/raid1/www/Hosts/bankrupt/TCR_Public/220922.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, September 22, 2022, Vol. 26, No. 264
Headlines
1734 CENTENNIAL: Gets OK to Hire Smeberg Law Firm as Counsel
1734 CENTENNIAL: Seeks to Hire Stouffer & Associates as Broker
1734 CENTENNIAL: Taps Bayne, Snell & Krause as Special Counsel
3 KINGS CONSTRUCTION: Has Cash Collateral Access Thru Oct. 19
4E BRANDS: Unsecured Creditors Object Chapter 11 Plan
70 CLERMONT: Voluntary Chapter 11 Case Summary
8400 GROUP: Wins Cash Collateral Access Thru October 3
A AND N DIAMOND: Seeks Cash Collateral Access
ACADEMIA DE DESARROLLO: Seeks to Tap Lugo Mender Group as Counsel
AEARO TECHNOLOGIES: To Return to Florida Court for Mediation
AGWAY FARM: Committee Taps Hilco IP Services as Marketing Agent
AIRPORT VAN: Seeks Approval to Hire HKG LLP as Tax Accountant
ALL YEAR HOLDINGS: Taps Archer & Greiner as Special Counsel
ALMAZ TRANSPORTATION: Seeks to Hire Alla Kachan as Legal Counsel
ALMAZ TRANSPORTATION: Taps Wisdom Professional as Accountant
ALTERA INFRASTRUCTURE: Seeks to Hire Kirkland & Ellis as Counsel
ALTERA INFRASTRUCTURE: Seeks to Tap Jackson Walker as Local Counsel
ALTERA INFRASTRUCTURE: Taps Evercore Group as Investment Banker
ALTERA INFRASTRUCTURE: Taps FTI Consulting as Financial Advisor
ALTERA INFRASTRUCTURE: Taps PwC as Tax Consulting Services Provider
ALTERA INFRASTRUCTURE: Taps Quinn Emanuel as Special Counsel
ARGO 45: Case Summary & One Unsecured Creditor
BRAZOS ELECTRIC: Gets Initial OK for $1.4B Energy Bill Settlement
BUCKINGHAM TOWER: Taps Raneri, Light & O'Dell as Special Counsel
CELSIUS NETWORK: Court Directs Appointment of Examiner
CHRIS PETTIT: Trustee Taps Golden Oak Development as Broker
CITY LIVING: Case Summary & Four Unsecured Creditors
CLARUS THERAPEUTICS: U.S. Trustee Appoints Creditors' Committee
CLEAN ENERGY: Taps Marsha Jones of Anderson Jones as Accountant
COX BROTHERS: Updates OSPrin III Claim Details; Files Amended Plan
CREDITO REAL: Liquidator Asks Court to Toss Involuntary Chapter 11
DEALER PRODUCTS: Taps SeatonHill Partners as Financial Advisor
DENDON INC: Gets OK to Hire Waggoner Hastings as Substitute Counsel
DR. R'KIONE BRITTON: Wins Final Cash Collateral Access
ELITE PRODUCTS: Taps Xavier Flores Rios as Financial Consultant
EMERALD ELECTRICAL: Files Emergency Bid to Use Cash Collateral
ENDO INT'L: Can't Justify $71 Million Bonus Pay, Says UST
ERIN INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
ERNIE'S AUTO: Unsecured Creditors to Split $300K over 5 Years
FAYETTE MEMORIAL HOSPITAL: Taps Krueckeberg as Auctioneer
FEI HUANG: Seeks to Hire Debreczeni & Petrash as Accountant
FIRST GUARANTY: Seeks Court Approval to Hire Investment Banker
FM SOLUTIONS: Files Emergency Bid to Use Cash Collateral
FREE SPEECH: Intends to Pay Creditors With Disposable Income
FULL CIRCLE: Seeks to Hire Eric A. Liepins as Legal Counsel
FULL CIRCLE: Wins Interim Cash Collateral Access
GAME REPAIR: Continued Operations to Fund Plan Payments
GARDOU GROUP: Seeks to Hire Marc Voisenat as Bankruptcy Counsel
GISSING NORTH AMERICA: Taps Epiq as Administrative Advisor
GLOBAL PREMIER: Taps Wilshire Pacific Capital as Financial Advisor
GLOBAL PREMIER: Taps Winthrop Golubow Hollander as Legal Counsel
GT REAL ESTATE: Panthers Owner Withdraw York County Deal
HACIENDA COMPANY: Case Summary & 13 Unsecured Creditors
HAWAIIAN RIVERBEND: Seeks to Tap Reid & Wise as Bankruptcy Counsel
HDIP INC: Taps Kerkering Barberio & Co. as Accountant
HEBO FAMILY FOODS: Bid to Use Cash Collateral Denied as Moot
IMERYS TALC: Bankruptcy Is Pointless, Should Be Dismissed
INNOVATIVE GLOBAL: U.S. Trustee Unable to Appoint Committee
JEFFERSON LA BREA: Seeks to Tap ShemanoLaw as Bankruptcy Counsel
JEFFERSON LA BREA: Taps Compass Commercial as Real Estate Broker
JORGABY FREIGHT: Seeks to Hire Donald Wyatt PC as Legal Counsel
KEDRA A. FLOWERS: Seeks Cash Collateral Access
MARINE WHOLESALE: Wins Cash Collateral Access Thru Dec 16
MCO GENERAL: Gets OK to Hire Porter Law Network as Legal Counsel
MERISOL VILLAGES: Unsecured Creditors Will Get 100% of Claims
NATION DESIGN: Unsecureds Owed Less Than $15K to Get 30% of Claims
NIKKYO LLC: Wins Interim Cash Collateral Access
PARKING 56: Case Summary & Six Unsecured Creditors
PULSE FITNESS: Seeks to Hire Stevenson & Bullock as Legal Counsel
PULSE FITNESS: Wins Cash Collateral Access Thru Oct. 3
QST INGREDIENTS: Case Summary & 20 Largest Unsecured Creditors
REVLON INC: Gets Court Approval for $36 Million Executive Bonuses
RUDRA INVESTMENTS: Seeks to Hire CBRE Inc. as Real Estate Broker
SEAGOVILLE FARMS: Seeks to Hire Eric A. Liepins as Legal Counsel
SITEK PRODUCTIONS: Seeks to Hire Stichter as Legal Counsel
SITEK PRODUCTIONS: Wins Cash Collateral Access Thru Oct 17
SUMMIT II: Case Summary & Nine Unsecured Creditors
TAMPA SMOKE SHOP: Wins Interim Cash Collateral Access
THIRD FLOOR PROPERTIES: Taps Law Office of Rocky Willson as Counsel
TIDEWATER REALTY: Trustee Seeks to Hire Alex Cooper Auctioneers
TREETOP DEVELOPMENT: Lender Says Bankruptcy Needs Trustee
TURNER OAKWOOD: Seeks Cash Collateral Access
URBAN MOTORS: Taps Atkinson Law Associates as Bankruptcy Counsel
VENUE CHURCH: Gets Interim Cash Collateral Access
WALL018 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel
WALL019 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel
WILLIAM HOLDINGS: Seeks Cash Collateral Access
WOODLAWN COMMUNITY: Amends Plan to Include Non-Government Claims
WRIGHT EXPERIENCE: Case Summary & 20 Largest Unsecured Creditors
[^] Recent Small-Dollar & Individual Chapter 11 Filings
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1734 CENTENNIAL: Gets OK to Hire Smeberg Law Firm as Counsel
------------------------------------------------------------
1734 Centennial, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire The Smeberg Law
Firm, PLLC to handle its Chapter 11 case.
The firm will be paid at these rates:
Ronald J. Smeberg, Esq. $375 per hour
Attorneys $375 per hour
Associate Attorneys $275 per hour
Legal Assistants/Paralegals $140 per hour
Accounting Professionals $225 per hour
As disclosed in court filings, Smeberg Law Firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Ronald Smeberg, Esq.
The Smeberg Law Firm, PLLC
4 Imperial Oaks
San Antonio, TX 78248-1609
Phone: 210-695-6684
Email: ron@smeberg.com
About 1734 Centennial
1734 Centennial, LLC is a San Antonio, Texas-based company engaged
in renting and leasing real estate properties.
1734 Centennial filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bank. W.D. Texas Case No.
22-51008) on Sept. 7, 2022, with between $1 million and $10 million
in assets and between $500,000 and $1 million in liabilities.
Ignacio Alvarez Jr., manager of 1734 Centennial, signed the
petition.
Judge Craig A. Gargotta oversees the case.
Ronald Smeberg, Esq., at The Smeberg Law Firm, PLLC and Bayne,
Snell & Krause serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
1734 CENTENNIAL: Seeks to Hire Stouffer & Associates as Broker
--------------------------------------------------------------
1734 Centennial, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to hire Stouffer & Associates,
LLP to market for sale its real property located at 1734 Centennial
Blvd., San Antonio, Texas.
The firm will receive a broker fee equal to 6 percent of the first
$1 million and 4 percent of the remaining sale price.
As disclosed in court filings, Stouffer & Associates does not
represent any other entity with adverse interest in the Debtor's
Chapter 11 case.
The broker can be reached through:
Hank Hornsby
Stouffer & Associates, LLP
525 Busby Drive
San Antonio, TX 78209
Phone: (210) 828-3743
Mobile: (210) 912-1576
Email: hank@stoufferappraisals.com
About 1734 Centennial
1734 Centennial, LLC is a San Antonio, Texas-based company engaged
in renting and leasing real estate properties.
1734 Centennial filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bank. W.D. Texas Case No.
22-51008) on Sept. 7, 2022, with between $1 million and $10 million
in assets and between $500,000 and $1 million in liabilities.
Ignacio Alvarez Jr., manager of 1734 Centennial, signed the
petition.
Judge Craig A. Gargotta oversees the case.
Ronald Smeberg, Esq., at The Smeberg Law Firm, PLLC and Bayne,
Snell & Krause serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
1734 CENTENNIAL: Taps Bayne, Snell & Krause as Special Counsel
--------------------------------------------------------------
1734 Centennial, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire Bayne, Snell &
Krause as its special counsel.
The Debtor needs the firm's legal assistance in connection with a
state court litigation (Case Number 2019-CI-24195) pending before
the 288th Judicial District of Bexar County, Texas.
The firm will receive $300 per hour for attorney time and $75 per
hour for paralegal time.
As disclosed in court filings, Bayne, Snell & Krause is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William Germany, Esq.
Bayne, Snell & Krause
1250 NE Loop 410, Suite 725
San Antonio, TX 78209
Phone: 210-824-3278
Email: williamgermany@bsklaw.com
About 1734 Centennial
1734 Centennial, LLC is a San Antonio, Texas-based company engaged
in renting and leasing real estate properties.
1734 Centennial filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bank. W.D. Texas Case No.
22-51008) on Sept. 7, 2022, with between $1 million and $10 million
in assets and between $500,000 and $1 million in liabilities.
Ignacio Alvarez Jr., manager of 1734 Centennial, signed the
petition.
Judge Craig A. Gargotta oversees the case.
Ronald Smeberg, Esq., at The Smeberg Law Firm, PLLC and Bayne,
Snell & Krause serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
3 KINGS CONSTRUCTION: Has Cash Collateral Access Thru Oct. 19
-------------------------------------------------------------
3 Kings Construction Residential, LLC sought and obtained
permission from the U.S. Bankruptcy Court for the Northern District
of Georgia, Newnan Division, to use cash collateral on an emergency
basis to continue its operations in accordance with the proposed
budget.
In an order dated September 15, 2022, the Court said the Debtor may
use cash collateral through the date of the final hearing set for
October 19 at 10:20 a.m. The Debtor agrees to maintain adequate
insurance for all of its equipment and in accordance with its
prepetition contractual agreement with its secured creditors.
Since its inception, the Debtor has operated with integrity and
profitability until 2020, when the COVID-19 pandemic came about.
The Debtor's income suffered as homebuilding and commercial
building were slowing in production because of the pandemic. In
addition, the Debtor was severely impacted by the skyrocketing
commodity prices, shortage of land, and skilled labor.
As the pandemic began to settle in 2021, the Debtor's workload
increased and it could not sustain the growth. The Debtor began
losing money on projects as its customers failed to pay timely,
which escalated into the Debtor being unable to pay its suppliers
and subcontractors timely. As the project owners continued to pay
in an untimely manner, the Debtor began to lose revenue. The Debtor
lost approximately upwards of $500,000 on projects during this
period. The loses and the disruption in income flow caused the
Debtor to look to merchant capital advance companies to fund the
shortfalls. Given the labor conditions and the growing demand for
utility and grading, the Debtor downsized.
As a result of the downsizing, the Debtor was unable to meet the
payment demands of the MCAs and the finance companies associated
with the equipment used to complete the projects at-hand. The
Debtor attempted to make payment arrangements with MCAs, finance
companies and lien holders with FIFAs, but to no avail.
The Debtor is a borrower under five factoring agreements with
Commercial Credit Group Inc., with a current balance of
approximately $1,763,193. CCG asserts a security interest in the
Debtor's tangible and intangible personal property pursuant to the
UCC Financing Statements Numbers as follows: 038-2021-014574 filed
with the Coweta County, Georgia Clerk of Superior Court on June 10,
2021; 038-2021-016815 filed with the Coweta County, Georgia Clerk
of Superior Court on July 6, 2021; 038-2021-021443 filed with the
Coweta County, Georgia Clerk of Superior Court on August 11, 2021;
038-2021-027799 filed with the Coweta County, Georgia Clerk of
Superior Court on September 28, 2021; and 038-2021-031347 filed
with the Coweta County, Georgia Clerk of Superior Court on October
27, 2021.
The Debtor is a borrower under two factoring agreements with John
Deere Construction & Forestry Company with a current balance of
approximately $701,328. John Deere asserts a security interest in
the Debtor's tangible and intangible personal property pursuant to
the UCC Financing Statements Numbers as follows: 002-2021-007700
filed with the Atkinson County, Georgia Clerk of Superior Court on
July 21, 2021, and 002-2019-007835 filed with the Atkinson County,
Georgia Clerk of Superior Court on December 5, 2019.
The Debtor also obtained funds from certain MCA companies, as
follows: (i) Crusader Group LLC and (ii) Parkview Advance LLC, who
may assert an interest in the Debtor's tangible and intangible
personal property.
Hayes Pipe Supply, Inc. asserts a lien upon the Debtor's assets as
more particularly described in a (i) Writ of Fieri Facias in Book
01446, Page 417 filed on January 3, 2019, in the records of the
Superior Court of Clayton County, Georgia in the amount of
$68,024.
Paulding Precast Products, Inc asserts a lien upon the Debtor's
assets as more particularly described in (i) Writ of Fieri Facias
in lien Book 01554, Page 392 filed on Aug 19, 2021, in the records
of the Superior Court of Clayton County, Georgia in the amount of
$89,983.
Yancey Bros Co., asserts a lien upon the Debtor's assets as more
particularly described in (i) Writ of Fieri Facias in lien Book
133, Page 5597 filed on January 27, 2020, in the records of the
Superior Court of Cobb County, Georgia in the amount of $18,018.
The Debtor believes Commercial Credit Group, John Deere, the MCAs,
and the FIFAs may assert an interest in the cash collateral, and
recognizes they may be entitled to adequate protection of their
interests in cash collateral. To the extent that any interest that
they may have in the cash collateral is diminished, the creditors
are granted a security interest in, and lien upon the Debtor's
assets generated post-petition to the same extent, validity,
amount, and priority as a creditor's pre-petition security interest
and lien upon such Cash Collateral and to the extent that Debtor
uses Cash Collateral in its operations.
A copy of the motion is available at https://bit.ly/3RW6IFJ from
PacerMonitor.com.
A copy of the order is available at https://bit.ly/3qOpAuL from
PacerMonitor.com.
About 3 Kings Construction Residential LLC
3 Kings Construction Residential LLC is primarily engaged in the
construction of residential buildings. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case
No. 22-10965) on September 7, 2022. In the petition filed by Tonny
Harris, owner and CEO, the Debtor disclosed $2,122,355 in assets
and $4,313,374 in total liabilities.
Judge Paul Baisier oversees the case.
Shannon Worthy, Esq., at Stanton and Worthy, LLC is the Debtor's
counsel.
4E BRANDS: Unsecured Creditors Object Chapter 11 Plan
-----------------------------------------------------
Unsecured creditors of hand sanitizer distributor 4E Brands
Northamerica LLC objected Thursday to the company's proposed
Chapter 11 plan, telling a Texas bankruptcy court the plan would
give up potentially valuable claims against the debtor's parent
company without sufficient consideration.
"Simply put, the Plan -- which is the product of negotiations
between the Debtor and its parent company (and DIP lender), 4E
Global S.A.P.I. de C.V. ("4E Global") to which neither the
Committee nor any other stakeholders were invited to participate --
is not motivated by a desire by the Debtor to do right by the
vendors, distributors, retailers, and injured parties constituting
the Debtor's creditor base. Rather, it reflects an effort to limit
4E Global's liability to these stakeholders through a so-called
"global settlement" that provides nothing to covered personal
injury creditors other than the insurance proceeds to which they
were already entitled, and a modest cash recovery to all other
creditors. Creditors voting on the Plan have been provided with
almost no meaningful disclosures as to the estate claims that were
resolved as part of the settlement, yet are being asked to accept
these modest recoveries and provide broad releases of claims and
causes of action against 4E Global and related parties," the
Creditors Committee said.
"At first glance, a casual observer could perhaps look at the Plan
and come to the conclusion that "something is better than nothing,"
given that the Debtor ceased operating two years ago, has almost no
operating assets, and has no prospect of rehabilitation. That
conclusion, however, fails to take into account that the Debtor
does have substantial claims against 4E Global -- the entity that
is the root cause of the Debtor's woes -- and that those claims are
being bargained away for a relative pittance."
Claims vs. 4E Global
The Creditors Committee asserts that the Plan was not proposed in
good faith.
The Debtor, a wholly-owned subsidiary of 4E Global, which is itself
a subsidiary of Kimberly-Clark de México, was formed to facilitate
the importation of 4E Global's products, including hand soaps and
sanitizers, into the United States for distribution to retailers
and other customers. In July 2020, at the request of the U.S. Food
and Drug Administration ("FDA"), the Debtor issued a voluntary
recall of certain lots of Blumen branded hand sanitizer
manufactured by 4E Global and distributed in the United States by
the Debtor. Notwithstanding the voluntary recall, the damage was
already done. Hundreds of individuals submitted reports of
physical harm resulting from use and/or ingestion of the
contaminated 4E Global hand sanitizer. Even worse, the Committee is
aware of at least four individuals who died as a result of exposure
to the 4E Global contaminated hand sanitizer.
The Committee contends that the Plan was not proposed with a
legitimate and honest purpose. Indeed, this case appears to have
been filed and prosecuted for one purpose -- for 4E Global to stem
its substantial liability to the Debtor, its creditors, and injured
parties. While the Committee appreciates that the Debtor has used
the chapter 11 process to seek approval of a process to destroy
contaminated hand sanitizer, and certainly supports those efforts,
chapter 11 was by no means a prerequisite to a destruction
protocol.
"Indeed, even aside from the contaminated product destruction
issues, one must wonder what other reason -- aside from liability
avoidance -- there was for the Debtor to seek chapter 11
protection. As is clear from the Debtor's Schedules, the Debtor
had virtually no assets as of the Petition Date, aside from a
modest amount of cash, aged receivables valued at zero, raw
materials and inventory also valued at zero, and its claims against
4E Global (which, confoundingly, were not scheduled at all despite
being the only asset of any value). The Debtor has no business to
rehabilitate; it ostensibly stopped operating after the FDA recall
in mid-2020, and aside from collecting out receivables, has earned
no revenue for approximately two years. Up until November 2021,
the Debtor was paying vendors and customers on account of the
settlement agreements it entered into, was settling personal injury
and wrongful death claims, and was managing its wind-down out of
court. There do not appear to be any material, adverse, or
emergency events that compelled the Debtor's entry into chapter
11," the Committee tells the Court.
About 4E Brands North America
4E Brands North America manufactured personal care and hygiene
products. Its brand name products include Blumen Hand Sanitizer,
Assured Hand Sanitizer, and various other hand sanitizers and hand
soaps. It is no longer operating.
4E Brands North America sought Chapter 11 bankruptcy protection
(Bankr. S.D. Tex. Case No. 22-50009) on Feb. 22, 2022. In the
petition filed by David Dunn as CRO, 4E Brands North America
estimated assets up to $50,000 and liabilities between $10 million
and $50 million.
The case is handled by Honorable Judge David R. Jones.
Matthew D. Cavenaugh, Esq., of JACKSON WALKER, is the Debtor's
counsel, and STRETTO is the claims agent.
70 CLERMONT: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 70 Clermont Avenue Ltd.
70 Clermont Avenue
Brooklyn, NY 11205
Business Description: The Debtor is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: September 21, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 22-42315
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Nnenna Onua, Esq.
MCKINLEY ONUA & ASSOCIATES
26 Court Street
Suite 300
Brooklyn, NY 11242
Tel: 718-522-0236
Email: nonua@mckinleyonua.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andre Soleil as vice president.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/FFFHIBY/70_Clermont_Avenue_LTD__nyebke-22-42315__0001.0.pdf?mcid=tGE4TAMA
8400 GROUP: Wins Cash Collateral Access Thru October 3
------------------------------------------------------
8400 Group, LLC sought and obtained the U.S. Bankruptcy Court for
the District of New Jersey for authority to use cash collateral.
In an order dated September 15, 2022, the Court permitted the
Debtor to use cash collateral on an interim basis in accordance
with the budget. The Court said the Debtor is not required, at
this time, to make any adequate protection payments to any of its
secured lenders provided loan payments to First Commerce remain
current and payments under the loan from the Small Business
Administration do not become due.
The final hearing on the matter is set for October 3, 2022, at 3
p.m. Objections are due September 28. In the event no objections
are filed or not advocated at such hearing, then this Order shall
continue in full force and effect and shall be deemed a Final Order
without further notice or hearing in accordance with Federal Rule
of Bankruptcy Procedure 4001(d)(3).
The Debtor requires the use of cash collateral to preserve its
assets so as to maintain and maximize its value for the benefit of
all parties-in-interest. The Debtor owns a one-story commercial
building located at 41 James Way, Eatontown, New Jersey. As set
forth in the revenues from the Debtor's occupants is projected to
be $15,550 per month until June 2023, when the revenue is projected
to increase to approximately $30,250 for the summer months.
On May 10, 2022, Republic Valuations of Brooklyn, New York, issued
an appraisal, indicating a market value of the Property at
$3,100,000.
On August 6, 2012, Republic First made a loan to the Debtor in the
principal amount of $1,840,000, which was secured by a mortgage on
the Property. As additional security for the Republic First Loan,
the Debtor executed an Assignment of Leases and Rents in favor of
Republic First.
As additional security for the Republic First Loan, the Debtor
purportedly granted Republic First a security interest in certain
personal property, excluding cash or accounts, as defined in the
Republic First Mortgage.
There is no current UCC-1 on file with the State of New Jersey
Department of Treasury by Republic First evidencing a perfected
security interest in the Debtor's personal property.
On May 6, 2020, Republic First filed an action in foreclosure
against 8400 Group, among others. A final judgment in Foreclosure
was entered on July 7, 2021. The Foreclosure Judgment fixes the
amount due to Republic First on account of the Republic First Loan
and the Republic First Mortgage at $1,392,847.
In 2011, 2015 and 2017, First Commerce Bank made loans to the
Debtor's principals, Mervin A. Dayan and Vivian Dayan, as well as
related entities Claypool Resources, LLC and ASAP Sales, LLC.
The First Commerce Loans are secured by a first-position mortgage
on the personal residence of Mervin and Vivian Dayan located in
Oakhurst, New Jersey. The value of the Oakhurst Residence is in
excess of the amount due under the First Commerce Loans.
