in the U.S., Europe, and Asia, but we consider its adjusted EBITDA margins of around 4.6% in 2021 and 5%-5.5% for the next couple years, below average for a distributor (average margin at about mid- to high-single digit), especially considering 13% of revenue is from the higher margin pharmacy and software businesses. In the distribution business, Covetrus primarily competes with two other large animal health-focused distributors (i.e, MWI and Patterson [not rated]), and pricing is very competitive because most of the Nonpharmaceutical products are highly substitutable. In addition, Covetrus cannot dictate price for its pharmaceutical products because its suppliers such as Zoetis, Merck, Elanco, and Boehringer Ingelheim (not rated) have significant power due to their unique proprietary products. This places a significant burden on expense control and the company is still relatively new as a stand-alone entity after spinning out of Henry Schein in February 2019. For the past couple of years, the company also had some challenges in Europe (about 30% of revenue), leading to the shutdown of the business in France, as well as losing Merck as a supplier in the U.K., at least temporarily. We believe the European market is very different from the U.S., providing some degree of diversification but also requiring extra attention from management to execute effectively. "We think the animal care industry is attractive and growing quickly given the rates of pet adoption and the increasing "humanization" of pets, but we do not think Covetrus benefits from the end-customer's willingness to pay for animal health services as much as veterinary offices. Despite near-term headwinds to veterinary visit volume due to economic uncertainty and lower adoption rates post pandemic, we expect volumes to grow at a healthy rate over the next five-10 years. We think Covetrus' revenue is subject to the volume of veterinary visits, but has less pricing flexibility than veterinary practices, which regularly raise prices faster than inflation. Compared to veterinary practices, Covetrus does not have the same disruptive labor challenges in terms of labor shortages, but is still subject to higher general and administrative expenses due to inflation. As the vet industry consolidates, Covetrus should grow market share as a vendor of choice for the large veterinary consolidators because of its nationwide distribution network, but this also means lower margins due to volume discounts. Given the favorable long-term volume trends, we think Covetrus will continue to make tuck-in acquisitions, which will likely keep financial leverage high given limited free cash flow to invest." The higher growth mail-order pharmacy and software segments are well positioned but outside of Covetrus' core competency. Covetrus is uniquely positioned with its combination of distribution services, white-label online pharmacy, and software to run the vet offices, creating advantageous cross selling opportunities. Covetrus has combined best-in-class offering with leading global market share in all three segments. S&P expects combined revenue growth in the low-teens from the two segments from higher adoption rates and some market share gains, but we see the potential for higher-than-expected expenses because these businesses are very different than distribution in terms of the talent and management. The labor market for software engineers is very tight, so these segments could experience more persistent inflationary pressure, although some of this can be offset with greater pricing power than in the distributor business. S&P said, "We think the company will need to invest heavily to continue to grow adoption of its pharmacy platform because veterinarians are generally focused on animal care and slow to adopt new processes. That said, we do think vets are incentivized to guide patients to Covetrus' online pharmacy because they receive a service fee, do not need to hold excess inventory, and customers generally receive the same price as through other vendors. Other online pharmacies like Chewy have made in-road in this market due to strong brand name and regular contact with pet owners, and could continue to take market share with telemedicine offerings that circumvent the traditional vet model. However, we think greater adoption of online pharmacies in general, as opposed to in-office dispensing, will outweigh a small erosion in market share to companies like Chewy. "On the software side, we think this offering has lower barriers to entry because a software focused start-up could take market share with a superior user experience, especially as the company embarks on a switch to cloud-based software. This shift to the cloud is also years behind human health care software, so we think Covetrus will need to continue to invest to stay cutting-edge. Additionally, the move to the cloud requires running parallel software offerings, which adds some additional maintenance costs. "Partly offsetting the above risks, the veterinary industry is less cyclical than most industries and Covetrus has an established position with the leading market share across all three segments. In the 2008-2009 financial crisis, large veterinary providers (e.g., VCA Animal Health) reported only a small decline in revenue and rebounded quickly. Furthermore, we think Covetrus can pass-along price increases from suppliers to customers, so we do not expect sustained margin pressure from higher sourcing costs. We also see upside to the company's margins as it matures as a standalone company and gains operating leverage from its software businesses. "We believe its distribution network is its main competitive advantage since it takes a lot of resources and industry knowhow to distribute supplies and drugs across the country in a timely and efficient manner. Covetrus is using its market position to offer more proprietary brands, which are typically competitive on price but higher margin. Although it has some supplier concentration with four pharmaceutical providers representing about 40% of distribution revenue, Covetrus has diverse supplier relationships for the remainder of its products. The company also has very little customer concentration, given the veterinary industry is still very fragmented. "The stable outlook reflects our expectation that Covetrus will generate low- to mid-single digit percentage organic revenue growth and grow EBITDA margins to the 5% to 6% range. At the same time, we expect the company's aggressive debt-financed growth strategy will cause it to sustain adjusted debt to EBITDA above 7x and adjusted free operating cash flow to debt in the 2% to 3% range through 2023. "We could lower the rating if Covetrus' free cash flow is not able to cover fixed charges, including debt amortization. This could happen if the company experienced a 50-basis-point decrease in gross margins, failing to maintain the improved cost efficiency since 2021. "We could raise the rating if we expected the company's adjusted free cash flow to debt sustained in the 3%-4% range. In this scenario we expect adjusted leverage to be around 5x-6x." 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 Covetrus Inc. Our highly leveraged assessment of the company's financial risk profile reflects its corporate decision-making that prioritizes the interests of its controlling owners, which is in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects private-equity sponsors' generally finite holding periods and focus on maximizing shareholder returns." CREATION TECHNOLOGIES: S&P Cuts ICR to 'B-', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on electronic manufacturing services (EMS) provider Creation Technologies Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan to 'B-'. The '3' recovery rating is unchanged. The negative outlook reflects S&P's view that while customers' demand for Creation Technologies' EMS products will remain strong, the prolonged semiconductor supply chain shortage could persist beyond 2022 such that the company's revenue and EBITDA remain hampered, leading to continued high leverage, negative unadjusted FOCF, and lower liquidity in 2023. Prolonged semiconductor supply chain shortages have continued to hamper most technology hardware companies such as Creation Technologies. S&P said, "The strong demand for semiconductors persists such that we have seen only marginal improvement to semiconductor chip supply for technology hardware companies over the past 12 months. While some companies have been able to source their chips, most technology hardware companies remain constrained by this situation, especially smaller EMS providers. For many EMS companies, this semiconductor supply chain issue is completely out of their control and might take time to be fixed. Due to the unpredictability of this supply chain issue, we could easily see semiconductor shortages continuing to hamper technology hardware companies into 2023." Supply chain issues have constrained Creation Technologies' financial performance. S&P believes that demand for its products was strong but the inability to source all its semiconductor chips negatively affected Creation Technologies' first-half revenue almost 10% and EBITDA more than 25% in 2022. The company's aerospace and defense (A&D) products division was hit the hardest by this issue as A&D products generally need less advanced chips for which the chip suppliers are reluctant to create significant additional capacity. The increase in inventory from not being able to source its chips made its working capital use larger than expected, which forced Creation Technologies to draw on its asset-backed loan (ABL) credit facility over the past three quarters, increasing leverage above 10x as of its second quarter of 2022. While Creation Technologies has improved its liquidity, the continued semiconductor supply chain shortage could create additional liquidity issues in 2023. Creation Technologies acquired two companies last September and instituted a new credit facility to pay for these acquisitions. Creation closed the deal with $16 million of cash on its balance sheet and $50 million deemed availability under its $90 million ABL credit facility. The ABL availability increased to the full $90 million when collateral work was completed in first quarter of 2022 supporting more than $150 million in collateral. However, the ongoing semiconductor supply chain shortage has hampered its ability to source all its chips, affecting its ability to produce and ship its products over the past 12 months. This has caused an increase in working capital uses, specifically inventory, which has forced Creation Technologies to draw on its ABL credit facility in both the fourth quarter of 2021 and first quarter of 2022. Based on significant collateral and lender support, Creation increased its ABL credit facility to $130 million in April 2022. S&P said, "These ongoing semiconductor supply chain issues will likely hamper Creation Technologies' revenue, EBITDA, and working capital such that we expect it will generate more than negative $30 million of free FOCF in 2022. Also, due to its negative FOCF generation in second quarter of 2022, the company had to further draw on its ABL revolver in second quarter of 2022. To improve this situation, Creation Technologies has been working closely with its customers to procure payments for inventory such that its customer deposits now cover 25% of inventory. While liquidity will remain constrained by the ABL draw, we believe the company's almost $90 million of total liquidity will help it manage its capital structure into end of 2022." However, if there is continued semiconductor supply chain issues into early 2023 such that inventory does not improve and Creation generates additional negative FOCF, liquidity could fall below an area that could be considered unsustainable. Although the semiconductor supply chain shortage has hampered Creation Technologies' revenue, the demand for its products remains strong. Even as most technology hardware companies continue to deal with the chip shortage issue, demand for Creation Technologies' products remain strong. S&P has seen backlog grow for many technologies hardware companies as customers continue to place orders that might not get shipped for many quarters depending on the supply chain. Creation Technologies also continues to see strong customer demand. It has improved its backlog to over $1.3 billion, with almost 70% of that secured by customer purchase orders. Customers continue to work with the company as inventory deposits continue to rise, which allows it to pass some working capital use to its customers. Customers have also been willing to take on some of the higher costs associated with materials, labor, and freight. While revenue will continue to be constrained by the chip shortage, S&P expects improved EBITDA margins in the second half of 2022 to help bring the company's leverage to the high-8x area in 2022. S&P said, "The negative outlook reflects our view that while customers' demand for Creation Technologies' EMS products will remain strong, the prolonged semiconductor supply chain shortage could persist beyond 2022 such that the company's revenue and EBITDA remain hampered, leading to continued high leverage, negative unadjusted FOCF, and lower liquidity in 2023. "We could look to lower our rating on Creation Technologies if we believe that its capital structure is unsustainable. That could occur if the macroeconomic environment or semiconductor shortage results in the company generating larger-than-expected negative unadjusted FOCF. We could also look to downgrade if we see its total liquidity fall below $50 million. "We could stabilize our outlook on Creation Technologies if we believed that it would sustain leverage below the 9x area and generate positive unadjusted FOCF through the semiconductor supply chain issues and tougher macroeconomic environment. This could occur if Creation Technologies fully achieves its revenue goals due to supply chain improvements and the full realization of its synergies." 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 Creation Technologies Inc., as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." CSK PROPERTIES: Seeks to Hire Bharti Mathur CPA as Accountant ------------------------------------------------------------- CSK Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Bharti Mathur, CPA, managing partner at Upstate CPAs, as its accountant. Ms. Mathur will charge $2,300 to prepare the state and federal tax returns for Debtor for tax periods ending Dec. 31, 2021. Ms. Mathur assured the court that she neither holds nor represents an interest adverse to the Debtor's estate. The accountant can be reached at: Bharti Mathur, CPA Upstate CPAs 775 Spartan Boulevard, Suite 202 Spartanburg, SC 29301 Phone: (864) 587-0667 Email: bmathur@upstatecpas.com About CSK Properties CSK Properties, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.S.C. Case No. 22-00292) on Feb. 6, 2022, disclosing as much as $1 million in both assets and liabilities. Judge Helen E. Burris oversee the case. The Debtor tapped Robert Pohl, Esq., at Pohl, P.A. as legal counsel and Bharti Mathur, CPA of Upstate CPAs as accountant. DOCUPLEX INC: Files Subchapter V Case ------------------------------------- Docuplex Inc. filed for chapter 11 protection in the District of Kansas. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor owns and operates a print and mailing company, providing all varieties of commercial printing, finishing, and direct mailing services. The Debtor is one of the largest providers of these services in Wichita, Kansas. The Debtor does not own any real property, but owns a significant amount of furniture, fixtures, machinery, equipment, rolling stock, and inventory used in the operation. The Debtor intends to reorganize its business and restructure its liabilities. In order to do so, the Debtor must continue to pay its ongoing expenses for vendors, leases, labor, utilities, maintenance and repairs, professionals, and other ordinary operational costs. The Debtor has filed motions to use cash collateral and pay payroll. Equity Bank is the Debtor's lone secured creditor. According to court filings, Docuplex Inc. estimates between 50 and 99 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. 27, 2022, at 1:30 PM at Conf Call by US Trustee. Proofs of claim are due by Nov. 14, 2022. About Docuplex Inc. Docuplex Inc. -- www.docuplex.com/ -- is a printing company that provides commercial and digital printing. The Debtor filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 22-10734) on Sept. 2, 2022. In the petition filed by Gina Cherry, as controller, the Debtor reported assets and liabilities between $1 million and $10 million. George Matthew Barberich, Jr., has been appointed as Subchapter V trustee. The Debtor is represented by David T Prelle Eron of Prelle Eron & Bailey, PA. ELITE INVESTORS: Unsecureds to be Paid in Full in Sale Plan ----------------------------------------------------------- Elite Investors, Inc. filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan of Liquidation dated September 5, 2022. The Debtor was originally formed in 1996 by its principal Thomas Ippolito as a real estate investment and management company. The only other shareholder of the Debtor at the time of its formation was Mr. Ippolito's wife Joan Ippolito. The Debtor acquired the real property that serves as its present location at 2103 River Road, Point Pleasant, NJ 08742 (the "Property"). Unfortunately, due to an acrimonious divorce between Mr. and Mrs. Ippolito, as well as the failure of another business established by Mr. Ippolito that was paying the Debtor rent for the use of the Property, the Debtor was unable to pay the monthly mortgage payments due on the mortgage held by The Bank of New York Mellon. In an effort to cure the default, Mr. Ippolito on behalf of the Debtor attempted to enter into a joint venture with a local developer given the unique location of the Property, that together with an adjoining property that is owned by him personally is located at the intersection of the Manasquan River and the Point Pleasant Canal, but was unable to enter into a final agreement prior to the scheduling of a Sheriff Sale on the Property that led to the filing of this emergency Ch. 11 petition with the Court. In an attempt to satisfy the claims of the entire creditor base of the Debtor in full Mr. Ippolito has come to the difficult decision that the best and most expeditious way of doing so given the unprecedented spike in residential real estate values in the Ocean and Monmouth County areas post COVID-19 and the location of the Property would be to sell the Property. Based on discussions he has had with the Court appointed broker he is confident that the Property will sell within the 6 month period and will result in payment in full of all allowed claims. This is a Liquidation Plan. In other words, the Proponent seeks to liquidate its assets to satisfy the Plan obligations. The Effective Date of the proposed Plan is the date on which the Order of Confirmation becomes final. Class 1 consists of the Secured Claim of PHH Mortgage Corporation on behalf of The Bank of New York Mellon. The allowed Secured Claim of PHH Mortgage Corporation shall be paid from the sale of the Debtor's Real Property which shall occur within 6 months subsequent to the Effective Date. If the Real Estate is not sold within the 6 month period, an auctioneer shall be retained by the Debtor and the Real Estate sold at auction sale. Class 2 consists of the Secured Claim of Global Funding Dynamics, Inc. The claim of Global Funding Dynamics, Inc. shall be the subject of a Motion to Expunge Claim. Class 3 consists of the Secured Claim of Sunny Raja. The claim of Sunny Raja shall be the subject of a Motion to Expunge Claim. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $7,335.50. General Unsecured Claims shall be paid in full from the sale of the Debtor's Real Property which shall occur within 6 months subsequent to the Effective Date. If the Real Estate is not sold within the 6 month period, an auctioneer shall be retained by the Debtor and the Real Estate sold at auction sale. The Plan will be funded from the sale of the Debtor's Real Property located at 2103 River Road, Point Pleasant Beach, NJ 08742. A full-text copy of the Disclosure Statement dated September 5, 2022, is available at https://bit.ly/3x9KNmx from PacerMonitor.com at no charge. Attorney for Debtor: Eugene D. Roth, Esq. Valley Park East 2520 Highway 35, Suite 307 Manasquan, New Jersey 08736 Telephone: (732) 292-9288 About Elite Investors Inc. Elite Investors Inc. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the fee simple owner of a property located at 2103 River Road, Point Pleasant, NJ valued at $1.58 million. Elite Investors Inc. sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 22-13766) on May 9, 2022. In the petition filed by Thomas Ippolito, as president, Elite Investors estimated assets between $ million and $10 million and estimated liabilities between $500,000 and $1 million. Eugene D. Roth, Esq., of LAW OFFICE OF EUGENE D. ROTH, is the Debtor's counsel. ENPRO INDUSTRIES: Timken Transaction No Impact on Moody's Ba3 CFR ----------------------------------------------------------------- Moody's Investors Service says that EnPro Industries, Inc.'s agreement to sell its GGB business to The Timken Company for $305 million and strategic review of its Garlock Pipeline Technologies, Inc. (GPT) business is credit positive. EnPro's ratings, including its Ba3 Corporate Family Rating, are unaffected. Moody's views the divestiture and potential sale as credit positive because of the expected meaningful proceeds to be received that will enhance the company's already good liquidity and increase capacity for debt reduction. Charlotte, North Carolina based EnPro Industries, Inc. manufactures and markets a variety of proprietary engineered products, including sealing products, specialized optical filters and thin-film coatings for various end markets including the semiconductor, industrial technology, and life sciences end markets. The company also manufactures and markets heavy duty truck wheel-end component systems; and other engineered products for use in critical applications by industries worldwide. The company's revenue totaled approximately $1.2 billion for the twelve months ended June 30, 2022. EXCELSIOR SECURITY: Taps Juliya Moody of Bookkeeping as Accountant ------------------------------------------------------------------ Excelsior Security Agency of North Florida, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Juliya Moody, CPA of Bookkeeping and Accounting of Florida, Inc. as its accountant. Ms. Moody will assist in the preparation of the Debtor's financial reports, federal income tax returns and monthly operating reports. The accountant will be compensated on an hourly basis at rates ranging from $81 per hour for staff to $125 per hour for its partners, supervisors and senior accountants. Ms. Moody's hourly rate is $125 per hour. As disclosed in court filings, Ms. Moody and her firm constitute a "disinterested person" within the meaning of Sections 101(14) and 327(a) of the Bankruptcy Code. The accountant can be reached through: Juliya Moody, CPA Bookkeeping and Accounting of Florida, Inc. 9905 Old St Augustine Rd #501 Jacksonville, FL 32257 Phone: +1 904-333-1041 Email: jmoody@banda-cpa.com About Excelsior Security Agency of North Florida Excelsior Security Agency of North Florida, Inc., a security services provider in Jacksonville, Fla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01609) on Aug. 19, 2022. In the petition signed by Bobby J. Lingold, vice president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Bradley R. Markey, Esq., at Thames Markey is the Debtor's legal counsel while Juliya Moody, CPA of Bookkeeping and Accounting of Florida, Inc. is the Debtor's accountant. EXWORKS CAPITAL: Taps PKF Mueller as OCP to Provide Tax Services ---------------------------------------------------------------- Exworks Capital, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ PKF Mueller as an ordinary course professional providing post-petition tax preparation and filing services. PKF Mueller quoted the cost for its tax preparation and filing services at less than $40,000. As disclosed in the court filing, PKF Mueller neither represents nor holds any interest materially adverse to the Debtor and its estate with respect to the matter for which it is to be employed. The firm can be reached through: Scott Anderson PKF Mueller 1707 N. Randall Road, Suite 200 Elgin, IL 60123 Tel: 847-888-8600 Fax: 847-888-0635 Email: sanderson@pkfmueller.com About Exworks Capital ExWorks Capital, LLC, a company engaged in financial investment activities, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10213) on March 14, 2022, listing up to $500,000 million in assets and up to $10 million in liabilities. David M. Klauder serves as Subchapter V trustee. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Baker & Hostetler, LLP as bankruptcy counsel and King & Spalding, LLP as special counsel. F-12 ENTERTAINMENT: Case Summary & Six Unsecured Creditors ---------------------------------------------------------- Debtor: F-12 Entertainment Group, Inc. DBA Cheetahs Gentlemen's Club FDBA Jaguars Gentlemens Club FDBA MDG, Inc. FDBA Red Eye Jacks Sports Bar, Inc. 8105 Clairemont Mesa Blvd. San Diego, CA 92111 Business Description: The Debtor operates an adult entertainment club. Chapter 11 Petition Date: September 8, 2022 Court: United States Bankruptcy Court District of Nevada Case No.: 22-13215 Judge: Hon. August B. Landis Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzlawnv.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Buonantony as president. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GZ6RR6Q/F-12_ENTERTAINMENT_GROUP_INC__nvbke-22-13215__0001.0.pdf?mcid=tGE4TAMA FIRST GUARANTY: Sells $15 Million Loans to Fannie Mae ----------------------------------------------------- Daniel Gill of Bloomberg Law reports that bankrupt First Guaranty Mortage Corp. reached a settlement to lower creditor Fannie Mae's claims, a deal that includes a sale of up to $15 million of loans. Fannie Mae, a company that spurs mortgage lending by securitizing loans, claimed that it's owed about $2.6 million from First Guaranty, according to filings Thursday in the US Bankruptcy Court for the District of Delaware. Under the proposed settlement, Fannie Mae would buy up to $15 million from First Guaranty's portfolio of eligible loans. First Guaranty also agreed to grant Fannie Mae broad liability releases. About First Guaranty Mortgage First Guaranty Mortgage Corporation -- https://fgmc.com -- was a full service, non-bank mortgage lender, offering a full suite of residential mortgage options tailored to borrowers' different financial situations. It was one of the leading independent mortgage companies in the United States that originated residential mortgages through a national platform. Just before the bankruptcy filing, as a result of an extreme and unanticipated liquidity crisis and resultant inability to obtain additional capital, FGMC ceased all of its mortgage loan origination activity and separated nearly 80% of its workforce. FGMC and an affiliate commenced Chapter 11 Cases to evaluate their options, accommodate their customers, and maximize and preserve value for all stakeholders. First Guaranty Mortgage Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del Case No. 22-10584) on June 30, 2022. Affiliate Maverick II Holdings, LLC also sought bankruptcy protection (Bankr. D. Del. Case No. 22-10583). In the petition signed by Aaron Samples, chief executive officer, FGMC disclosed up to $1 billion in both assets and liabilities. Dentons US LLP and Pachulski Stang Ziehl, and Jones LLP represent the Debtor as counsel. Kurtzman Carson Consultants, LLC, serves as the Debtors' claims and notice agent. LVS II SPE XXXIV LLC, as Cash Flow DIP Lender, is represented by lawyers at Greenberg Traurig, LLP. The Cash Flow DIP Lender is an indirect subsidiary of a private investment managed by Pacific Investment Management Company LLC. B2 FIE IV LLC, an affiliate of the DIP Lender, owns 100% of the equity interests of FGMC. Barclays Bank PLC serves as DIP Repo Agent and DIP Repo Purchaser. Barclays Capital Inc. serves as DIP MSFTA Counterparty. They are represented by Hunton Andrews Kurth LLP and Potter Anderson & Corroon LLP. FREE SPEECH: PQPR Holdings Seeks Probe on Finances -------------------------------------------------- James Nani of Bloomberg Law reports that a company partially owned by Alex Jones is asking a judge to allow a court-appointed trustee to review the bankrupt Infowars parent's finances, a request that could delay Sandy Hook victim families’ attempt to remove him from the Chapter 11 proceeding. PQPR Holdings Ltd., which is owned by the right-wing conspiracist and his parents, on Wednesday, August 31, 2022, said it would pay up to $100,000 for an examination of bankrupt Free Speech Systems LLC's finances by the bankruptcy trustee working on the case. Free Speech, a Jones-controlled company which operates his website Infowars, declared bankruptcy in July after a state court ordered him to pay judgments for his lies that the 2012 school massacre was a hoax. Last month, a jury awarded two parents nearly $50 million in damages. PQPR's motion comes after families of Sandy Hook Elementary School shooting victims last week asked a Texas bankruptcy court to remove Jones and his bankrupt company from running its operations and Chapter 11 proceedings. The families’ requests to remove Jones should be put on hold until a trustee has reported its findings to the court, PQPR said. PQPR, which is listed as one of the largest creditors of Free Speech, is partially owned by Jones through several limited liability companies and managed by Jones’ father, according to court papers. Jones father and mother also hold interests in PQPR via separate limited liability companies, according to court records. "Having a comprehensive and impartial examination of the Debtor’s finances is a preferable alternative to protracted and perhaps unfounded, but certainly unnecessary, litigation," PQPR said. The victim families' attempt to remove Jones is an "irredeemably flawed," PQPR said in its filing. PQPR markets and sells nutritional supplements on Jones’ show and website, contributes to most of Free Speech's revenue, and holds much of Free Speech's secured debt, according to court papers. That secured interest could make PQPR first in line to receive recoveries in the bankruptcy ahead of unsecured creditors such as Sandy Hook victim families. The Sandy Hook victims' families have argued that Free Speech "concocted" a $54 million secured debt to PQPR as a way to "shift assets and obligations as best suits their needs." The families also want the court to appoint an official committee to represent them as holders of tort claims, which would give them the power to investigate Free Speech's finances. Avi Moshenberg, a lawyer for the Sandy Hook families, told Bloomberg Law that they are trying foil Jones' attempt to shift money to PQPR to avoid paying them. "Alex Jones appears to be so threatened by that prospect that PQPR is now offering to split the baby with a proposal that lacks the necessary teeth and oversight to hold Alex Jones accountable," Moshenberg said. Jones' lawyers could not immediately be reached for comment. Free Speech and Jones are facing a second defamation trial in Connecticut scheduled to begin in early September. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC 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. The Debtors agreed to the dismissal of the Chapter 11 cases in June 2022 after the Sandy Hook victim families dismissed the three bankrupt companies from their lawsuits. Free Speech Systems filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60043) on July 29, 2022. In the petition filed by W. Marc Schwartz, as chief restructuring officer, the Debtor reported assets and liabilities between $50 million and $100 million. Melissa A Haselden has been appointed as Subchapter V trustee. Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC, is the Debtor's counsel. FRONT SIGHT: Seeks to Hire Greenberg Traurig as Special Counsel --------------------------------------------------------------- Front Sight Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Greenberg Traurig, LLP as special counsel. The Debtor requires a special counsel to provide legal advice and assistance related to developing a membership plan and drafting membership agreement templates, and related documentation. The hourly rates of the firm's attorneys and staff are as follows: Jim Mace $835 Mark Hillier $700 Shareholders $510 - $775 Of Counsel $485 - $590 Associates $325 - $450 Paralegals $250 - $295 In addition, the firm will seek reimbursement for expenses incurred. Jim Mace, Esq., a shareholder at Greenberg Traurig, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jim Mace, Esq. Greenberg Traurig, LLP 10845 Griffith Peak Drive Las Vegas, NV 89135 Telephone: (702) 599-8067 Email: Jim.Mace@gtlaw.com About Front Sight Management Front Sight Management LLC specializes in providing courses in gun training, self-defense martial arts training, and personal safety -- with firearms or without. Front Sight filed a voluntary petition for under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-11824) on May 24, 2022. In the petition signed by Ignatius Piazza, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge August B. Landis oversees the case. The Debtor tapped Steven T. Gubner, Esq., at BG Law LLP as bankruptcy counsel; Greenberg Traurig, LLP as special counsel; Province, LLC as financial advisor; and Lucas Horsfall as accountant. Stretto, Inc. is the claims, noticing and solicitation agent. FS DIP, LLC, as DIP agent, is represented by Samuel A. Schwartz, Esq., and Bryan A. Lindsey, Esq., at Schwartz Law, PLLC. GAUCHO GROUP: All Six Proposals Approved at Annual Meeting ---------------------------------------------------------- Gaucho Group Holdings, Inc. convened its 2022 Annual Stockholder Meeting at which the stockholders: (1) elected Reuben Cannon and Marc Dumont as Class I directors to serve a three-year term as Class I directors until their successors are elected and qualified; (2) approved the grant to the Board of Directors of discretion on or before June 30, 2023, to implement a reverse stock split of the outstanding shares of common stock in a range of one-for-two up to one-for-twenty; (3) approved the amendment to the 2018 Equity Incentive Plan thereby increasing the number of shares available for awards under the plan to 25% of the Company's common stock outstanding on a fully diluted basis as of the date of stockholder approval; (4) approved the issuance of up to 15,000,000 shares of the Company's common stock upon the conversion of convertible promissory notes issued in a private placement; (5) approved the issuance of up to 10,000,000 shares of the Company's common stock pursuant to that certain Securities Purchase Agreement dated Nov. 3, 2021; and (6) ratified and approved Marcum, LLP as the Company's independent registered accounting firm for the year ended Dec. 31, 2022. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss of $2.39 million for the year ended Dec. 31, 2021, a net loss of $5.78 million for the year ended Dec. 31, 2020, and a net loss of $6.96 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $25.16 million in total assets, $10 million in total liabilities, and $15.16 million in total stockholders' equity. GIRARDI & KEESE: Trustee Files Lawsuit Against Litigation Funders ----------------------------------------------------------------- According to a new adversary complaint filed in Los Angeles bankruptcy court, New York litigation lenders owned by a convicted felon drove thousands of cases to Thomas V. Girardi and helped him "loot" more than $23 million from his clients' trust accounts for years before his firm Girardi Keese fell into insolvency. In the lawsuit LISSA D. MILLER, Chapter 7 Trustee, Plaintiff, v. COUNSEL FINANCIAL SERVICES, LLC, a Delaware limited liability company, CALIFORNIA ATTORNEY LENDING II, INC., a New York Corporation, JOSEPH D. DiNARDO, an individual, Adv. Pro. No. 2:22-ap-01169 (Bankr. C.D. Cal. Case No. 2:20-bk-21022), the chapter 7 trustee for the bankruptcy estate of the debtor Girardi Keese is filing her complaint for: 1. Declaratory Relief (Legal Relationship); 2. Disallowance of Proof of Claim, Equitable Subordination; 3. Surcharging Defendants; 4. Declaratory Relief (Fee Sharing Agreements); 5. Constructive Trust, Breach of Fiduciary Duty; 6. Aiding and Abetting Breach of Fiduciary Duty; 7. Avoidance of Fraudulent Conveyance; 8. Recovery of Avoided Transfer; 9. Recovery of Avoidance of Fraudulent Transfer; 10. Preservation of Avoided Transfer; 11. Conversion; and 12. Money Had and Received. In the filing, attorneys for Girardi Keese's bankruptcy trustee detail more than 15 years of unethical business dealings between Girardi and New York attorney Joseph DiNardo, who had been convicted of filing a false tax return two decades ago. This Complaint addresses the secured claim filed by certain litigation funding lenders, notably, California Attorney Lending II ("CAL II"), which filed a claim in the amount of $6,668,484.21 (Claim Nos. 71 and 71-1), and Counsel Financial Services, LLC ("CFS"), which filed a claim in the amount of $8,698,610.00 (Claim Nos. 72 and 72-1). Also named as a defendant is one of CFS’s owners, Joseph DiNardo ("DiNardo," and collectively with CFS and CAL, the "CFS Defendants") as the same relates to their relationships with Thomas and Girardi Keese. Based upon the Trustee's investigation, the Trustee is informed and believes, and based thereon alleges, that the CFS Defendants, Weitz & Luxenberg, Girardi Keese, and Thomas, have been doing business together dating back to 2005, if not before, when Girardi Keese and Weitz & Luxenberg were appointed as co-lead counsel in the national mass tort cases styled In re Bextra & Celebrex Mktg. Sales Practice & Prod. Liab. Litig and In re Vioxx Prods. Liab. Litig. From there, and continuing to the date the involuntary petition commencing the instant case was filed, the two firms were appointed similar roles in at least five other national mass tort/class action cases. As co-lead counsel, the two firms shared in the work and fees generated from the cases. The Trustee is also informed and believes that since 2005, and continuing through the filing of the involuntary petition, the CFS Defendants, collectively and individually, would refer cases to Girardi Keese as a regular course of business for which they typically expected to receive 50% of the fees. In 2011, CAL II provided a $5,000,000 financing line of credit for Girardi Keese to cover the costs and expenses of various contingency fee cases. The financing was put in place shortly after DiNardo had arranged a deal whereby Girardi Keese took over the representation of thousands of cases from the bankrupt law firm, Masry & Vititoe, whose largest secured creditor was CAL II. In exchange, the CFS Defendants were to get referral fees. In fact, the CAL II financing was never paid off or paid down and was twice increased to a total of $8,000,000, notwithstanding that the terms of the loan were never adhered to, participating payments were not made, interest payments were missed, and Girardi Keese often failed to make a loan pay-down based upon the 50-50 fee split arrangement. Cal II was not Girardi Keese's only litigation funder. In fact, Girardi Keese borrowed funds from four litigation lenders. And, after Girardi Keese's other "funders" threatened to, and then did, in fact, commence collection efforts on $28,000,000 in loans that were in default for the years 2018-2019, DiNardo insisted Girardi Keese retain Robert Cohan of Simba Capital, as its chief restructuring officer. In September 2019, DiNardo personally stepped in and took control of the negotiations regarding the other litigation lenders, which led to various work out arrangements. In the case of one of the other three lenders, Law Financial Group ("LFG"), which extended a $15,000,000 loan to Girardi Keese, DiNardo arranged a full pay-off instead of protecting CAL II, which held a first priority lien ahead of LFG. Remarkably, CAL II provided Girardi Keese with an additional $2,000,000! The Trustee is alleging a claim for declaratory relief to determine the true nature of the relationship as between Girardi Keese and CFS. The Trustee is informed and believes and based thereon alleges that the CFS Defendants are "implied in fact" partners of Girardi Keese, or, alternatively, that the CFS Defendants are "insiders" of Girardi Keese and that the CFS Defendants' claim(s) should be recharacterized as equity. A copy of the complaint is available at: https://www.pacermonitor.com/view/E6VMKJQ/Miller_v_Counsel_Financial_Services_LLC__cacbke-22-01169__0001.0.pdf?mcid=tGE4TAMA About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 Telephone: (310) 640-1200 GISSING NORTH: Committee Taps Foley & Lardner as Bankruptcy Counsel ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Gissing North America, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Foley & Lardner, LLP as its counsel. The firm will render these services: (a) advise the committee of its rights, powers and duties in these Chapter 11 cases; (b) prepare legal papers; (c) appear in court, in litigation as a party-in-interest, and at statutory meetings of creditors to represent the interests of the committee; (d) negotiate and evaluate the use of cash collateral, proposed debtor-in-possession financing and any other potential financing alternatives; (e) negotiate a potential plan or plans of reorganization or liquidation and matters related thereto; (f) assist the committee in analyzing the claims of the Debtors' creditors and their capital structure and in negotiating with holders of claims and equity interests; (g) assist the committee with its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and of the operation of their business; (h) negotiate and formulate the proposed sale of the Debtors' assets; (i) communicate with the committee's constituents in furtherance of its responsibilities; and (j) assist with the committee's performance of its duties and powers under the Bankruptcy Code and the Bankruptcy Rules. The hourly rates of the firm's attorneys and staff are as follows: Partner $630 - $1,800 Of Counsel $595 - $1,410 Senior Counsel $660 - $1,095 Special Counsel $425 - $1,595 Associate $305 - $755 Paraprofessional $175 - $580 In addition, the firm will seek reimbursement for expenses incurred. The firm provided the following in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Foley agreed to a discount from its standard hourly rates for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Foley did not represent the committee in the 12 months prepetition. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Foley has provided a staffing plan to the committee and will develop a budget to reasonably comply with the debtor-in-possession (DIP) budget which may be approved in this case and with the U.S. Trustee's request for information and additional disclosures, as to which Foley reserves all rights. The committee has approved Foley's proposed hourly billing rates. Ann Marie Uetz, Esq., a partner at Foley & Lardner, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ann Marie Uetz, Esq. John A. Simon, Esq. Tamar N. Dolcourt, Esq. Foley & Lardner LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226 Telephone: (313) 234-7114 Email: auetz@foley.com jsimon@foley.com tdolcourt@foley.com About Gissing North America Gissing North America LLC, formerly known as Conform Gissing International, LLC, and its affiliates are innovative and technology-driven suppliers of acoustic systems and weight reduction solutions for the automotive industry. They provide customers products that minimize noise, vibration, and harshness throughout a vehicle and reduce vehicle weight by using proprietary technology. On Aug. 8, 2022, Gissing North America and its affiliates sought Chapter 11 protection (Bankr. E.D. Mich. Lead Case No. 22-46160). In the petition signed by Steven R. Wybo, chief restructuring officer, Gissing North America reported up to $100 million in both assets and liabilities. Judge Lisa S. Gretchko oversees the case. The Debtors tapped Wolfson Bolton, PLLC as bankruptcy counsel; Steven R. Wybo of Riveron Management Services as chief restructuring officer; and Livingstone Partners, LLC as investment banker. On August 15, 2022, the U.S. Trustee for the Eastern District of Michigan appointed an official committee of unsecured creditors. The committee tapped Foley & Lardner LLP as its counsel. GREEN ACRES: Seeks to Hire Patino King as Bankruptcy Counsel ------------------------------------------------------------ Green Acres MHP, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Patino King, LLC as its bankruptcy counsel. Patino King will render these legal services: (a) advise the Debtor regarding its powers and duties; (b) prepare necessary schedules and plan; and (c) perform any and all other legal services for the Debtor which may be necessary herein. Patrick Patino, Esq., an attorney at Patino King, will be billed at an hourly rate of $285, plus expenses. Mr. Patino disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick M. Patino, Esq. Patino King, LLC 12020 Shamrock Plaza, Suite 200 Omaha, NE 68154-2584 Telephone: (402) 401-4050 Email: patrick@patinoking.com About Green Acres MHP Green Acres MHP LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 22-80635) on Aug. 25, 2022. In the petition filed by Brett Burris, Governor of Member/Manager B2CK LLC, the Debtor reported between $500,000 and $1 million in both assets and liabilities. James A. Overcash has been appointed as Subchapter V trustee. Judge Thomas L. Saladino oversees the case. Patrick M. Patino, Esq., at Patino King, LLC serves as the Debtor's counsel. GREEN ENERGY: Seeks to Hire Jones & Walden as Bankruptcy Counsel ---------------------------------------------------------------- Green Energy Transport, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Green Energy Transport Green Energy Transport LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41010) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. HBL SNF: Taps Pryor Cashman as Special Counsel ---------------------------------------------- HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at White Plains, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Pryor Cashman LLP as special litigation and real estate counsel. The Debtor needs a special litigation and real estate counsel to provide legal services concerning a litigation with White Plains Healthcare Properties I, LLC, and to negotiate and finalize the potential purchase of the property located at 116-120 Church Street, White Plains, New York in coordination with the potential settlement of claims with White Plains Healthcare Properties I as part of a comprehensive Chapter 11 plan to resolve the Debtor's case. The hourly rates of the firm's attorneys are as follows: John Giardino $850 Benjamin Teig $760 Lawrence Spector $880 Richard Levy, Jr. $1,020 Richard Levy, Jr., Esq., a partner at Pryor Cashman, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard Levy, Jr., Esq. Pryor Cashman, LLP 7 Times Square New York, NY 10036 Telephone: (212) 326-0886 Email: rlevy@pryorcashman.com About HBL SNF HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at White Plains, operates a 160-bedroom skilled nursing and rehabilitation facility located at 120 Church St., White Plains, N.Y. The facility, which opened in late 2019, provides an array of healthcare services, including neurological, respiratory, orthopedic, occupational, psychiatric, and many other medical and rehabilitative services. HBL SNF filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22623) on Nov. 1, 2021, listing $9,131,311 in total assets and $20,128,876 in total liabilities. Heidi J Sorvino, Esq., at White and Williams, LLP serves as Subchapter V trustee. Judge Sean H. Lane oversees the case. The Debtor tapped Klestadt Winters Jureller Southard & Stevens, LLP as bankruptcy counsel; Michelman & Robinson, LLP as special litigation counsel; Pryor Cashman LLP as special litigation and real estate counsel; and HMM CPAs, LLP as accountant. Joseph J. Tomaino has been appointed as Patient Care Ombudsman for the Debtor. HJ DYNAMIC: Can Tap $100,000 from AAVIN DIP Loan ------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware authorized HJ Dynamic Holdings, LLC, TS Dynamic Holdings, LLC, Dynamic Restaurant Acquisition, Inc. d/b/a Happy Joe's Pizza, and TS Dynamic Acquisition, Inc. to use cash collateral on an interim basis and obtain postpetition financing. The Debtor is permitted to obtain postpetition financing on a superpriority basis through a multiple draw non-revolving secured term loan in an amount not to exceed $100,000 upon entry of the Interim Order and $600,000 in the aggregate upon entry of the Final Order pursuant to the terms and conditions of the Term Sheet for Proposed Secured Superpriority Debtor in Possession Loan Facility by and among the Debtors, as borrowers, and AAVIN Mezzanine Fund, LP and AAVIN Equity Partners II, LLP as lenders. All principal, together with all accrued and unpaid interest, is due on the earliest of (i) six months after the Petition Date, assuming the Final Order has been entered as provided therein; (ii) the date that an Event of Default occurs and has not been cured (if any cure period is provided); or (iii) the effective date of a plan of reorganization or liquidation in the Chapter 11 Cases. As previously reported by the Troubled Company Reporter; the Debtors' prepetition capital structure primarily consists of: i. secured loans from Fortress; ii. secured loans from AAVIN; and iii. unsecured obligations. Each of the Debtors and non-debtors Dynamic Restaurant Holdings, LLC, Dynamic Restaurant Franchising, Inc., and Happy Joe's Franchising, Inc. as borrowers, and Fortress, as lender, entered into a Credit Agreement, dated as of October 24, 2017, pursuant to which Fortress made a term loan to the Fortress Borrowers in the principal amount of $1,500,000 and a revolving credit loan in the amount of $500,000. The term loan was evidenced by a Term Loan Note, dated October 24, 2017. The revolving loan was evidenced by a Revolving Credit Note, dated October 24, 2017. The Debtors and non-debtors DRH, DRF and HJF, as borrowers, and AAVIN as lender, are parties to a Senior Subordinated Loan and Investment Agreement, also dated as of October 24, 2017, pursuant to which AAVIN Mezz made a loan to the AAVIN Borrowers in the principal amount of $1,848,600 and AAVIN Equity made a loan in the principal amount of $751,400. The loans were evidenced by Senior Subordinated Notes, each dated October 24, 2017. The parties subsequently entered into several amendments to the AAVIN Loan and Investment Agreement, with the most recent amendment dated August 23, 2022, through which, inter alia, additional amounts were loaned to the AAVIN Borrowers and certain other terms were modified, including the addition of non-debtor PFRF as an AAVIN Borrower. AAVIN, as subordinated lenders, and Fortress, as senior lender, are parties to a Subordination Agreement pursuant to which the AAVIN Borrowers' obligations to AAVIN are subordinated to the obligations owed to Fortress Bank, with certain limited exceptions. The Subordination Agreement also expressly provides that the security interests of AAVIN are subordinate to the security interests of Fortress. As adequate protection, the Prepetition Secured Lenders are granted continuing valid, binding, enforceable, unavoidable and fully perfected post-petition replacement liens on and security interests in, subject to the Carve-Out and the DIP Liens, the DIP Collateral in their respective priority as exists under the Prepetition Credit Documents and superpriority administrative expense claims under sections 503 and 507 of the Bankruptcy Code against the Debtors' estates to the extent that the Adequate Protection Replacement Liens do not adequately protect against the diminution in value of the Prepetition Collateral. The Prepetition Secured Lenders are also granted payments in cash promptly, but in no event later than 10 days following receipt by the Debtors of any invoice therefor, of, on a cumulative basis, (i) a maximum of $5,000 per month in reasonable fees, costs and expenses of legal counsel to Fortress, and (ii) the reasonable fees, costs, and expenses of DIP Lenders, including without limitation, legal and other professionals' (including Reinhart Boerner Van Deuren s.c and Ashby & Geddes, P.A.) fees and expenses up to a maximum of $40,000 per month, whether incurred before or after the Petition Date, as required under the AAVIN Prepetition Credit Documents. The Adequate Protection Liens will be deemed automatically perfected as of the Petition Date without further action. The Prepetition Liens, the DIP Lender Superpriority Claim, the DIP Liens, the Adequate Protection Liens and the Adequate Protection Superpriority Claims, in each case, are subject to a carve-out for only the following expenses incurred in accordance with, and to the extent included in, the Budget: (i) all fees required to be paid to the Clerk of the Court and to the U.S. Trustee under section 1930(a) of title 28 of the United States Code plus interest at the statutory rate; (ii) all reasonable fees and expenses incurred by a trustee under section 1183 of the Bankruptcy Code; (iii) solely upon conversion of these Bankruptcy Cases to Bankruptcy Cases under chapter 7, all reasonable fees and expenses up to $10,000.00 incurred by a trustee under section 726(b) of the Bankruptcy Code; (iv) to the extent included in the Budget and allowed at any time, whether by interim order, procedural order, or otherwise, the payment of all unpaid fees, costs, disbursements and expenses incurred or earned by persons or firms retained by the Debtors pursuant to sections 327, 328, or 363 of the Bankruptcy Code at any time before or on the first business day following delivery by DIP Lenders of a Carve Out Notice, whether allowed by the Court prior to, on or after delivery of a Carve Out Notice; and (v) Allowed Professional Fees of Professional Persons in an aggregate amount not to exceed $15,000 incurred after the first business day following delivery by DIP Lenders of the Carve Out Notice to the Carve Out Notice Parties. These events constitute an "Event of Default": (a) Any "Event of Default" as that term is defined in the DIP Loan Documents, (b) The Maturity Date under the DIP Loan Documents, or (c) Any material violation, breach, or default by the Debtors with respect to any of their obligations under the Interim Order or any other DIP Loan Document, as modified by the Interim Order, will constitute a "DIP Termination Event" thereunder unless waived in writing by the DIP Lenders in accordance with the DIP Loan Documents or successfully challenged in accordance with Section 6.3 thereof. The final hearing on the matter is set for September 28, 2022 at 4 p.m. A copy of the order is available at https://bit.ly/3D0CSLR from PacerMonitor.com. About HJ Dynamic Holdings, LLC HJ Dynamic Holdings, LLC, TS Dynamic Holdings, LLC, Dynamic Restaurant Acquisition, Inc. d/b/a Happy Joe's Pizza,, and TS Dynamic Acquisition, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10837) on September 2, 2022. In the petition signed by Thomas A. Sacco, president and CEO, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge J. Kate Stickles oversees the case. Mark Minuti, Esq., at Saul Ewing Arnstein & Lehr, LLP is the Debtor's counsel. AAVIN Mezzanine Fund, LP and AAVIN Equity Partners II, LLP, as DIP Lenders, are represented by Reinhart Boerner Van Deuren s.c and Ashby & Geddes, P.A. HOME STRATEGY: Seeks to Hire Ginsburg & Misk as Litigation Counsel ------------------------------------------------------------------ Home Strategy Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Ginsburg & Misk, LLP as its special litigation counsel. The firm will render these services: a. represent the Debtor in all litigation issues; b. advise Debtor's bankruptcy counsel in connection with non-bankruptcy legal issues related to the Chapter 11 case; c. advise Debtor's accountant in connection with legal tax matters related to the Chapter 11 case; d. attempt to reach a consensual resolution of all disputes, including potentially through the court's mediation process; and e. represent the Debtor at trial, if necessary. Ginsburg's 2022 hourly rates are: Partners $500 Associates $400 Ginsburg & Misk is a "disinterested person" as defined under Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Christopher Ryan Clarke, Esq. Ginsburg & Misk 21548 Jamaica Ave Queens Village, NY 11428 Phone: +1 718-468-0500 Email: CClarke@GMLawyers.net About Home Strategy Inc. Home Strategy Inc. is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). It owns a multi-unit residential property located at 119-31 197th Street, St. Albans, N.Y. Home Strategy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41377) on June 15, 2022. In the petition filed by Christopher Humbert, as president, the Debtor reported assets between $1 million and $10 million and liabilities between $500,000 and $1 million. Dawn Kirby, of Kirby Aisner & Curley LLP, is the Debtor's counsel. IGLESIA CRISTIANA: Taps Orlando Loperena Lopez as Accountant ------------------------------------------------------------ Iglesia Cristiana Hefzi-BA (IS.62), Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Orlando Loperena Lopez, a practicing accountant in Aguadilla, P.R. The accountant will render these services: a. close out the Debtor's books as of date of the filing of this case, and open new books as for the next day; b. establish ne bookkeeping system; c. prepare the periodic statements of the Debtor's operation; d. prepare and file the Debtor's state and federal tax return for the fiscal year; e. prepare general ledger and disbursements register; f. reconcile the account; g. prepare certified interim financial statements as needed; h. prepare annual financial statements and returns; i. provide tax and management counselinhl and j. represent the Debtor during tax investigations. The accountant will bill $150 per month for his services. Orlando Loperena Lopez assured the court that he neither holds nor represents an interest adverse to the estate. The accountant can be reached at: Orlando Loperena Lopez, MBA 7 Calle J Jesus Esteves Aguadilla, PR 00603 Tel: (787) 891-4218 Email: oloperenanwc@yahoo.com About Iglesia Cristiana Hefzi-BA Iglesia Cristiana Hefzi-BA (IS.62) Inc. sought bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-02170) on July 26, 2022. In the petition filed by Deborah Magaly Alvarez Alvarez, pastora, the Debtor estimated assets between $1 million and $10 million and liabilities between $100,000 and $500,000. Juan Carlos Bigas Valedon, Esq., is the Debtor's legal counsel while Orlando Loperena Lopez, MBA is the Debtor's accountant. IKON WEAPONS: Files for Chapter 11 Bankruptcy Protection -------------------------------------------------------- Ikon Weapons LLC filed for chapter 11 protection in the Western District of North Carolina without stating a reason. Ikon Weapons is a Mount Gilead, North Carolina-based seller of firearms and ammunition. According to Web site ikonweapons.com, with combined years of expertise and experience, Ikon Weapons is a proud manufacturer (FFL07) and importer (FFL09) of quality products. The company also customizes and repairs firearms. Ikon Weapons LLC estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ikon Weapons Ikon Weapons LLC -- https://www.ikonweapons.com/ -- is a small business speicalizing in the repair and customization of modern firearms. Ikon Weapons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-10132) on Sept. 2, 2022. In the petition filed by Suliban Deaza, as managing member, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by John C. Woodman of Essex Richards. INPIXON: Incurs $20.3 Million Net Loss in Second Quarter -------------------------------------------------------- Inpixon filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $20.33 million on $4.72 million of revenues for the three months ended June 30, 2022, compared to net income of $14.51 million on $3.45 million of revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $31.88 million on $9.95 million of revenues compared to net income of $1.97 million on $6.41 million of revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $117.85 million in total assets, $15.70 million in total liabilities, $48.16 million in mezzanine equity, and $53.98 million in total stockholders' equity. Management Commentary "We continued to show growth during the second quarter despite macroeconomic challenges, illustrated by achieving $4.7 million in revenue for the three months and $10.0 million for the six months ended June 30, 2022, a 37% and 55% increase, respectively, when compared to the prior year periods," commented Nadir Ali, CEO of Inpixon. "Notably, our revenue growth is shifting to more organic growth, and while we are adding new enterprise organizations to our customer base every quarter, we are also deepening our relationship with our existing customers with add-ons and new integrations after our initial deployment. "We have designed our solutions and technologies to help organizations create and redefine exceptional workplace experiences that enable smarter, safer and more secure environments, while attaining higher levels of productivity, improved worker and employee satisfaction rates, and a more connected workplace. Due to our marketing and sales activities coupled with third-party recognition and awards, we continue to see top-tier organizations implementing our technologies into their organizations. Additionally, our enterprise apps recently received ISO/IEC certification, confirming our information security policies and processes meet stringent industry best practices and standards. As a result, we believe this and our other certifications will allow us to move through customer engagements and sign new contracts more swiftly. "Furthermore, we recently joined SAP's partner program where we are able to market our smart factory, smart warehouse, and digital supply chain solutions to SAP's 440,000 customers through the SAP store. We believe this partner program will result in increased demand for our solutions, as well as increased exposure around the world. "Overall, while we are cognizant of the macroeconomic challenges that may continue to lie ahead, we are focused on increasing efficiencies operationally, while also working to ensure that we continue to meet our growth goals," concluded Mr. Ali. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001529113/000162828022022914/inpx-20220630.htm About Inpixon Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an indoor data company and specializes in indoor intelligence. The Company's indoor location data platform and patented technologies ingest and integrate data with indoor maps enabling users to harness the power of indoor data to create actionable intelligence. Inpixon reported a net loss of $70.13 million for the year ended Dec. 31, 2021, a net loss of $29.21 million for the year ended Dec. 31, 2020, a net loss of $33.98 million for the year ended Dec. 31, 2019, and a net loss of $24.56 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $137.23 million in total assets, $16.65 million in total liabilities, $43.17 million in mezzanine equity, and $77.40 million in total stockholders' equity. INTERPACE BIOSCIENCES: Incurs $3.9M Net Loss in Second Quarter -------------------------------------------------------------- Interpace Biosciences, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.94 million on $9.35 million of net revenue for the three months ended June 30, 2022, compared to a net loss of $3.45 million on $11.15 million of net revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $6.18 million on $19.73 million of net revenue compared to a net loss of $7.65 million on $20.99 million of net revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $35.49 million in total assets, $36.90 million in total liabilities, $46.54 million in redeemable preferred stock, and a total stockholders' deficit of $47.95 million. Interpace stated, "Management has determined that certain factors raise substantial doubt about our ability to continue as a going concern. As of the date of this filing, the Company currently anticipates that current cash and cash equivalents will be insufficient to meet its anticipated cash requirements through the next twelve months. These factors include inadequate liquidity to sustain operations, our substantial debts, margin deterioration and volatility, and historic net losses. Our consolidated financial statements assume we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Our ability to continue as a going concern depends on having working capital for vendor payments, meeting short-term obligations on other accrued liabilities, and amongst other requirements, making interest payments on our debt obligations. Without positive operating margins and sufficient working capital and the ability to meet our debt obligations, our business will be jeopardized and we may not be able to continue in our current structure, if at all. Under these circumstances, we would likely have to consider other options, such as selling assets, raising additional debt or equity capital, cutting costs or otherwise reducing our cash requirements, or negotiating with our creditors to restructure our applicable obligations, including the potential filing of a petition for relief under the United States Bankruptcy Code (the "Bankruptcy Code"). Such a filing would subject us to the risks and uncertainties associated with bankruptcy filing proceedings and may place investors in our stock at significant risk of losing some or all of their investment. In a bankruptcy, holders of our common stock will be subordinated to our Series B Preferred Stock, which is likely to increase the risk of total loss of investment for holders of our common stock. A bankruptcy filing by us could cause a material adverse effect on our business, financial condition, results of operations and liquidity." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1054102/000149315222022932/form10-q.htm About Interpace Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a Interpace Diagnostics Group, Inc. -- http://www.interpace.com-- offers specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Interpace Biosciences reported a net loss of $14.94 million for the year ended Dec. 31, 2021, compared to a net loss of $26.45 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $38.43 million in total assets, $34.31 million in total liabilities, $46.54 million in preferred stock, and a total stockholders' deficit of $42.42 million. Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered operating losses, has negative operating cash flows and is dependent upon its ability to generate profitable operations in the future and/or obtain additional financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These conditions raise substantial doubt about its ability to continue as a going concern. ISCM HOLDINGS: Physician Management Firm in Chapter 11 ------------------------------------------------------ ISCM HOLDINGS, LLC and INPATIENT CARE MANAGEMENT COMPANY, LLC, have sought Chapter 11 bankruptcy protection. Management, a wholly owned subsidiary of Holdings, is a physician management company that provides management and administrative services including billing and collection services, financial management services, contracting services, and day-to-day business operating services for surgical practices in the medical staffing industry. Management provides these services to a number of physician practices in the medical staffing industry, including The Surgicalist Group, PLLC and others, in exchange for a management fee. Management's principal place of business recently had been located at 4221 W. Boy Scout Blvd., Suite 390, Tampa, Florida 33607. Management subleased the space from Gerdau Ameristeel US, Inc. According to the Debtors, the impact of new business due to the Covid pandemic and the ineffective rollout of the Federal Government's No Surprises Act had an impact on the business operations to the point that the Debtors was unable to survive without reorganizing. The legislation known as the "No Surprises Act", which came into effect on Jan. 1, 2022, changed the way payors process out-of-network claims and was intended to put in a new system where providers and payors would negotiate in a baseball-style manner (i.e., in which each side makes a proposal and the arbitrator must choose between the two competing proposals), to insure proper payment for an out-of-network claim. When Jan. 1, 2022 came around the Federal Government was supposed to have had a dispute resolution process setup, called the Federal Independent Dispute Resolution program, but the IDR portal was only set up mid April. The Debtors explained in Court filings, "The Managed Practices have been severely affected by the delays in payment of claims submitted through the IDR portal. As the Federal IDR portal became available, the Company submitted multiple claims for arbitration during mid-April to end of May. Arbitrators were assigned but nothing was being completed. Months of emails went with no response, then finally a response, without explanation, stating claims had been put on hold. As of late-July or early-August arbitrating companies started to process claims submitted through the portal, but with significant delays, claimed formatting errors, or other unexplained problems. This almost 8-month delay in the ability to negotiate or arbitrate claims has had a devastating impact on business operations. The Managed Practices cannot sustain such delays in payment and such drastic decreases in reimbursements from the payors. The delays in receipt of payments have caused the Managed Practices to experience both cash flow and EBITDA losses which directly affects the Debtors since the Debtors generate no revenue to pay the creditors. In fact, on many claims, no payments were received, even though the arbitrators had to be paid to start the arbitration process. On those claims the Managed Practices have actually paid monies out of their own pockets to save a patient's life." According to court filings, Inpatient Care Management estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Inpatient Care Management ISCM Holdings, LLC, through operating unit Inpatient Care Management Company LLC, is a physician management company. ISCM Holdings, LLC, and subsidiary Inpatient Care Management Company LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03601 and 22-03602) on Sept. 1, 2022. In the petition filed by Mit Desai, as chief executive officer, Inpatient Care reported assets and liabilities between $1 million and $10 million. The Debtors are represented by Daniel R Fogarty of Stichter, Riedel, Blain & Postler, P.A. IYAR POST: Seeks to Hire Sobers Law as Bankruptcy Counsel --------------------------------------------------------- Iyar Post LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Sobers Law, PLLC as its legal counsel. Sobers Law will render these services: (a) attend meetings and negotiate with representatives of creditors and other parties-in-interest; (b) prepare and prosecute on behalf of the Debtor all legal papers; (c) negotiate and prepare on the Debtor's behalf Chapter 11 plan(s), disclosure statement(s) and all related agreements and/or documents; (d) advise the Debtor with respect to any sale of assets and negotiate and prepare on the Debtor's behalf all agreements related thereto; (e) appear before the court, and protect the interests of the Debtors' estate before such courts; and perform all other legal services in connection with the Chapter 11 case. The firm charges a customary hourly rate of $400 per hour. Vivian Sobers, Esq., an attorney at Sobers Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Vivian Sobers, Esq. Sobers Law, PLLC 11 Broadway, Suite 615 New York, NY 10004 Telephone: (212) 583-9595 Email: vsobers@soberslaw.com About Iyar Post Iyar Post LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41679) on July 13, 2022. In the petition signed by Roseanna B. Ross, principal, the Debtor disclosed under $1 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Vivian Sobers, Esq., at Sobers Law, PLLC serves as the Debtor's counsel. J MORALES: Seeks to Tap Larson & Zirzow as Legal Counsel -------------------------------------------------------- J Morales, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as its legal counsel. The firm will render these legal services: (a) prepare legal papers; (b) take all necessary or appropriate actions in connection with a plan of reorganization and the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. Prior to the petition date, the firm received a total sum of $13,960.55 from the Debtor for prepetition services. The hourly rates of the firm's counsel and staff are as follows: Matthew C. Zirzow, Attorney $600 Patricia Huelsman, Paralegal $220 In addition, the firm will seek reimbursement for expenses incurred. Matthew Zirzow, Esq., an attorney at Larson & Zirzow, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Zachariah Larson, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NE 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com zlarson@lzlawnv.com About J Morales Inc. J Morales Inc. owns and operates two businesses. Since 2006, it has owned and operated an El Nopal Mexican Grill #2 restaurant, which operates out of leased space located at 4200 W. Russell Rd., Suite 115, Las Vegas, Nevada, 89118. Since 2017, it has owned real property located at 3977 Vegas Valley Drive, Las Vegas, Nevada 89121, which includes an approximately 10,000 square foot building, and in which it has most recently operated the Le Caprice Banquet Hall, which host events such as wedding receptions and quinceaneras. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-13083) on Aug. 29, 2022. In the petition signed by Jose Morales, owner and director, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC serves as the Debtor's counsel. J MORALES: Seeks to Tap Real Estate Appraiser, Valuation Expert --------------------------------------------------------------- J Morales, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Andrew Johnson, a member of Valuation Source, as its real estate appraiser and valuation expert. Mr. Johnson will render these services: (a) provide a self-contained appraisal of the market value of the Debtor's real property located at 3977 Vegas Valley Drive, Las Vegas, Nevada; and (b) if necessary, provide expert testimony regarding the appraisals and the value of the property in conjunction with the Debtor's Chapter 11 case and the confirmation of its plan of reorganization. Valuation Source will be paid a flat fee of $3,500, with 50 percent due upon engagement, and the balance due prior to report delivery. The firm has already received the initial $1,750 pre-petition, and the Debtor requests that the firm be entitled to be paid the remainder of its flat fee for the appraisal upon delivery post-petition. For expert testimony and services, to the extent necessary, Mr. Johnson will be billed at the rate of $400 per hour. Mr. Johnson disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew J. Johnson Valuation Source 10170 W. Tropicana Ave., Ste. 156 Las Vegas, NV 89147 Telephone: (833) 698-2583 Facsimile: (833) 261-3292 Email: Andrew@valsourceusa.com About J Morales Inc. J Morales Inc. owns and operates two businesses. Since 2006, it has owned and operated an El Nopal Mexican Grill #2 restaurant, which operates out of leased space located at 4200 W. Russell Rd., Suite 115, Las Vegas, Nevada, 89118. Since 2017, it has owned real property located at 3977 Vegas Valley Drive, Las Vegas, Nevada 89121, which includes an approximately 10,000 square foot building, and in which it has most recently operated the Le Caprice Banquet Hall, which host events such as wedding receptions and quinceaneras. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-13083) on Aug. 29, 2022. In the petition signed by Jose Morales, owner and director, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC serves as the Debtor's counsel. JAF 27: Case Summary & Six Unsecured Creditors ---------------------------------------------- Debtor: JAF 27, LLC 18 Mount Joy Drive Tewksbury, MA 01876 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: September 7, 2022 Court: United States Bankruptcy Court District of Massachusetts Case No.: 22-40648 Debtor's Counsel: Christopher L. Murray, Esq. MURRAY LAW FIRM, P.C. 39 Union Avenue, Second Floor Sudbury, MA 01776 Tel: (978) 579-9800 Fax: (978) 579-9808 Email: chris@danielmurraylaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John A. Faneros as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LT6U7XQ/JAF_27_LLC__mabke-22-40648__0001.0.pdf?mcid=tGE4TAMA LADERA AVENUE: DOJ Bankruptcy Watchdog Seeks Appointment of Trustee ------------------------------------------------------------------- Peter Anderson, U.S. Trustee for Region 16, will move the U.S. Bankruptcy Court for the Central District of California on Sept. 28 for an order directing the appointment of a bankruptcy trustee in Ladera Venue, LLC's Chapter 11 case, dismissing the case or converting it to one under Chapter 7. The Department of Justice's bankruptcy watchdog has recently completed a review of the case, showing that Ladera Venue has failed to submit the required reporting requirements. On Aug. 25, the court granted relief from stay related to Ladera Venue's property at 874 E. Ladera St., Pasadena, Calif., finding that the filing of the bankruptcy petition was part of a scheme to hinder, delay or defraud creditors. This real property was the only asset scheduled. All debt appears to be associated with that property. A copy of the U.S. Trustee's request is available for free at https://bit.ly/3RuvufG from PacerMonitor.com. About Ladera Avenue Ladera Avenue, LLC filed for Chapter 11 protection (Bankr. C.D. Calif. Case No. 22-13784) on July 12, 2022, listing $1 million to $10 million in both assets and liabilities. Emile Aguste, president of Ladera Avenue, signed the petition. Judge Sandra R. Klein oversees the case. Roseann Frazee, Esq., at Frazee Law Group is the Debtor's counsel. LIVEONE INC: Posts $1.4 Million Net Income in First Quarter ----------------------------------------------------------- LiveOne, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $1.35 million on $23.22 million of revenue for the three months ended June 30, 2022, compared to a net loss of $8.05 million on $38.77 million of revenue for the three months ended June 30, 2021. As of June 30, 2022, the Company had $72.37 million in total assets, $82.15 million in total liabilities, and a total stockholders' deficit of $9.78 million. LiveOne stated, "As of June 30, 2022, our principal sources of liquidity were our cash and cash equivalents, including restricted cash balances in the amount of $11.3 million, which primarily are invested in cash in banking institutions in the U.S. The vast majority of our cash proceeds were received as a result of the issuance of our convertible notes since 2014, public offerings, bank debt financing in fiscal year 2018 and the secured convertible debentures financing in June 2018 and February 2019. In June 2021 we entered into a Revolving Credit Facility ... and drew down aggregate advance amounts of $6.0 million. As of June 30, 2022, we had notes payable balance of $0.2 million, $5.9 million in aggregate principal amount of unsecured convertible notes, secured convertible notes with aggregate principal balances of $15.0 million, and a senior secured revolving credit facility with a principal balance of $7.0 million. "As reflected in our condensed consolidated financial statements included elsewhere in this Quarterly Report, we have an accumulated deficit of $212.5 million and cash used of $26,000 from operating activities for the three months ended June 30, 2022 and had a working capital deficiency of $25.7 million as of June 30, 2022. These factors, among others, raise substantial doubt about our ability to continue as a going concern within one year from the date that the financial statements are issued. Our condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to execute our strategy and on our ability to raise additional funds through the sale of equity and/or debt securities via public and/or private offerings. "Our long-term ability to continue as a going concern is dependent upon our ability to increase revenue, reduce costs, achieve a satisfactory level of profitable operations, and obtain additional sources of suitable and adequate financing. Our ability to continue as a going concern is also dependent its ability to further develop and execute on our business plan. We may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1491419/000121390022048169/f10q0622_liveoneinc.htm About LiveOne Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne reported a net loss of $43.91 million for the year ended March 31, 2022, compared to a net loss of $41.82 million for the year ended March 31, 2021. As of March 31, 2022, the Company had $76.82 million in total assets, $87.74 million in total liabilities, and a total stockholders' deficit of $10.92 million. Los Angeles, California-based BDO USA, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 29, 2022, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. LIZARD IN LOS ANGELES: Seeks to Hire Levene as Bankruptcy Counsel ----------------------------------------------------------------- Lizard In Los Angeles, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik, LLP as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with regard to the requirements of the bankruptcy court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; (c) represent the Debtor in any proceeding or hearing in the bankruptcy court; (d) conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders; (f) represent the Debtor with regard to obtaining use of debtor-in-possession financing and/or cash collateral; (g) assist the Debtor in any asset sale process; (h) assist the Debtor in negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (i) perform any other services which may be appropriate in this case. The Debtor agreed to pay to the firm a retainer of $30,000. The hourly rates of the firm's counsel and staff are as follows: David W. Levene $650 David L. Neale $650 Ron Bender $650 Martin J. Brill $650 Timothy J. Yoo $650 Gary E. Klausner $650 Edward M. Wolkowitz $650 David B. Golubchik $650 Beth Ann R. Young $635 Monica Y. Kim $635 Daniel H. Reiss $635 Philip A. Gasteier $635 Eve H. Karasik $635 Todd A. Frealy $635 Kurt Ramlo $635 Richard P. Steelman, Jr. $635 Juliet Y. Oh $620 Todd M. Arnold $620 Carmela T. Pagay $620 Anthony A. Friedman $620 Krikor J. Meshefejian $620 John-Patrick M. Fritz $620 Joseph Rothberg $620 David Golubchik, Esq., a partner at Levene, Neale, Bender, Yoo & Golubchik, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Golubchik, Esq. Jonathan D. Gottlieb, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: DBG@LNBYG.com JDG@LNBYG.com About Lizard In Los Angeles Lizard In Los Angeles LLC is a boutique lifestyle hotel with a focus on design and culture, oriented towards high- end domestic and international business travellers. Lizard In Los Angeles LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14049) on July 26, 2022. In the petition filed by Jack Deng, authorized representative, the Debtor estimated assets between $10 million and $50 million and liabilities between $1 million and $10 million. Judge Sandra R. Klein oversees the case. Levene, Neale, Bender, Yoo & Golubchik LLP is the Debtor's counsel. MANHATTAN SCIENTIFICS: Incurs $1.6M Net Loss in Second Quarter -------------------------------------------------------------- Manhattan Scientifics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.62 million on $41,000 of revenue for the three months ended June 30, 2022, compared to a net loss of $2.58 million on 50,000 of revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $2.26 million on $41,000 of revenue compared to a net loss of $2.45 million on $50,000 of revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $1.36 million in total assets, $1.53 million in total liabilities, $1.06 million in class D convertible preferred mandatory redeemable preferred stock, and a total stockholders' deficit of $1.23 million. The Company had cash and cash equivalents of approximately $386,000 and $232,000 at June 30, 2022 and December 31, 2021, respectively. This represents an increase in cash of $154,000. Manhattan stated, "Based upon current projections, our principal cash requirements for the next 12 months consists of (1) fixed expenses, including consulting and professional services and (2) variable expenses, including technology research and development, milestone payments and intellectual property protection, and additional scientific consultants. As of June 30, 2022, we had $386,000 in cash. We believe our current cash position may not be sufficient to maintain our operations for the next twelve months. Accordingly, we may need to engage in equity or debt financings to secure additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be impaired, and our business may be harmed." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1099132/000147793222006093/mhtx_10q.htm About Manhattan Scientifics Headquartered in New York, Manhattan Scientifics, Inc., was established on July 31, 1992 and has one operating wholly-owned subsidiary: Metallicum, Inc. The Company also holds a 5%, noncontrolling interest in Imagion Biosystems, Inc. (f/k/a Senior Scientific LLC). Manhattan Scientifics is focused on technology transfer and commercialization of these transformative technologies. Manhattan Scientifics reported a net loss of $3.64 million for the year ended Dec. 31, 2021, compared to net income of $4.31 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $3.45 million in total assets, $1.36 million in total liabilities, $1.06 million in series D convertible preferred mandatory redeemable, authorized shares, and $1.04 million in total stockholders' equity. Draper, UT-based-Sadler, Gibb & Associates, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 5, 2022, citing that the Company has an accumulated deficit, negative cash flows from operations, and negative working capital, which raise substantial doubt about its ability to continue as a going concern. MASTEN SPACE: Seeks to Hire Alston & Bird as Special Counsel ------------------------------------------------------------ Masten Space Systems Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Alston & Bird, LLP as its special litigation and corporate counsel. The firm will render these services: (a) provide legal advice with respect to any demands asserted or complaints or actions filed, by the Debtor's customers, creditors, and various government agencies; (b) advise and consult with the Debtor, as requested, regarding regulatory, compliance, employment, general corporate, intellectual property, financial or corporate restructuring, and similar legal issues pertinent to the operations of the Debtor; and (c) provide legal advice on any other matters from time to time as may be required. The firm will be paid at these rates: Leah Fiorenza McNeill, Partner $925 per hour Andrew T. Frisoli, Associate $695 per hour Jeff Belkin,Partner $1,290 per hour Matthew Howell,Partner $1,120 per hour Jonathan DiChiara, Associate $805 per hour Alston holds a retainer totaling $50,000. As disclosed in court filings, Alston is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leah Fiorenza McNeill, Esq. Alston & Bird LLP One Atlantic Center 1201 West Peachtree Street, Suite 4900 Atlanta, GA 30309-3424 Phone:+1 404 881 7822 Email: leah.mcneill@alston.com About Masten Space Systems Masten Space Systems, Inc. -- https://www.masten.aero -- is a space infrastructure company. On July 29, 2022, Masten Space Systems Inc. filed for chapter 11 protection (Bankr. D. Del. Case No. 22-10657). In the petition filed by David Masten, as president and chief technology officer, the Debtor reported assets and liabilities between $10 million and $50 million each. Morris James, LLP is the Debtor's bankruptcy counsel while Alston & Bird, LLP serves as special counsel. Gavin/Solmonese LLC is the financial advisor and restructuring advisor. MASTEN SPACE: Seeks to Hire Morris James as Bankruptcy Counsel -------------------------------------------------------------- Masten Space Systems Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morris James, LLP as its counsel. The firm will render these services: a. provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business, management of its properties and related matters; b. prepare and pursue confirmation of a plan and approval of disclosure statement; c. prepare necessary applications, motions, answers, orders, reports and other legal papers on behalf of the Debtor; d. appear in court; and e. perform all other legal services for the Debtor that may be necessary and proper in these proceedings. The principal attorneys and paralegals will be paid as follows: Jeffrey R. Waxman, Partner $750 per hour Brya M. Keilson, Partner $675 per hour Sarah M. Ennis, Associate $495 per hour Stephanie Lisko, Paralegal $295 per hour Douglas Depta, Paralegal $295 per hour As disclosed in court filings, Morris James is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey R. Waxman, Esq. Morris James LLP 500 Delaware Ave #1500 Wilmington, DE 19801 Phone: +1 302-888-6800 Email: jwaxman@morrisjames.com About Masten Space Systems Masten Space Systems, Inc. -- https://www.masten.aero -- is a space infrastructure company. On July 29, 2022, Masten Space Systems Inc. filed for chapter 11 protection (Bankr. D. Del. Case No. 22-10657). In the petition filed by David Masten, as president and chief technology officer, the Debtor reported assets and liabilities between $10 million and $50 million each. Morris James, LLP is the Debtor's bankruptcy counsel while Alston & Bird, LLP serves as special counsel. Gavin/Solmonese LLC is the financial advisor and restructuring advisor. MASTEN SPACE: Taps Gavin/Solmonese as Financial Advisor ------------------------------------------------------- Masten Space Systems Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Gavin/Solmonese, LLC as its financial advisor and restructuring advisor. The firm's services include: -- Day to day operational or financial management of the bankruptcy case, including oversight of all financial activities of the Debtor. -- Oversight and execution of a sale process to sell substantially all of the Debtor's assets pursuant to Section 363 of the Bankruptcy Code. -- Negotiation and execution of financing relationships including, if necessary, preparation of a situational analysis or business plan for submission to potential lenders or investors. -- Negotiation of and amendments to contracts, including rejection or assumption of executory contracts and real property leases. -- The compromise of accounts payable and receivable and of notes payable and receivable. -- Advise the Debtor's management as to the hiring and discharge of employees. -- Direct communication with the Debtor's creditors, vendors, customers and employees and other constituencies with respect to the Debtor's affairs and the progress of the bankruptcy case. -- Planning and overall management of any required wind-down efforts, including liquidation of residual assets. -- Provision of assistant staff, as necessary, to provide interim accounting, information technology, operations or other capabilities or consulting expertise as required to facilitate the Debtor's efficient progress through the bankruptcy case. -- Such other duties as are usually and customarily performed by a restructuring advisor. The firm will be compensated as follows: -- For work performed as financial advisor between the petition date and August 12, 2022, Gavin/Solmonese will be paid its standard hourly rates in 0.1 hour increments. Gavin/Solmonese will be paid a monthly sale and financing fee in the amount of $35,000, which amount will be billed for August 2022 only. -- In its capacity as financial advisor and as restructuring advisor, Gavin/Solmonese was directed by the Debtor to perform the services listed in the paragraphs titled "Sale Transaction" and "Financing Transaction" in its engagement letter. Accordingly Gavin/Solmonese will be entitled to additional success fees. The success fee for financing shall be 5 percent of the face amount of any funding, including the Debtor-in-possession financing facility. The success fee for a sale shall be 5 percent of the gross consideration paid or forgiveness of debt received. Gavin/Solmonese will not be paid hourly fees for work relating to the sale process or the financing process. Gavin/Solmonese will not receive the Success Fee more than once, except that the firm will be entitled to receive one success fee for the DIP financing and a success fee for total consideration raised in any sales of assets, but only one success fee for the DIP and only one success fee for the sales. -- Gavin/Solmonese will be paid its standard hourly rates in 0.25 hour increments for the restructuring-related hourly-fee-based services its personnel provide to the Debtor. -- In its capacity as financial advisor and as restructuring advisor, Gavin/Solmonese will be reimbursed for any out-of-pocket expenses reasonably incurred in connection with the services rendered. Such expenses include, but are not limited to, travel, telephone, fax, and delivery services. Non-working travel time is charged at 50 percent of the consultant's standard hourly rate. As disclosed in court filings, Gavin/Solmonese is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ted Gavin Gavin/Solmonese, LLC 919 N. Market Street, Suite 600 Wilmington, DE 19801 Phone: 302-655-8997 Fax: 302-655-6063 Email: ted.gavin@gavinsolomonese.com About Masten Space Systems Masten Space Systems, Inc. -- https://www.masten.aero -- is a space infrastructure company. On July 29, 2022, Masten Space Systems Inc. filed for chapter 11 protection (Bankr. D. Del. Case No. 22-10657). In the petition filed by David Masten, as president and chief technology officer, the Debtor reported assets and liabilities between $10 million and $50 million each. Morris James, LLP is the Debtor's bankruptcy counsel while Alston & Bird, LLP serves as special counsel. Gavin/Solmonese LLC is the financial advisor and restructuring advisor. MATCH GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed its ratings on Dallas-based Match Group Inc., including its 'BB' issuer credit rating, 'BBB-' issue-level and '1' recovery ratings on Match's secured term loan, and 'BB' issue-level and '3' recovery ratings on its senior unsecured notes. S&P said, "The stable outlook reflects our expectation that Match's S&P Global Ratings' adjusted net leverage will remain below 4x for the next 12 months, despite delays in product rollouts stemming from missed execution and implementation of key strategic changes. We believe the company will manage share repurchases to maintain its 3.0x net leverage target. "The outlook revision to stable and rating affirmation reflect our expectation that Match Group's missed execution in Tinder Coins and Hyperconnect product rollouts will lead to short-term softness in EBITDA growth. Demand for the company's products and services remains strong as demonstrated by the company's ability to have added 1.4 million payers while growing revenue by 12.3% in the second quarter of 2022. However, we expect these metrics to slow down within the next 12 months due to the abovementioned missed execution and implementation of key strategic changes that will take some time to translate to revenue. Performance in non-Tinder brands continues to be mixed as brands like Hinge, BLK, and Chispa continue to contribute to growth and other non-Tinder brands underperform. "We expect the company to sustain leverage above 3.0x, but still below our 4x downgrade threshold during the next 18 months due to strategic changes implemented by new CEO, Bernard Kim. "Match recently announced a series of product changes to ensure the company drives revenue growth more effectively in the long term. We expect that a stepback from Tinder Coins as part of a re-examination of virtual goods and recent underperforming product execution and velocity will slow down revenue growth in fiscal 2022 to 7%-10% from first half revenue growth of 16% driven by Tinder and enhanced by contributions from other brands like Hinge. We were previously expecting revenue growth of 13%-15% in 2022 (10%-12% pro forma for the Hyperconnect acquisition) this year. Although we expect the introduction of new features like Swipe party, monetization for female user, and shorter-term subscription packages implemented by a newly appointed Tinder management team to increase its user base, we do not expect these new products to translate to significant growth until fully implemented in 2023. The improved app store ecosystem by removal of mandatory in-app payment (IAP) and discriminatory fee structures will also improve earnings in the future, but there remains uncertainty on the timing. On an absolute basis, we forecast the company's S&P Global Ratings' adjusted EBITDA margins to decline 100 basis points (bps)-150 bps in 2022 from 34.4% in 2021 to account for increased business investments associated with new product initiatives, offset by marketing spend discipline. This results in S&P Global Ratings' adjusted leverage remaining above 3x for the next 12-18 months." Ongoing macroeconomic challenges remain a risk to our base case forecast. "Match continues to face the negative impacts of the ongoing volatile macroeconomic situation across the globe. These include fallout from the Russia-Ukraine conflict on the European business, continued COVID-19 cases and restrictions in the Asia-Pacific (APAC) region and China, weakening consumer discretionary spending and negative foreign exchange impact. Although we expect solid growth in the number of users and revenues over the next 12-18 months, we believe that consumer demand may weaken, and addition of new users could slow down if the possibility of recession increases with no improvement in the macroeconomic environment." S&P believes the company will maintain prudent financial policy. Match has historically used most of its free operating cash flow (FOCF) for share repurchases, cash distributions, investments, and acquisitions. S&PS aid, "We expect these capital allocation priorities to continue while the company maintains its target leverage. The company has committed to a net leverage target of 3x. However, we expect the company to maintain its S&P Global-adjusted EBITDA, which adjusts for capitalized software development expenses, around 3x as it continues share repurchases. We also expect that future acquisitions would be funded primarily with cash and equity. Match has a good record of generating steady free cash flows due to the company's high EBITDA margin and low working capital and capital expenditure needs. Although the company's free cash flow in 2022 will be lower due to a $441 million of litigation payment related to Tinder, we expect that in 2023, the company's performance will continue to be healthy, and FOCF generation will exceed $900 million annually, facilitating share repurchases and small acquisitions to support growth." S&P said, "The stable outlook reflects our expectation that Match's S&P Global Ratings' adjusted net leverage will remain below 4x for the next 12 months, despite delays in product rollouts stemming from missed execution and implementation of key strategic changes. We believe the company will manage share repurchases to maintain its 3.0x net leverage target." S&P could lower the rating if: -- Match increases leverage above 4x over the next 12 months because of higher fees allocated toward Google Play billing system, additional product launch deferrals, lower demand from a change in consumer preferences, or weak post-pandemic economy and intensifying competition; or -- The company prioritizes a more aggressive financial policy and pursues significant debt-funded acquisitions or share repurchases rather than debt reduction. S&P could raise the rating if: -- Match reduces and commits to maintain its S&P Global Ratings' adjusted leverage below 3x; and -- Ongoing strong performance of Tinder, revenue and EBITDA growth at non-Tinder brands, and resolution of in-app billing payments with Google. ESG credit indicators: E-2, S-2, G-2 MOBIQUITY TECHNOLOGIES: Settles Separation Dispute With Ex-Employee ------------------------------------------------------------------- Mobiquity Technologies, Inc. and Don (Trey) Barrett III have resolved a dispute regarding the employment separation of Mr. Barrett from the Company. Among other things, they agreed that that Mr. Barrett's employment separation from the company on March 17, 2022 is deemed mutual and not for cause, and the Company will not incur any material early termination penalties. About Mobiquity Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. is a next generation, Platform-as-a-Service (PaaS) company for data and advertising. The Company maintains one of the largest audience databases available to advertisers and marketers through its data services division. Mobiquity Technologies' Advangelists subsidiary (www.advangelists.com) provides programmatic advertising technologies and insights on consumer behavior. For more information, please visit: https://mobiquitytechnologies.com/ Mobiquity reported a net comprehensive loss of $34.95 million for the year ended Dec. 31, 2021, a net comprehensive loss of $15.03 million for the year ended Dec. 31, 2020, and a net comprehensive loss of $44.03 million for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $5.11 million in total assets, $1.91 million in total liabilities, and $3.20 million in total stockholders' equity. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. MOUNTAIN PROVINCE: Reports Fatality at Gahcho Kue Mine ------------------------------------------------------ Mountain Province Diamonds Inc. is saddened to announce a fatal incident at the Gahcho Kue Mine. STATEMENT FROM DE BEERS GROUP: We are deeply saddened to confirm that an employee from a contractor partner company succumbed to injuries sustained in an incident at Gahcho Kue Mine on Thursday, 1 September. The circumstances around what happened are under investigation by the appropriate authorities. All non-essential work at the mine has been suspended. This is an extremely tragic incident and the mine joint venture partners, De Beers Group and Mountain Province Diamonds, extend our deepest condolences to the grieving family and friends of the deceased individual. We want to commend the individual's co-workers, the mine's Emergency Response Team, and the onsite medical team who made every effort to save their colleague's life. A grief counsellor arrived at the mine Thursday evening and additional counselling services are available to all employees. Gahcho Kue is located in the Northwest Territories, about 280 km northeast of Yellowknife. The mine is a joint venture between De Beers Group (51% - the operator) and Mountain Province Diamonds (49%). About Mountain Province Mountain Province Diamonds Inc. is a Canadian-based resource company listed on the Toronto Stock Exchange under the symbol 'MPVD'. The Company's registered office and its principal place of business is 161 Bay Street, Suite 1410, P.O. Box 216, Toronto, ON, Canada, M5J 2S1. The Company, through its wholly owned subsidiaries 2435572 Ontario Inc. and 2435386 Ontario Inc., holds a 49% interest in the Gahcho Kue diamond mine, located in the Northwest Territories of Canada. De Beers Canada Inc. holds the remaining 51% interest. The Joint Arrangement between the Company and De Beers is governed by the 2009 amended and restated Joint Venture Agreement. Mountain Province reported net income of C$276.17 million for the year ended Dec. 31, 2021, compared to a net loss of C$263.43 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had C$877.50 million in total assets, C$413.31 million in total current liabilities, C$336,000 in lease obligations, C$92.39 million in decommissioning and restoration liability, C$20.72 million in deferred income tax liabilities, and C$350.74 million in total shareholders' equity. Toronto, Canada-based KPMG LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 28, 2022, citing that the Company faces liquidity challenges as a result of liabilities with maturity dates through December 2022 and short-term financial liquidity needs that raises substantial doubt about its ability to continue as a going concern. MOUNTAINSKY LANDSCAPING: Taps Harrison as Forensic Accountant ------------------------------------------------------------- MountainSky Landscaping, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Harrison Advisory as its forensic accountant. Harrison's services will include forensic analysis and consultation, review of accounting, banking and financial records, and related services. Harrison has requested a $7,500 retainer. The professionals at Harrison will charge hourly rates ranging from $175 to $325, plus reasonable and necessary travel and out-of-pocket costs incurred. As disclosed in court filings, Harrison is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Josh Harrison, CPA Harrison Advisory 600 17th Street, Suite 2800 Denver, CO 80202 Phone: (303) 226-7373 Email: jharrison@gmail.com About MountainSky Landscaping MountainSky Landscaping, LLC offers complete outdoor living and gardening designs for residential and commercial sectors. It is based in Fort Lupton, Colo. MountainSky filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-12744) on July 26, 2022, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Debtor has elected to proceed under Subchapter V of Chapter 11. Joli A. Lofstedt is the Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. Wadsworth Garber Warner Conrardy, P.C. and Harrison Advisory serve as the Debtor's legal counsel and forensic accountant, respectively. NEWAGE INC: Gets Court Okay for $16M Loan From Lead Bidder ---------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge on Sept. 1, 2022, gave health and wellness product distributor NewAge Inc. the go-ahead to tap into $16 million in Chapter 11 financing from the sales representative putting up a $28 million