In January 2022, First Commerce and the First Commerce Borrowers
entered into a Forbearance and Modification Agreement by and
Between First Commerce Bank and Mervin A. Dayan, et al. In
connection therewith, the Debtor, a non-borrower, executed a
guarantee in favor of First Commerce as additional security for the
First Commerce Loan, as well as a mortgage on the Property.
The First Commerce Mortgage is a second mortgage on the Property.
The First Commerce Mortgage was recorded on January 20, 2022 in
Book OR-9572, Page 9474 in the Monmouth County, New Jersey Clerk's
Office. The First Commerce Loans are current and not in default.
On April 15, 2022, the Debtor executed a mortgage of the Property
for the benefit of the Administrator of the U.S. Small Business
Administration, an agency of the Government of the United States of
America, in order to secure the repayment of a loan from the SBA in
the amount of $730,100. The SBA Loan is for a term of 30 years
bearing interest at the rate of 3.75 percent per annum.
On June 20, 2022, the SBA Mortgage was recorded in Book OR-9600,
Page 9239 with the Clerk of the County of Monmouth, State of New
Jersey.
On October 18, 2020, contemporaneous with first disbursement under
the SBA Loan, the SBA filed a UCC-1 with the New Jersey Department
of Treasury, Filing No. 54843110.
Payments have not yet become due under the SBA Loan Agreement. The
scheduled payments to the SBA begin in August 2023 and will be
$3,682 per month.
Republic First does not have a security interest in the Debtor's
cash or accounts. The definition of "Personal Property" in the
First Republic Mortgage does not cover the Debtor's cash, accounts
or other financial assets. Even if it did, any such security
interest is not perfected.
Moreover, Republic First holds a judgment in foreclosure and is
oversecured and therefore adequately protected. Finally, any right
Republic First may have had with respect to the Debtor's cash
collateral has been terminated by virtue of the final judgment in
foreclosure.
With respect to First Commerce, the Borrowers are current on their
loan payments to First Commerce. The Debtor is not a borrower. In
addition, the total remaining debt on the First Commerce Loans is
$4,922,450. The Property recently appraised at $3,100,000. Less the
amount owed to the tax sale certificate holder and the senior
secured lender, there is still equity in the Property of
$1,506.037. The First Commerce Loan is also secured by a first
mortgage lien on the Oakhurst Residence, which value exceeds the
First Commerce debt, making First Commerce adequately protected.
With respect to the SBA Loan, the loan is technically current as no
payments are yet due under the terms of the SBA Loan Agreement. In
addition, the SBA has no secured claim to protect as it is entirely
undersecured.
A copy of the motion is available at https://bit.ly/3QDmd4q from
PacerMonitor.com.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3LnCRns from PacerMonitor.com.
The budget provides for total cash paid out, on a monthly basis, as
follows:
$12,733 for September 2022;
$11,583 for October 2022;
$10,833 for November 2022; and
$11,083 for December 2022.
About 8400 Group, LLC
8400 Group, LLC owns a one-story commercial building located at 41
James Way, Eatontown, NJ 07724 consisting of 10,770 +/- square feet
of office space -- eight bullpen offices, eight private offices,
two conference rooms, two executive offices – and a 2,500 +/-
square foot warehouse. The Debtor currently has three paying
members who utilize space with the Property pursuant to
month-to-month licensing arrangements. A related entity, Milife
Health, LLC, occupies the warehouse and a portion of the office
space.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 22-17174-CMG) on September
11, 2022. In the petition signed by Mervin A. Dayan, managing
member, the Debtor disclosed up to $10 million in assets and
liabilities.
Richard D. Trenk, Esq. at Trenk Isabel Siddiqi & Shahdanian P.C. is
the Debtor's counsel.
A AND N DIAMOND: Seeks Cash Collateral Access
---------------------------------------------
A and N Diamond, Inc. asks the U.S. Bankruptcy Court for the Middle
District of Florida, Jacksonville Division, for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to meet
post-petition contractual and tax obligations related to payroll,
inventory and equipment owned by the Debtor and ongoing business
operations.
The Debtor executed a Promissory Note, Real Estate Mortgage and
Chattel Mortgage and Security Agreement to Suntrust/Truist Bank in
the original principal amount of $1,326,400 in which the rents,
accounts receivables, chattel paper, contracts, documents, cash,
bank accounts, etc. were pledged as collateral.
The receivables, rents and other property are property of the
Chapter 11 estate of the Debtor pursuant to 11 U.S.C. section
541(a)(1) and (6) and were collaterally pledged to the lender to
ensure payment of the pre-petition obligations.
The Debtor estimates the value of the accounts receivable to be
approximately $4,273 based on a current aging report of receivables
less than 90 days old and available bank balances.
The Debtor is willing to enter into an agreement with the primary
secured creditor, Suntrust/Truist Bank, to provide a post-petition
replacement lien of a continuing nature on all post-petition
accruing cash collateral to the secured creditor.
A copy of the motion is available at https://bit.ly/3dldrKE from
PacerMonitor.com.
About A and N Diamond, Inc.
A and N Diamond, Inc. owns express lube and car wash business
located in Brunswick, Ga., valued at $588,700. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 22-01859) on September 14, 2022. In the petition
signed by Elia Hawara, president, the Debtor disclosed $598,773 in
assets and $2,369,348 in liabilities.
Brian K. Mickler, Esq., at Law Offices of Micker and Mickler, LLP,
is the Debtor's counsel.
ACADEMIA DE DESARROLLO: Seeks to Tap Lugo Mender Group as Counsel
-----------------------------------------------------------------
Academia de Desarrollo Integral Cristiano Inc. seeks approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to employ
Lugo Mender Group, LLC as its legal counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its duties, powers and
responsibilities in the continued management of its business
operations;
(b) advise the Debtor in connection with its reorganization
endeavors;
(c) assist the Debtor with respect to negotiations with
creditors for the purpose of arranging a feasible Plan of
Reorganization;
(d) prepare legal papers;
(e) appear before the bankruptcy court, or any other court in
which the Debtor asserts a claim or defense directly or indirectly
related to this bankruptcy case; and
(f) perform such other legal services for the Debtor as may be
required in these proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Wigberto Lugo Mender, Esq. $300
Associate Staff Attorney $175
Legal and Financial Assistants $125
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer in the
amount of $4,500 for the legal services to be rendered in
connection with this case.
Alexis Betancourt Vincenty, Esq., an attorney at Lugo Mender 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:
Alexis A. Betancourt Vincenty, Esq.
Lugo Mender Group, LLC
100 Carr. 165, Suite 501
Guaynabo, PR 00968-8052
Telephone: (787) 707-0404
Facsimile: (787) 707-0412
Email: a_betancourt@lugomender.com
About Academia de Desarrollo Integral Cristiano
Academia de Desarrollo Integral Cristiano Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 22-02689) on Sept. 9, 2022, with up to $1 million
in both assets and liabilities. Alexis A. Betancourt Vincenty,
Esq., at Lugo Mender Group, LLC serves as the Debtor's counsel.
AEARO TECHNOLOGIES: To Return to Florida Court for Mediation
------------------------------------------------------------
Steven Church and Jef Feeley of Bloomberg News report that 3M Co.,
facing more than 200,000 lawsuits accusing it of harming soldiers
with defective combat earplugs, opens a new round of mediation
Thursday, September 15, 2022, overseen by the same federal judge
the industrial conglomerate has been feuding with since July 2022.
The company blames US District Court Judge M. Casey Rodgers for
letting a multibillion-dollar legal problem become so intractable
that one of 3M's units filed bankruptcy in a failed effort to get
the suits away from her. Judge Rodgers accuses 3M of trying to
undermine the biggest multi-district litigation (MDL) in US history
and pledged to investigate the company's motives.
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: Committee Taps Hilco IP Services as Marketing Agent
---------------------------------------------------------------
The official committee of unsecured creditors of Agway Farm & Home
Supply, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Hilco IP Services, LLC as marketing
agent.
Hilco's services include:
a. collecting and securing all available information and data
concerning the Debtor's intellectual property;
b. preparing marketing materials designed to inform potential
purchasers of the availability of the intellectual property for
sale, assignment, license, or other disposition;
c. developing and executing a sales and marketing program
designed to elicit proposals to acquire the intellectual property
from qualified acquirers with a view toward completing one or more
sales, assignments, licenses, or other disposition of the
intellectual property potentially following an auction or auctions
under Section 363 of the Bankruptcy Code; and
d. assisting the committee and the Debtor in connection with
the conduct of a potential auction and the transfer of the
intellectual property to the acquirer who offers the highest or
otherwise best consideration for the intellectual property.
Hilco Streambank will receive a commission based upon a percentage
of the gross proceeds generated from the sale, assignment, license,
or other disposition of the intellectual property, as follows:
(i) 6 percent of the amount of aggregate gross proceeds up to
and including $1 million; plus
(ii) 20 percent of the amount of aggregate gross proceeds above
$1 million.
David Peress, executive vice president of Hilco IP Services,
disclosed in a court filing that the firm and its professionals are
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.
Hilco IP Services can be reached through:
David Peress
Hilco Streambank
1500 Broadway Suite 810
New York, NY 10036
Phone: +1 617-642-1909
Email: dperess@hilcoglobal.com
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 of
Agway Farm & Home Supply, 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.
The official committee of unsecured creditors appointed in the case
selected Pachulski Stang Ziehl & Jones as legal counsel; FTI
Consulting, Inc. as financial advisor; and Hilco IP Services, LLC
as intellectual property marketing agent.
AIRPORT VAN: Seeks Approval to Hire HKG LLP as Tax Accountant
-------------------------------------------------------------
Airport Van Rental, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Central District of California to
employ HKG LLP as their tax accountant.
The Debtors require a tax accountant to prepare and file their 2021
federal and state income tax returns.
HKG will be paid a flat fee of $25,000 for all of its services.
Eric Gronroos, a partner at HKG, 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:
Eric Gronroos
HKG, LLP
100 West Walnut Street, 7th Floor
Pasadena, CA 91124
Telephone: (626) 585-0666
Email: egronroos@hkgllp.com
About Airport Van Rental
Airport Van Rental, Inc. -- https://www.airportvanrental.com -- is
a van rental company offering short and long-term rentals for road
trips, weekend journeys, moving, and any other group outings.
Airport Van Rental and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 20-20876) on Dec. 11, 2020. Yazdan
Irani, president and chief executive officer, signed the petitions.
In its petition, Airport Van Rental disclosed assets of between $10
million and $50 million and liabilities of the same range.
Judge Sheri Bluebond oversees the cases.
The Debtors tapped Danning, Gill, Israel & Krasnoff, LLP as their
bankruptcy counsel; CSA Partners LLC as financial consultant; Joel
Glaser, APC as litigation counsel; McClellan Davis, LLC as tax
counsel; and HKG LLP as tax accountant. Kevin S. Tierney is the
Debtors' chief reorganization officer.
The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on Feb. 3, 2021. Elkins Kalt Weintraub Reuben
Gartside, LLP and B. Riley Advisory Services serve as the
committee's bankruptcy counsel and financial advisor, respectively.
ALL YEAR HOLDINGS: Taps Archer & Greiner as Special Counsel
-----------------------------------------------------------
All Year Holdings Limited seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Archer &
Greiner, P.C. as its special counsel.
The firm will render these services:
(a) representing the Debtor in respect of its rights and
opportunities in the case of In re MY2011 Grand LLC, et al.,
Chapter 11 Case No. 19-23957 (SHL), in which a sale of property is
expected to benefit the Debtor;
(b) representing the Debtor in respect of its rights and
opportunities in the case of In re Evergreen Gardens Mezz LLC, et
al., Chapter 11 Case No. 21-10335 (MG), and in respect of rights of
and against the post-confirmation plan administrator established
under the confirmed plan therein;
(c) representing the Debtor in respect of its rights and
opportunities with respect to discrete subsidiaries, investments or
properties including (but not limited to) 65 Kent Avenue LLC and
Wythe Berry Fee Owner (William Vale Hotel);
(d) representing the Debtor in respect of negotiating
agreements with certain professionals, including Meridian Capital
in connection with a brokerage agreement;
(e) representing the Debtor in connection with an analysis of
rights vis-a-vis certain creditors including noteholders;
(f) representing the Debtor in connection with analysis of
certain insurance rights; and
(g) other discrete bankruptcy, corporate and litigation legal
services as may be or have been directed.
The firm's hourly rates range from $55 to $285 for legal
assistants, $290 to $530 for associate attorneys and $350 to $730
for partners.
Archer & Greiner received a retainer in the amount of $25,000.
Allen Kadish, Esq., an attorney at Archer & Greiner, disclosed in
court filings 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:
Allen G. Kadish, Esq.
Harrison H.D. Breakstone, Esq.
Archer & Greiner, P.C.
1211 Avenue of the Americas, Suite 2750
New York, NY 10036
Telephone: (212) 682-4940
Email: akadish@archerlaw.com
hbreakstone@archerlaw.com
About All Year Holdings Limited
All Year Holdings Limited is a real estate development company
founded by American real estate developer Yoel Goldman. It operates
as a holding company, which, through its direct and indirect
subsidiaries, focuses on the development, construction,
acquisition, leasing and management of residential and commercial
income producing properties in Brooklyn, N.Y. The company's
portfolio includes 1,648 residential units and 69 commercial units
in Bushwick, Williamsburg, and Bedford-Stuyvesant.
All Year Holdings sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021. At the time of the
filing, the Debtor listed $1 billion to $10 billion in assets and
liabilities.
Judge Martin Glenn oversees the case.
The Debtor tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Koffsky Schwalb, LLC, Bartov & Co., and Archer & Greiner,
P.C. as special counsels; and Conyers Dill & Pearman as British
Virgin Islands counsel. Donlin Recano & Company, Inc. is the
Debtor's administrative agent.
ALMAZ TRANSPORTATION: Seeks to Hire Alla Kachan as Legal Counsel
----------------------------------------------------------------
Almaz Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ the Law
Offices of Alla Kachan, PC as its counsel.
The firm will render these services:
(a) assist the Debtor in administering this Chapter 11 case;
(b) make such motions or take such action as may be
appropriate or necessary under the Bankruptcy Code;
(c) represent the Debtor in prosecuting adversary proceedings
to collect assets of the estate and such other actions as the
Debtor deem appropriate;
(d) take such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;
(e) negotiate with the Debtor's creditors in formulating a
plan of reorganization for the Debtor in this case;
(f) draft and prosecute the confirmation of the Debtor's plan
of reorganization in this case; and
(g) render such additional services as the Debtor may require
in this case.
The hourly rates of the firm's counsel and staff are as follows:
Attorney $475
Clerks and Paraprofessionals $250
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $15,000.
Alla Kachan, Esq., a member of the Kachan Law Office, 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:
Alla Kachan, Esq.
Law Offices of Alla Kachan, PC
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
Email: alla@kachanlaw.com
About Almaz Transportation
Almaz Transportation, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42027) on
Aug. 25, 2022. In the petition signed by Yefim Sabler, president,
the Debtor disclosed under $1 million in both assets and
liabilities.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC as its counsel
and Wisdom Professional Services Inc. as accountant.
ALMAZ TRANSPORTATION: Taps Wisdom Professional as Accountant
------------------------------------------------------------
Almaz Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Wisdom
Professional Services Inc. as its accountant.
The firm will render these services:
(a) gather and verify all pertinent information required to
compile and prepare monthly operating reports; and
(b) prepare monthly operating reports for the Debtor in this
bankruptcy case.
The firm will be billed at the rate of $200 per report.
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $2,000.
Michael Shtarkman, a certified public accountant at Wisdom
Professional Services, 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:
Michael Shtarkman, CPA
Wisdom Professional Services Inc.
626 Sheepshead Bay Road, Suite 640
Brooklyn, NY 11224
Telephone: (718) 554-6672
Facsimile: (718) 954-8994
Email: michael@shtarkmancpa.com
About Almaz Transportation
Almaz Transportation, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42027) on
Aug. 25, 2022. In the petition signed by Yefim Sabler, president,
the Debtor disclosed under $1 million in both assets and
liabilities.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC as its counsel
and Wisdom Professional Services Inc. as accountant.
ALTERA INFRASTRUCTURE: Seeks to Hire Kirkland & Ellis as Counsel
----------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
their counsel.
Kirkland & Ellis will render these services:
(a) advise the Debtors regarding their powers and duties in
the continued management and operation of their businesses and
properties;
(b) advise and consult the conduct of these Chapter 11 cases;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(d) take all necessary actions to protect and preserve the
Debtors' estates;
(e) prepare pleadings in connection with these Chapter 11
cases;
(f) represent the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
(g) advise the Debtors in connection with any potential sale
of assets;
(h) appear before the court and any appellate courts to
represent the interests of the Debtors' estates;
(i) advise the Debtors regarding tax matters;
(j) take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
(k) perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 cases.
The hourly rates of Kirkland's counsel and staff are as follows:
Partners $1,135 - $1,995
Of Counsel $805 - $1,845
Associates $650 - $1,245
Paraprofessionals $265 - $495
In addition, Kirkland will be reimbursed for out-of-pocket expenses
incurred.
As of the petition date, the Debtors did not owe Kirkland any
amounts for legal prepetition services.
Kirkland also provided the following in response to the request for
additional information set forth in Paragraph D.1. of the Revised
U.S. Trustee Guidelines:
Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Answer: No. Kirkland and the Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.
Question: Do any of the Kirkland professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?
Answer: No. The hourly rates used by Kirkland in representing the
Debtors are consistent with the rates that Kirkland charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.
Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Kirkland's current hourly rates for services rendered on
behalf of the Debtors range as follows:
Billing Category U.S. Range
Partners $1,135 - $1,995
Of Counsel $805 - $1,845
Associates $650 - $1,245
Paraprofessionals $265 - $495
Kirkland represented the Debtors during the twelve-month period
ending December 31, 2021 before the petition date, using the hourly
rates listed below:
Billing Category U.S. Range
Partners $1,080 - $1,895
Of Counsel $625 - $1,845
Associates $625 - $1,195
Paraprofessionals $255 - $475
Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?
Answer: Yes. More specifically, pursuant to the
debtor-in-possession (DIP) Order, professionals proposed to be
retained by the Debtors are required to provide bi-weekly estimates
of fees and expenses incurred in these Chapter 11 cases.
Joshua Sussberg, Esq., a partner at Kirkland & Ellis LLP and
Kirkland & Ellis International, LLP, disclosed in a court filing
that the firms are "disinterested persons" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firms can be reached through:
Joshua Sussberg, Esq.
Kirkland & Ellis LLP
Kirkland & Ellis International, LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ALTERA INFRASTRUCTURE: Seeks to Tap Jackson Walker as Local Counsel
-------------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Jackson Walker LLP as co-counsel and conflicts counsel.
The firm will render these services:
(a) provide legal advice and services regarding local rules,
practices, and procedures, including Fifth Circuit law;
(b) provide certain services in connection with administration
of the Chapter 11 cases;
(c) review and comment on proposed drafts of pleadings to be
filed with the bankruptcy court;
(d) at the request of the Debtors, appear in court and at any
meeting with the United States Trustee, and any meeting of
creditors at any given time;
(e) perform all other services assigned by the Debtors to the
firm as bankruptcy local and conflicts co-counsel; and
(f) provide legal advice and services on any matter on which
Kirkland may have a conflict or as needed based on specialization.
The hourly rates of Jackson Walker's counsel and staff are as
follows:
Matthew D. Cavenaugh $950
Other Restructuring Attorneys $435 - $985
Associates $525 - $685
Paraprofessionals $195 - $205
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtors provided a retainer to the firm in the amount of
$375,000 for services performed and to be performed in connection
with, and in contemplation of, the filing of these Chapter 11
cases. Prior to the filing of these cases, the firm received a
payment in the aggregate amount of $145,341.14.
Jackson Walker also provided the following in response to the
request for additional information set forth in Paragraph D.1 of
the U.S. Trustee Fee Guidelines.
Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Answer: No. The firm and the Debtors have not agreed to any
variations from, or alternatives to, the firm's standard billing
arrangements for this engagement. The rate structure provided by
the firm is appropriate and is not significantly different from (a)
the rates that the Debtors charge for other non-bankruptcy
representatives or (b) the rates of other comparably skilled
professionals.
Question: Do any of the firm professionals in this engagement
vary their rate based on the geographical location of the Debtors'
Chapter 11 cases?
Answer: No. The hourly rates used by the firm in representing the
Debtors are consistent with the rates that the firm charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.
Question: If the firm has represented the Debtors in the 12
months prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: My hourly rate is $950. The rates of other restructuring
attorneys in the firm range from $435 to $985 an hour and the
paraprofessional rates range from $195 to $205 per hour. The firm
represented the Debtors during the weeks immediately before the
petition date, using the foregoing hourly rates.
Question: Have the Debtors approved the firm's budget and
staffing plan, and if so, for what budget period?
Answer: The firm has not prepared a budget and staffing plan.
Matthew D. Cavenaugh, Esq., a partner at Jackson Walker, 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 D. Cavenaugh, Esq.
Jackson Walker LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
Email: mcavenaugh@jw.com
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ALTERA INFRASTRUCTURE: Taps Evercore Group as Investment Banker
---------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Evercore Group LLC as investment banker.
Evercore will provide these services:
(a) review and analyze the Debtors' businesses, operations,
and financial projections;
(b) advise and assist the Debtors in connection with a
transaction;
(c) provide financial advice in developing and implementing a
restructuring;
(d) if the Debtors pursue a financing and request that
Evercore act as lead financial advisor in connection therewith,
provide the Debtors various financial services.
Evercore will be billed as follows:
(a) a monthly fee of $200,000;
(b) a restructuring fee of $14,400,000;
(c) A fee payable upon consummation of any financing and
incremental to any restructuring fee; and
(d) reimbursement for expenses incurred.
Avinash D'Souza, a senior managing director at Evercore Group,
disclosed in a court filing that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Avinash D'Souza
Evercore Group LLC
55 East 52nd Street
New York, NY 10055
Telephone: (212) 857-3100
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ALTERA INFRASTRUCTURE: Taps FTI Consulting as Financial Advisor
---------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
FTI Consulting, Inc. as their financial advisor.
FTI will provide these services:
I. Contingency Planning & Pre-Bankruptcy Services
(a) assist in the development and analysis of various
strategic alternatives available to the Debtors;
(b) review and assist with the development of the Debtors'
cash flow forecast under a variety of scenarios, as requested;
(c) support the preparation of first day motions and develop
procedures and processes necessary to implement such motions;
(d) assist with the development or review of the Debtors'
business plan, as requested;
(e) assist in the identification of executory contracts and
unexpired leases and performing the cost/benefit evaluations with
respect to the assumption or rejection of each;
(f) assist the Debtors with developing and communicating
clear, concise, and consistent messaging for stakeholders;
(g) assist with developing accounting and operating procedures
to segregate prepetition and post-petition business transactions;
(h) prepare the Debtors with respect to financial disclosures
that will be required by the court;
(i) assist the Debtors in managing and responding to data
requests from various constituents;
(j) assist with the development of a creditor matrix;
(k) assist with the review, classification, and quantification
of claims against the estate under the plan of reorganization; and
(l) provide other services, as requested by the Debtors.
II. Post-Bankruptcy Services
(a) assist in the development of a plan of reorganization and
disclosure statement;
(b) provide expert testimony in support of plan and disclosure
statement and other matters, as needed;
(c) assist with bankruptcy reporting requirements;
(d) assist with evaluating the Debtors' cash flows under a
variety of scenarios;
(e) render general financial advice, financial analytics, and
modeling as directed by the Debtors' management;
(f) assist in determining potential creditor recoveries under
alternative scenarios;
(g) assist in analyzing and developing strategies to address
the Debtors' existing obligations;
(h) attend meetings, presentations, and negotiations, as may
be requested by the Debtors;
(i) assist the Debtors in managing and responding to data
requests from various constituents;
(j) assist with claims reconciliation and objections; and
(k) provide other services, as requested by the Debtors.
III. Electronic Evidence Services
(a) provide collection, processing, hosting, e-discovery, and
managed document review services.
The hourly rates of FTI's personnel are as follows:
Senior Managing Directors $975 - $1,325
Directors/Senior Directors/Managing Directors $735 - $960
Consultants/Senior Consultants $395 - $695
Administrative/Paraprofessionals $160 - $300
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, FTI received advance payments of
$8,564,747.
David Rush, a senior managing director at FTI Consulting, disclosed
in a court filing that the firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Rush
FTI Consulting, Inc.
1301 McKinney Street, Suite 3500
Houston, TX 77010
Telephone: (832) 667-5160
Email: david.rush@fticonsulting.com
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ALTERA INFRASTRUCTURE: Taps PwC as Tax Consulting Services Provider
-------------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
PricewaterhouseCoopers LLP as tax compliance, tax consulting, and
accounting advisory services provider.
The firm will provide these services:
(a) provide certain consulting services;
(b) provide certain legal services;
(c) provide services related to the Debtors' proposed debt
restructuring and potential conversion of Altera Parent to a
separate legal entity; and
(d) provide certain corporation tax compliance services for
the Debtors.
The estimated hourly fees for the firm's services are as follows:
Consulting Services £125,000
Legal Services £25,000
Corporate tax compliance, tax accounting, and corporate interest
restriction services will be billed at a fixed fee of £52,540,
£15,420, and £11,000, respectively.
In addition, the firm will seek reimbursement for expenses
incurred.
In the 90 days pre-petition, the Debtors paid the firm a retainer
of £85,000.
Mark Whitehouse, a partner at PricewaterhouseCoopers, disclosed in
a court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark Whitehouse
PricewaterhouseCoopers LLP
1 Embankment Place
London, United Kingdom WC2N 6RH
Telephone: +44 (0)7715 705102
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ALTERA INFRASTRUCTURE: Taps Quinn Emanuel as Special Counsel
------------------------------------------------------------
Altera Infrastructure LP and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.
The Debtors require a special counsel to provide various legal
services, including, without limitation, ongoing representation of
the Restructuring Committee in connection with an investigation of
claims and causes of action against Brookfield Business Partners
LP, representation of the Restructuring Committee in connection
with the 9019 Motion and the discovery served on the Restructuring
Committee in connection with the investigation and the 9019 Motion,
and representation of the Restructuring Committee in matters
related to the foregoing.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,385 - $2,130
Associates and Of Counsel $830 - $2,130
Paralegal $480 - $670
During the 90 days immediately preceding the petition date, Quinn
Emanuel received payment from the Debtors in the amount of
$1,475,659.13.
Quinn Emanuel provided the following in response to the request for
additional information set forth in Paragraph D.1 of the U.S.
Trustee Fee Guidelines.
Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Answer: No. The firm and Altera have not agreed to any variations
from, or alternatives to, the firm's standard billing arrangements
for this engagement. The rate structure provided by the firm is
appropriate and is non-significantly different from (a) the rates
that the firm charges for other non-bankruptcy representatives, or
(b) the rates of other comparably skilled professionals.
Question: Do any of the firm's professionals in this engagement
vary their rate based on the geographical location of the Altera
Chapter 11 case?
Answer: No. The hourly rates used by the firm in representing
Altera are consistent with the rates that the firm charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.
Question: If the firm has represented Altera in the 12 months
prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Quinn Emanuel's partners' rates range from $1,385 to
$2,130 per hour. The rates of associates and of counsel range from
$830 to $2,130 per hour and the paralegal rates range from $480 to
$670 per hour. There has been no change to the firm's rates in the
12 months pre-petition or post-petition.
Question: Has Altera approved the firm's budget and staffing
plan, and if so, for what budget period?
Answer: Yes. More specifically, pursuant to the
debtor-in-possession (DIP) Order, professionals proposed to be
retained by the Debtors are required to provide bi-weekly estimates
of fees and expenses incurred in these Chapter 11 cases.
Benjamin Finestone, Esq., a partner at Quinn Emanuel Urquhart &
Sullivan, disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Benjamin I. Finestone, Esq.
Quinn Emanuel Urquhart & Sullivan, LLP
711 Louisiana, Suite 500
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: benjaminfinestone@quinnemanuel.com
About Altera Infrastructure
Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.
After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliate sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90130) on
Aug. 12, 2022.
As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.
Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively. The Debtors also tapped
Evercore Group LLC as investment banker and PricewaterhouseCoopers
LLP as tax compliance, tax consulting, and accounting advisory
services provider. Stretto is the claims agent. David Rush, senior
managing director at FTI Consulting, Inc., serves as restructuring
advisor to the Debtors.
The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.
A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise modified
from time to time). The CoCom is represented by Norton Rose
Fulbright US LLP and Norton Rose Fulbright LLP as counsel and PJT
Partners (UK) Ltd. as financial advisor.
ARGO 45: Case Summary & One Unsecured Creditor
----------------------------------------------
Debtor: Argo 45, LLC
617 11th Avenue
New York, NY 10036
Business Description: Argo is primarily engaged in renting
and leasing real estate properties. Argo
owns the real property located at 605 West
45th Street, New York.
Chapter 11 Petition Date: September 20, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-11255
Judge: Hon. Martin Glenn
Debtor's Counsel: Fred B. Ringel, Esq.
LEECH TISHMAN ROBINSON BROG, PLLC
875 Third Avenue
New York, NY 10022
Tel: (212) 603-6300
Total Assets: $0
Total Liabilities: $199,296,645
The petition was signed by Robert Gans as sole member.
The Debtor listed CT Corporation Staffing, Inc. as its only
unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/XM7WRBA/Argo_45_LLC__nysbke-22-11255__0001.0.pdf?mcid=tGE4TAMA
BRAZOS ELECTRIC: Gets Initial OK for $1.4B Energy Bill Settlement
-----------------------------------------------------------------
Dietrich Knauth of Reuters reports that a U.S. bankruptcy judge on
Tuesday, September 13, 2022, allowed the largest power cooperative
in Texas to begin soliciting votes on a bankruptcy restructuring
proposal that includes a $1.4 billion payment to end a dispute over
energy price hikes during a severe 2021 winter storm that left
millions of Texans without power for days.
Chief U.S. Bankruptcy Judge David Jones in Houston said the
disclosure statement detailing Brazos Electric Power Cooperative's
proposal provides creditors with enough information to make an
informed vote on its bankruptcy plan.
Brazos is asking creditors to approve a $1.4 billion payment to the
state's electric grid operator — the Electric Reliability Council
of Texas (ERCOT). The co-op will pay $1.1 billion upon emerging
from bankruptcy, with additional deferred payments.
Brazos filed for bankruptcy protection in March 2021, after
receiving a $2.1 billion bill from ERCOT. The bill for the
week-long storm was nearly three times its total power cost for
2020, according to Brazos. It had argued that ERCOT failed to
follow protocols for setting emergency rates outlined in their
contract while ERCOT maintained that it was merely following
emergency orders from the Public Utilities Council of Texas during
the storm.
Brazos had said resolving the dispute with ERCOT was the key to its
emerging from bankruptcy.
Brazos' Chapter 11 plan would pay other unsecured creditors 89.5%
of what they are owed, and it would set up a hardship fund for
energy consumers struggling with bills related to the 2021 winter
storm.
Brazos intends to sell its energy generation facilities and
reorganize as an energy transmission business, according to the
Chapter 11 plan.
For Brazos: Lou Strubeck and Nick Hendrix of O'Melveny & Myers;
Jason Boland, Paul Trahan and Steve Peirce of Norton Rose
Fulbright; and Lino Mendiola, Michael Boldt and Jim Silliman of
Eversheds Sutherland (US)
For ERCOT: Kevin Lippman, Deborah Perry, Jamil Alibhai and Ross
Parker of Munsch Hardt Kopf & Harr
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.
BUCKINGHAM TOWER: Taps Raneri, Light & O'Dell as Special Counsel
----------------------------------------------------------------
Buckingham Tower Condominium, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Raneri, Light & O'Dell, PLLC as its special counsel.
The Debtor requires a special counsel to assist in real estate
transactions that include the conversion of its cooperative
apartments to condominiums.
The Debtor owns 24 cooperative apartments in Yonkers, N.Y., most of
which are occupied by individual shareholders and their families.
As compensation for its services, Raneri will receive $2,500 per
closing and $400 per hour for extraordinary services, which may
include dealing with the City of Yonkers on real property tax
issues and addressing any concerns or issues raised by the Attorney
General of the State of New York.
As disclosed in court filings, Raneri is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael J. Raneri, Esq.
Raneri, Light & O'Dell, PLLC
150 Grand Street - Suite 502
White Plains, NY 10601
Tel: (914) 948-5525
Direct: (914) 461-4261
Fax: (914) 948-5505
Email: mjraneri@rlslawoffice.com
About Buckingham Tower Condominium
Buckingham Tower Condominium Inc. is a cooperative corporation,
which owns and manages 24 sponsored cooperative apartments, most of
which are occupied by individual shareholders and their families.
The apartments are located at 615 Warburton Ave., Yonkers, N.Y.
Buckingham Tower Condominium filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 22-22403) on June 30, 2022, with between $1 million and
$10 million in both assets and liabilities. Heidi J Sorvino, Esq.,
at White and Williams, LLP has been appointed as Subchapter V
trustee.
Judge Sean H. Lane oversees the case.
Anne J. Penachio, Esq., at Penachio Malara, LLP, and Raneri, Light
& O'Dell, PLLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
CELSIUS NETWORK: Court Directs Appointment of Examiner
------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York directed William Harrington, the U.S. Trustee
for Region 2, to appoint an examiner in the Chapter 11 cases of
Celsius Network LLC and its affiliates.
The scope of the examiner's investigation shall consist of:
* An examination of the companies' cryptocurrency holdings,
including a determination as to where the cryptocurrency holdings
were stored pre-bankruptcy and are stored post-petition and whether
different types of accounts are commingled.
* An examination as to why there was a change in account
offerings beginning in April 2022 from the Earn Program to the
Custody Service for some customers while others were placed in a
"Withhold Account."
* An examination of the companies' procedures for paying sales
taxes, use taxes, and value added taxes and the extent of the
companies' compliance with any non-bankruptcy laws with respect
thereto.
* An examination of the current status of the utility
obligations of the companies' mining business.
A copy of the order is available for free at https://bit.ly/3SbjmAV
from Stretto, claims agent.
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, maintain the page
https://cases.stretto.com/celsius.
CHRIS PETTIT: Trustee Taps Golden Oak Development as Broker
-----------------------------------------------------------
Eric Terry, the trustee appointed in the Chapter 11 cases of Chris
Pettit & Associates, PC and Christopher John Pettit, seeks approval
from the U.S. Bankruptcy Court for the Western District of Texas to
employ Golden Oak Development, LLC as real estate broker.
The trustee needs a broker to assist in the sale of Roble Dorado,
LLC's real estate located at 10285 Summer Meadow Way, Golden Oak,
Florida. Pettit's Estate is the sole owner of Roble Dorado.
The broker will be entitled to a commission of 5 percent of the
sales price in the event of a sale. Golden Oak will offer 3 percent
of its compensation to a broker who procures a buyer and is not
representing the seller.
Page Pierce, manager at Golden Oak Development, 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:
Page Pierce
Golden Oak Development, LLC
1375 Buena Vista Drive, 4th Floor North
Lake Buena Vista, FL 32830
Telephone: (407) 939-5577
Facsimile: (407) 938-9999
Email: Page.P.Pierce@disney.com
About Chris Pettit & Associates
Chris Pettit & Associates, PC, a personal injury law firm in Texas,
and principal Christopher John Pettit sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Lead Case
No. 22-50591) on June 1, 2022. In the petition filed by Mr. Pettit,
the Debtors listed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Craig A. Gargotta oversees the cases.
Michael G. Colvard, Esq., at Martin & Drought, PC is the Debtors'
counsel.
Eric Terry, the trustee appointed in the Chapter 11 cases, is
represented by Dykema Gossett, PLLC.
CITY LIVING: Case Summary & Four Unsecured Creditors
----------------------------------------------------
Debtor: City Living KC, LLC
9902 Locust
Kansas City, MO 64131
Business Description: The Debtor is a real estate rental agency in
Kansas City.
Chapter 11 Petition Date: September 20, 2022
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 22-41170
Judge: Hon. Brian T. Fenimore
Debtor's Counsel: Colin Gotham, Esq.
EVANS & MULLINIX, P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Tel: (913) 962-8700
Fax: (913) 962-8701
Email: cgotham@emlawkc.com
Total Assets as of Sept. 19, 2022: $1,238,500
Total Debts as of Sept. 19, 2022: $656,000
The petition was signed by Quashena Wallace as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/4WVCADQ/City_Living_KC_LLC__mowbke-22-41170__0001.0.pdf?mcid=tGE4TAMA
CLARUS THERAPEUTICS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Clarus Therapeutics Holdings, Inc. and Clarus Therapeutics,
Inc.
The committee members are:
1. Syneos Health
Attn: Wesley Roberts
1030 Sync Street
Morrisville, NC 27560
Phone: (984) 710-8555
Email: wesley.roberts@syneoshealth.com
2. Intouch Group, LLC
Attn: Raphaela Cristiano-Davis
205 N. Michigan Ave., Suite 3200
Chicago, IL 60601
Phone: (773) 329-6368
Email: raphaela.davis@eversana.com
3. NDCHealth Corp.
d/b/a RelayHealth
Attn: Ben Carlsen
1564 Northeast Expressway
Atlanta, GA 30329
Phone: (404) 245-8813
Email: Ben.Carlsen@McKesson.com
4. Axtria Inc.
Attn: Amy Chipperson
300 Connell Drive, Suite 500
Berkeley Heights, NJ 07922
Phone: (908) 566-8398
Email: amy.chipperson@axtria.com
5. Two Labs Pharma Services
Attn: Chris Stover
110 Riverbend Ave., Suite 100
Powell, OH 43065
Phone: (614) 266-4446
Fax: (866) 259-4324
Email: chris.stover@twolabs.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Clarus Therapeutics Holdings
Clarus Therapeutics Holdings, Inc. and Clarus Therapeutics, Inc.
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 22-10845) on Sept. 5, 2022. Lawrence
R. Perkins, chief restructuring officer, signed the petitions.
At the time of the filing, each of the Debtors listed $50 million
to $100 million in both assets and liabilities.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Goodwin Procter, LLP as bankruptcy counsel;
Potter Anderson & Corroon, LLP as Delaware and conflicts counsel;
SierraConstellation Partners, LLC as restructuring advisor; and
Raymond James & Associates, Inc. as investment banker. Stretto is
the claims and noticing agent.
CLEAN ENERGY: Taps Marsha Jones of Anderson Jones as Accountant
---------------------------------------------------------------
Clean Energy Renewables, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of Illinois to employ
Marsha Jones, a certified public accountant at Anderson Jones,
CPAs, PSC.
The Debtor requires an accountant to prepare its monthly financial
statements and tax returns; reconcile bank accounts; prepare
accounts payable and provide other bill payment services.
Ms. Jones' current rate is $175 per hour.
In court filings, Ms. Jones disclosed that she is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Ms. Jones holds office at:
Marsha Tilton Jones, CPA
Anderson Jones CPAs, PSC
1 W. McDonald Pkwy, Suite 3B
Maysville, KY 41056
Tel: (606) 564-6260
Email: marshajones.aj@gmail.com
About Clean Energy Renewables
Clean Energy Renewables, LLC -- https://clean-energy-renewables.com
-- provides instrument tower installation and maintenance services
on a nationwide basis, with 26 employees who travel to customer
locations, from its headquarters in Moline, Ill.
Clean Energy Renewables filed a petition for relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D.
Ill. Case No. 22-80432) on July 18, 2022, with between $1
million and $10 million in both assets and liabilities. Robert E.
Eggmann serves as Subchapter V trustee.
Judge Thomas L. Perkins oversees the case.
The Debtor tapped Sumner A. Bourne, Esq., at Rafool & Bourne PC as
legal counsel, and Marsha Jones, CPA of Anderson Jones, CPAs, PSC
as accountant.
COX BROTHERS: Updates OSPrin III Claim Details; Files Amended Plan
------------------------------------------------------------------
Cox Brothers Machining, Inc., submitted a Fourth Amended Plan of
Reorganization dated September 13, 2022.
This Plan of Reorganization provides for the continued operation of
CBM under the existing management. CBM proposes to make monthly
payments of approximately $12,656 for the maximum period of 60
months to fund the Plan of Reorganization.
CBM reduced its operating expenses and continues to attempt to find
cost cutting measures to maximize the monies available to support
this Plan of Reorganization. Under the Plan, administrative claims,
priority claims, and unsecured claims will be paid in full on the
Effective Date. The secured claims will be paid in full over a
period of 60 months.
Funds for the payment of these claims will come from the future
operations of the Debtor's business and from Debtor's cash and
accounts. Funds for the 60th month balloon payment to secured
creditor OSPrin III, LLC are expected to be obtained from
replacement financing. The Plan and funds will be administered by
the Debtor's principal, Russell Cox and CFO, Teri Cox, who is the
spouse of Russell Cox.
Class 1 consists of the Claim of OSPrin III, LLC. OSPrin III, LLC
is owed $980,740.14 in principal, plus interest, fees, and attorney
fees on Loan No. 0905871844-00067 (the #67 Loan); Loan No.
0905871844-00026 (the #26 Loan); and, Loan No. 0905871844-00042
(the #42 Loan). OSPrin III, LLC will receive 2 payments of $50,000
each, paid on the Effective Date and upon the one-year anniversary
of the Effective Date (the "Initial Payments").
Additionally, and beginning on the Effective Date, OSPrin III, LLC
will receive monthly installment payments of principal and interest
calculated at a variable interest rate of 3.0% plus the prime
interest rate as published by the Wall Street Journal (WSJ) (the
"Effective Rate") amortized on a 10-year schedule. The current
prime interest rate is 5.5% and therefore the initial Effective
Rate is 8.5%. The initial monthly payment amount calculated using
the Effective Rate is $11,539.85.
The Plan contemplates a sale of the office portion of this building
and the application of all net proceeds of sale minus normal
closing costs to OSPrin III, LLC. The sale, if completed, is
anticipated to occur within 60 days of the Effective Date, is
expected to pay off the full $237,901.74 owed by Cox Investments
II, LLC and pay an additional $80,000 on the CBM debt. The sale
process, as of the date of this plan filing, has stalled for the
reason that the Purchaser's inspections have claimed HVAC
deficiencies in the building and the Purchaser is demanding
material concessions.
Cox Investments II, LLC entered in a Letter of Intent with Carefree
Group, Inc. on August 4, 2022 for the sale and purchase of the
property described as 7.92 acres and 112,500 sq. ft., commonly
known as 219 N. Horton St., Jackson, Michigan, for the gross sale
amount of $500,000. The parties have agreed to a 120 due diligence
period for inspections, including environmental testing. The sale,
if completed, is expected to pay off up to $500,000 on the CBM
debt. OSPrin III, LLC will retain its mortgage on the remaining
portion of the building owned by Cox Investments II, LLC until
OSPrin III, LLC is paid in full on the CBM debt pursuant to the
underlying loan documents.
Like in the prior iteration of the Plan, holders of allowed Class 3
claims of unsecured creditors shall receive a 100% distribution on
account of their allowed claims, exclusive of any post-petition
interest, from the proceeds paid in by the Debtor to fund the Plan.
Class 3 holders shall be paid in full on the Effective Date.
A full-text copy of the Fourth Amended Plan dated September 13,
2022, is available at https://bit.ly/3BwnXqD from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Don Darnell P55268, Esq.
8080 Grand St.
Dexter, MI 48130
Tel: (734) 424-5200
E-mail: dondarnell@darnell-law.com
About Cox Brothers Machining
Cox Brothers Machining, Inc., is in the business of fabrication of
structural steel components used in the construction and assembly
of bridges throughout the Mid-West American region. CBI runs its
business at a building located at 2300 E. Ganson St., Jackson,
Michigan 49202, a property owned by landlord Cox Investments II,
LLC.
Amid a maturity of debt owed to PrinsBank - Cox Bros. having had a
balloon payment on three loans due Feb. 15, 2022, Cox Brothers
Machining, Inc., sought protection under Subchapter V of Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-41255) on
Feb. 22, 2022. In the petition signed by Russell Cox, president,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Lisa S. Gretchko oversees the case.
Donald Darnell, Esq., at Darnell Law Office, is the Debtor's
counsel.
CREDITO REAL: Liquidator Asks Court to Toss Involuntary Chapter 11
------------------------------------------------------------------
James Nani of Bloomberg Law reports that a liquidator for Credito
Real SAB is asking a Delaware bankruptcy court to toss an
involuntary Chapter 11 case for the Mexican payroll lender that was
filed by its creditors, hoping to proceed with its work of
dissolving the company's assets in Mexico.
The Mexico City-based company is undergoing insolvency proceedings
in its home country. And the US Bankruptcy Court for the District
of Delaware should instead recognize the Mexican proceedings as
legitimate under Chapter 15, Robert Wagstaff, a foreign
representative of the Mexican court-appointed liquidator, said in a
Wednesday, September 14, 2022, filing.
About Credito Real SAB
Credito Real SAB de CV SOFOM ENR is a Mexico-based company that
provides consumer financing. Credito is Mexico's biggest payroll
lender and second largest non-bank lender after Real Unifin.
Credito Real provides loans, either by providing direct financing
to consumers or by establishing financing programs with consumer
financing dealers that sell to Credito Real the collection rights
from consumer financing products. It also provides financing
directly to individuals that are employed by corporations with
payroll deduction agreements with consumer financing dealers
authorized by Credito Real. Credito Real operates through a number
of subsidiaries, including AFS Acceptance LLC.
Three alleged creditors signed a petition to send Credito Real to
Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No.
22-10842). Institutional Multiple Investment Fund LLC, of Boston,
Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of
Liechtenstein, who claim to own an aggregate $8 million of
unsecured bond debt, signed the involuntary Chapter 11 petition.
David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is
advising the three bondholders.
Despite efforts by bondholders to force the company to pursue a
Chapter 11 restructuring in the U.S., the Debtor opted to pursue
proceedings in Mexico instead. On June 28, 2022, Angel Francisco
Romanos Berrondo, one of the Debtor's shareholders and the former
CEO of Credito Real, filed a petition, in his capacity as a
shareholder, with the Mexican Court seeking to commence the Mexican
Liquidation Proceeding.
On June 30, 2022, the Mexican Court entered an order commencing the
dissolution and liquidation proceedings for the Company and
appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican
Liquidator.
The liquidator for Credito Real filed a Chapter 15 bankruptcy
petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to
seek U.S. recognition of the Mexican proceedings. The petition was
signed by Robert Wagstaff, the foreign representative of the
liquidator. Richards, Layton & Finger, P.A., led by John Henry
Knight, is counsel in the U.S. case.
DEALER PRODUCTS: Taps SeatonHill Partners as Financial Advisor
--------------------------------------------------------------
Dealer Products, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ SeatonHill Partners,
LP as financial advisor.
The firm will render these services:
(a) analyze review, and monitor the restructuring process;
(b) prepare cash flow projections and budgets, business plans,
cash receipts and disbursement analysis, asset and liability
analysis, and the economic analysis of proposed transactions for
which court approval is sought;
(c) assist with review of any tax issues associated with, but
not limited to, preservation of net operating losses, refunds due
to the Debtor, plan of reorganization, and asset sales;
(d) assist with the review of the Debtor's 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) attend meetings and communications with the Debtor and its
counsel, potential investors, banks, other secured lenders, the
U.S. Trustee, other parties in interest and professionals hired by
the same, as requested;
(f) prepare financial related disclosures required by the
court;
(g) assist with the review of the affirmation or rejection of
various executory contracts;
(h) assist with the review and evaluation of the Debtor's
employee retention and compensation plans;
(i) render such other general business consulting or such
other assistance as the Debtor or its counsel may deem necessary
that are consistent with the role of a financial advisor; and
(j) assist and support in the evaluation of restructuring,
sale and liquidation alternatives.