stalking horse bid for the business. At a virtual hearing, U.S. Bankruptcy Judge Laurie Selber Silverstein gave NewAge interim permission to tap into the first $4 million of the debtor-in-possession financing from the bidder after counsel for the company told her it would run out of cash by Friday without it. The Debtor has reached a deal to sell the assets to the "stalking horse" bidder, DIP Financing, LLC, via a credit bid, absent higher and better offers. The stalking horse bidder has also agreed to provide $16 million of DIP financing, as well as purchase the EWB Credit Facility to help the Debtors conserve value as they run a sale process in the Chapter 11 cases. The Stalking Horse intends to credit bid the full amount of the DIP Facility and EWB Credit Facility and serve as the stalking horse for the sale for substantially all of the Debtors' assets. DIP Financing LLC is led by John Wadsworth, who has worked as an independent sales representative of the Enterprise since 1998 -- Mr. Wadsworth has never been a director or officer of any Debtor and has less than 0.4% of the outstanding shares of NA, Inc. About NewAge, Inc. NewAge Inc. (Nasdaq: NBEV) is a purpose-driven firm dedicated to inspiring the planet to Live Healthy. The Utah-based Company commercializes a portfolio of organic and healthy products worldwide primarily through a direct-to-consumer (D2C) route to market distribution system across more than 50 countries. The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management -- through a network of exclusive independent Brand Partners, empowered with the leading social selling tools and technology available worldwide. On the Web: http://www.NewAgeGroup.com/ NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda Holdings, Inc., and Morinda, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10819) on August 30, 2022. NewAge reported total assets of $310,902,000 against total liabilities of $149,447,000 as of the bankruptcy filing. The Debtors tapped GREENBERG TRAURIG, LLP as bankruptcy counsel and SIERRACONSTELLATION PARTNERS LLC as financial advisor. HOULIHAN LOKEY CAPITAL, INC., conducted the prepetition marketing process for the Debtors. STRETTO is the claims agent. NORTHWEST SENIOR: Taps Jezerinac to Provide Professional Services ----------------------------------------------------------------- Northwest Senior Housing Corporation and Senior Quality Lifestyles Corporation seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Jezerinac Group, PLLC to provide expert and litigation support services. The firm will render these services: (a) review existing drawings, such as original architectural and structural drawings, and repair/renovation drawings; (b) limited on-site visual observations of representative exposed structural elements; (c) offer observations and recommendations limited to those that are structural in nature; (d) if requested by the Debtors, provide analysis with engineered solutions and repair details for pre-established areas requiring repair; (e) if requested by the Debtors, prepare expert structural condition reports and provide related expert witness testimony services; (f) as requested by the Debtors and their bankruptcy counsel, offer the Debtors litigation support; and (g) perform such other professional services as may be requested by the Debtors and agreed to by Jezerinac in writing. The Debtors will pay Jezerinac $31,000 related to the Structural Condition Assessment, which includes document review, site observations, and reporting, exclusive of reimbursable expenses. The hourly rates of the firm's professionals are as follows: Senior Principal/President $340 Principal/Vice President $270 Associate Principal $250 Senior Associate $215 Associate $200 Senior Project Engineer $175 Project Engineer $160 Senior Engineer $145 Engineer $125 Certified Building Inspector $145 Building Information Modeler Manager $165 Senior Building Information Modeler $130 Building Information Modeler $110 Administrative Support Staff $85 Intern $75 In addition, the firm will seek reimbursement for expenses incurred. Graham Brasic, an associate at Jezerinac Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Graham Brasic Jezerinac Group, PLLC 480 Hibiscus Street, Suite 107 West Palm Beach, FL 33401 Telephone: (561) 622-8585 Email: info@jezerinacgroup.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. Jezerinac Group, PLLC is tapped to provide expert and litigation support services. The Official Committee of Unsecured Creditors tapped Foley & Lardner LLP as counsel, and Ankura Consulting Group, LLC, as financial advisor. NORTONLIFELOCK INC: S&P Assigns 'BB-' Rating on New Unsec. Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '5' recovery rating to Tempe, Ariz.-based consumer cyber security and identity protection provider NortonLifeLock Inc.'s proposed unsecured notes. It will use the proceeds to replenish balance sheet cash following the recent maturity of $925 million of unsecured debt, partially fund its acquisition of European cyber security software company Avast PLC, and for general corporate purposes. Management expects the acquisition to close on Sept. 12. S&P said, "Our 'BB+' issue-level ratings on the company's existing credit facilities due in 2026 remains on CreditWatch, where we placed them with negative implications on Aug. 11, 2021. If the transaction closes as expected, these instruments will be repaid, and we will withdraw those ratings. "Our 'BB' issuer credit rating on NortonLifeLock is unchanged because we believe the strategic benefits of the transaction offset the decline in credit metrics. We estimate leverage will rise to the 5x area for the trailing 12 months (excluding adjustments for cost savings, but including an adjustment for a $200 million litigation accrual). Even though this exceeds our 4x downgrade threshold, we expect leverage to fall below 4x in the 12-18 months following acquisition close as NortonLifeLock realizes cost savings, repays debt consistent with its target leverage range of 2x-3x, and continues to organically expand its revenue. We also view the strategic benefits of the deal as offsetting the increase in its financial risk. "We had previously incorporated some cushion in the rating. For example, NortonLifeLock's leverage of 2.4x could justify a higher rating. However, we held back an upgrade because we believe acquisitions are an important part of its growth strategy. Given the high fragmentation in consumer security and privacy, we believe there are many potential targets NortonLifeLock could pursue after it integrates Avast. We will continue to incorporate some cushion at the rating to undertake such transactions. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P values NortonLifeLock on a going-concern basis because it believes reorganization would yield more value for creditors than liquidation due to the considerable value provided by the firm's recurring revenue and intellectual property. -- S&P valued the company using a 6.5x multiple of its projected emergence EBITDA. This multiple is at the midpoint of the range S&P uses for software companies. -- S&P's simulated default scenario considers a default in 2027 due to missteps in integrating Avast and intense competition from smaller consumer security players. -- The company's pro forma capital structure consists of a secured $3.9 billion term A facility due in 2027, secured $3.7 billion term B facility due in 2029, $1.1 billion of unsecured notes due in 2025, the proposed unsecured notes consisting of tranches due in 2027 and 2030, and $1.5 billion secured revolving credit facility expiring in 2027. Simulated default assumptions -- Simulated year of default: 2027 -- Emergence EBITDA: $860 million -- Multiple: 6.5x -- $1.5 billion revolving credit facility: 85% drawn at default -- Claims include six months of accrued interest -- Valuation split (obligors/nonobligors): 60%/40% Simplified waterfall -- Net enterprise value after 5% administrative expenses: $5.3 billion -- Value available to secured lenders: $5 billion -- Secured debt claims: About $8.4 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Value available to unsecured lenders: $300 million -- Unsecured debt claims: About $2.4 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) PRAIRIE ECI: S&P Alters Outlook to Stable, Affirms 'B+' ICR ----------------------------------------------------------- S&P Global Ratings revised the outlook on Prairie ECI Acquiror L.P. and its operating subsidiary, Tallgrass Energy Partners L.P. (Tallgrass), to stable from negative. S&P said, "At the same time, we affirmed the 'B+' issuer credit rating on both Prairie and Tallgrass, and the 'BB-' issue-level rating on Tallgrass's senior unsecured debt (with a '2' recovery rating) and 'B' issue-level rating on Prairie's senior secured debt (with a '5' recovery rating). "The stable outlook reflects our expectation for consistent EBITDA generation over the next several years and a balanced approach to funding increasing capital expenditures, leading to leverage in the low 7x-area through fiscal 2023. "Consolidated leverage improved to around 7x through fiscal 2021, and we anticipate that it will be maintained in the low-7x area through fiscal 2023. This represents a meaningful decline from about 8x at the end of fiscal 2020, driven by debt paydown and increased EBITDA from improved operating conditions. The company also cut back on its capital expenditures substantially, which conserved cash that it used to reduce borrowings by about $500 million." S&P projects that consolidated S&P Global Ratings-adjusted EBITDA will remain relatively stable at current levels through fiscal 2023, reflecting the following expectations across Prairie's portfolio of assets: -- Rockies Express Pipeline LLC (REX, about 50% of S&P Global Ratings-adjusted EBITDA). S&P said, "Our forecast for REX considers a marginal decline in EBITDA through 2024 due to recontracting risk associated with the expiration of certain west-to-east contracts. In particular we highlight expiration of a sizable contract with an affiliate of Ovintiv, and in our base case for REX we assume new contracts are added that offset at least 25% of expiring capacity at market rates. We proportionally consolidate debt and EBITDA for Prairie's 75% ownership of REX. For additional information on REX, see our recently published full analysis on Rockies Express Pipeline LLC." -- Liberty Express Pipeline LLC (LEP, about 30% of S&P Global Ratings-adjusted EBITDA). LEP is a joint venture established in April 2021 between Tallgrass and Bridger Pipeline LLC. It owns and operates midstream crude oil infrastructure assets, including the Pony Express Pipeline that represents the majority of Prairie's crude oil exposure. S&P said, "We anticipate a modest increase in EBITDA at LEP following completion of the Pony Express Guernsey expansion in June 2022, which added 140 miles of pipe from Guernsey, Wyo., to Buckingham, Colo. This makes the Sterling, Colo., to Cushing, Okla., capacity available for both light and heavy crude transport and management anticipates the addition of roughly $25 million of EBITDA annually from the project. We forecast that volumes and rates on the Pony Express pipeline will be steady over the next several years. We proportionally consolidate Prairie's ownership of LEP reflecting its share of LEP's distributions, which is currently 95% of the total." -- Other Assets (about 20% of S&P Global Ratings-adjusted EBITDA). S&P said, "We anticipate EBITDA across Prairie's diversified portfolio of regional oil pipelines, gas pipelines, and gathering and processing systems for natural gas and water will be about flat year-over-year. This in part reflects our view that the assets are in less cost-competitive areas than some peers." S&P said, "We expect capital expenditures to increase significantly as Prairie pursues growth projects, which could pressure credit metrics if funded heavily with debt. While we recognize that the amount and timing of capital expenditures is difficult to forecast given uncertainty associated with project timelines, we nonetheless anticipate a dramatic uptick in spend in the near to midterm." This represents a shift in the company's financial policy, which had been focused on deleveraging as demonstrated by a meaningful paydown of outstanding revolver balances over the last several years. Management has indicated intentions to utilize a balanced financing strategy with free cash flows and sponsor equity contributions funding a portion of project costs. This reduces but does not eliminate the need for additional debt. S&P said, "We forecast the company will spend roughly $300 million to $400 million in fiscal 2022, largely consistent with expected cash generation at Prairie. As expenditures increase from this level a portion would likely be funded with debt and subsequently reduce credit metric headroom at the current rating level. For every $100 million of debt-funded capital expenditures (barring any other debt reduction) S&P Global Ratings-adjusted leverage increases by roughly 0.1x. We do not adjust for pro forma EBITDA, and thus could see periods of elevated credit metrics before the projects are fully operational and incremental EBITDA benefits leverage." Most notable of the projects is the conversion of the Trailblazer pipeline to transport CO2 from the Midwest to a permanent sequestration site in Wyoming, which is targeted for completion in 2024. Prairie's competitive positioning compares favorably to similarly rated peers, though high leverage constrains the rating. S&P said, "The majority of rated peers that we view as having a similar competitive positioning to Prairie, such as Enlink Midstream LLC, Boardwalk Pipeline Partners L.P., and Western Midstream Operating L.P., maintain a much more conservative leverage profile, and thus are rated higher. Despite its leverage in the 7x area, we believe that Prairie's relatively stable portfolio of assets supports the current rating." S&P said, "The stable outlook reflects our expectation for leverage to be maintained in the low-7x area for fiscals 2022 and 2023. We forecast flat volumes and rates at the Pony Express Pipeline and that the Rockies Express Pipeline will be able to renew a portion of its contracts expiring over the next several years. "We could take a negative rating action if we anticipated Prairie would maintain leverage of greater than 7.5x on a sustained basis. This could occur if the company adopts a more aggressive financial policy, which could include distributions to shareholders in lieu of debt paydown or expansion projects funded heavily with debt financing. We would also lower the rating if we expect rates and volumes to fall and remain depressed due to weakened demand and compressed commodity pricing. "We could take a positive rating action if we anticipated Prairie would maintain leverage of less than 6x on a sustained basis. This could occur if the company paid down outstanding debt balances with free cash flow while executing on growth projects leading to increased EBITDA generation. An upgrade would require the company to adopt a more conservative financial policy." ESG credit indicators: E-3, S-2, G-2 RED RIVER WASTE: Assets Bought by Platform Waste Solutions ---------------------------------------------------------- Bob Gaetjens of Waste Today reports that Red River Waste has been acquired via the Chapter 11 process by Platform Waste Solutions, a portfolio company of Denver-based Platform Capital. Municipal contracts with Union City, Tennessee; Nashville, Tennessee; Del Rio, Texas and Huntsville, Alabama are among the assets Platform Waste has acquired, expanding the company's operational footprint throughout Tennessee, Kentucky, Texas and Alabama. "This transaction was stuck in court much longer than anyone expected, but once the acquisition was finalized in August 2022, we wasted no time restoring consistent, quality customer service to former Red River customers," Jake Walker, a Platform Capital partner and business turnaround specialist, says. "Throughout the drawn-out Red River bankruptcy, we were working quietly behind the scenes to understand all the underlying service issues and to formulate a sound action plan that would allow us to hit the ground running." Walker says Platform Waste Solutions' strength of capital, leveraging of talent acquisition strategies and contract negotiation skills have contributed to immediate, measurable improvements in customer satisfaction among Red River customers. Continued improvements will come from capital investments in the fleet, management information systems and daily communication standards that address service issues in real time, he says. Platform Capital CEO Chris Bix says the company will keep its promises and looks forward to "building goodwill through good services and relationship building." He continues, "We are grateful to all parties involved for giving Platform Waste Solutions the opportunity to welcome and serve these communities in the manner they deserve." Platform Waste Solutions LLC has acquired the assets of Red River Waste Solutions, Dripping Springs, Texas, via Chapter 11 bankruptcy. About Red River Waste Solutions Red River Waste Solutions LP is a company in Dripping Springs, Texas, that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D. Texas Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million in assets and up to $100 million in liabilities. James Calandra, chief restructuring officer of Red River Waste Solutions, signed the petition. Judge Morris oversees the case. The Debtor tapped Marcus Alan Helt, Esq., at McDermott Will & Emery, LLP as bankruptcy counsel; Schiffer Hicks Johnson, PLLC as special counsel; and CRS Capstone Partners LLC as restructuring advisor. Mr. Calandra, CRS managing director, serves as the Debtor's CRO. Stretto, Inc. is the claims and noticing agent. The Debtor's official committee of unsecured creditors tapped Womble Bond Dickinson (US) LLP as legal counsel and Rock Creek Advisors, LLC as financial advisor. The Debtor filed its proposed Chapter 11 plan on Feb. 9, 2022, and its disclosure statement on June 1, 2022. RENEWABLE ENERGY: Seeks to Hire Jones & Walden as Legal Counsel --------------------------------------------------------------- Renewable Energy Holdings of Georgia, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden, LLC as its legal counsel. Jones & Walden will render these legal services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The hourly rates of the firm's counsel and staff are as follows: Attorneys $250 - $425 Paralegals $85 - $175 Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: cmccord@joneswalden.com About Renewable Energy Holdings of Georgia Renewable Energy Holdings of Georgia, LLC specializes in hauling, disposal, and recycling of construction demolition waste with its principal place of business located at 375 Industrial Park Road, Cartersville, Georgia 30121 and its headquarters located at 2859 Paces Ferry Road, Suite 1150, Atlanta, GA, 30339. Renewable Energy Holdings of Georgia sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41005) on Aug. 26, 2022. In the petition filed by Carson Cash King, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's counsel. REVELANT HOLDINGS: Seeks to Hire Legility as Document Reviewer -------------------------------------------------------------- Revelant Holdings, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Legility, LLC to assist with reviewing documents related to an ongoing arbitration. Brownstein Hyatt Farber Schreck, LLP is representing the Debtor in an arbitration before the American Arbitration Association with the Debtor's competitor, Synergetic Oil Tools, Inc., Synergetic Elements, Inc., and Brian Herman. As part of the first hearing in January 2023 in the arbitration, the Debtor will need to identify documents that bear on the following issues and facts in dispute: (1) inventorship over several patents; (2) ownership of several patents; (3) whether Synergetic Oil Tools, Inc., Synergetic Elements, Inc. or Brian Herman have rights under the Licensing and Distribution Agreement or the Disclosure Agreement to the Debtor's Avenger products. The Debtor has approximately 17,000 remaining documents to review and requires assistance to meet the deadlines set by the arbitration panel. Legility will charge its standard hourly billing rates ranging from $55 to 190 per hour. Legility is a "disinterested person" as defined under Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Michael Flanagan Legility, LLC 1828 L St. NW Suite 1070 Washington, DC 20036 Phone: +1 (202) 822-6222, ext. 812 Fax: +1 (202) 318-9184 Email: mike.flanagan@consilio.com About Revelant Holdings Revelant Holdings, LLC -- https://revelant.com -- is a technology company bringing the Enercat tool to the oil and gas industry as an entirely new and innovative way to improve the properties of fluids downhole and at the surface. With its corporate office now in Houston and four regional USA offices serving the oil and gas industry, Revelant is currently focusing on the Permian Basin, Eagle Ford, Mid-Continent and San Juan Basin. Revelant Holdings filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 20-16717) on Oct. 12, 2020. W. Tracy Fotiades, president, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. The Debtor tapped Weinman & Associates, P.C. and Wrinkle Gardner and Company as its legal counsel and accountant, respectively. REVLON INC: Released From 200 Park Avenue South Leases ------------------------------------------------------ The Real Deal reports that as Revlon goes through a massive company makeover in the form of bankruptcy proceedings, the company secured its requested exit from 200 Park Avenue South. The cosmetics company received approval from a judge to exit a pair of leases at ABS Partners' Everett Building, Crain's reported. The two leases encompass nearly 46,000 square feet. Revlon asked to leave the leases a couple of months ago as part of Chapter 11 bankruptcy proceedings. Corporate restructuring officer Robert Caruso said the lease terminations could save the company $17 million. One of the leases belongs to cosmetics brand Elizabeth Arden, a subsidiary of Revlon. The company operated a 10,000-square-foot ground-floor spa, which is leased through April 2023. The spa has closed, however, and the retail space is being offered for lease. Meanwhile, Elizabeth Arden's office space in the building spanned nearly 36,000 square feet on the sixth and seventh floors. That lease wasn't slated to expire until October 2027. When Revlon entered bankruptcy, it counted $2.3 billion in assets and $3.3 billion in debt. In the last two years, the company has lost more than $800 million. Revlon has another significant lease worth monitoring. The company is locked into a 108,000-square-foot lease for its headquarters at Brookfield Properties’ One New York Plaza in the Financial District. Revlon has not given any public indication of plans to bail on the lease, which runs through 2030; Brookfield declined to comment to Crain's about the possibility of Revlon leaving. Revlon is one of the major tenants at Brookfield's property, which hit the market several months ago. Brookfield and China Investment Corporation have been looking to sell the 50-story office building, previously valued at $1.4 billion. The 2.7 million-square-foot building was 93 percent leased as of April 2022. 