SeatonHill has requested a post-petition retainer of $25,000
subject to approval of the Debtor's final cash collateral budget.
SeatonHill financial professionals will be billed at the rate of
$360 per hour, which is discounted by 20 percent from the firm's
normal rate of $450 per hour for similar financial advisory
services. Any necessary travel time outside of the Dallas-Fort
Worth Metroplex will be billed at the rate of $180 per hour.
J. Gregory Coffey, the chief operating officer of SeatonHill,
disclosed in a court filing that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
J. Gregory Coffey
SeatonHill Partners, LP
777 Main Street, Suite 600
Fort Worth, TX 76102
Email: greg.coffey@seatonhill.com
About Dealer Products
Dealer Products Inc. -- https://www.dealpro.com – provides
distribution of motor vehicle supplies and accessories. The Company
offers cabinets, bulbs, bolts, clips, nuts, hoses, hinges, rivets,
rings, screws, washers, and shims, as well as repairs heavy duty
trucks, trailers, gears, and axle. Dealer Products serves customers
in the State of Texas.
Dealer Products Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-41970) on Aug. 29,
2022. In the petition filed by Susan H. Fischer, as vice president,
the Debtor reported assets and liabilities between $1 million and
$10 million.
The Debtor tapped M. Jermaine Watson, Esq., at Cantey Hanger LLP as
counsel and SeatonHill Partners, LP as financial advisor.
DENDON INC: Gets OK to Hire Waggoner Hastings as Substitute Counsel
-------------------------------------------------------------------
Dendon, Inc. received approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to hire Waggoner Hastings, LLC as
substitute counsel.
The Debtor initially hired M. Denise Dotson and her firm, M. Denise
Dotson, LLC to handle its Chapter 11 case. On Sept. 5, the attorney
joined Waggoner Hastings.
Waggoner Hastings' fee rate for Ms. Dotson is $275 per hour.
As disclosed in court filings, Waggoner Hastings is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
M. Denise Dotson, Esq.
Andrea Hastings, Esq.
Waggoner Hastings, LLC
3650 Mansell Road, Suite 475
Alpharetta, GA 30022
Telephone: 770-641-8200
Fax: 770-641-8203
Email: denise@whfamilylaw.com
About Dendon Inc.
Dendon, Inc. filed a petition for Chapter 11 protection (Bankr.
N.D. Ga. Case No. 21-55796) on Aug 4, 2021, with up to $50,000 in
assets and up to $1 million in liabilities. Judge Paul W. Bonapfel
oversees the case.
Waggoner Hastings, LLC represents the Debtor as legal counsel.
DR. R'KIONE BRITTON: Wins Final Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Dr. R'Kione Britton Chiropractic Corporation to use cash
collateral on a final basis in accordance with the budget through
confirmation of a chapter 11 plan, or until the case is converted
or dismissed, whichever first occurs.
The Court said that in accordance with the terms of the stipulation
between the Debtor and the United States Small Business
Administration, the SBA is granted replacement liens to the same
extent, validity and priority as it held pre-petition pursuant to
11 U.S.C section 361(2).
Pre-petition, on June 17, 2020, the Debtor executed an SBA Note,
pursuant to which the Debtor obtained a $150,000 loan. The Original
Note was subsequently amended three times:
on July 9, 2021, increasing the total SBA Loan amount to
$500,000;
on October 14, 2021, increasing the total SBA Loan amount to
$846,600; and
again on January 6, 2022, increasing the total SBA Loan amount
to $905,400.
The terms of the Third Modification of Note require the Debtor to
pay principal and interest payments of $4,441 every month beginning
12 months from the date of the Original Note over the 30-year term
of the SBA Loan, with a maturity date of June 17, 2050. The SBA
Loan has an annual rate of interest of 3.75% and may be prepaid at
any time without notice of penalty.
Pursuant to the SBA Loan Authorization and Agreement executed on
June 17, 2020 and the Amended SBA Loan Authorization and Agreement
executed on January 6, 2022, the Debtor is required to "use all the
proceeds of this Loan solely as working capital to alleviate
economic injury caused by disaster occurring in the month of
January 31, 2020, and continuing thereafter and pay Uniform
Commercial Code lien filing fees and a third-party UCC handling
charge of $100 which will be deducted from the Loan amount."
As evidenced by the Security Agreement executed on June 17, 2020,
the Amended Security Agreement executed on January 6, 2022, and a
validly recorded UCC-1 filing on June 27, 2020 as Filing Number
207795216261, the SBA Loan is secured by all tangible and
intangible personal property, including, but not limited to: (a)
inventory, (b) equipment, (c) instruments.
As adequate protection, the SBA will receive a replacement lien on
all post-petition revenues of the Debtor to the same extent,
priority and validity that its lien attached to the cash
collateral.
The SBA will be entitled to a super-priority claim over the life of
the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections
503(b), 507(a)(2) and 507(b). The SBA claim will be limited to any
diminution in the value of the SBA's collateral, pursuant to the
SBA Loan, as a result of the Debtor's use of cash collateral on a
post-petition basis.
The Debtor agrees to maintain insurance on the Personal Property
Collateral and designate the SBA as a loss payee or additional
insured in accordance with the SBA Loan and related loan documents
and agrees to provide proof of insurance within seven days upon the
SBA's written request.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3xpYL3x from PacerMonitor.com.
The budget provides for total expenses, on a monthly basis, as
follows:
$38,641 for September 2022;
$38,641 for October 2022;
$38,641 for November 2022; and
$38,641 for December 2022;
About Dr. R'Kione Britton
Dr. R'Kione Britton Chiropractic Corporation is a healthcare
company offering chiropractic, spinal and joint care; neuropathy
treatment; spinal decompression; soft tissue rehabilitation and
pain relief; muscle and joint injury rehabilitation; chronic pain
relief care; posture restoration; laser therapy; peak performance
and sports injury treatment; and scar tissue treatment.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13004) on May 31,
2022. In the petition signed by Dr. R'Kione Britton, president, the
Debtor disclosed $226,317 in assets and $1,308,118 in liabilities.
Judge Deborah J. Saltzman oversees the case.
Steven E. Cowen, Esq., at S.E. Cowen Law is the Debtor's counsel.
ELITE PRODUCTS: Taps Xavier Flores Rios as Financial Consultant
---------------------------------------------------------------
Elite Products, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Xavier Flores Rios, an
accountant practicing in Puerto Rico, as financial consultant.
The services of Mr. Flores include strategic counseling and advice,
pro forma modeling preparation, financial/business assistance, and
preparation of documentation as requested for and during Debtor's
Chapter 11.
Mr. Flores will be billed at an hourly rate of $85, plus expenses.
Mr. Flores disclosed in a court filing that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The accountant can be reached at:
Xavier Flores Rios
Villa Ana A-42
Calle Simplicio
Cordero Juncos, PR 00777
Telephone: (787) 237-0797
Email: floresaccounting@gmail.com
About Elite Products
Elite Products Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 22-02142) on July 22, 2022,
listing under $1 million in both assets and liabilities.
Judge Mildred Caban Flores oversees the case.
The Debtor tapped Jesus E. Batista Sanchez, Esq., at The Batista
Law Group as counsel and Xavier Flores Rios as financial
consultant.
EMERALD ELECTRICAL: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------------
Emerald Electrical Consultants LLC asks the U.S. Bankruptcy Court
for the Northern District of Georgia, Gainesville Division, for
authority to use cash collateral on an emergency basis to continue
its operations in accordance with the proposed budget.
The Debtor requires the use of cash collateral to protect and
preserve its going concern value.
Beginning in early 2019, the Debtor began securing contracts for
large substation construction projects across the southern United
States, and by the end of the year the Debtor was operating 3-5
construction crews full-time and had annual gross sales of over $2
million. Year 2020 was even stronger, with gross sales of
approximately $2.8 million. The Debtor's strong growth continued
into 2021, having secured several contracts worth over a million
dollars each, with solid projected profit margins.
The Debtor secured several of its large projects as a subcontractor
for Sayers Construction. Beginning in early 2021, the Debtor began
to have collection issues with Sayers, which at that point was
essentially its largest customer. By mid-2021, Sayers owed the
Debtor well over $1 million, which would ultimately go unpaid. This
was a very large loss that the Debtor could not easily absorb. To
make matters worse, the Debtor's construction lawyers failed to
properly preserve the Debtor's lien rights on approximately $1.15
million of the unpaid work.
The Debtor's principals reasonably believed they could work their
way out of the hole that Sayers had put them in, securing a $6.7
million contract in Texas and beginning work on it in November
2021. Unfortunately, in March 2022, a new construction manager took
over the project and began requiring the Debtor to perform
significant amounts of work beyond the scope of the Debtor's
contract, while refusing to pay for the additional work, which
quickly turned the Debtor's profit margins on the project into
losses.
In the following months, it became apparent that not only would
this project not help the Debtor recover from the wounds Sayers had
inflicted, but instead it would put them out of business soon if
changes were not made. After analyzing the Debtor's cash flow
forecasts, it became clear to the Debtor's principals that
restructuring would be necessary.
The Debtor is a borrower on, among other things, a Revolving Draw
Loan Commercial Loan Agreement dated May 26, 2022, Loan Number
860007197 with First US Bank, with a maximum principal amount of
$300,000.
The Debtor believes the approximate outstanding balance on the Line
of Credit as of the Petition Date is about $299,973.
On June 2, 2021, the Lender filed UCC-1 financing statement number
2021-4275773 with the Delaware Department of State indicating that
the Lender holds a security interest in all of the Debtor’s
assets including inventory, equipment, and accounts receivable.
In addition, the Debtor has several other loans for equipment with
several different financiers, including the Lender. The Debtor is
continuing to investigate the existence of any additional lenders
that may assert an interest in the Debtor's property.
To the extent that any interest that the Lender may have in the
cash collateral is diminished, the Debtor proposes to grant the
Lender replacement liens in post-petition collateral of the same
kind, extent, and priority as the liens existing pre-petition.
A copy of the motion and the Debtor's budget is available at
https://bit.ly/3qHTWij from PacerMonitor.com.
The budget provides for total outflows, on a weekly basis, as
follows:
$182,800 for the week beginning September 19, 2022;
$2,025 for the week beginning September 26, 2022;
$153,325 for the week beginning October 3, 2022;
$27,100 for the week beginning October 10, 2022;
$45,100 for the week beginning October 17, 2022;
$29,975 for the week beginning October 24, 2022;
$77,664 for the week beginning October 31, 2022;
$34,925 for the week beginning November 7, 2022;
$32,350 for the week beginning November 14, 2022;
$245,225 for the week beginning November 21, 2022;
$18,075 for the week beginning November 28, 2022; and
$28,225 for the week beginning December 5, 2022.
About Emerald Electrical Consultants LLC
Emerald Electrical Consultants LLC specializes in substation
construction, related technical services, and consulting across the
United States, with a focused presence in the southeastern and
central regions of the country. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-20913) on September 15, 2022. In the petition signed by Lindy
Truitt, president and CEO, the Debtor disclosed up to $10 million
in both assets and liabilities.
Benjamin Keck, Esq., at Keck Legal, LLC, is the Debtor's counsel.
ENDO INT'L: Can't Justify $71 Million Bonus Pay, Says UST
---------------------------------------------------------
The U. S. Trustee's Office is asking a New York bankruptcy judge to
reject Endo Pharmaceuticals' request to make bonus payments to its
employees, saying the opioid maker has failed to justify the more
than $71 million in payments.
"Although it is less than clear due to the lack of information in
their very atypical Wage Motion, the Debtors seek approval to pay
no less than $71 million for bonuses awarded prior to the
commencement of these cases to various unidentified employees. The
Debtors also seek authority to continue to pay employees under
these programs, costing the estate no less than $98 million per
year. These payments would be in addition to the over $35 million
paid to admitted insiders in the month before the Debtors filed for
bankruptcy relief (and over $94 million paid to insiders in the
nine months prior to this filing). These payments would also be
more than the $27,367,725.11 that may be the only source available
to pay non-governmental opioid victims pursuant to the Debtors'
Restructuring Support Agreement as more fully discussed herein.
Inexplicably, the Debtors seek approval of these payments and the
continuation of their various incentive, bonus, and severance plans
in their first-day priority Wage Motion -- the type of motion the
Court typically adjudicates under the doctrine of necessity to
accommodate debtors and their employees with relief limited to that
necessary to continue operations while a business stabilizes
immediately after the filing of a Chapter 11 case. The Debtors'
Wage Motion, by seeking authorization for their multi-million
dollar incentive, retention, and severance plans, pushes the
boundaries far beyond the typical, narrowly tailored relief
appropriate so early in a case," the U.S. Trustee said in court
filings.
"The Debtors compound their timing problem with an information
problem: Debtors have provided virtually no information, much less
sufficient information, to allow the Court, the United States
Trustee, and parties in interest to evaluate these plans and their
participants. The Wage Motion provides only the vaguest
descriptions of the Debtors' plans. In fact, there is little or no
information about the potential plan participants, the type of work
that each participant does -- or did -- for the Debtors. Nor have
they referenced, much less satisfied, the applicable law,
Bankruptcy Code Section 503(c), and its governing standard."
About Endo International
Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical
company committed to helping everyone we serve live their best life
through the delivery of quality, life-enhancing therapies. Its
decades of proven success come from passionate team members around
the globe collaborating to bring the best treatments forward.
Together, we boldly transform insights into treatments benefiting
those who need them, when they need them. On the Web:
http://www.endo.com/
On August 16, 2022, Endo International plc and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are
pending before the Honorable James L. Garrity, Jr. The Company has
put up a Web site dedicated to its restructuring:
http://www.endotomorrow.com/
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, PJT Partners LP is serving as investment banker, and
Alvarez & Marsal is serving as financial advisor to Endo. Kroll is
the claims agent.
ERIN INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Erin Industries, Inc.
902 N. Pontiac Trail
Walled Lake, MI 48390
Business Description: The Debtor is engaged in the manufacturing
of motor vehicle parts.
Chapter 11 Petition Date: September 20, 2022
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 22-47354
Judge: Hon. Thomas J. Tucker
Debtor's Counsel: Max J. Newman, Esq.
BUTZEL LONG, A PROFESSIONAL CORPORATION
201 West Big Beaver
Suite 1200
Troy, MI 48084
Tel: (248) 258-1616
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steven Atwell as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2S7VIUA/Erin_Industries_Inc__miebke-22-47354__0001.1.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2VWHFTI/Erin_Industries_Inc__miebke-22-47354__0001.0.pdf?mcid=tGE4TAMA
ERNIE'S AUTO: Unsecured Creditors to Split $300K over 5 Years
-------------------------------------------------------------
Ernie's Auto Detailing, Inc., filed with the U.S. Bankruptcy Court
for the District of New Jersey a Small Business Plan of
Reorganization dated September 13, 2022.
The Debtor provides auto detailing services for automotive
dealerships in New York and New Jersey. Buenaventura Decena a/k/a
has run the day-to-day operations of the Debtor out of an office
located at 404 Clifton Avenue, Clifton, NJ.
The Debtor's operations continue to suffer financially due to the
impacts of the pandemic, supply chain issues as well as increase
labor costs. As a result of these financial strains, the Debtor
decided to file for bankruptcy protection with the hopes of
reorganizing the business and hoping to save jobs of almost 450
employees.
The Debtor will make quarterly installments ranging from $7,500 to
$20,000 for a 5 year period for distributions to impaired unsecured
creditors. Distributions will total $60,000 annually and $300,000
over life of plan.
Ernie will sell $100,000 of assets to be contributed towards the
plan. Ernie will also execute a promissory note in the amount of
$224,000 to reimburse the Debtor for his personal loan. In exchange
for receipt of distributions, creditors will release the
reorganized debtor, Ernie and other parties of any further
liability except for their obligations set forth in this plan of
reorganization.
The Debtor will collect the approximately $100,000 from
Buenaventura Decena within 90 days of confirmation. The remainder
of plan payments will come from revenues from the Debtor's on going
business operations.
A full-text copy of the Plan of Reorganization dated September 13,
2022, is available at https://bit.ly/3BqQRbw from PacerMonitor.com
at no charge.
Counsel for Debtor:
Donald F. Campbell, Jr., Esq.
Giordano, Halleran & Ciesla, P.C.
125 Half Mile Road, Suite 300
Red Bank, NJ 07701
Tel: 732 741 3900
About Ernie's Auto
Ernie's Auto Detailing, Inc., provides auto detailing services for
automotive dealerships in New York and New Jersey. The Debtor filed
Chapter 11 Petition (Bankr. D.N.J. Case No. 21-19015) on November
22, 2021.
The Debtor is represented by Donald F. Campbell, Jr., Esq. Of
GIORDANO, HALLERAN & CIESLA, P.C.
FAYETTE MEMORIAL HOSPITAL: Taps Krueckeberg as Auctioneer
---------------------------------------------------------
Fayette Memorial Hospital Association, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Indiana to hire
Krueckeberg Auction & Realty, LLC to assist in the sale of its real
property located at 3135 Virginia St., Connersville, Ind.
Krueckeberg will receive a 10 percent buyer's premium from the
purchaser. If the Debtor does not accept the highest bid, it will
be obligated to pay a $2,000 "no sale fee" to the auctioneer.
Krueckeberg will pay all advertising expenses if the property sells
for $80,000 or more. If the property sells for less than $80,000,
the auctioneer will receive a $2,000 advertising fee from the
Debtor.
As disclosed in court filings, Krueckeberg is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Josh Krueckeberg
Krueckeberg Auction & Realty, LLC
1030 S. 13th St.
Decatur, IN 46733
Phone: +1 260-724-7402
Email: josh@kjauction.com
About Fayette Memorial Hospital Association
Founded in 1913, Fayette Memorial Hospital Association, Inc. --
https://www.fayetteregional.org/ -- is a multi-faceted health care
organization in Connersville, Ind. It offers ambulatory care,
cancer care, care pavilion, dermatology, diagnostic imaging,
emergency care, express care, facial and cosmetic procedures,
hospice care, laboratory services, pediatrics, physical therapy and
rehabilitation, among other services.
Fayette Memorial Hospital Association sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
18-07762) on Oct. 10, 2018. In the petition signed by CEO Randall
White, the Debtor estimated assets of $10 million to $50 million
and liabilities of $10 million to $50 million. The case is
assigned to Judge Jeffrey J. Graham.
The Debtor tapped Fultz Maddox Dickens, PLC as legal counsel, and
H2C Analytics, LLC as financial advisor and investment banker.
An official committee of unsecured creditors was appointed in the
Debtor's Chapter 11 case on Dec. 5, 2018. On Feb. 19, 2021, the
court issued an order confirming the joint plan of liquidation,
dissolving the committee and appointing Bernadette Barron of Barron
Business Consulting, Inc. as plan administrator.
FEI HUANG: Seeks to Hire Debreczeni & Petrash as Accountant
-----------------------------------------------------------
Fei Huang, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Debreczeni & Petrash CPA's,
Inc. as its accountant.
The firm's services include the preparation of financial statement
and monthly operating reports; financial records reviews; and
monthly write-up services, including bookkeeping.
The firm will charge $125 per hour for its services.
As disclosed in court filings, Debreczeni & Petrash does not
represent any interest adverse to the Debtor and its estate.
The firm can be reached through:
Phillip Petrash, CPA
Debreczeni & Petrash CPA's, Inc.
6785 Wallings Road
North Royalton, OH 44133
Tel: (440) 230-5660
Fax: (440) 230-5661
Email: Gary@debreczeni-petrash.com
About Fei Huang LLC
Fei Huang, LLC is a Toledo, Ohio-based company engaged in renting
and leasing real estate properties.
Fei Huang sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ohio Case No. 22-31129) on Aug. 2, 2022, with
between $1 million and $10 million in both assets and liabilities.
Mike Dong, manager of Fei Huang, signed the petition.
Judge John P. Gustafson oversees the case.
Matthew Thomas Gilmartin, Esq., at Mike Jaafar Law Firm and
Debreczeni & Petrash CPA's, Inc. serve as the Debtor's legal
counsel and accountant, respectively.
FIRST GUARANTY: Seeks Court Approval to Hire Investment Banker
--------------------------------------------------------------
First Guaranty Mortgage Corporation and Maverick II Holdings, LLC
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Strategic Mortgage Finance Group, LLC as their
investment banker.
The firm will render these services:
(a) commence marketing for sale certain remaining assets of
the Debtors;
(b) identify prospective buyers and manage the process to
solicit bids for review by the Debtors and assist in the process
through closing of the transaction as outlined in the Sale
Procedure Motion;
(c) assist in the development and distribution of selected
information, documents and other materials;
(d) assist the Debtors in evaluating indications of interest
and proposals regarding any transaction(s) from current and/or
potential lenders, equity investors, acquirers and/or strategic
partners;
(e) assist the Debtors with the negotiation of any
transaction(s);
(f) provide expert advice and testimony regarding financial
matters related to any transaction(s), if necessary;
(g) attend meetings of the Board of Directors, creditor
groups, official constituencies and other interested parties, as
the Debtors and the firm mutually agree; and
(h) provide such other investment banking services as may be
agreed upon by the firm and the Debtors.
The firm will be compensated as follows:
(a) a monthly fee of $15,000;
(b) a transaction fee of $250,000; and
(c) a termination fee of $50,000.
Garth Graham, a senior partner at Strategic Mortgage Finance 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:
Garth Graham
Strategic Mortgage Finance Group, LLC
5445 DTC Parkway, Penthouse 4
Greenwood Village, CO 80111
Telephone: (303) 486-6823
Facsimile: (303) 486-6804
Email: garth.graham@stratmorgroup.com
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.
Judge Craig T. Goldblatt oversees the cases.
Dentons US LLP and Pachulski Stang Ziehl, and Jones LLP represent
the Debtors as counsel. FTI Consulting, Inc. and Strategic Mortgage
Finance Group, LLC serve as chief restructuring officer (CRO)
provider and investment banker, respectively. Kurtzman Carson
Consultants, LLC is the 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
while Barclays Capital Inc. serves as DIP MSFTA Counterparty. They
are represented by Hunton Andrews Kurth LLP and Potter Anderson &
Corroon LLP.
FM SOLUTIONS: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
FM Solutions Management, LLC asks the U.S. Bankruptcy Court for the
District of Arizona for authority to use cash collateral in
accordance with the proposed budget, with a 20% variance.
The Debtor needs to use the revenue generated from operations to
maintain its values and relationships with suppliers, and pay its
ongoing operational costs which include payroll, and to continue
day to day operations.
The Debtor performed a UCC search, which is being filed separately.
However, the Debtor is unsure which creditor is actually in first
position on the Debtor's cash collateral but anticipates Arizona
Bank and Trust is in first position on the cash collateral. The
Debtor's budget provides that whichever creditor is in first
position on the cash collateral will receive an adequate protection
payment based upon the actual value of the cash collateral, which
provides for a monthly payment of $1,200 per month.
In 2020, the Debtor was shut down due to the COVID-19 pandemic. As
with many companies, the utilities and municipalities sent their
employees home to work remotely. Most of FM Solutions' projects for
these companies were either cancelled outright or placed on
indefinite hold.
The Debtor employed an average of 45 full-time employees and with
full benefits including medical and 401(k). FM Solutions has always
been committed to looking after its employees and opted into a
program with DES unemployment called "shared work" that allowed
employees to get partial unemployment while they worked reduced
hours.
After the pandemic, many of the Debtor's clients did not return to
their offices and still have their employees working remotely. This
caused another major decline in the Debtor's work. The Debtor has
been actively pursuing new clients and new partnerships with other
companies to continue its cash flow.
During this time, the Debtor obtained funding by various hard money
lenders because it thought this was a temporary situation and the
workload would return to normal.
In April to May 2022 the workload took another sharp downturn and
over this past summer the Debtor realized it needed to make some
drastic changes. At the end of June 2022, two managerial employees
were laid off to reduce overhead costs. The Debtor has further
reduced costs by closing its main office and moving all employees
to working remotely and now its staff is down to 11 employees.
The Debtor is looking into further cost savings by moving all its
systems from a server co-location center and move all systems to
the Cloud.
Curtis Slife, President, and Nancy Davis, Office Manager and
Director of HR, did not receive paychecks for the month of August
2022, in an effort to see the Debtor survive and grow again.
In mid-August one of its lenders, Funding Metrics d/b/a Lendini,
served a collateral demand against one of the Debtor's receivables
from a major client. The Debtor was then unable to make payments to
vendors and make payroll.
At that point, the Debtor sought the advice of counsel and decided
to file bankruptcy.
The Debtor can operate profitably and pay its creditors over time
so long as the various merchant accounts do not take the staggering
weekly payments they have been taking from the business.
The lenders will be adequately protected as follows:
a. By continuation and preservation of the going value of the
business
b. By the equity cushion in the value of the business.
c. By the replacement lien in the Debtor's assets.
d. Finally, by making adequate protection payments as set
forth in the Budget.
A copy of the motion is available at https://bit.ly/3eVuljv from
PacerMonitor.com.
About FM Solutions Management, LLC
FM Solutions Management, LLC is a small business that provides
Architectural, Design, and Project Management services to multiple
municipalities and utilities in Arizona. FM Solutions provides
services that take an "owner's view" of facility needs. This
includes everything from mission critical facilities to space
planning and design of employee workspaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 2:22-bk-06152) on
September 14, 2022. In the petition signed by Curtis Slife,
manager, the debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
D. Lamar Hawkins, Esq., at Guidant Law, PLC, is the Debtor's
counsel.
FREE SPEECH: Intends to Pay Creditors With Disposable Income
------------------------------------------------------------
James Nani of Bloomberg Law reports that the parent company of Alex
Jones' Infowars website has begun preparing projections of its
potential disposable income as a way to pay off creditors through a
Chapter 11 reorganization plan, the company told a bankruptcy judge
Wednesday, September 14, 2022.
Free Speech Systems LLC told the Texas bankruptcy court its
disposable income "will be the principal source of funds available
for distribution" in its small business bankruptcy case. The
company filed for bankruptcy in July 2022 after families of the
2012 Sandy Hook Elementary School shooting victims won judgments
against the far-right conspiracy theorist.
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.
FULL CIRCLE: Seeks to Hire Eric A. Liepins as Legal Counsel
-----------------------------------------------------------
Full Circle Technologies, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire the law
firm of Eric A. Liepins, P.C. as its counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The hourly rates of the firm's counsel and staff are as follows:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Full Circle Technologies
Full Circle Technologies, LLC, a Dallas-based company, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 22-31660) on Sept. 9, 2022, with
$1,040,000 in assets and $3,265,341 in liabilities. Areya Holder
Aurzada serves as Subchapter V trustee.
Judge Scott W. Everett oversees the case.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.
FULL CIRCLE: Wins Interim Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized Full Circle Technologies, LLC to use
cash collateral on an interim basis to pay normal, necessary and
reasonable postpetition operating expenses pursuant to the budget.
The Court said the Small Business Administration, Porter Capital
Corporation, Scansource, Inc., Mr. Advance, Delta Bridge Funding,
Lifetime Funding, and Bayview First National Bank, A National
Banking Association, are granted replacement liens under 11 U.S.C.
section 552 in any accounts receivable, inventory or other items
purchased with cash collateral and in cash on hand and in cash
received by the Debtor after such use to protect against the
diminution in value of to the extent the cash collateral of the
Secured Creditors is used consistent with their existing priority.
A final hearing on the matter is set for October 11, 2022 at 1:30
p.m.
A copy of the order is available at https://bit.ly/3Ukax9Q from
PacerMonitor.com.
About Full Circle Technologies, LLC
Full Circle Technologies, LLC provides video surveillance and
secured access controls. The Debtor sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31660)
on September 9, 2022. In the petition signed by Abheeshek Sharma,
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.
Eric A. Liepins, Esq., is the Debtor's counsel.
GAME REPAIR: Continued Operations to Fund Plan Payments
-------------------------------------------------------
Game Repair Shop LLC, d/b/a Gamers, filed with the U.S. Bankruptcy
Court for the District of Nebraska a Plan of Reorganization for
Small Business Under Subchapter V dated September 13, 2022.
The Debtor is a retail store establishment in the sustaining phase
of the business cycle. The Debtor has three locations in Nebraska
and one location in Iowa. The primary location address is 12411 W
Center Road Suite 106 Omaha, NE 68144.
The Debtor found itself in financial distress because of the
covid-19 pandemic, labor shortages, supply chain issues, and low
inventory. As a result, the Debtor was in a poor cash position and
turned toward merchant cash advances, which only put the Debtor in
a further poor cash position.
Since filing bankruptcy, the Debtor has had sufficient cash flow to
service its ongoing operating expenses and anticipates having
sufficient income going forward to effectuate this plan. The
Debtor's year-to-date gross revenue for 2022 (from January 1, 2022
through July 9, 2022) was $351,223.00.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $500,000 over the duration
of the plan. The final Plan payment is expected to be paid on or
around September 2027.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations, and future income.
Non-priority unsecured creditors holding allowed claims will
receive no distributions, which the proponent of this Plan has
valued at approximately 0 cents on the dollar. This Plan also
provides for the payment of administrative and priority claims.
Class 3 consists of Non-priority unsecured creditors. The allowed
unsecured claims of the Debtor shall be paid pro rata as follows:
* Nebraska Enterprise Fund with $115,533.13 claim amount. This
Creditor shall be paid 15th of every month commencing April 15,
2023 for 55 months. This Creditor will receive a distribution of
$2,100.60.
* Fintegra, LLC with $42,000.00 claim amount. This Creditor
shall be paid 15th of every month commencing April 15, 2023 for 55
months. This Creditor will receive a distribution of $763.64.
* Forward Financing, LLC with $76,291.66 claim amount. This
Creditor shall be paid 15th of every month commencing April 15,
2023 for 55 months. This Creditor will receive a distribution of
$1,387.12.
* Rapid Finance with $50,000.00 claim amount. This Creditor
shall be paid 15th of every month commencing April 15, 2023 for 55
months. This Creditor will receive a distribution of $909.09.
* Westroads Mall, LLC with $30,000.00 claim amount. This
Creditor shall be paid 15th of every month commencing April 15,
2023 for 55 months. This Creditor will receive a distribution of
$545.45.
* Zahav Asset Management, LLC with $61,507.50 claim amount.
This Creditor shall be paid 15th of every month commencing April
15, 2023 for 55 months. This Creditor will receive a distribution
of $1,118.32.
* Internal Revenue Service with $300.00 claim amount. This
Creditor shall be paid 15th of every month commencing April 15,
2023 for 55 months. This Creditor will receive a distribution of
$5.45.
* Liberty Mutual Insurance with $4,955.00. This Creditor shall
be paid 15th of every month commencing April 15, 2023 for 55
months. This Creditor will receive a distribution of $90.09.
Class 4 consists of Equity security holders of the Debtor. David
Mitchell retains any and all equity upon plan confirmation.
Payments and distributions under the Plan will be funded by cash
flow from operations and future income.
A full-text copy of the Plan of Reorganization dated September 13,
2022, is available at https://bit.ly/3dusOR2 from PacerMonitor.com
at no charge.
Attorney for Debtor:
Patrick M. Patino
Patino King, LLC
12020 Shamrock Plaza #200
Omaha, NE 68154
Tel: (402)401-4050
E-mail: patrick@patinoking.com
About Game Repair Shop
Game Repair Shop LLC -- https://gogamers.com/ -- purchases and
sells used games, & consoles and also offers repair services as
well.
Game Repair Shop LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No.
22-80455) on June 15, 2022. In the petition filed by David
Mitchell, as member and manager, the Debtor estimated assets
between $100,000 and $500,000 and estimated liabilities between
$500,000 and $1 million. Patrick Patino, of Patino King LLC, is
the Debtor's counsel.
GARDOU GROUP: Seeks to Hire Marc Voisenat as Bankruptcy Counsel
---------------------------------------------------------------
Gardou Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ Marc Voisenat, Esq.,
an attorney practicing in Alameda, Cal., as its general bankruptcy
counsel.
Mr. Voisenat will render these legal services:
(a) file schedules, Chapter 11 plan, disclosure statement and
amended schedules and plan, if necessary;
(b) appear at meeting of creditors and initial debtor
interview;
(c) make court appearances;
(d) make any necessary objections on disputed debts;
(e) file adversary proceeding, if necessary;
(f) convert to Chapter 7, if necessary; and
(g) motion to dismiss, if necessary.
Mr. Voisenat will be billed at his hourly rate of $450.
On Sept. 7, Mr. Voisenat received an initial retainer of $5,000 and
a filing fee of $1,738 from the Debtor's managing member.
As disclosed in court filings, Mr. Voisenat neither holds nor
represents an interest adverse to the Debtor's estate.
The attorney can be reached at:
Marc Voisenat, Esq.
2329A Eagle Avenue
Alameda, CA 94501
Telephone: (510) 263-8664
Facsimile: (510) 272-9158
Email: voisenat@gmail.com
About Gardou Group
Gardou Group, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-40889) on
Sept. 12, 2022, listing under $1 million in both assets and
liabilities. Joe Jamar James Douglass, managing member, signed the
petition.
Judge William J. Lafferty oversees the case.
Marc Voisenat, Esq., serves as the Debtor's legal counsel.
GISSING NORTH AMERICA: Taps Epiq as Administrative Advisor
----------------------------------------------------------
Gissing North America, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of Michigan to
employ Epiq Corporate Restructuring, LLC as their administrative
advisor.
The firm's services include:
a. assisting with, among other things, solicitation,
balloting, and tabulation of votes, as well as preparing any
appropriate reports in support of confirmation of the Debtors' plan
of liquidation or reorganization;
b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c. responding to requests for documents in connection with the
balloting services;
d. gathering data for, and assisting in the preparation of,
the Debtors' schedules of assets and liabilities and statements of
financial affairs;
e. assisting the Debtors in reconciling claims;
f. providing the Debtors with standard reports (as well as
consulting and programming support for reports that the Debtors
request), program modifications, database modifications, and other
features;
g. providing a confidential data room, if requested;
h. managing and coordinating any distributions pursuant to a
confirmed plan of reorganization or liquidation or otherwise; and
i. providing other processing, solicitation, balloting and
administrative services.
Epiq will charge these hourly fees:
Clerical/Administrative Support $25 - $55
IT / Programming $65 - $85
Project Managers/Consultants/ Directors $85 - $190
Solicitation Consultant $190
Executive Vice President, Solicitation $215
Executives No Charge
Kathryn Tran, consulting director at Epiq, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kathryn Tran
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: +1 714 394 6998
Email: ktran@epiqglobal.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. Epiq Corporate Restructuring, LLC is the Debtors' claims,
noticing and balloting agent and administrative advisor.
On August 15, 2022, the U.S. Trustee for Region 9 appointed an
official committee of unsecured creditors. The committee is
represented by Foley & Lardner, LLP.
GLOBAL PREMIER: Taps Wilshire Pacific Capital as Financial Advisor
------------------------------------------------------------------
Global Premier Regency Palms Oxnard, LP seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
employ Wilshire Pacific Capital Advisors LLC as its financial
advisor.
The services to be performed by the firm, if appropriate to the
restructuring, may include:
(1) develop a comprehensive plan to address the Debtor's
post-petition and prepetition obligations;
(2) provide the financial analysis and forecast to support the
Plan of Reorganization;
(3) advise any creditor negotiations; and
(4) assist with corporate communications.
The services to be performed by the firm, if appropriate to the
mergers & acquisitions (M&A) transaction contemplated, may
include:
(1) advise and assist the Debtor in the preparation, marketing
and sale of its assets pursuant to the Bankruptcy Code;
(2) work with the Debtor to identify assets to be sold;
(3) advise the structure of a sale process;
(4) develop a target list of potential acquirers;
(5) work with the Debtor to prepare an offering memorandum,
nondisclosure agreement and data room;
(6) commence external outreach to the target list of potential
acquirers;
(7) assist potential buyers with due diligence and formulation
of offers; and
(8) work with the Debtor to assist in the closing of a sale
transaction.
The services to be performed by the firm, if appropriate to the
financing transaction contemplated, may include:
(1) advise and assist the Debtor in devising and executing a
program to secure new financing;
(2) select, structure and prepare materials, documents, and
applications in a manner which the firm determines to be necessary
to obtain the financing based upon the practices of various
investors and lenders in the capital marketplace as determined by
the firm;
(3) identify a best-efforts basis, prospective capital
investors and lending institutions that may have an interest in
providing the financing to the Debtor;
(4) negotiate the terms of the financing with prospective
capital investors and lending institutions identified by the firm,
the Debtor, or any third party, at all times in coordination and
cooperation with the Debtor and its legal counsel; and
(5) participate in presentations to prospective investors and
lending institutions as reasonably necessary to obtain the
financing.
The Debtor will provide the firm with a $20,000 retainer payment,
against which hourly billings will be charged. If any M&A
transaction is consummated during the term of this agreement, the
firm shall earn and be paid the greater of $250,000 or 3 percent of
the transaction value. If any financing is consummated during the
term of this agreement, the firm will have earned and be
immediately paid a success fee equal to 2 percent of the aggregate
amount of the financing at the closing of the financing.
The hourly rates of the firm's professionals are as follows:
Eric J. Weissman, President $500
Derek Buchanan, Vice President $400
Sarang Tatimala, Director $350
Kevin Roy, Director $350
Eric Weissman, the president of Wilshire Pacific Capital Advisors,
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:
Eric Weissman
Wilshire Pacific Capital Advisors, LLC
8447 Wilshire Blvd., Suite 202
Beverly Hills, CA 90211
Telephone: (310) 526-3323
Facsimile: (310) 388-5405
Email: eweissman@wilshirepacificadvisors.com
About Global Premier Regency Palms Oxnard
Global Premier Regency Palms Oxnard LP owns Regency Palms Oxnard,
an assisted living facility in Oxnard, California.
Global Premier Regency Palms Oxnard sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10626)
on Aug. 16, 2022. In the petition filed by Christine Hanna,
managing member of the General Partner, the Debtor reported between
$10 million and $50 million in both assets and liabilities.
Judge Ronald A. Clifford III oversees the case.
The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow
Hollander, LLP as counsel and Wilshire Pacific Capital Advisors LLC
as financial advisor.
GLOBAL PREMIER: Taps Winthrop Golubow Hollander as Legal Counsel
----------------------------------------------------------------
Global Premier Regency Palms Oxnard, LP seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
employ Winthrop Golubow Hollander, LLP as its general insolvency
counsel.
The firm will render these legal services:
(a) advise and assist the Debtor with respect to compliance
with the requirements of the Office of the U.S. Trustee;
(b) advise the Debtor regarding matters of bankruptcy law;
(c) represent the Debtor in any proceedings or hearings in
this court and in any proceedings in any other court where the
Debtor's rights may be litigated or affected;
(d) conduct examinations of witnesses, claimants or adverse
parties and prepare legal papers;
(e) advise the Debtor concerning the requirements of the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and the
Local Bankruptcy Rules;
(f) file any motions, applications or other pleadings
appropriate to effectuate the Debtor's reorganization;
(g) review claims filed in the Debtor's case, and, if
appropriate, to prepare and file objections to disputed claims;
(h) assist the Debtor in the negotiation, formulation,
confirmation, and implementation of its Chapter 11 plan;
(i) take such other action and perform such other services as
the Debtor may require of the firm in connection with its case;
and
(j) address any other bankruptcy-related issues that may arise
in the Debtor's case.
The firm requested a retainer of $50,000 in this engagement.
The hourly rates of the firm's counsel and staff are as follows:
Marc J. Winthrop $895
Robert E. Opera $895
Sean A. O'Keefe $895
Richard H. Golubow $795
Garrick A. Hollander $795
Peter W. Lianides $795
Matthew J. Stockl $525
Jeannie Martinez $225
Garrick Hollander, Esq., a partner at Winthrop Golubow Hollander,
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:
Garrick A. Hollander, Esq.
Matthew J. Stockl, Esq.
Winthrop Golubow Hollander, LLP
1301 Dove Street, Suite 500
Newport Beach, CA 92660
Telephone: (949) 720-4100
Facsimile: (949) 720-4111
Email: ghollander@wghlawyers.com
mstockl@wghlawyers.com
About Global Premier Regency Palms Oxnard
Global Premier Regency Palms Oxnard LP owns Regency Palms Oxnard,
an assisted living facility in Oxnard, California.
Global Premier Regency Palms Oxnard sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10626)
on Aug. 16, 2022. In the petition filed by Christine Hanna,
managing member of the General Partner, the Debtor reported between
$10 million and $50 million in both assets and liabilities.
Judge Ronald A. Clifford III oversees the case.
The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow
Hollander, LLP as counsel and Wilshire Pacific Capital Advisors LLC
as financial advisor.
GT REAL ESTATE: Panthers Owner Withdraw York County Deal
--------------------------------------------------------
Jeffrey Collins of The Associated Press reports that Carolina
Panthers owner David Tepper's real estate company wants to revoke a
bankruptcy settlement it negotiated with the city and county where
its abandoned South Carolina practice facility was supposed to be
built because it says the governments are making exorbitant and
unreasonable demands.
GT Real Estate Holdings had offered $21 million to York County. It
suggested giving the proceeds from selling part of its site in Rock
Hill so the city would get at least $20 million.
But the county and city have filed separate lawsuits and court
papers. York County said it is entitled to more than $80 million in
part to get back money from a special penny sales tax that was
supposed to expand a road but Tepper's company used for the
proposed practice facility.
Rock Hill sued for $20 million it spent on the project and has
asked the bankruptcy case be heard in South Carolina, where most of
the people who lost money are located, instead of Delaware, where
GT Real Estate Holdings is incorporated.
Tepper announced plans to build an $800 million practice facility
in Rock Hill in 2019 to much fanfare, saying it would rival the
NFL's best — such as the Dallas Cowboys.
South Carolina Gov. Henry McMaster and state and local officials
aggressively pursued the NFL owner to move the Panthers
headquarters across the state line from North Carolina, where they
would continue to play games in Charlotte.
Less than two years later, Tepper's company halted work, saying
Rock Hill and York County didn't fulfill financing and other
obligations. Both the city and county have denied the allegations.
York County's lawyer didn't respond Wednesday to the latest
bankruptcy filings. Rock Hill officials said the city is looking
forward to the dispute being heard in court.
The latest proposal from Tepper's company would lump the city and
county in with most other contractors. GT Real Estate Holdings said
that would allow those contractors to begin to make claims for
their share of $60 million set aside for them in the bankruptcy
settlement as soon as possible.
"Unfortunately, the City and County have instead chosen to pursue a
flawed litigation strategy, making exorbitant and unreasonable
demands well in excess of their entitlements," GT Real Estate
Holdings said in a statement.
Tax breaks from the state for the Panthers were based on the number
of jobs created by the team, so South Carolina didn’t directly
lose money on the project. The state did provide about $35 million
to build an interchange on Interstate 77 near the facility and
state officials said Tepper’s company continues to pay its share
for that work.
"The only state money committed to this project has been invested
in accelerating the construction of a new interchange in one of the
fastest growing parts of the state," governor's spokesman Brian
Symmes said in a statement.
But state Sen. Dick Harpootlian, who has been a critic of the
project since 2019, said last week on the Senate floor that the
state "got suckered in by the lure of a football team and a
billionaire."
The Democrat asked McMaster to sue Tepper so he can't make as much
money off the land he still owns near the new interchange.
"He got hoodooed by this guy. He's worth $16 billion. He’s
obviously hoodooed a few people here and there. He took our
governor for a ride," Harpootlian said.
About GT Real Estate Holdings
GT Real Estate Holdings, LLC is a real estate company owned by
David Tepper. It was created to own and develop a mixed-use,
pedestrian-friendly community, sports, and entertainment venue that
would also include a new headquarters and practice facility for the
Carolina Panthers, a National Football League team, situated on a
234-acre site located in Rock Hill, S.C. The company suspended
further development of the project in March 2022.
GT Real Estate Holdings sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10505) on June 2,
2022, listing $100 million to $500 million in both assets and
liabilities. Jonathan Hickman, chief restructuring officer, signed
the petition.
Judge Karen B. Owens oversees the case.
The Debtor tapped White & Case, LLP as bankruptcy counsel; Farnan,
LLP as Delaware counsel; and Alvarez & Marsal North America, LLC as
financial advisor. Jonathan Hickman, managing Director at Alvarez &
Marsal, serves as the Debtor's chief restructuring officer. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.
HACIENDA COMPANY: Case Summary & 13 Unsecured Creditors
-------------------------------------------------------
Debtor: The Hacienda Company, LLC
9601 Wilshire Blvd 7th Fl
Beverly Hills, CA 90210
Business Description: The Debtor is engaged in the business of
therapeutic product manufacturing.
Chapter 11 Petition Date: September 21, 2022
Court: United States Bankruptcy Court
Central District of California
Case No.: 22-15163
Judge: Hon. Neil W. Bason
Debtor's Counsel: David L. Neale, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHICK L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Tel: (310) 229-1234
Email: dln@lnbyg.com
Total Assets: $2,864,696
Total Liabilities: $2,201,130
The petition was signed by Hannah Buchan as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FPQSYUQ/The_Hacienda_Company_LLC__cacbke-22-15163__0001.0.pdf?mcid=tGE4TAMA
HAWAIIAN RIVERBEND: Seeks to Tap Reid & Wise as Bankruptcy Counsel
------------------------------------------------------------------
Hawaiian Riverbend, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Hawaii to hire Reid & Wise, LLC as its
bankruptcy counsel.
The firm's services include:
a. advising the Debtor regarding its powers and duties;
b. preparing and filing legal papers;
c. attending meetings and negotiating with creditors and other
parties-in-interest;
d. seeking bankruptcy court approval for the retention of
professionals by the Debtor;
e. reconciling claims filed against the Debtor;
f. negotiating, consummating and seeking court approval of
sales of assets;
g. appearing before the court in connection with restructuring
matters; and
h. performing other necessary legal services for the Debtor.
The firm will be paid at these rates:
Partners $400 per hour
Associates $300 per hour
Paralegals $150 per hour
As disclosed in court filings, Reid & Wise is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Robert K. Lu, Esq.
Reid & Wise, LLC
633 West 5th Street, 26th Floor
Los Angeles, CA 90071
Tel: 619-300-1849
Email: rlu@reidwise.com
-- and --
Edward Wu, Esq.
Reid & Wise, LLC
One Penn Plaza, Suite 2015
New York, NY 10119
Tel: (212) 858-9968
Email: ewu@reidwise.com
About Hawaiian Riverbend
Hawaiian Riverbend, LLC, a company in Saratoga, Calif., filed a
Chapter 11 petition (Bankr. D. Hawaii Case No. 22-50314) on April
14, 2022, with up to $10 million in both assets and liabilities.
Michael Haroutun Miroyan, managing member, signed the petition.
Judge Stephen L. Johnson oversees the case.
Reid & Wise, LLC serves as the Debtor's bankruptcy counsel.
HDIP INC: Taps Kerkering Barberio & Co. as Accountant
-----------------------------------------------------
HDIP, Inc. seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to hire Kerkering Barberio & Co. as its
accountant.
The firm will prepare the Debtor's federal income tax return when
it comes due. In the interim, Kerkering will provide accounting and
tax planning and consulting services as determined by the Debtor in
its business judgment.