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. RYBEK DEVELOPMENTS: Taps Timothy M. Collier as Special Counsel -------------------------------------------------------------- Rybek Developments, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ The Law Office of Timothy M. Collier, PLLC as its special counsel. The Debtor asserts claims against several parties, including but not limited to Sandra Williamson and Manny Guyot, both of whom have filed proofs of claim, and claims against certain design and legal representatives for the development of the Debtor's property sold by court order. The firm will prosecute the objections to the proofs of claim and certain liability matters related to the development of the real property. The Law Office of Timothy M. Collier will charge $350 per hour for its services. The firm received a retainer in the amount of $5,000. As disclosed in court filings, The Law Office of Timothy M. Collier is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Timothy M. Collier, Esq., The Law Office of Timothy M. Collier, PLLC 3295 North Drinkwater Blvd, Suite 9 Scottsdale, AZ 85251 Phone: 480-900-6108 Email: timothy.collier@tmcollierlaw.com About Rybek Developments Rybek Developments, LLC filed a petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-07697) on Oct. 13, 2021, listing as much as $1 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. Allan D. NewDelman, P.C. is the Debtor's bankruptcy counsel while The Law Office of Timothy M. Collier, PLLC serves as its special counsel. SAN JORGE CHILDREN'S HOSPITAL: FIles for Chapter 11 Bankruptcy -------------------------------------------------------------- San Jorge Children's Hospital Inc. has filed for Chapter 11 bankruptcy in Puerto Rico. According to Pop News 24/7, exactly 60 years after its founding, Hospital San Jorge in Santuras filed a Chapter 11 petition, but that doesn't mean they will stop working or their services will be affected. "The financial restructuring plan will strengthen our business and allow the hospital to continue its important work," said Jose Luis Rodriguez, vice president of operations and executive director, San Jorge Children's and Women's Hospital. According to Pop News, the lawyer, who has been working in the institution for two years, admitted that the hospital is facing significant financial challenges which were further affected by the loss of income during the COVID-19 pandemic. The purpose of this bankruptcy petition, he added in written statements, is to significantly reduce debt and annual interest expense. "We will continue the services. The job is guaranteed. It is a financial strategy," said Catherine Barbosa, the hospital's marketing director on Friday. In a written statement, the hospital administration reiterated that the facility would continue to function as usual and the staff would not be affected. The restructuring statement reportedly seeks to retain about 400 jobs and invest in raising additional capital to support health care needs. The new financing and cash produced by the company's existing operations will be used "to support the business and reduce debt." According to court filings, San Jorge Children's Hospital Inc. estimates between 200 and 999 unsecured 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 Oct. 14, 2022, at 10:00 AM via Telephonic Conference Information for AUST/Trial Attys. Proof of claim are due by Jan. 12, 2023. About San Jorge Children's Hospital San Jorge Children's Hospital Inc. owns and operates a hospital facility in the Municipality of San Juan, Puerto Rico. The hospital opened its pediatric emergency room in 1991, and in 1993 it inaugurated the first bone marrow transplant unit in Puerto Rico. In 1995, the San Jorge Children's Foundation was created, a non-profit organization that helps low-income children receive services and treatment. San Jorge Children's Hospital Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-02630) on Sept. 1, 2022. In the petition filed by Edward P. Smith, as chief operating officer, the Debtor listed assets and liabilities between $10 million and $50 million. The Debtor is represented by Wigberto Lugo Mender of Lugo Mender & Co. STRATEGIC INNOVATION: Starts Subchapter V Case ---------------------------------------------- Strategic Innovations LLC filed for chapter 11 protection without stating a reason. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. According to court filings, Strategic Innovations LLC estimates between 1 and 49 creditors. The bare-bones petition states that funds will be available to unsecured creditors. Pursuant to 11 U.S.C. Sec. 1183(a), the United States Trustee has appointed the following qualified individual as Subchapter V trustee in the case: David Sousa P.O. Box 3167 Visalia, CA 93278-3167 Phone: (559) 242-2065 E-mail: Dave@fresnotrustee.com About Strategic Innovations Strategic Innovations LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-11541) on Sept. 2, 2022. In the petition filed by Royce Newcomb, as managing member, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by David C. Johnston SUNGARD AVAILABILITY: Court Approves $52.5 Million Sale to 365 Data ------------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that Sungard Availability Services Ltd., a bankrupt IT service provider backed by the Carlyle Group, won court approval to sell nearly all assets to 365 Data Centers for $52.5 million. The assets being sold in the deal, approved Wednesday by the US Bankruptcy Court for the Southern District of Texas, don't include cash on hand and Sungard's rights to claw back prior transfers or other property. 365 Data Centers, which is purchasing Sungard's assets through an entity called 365 SG Operating Co. LLC, provides technology services, including network and cloud computing. About Sungard AS New Holdings Sungard Availability Services is a Wayne, Pa.-based information-technology services provider owned by Angelo Gordon, Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. It provides disaster recovery services, colocation and network services, cloud and managed services and workplace recovery to customers in North America, Europe and Asia. The company and its affiliates filed for Chapter 11 protection twice in three years. Sungard filed for Chapter 11 bankruptcy in 2019 with a prepackaged plan that was approved by a New York bankruptcy court one day after it was filed. Sungard AS New Holdings, LLC and affiliates, including Sungard Availability Services, LP, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-90018) on April 11, 2022. Judge David R. Jones oversees the case. In the petition signed by Michael K. Robinson, CEO and president, Sungard AS disclosed up to $1 billion in both assets and liabilities. Sungard Availability Services (UK) Limited, an indirect subsidiary of Holdings, entered into administration in the UK on March 25, 2022. Meanwhile, Sungard Canada filed an application for recognition in Canada under the Companies Creditors' Arrangement Act of its Chapter 11 case. Akin Gump Strauss Hauer & Feld LLP and Jackson Walker serve as legal counsel to the Debtors. Cassels Brock & Blackwell LLP, serves as their Canadian legal counsel. DH Capital, LLC and Houlihan Lokey, Inc., act as investment bankers. FTI Consulting, Inc. serves as financial and restructuring advisor. Alvarez & Marsal Canada Inc., serves as Canadian court-appointed information officer and is represented by Bennett Jones, LLP as counsel in connection with the Canadian proceedings. Kroll Restructuring Administration, LLC serves as notice and claims agent. Proskauer Rose, LLP and Gray Reed & McGraw, LLP serve as counsel to Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan DIP lenders. PNC Bank, National Association, serves as administrative agent and collateral agent, under the DIP ABL facility. PNC is represented by Thompson Coburn Hahn & Hessen LLP as counsel. TBC COMPANIES: Seeks to Hire Anna Haley-Liu of KHL as Bookkeeper ---------------------------------------------------------------- TBC Companies, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Anna Haley-Liu of KHL Bookkeeping, LLC, to act as its bookkeeper during the bankruptcy proceedings. The Debtor has typically paid KHL a total fee of $410 per month for bookkeeping services. This amount includes a $120 third-party licensing fee for the software used by the Debtor to maintain its books and records. Neither Ms. Haley-Liu nor KHL holds or represents an interest adverse to the estate, according to court filings. The firm can be reached through: Anna Haley-Liu KHL Bookkeeping, LLC Raleigh, NC Phone: 919-283-3810 Email: info@bookkeepingkhl.com About TBC Companies TBC Companies, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01737) on Aug. 8, 2022, disclosing up to $500,000 in assets and up to $1 million in liabilities. Judge Pamela W. McAfee oversees the case. Danny Bradford, Esq., at Bradford Law Offices serves as the Debtor's counsel. The Debtor filed its proposed Chapter 11 plan and disclosure statement on Aug. 9, 2022. TOTAL URBAN: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Total Urban Forestry, LLC 231 NE 11th Street Ocala, FL 34470 Business Description: The Debtor offers tree trimming, stump grinding, debris hauling services to residential and commercial customers. Chapter 11 Petition Date: September 8, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-01807 Debtor's Counsel: Rehan N. Khawaja, Esq. BANKRUPTCY LAW OFFICES OF REHAN N. KHAWAJA 817 North Main Street Jackson, FL 32202 Tel: (904) 355-8055 Fax: (904) 355-8058 Email: khawaja@fla-bankruptcy.com Total Assets: $1,437,700 Total Liabilities: $2,145,297 The petition was signed by Joshua Sanders, AMBR. 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/H7GYR4Y/Total_Urban_Forestry_LLC__flmbke-22-01807__0001.0.pdf?mcid=tGE4TAMA TRANSDERMAL SPECIALTIES: Unsecureds Will Get 100% in 36 Months -------------------------------------------------------------- BKR IP Holdco, LLC ("BKR IP Holdco"), Transdermal Specialties, Inc. ("TSI"), and Transdermal Specialties Global, Inc. ("TSG") (each individually a "Debtor" and collectively, the "Debtors") filed a Disclosure Statement describing Plan of Reorganization dated September 6, 2022. The Debtors became embroiled in litigation with former shareholders of TSI. As a result of the litigation in the Eastern District of Pennsylvania, the Debtors filed for Chapter 11 bankruptcy relief. The Debtors propose a 100% plan and, with time, will fully resolve the judgments against the Debtors. The TSI Debtor is in the final stages of negotiating purchase orders with major medical aesthetic companies for the production and distribution of the U-Wand and U-Pen technology. The Debtors expect the TSI purchase orders to the primary funding for the Debtors' Plan. Class 1 consists of Allowed Unsecured Claims as to BKR IP Holdco. Class 1 is Impaired. Class 1 Claims as to BKR Holdco is estimated at $2,500,000.00. The Debtor proposes to pay all Allowed Unsecured Claims a total payment of 100% of the claim to be paid over 36 months. The Debtor proposes to make a payment of $100,000.00 on the effective date. Thereafter, the Debtor shall make a pro-rata distribution every 6 months until the anniversary of the 36 month of the effective date. Class 2 consists of the Equity Security Holders of BKR IP Holdco. Class 2 is not impaired. This Plan shall in no way change or alter the equity security holders of BKR IP Holdco. Class 3 consists of Allowed Unsecured Claims as to TSI. Class 3 is impaired. Class 3 claims as to TSI is estimated at $2,500,000.00. The Debtor proposes to pay all Allowed Unsecured Claims a total payment of 100% of their claim to be paid over 36 months. The Debtor proposes to make a payment of $100,000.00 on the effective date. Thereafter, the Debtor shall make a pro-rata distribution every 6 months until the anniversary of the 36 month of the effective date. Class 4 consists of the Equity Security Holders of TSI. Class 4 is not impaired. This plan shall in no way change or alter the equity security holders of TSI. Class 6 consists of Allowed Unsecured Claims as to TSG. Class 6 is impaired. Class 6 claims as to TSG is estimated at $2,500,000. The Debtor proposes to pay all Allowed Unsecured Claims a total payment of 100% of their claim to be paid over 36 months. The Debtor proposes to make a payment of $100,000.00 on the effective date. Thereafter, the Debtor shall make a pro-rata distribution every 6 months until the anniversary of the 36 month of the effective date. Class 7 consists of the equity security holders of TSG. Class 7 is not impaired. This plan shall in no way change or alter the equity security holders of TSG. The TSI Debtor is in the final stages of negotiating purchase orders with major medical aesthetic companies with regard to the production and distribution of the U-Wand Product. This is not a license agreement but product sales only through purchase order. A full-text copy of the Disclosure Statement dated September 6, 2022, is available at https://bit.ly/3exe583 from PacerMonitor.com at no charge. Attorneys for the Debtor: CIARDI CIARDI & ASTIN Albert A. Ciardi, III, Esq. Daniel S. Siedman, Esq. 1905 Spruce Street, Philadelphia, PA 19103 About Transdermal Specialties Global Transdermal Specialties Global, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 21-11425) on May 19, 2021. At the time of the filing, the Debtor had $1 million to $10 million in both assets and liabilities. Judge Magdeline D. Coleman oversees the case. Ciardi Ciardi & Astin serves as the Debtor's legal counsel. TREETOP DEVELOPMENT: Taps Lewis R. Landau as Bankruptcy Counsel --------------------------------------------------------------- Treetop Development, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Lewis R. Landau, Attorney-at-Law as its bankruptcy counsel. The firm's services will include all legal services required to assist the Debtor in fulfilling its duties under 11 U.S.C. Secs. 1106 and 1107 including all contested matters but excluding corporate, tax, employment or labor, real estate and securities related services. Lewis R. Landau will be paid at the hourly rate of $695 and will also be reimbursed for reasonable out-of-pocket expenses incurred. The retainer fee is $25,000. Lewis Landau, Esq., a partner of Lewis R. Landau, Attorney at Law, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Lewis R. Landau can be reached at: Lewis R. Landau, Esq. Lewis R. Landau, Attorney-at-Law 22287 Mulholland Hwy., Suite 318 Calabasas, CA 91302 Tel: (888)822-4340 Email: Lew@Landaunet.com About Treetop Development Mohamed Anwar Hadid is a Jordanian-American real estate developer. He is known for building luxury hotels and mansions, mainly in the Bel Air neighbourhood of Los Angeles and the city of Beverly Hills, Calif. Hadid's 901 Strada, LLC, based in Los Angeles, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-23962) on Nov. 27, 2019. Strada was entity formed for the purpose of developing and ultimately selling the real property perched on a hillside, and with views to the ocean, located at 901 Strada Vecchia Road, Bel Air, California. 901 Strada sought bankruptcy after the City of Los Angeles revoked the building permits and a court ordered the partially finished structures to be towrn down. Hadid's Coldwater Development, LLC, and Lydda Lud, LLC, filed for Chapter 11 bankruptcy in January 2021 (Bankr. C.D. Cal. Lead Case No. 21-10335). Coldwater and Lydda Lud owned six highly prized, vacant, residential estate lots, totaling 65.63 acres located in the Santa Monica Mountains above Beverly Hills, California. The debtors said the property was worth $130 million but was embroiled in a dispute with the activist group "Friends of the Hastain Trail", which has pushed for a recreational trail easement through the property. The cases have since been converted to Chapter 7 liquidation and the property sold by the bankruptcy trustee for just $1.7 million in April 2022. Hadid's Treetop Development LLC, owner of a 9650 Cedarbrook Drive in Beverly Hills, California, which is a planned 78,000-square-foot home that's currently on the market for $250 million, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14165) on August 2, 2022. In the petition filed by Mohamed A. Hadid, as manager, the Debtor reported assets between $100 million and $500 million and liabilities between $10 million and $50 million. Lewis R Landau, of LeWis R. Landau Attorney at law, is the Debtor's counsel. TRINITA PARETE: Taps Marc Scolnick PC as Bankruptcy Counsel ----------------------------------------------------------- Trinita Parete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire the Law Office of Marc Scolnick P.C. as its counsel. The firm will render these services: a. represent the Debtor in this Chapter 11 case and advise the Debtor as to its rights, duties and powers; b. prepare and file all necessary statements, schedules, and other documents, and negotiate and prepare one or more plans of reorganization for the Debtor; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and d. perform such other legal services as may be necessary in connection with this case. The firm's prevailing customary rates range from $400 per hour for attorneys to $175 per hour for paralegals. The Debtor paid a pre-bankruptcy retainer in the amount of $15,000. As disclosed in court filings, the Law Office of Marc Scolnick is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc Scolnick, Esq. Law Office of Marc Scolnick P.C. 84-03 Cuthbert Road Suite 1B Kew Gardens, NY 11415 Phone: (718) 554-6445 Email: marc@scolnicklaw.com 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 Aug. 1, 2022. In the petition filed by Anisa Moloney, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Marc Scolnick,Esq., at the Law Office of Marc Scolnick P.C., is the Debtor's counsel. VENUE CHURCH: Taps Law Office of W. Thomas Bible as Counsel ----------------------------------------------------------- Venue Church Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire the Law Office of W. Thomas Bible, Jr. as its legal counsel. The firm will render these services: a. advise the Debtor as to its rights, duties and powers; b. investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of the estate; c. prepare and file statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in its Chapter 11 case; d. assist and counsel the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; e. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and f. perform such other legal services as may be necessary in connection with this case. The Law Office of W. Thomas Bible will be paid at these rates: Attorneys $350 per hour Jr. Attorneys $200 per hour Paralegals $100 per hour The firm received a retainer in the amount of $7,000. W. Thomas Bible, Jr, Esq., an attorney at Law Office of W. Thomas Bible, Jr., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Law Office of W. Thomas Bible, Jr. 