The firm will be paid at these rates:
Staff $125 per hour
Senior $159 per hour
Supervisor $185 per hour
Manager $240 per hour
Shareholder $450 per hour
As disclosed in court filings, Kerkering Barberio & Co. is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Robert P. Clarke, CPA
Kerkering Barberio & Co.
1990 Main St., #801
Sarasota, FL 34236
Phone: (941) 365-4617
Email: bclarke@kbgrp.com
About HDIP Inc.
HDIP, Inc. sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03610) on Sept. 2,
2022, with up to $500,000 in both assets and liabilities.
Judge Roberta A. Colton oversees the case.
Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A.
and Kerkering Barberio & Co. serve as the Debtor's legal counsel
and accountant, respectively.
HEBO FAMILY FOODS: Bid to Use Cash Collateral Denied as Moot
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts denied
as moot the Emergency Motion for Authority to Use Cash Collateral
filed by Hebo Family Foods.
The Court said the motion is moot as the Debtor's Chapter 11
Subchapter V plan has been confirmed.
As previously reported by the Troubled Company Reporter, SCJ
Commercial Financial Services is the Debtor's only secured creditor
that has a validly perfected lien on the Debtor's cash collateral.
About HeBo Family Foods, Inc.
HeBo Family Foods, Inc. is the manufacturer of Landry's Meat Pies,
a fresh meat pie distributed to supermarkets and other retailers,
including Market Basket and Stop & Shop.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 22-10497) on April 19,
2022. In the petition filed by Sean Healey, president, the Debtor
disclosed up to $100,000 in assets and up to $500,000 in
liabilities.
Judge Christopher J. Panos oversees the case.
David B. Madoff, Esq., at Madoff & Khoury LLP is the Debtor's
counsel.
IMERYS TALC: Bankruptcy Is Pointless, Should Be Dismissed
---------------------------------------------------------
A group of insurance companies has filed with the Bankruptcy Court
a motion to toss the Chapter 11 cases of Imerys Talc America Inc.
following years of unsuccessful attempts to reach a viable deal
over legacy asbestos exposure claims, a group of insurance
companies.
"Despite having been in bankruptcy for over three years, the
Debtors have accomplished little other than liquidating their
ongoing business and incurring professional fees and other expenses
that account for more than half the value of the companies. The
Debtors have filed at least ten different proposed plans, none of
which have been confirmable. The Debtors' last plan failed to
achieve a necessary vote in October 2021. Since then, the Debtors
have been engaged in mediation efforts to no effect. During this
time, the value of their estates has continued to diminish by
millions of dollars per month. Enough is enough. This case is
inappropriate for chapter 11 and should be returned to the tort
system," the Riverstone Insurers said in court filings.
The Riverstone Insurers is comprised of TIG Insurance Company, as
successor by merger to International Insurance Company,
International Surplus Lines Insurance Company, Mt. McKinley
Insurance Company (formerly known as Gibraltar Insurance Company),
Fairmont Premier Insurance Company (formerly known as Transamerica
Premier Insurance Company), Everest Reinsurance Company (formerly
known as Prudential Reinsurance Company), and The North River
Insurance Company.
"Multiple grounds for dismissal of each individual debtor's case
exist under 11 U.S.C. Sec. 1112, including diminution of the
debtors' estate, the inability to confirm a plan, and the lack of a
proper bankruptcy purpose. Dismissal is appropriate because the
assets of the estates are rapidly dwindling. The Debtors have had
years and over ten attempts to confirm a plan but have been unable
to do so. Nor is there any possibility of rehabilitation of the
Debtors’ talc business. The Debtors already have liquidated.
Dismissal is appropriate for that reason alone," the Insurers
said.
About Imerys Talc America
Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.
Imerys Talc America and its subsidiaries, Imerys Talc Vermont,
Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The
Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC, is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.
INNOVATIVE GLOBAL: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Innovative Global Distributions, LLC.
About Innovative Global Distributions
Innovative Global Distributions, LLC, a company in Scottsdale,
Ariz., filed a voluntary petition for Chapter 11 protection (Bankr.
D. Ariz. Case No. 22-04498) on July 11, 2022, with as much as $10
million in both assets and liabilities. Pamela J. Gorrie, member,
signed the petition.
Judge Daniel P. Collins oversees the case.
Joseph G. Urtuzuastegui III, Esq., at Winsor Law Group, PLC
represents the Debtor as counsel.
JEFFERSON LA BREA: Seeks to Tap ShemanoLaw as Bankruptcy Counsel
----------------------------------------------------------------
Jefferson La Brea D&J Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
ShemanoLaw as its bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor regarding matters of bankruptcy law;
(b) represent the Debtor regarding its legal rights and
responsibilities and assist the Debtor in the administration of its
bankruptcy estate;
(c) advise the Debtor with respect to the negotiation,
preparation and confirmation of a plan of reorganization;
(d) represent the Debtor in proceedings or hearings before the
bankruptcy court in matters involving bankruptcy law or in
litigation in the court;
(e) assist the Debtor in the preparation of reports, accounts,
applications and orders involving matters of bankruptcy law; and
(f) provide such other services as are typically rendered by
counsel in a Chapter 11 case.
David Shemano, Esq., the owner of ShemanoLaw, will be billed at his
hourly rate of $695.
On August 16, 2022, the firm received a $40,000 payment from the
Debtor as a prepetition retainer.
Mr. Shemano 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. Shemano, Esq.
ShemanoLaw
1801 Century Park East, Suite 2500
Los Angeles, CA 90067
Telephone: (310) 492-5033
Email: dshemano@shemanolaw.com
About Jefferson La Brea D&J Properties
Jefferson La Brea D&J Properties LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Sec. 101(51B)).
Jefferson La Brea D&J Properties LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
22-14481) on Aug. 17, 2022. In the petition filed by Jason E.
Upchurch, manager, the Debtor disclosed between $10 million and $50
million in assets and between $1 million and $10 million in
liabilities.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped David B. Shemano, Esq., at ShemanoLaw as counsel.
JEFFERSON LA BREA: Taps Compass Commercial as Real Estate Broker
----------------------------------------------------------------
Jefferson La Brea D&J Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Compass Commercial - Beverly Hills as its real estate broker.
The Debtor needs a broker to assist in the sale of its real
property located at 5112-5118 W. Jefferson Blvd., Los Angeles, and
3409-3421 S. La Brea Ave., Los Angeles.
The broker will receive a 5 percent commission upon a successful
sale of the Debtor's real property in accordance with its listing
agreement.
Sam Shakerchi, the senior vice president of Compass Commercial -
Beverly Hills, 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:
Sam Shakerchi
Compass Commercial – Beverly Hills
150 S. Rodeo Dr., Ste. 100
Beverly Hills, CA 90212
Telephone: (310) 525-0872
Email: sam.shakerchi@compass.com
About Jefferson La Brea D&J Properties
Jefferson La Brea D&J Properties LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Sec. 101(51B)).
Jefferson La Brea D&J Properties LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
22-14481) on Aug. 17, 2022. In the petition filed by Jason E.
Upchurch, manager, the Debtor disclosed between $10 million and $50
million in assets and between $1 million and $10 million in
liabilities.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped David B. Shemano, Esq., at ShemanoLaw as counsel.
JORGABY FREIGHT: Seeks to Hire Donald Wyatt PC as Legal Counsel
---------------------------------------------------------------
Jorgaby Freight Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Donald Wyatt PC as its legal counsel.
The Debtor needs a counsel to handle its Chapter 11 case including
formulating and seeking confirmation of its plan of reorganization,
and initiating and prosecuting adversary proceedings.
The firm's standard hourly rates range from $125 per hour for a
paralegal and a law clerk to $720 per hour for highly experienced
shareholder attorney.
The firm received a retainer in the amount of $66,964.50 from the
Debtor.
Donald Wyatt, Jr., Esq., a shareholder of Donald Wyatt PC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Donald L. Wyatt, Jr., Esq.
Donald Wyatt PC
431 Nursery Road
The Woodlands, TX 77380
Telephone: (281) 419-8733
Facsimile: (281) 419-8703
Email: don.wyatt@wyattpc.com
About Jorgaby Freight Services
Jorgaby Freight Services LLC, a trucking services provider, filed a
voluntary petition for relief under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32608) on Sept.
5, 2022. In the petition filed by Magdiel Herrera, as chief
operating officer, Jorgaby Freight disclosed between $1 million and
$10 million in assets and between $100,000 and $500,000 in
liabilities. Jarrod B. Martin has been appointed as Subchapter V
trustee.
Judge Jeffrey P. Norman oversees the case.
Donald Wyatt, Jr., Esq., at Donald Wyatt PC serves as the Debtor's
counsel.
KEDRA A. FLOWERS: Seeks Cash Collateral Access
----------------------------------------------
Kendra A. Flowers, CPA, PC asks the U.S. Bankruptcy Court for the
Northern District of Texas, Fort Worth Division, for authority to
use the cash collateral of secured creditors, Everest Business
Funding, ODK Capital, LLC, Capital Lending, LLC, and U.S. Small
Business Administration, and provide adequate protection.
The Debtor has an immediate need to use cash collateral, including
cash proceeds, to continue operating its business.
The Debtor proposes to use cash collateral, pursuant to the Interim
Budget, with a 10% variance, to pay the expenses incurred by the
Debtor during the pendency of the Bankruptcy Case.
On June 3, 2022, the Debtor and Everest Business Funding entered
into a Revenue-Based Financing Agreement in the original principal
amount of $35,000. The Financing Agreement purportedly is secured
by a security interest in the Debtor's future receipts, accounts,
general intangibles or payment intangibles. The parties also
entered into an Agreement for Direct Deposits and Direct
Collections agreement that authorized Everest to collect $250 daily
from the Debtor's bank account under the Financing Agreement.
On June 3, 2022, the Debtor and ODK entered into the Business Loan
and Security Agreement in the original principal amount of $35,000.
The ODK Loan purportedly is secured by a security interest in the
Debtor's property including, but not limited to (i) amounts from
any merchant processors(s) processing charges made by the Debtor's
customers via credit card or debit card transactions and (ii) all
other intangible and intangible personal property including cash
and cash equivalents, inventory, equipment, deposit accounts and
other property. The OKD Loan requires direct payment from the
Debtor's operating account in the amount of $1,176 per week
pursuant to OnDeck's Automatic Payment Plan. The funds on deposit
in Debtor's account arguably constitute "cash collateral" under the
ODK Loan documents.
On September 2, 2021, and as subsequently amended, the Debtor and
the SBA entered into the Secured Disaster Loan in the original
principal amount of $548,300. The SBA Loan purportedly is secured
by a security interest in certain defined collateral such as the
Debtor's property including, but not limited to intangible and
intangible personal property such an inventory equipment, accounts,
credit card receivables, and deposit accounts.
The Debtor proposes that its authority to use cash collateral will
terminate upon the earliest of:
a. The end of the Usage Period (unless extended by separate
order in connection with the submission of a supplemental budget
for the extension period);
b. The Court's entry of an order finding a violation of, or a
default under, the Court's order authorizing use of cash collateral
or other related orders;
c. The Court's entry of an order converting the Bankruptcy
Case to proceedings under Chapter 7 of the Bankruptcy Code;
d. The Court's entry of an order dismissing the Bankruptcy
Case.
The Debtor proposes to provide these forms of adequate protection
to the Secured Lenders:
a. The Debtor will segregate cash collateral from all other
unencumbered funds, if any, and ensure that all post-petition
collections generated from the Prepetition Collateral likewise be
segregated as cash collateral for use in the Debtor's operations
pursuant to the Interim Budget; and
b. The Debtor will maintain adequate insurance coverage in
relation to the Prepetition Collateral and timely pay all
post-petition taxes assessed due in relation to the Prepetition
Collateral in the ordinary course of the Debtor's business, thereby
keeping the properties free of liens and therefore ready to be
assigned.
c. The Secured Lenders will retain their valid pre-petition
liens on assets pledged by the Debtor and/or its owner.
A copy of the motion is available at https://bit.ly/3BmpEXr from
PacerMonitor.com.
About Kedra A. Flowers, CPA PC
Kedra A. Flowers, CPA PC offers tax and business consulting
services. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-42136) on September
9, 2022. In the petition signed by Kendra A. Flowers, president,
the Debtor disclosed up to $50,000 in assets and up to $10 million
in liabilities.
Marilyn D. Garner, Esq., at Law Office of Marilyn D. Garner, is the
Debtor's counsel.
MARINE WHOLESALE: Wins Cash Collateral Access Thru Dec 16
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Marine Wholesale and Warehouse,
Co. to use cash collateral on an interim basis during the period
between entry of the order and December 16, 2022, in accordance
with the budget.
As adequate protection from and against any diminution in the value
of their interests in cash collateral, all persons and entities
that hold perfected security interests in the Debtor's cash
collateral are granted replacement liens in all of the Debtor's
post-petition assets, other than recoveries from avoiding power
actions, which liens will have the same validity, priority and
extent as their prepetition liens.
As additional adequate protection for the liens asserted by the
United States Small Business Administration, the Debtor will make
the monthly payments due the SBA under the parties' prepetition
agreements in cash in the amount of $731 per month, commencing on
August 1, 2022, and continuing on the first business day of each
calendar month thereafter.
As additional adequate protection for the liens asserted by the
Alcohol and Tobacco Tax and Trade Bureau, pending the conclusion of
the Final Hearing, the TTB may continue to hold without penalty the
funds (in the amount of approximately $213,699 that were levied by
the TTB prior to the commencement of the bankruptcy case.
A copy of the order is available at https://bit.ly/3DvOAOR from
PacerMonitor.com.
About Marine Wholesale and Warehouse Co.
Marine Wholesale and Warehouse Co. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13785)
on July 12, 2022. In the petition signed by Jennifer Hartry, vice
president and secretary, the Debtor disclosed up to $50 million in
both assets and liabilities.
Judge Sheri Bluebond oversees the case.
David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's
counsel.
MCO GENERAL: Gets OK to Hire Porter Law Network as Legal Counsel
----------------------------------------------------------------
MCO General Maintenance, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire
Porter Law Network to serve as legal counsel in its Chapter 11
case.
The firm's services include:
(a) advising the Debtor of its powers and duties in the
continued management of its assets;
(b) preparing legal papers;
(c) assisting the Debtor in preparing and obtaining court
approval of its plan of reorganization and disclosure statement;
(d) taking necessary actions with respect to claims that may
be asserted against the Debtor; and
(e) performing all other necessary legal services for the
Debtor.
The firm will charge these hourly fees:
Karen J. Porter $450
Associated Attorneys $350
Legal Assistants $175
Porter Law Network received a retainer of $3,000, plus $1,738 for
the filing fee.
Karen Porter, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that she is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Porter Law Network can be reached at:
Karen J. Porter, Esq.
Porter Law Network
Suite 240, 230 West Monroe
Chicago, IL 60606
Phone: (312) 372-4400
Email: porterlawnetwork@gmail.com
MCO General Maintenance
MCO General Maintenance, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
22-09454) on Aug. 19, 2022, with up to $500,000 in assets and up to
$100,000 in liabilities. Judge Timothy A Barnes presides over the
case.
Karen J Porter, Esq., at Porter Law Network represents the Debtor
as counsel.
MERISOL VILLAGES: Unsecured Creditors Will Get 100% of Claims
-------------------------------------------------------------
Merisol Villages, LLC filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Disclosure Statement for Plan of
Reorganization dated September 15, 2022.
The Debtor is a Texas limited liability corporation formed in
August of 2019 for the purpose of holding and developing the
certain real property acquired in a settlement of litigation with a
former business associate.
Charles Castor Jr. is a real estate developer in Port Aransas,
Texas. Castor obtained a $1,430,000 loan from Capstone in July 31,
2019, secured by the Real Property. The Defendants subordinated the
Conditional Option to the Capstone Note and Deed of Trust. In order
to pursue development of the Real Property, Castor conveyed title
to the Real Property to Merisol on November 26, 2019, subject to
the Capstone Note and Deed of Trust. The proceeds of the Capstone
Note were used to advance development of the Real Property.
On May 19, 2022, Capstone advised the Debtor that it would not
extend the Capstone Note beyond its May 31, 2022 maturity date.
Faced with an impending default and potential loss of the Real
Property to foreclosure as well as the occurrence of a triggering
event under the Conditional Option, Merisol determined to seek
protection under bankruptcy law. The bankruptcy filing stayed
foreclosure upon the Real Property, afforded the Debtor a remedy to
sell Lots free of the Conditional Option and ultimately to realize
the significant value in the Real Property for its creditors and
its equity holder
Under the Plan, the Debtor has the right to seek Court approval of
Lot sales free and clear of liens, claims and interest,
specifically including the Conditional Option. The Debtor has an
existing inventory of 11 Lots that can be sold as is. Those lots
have an average value of $150,000 per Lot, for a collective gross
value of $1.65 million. If the Debtor succeeds in selling those 11
Lots in that price range, it will generate approximately $1.1 to
$1.2 million to pay to the Class 2 Creditor and $300,000 to
$400,000 for payment of other Allowed Claims and for operating
expenses.
After selling the 11 finished Lots, the Debtor will still have an
inventory of approximately 62 remaining lots which can serve as
collateral to refinance the Capstone Note with sufficient
availability to any remaining Allowed Claims and provide adequate
capital to develop the remaining lots and pay operating expenses of
the Debtor.
Class 2 consists of the Secured Claim of Capstone. The Allowed
secured claim of Capstone will be paid in full over 18 months from
the Effective Date from cash proceeds from ongoing sales of the
Real Property, with interest accruing at the non-default interest
rate prescribed in the Capstone Note, or such other rate as is
determined by the Court not to exceed 8%. All remaining principal,
interest and costs will be due and payable on the 15th day of the
18th month from the Effective Date. Lender will retain its liens on
the collateral currently pledged to Lender. This Class is
impaired.
Class 3 consists of General Unsecured Claims. Each holder of an
Allowed Class 3 General Unsecured Claim shall receive 100.00% of
their total Allowed Class 3 General Unsecured Claim, plus interest
fixed at the Federal judgment rate as of the Confirmation Date, in
full satisfaction of the Class 3 Allowed Claims. Commencing on the
first day of the first month following 30 days after the later to
occur of (i) the Effective Date, or (ii) the date on which the
Class 3 Claim becomes an Allowed Claim the Debtor shall pay each
Allowed Class 3 Claim in equal semiannual installments over 24
months. The allowed unsecured claims total $62,350.
Equity Interest Holders shall retain existing interests.
The Plan contemplates that the Debtor will continue to operate and
generate sufficient operating cash flow from the sale of Lots free
and clear of liens and interests, including, but not limited to the
Conditional Option. The 75% of the net proceeds generated from Lot
sales after payment of customary closing costs will be distributed
first to pay the Class 2 Claim. The remaining proceed will be used
to pay Priority Tax Claims and Unsecured Claims in accordance with
the terms of the Plan and remaining funds will be used to pay
operating expenses of the Debtor.
The Debtor may seek to refinance the Class 2 Claim in an amount
sufficient to pay the Class 2 Claim in full and use additional loan
proceeds to satisfy all remaining Allowed Claims with the balance
of proceeds from the refinancing to be used to fund future
development costs associated with the Real Property.
A full-text copy of the Disclosure Statement dated September 15,
2022, is available at https://bit.ly/3BrQnli from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Raymond W. Battaglia, Esq.
Law Offices of Ray Battaglia, PLLC
66 Granburg Circle
San Antonio, TX 78218
Telephone: (210) 601-9405
Email: rbattaglialaw@outlook.com
About Merisol Villages
Merisol Villages, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). It is the fee simple
owner of 25.559 acres located in Port Aransas, Texas, valued at
$9.62 million.
Merisol Villages sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 22-20135) on May 31,
2022. In the petition filed by Charles J. Castor, Jr., sole
member, the Debtor listed assets and liabilities between $1 million
and $10 million.
Judge David R. Jones oversees the case.
Raymond Battaglia, Esq., at the Law Offices of Ray Battaglia, PLLC
is the Debtor's counsel.
NATION DESIGN: Unsecureds Owed Less Than $15K to Get 30% of Claims
------------------------------------------------------------------
Nation Design Partners LLC filed with the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania a First Amended Plan of
Reorganization under Subchapter V dated September 13, 2022.
Nation Design has operated continuously since 2010. At its
inception, Nation Design conducted business primarily as a private
label manufacturer, making products to various retailers'
specifications.
During the first quarter of 2021, Nation Design made the difficult
decision to file this Chapter 11 Case. The filing was precipitated
by, among other things, a high inventory burden related to COVID
19, supply chain disruptions, persistent trade tensions with its
suppliers in China and other political headwinds, and the
disintegration of its business with a key customer, QVC/Home
Shopping Network, due to changing economics of this business
relationship as dictated by QVC/Home Shopping Network.
Although Nation Design made efforts throughout 2021 and into early
2022 to remain current with vendors, licensing counterparties and
other trade creditors, the company determined by March 2022 that a
subchapter V filing was necessary so that an orderly reorganization
could occur. Nation Design believes that the proposed
reorganization will be in the best interest of creditors and other
stakeholders.
Class 2 is comprised of the Priority Tax Claim of the California
Franchise Tax Board in the amount of $13,673.42. This Claim will be
paid in full on the earliest date following the Effective Date on
which this Claim is deemed an Allowed Priority Tax Claim.
Class 3 consists of Non-Priority General Unsecured Claims
Equal/Less Than $15,000. Class 3 comprises all Claims each in the
individual amount of equal or less than $15,000.00, and includes
trade Claims, non-priority tax Claims, license Claims, and other
Claims. The Claims in Class 3 total $51,362.45, not including any
Creditor holding a Class 4 Claim, if any, which reduces its Claim
voluntarily to $15,000 and agrees for such reduced Claim to be
treated in all respects as a Class 3 Claim. The Debtor shall pay
each Claimant in Class 3 a lump sum payment representing 30% of
claimant's Allowed Claim(s) on the earliest date following the
Effective Date on which the Claims in Class 3 are deemed Allowed
Claims. Assuming no Class 4 Claim is voluntarily reduced to
$15,000, the total payments on account of Class 3 Claims is
$15,408.73. This Class is impaired.
Class 4 consists of Non-Priority General Unsecured Claims Greater
Than $15,000. Each Claim in Class 4 asserts an amount of greater
than $15,000.00. Class 4 includes trade Claims, non-priority tax
Claims, license Claims, and other Claims. Insider claimants, which
includes directors, officers, persons in control of the Debtor, and
the relatives of a general partner, director, officer, or person in
control of the Debtor, have elected to not receive payment under
the Plan on account of their Claims totaling $875,417.14 to enhance
the recovery for all other creditors holding Allowed Claims in
Class 4. Non-insider Claims in Class 4 total $4,229,659.53. The
Debtor shall pay 12.06% of Allowed Unsecured Claims in escalating
quarterly installments, for payments to Class 4 totaling
$510,507.66. Again, any holder of a Class 4 Claim may reduce its
Claim to $15,000.00 and agree to be treated in all respects as a
Class 3 Claim. This Class is impaired.
Class 5 consists of Equity Security Holders Claims. The Class 5
claimants are Nation Design Ronon Family Member LLC (57.7186%); Ira
Lubert (12.3343%); the Vanessa Ho Ying Hon Trust (14.9735%); and
the Tiffany Lin Yan Hon Trust (14.9735%). The Class 5 claimants
shall retain their ownership interest in the Debtor.
The payments provided for in this Plan will be funded through the
Debtor's continued operations.
A full-text copy of the First Amended Plan dated September 13,
2022, is available at https://bit.ly/3Lr5Dnn from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Raymond H. Lemisch, Esq.
Christopher J. Leavell, Esq.
Klehr Harrison Harvey Branzburg, LLP
1835 Market Street, Suite 1400
Philadelphia, PA 19103
Tel: 215-569-2700
Email: rlemisch@klehr.com
cleavell@klehr.com
About Nation Design Partners
Nation Design Partners, LLC is a merchant wholesaler of apparel,
piece goods and notions in Berwyn, Pa.
Nation Design Partners filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Penn. Case No.
22-10745) on March 25, 2022, listing as much as $10 million in both
assets and liabilities. Leona Mogavero, Esq., serves as Subchapter
V trustee.
Judge Magdeline D. Coleman presides over the case.
Klehr Harrison Harvey Branzburg, LLP, led by Raymond H. Lemisch,
Esq., serves as the Debtor's legal counsel.
NIKKYO LLC: Wins Interim Cash Collateral Access
-----------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Nikkyo, LLC, dba Deluxe Systems of Florida, to
use cash collateral on an interim basis, retroactive to September
1, 2022.
The Debtor is permitted to pay: (a) amounts expressly authorized by
the Court, including payments to the United States Trustee for
quarterly fees; (b) the current and necessary expenses set forth in
the budget, plus an amount not to exceed 10% for each line item;
and (c) additional amounts as may be expressly approved in writing
by secured creditor, Byline Bank.
As adequate protection, the Secured Creditor will have perfected
post-petition liens against cash collateral to the same extent and
with the same validity and priority as their prepetition liens,
without the need to file or execute any document as may otherwise
be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor.
A copy of the order is available at https://bit.ly/3eY3AuQ from
PacerMonitor.com.
* * *
A continued hearing on the matter was held September 20 at 11 a.m.
Following the hearing, the Court granted the Debtor continued
access to cash collateral through a further hearing set for October
27 at 1:30 p.m.
About Nikkyo, LLC
Nikkyo, LLC offers racking, shelving, and modular storage systems
for safe, efficient, and effective control of material handling
requirements.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03599) on September
1, 2022. In the petition signed by Saul Ackovitz, managing member,
the Debtor disclosed $589,255 in assets and $2,015,611 in
liabilities.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's
counsel.
PARKING 56: Case Summary & Six Unsecured Creditors
--------------------------------------------------
Debtor: Parking 56, LLC
33 West 56th Street
New York, NY 10019
Chapter 11 Petition Date: September 20, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-11259
Debtor's Counsel: Jonathan Cohen, Esq.
LAW OFFICE OF JONATHAN COHEN
102 Overlook Terr
Roslyn Hts NY 11577
Tel: 646-236-4064
Email: jcohen1947@yahoo.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Ronald Massie as manager.
A copy of the Debtor's list of six unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/VZRLJ5I/Parking_56_LLC__nysbke-22-11259__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NNMVXLQ/Parking_56_LLC__nysbke-22-11259__0001.0.pdf?mcid=tGE4TAMA
PULSE FITNESS: Seeks to Hire Stevenson & Bullock as Legal Counsel
-----------------------------------------------------------------
Pulse Fitness, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to hire Stevenson & Bullock,
P.L.C. to handle its Chapter 11 case.
Stevenson & Bullock received the sum of $9,236 for pre-bankruptcy
fees and expenses, which includes $1,738 for the Chapter 11 filing
fee.
As disclosed in court filings, Stevenson & Bullock is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Elliot G. Crowder, Esq.
Stevenson & Bullock, P.L.C.
26100 American Drive, Suite 500
Southfield, MI 48034
Phone: (248) 354-7906
Facsimile: (248) 354-7907
Email: ecrowder@sbplclaw.com
About Pulse Fitness
Pulse Fitness, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47113) on
Sept. 9, 2022, with up to $50,000 in assets and up to $1 million in
liabilities. Kimberly Ross Clayson serves as Subchapter V trustee.
Judge Mark A. Randon oversees the case.
Elliot G. Crowder, Esq., at Stevenson & Bullock, P.L.C. represents
the Debtor as counsel.
PULSE FITNESS: Wins Cash Collateral Access Thru Oct. 3
------------------------------------------------------
Pulse Fitness, LLC sought and obtained authority from the U.S.
Bankruptcy Court for the Eastern District of Michigan, Southern
Division, to use cash collateral or obtain credit.
In the interim order dated September 15, 2022, the Court permitted
the Debtor to use cash collateral in the amount of $51,792 in
accordance with the budget, with a 10% variance. The final hearing
on the matter is set for October 3 at 11 a.m.
During the first three calendar months of the case, the Debtor
projects it will need to spend $228,527 to avoid immediate and
irreparable harm.
The Debtor was struck hard during the COVID-19 pandemic and
resulting shut down orders from the State of Michigan; however, the
Debtor believes it has a viable reorganization path forward through
the Chapter 11 process.
The majority of the Debtor's value arises from its ongoing
operations and ability to continue to provide goods and services to
its customers. Without authority to use cash collateral, the Debtor
will suffer irreparable harm because it will be forced to
immediately shut down.
The cash collateral consists of:
* Collectible accounts receivable valued at approximately
$50,500.
* Available Funds held in bank accounts valued at
approximately $7,000.
Before the Petition Date, Invest Detroit Foundation filed a UCC-1
financing statement against certain of the Debtor's assets,
including its cash collateral. The Debtor anticipates Invest
Detroit will assert a security interest in the Debtor's cash
collateral. The Debtor further anticipates Invest Detroit will
assert that its security interest and liens have first priority
over all other security interests and liens asserted against the
Debtor.
As adequate protection, the Debtor offers replacement liens in its
personal property, and the proceeds and products thereof to the
same extent the liens existed prior to the Petition Date.
The Debtor proposes that Invest Detroit be granted Replacement
Liens as adequate protection to the extent of any diminution in
value of the prepetition cash collateral. The Replacement Liens
shall be liens on the Debtor's assets which are created, acquired,
or arise after the Petition Date, but limited to only those types
and descriptions of collateral in which Invest Detroit held a
prepetition lien or security interest. The Replacement Liens will
have the same priority and validity as Invest Detroit's
pre-petition security interests and liens.
As part of its request to use cash collateral, the Debtor is
requesting that the Court allow it to escrow, on a monthly basis,
the total of $5,000 into a specially designated debtor in
possession account to pay the professional fees of legal counsel
employed by the Debtor in connection with the bankruptcy proceeding
to the extent the fees are allowed by the Court.
A copy of the motion and the Debtor's budget is available at
https://bit.ly/3RI2cL6 from PacerMonitor.com.
The budget provides for total expenses, on a monthly basis, as
follows:
$51,792 for September 2022;
$88,367 for October 2022; and
$88,367 for November 2022.
A copy of the Court's order is available at https://bit.ly/3BOpXMe
from PacerMonitor.com.
About Pulse Fitness, LLC
Pulse Fitness, LLC operates a gym located in Pleasant Ridge,
Michigan, that offers members a customized approach to their
physical fitness.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47113) on September
9, 2022. In the petition signed by Scott Genord, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Mark A. Randon oversees the case.
Elliot G. Crowder, Esq., at Stevenson & Bullock, P.L.C. is the
Debtor's counsel.
QST INGREDIENTS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: QST Ingredients and Packaging, Inc.
4890 Cookeville Hwy
Cookeville, TN 38506
Business Description: The Debtor owns and operates a smoke
flavoring manufacturing business.
Chapter 11 Petition Date: September 21, 2022
Court: United States Bankruptcy Court
District of Nevada
Case No.: 22-13383
Judge: Hon. Mike K. Nakagawa
Debtor's Counsel: Ryan Andersen, Esq.
ANDERSEN LAW FIRM, LTD.
3199 E Warm Springs Rd Ste 400
Las Vegas, NV 89120
Tel: 702-522-1992
Email: ryan@vegaslawfirm.legal
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marc Rinehart, Sr., as 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/RUEENKY/QST_INGREDIENTS_AND_PACKAGING__nvbke-22-13383__0001.0.pdf?mcid=tGE4TAMA
REVLON INC: Gets Court Approval for $36 Million Executive Bonuses
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that a New York bankruptcy judge
approved a proposed executive bonus plan that would pay up to $36
million to insiders of bankrupt makeup giant Revlon Inc., saying
the plan included difficult to achieve benchmarks for the senior
company leaders that would trigger the payments.
Judge Davis Jones on Sept. 15, 2022, entered an order approving the
Debtors' Key Employee Incentive Plan.
With the exception of payments made to the current Chief Financial
Officer for the third quarter of 2022, KEIP Participants must pay
back 50% of any awards received under the KEIP, and in the case of
the Chief Executive Officer, 100% of any awards received under the
KEIP, if such KEIP Participant's employment is terminated prior to
the earlier of (a) the confirmation date of any plan confirmed in
these Chapter 11 Cases, and (b) Dec. 31, 2023, in each case for any
reason other than termination by the Debtors without cause, by the
KEIP
Participant pursuant to limited good reason provisions, as
applicable, or due to death or disability.
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.
RUDRA INVESTMENTS: Seeks to Hire CBRE Inc. as Real Estate Broker
----------------------------------------------------------------
Rudra Investments, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ CBRE, Inc.
to market for sale its hotel located at 2632 Cleveland Ave., Santa
Rosa, Calif.
CBRE will receive a 1 percent commission on the sale price.
As disclosed in court filings, CBRE is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Henry E. Bose, Jr.
CBRE, Inc.
415 Mission Street, Suite 4600
San Francisco, CA 94105
Phone: 415-772-0123
Email: henry.bose@cbre.com
About Rudra Investments
Rudra Investments, LLC owns and operates a 98-room hotel in Santa
Rosa, Calif. The hotel operates under a license agreement with
Holiday Inn Express.
Rudra Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-30275) on June 1,
2022, with up to $50 million in both assets and liabilities. Hitesh
Patel, manager of Rudra Investments, signed the petition.
Judge Dennis Montali oversees the case.
Stephen D. Finestone, Esq., at Finestone Hayes, LLP is the Debtor's
counsel.
SEAGOVILLE FARMS: Seeks to Hire Eric A. Liepins as Legal Counsel
----------------------------------------------------------------
Seagoville Farms, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to hire the law firm of Eric A.
Liepins, P.C. as its counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The hourly rates of the firm's attorneys and staff are as follows:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $2,500.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Seagoville Farms
Seagoville Farms, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Texas Case No. 22-41181) on
Sept. 8, 2022, with up to $50,000 in assets and up to $500,000 in
liabilities. Judge Brenda T. Rhoades oversees the case.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.
SITEK PRODUCTIONS: Seeks to Hire Stichter as Legal Counsel
----------------------------------------------------------
Sitek Productions Inc. and Sitek Logistics, Inc. seek approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
hire Stichter, Riedel, Blain & Postler, P.A. as their legal
counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtors' powers
and duties;
b. preparing legal papers;
c. appearing before the court and the Office of the U.S.
Trustee;
d. participating in negotiations with creditors and other
parties in interest in formulating and drafting a Chapter 11 plan,
and taking necessary legal steps to confirm such a plan;
e. representing the Debtors in all adversary proceedings,
contested matters, and matters involving administration of their
Chapter 11 cases;
f. performing all other necessary legal services for the
Debtors.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for its out-of-pocket
expenses.
Stichter received the sum of $40,476 on account of pre-bankruptcy
services and as a retainer
for post-petition services.
Edward Peterson, Esq., a partner at Stichter, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Edward J. Peterson, Esq.
Stichter Riedel Blain & Postler, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: epeterson@srbp.com
About Sitek Productions
Sitek Productions, Inc. offers full-service technical solutions as
well as quality AV rentals to service customers' next event.
Sitek Productions and affiliate, Sitek Logistics, Inc., filed
petitions for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 22-03141) on Aug.
31, 2022. Aaron R. Cohen has been appointed as Subchapter V
trustee.
At the time of the filing, Sitek Productions listed as much as $1
million in both assets and liabilities while Sitek Logistics listed
up to $50,000 in assets and up to $100,000 in liabilities.
The Debtors are represented by Edward J. Peterson, III, Esq., at
Stichter, Riedel, Blain & Postler, P.A.
SITEK PRODUCTIONS: Wins Cash Collateral Access Thru Oct 17
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Sitek Productions, Inc. and Sitek
Logistics, Inc. to use cash collateral on an interim basis pending
a further hearing set for October 17, 2022, at 2 p.m.
The Debtor is permitted to use cash collateral in accordance with
the budget, with a 10% variance.
As previously reported by the Troubled Company Reporter, the Small
Business Administration is owed approximately $87,300 based on a
loan made to SPI on July 14, 2020. The SBA may assert a lien on
SPI's accounts receivable.
The Debtors also believe these merchant capital advance lenders may
assert liens on and security interests in the accounts receivable:
Approximate Balance
MCA Lender as of Petition Date
---------- -------------------
Sofia Grey, LLC $167,355
d/b/a eFinancial Tree
QFS Capital, LLC $59,052
Lending Valley, Inc. $41,833
Kalamata Capital Group $100,600
Fox Capital Group, Inc. $58,800
Delta Bridge Funding, LLC $97,576
As adequate protection with respect to the SBA's and the MCA
lenders' interests in the cash collateral, the SBA and the MCA
lenders are granted a replacement lien in and upon all of the
categories and types of collateral in which they held a security
interest and lien as of the Petition Date to the same extent,
validity and priority that they held as of the Petition Date.
The Debtors are directed to maintain insurance coverage for the
collateral in accordance with the obligations under the loan and
security documents.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3eWO8z5 from PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$46,264 for the week ending September 17, 2022;
$44,868 for the week ending September 24, 2022;
$64,764 for the week ending October 1, 2022;
$45,488 for the week ending October 8, 2022;
$90,268 for the week ending October 15, 2022; and
$40,429 for the week ending October 22, 2022.
About Sitek Productions, Inc.
Sitek Productions, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03141) on August
31, 2022. In the petition signed by Justin J. Peace, president, the
Debtor disclosed up to $1 million in both assets and liabilities.
Edward J. Peterson, Esq., at Stichter, Riedel, Blain & Postler PA
is the Debtor's counsel.
SUMMIT II: Case Summary & Nine Unsecured Creditors
--------------------------------------------------
Debtor: Summit II, LLC
1684 Arabian Lane
Palm Harbor, FL 34685
Chapter 11 Petition Date: September 20, 2022
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 22-03844
Debtor's Counsel: Alberto ("Al") F. Gomez, Jr., Esq.
JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
401 East Jackson Street #3100
Tampa, FL 33602
Tel: 813-225-2500
Fax: 813-223-7118
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Douglas J. Weiland as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/4BKDV7Q/Summit_II_LLC__flmbke-22-03844__0001.0.pdf?mcid=tGE4TAMA
TAMPA SMOKE SHOP: Wins Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Tampa Smoke Shop, LLC to use the cash
collateral of Independent Funding Group on an interim basis in
accordance with the budget.
The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the United
States Trustee for quarterly fees; (b) the current and necessary
expenses set forth in the budget, plus an amount not to exceed 10%
for each line item; and (c) additional amounts as may be expressly
approved in writing by the "Creditors".
As adequate protection, the Secured Party will have a perfected
post-petition lien against cash collateral to the same extent and
with the same validity and priority as its prepetition lien,
without the need to file or execute any document as may otherwise
be required under applicable non bankruptcy law.
A continued hearing on cash collateral is scheduled for October 25,
2022, at 10 a.m.
A copy of the order is available at https://bit.ly/3QQhxrN from
PacerMonitor.com.
About Tampa Smoke Shop, LLC
Tampa Smoke Shop, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02105) on May
25, 2022. In the petition filed by Pratikbhai S. Patel, president,
the Debtor disclosed up to $500,000 in assets and up to $1 million
in liabilities.
Judge Caryl E. Delano oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's
counsel.
THIRD FLOOR PROPERTIES: Taps Law Office of Rocky Willson as Counsel
-------------------------------------------------------------------
Third Floor Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire The Law Office
of Rocky Willson to serve as legal counsel in its Chapter 11 case.
The firm received a retainer in the amount of $10,000, plus $1,717
for the filing fee.
As disclosed in court filings, The Law Office of Rocky Willson has
no connection with the Debtor and its creditors.
The firm can be reached through:
Thomas R. Willson, Esq.
The Law Office of Rocky Willson
1330 Jackson Street
Alexandria, LA 71301
Tel: (318) 442-8658
Fax: (318) 442-9637
Email: rocky@rockywillsonlaw.com
About Third Floor Properties
Third Floor Properties, LLC, a company in Iota, La., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. La. Case No. 22-20303) on Sept. 9, 2022, with
$2,453,000 in assets and $4,129,105 in liabilities. Jason A.
Thomas, managing member of Third Floor Properties, signed the
petition.
Judge John W. Kolwe presides over the case.
Thomas R. Willson, Esq., at The Law Office of Rocky Willson
represents the Debtor as counsel.
TIDEWATER REALTY: Trustee Seeks to Hire Alex Cooper Auctioneers
---------------------------------------------------------------
Stephen Metz, Subchapter V trustee for Tidewater Realty Investors,
LLC, seeks approval from the U.S. Bankruptcy Court for the District
of Maryland to employ Alex Cooper Auctioneers, Inc.
The trustee requires the services of an auctioneer to sell the
Debtor's real properties located at:
(a) 5721-25 Main St., Elkridge, Md.;
(b) 5729 Main St., Elkridge, Md.;
(c) 5749 Main St., Elkridge, Md.; and
(d) 5753 Main St., Elkridge, Md.
Alex Cooper will get a commission equal to 6 percent of the
purchase price or a flat fee of $5,000 in the event of a credit bid
by creditor Back In Action Investments, LLC.
Paul Cooper of Alex Cooper, disclosed in a court filing that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.
Alex Cooper can be reached through:
Paul R. Cooper
Alex Cooper Auctioneers Inc.
908 York Rd
Towson, MD 21204
Phone: +1 410-828-4838
Email: paul@alexcooper.com
About Kingston LLC
Kingston, LLC is a San Antonio, Texas-based company engaged in
renting and leasing real estate properties.
Kingston filed a petition for relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No.
22-10941) on June 9, 2022, with as much as $10 million in both
assets and liabilities. Stephen A. Metz has been appointed as
Subchapter V trustee.
Judge Timothy W. Dore oversees the case.
Marc S. Stern, Esq., at the Law Office of Marc S. Stern is the
Debtor's counsel.
TREETOP DEVELOPMENT: Lender Says Bankruptcy Needs Trustee
---------------------------------------------------------
Alex Wolf of Bloomberg Law reports that failed Los Angeles
mega-mansion project Treetop Development LLC should have its
bankruptcy directed by a court-appointed trustee, lender Skylark
Capital Management LLC told a California bankruptcy judge, saying
principal Mohamed Hadid has "a long history of deceit and
incompetence."
Hadid's involvement in the Chapter 11 case threatens the likelihood
of a successful reorganization for the property, Skylark said in
papers filed Wednesday, September 14, 2022, with the US Bankruptcy
Court for the Central District of California.
The unfinished 27-acre development at 9650 Cedarbrook Drive in
Beverly Hills, which the debtor estimates will be worth $250
million upon completion, was put into bankruptcy.
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.
TURNER OAKWOOD: Seeks Cash Collateral Access
--------------------------------------------
Turner Oakwood Properties, LLC asks the U.S. Bankruptcy Court for
the Eastern District of North Carolina, Raleigh Division, for
authority to use cash collateral.
The Debtor requires access to the cash collateral generated by its
operations in order to allow it to remain in business.
The Debtor first filed bankruptcy on March 6, 2015. Its plan was
confirmed on October 7, 2015, and the Final Decree entered on
January 1, 2016. The Plan was successful until the Debtor ran into
financial issues in 2019 and fell behind on payments to Frank and
Francis Turner. The Turners are brothers to the owners of the
Debtor and have a deed of trust on 10 N. Bloodworth Street.
COVID-19 caused additional problems to the Debtor's cash flow in
2020-21. The Debtor and the Turner Brothers were unable to reach an
agreement as to payments and the Brothers initiated a foreclosure
sale that was scheduled for September 29, 2022. In order to save
the property, the Debtor decided it needed to re-file to
restructure and enable it to survive.
The Debtor is currently anticipating a continuation of operations
by way of this proposed reorganization. The Debtor believes that to
maintain existing operations and maximize the value of its
business, it will be required to incur certain operating expenses.
On October 16, 2006, Celeste Turner and Augusta Turner signed a
promissory note in favor of Wells Fargo Bank, N.A., in the original
principal balance of $248,000. The note is secured by a deed of
trust and assignment of rents recorded in Book 12217, at Page 1868,
of the Wake County Registry, which encumbers 404 E. Edenton Street.
Upon information and belief, SN Servicing is the servicer of the
loan.
On October 26, 2006, Celeste Turner and Augusta Turner signed a
promissory note in favor of Countrywide Bank, N.A., in the original
principal balance of $227,500. The note is secured by a deed of
trust and assignment of rents recorded in Book 12236, at Page 1382,
of the Wake County Registry, which encumbers 6 N. Bloodworth
Street. Shellpoint is the servicer of this loan.
The Debtor's only significant source of income is through rental
income and the cash proceeds generated thereby. Upon information
and belief, the proceeds generated from the Debtor's business may
constitute cash collateral within the meaning of section 363 of the
Bankruptcy Code to SN Servicing and Shellpoint. The Creditors
appear to have an assignment of rents on 2 of the Debtor's
properties: SN Servicing on 404 E. Edenton Street and Shellpoint on
6 N. Bloodworth Street.
The Debtor proposes that the Creditor should be allowed, as
adequate protection for the Debtor's use of cash collateral, a
post- petition replacement lien and security interest on the same
assets to which their liens attached pre-petition, to the same
extent and with the same validity and priority as existed on the
petition date.
A hearing on the matter is set for September 27 at 10:30 a.m.
A copy of the motion is available at https://bit.ly/3eWxQpS from
PacerMonitor.com.
About Turner Oakwood Properties, LLC
Turner Oakwood Properties, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 22-02049) on
September 12, 2022. In the petition signed by Augusta Bernadette
Turner, manager, the Debtor disclosed up to $1 million in both
assets and liabilities.
William Kroll, Esq., at Everett Gaskins Hancock LLP, is the
Debtor's counsel.
URBAN MOTORS: Taps Atkinson Law Associates as Bankruptcy Counsel
----------------------------------------------------------------
Urban Motors, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to hire Atkinson Law Associates Ltd. as its
bankruptcy counsel.
The Debtor needs the firm's legal assistance to orderly liquidate
its assets, reorganize the claims of the estate, and determine the
validity of claims asserted against the estate.
Atkinson Law Associates will be paid at these rates:
Attorneys $420 - $620 per hour
Paralegals $180 per hour
Atkinson Law Associates will also be reimbursed for out-of-pocket
expenses incurred. The firm received a $20,000 security retainer.
Robert Atkinson, Esq., a partner at Atkinson Law Associates,
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.
Atkinson Law Associates can be reached at:
Robert Atkinson, Esq.
Atkinson Law Associates Ltd.
8965 S Eastern Ave, Suite 260
Las Vegas, NV 89123
Tel: (702) 614-0600
Fax: (702) 614-0647
Email: robert@nv-lawfirm.com
About Urban Motors
Urban Motors, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-13236) on Sept.
9, 2022, with up to $500,000 in both assets and liabilities. Nathan
F. Smith has been appointed as Subchapter V trustee.
Robert E. Atkinson, Esq., at Atkinson Law Associates Ltd. serves as
the Debtor's bankruptcy counsel.
VENUE CHURCH: Gets Interim Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Tennessee,
Southern Division, entered an order granting in part the motion to
use cash collateral filed by Venue Church, Inc. to allow the debtor
to use the September 2022 rent payment from Crosswalk Church. The
motion is otherwise held under advisement pending further
proceedings.
First Citizens National Bank has objected to the use of cash
collateral as attributable to the proceeds from a lease between the
debtor and Armstrong Transfer & Storage Company. The hearing, held
on September 14, was preliminary in nature because it occurred on
shortened time within 14 days after service of the motion.