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Phone: (423) 424-3116 Fax: (423) 553-0639 Email: tom@tombiblelaw.com About Venue Church Inc. Venue Church Inc., a megachurch in Tennessee, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 22-11829) on Aug. 23, 2022. In its petition, it listed assets of less than $5 million and more than $3 million in mortgage, auto loan, and credit card debt. The case is overseen by Judge Shelley D. Rucker. The Debtor is represented by Law Office of W. Thomas Bible, Jr. VOIP-PAL.COM: Incurs $2.6 Million Net Loss in Third Quarter ----------------------------------------------------------- VoIP-PAL.Com Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a loss and comprehensive loss of $2.59 million for the three months ended June 30, 2022, compared to a loss and comprehensive loss of $1.01 million for the three months ended June 30, 2021. For the nine months ended June 30, 2022, the Company reported a loss and comprehensive loss of $3.36 million compared to a loss and comprehensive loss of $1.69 million for the same period in 2021. As of June 30, 2022, the Company had $647,300 in total assets, $187,330 in total liabilities, and $459,970 in total stockholders' equity. As of June 30, 2022, the Company had an accumulated deficit of $69,742,985 as compared to an accumulated deficit of $65,919,378 at June 30, 2021. As of June 30, 2022, the Company had a working capital of $55,715 as compared to a working capital deficit of $67,508 at June 30, 2021. The increase in the Company's working capital of $123,223 is due proceeds received from the private placement of the Company's stock. Net cash used by operations for the nine months ending June 30, 2022 and 2021 was $816,226 and $699,727 respectively. The increase in net cash used for operations for the nine months ending June 30, 2022 as compared to the nine months ending June 30, 2021 was primarily due to a increase in legal fees and professional services. Net cash used in investing activities for the nine months ending June 30, 2022 and 2021 was $Nil. Net cash provided from financing activities for the nine months ending June 30, 2022 and 2021 was $871,500 and $641,015, respectively. The increase in net cash provided by financing activities of $230,485 was due to equity raised from private placements during the nine months ending June 30, 2022. The Company primarily finances its operations from cash received through the private placement of its common stock and the exercise of warrants from investors and through the payment of stock-based compensation. The Company believes its resources are adequate to fund its operations for the next 12 months. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1410738/000149315222022800/form10-q.htm About VOIP-PAL.com Since March 2004, VOIP-PAL.com has developed technology and patents related to Voice-over-Internet Protocol (VoIP) processes. All business activities prior to March 2004 have been abandoned and written off to deficit. The Company operates in one reportable segment being the acquisition and development of VoIP-related intellectual property including patents and technology. VOIP-PAL.com reported a loss and comprehensive loss of $2.16 million for the year ended Sept. 30, 2021, compared to a loss and comprehensive loss of $2.34 million for the year ended Sept. 30, 2020. As of March 31, 2022, the Company had $537,285 in total assets, $181,288 in total liabilities, and $355,997 in total stockholders' equity. Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Dec. 14, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. WATSONVILLE COMMUNITY: Pajaro District Acquires Hospital -------------------------------------------------------- The Pajaro Valley Health Care District Hospital Corporation announced on September 1, 2022 that it has acquired Watsonville Community Hospital ("the Hospital") following the largest community fundraising campaign in the history of Santa Cruz County. This milestone positions the Hospital to continue serving the community as a non-profit provider for many years to come, with the ongoing support of new ownership that understands the importance of continuing to deliver quality healthcare services to everyone in the Pajaro Valley. Earlier this 2022, the Pajaro Valley Healthcare District Project (PVHDP) announced and led the fundraising effort to save the Hospital. The Project worked with the Pajaro Valley community—including individuals, community businesses, associations, organizations, local, county and state governments as well as corporate partners—to raise the necessary funds to acquire Watsonville Community Hospital. The campaign had more than 450 donors, with contributions ranging from $5 to $7.5 million. In addition, State Senator John Laird (D-Santa Cruz) and Assemblymember Robert Rivas (D-Salinas) led the creation of the Pajaro Valley Healthcare District and successfully secured a $25 million appropriation from the state of California to support the transaction. With the sale of the Hospital approved by the U.S. Bankruptcy Court in San Jose, the Hospital has successfully emerged from the Chapter 11 process. "The Pajaro Valley Healthcare District Project was established less than a year ago to create a local healthcare district that will allow for community-driven healthcare services and enable the longevity of Watsonville Community Hospital," said PVHDP Board Member Carlos Palacios. "Today, everyone should be proud of the work our community did to ensure that one of the most important and impactful resources supporting the health and well-being of the Pajaro Valley remains open for business." Jasmine Nájera, Board Vice Chair of the District, said, "This milestone illustrates what is possible when we all rally around a common cause and underscores how the people of the Pajaro Valley -- and beyond -- deeply care for this community. The completion of the transaction represents an exciting step for the future of the Hospital, which is now well-positioned to meet the ongoing needs of the community and patients it serves." "We appreciate the support we have received, which has allowed us to carry on our most important mission of providing quality, compassionate care to our patients," said Steven Salyer, CEO of Watsonville Community Hospital. "As we move forward, we will continue our commitment of putting patient safety and good health at the forefront of all that we do. This is the start of a great next chapter for our Hospital." Force 10 Partners acted as financial advisor to the Hospital, with Pachulski Stang Ziehl & Jones LLP as legal counsel. Filings and additional information on the transaction consummated in connection with the Hospital's emergence from bankruptcy can be found at https://cases.stretto.com/WatsonvilleHospital. About Watsonville Community Hospital Watsonville Community Hospital -- https://watsonvillehospital.com/-- is your community healthcare provider that offers a comprehensive portfolio of medical and surgical services to the culturally diverse tri-county area along California's Central Coast. Watsonville Community Hospital sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 21-51477) on Dec. 5, 2021. The case is handled by Honorable Judge Elaine Hammond. The Debtor's attorneys are Debra Grassgreen, Maxim Litvak and Steven Golden of Pachulski Stang Ziehl & Jones LLP. Force 10 Partners is the Debtor's financial advisor. WESTBANK HOLDINGS: Trustee Gets Interim OK to Hire Accountant ------------------------------------------------------------- Dwayne Murray, the trustee appointed in the Chapter 11 cases of Westbank Holdings, LLC and its affiliates, received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Patrick J. Gros, CPA, A Professional Accounting Corporation, as accountant. The firm will render these services: (a) provide general accounting services; (b) consult and prepare monthly operating reports; (c) provide business and asset valuations and feasibility analysis for a plan; (d) assist in review of the Debtors' schedules; and (e) provide such other accounting and financial advisory services as may be requested by the trustee and other professionals employed by the trustee. The hourly rates of the firm's professionals are as follows: Partners $250 Managers $175 Seniors $150 Staff & Paraprofessionals $110 In addition, the firm will seek reimbursement for expenses incurred. Patrick Gros, CPA, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Gros, CPA A Professional Accounting Corporation 651 River Highlands Blvd. Covington, LA 70433 Telephone: (985) 898-3512 Email: info@PJGrosCPA.com About Westbank Holdings Westbank Holdings, LLC is a New Orleans, La.-based company primarily engaged in renting and leasing real estate properties. Westbank Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Lead Case No. 22-10082) on Jan. 27, 2022. In its petition, Westbank Holdings listed as much as $50 million in both assets and liabilities. Joshua Bruno, manager, signed the petition. Judge Meredith S. Grabill oversees the cases. Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, Alvendia Kelly & Demarest, LLC and G Rowland CPA & Associates serve as the Debtors' bankruptcy counsel, special counsel and accountant, respectively. Richard W. Cryar, a partner at F M Reed Company, is the Debtors' chief restructuring officer. Dwayne M. Murray, the Chapter 11 trustee appointed in the Debtors' cases, tapped Fishman Haygood, LLP as counsel and Patrick J. Gros, CPA, as accountant. ZACHAIR LTD: Unsecureds Owed $4M to be Paid From Available Funds ---------------------------------------------------------------- Zachair, Ltd., submitted a Second Amended Disclosure Statement. The Debtor had no less than $4,980,762 in Unsecured Claims as of the Petition Date, consisting of (i) proofs of claim asserting Unsecured Claims filed on or before the Bar Date, and (ii) Unsecured Claims listed in the Debtor's Schedules as not as contingent, unliquidated, or disputed and for which no proof of claim was filed. The Debtor's primary asset is the Debtor's property, an assemblage of real property totaling approximately 423.45 acres located in Prince George's County, Maryland. The Debtor's appraiser, William C. Harvey of William C. Harvey & Associates, Inc., has valued the Property as of June 3, 2020 to have a fair market value of between $19.3 million and $22.1 million. Each Holder of an Allowed Class 8 General Unsecured Claim will be paid as follows: * Interest shall accrue on the outstanding amount of each Allowed Class 8 Claim from the Petition Date through the Effective Date at the Pre-Effective Date Interest Rate. * Interest shall accrue on the outstanding amount of the Allowed Class 8 Claim from the Effective Date through the date of payment of such Claims: (a) if Class 8 rejects the Plan, at the Post-Effective Date Interest Rate; or (b) if Class 8 accepts the Plan, at the rate of 6.0% per annum. * Payments shall be made in Cash on the later of the Closing Date, or the date such Claim becomes an Allowed Claim by a Final Order (or as soon as reasonably practicable thereafter). * Payments to Holders of Allowed Class 8 Claims shall be made only to the extent that Net Closing Funds and/or Net Purchase Funds are available. Each Holder of an Allowed Class 8 Claim shall be paid its Pro Rata Share of the Net Closing Funds and Net Purchase Funds. Class 8 is impaired. Since the commencement of the case, the Debtor has focused intensively on selling its primary asset, the Property, to satisfy its obligations to creditors and parties in interest. The Debtor has retained a number of experienced professionals in connection with marketing and sale of the Property since the Petition Date to assist it with these sale efforts, including Whiteford Taylor & Preston, LLP, William C. Harvey and Associates, Inc., Fraser Forbes, O'Malley, Miles, Nylen & Gilmore, P.A., and the Development Professionals. On June 11, 2021, the Debtor filed a motion seeking to sell the Property to JP Land Holdings LLC pursuant to the sales contract attached thereto as Exhibit B (the "First Sales Contract"). Following the entry of the First Sale Order, the Debtor and JP Land Holdings entered into three amendments to the First Sales Contract. After consideration and assessment of the First Sales Contract and the Property, JP Land Holdings ultimately decided to not proceed with the purchase of the Property. Following the termination of the First Sales Contract, the Debtor's real estate broker, Fraser Forbes, continued to market the Property by identifying and contacting a number of financial and strategic investors to garner interest in pursuing a potential sale of the Property. After reviewing and carefully considering the letters of intent or expressions of interest, the Debtor determined, in consultation with its advisors, that the best and highest offer was from NVR, Inc. ("NVR"). The Debtor and NVR thereafter prepared, negotiated, and executed the Sales Contract. The terms of the Sales Contract – both economic and non-economic terms – are significantly higher and better than any other letters of intent and expressions of interest received by the Debtor. On June 5, 2022, the Debtor filed a motion seeking the Court's approval of the sale of the Property to NVR pursuant to the Sales Contract. The NVR contract provides for an Initial payment of $10,000,000 (the "Initial Payment"), plus the following contingent payments: (i) $20,000 per unit in excess of 500 units if the Residential Record Plat Approval (as defined in the Sales Contract) process results units in excess of 500 units (the "Additional Lot Payments"); and (ii) 20% of net proceeds generated from the sale of the Non-Residential Property (as defined in the Sales Contract), or 20% of net appraised value of the Non-Residential Property if disposed of pursuant to a lease (the "Alternative Land Payments", and together with the Initial Payment and the Additional Lot Payments, the "Purchase Price"). The Purchase Price shall be capped at $17,000,000, and shall have a minimum floor of $12,000,000. Counsel for the Debtor: Bradford F. Englander, Esq. WHITEFORD, TAYLOR & PRESTON, LLP 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 E-mail: benglander@wtplaw.com A copy of the Second Amended Disclosure Statement dated August 31, 2022, is available at https://bit.ly/3TFkv5h from PacerMonitor.com. About Zachair Ltd. Clinton, Md.-based Zachair, Ltd. was formed by Dr. Nabil Asterbadi to acquire Hyde Field, an airport for commercial and general aviation. Hyde Field is located near Andrews Air Force Base, National Harbor, Downtown Washington DC, and nearby Northern Virginia. It offers a 3000' lighted runway with a day and night instrument approach. For more information, visit http://www.hydefield.com/ Zachair filed a Chapter 11 petition (Bankr. D. Md. Case No. 20-10691) on Jan. 17, 2020. In the petition signed by Zachair President Nabil J. Asterbadi, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Thomas J. Catliota oversees the case. Whiteford Taylor & Preston, LLP, is the Debtor's legal counsel. CC Services Corporation and Mendelson & Mendelson, CPAs, P.C., are the Debtor's tax accountants. [*] August 2022 Bankruptcy Filings Rose Across All Chapters ----------------------------------------------------------- Bankruptcy filings in August 2022 across all chapters totaled 35,355, a 10 percent increase from the August 2021 total of 32,276, according to new research released today from Epiq's Bankruptcy Analytics platform. Overall commercial filings increased 6 percent in August 2022, as the 1,861 filings were up over the 1,753 commercial filings registered in August 2021. Individual filings increased 10 percent totaling 33,494 in August 2022 compared to the 30,523 filed in August of 2021. Total filings, both commercial and individual, show a 15 percent increase month-over-month compared to the July 2021 total of 30,854 filings. August’s commercial filings represent a 16 percent increase compared to July's commercial filing total of 1,607, while August's individual filings represent a 15 percent increase compared to July's individual filing total of 29,247. Notably, for the first time in months, all chapters registered a month-over-month increase. Chapter 11 filings increased 81 percent, totaling 466 filings in August 2022 compared to 257 registered in July. Chapter 13 filings increased 15 percent, totaling 14,981 filings compared to 12,992 registered in July. Chapter 7 filings increased 13 percent, totaling 19,884 compared to the 17,593 registered last month. "New bankruptcy filings in August clearly show momentum in the market," said Chris Kruse, senior vice president at Epiq Bankruptcy. "Chapter 13 new filings continue the recent trend of month-over-month growth, and for the first time since March, we also see increases in new Chapter 7 filings in August. We expect this trend to continue as the U.S. exits the summer and marches toward the fourth quarter." From a commercial Chapter 11 perspective, filings continue to trend up. August's Chapter 11 filings totaling 466 increased 81 percent from the 257 registered in July 2022. Small business filings, captured as subchapter V elections within Chapter 11, increased 41 percent to 140 in August 2022 from 99 in August 2021. Similarly, August's commercial Chapter 11 filings were up 91 percent over the 212 filings in July 2022. The commercial filing total represented a 16 percent increase from the July 2022 commercial filing total of 1,607. Subchapter V elections within Chapter 11 increased 42 percent from the 85 filed in July 2022. "Financially distressed households and companies are experiencing expanding debt loads amid rising interest rates, inflation, and supply chain concerns," said ABI Executive Director Amy Quackenboss. "Though still at historically low numbers, the increase in bankruptcy filings in August points to more families and businesses looking for a path to alleviate mounting financial challenges." ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. [^] BOOK REVIEW: The Luckiest Guy in the World ---------------------------------------------- Author: Boone Pickens Publisher: Beard Books Paperback: US$34.95 Review by Gail Owens Hoelscher Buy a copy for yourself and one for a colleague on-line at: http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html "This is the story of a man who turned a $2,500 investment into America's largest independent oil company in thirty years and along the way discovered that something is terribly wrong with corporate America. Mesa Petroleum is the company, and I'm the man." Thus begins the autobiography of Boone Pickens, who prefers to be referred to without his first initial, "T." Mr. Pickens' autobiography was originally published in 1987, at the end of the rollercoaster years when he was one of the most famous (or infamous, depending on your point of view) and most-feared corporate raiders during a decade known for corporate raiding. For the 2000 Beard Books edition, Pickens wrote an additional five chapters about the subsequent, equally tumultuous, 13 years, during which time he suffered corporate raiders of his own, recapitalized, and retired, only to see his beloved company merge with Pioneer. One of his few laments is being remembered mainly for the high-profile years, rather than for the company he built from virtually nothing. Of the takeover attempts, he says: "I saw undervalued assets in the public marketplace. My game plan with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell, that wasn't my role. My role was to make money for the stockholders of Mesa. I just saw that Big Oil's management had done a lousy job for their stockholders." He would prefer to be known as a champion of the shareholder rights movement, which prompted big corporations to become more responsive to the needs and demands of their stockholders. He founded the United Shareholders Association, a group that successfully lobbied for changes in corporate governance. In a memorable interview in the May/June 1986 Harvard Business Review, Pickens said, "Chief executives, who themselves own few shares of their companies, have no more feeling for the average stockholder than they do for baboons in Africa." Boone Pickens was born in 1928 in Holdenville, Oklahoma. His grandfather was Methodist missionary to the Indians there; his father was a lawyer and small player in the oil business. People in Holdenville worked hard and used such expressions as "Root hog or die," meaning "Get in and compete or fail." The family later moved to Amarillo, Texas, where Pickens went to Texas A&M for one year, but graduated from Oklahoma State University in 1951 with a degree in geology. He worked at Phillips Petroleum for three years, and then, despite growing family obligations, struck out on his own. His wife's uncle told him, "Boone, you don't have a chance. You don't know anything." This book is a wonderful read. Pickens pulls no punches, and is as hard on himself as anyone else. He talks about proxy fights, Texas-Oklahoma football games, his three marriages, poker, takeover strategies, and unfair duck hunting practices, all in the same easy tone. You feel like he's sitting right there in the room with you. Pickens ends the introduction to this story with this: "How I got from a little town in Eastern Oklahoma to the towers of Wall Street is an exciting, unlikely, sometimes painful story. And, if you're young and restless, I'm hoping you'll make a journey similar to mine." Root hog or die! Thomas Boone Pickens Jr. — https://boonepickens.com/ — was an American business magnate and financier. Among his lengthy accolades, Time magazine has identified him one of it 100 most influential people, Financial World named him CEO of the Decade in 1989 and Oil and Gas Investor identified him as one of the "100 Most Influential People of the Petroleum Century." He was born in May 1928. He died September 11, 2019. ********* 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 ***