At the hearing, the Court heard testimony from Tavner Smith, the
founder and lead pastor, that the immediate concern is making the
next payroll disbursement to employees on September 16. The payroll
expense was estimated to be about $12,000. With the authorized use
of the lease proceeds, the debtor has approximately $16,000 of cash
on hand for the rest of the month. Two collections of approximately
$6,000 each are also expected.
The Bank does not oppose the motion as long as the debtor does not
use the September 2022 rent payment that the Bank holds from
Armstrong. The debtor assigned its lease with Armstrong to the Bank
on May 13, 2022, and subsequent monthly rent payments apparently
should have been paid directly to the Bank, but direct payments to
the Bank did not begin until September 2022. The Bank asserts the
rent payments in its possession should not be used as cash
collateral because the assignment of the lease was absolute and
because the payments arguably are not property of the estate.
The United States Trustee's Office takes no position on the status
of the September 2022 Armstrong payment except to point out the
debtor filed an amended petition on September 9, changing its
status from a small business debtor to a Chapter 11 debtor.
Consequently, the US Trustee only recently sent notice to creditors
to gauge their interest in forming an unsecured creditors
committee. The US Trustee does not yet know whether an unsecured
creditors committee will be formed in this case or whether that
committee would take a position as to whether the Armstrong rent
payments should be considered property of the estate.
The Court has asked the Bank to file supplemental briefing in
support of its position that the Armstrong rent payments are not
property of the estate. The debtor may file a response to the
Bank's supplemental briefing.
On or before September 26, 2022, the US Trustee or any
representative of an unsecured creditors committee may file any
additional response on the issue of whether the Armstrong rental
stream is property of the estate.
The final hearing on the matter is set for September 28 at 1:30
p.m.
A copy of the order is available at https://bit.ly/3SbefjU from
PacerMonitor.com.
About Venue Church Inc.
Venue Church Inc. is a megachurch in Tennessee. Venue Church Inc.
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Tenn. Case No. 22-11829) on August 23, 2022. In its
petition, it listed estimated assets less than $5 million and more
than $3 million in mortgage, auto loan, and credit card debt.
The case is overseen by Honorable Bankruptcy Judge Shelley D.
Rucker.
The Debtor is represented by Tom Bible Law as counsel.
WALL018 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel
-----------------------------------------------------------
WALL018, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Texas to hire the law firm of Eric A. Liepins,
P.C. as its counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The hourly rates of the firm's attorneys and staff are as follows:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $2,500.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About WALL018, LLC
WALL018, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 22-41176) on
Sept. 7, 2022, with between $1 million and $10 million in both
assets and liabilities. Tim Barton, president and managing member
of WALL018, signed the petition.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.
WALL019 LLC: Seeks to Hire Eric A. Liepins as Legal Counsel
-----------------------------------------------------------
WALL019, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Texas to hire the law firm of Eric A. Liepins,
P.C. as its counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The hourly rates of the firm's attorneys and staff are as follows:
Eric A. Liepins $275
Paralegals and Legal Assistants $30 - $50
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $2,500.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About WALL019 LLC
WALL019, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 22-41177) on
Sept. 7, 2022, with between $1 million and $10 million in both
assets and liabilities. Tim Barton, president and managing member
of WALL019, signed the petition.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.
WILLIAM HOLDINGS: Seeks Cash Collateral Access
----------------------------------------------
William Holdings, LLC asks the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use cash collateral in which these entities may assert an
interest:
* Pacific Premier Bank,
* Opus Bank,
* Frank Romanose,
* Satinder Sadhar,
* Standard Oil Credit Investments, LLC,
* Axos Bank,
* Specialized Portfolio Servicing,
* Chase Bank,
* Michael and Ann Popovich,
* Newrez, and
* Hollywood Versalles Tower HOA.
The Debtor seeks to use the cash collateral generated by all of its
commercial real properties to pay all of the necessary expenses of
the real properties. Further, after payment of the proposed
expenses of each property, the Debtor seeks to pool the remaining
income on the monthly basis to pay the reasonable and necessary
top-level expenses of the Debtor for managing the various real
properties.
From 1998 through 2014, the Debtor's managing member Kameron Segal
built a sizable real estate operation. In January 2015, Mr. Segal
sold the majority of his holdings for $45 million. Shortly after,
Mr. Segal was shot twice in the head. He was hospitalized and spent
months in a coma. Upon regaining consciousness, Mr. Segal spent
many years in recovery. He could not read and write -- nor sign
anything. A right-handed man, the shooting caused a stroke that
incapacitated the right side of his body. Although he has recovered
the ability to walk, to this day Mr. Segal has not regained the use
of his right hand. During Mr. Segal's period of incapacity, Mr.
Segal entrusted the management of his real properties empire to
various individuals who apparently took advantage of their
entrusted positions and ran the estate into the ground for their
own benefit.
Since July 22, 2022, Mr. Segal has regained control of his assets,
and Mr. Segal along with his team, on behalf of the Debtor, are in
the process of rebuilding the data, including finding out rent
roll, tenant, leases, vendor, expense, mortgage and other important
information for the Debtor to continue running its real estate
business. As of the date of the filing of the petition, the
Debtor's management has knowledge of approximately 60% of the
tenant base in new records and is working to obtain the remainder
of the outstanding information. Many tenants have been forthcoming
with their information, but with all of the property holdings, the
Debtor has 104 tenants and has not yet been able to obtain all of
the information. The Debtor currently does not know how much rental
income the real properties are actually generating but is working
on obtaining this information in order to supplement the cash
collateral budget with the additional information.
Until July 2022, the Debtor had no idea which banks had mortgages
on the properties. As the banks started sending notices of default,
the Debtor was able to discover the information as to the loans,
and delinquencies which were being hidden from the Debtor. As of
the petition date, the Debtor is still unsure of the monthly
payment information for many of the loans on the properties.
Despite the Debtor scrambling to collect the necessary information,
by the end of the first week in August, the Debtor had collected
over $73,000 on just 38% of the tenants. This was in spite of not
being able to send notices, collect payments electronically, and
many other problems. The Debtor's current management believes that
the prior management is continuing to divert some of the rents
since the petition date and is investigating where the remainder of
the tenants are paying their rents.
The Debtor's estate is solvent and has substantial equity in the
properties. Further, the Debtor is certain the rents generated by
the properties are sufficient to service all of the loans on the
properties. The Debtor is confident that it can enter into plan
treatment stipulations with the Secured Creditors. The Debtor is
optimistic about the prospects of its reorganizational efforts.
Without question, the COVID-19 pandemic has negatively impacted the
country's economy and devastated certain sectors of the economy.
Mr. Segal's injury also put the Debtor in a horrible position as
his previous debilitative state allowed people to take advantage of
the Debtor and convert the Debtor's property. However, the Debtor
is confident that it will net the income necessary to support a
feasible reorganization plan.
The interests of the Secured Creditors are safeguarded by the
substantial equity cushion in each of the real properties and by
the monthly adequate protection payments proposed by the Debtor.
A copy of the motion and the Debtor's six-month budget is available
at https://bit.ly/3eUB4do from PacerMonitor.com.
The budget provides for total expenses, on a monthly basis, as
follows:
$51,038 for September 2022;
$51,038 for October 2022;
$51,038 for November 2022;
$51,038 for December 2022;
$91,038 for January 2022; and
$51,038 for February 2022.
About William Holdings LLC
William Holdings LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14708) on August 29,
3033. In the petition filed by Kameron Segal, as CEO, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million each.
The Debtor is represented by the Law Offices of Michael Jay Berger.
WOODLAWN COMMUNITY: Amends Plan to Include Non-Government Claims
----------------------------------------------------------------
Gina B. Krol, the chapter 11 trustee (the "Trustee") of Woodlawn
Community Development Corp., submitted a Disclosure Statement with
respect to the First Amended Chapter 11 Plan of Liquidation with
Nonmaterial Modifications dated September 15, 2022.
The Plan effectuates a distribution of the Debtor's Assets to
creditors in accordance with the priorities set forth in the
Bankruptcy Code. The Plan provides that the Debtor's Assets, to the
extent they have not already been liquidated, will be liquidated
and the proceeds of the liquidation of the Assets will be utilized,
pursuant to the terms of the Plan, to pay Allowed Claims.
More specifically, the Debtor's remaining Assets (consisting
primarily of Cash and the monetization of the Debtor's debt and
equity interests in a certain low-income housing project,
collectively, the "Post-Confirmation Assets") will be managed and
liquidated by the Trustee. The Effective Date of the Plan will
occur when all of the conditions to the Plan's effectiveness as set
forth in the Plan have been met or waived. Holders of Allowed
Administrative Expense Claims, Allowed Priority Tax Claims, and
holders of Allowed Class 1, 2, and 3 Claims, to the extent they
remain unpaid, shall be paid in accordance with the Plan.
The Trustee will make Distributions to creditors pursuant to the
terms of the Plan and prior orders of the Bankruptcy Court. Allowed
Administrative Claims, Allowed Secured Claims, Allowed Priority Tax
Claims, and Allowed Priority Claims will be paid in full. Holders
of Allowed General Unsecured Claims classified in Class 3 will
receive a Pro Rata portion of remaining Cash in accordance with the
terms of the Plan.
Class 2A consists of the Claims of Governmental Unit Holders of
Secured Claims. On, or as soon as reasonably practicable after, the
later of the Effective Date, or the date such Class 2A Claim
becomes an Allowed Class 2A Claim or is otherwise payable, each
Holder of an Allowed Class 2A Claim shall receive shall receive:
(i) Cash in an amount equal to the value of such Allowed Class 2A
Claim, plus interest through the Effective Date calculated at the
Federal Judgment Rate; or (ii) such other treatment as may be
agreed to between the Holder and the Debtor. This Class has an
estimated claims pool of $1.3 million with a distribution of 100%,
plus interest through the Effective Date at the Federal Judgment
Rate.
Class 2B consists of the Claims of Non-Governmental Unit Holders of
Secured Claims. On, or as soon as reasonably practicable after, the
later of the Effective Date, or the date such Class 2B Claim
becomes an Allowed Class 2B Claim or is otherwise payable, each
Holder of an Allowed Class 2B Claim shall receive shall receive:
(i) Cash in an amount equal to the value of such Allowed Class 2B
Claim, plus 5% interest annually, calculated through the Effective
Date; or (ii) such other treatment as may be agreed to between the
Holder and the Debtor. This Class has an estimated claims pool of
$330,000 with a distribution of 100%, plus interest through the
Effective Date at 5%.
Class 3A consists of the Claims of Holders of General Unsecured
Claims. Holders of Allowed Class 3A Claims will be paid Pro Rata,
with Allowed Class 3B Claims, from remaining Assets after all
required Distributions have been made to Holders of Allowed
Administrative Expense Claims, Allowed Priority Claims, Allowed
Priority Tax Claims, less the Reserve, after completion of the Wind
Down. This Class has an estimated claims pool of $428,000 with a
distribution of 100%, plus interest through the Effective Date at
the Federal Judgment Rate.
Class 3B consists of the Claims of Holders of Non-Governmental Unit
General Unsecured Claims. Holders of Allowed Class 3B Claims shall
be paid in full, including 5% interest annually ("Interest Rate"),
calculated from the Petition Date through the Effective Date,
within 30 days after the Effective Date (the "Payment Period"),
unless the Trustee files a motion with the Bankruptcy Court before
the end of the Payment Period seeking an extension of the Payment
Period, with interest accruing at the Interest Rate, for every 30
day period beyond the Effective Date ("Default Interest") that such
claims, plus Default Interest, remain unpaid. This Class has an
estimated claims pool of $7.1 million with a distribution of 100%,
plus 5% interest per annum calculated through the Effective Date.
A full-text copy of the Disclosure Statement dated September 15,
2022, is available at https://bit.ly/3SjwkMS from PacerMonitor.com
at no charge.
Counsel to the Chapter 11 Trustee:
Harold D. Israel, Esq.
LEVENFELD PEARLSTEIN, LLC
2 N. LaSalle St., Suite 1300
Chicago, IL 60602
Tel: (312) 346-8380
Fax: (312) 346-8434
E-mail: hisrael@lplegal.com
About Woodlawn Community Development
Founded in 1972, Woodlawn Community Development Corp. manages and
develops affordable housing for families in the Greater Metro
Chicago area. Visit https://www.wcdcchicago.com for more
information.
Woodlawn Community Development filed a Chapter 11 petition (Bankr.
N.D. Ill. Case No. 18-29862) on Oct. 24, 2018. In the petition
signed by Leon Finney, Jr., president and chief executive officer,
the Debtor was estimated to have $50 million to $100 million in
both assets and liabilities. Judge Carol A. Doyle oversees the
case. The Debtor has tapped Herzog & Schwartz, P.C. as its
bankruptcy counsel.
Gina B. Krol is the Debtor's Chapter 11 trustee. The trustee tapped
Cohen & Krol as bankruptcy counsel, and Freeborn & Peters, LLP and
Duane Morris, LLP as special counsel.
WRIGHT EXPERIENCE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: The Wright Experience, Inc.
7099 Glen Curtiss Ln
Warrenton, VA 20187
Business Description: The Debtor manufactures aerospace Products
and parts.
Chapter 11 Petition Date: September 21, 2022
Court: United States Bankruptcy Court
Eastern District of Virginia
Case No.: 22-11257
Judge: Hon. Klinette H. Kindred
Debtor's Counsel: Henry W. McLaughlin, Esq.
THE LAW OFFICE OF HENRY MCLAUGHLIN, PC
707 E Main St. Ste 1050
Richmond, VA 23219
Tel: 804-205-9020
Fax: 804-205-9029
Email: henry@mclaughlinvalaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $1 million
The petition was signed by Kenneth W. Hyde as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/W3JLVFA/The_Wright_Experience_Inc__vaebke-22-11257__0001.0.pdf?mcid=tGE4TAMA
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Unlikely Heroes Inc.
Bankr. C.D. Cal. Case No. 22-11069
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/KVHYJUY/Unlikely_Heroes_Inc__cacbke-22-11069__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard P. Towne, Esq.
LAW OFFICES OF RICHARD P. TOWNE
E-mail: rptowne@yahoo.com
In re Zabala Farms of Salinas, LLC
Bankr. N.D. Cal. Case No. 22-50828
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/TCN353Y/Zabala_Farms_of_Salinas_LLC__canbke-22-50828__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Wealkey Bayou, Incorporated
Bankr. N.D. Fla. Case No. 22-40282
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/K7RE7UI/WEAKLEY_BAYOU_INCORPORATED__flnbke-22-40282__0001.0.pdf?mcid=tGE4TAMA
represented by: Gregory Boyd Wilhelm, Esq.
BAYBRIDGE LAW FIRM, PLLC
E-mail: baybridgek@gmail.com
In re Boss Tax and Accounting Services, LLC
Bankr. S.D. Iowa Case No. 22-00984
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/OKZBDUY/Boss_Tax_and_Accounting_Services__iasbke-22-00984__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Las Vegas Skydiving Adventures LLC
Bankr. D. Nev. Case No. 22-13307
Chapter 11 Petition filed September 14, 2022
See
https://www.pacermonitor.com/view/4RHR2EY/Las_Vegas_Skydiving_Adventures__nvbke-22-13307__0001.0.pdf?mcid=tGE4TAMA
represented by: James T. Leavitt, Esq.
LEAVITT LEGAL SERVICES, P.C.
E-mail: jamestleavittesq@gmail.com
leavittecf@gmail.com
In re Silver Investors, Inc.
Bankr. E.D.N.Y. Case No. 22-42196
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/AOSZ5TY/Silver_Investors_Inc__nyebke-22-42196__0001.0.pdf?mcid=tGE4TAMA
represented by: Stacey Simon Reeves, Esq.
LAW OFFICE OF STACEY SIMON REEVES
E-mail: stacey_simon@msn.com
In re FDM Gelato Masters LLC
Bankr. E.D. Pa. Case No. 22-12433
Chapter 11 Petition filed September 13, 2022
See
https://www.pacermonitor.com/view/5D4S5GA/FDM_Gelato_Masters_LLC__paebke-22-12433__0001.0.pdf?mcid=tGE4TAMA
represented by: Allen B. Dubroff, Esq.
ALLEN B. DUBROFF ESQ & ASSOCIATES, LLC
E-mail: allen@dubrofflawllc.com
In re FM Solutions Management, LLC
Bankr. D. Ariz. Case No. 22-06152
Chapter 11 Petition filed September 14, 2022
See
https://www.pacermonitor.com/view/OEBUSWY/FM_SOLUTIONS_MANAGEMENT_LLC__azbke-22-06152__0001.0.pdf?mcid=tGE4TAMA
represented by: D. Lamar Hawkins, Esq.
GUIDANT LAW, PLC
E-mail: lamar@guidant.law
In re Noelle Ainslie and Brian Ainslie
Bankr. C.D. Cal. Case No. 22-11576
Chapter 11 Petition filed September 14, 2022
represented by: Anerio Altman, Esq.
In re William Randolf Edwards
Bankr. C.D. Cal. Case No. 22-11573
Chapter 11 Petition filed September 14, 2022
represented by: Andrew Bisom, Esq.
In re Damon Kyle Jones
Bankr. W.D. Mo. Case No. 22-41154
Chapter 11 Petition filed September 14, 2022
represented by: Jeffrey L. Wagoner, Esq.
Ryan A. Blay, Esq.
Errin P. Stowell, Esq.
Ryan M. Graham, Esq.
WM LAW
In re Cypress Hills NYC LLC
Bankr. E.D.N.Y. Case No. 22-42218
Chapter 11 Petition filed September 14, 2022
See
https://www.pacermonitor.com/view/DRQ2V5A/Cypress_Hills_NYC_LLC__nyebke-22-42218__0001.0.pdf?mcid=tGE4TAMA
represented by: Btzalel Hirschhorn, Esq.
SHIRYAK, BOWMAN, ANDERSON, GILL &
KADOCHNIKOV, LLP
E-mail: Bhirschhorn@sbagk.com
In re Deirdre Ventura
Bankr. E.D.N.Y. Case No. 22-72433
Chapter 11 Petition filed September 14, 2022
represented by: Sarah Keenan, Esq.
In re Epumps Solutions LLC
Bankr. D.P.R. Case No. 22-02731
Chapter 11 Petition filed September 14, 2022
See
https://www.pacermonitor.com/view/P6KU4II/EPUMPS_SOLUTIONS_LLC__prbke-22-02731__0001.0.pdf?mcid=tGE4TAMA
represented by: Noemi Landrau Rivera, Esq.
LANDRAU RIVERA & ASSOCIATES
E-mail: nlandrau@landraulaw.com
In re Bayou Cypress Restaurants, Inc.
Bankr. M.D. Tenn. Case No. 22-02945
Chapter 11 Petition filed September 14, 2022
See
https://www.pacermonitor.com/view/75MBB3Q/BAYOU_CYPRESS_RESTAURANTS_INC__tnmbke-22-02945__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven L. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ
E-mail: slefkovitz@lefkovitz.com
In re Robert Estrada, III and Susan Alice Estrada
Bankr. M.D. Tenn. Case No. 22-02944
Chapter 11 Petition filed September 14, 2022
represented by: Steven Kefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ, PLLC
In re Cuong Huy Quach
Bankr. N.D. Cal. Case No. 22-50837
Chapter 11 Petition filed September 15, 2022
represented by: Arasto Farsad, Esq.
In re Equestrian Spirits, Inc.
Bankr. N.D. Fla. Case No. 22-10149
Chapter 11 Petition filed September 15, 2022
See
https://www.pacermonitor.com/view/27OXAPQ/Equestrian_Spirits_Inc__flnbke-22-10149__0001.0.pdf?mcid=tGE4TAMA
represented by: Lisa C. Cohen, Esq.
RUFF & COHEN, P.A.
E-mail: lisacohen@bellsouth.net
In re Greco Build, Inc.
Bankr. S.D. Fla. Case No. 22-17150
Chapter 11 Petition filed September 15, 2022
See
https://www.pacermonitor.com/view/TSMILII/Greco_Build_Inc__flsbke-22-17150__0001.0.pdf?mcid=tGE4TAMA
represented by: Susan D. Lasky, Esq.
SUE LASKY, PA
E-mail: Jessica@SueLasky.com
In re Saint Kroix, Inc.
Bankr. N.D. Ga. Case No. 22-57323
Chapter 11 Petition filed September 15, 2022
See
https://www.pacermonitor.com/view/PIEJ75I/Saint_Kroix_Inc__ganbke-22-57323__0001.0.pdf?mcid=tGE4TAMA
represented by: Cameron M. McCord, Esq.
JONES & WALDEN, LLC
E-mail: info@joneswalden.com
In re V&H Pizza 1 LLC
Bankr. D. Nev. Case No. 22-13327
Chapter 11 Petition filed September 15, 2022
See
https://www.pacermonitor.com/view/YSWH5VI/VH_PIZZA_1_LLC__nvbke-22-13327__0001.0.pdf?mcid=tGE4TAMA
represented by: David Riggi, Esq.
RIGGI LAW
E-mail: riggilaw@gmail.com
In re H&L Jewelers Inc.
Bankr. E.D.N.Y. Case No. 22-42238
Chapter 11 Petition filed September 15, 2022
See
https://www.pacermonitor.com/view/YPVLDVA/HL_Jewlers_Inc__nyebke-22-42238__0001.0.pdf?mcid=tGE4TAMA
represented by: Lawrence Morrison, Esq.
MORRISON-TENENBAUM, PLLC
E-mail: LMorrison@m-t-law.com
In re Geary George Broadnax
Bankr. S.D. Tex. Case No. 22-32721
Chapter 11 Petition filed September 15, 2022
represented by: Reese Baker, Esq.
In re Fern Ann Eloise Herbert
Bankr. W.D. Wash. Case No. 22-11477
Chapter 11 Petition filed September 15, 2022
represented by: Thomas Neeleman, Esq.
In re Charlie William Sawyer and Deborah Kay Sawyer
Bankr. W.D. Wash. Case No. 22-41178
Chapter 11 Petition filed September 15, 2022
represented by: Douglas Ricks, Esq.
VANDEN BOS & CHAPMAN, LLP
In re 10410 LLC
Bankr. E.D.N.Y. Case No. 22-42239
Chapter 11 Petition filed September 16, 2022
See
https://www.pacermonitor.com/view/VQZVUPA/10410_LLC__nyebke-22-42239__0001.0.pdf?mcid=tGE4TAMA
represented by: Joseph Y. Balisok, Esq.
BALISOK & KAUFMAN PLLC
E-mail: joseph@lawbalisok.com
In re Kirk Matthew Miyasaki
Bankr. N.D. Cal. Case No. 22-50842
Chapter 11 Petition filed September 19, 2022
represented by: Arasto Farsad, Esq.
In re Sunsation Energy Solutions, Inc.
Bankr. M.D. Fla. Case No. 22-03806
Chapter 11 Petition filed September 19, 2022
See
https://www.pacermonitor.com/view/OXWQ3ZA/Sunsation_Energy_Solutions_Inc__flmbke-22-03806__0001.0.pdf?mcid=tGE4TAMA
represented by: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
E-mail: All@tampaesq.com
In re H&R De Paris Boutique Formal and Bridal Corp
Bankr. E.D.N.Y. Case No. 22-72477
Chapter 11 Petition filed September 19, 2022
See
https://www.pacermonitor.com/view/EO7JZVQ/HR_De_Paris_Boutique_Formal_and__nyebke-22-72477__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Telia Ardrenne Young Joseph
Bankr. S.D. Tex. Case No. 22-32742
Chapter 11 Petition filed September 19, 2022
represented by: Jacqueline Mata, Esq.
In re Palwinder Singh
Bankr. E.D. Va. Case No. 22-11248
Chapter 11 Petition filed September 19, 2022
represented by: John Forest, Esq.
*********
Monday's edition of the TCR delivers a list of indicative prices
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obtained by TCR editors from a variety of outside sources during
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liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
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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,
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Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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